SHFE tin prices maintained a fluctuating trend around the 340,000 mark during the night session, while trading in the spot market was relatively mediocre. [SMM Tin Morning News]

December 23, 2025 SMM Tin Morning Brief:

Futures: The most-traded SHFE tin contract (SN2601) maintained a fluctuating rangebound trend during the night session, trading around the 340,000-yuan mark, and closed at 339,850 yuan/mt, down 0.64% from the previous trading day.

Macro: (1) Nvidia collaborated with South Korea's SK Hynix to develop a new-type AI solid-state drive, with Taiwan's Phison Electronics also participating in the development. The performance of AI-specific solid-state drives is expected to be 10 times higher than that of SSDs currently installed in AI servers. Phison Electronics stated that the adoption of NAND flash memory in AI servers is a clear and absolute trend. (2) It is understood that the heads of Wingtech Technology and Nexperia Netherlands held their first round of negotiations last week, explaining and clarifying issues of mutual concern, and agreed to maintain communication. China called on the relevant enterprises to negotiate on issues of control and restoring the supply chain, and to effectively restore the global semiconductor production and supply chain. We reiterate that the root cause of the Nexperia issue lies in the inappropriate administrative intervention by the Dutch government in business operations. As an old Chinese saying goes, "It is better for the doer to undo what he has done." To completely eliminate the concerns of global related enterprises about chip shortages, the Dutch government should immediately revoke the administrative order, promote the withdrawal of the lawsuit by former executives of Nexperia Netherlands from the enterprise court, create favorable conditions for corporate negotiations, resume chip supply to Chinese and foreign automakers in China as soon as possible, and fulfill the Netherlands' due obligations to restore the security and stability of the global semiconductor production and supply chain.

Fundamentals: (1) Supply side: Most smelters are expected to maintain relatively stable production in December. (2) Demand side: Downstream procurement remains cautious, with high prices significantly suppressing actual consumption.

Spot market: Trading in the spot market remained relatively mediocre yesterday. A slight intraday decline stimulated some restocking or just-in-time procurement by downstream and end-user enterprises to a certain extent, but the overall absolute price still kept most downstream and end-user enterprises in a wait-and-see mode.

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