The night session opened slightly higher and then fluctuated downward. Trading in the spot market recovered during the night session. [SMM Tin Morning News]

SMM Tin Morning Brief on December 24, 2025:

Futures: The most-traded SHFE tin contract (SN2602) opened slightly higher in the night session but then fluctuated downward, falling below the 340,000 yuan mark and closing at 336,110 yuan/mt, down 1.63% from the previous trading day.

Macro: (1) According to Reuters, multiple informed sources revealed that Nvidia has informed its Chinese customers that it is expected to deliver its second-highest-performing AI chip, the H200, to Chinese customers by mid-February next year, before the Chinese New Year. Two of the sources stated that Nvidia plans to use inventory to fulfill the initial orders, with total shipments expected to be 5,000 to 10,000 chip modules, equivalent to approximately 40,000 to 80,000 H200 chips. However, Reuters noted that there remains significant uncertainty regarding the smooth delivery of the H200 chips, as Chinese authorities have not yet approved any purchase orders for them. (2) Nvidia is collaborating with South Korea's SK Hynix to develop a new-type AI solid-state drive, with Taiwan-based Phison Electronics also participating in the development. The performance of the AI-specific solid-state drive is expected to be 10 times higher than that of the SSDs currently used in AI servers. Phison Electronics stated that the adoption of NAND flash memory in AI servers is a clear and absolute trend.

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: Spot market transactions remained relatively mediocre yesterday. The decline in the night session somewhat stimulated downstream and end-user enterprises to conduct small-scale restocking or make just-in-time procurement. Some traders reported that daytime session transactions were relatively sluggish, but the number of clients placing orders increased during the night session, leading to a recovery in transactions.

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