SMM Tin Morning Briefing, March 19, 2026:
Futures: After opening sharply lower in the night session, the most-traded SHFE tin contract maintained a fluctuating trend at low levels, closed at 357,660 yuan/mt, down 3.39%.
Macro: (1) Victory Giant Technology disclosed a record of investor relations activities, stating that the company's fixed-asset investment in 2026 is expected to not exceed 18 billion yuan, mainly for new plant and engineering construction, equipment purchases, and the renovation and upgrading of automated production lines. In terms of R&D, the company has completed validation of the electrical and thermal performance of M7- and M8-grade materials in products, and is actively advancing certification for M9/M10-grade materials to improve high-frequency signal transmission stability and meet the requirements of next-generation AI chip architectures. The company is deeply involved in the joint R&D of core clients' orthogonal backplane projects, entering the stage of proprietary technology accumulation ahead of schedule, and closely aligning with clients' mass-production pace. In business layout, the company focuses on key GPU and CPU technology routes, targeting high-end AI, automotive electronics, high-speed transmission, and other fields, and is working to overcome cutting-edge technologies such as PCIe6, the Oakstream platform, 800G/1.6T high-rate transmission equipment, and 10mm-thick boards for chip testing. At present, the company has abundant orders on hand and high order visibility. The company has established its 2026 operating plan, which will consolidate the foundation of cooperation with existing core clients, deepen strategic cooperation with global technology giants, and expand the supply scale of core products such as GPU accelerator cards and TPU supporting boards. (2) Foxconn Technology Group announced a strategic partnership with SAP and is expected to accelerate the introduction of next-generation enterprise AI in the Asia-Pacific region. Under the memorandum of understanding (MOU) signed by SAP CEO Christian Klein and Foxconn Technology Group Chairman Liu Yangwei, Foxconn and SAP will combine their respective technological strengths to speed up market expansion in the Asia-Pacific region and promote the deployment of AI technology, supporting Foxconn's transformation toward an organization that is "fully digitalized" and "AI-empowered." The two sides will also jointly explore innovative collaborative application cases involving SAP Physical AI, SAP supply chain management, and Foxconn smart manufacturing.
Fundamentals: (1) Supply side: In March, most smelters are expected to gradually resume production and operations, ending their holiday status. (2) Demand side: Downstream purchase sentiment was relatively cautious. Downstream enterprises are expected to gradually resume production and operations, but order conditions remained mediocre.
Spot market: Yesterday, transactions in the spot market were relatively active, with some traders recording deals of around 20 mt. Downstream enterprises placed low-priced orders to restock and purchase based on order conditions, and the continued decline in tin prices during the night session further stimulated downstream enterprises' purchasing enthusiasm.
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