Geopolitical Narratives Cooling Coupled with Strong Expectations Persisting, Tin Prices Retreat from Highs Before Restocking for Rigid Demand Is Seen [SMM Tin Morning Brief]

SMM Tin Morning Report on June 22, 2026:

Macro: (1) US Vice President Vance stated at the negotiations in Switzerland that significant progress had been made over the past few hours, and more progress is expected within hours. The US and Iran now see "a shared future where all parties can work together to promote peace and prosperity." President Trump has asked us to "turn a new page" in relations with the Iranian people. President Trump "authorized us to seek diplomatic solutions on a range of issues," with the question being whether the relationship landscape in the Middle East can be permanently changed. In addition, according to Saudi media, US Vice President Vance announced that the Strait of Hormuz has been opened and further steps are expected. In the past few days, we have made significant progress in securing a ceasefire in Lebanon. Such ceasefires are always somewhat chaotic. President Trump is committed to achieving a comprehensive regional ceasefire. (2) The IPO tutoring public notice system on the CSRC's official website shows that Yingren Technology Co., Ltd. and its tutoring securities firm, Guotai Haitong, have submitted the "Completion Report of Tutoring Work" to the Shanghai Securities Regulatory Bureau. Yingren Technology filed its tutoring registration on December 19, 2024, and the tutoring work lasted a year and a half. The company is a fabless semiconductor chip design firm, with its main business being the design and supply of high-performance solid-state drive (SSD) master control chips, as well as providing SSD and storage system solutions. The company's products are widely used in cloud computing, artificial intelligence, data center management, and intelligent driving.

Fundamentals: (1) Supply side: In June, most smelters were focused on maintaining stable production. (2) Demand side: Downstream procurement was relatively cautious, with purchases made based on orders.

Spot market: After tin prices pulled back from the previously elevated level, the just-in-time procurement of the downstream solder and electronics industries and scattered orders previously suppressed by high prices saw concentrated restocking.

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