High prices are suppressing actual consumption, and it is expected that tin prices may fluctuate at highs in the short term [SMM Tin Morning Meeting Minutes].

SMM Tin Morning Meeting Minutes, January 19, 2026

On the macro front, the US eased export controls on chips to China, while the Trump administration announced tariffs on certain imported chips, affecting market sentiment. The global smartphone market showed signs of recovery, but faced pressure from rising memory costs. Domestically, the tin market exhibited a sluggish supply-demand balance. On the supply side, most smelters were expected to maintain stable production, with relatively stable ore resources. Demand side, tin prices fluctuating at highs significantly suppressed demand, leading to cautious procurement by downstream solder enterprises and end-users. High prices restrained actual consumption, resulting in sluggish transactions in the spot market. Enterprises mainly made small purchases based on immediate needs, controlling inventory levels. Some processing enterprises saw reduced operating rates. As the Chinese New Year approached, consumption gradually weakened, and the sluggish supply-demand balance was expected to persist. Overall, tin prices experienced increased volatility driven by macro sentiment, but fundamental support was limited. High prices continued to suppress demand, and tin prices were expected to fluctuate at highs in the short term. Investors were advised to exercise caution, monitor macro policy changes and downstream actual consumption, and manage risks.