SHFE Tin Fluctuated Downward in Night Session with Narrowed Gains, Overall Purchase Willingness of Downstream Enterprises Remained Weak [SMM Tin Morning News]

January 22, 2026 SMM Tin Morning Briefing:

Futures: The most-traded SHFE tin contract (SN2602) pulled back during the night session, falling to around 406,000 yuan/mt before stabilizing, with gains narrowing; it closed at 406,500 yuan/mt, up 1.007%.

Macro: (1) In accordance with the "Measures for the Administration of Market Access for Road Motor Vehicle Producers and Products" (MIIT Decree No. 50) and the "Decision on Amending the 'Provisions on the Administration of Market Access for New Energy Vehicle Producers and Products'" (MIIT Decree No. 54), among other relevant regulations, the MIIT revised the "Requirements for the Examination of Market Access for Road Motor Vehicle Producers" and the "Requirements for the Examination of Market Access for Road Motor Vehicle Products." These are hereby announced and will take effect from January 1, 2027. (2) The General Office of the People's Government of Guangdong Province issued several policy measures for artificial intelligence empowering the high-quality development of transportation in Guangdong Province. It proposes encouraging enterprises to conduct research and development on core technologies and innovative products such as end-to-end remote driving cockpits, intelligent decision-making, and precise prediction and control, to build high-quality datasets, toolchains, and algorithm libraries, and to promote the implementation of autonomous driving large models. It encourages eligible cities to explore the construction of autonomous driving supervision platforms, supports eligible free trade zones and administrative districts to take the lead in promoting mutual recognition of pilot demonstrations for intelligent connected vehicles, and supports various cities in steadily and orderly opening up multi-scenario road testing applications for autonomous driving and expanding the application areas for high-level autonomous driving.

Fundamentals: (1) Supply side: Most smelters' production is expected to remain stable in January. (2) Demand side: Downstream procurement is relatively cautious, with high prices significantly suppressing actual consumption.

Spot market: In the previous few days when prices pulled back, some rigid demand orders were released, and market trading atmosphere briefly recovered. However, as prices recently stabilized and fluctuated, willingness to trade weakened again, with downstream enterprises mostly digesting orders and only a small amount of rigid demand following up. Although approaching the traditional stockpiling period for the Chinese New Year, suppressed by high absolute prices, downstream restocking demand has not seen a significant increase, and most enterprises may enter the holiday state early, resulting in an overall weak supply-demand situation in the market.

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