SHFE Tin Futures Held Up Well at High Levels Today Downstream Purchases Were Cautious Awaiting Post-Holiday Order Guidance [SMM Tin Midday Review]

On the afternoon session of December 29, 2025, the most-traded SHFE tin contract (sn2602) closed at 346,050 yuan/mt, with an intraday gain of over 2%. The contract opened at 339,680 yuan/mt in the morning session and fluctuated upward during the morning and afternoon sessions.

Recently, several NEV manufacturers successively released strategic plans and business updates. At its 10th anniversary event, Leap Motor proposed aiming for annual sales of 4 million units in the next decade. The 292nd battery swapping station jointly built by NIO and Sinopec officially commenced operation, bringing their cumulative total to 356 stations, marking a new phase of scaled expansion for the energy replenishment network. Ironstone set a global sales target of 30,000 units for 2026 and plans to become the preferred global outdoor new energy brand by 2030. Its business currently covers over 40 countries and regions, with 2025 deliveries expected to exceed 15,000 units, up nearly threefold YoY. The company also plans to launch an agency cooperation model in 2026 to accelerate domestic channel development. Overall, multiple automakers show positive momentum, which may support long-term demand.

The spot market currently maintains an overall sluggish trading pattern. In the latter part of last week, when tin prices retreated from highs, some rigid demand orders were released periodically, but overall procurement remained cautious. Export orders were weak due to the overseas Christmas holiday, while domestic market activity also slowed as the New Year's Day holiday approached. The market is widely watching for order recovery after the January holiday period and before the Chinese New Year.