【SMM Analysis】Tin Solder Industry Operating Rate Rebounded Significantly in March, Expected to Maintain High Operating Levels Subsequently

In March 2025, the operating rate of the total sample of domestic tin solder enterprises rebounded to 75.81%, showing significant improvement compared to February. The number of production days recovered: the actual production days in March increased compared to February, coupled with the semiconductor industry subsidy policy and the NEV trade-in policy details (expected to be released in Q2), stimulating downstream stockpiling demand in advance. Home appliance policy stimulus: the "trade-in" policy was introduced, but the increase in production schedules for white goods was concentrated in top-tier enterprises (such as Gree and Midea), with no significant improvement in orders for small and medium-sized solder factories. The high prosperity of NEV and PV, and AI computing power driving semiconductor restocking: global semiconductor sales rose, and the demand for tin in AI servers surged, supporting the capacity utilisation rate of top-tier solder enterprises climbing above 80%. April outlook: the operating rate is expected to rise to 77.12%, but the sustainability of the recovery is in doubt. Conclusion: the rebound in the operating rate of tin solder in April is constrained by tin price fluctuations and changes in end-user demand. Short-term policy dividends may drive the operating rate up, but sustainability needs to observe the order landing pace of the AI industry chain. Click to view the SMM metal industry chain database.