SMM Tin Morning Brief, Jul 14, 2026 –
The most-traded SHFE tin 2608 contract edged up to 414,000 yuan/mt in the night session before pulling back, settling at 407,470 yuan/mt, down 1,027%.
Macro:
(1) On the afternoon of Jul 13, Liu Jie, Deputy Party Secretary of Zhejiang province and Governor, conducted a special survey on integrated circuit industry development in Ningbo. During the survey, Liu stressed that promoting high-quality development of related industries such as artificial intelligence, computing power, chips, and intelligent equipment is of great significance for optimizing the industrial structure and improving development quality and efficiency. All localities should seize opportunities, fully assess AI-related industry development, adhere to local conditions and identify comparative advantages, actively promote major project attraction, implementation, planning, and reserves, accelerate the cultivation of more industry leaders and specialized and innovative enterprises, and speed up industrial scale formation. Efforts should be made to strengthen coordination across provinces, cities, and counties and interdepartmental synergy, improve science and technology innovation investment mechanisms, and channel talent, data, computing power, and other factor resources further toward AI-related industries, continuously stimulating industrial innovation and creativity vitality.
(2) On Jul 13, CNBC reported that industry analysts said Chinese EV makers’ overseas investment pace has surpassed that of US automakers. According to data from the US-based Atlas Public Policy, from 2019 to 2025, Chinese enterprises announced overseas EV and battery project investments totaling nearly 101 billion dollars, while during the same period, similar planned overseas investment from US automakers was only about 38 billion dollars, with the former roughly 2.7 times the latter. Industry data shows that Chinese brands accounted for 80% of new EV sales in the Latin American market. In developed markets such as Europe and Australia, growth momentum of Chinese-brand EVs is also very strong.
Fundamentals: (1) Supply side: the tight tin ore supply pattern remains unresolved, but signs of marginal improvement are increasing. In July, most smelters prioritized stable production. (2) Demand side: traditional off-season effects deepen, with rigid demand support coexisting with high-price curbs. Downstream procurement remained cautious, conducted on an order-by-order basis.
Spot market: the tin ingot spot market overall tracked futures downward yesterday, with light trading dominated by rigid demand. In terms of price, the most-traded SHFE tin contract settled near 409,700 yuan/mt, down about 1.70%; spot prices followed the decline but with slightly smaller losses than futures, while smelter quotations remained broadly stable. In trading, traders actively quoted in early trading, but downstream showed limited willingness to chase higher prices, with purchases mainly driven by rigid demand at lower bid levels; traditional solder sector remained in the off-season, with a slower procurement pace.
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