Macro Support Was Relatively Evident, and Tin Prices Were Expected to Maintain a Fluctuating Pattern in the Short Term [SMM Tin Morning Meeting Summary]

SMM Tin Morning Meeting Summary, March 30, 2026

From the international macro perspective, developments related to artificial intelligence and the chip industry continued to attract market attention. Tesla announced the construction of the TERAFAB mega chip factory, while Arm began selling its own chips and secured orders from Meta. These long-term technological visions indicated potentially huge future demand for semiconductor materials, which may provide long-term support for key metals such as tin. In China’s tin market, the overall pattern showed weak supply and weak demand. On the supply side, as most smelters gradually resumed production and operations in March, supply recovered from the holiday state. However, demand remained weak. Although downstream enterprises such as solder producers also gradually resumed operations, new orders were relatively mediocre, and purchasing attitudes were generally cautious. A round of concentrated restocking on price dips had already occurred earlier when tin prices were at relatively low levels. At present, most downstream players were mainly digesting existing inventory, with average purchase willingness for follow-up procurement, causing spot market trading sentiment to gradually shift from active at the beginning of the week to mediocre and even somewhat sluggish, while social inventory was destocked slowly. Overall, fundamentals lacked strong drivers. Sluggish transactions in the spot market weighed on prices, but the long-term industrial narrative at the macro level may provide psychological support. Tin prices are expected to maintain a fluctuating trend in the short term, with limited upside room due to weak actual demand. Investors are advised to closely monitor the recovery of downstream orders and changes in spot inventory, operate cautiously, and wait for clearer fundamental signals.