SMM Tin Morning Brief, April 30, 2026:
Futures: The most-traded SHFE tin contract opened slightly lower at night session and continued to decline, breaking below the 380,000 level. It maintained a fluctuating trend in the later session, closing at 380,470 yuan/mt, down 0.97%.
Macro: (1) Samsung Electronics reported Q1 operating profit up 756.1% YoY to 57.23 trillion won (approximately $38.5 billion), hitting a quarterly record high. The chip business contributed most of the gains. Revenue was up 69.2% YoY to 133.87 trillion won, and net profit surged 474.3% to 47.23 trillion won. The Device Solutions division (responsible for its semiconductor business) posted revenue of 81.7 trillion won and operating profit of 53.7 trillion won. These results far exceeded market expectations. According to financial data provider FnGuide, the consensus forecast among local brokerages over the past month was revenue of 117.13 trillion won and operating profit of 38.12 trillion won. Samsung Electronics' latest quarterly revenue and operating profit both surpassed the record highs set in the previous quarter (93.84 trillion won and 20.07 trillion won, respectively). (2) Novosense Microelectronics released its investor relations meeting minutes. The company's Q1 2026 revenue hit a new record high, with outstanding growth in its two core areas of automotive electronics and pan-energy. The pan-energy segment benefited from rapid growth in the energy storage market, surging AI server power supply demand, and the industrial restocking cycle. The company has covered numerous leading clients in the AI server power supply field. In Q1 2026, related digital power application revenue grew rapidly both YoY and MoM. Going forward, the company will designate AI power supply as a key business direction with forward-looking deployment. Regarding price trends in the analog semiconductor industry, the company noted that price increase drivers include rising commodity costs, the restocking cycle, and AI squeezing capacity. The company has issued price increase notices and made progress in negotiations with leading clients, which will help restore profitability.
Fundamentals: (1) Supply side: Most smelters focused on stable production in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.
Spot market: During yesterday's daytime session, as the SHFE tin contract center rebounded again, buying interest on the spot side cooled, and the market inquiry atmosphere weakened notably. The sharp decline in prices at night session stimulated downstream enterprises to partially restock.
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