July 16, 2026 SMM Tin Morning Brief:
The most-traded SHFE tin 2608 contract drifted lower in the night session, closing at 408,280 yuan/mt, down 2.04%.
Macro:
(1) The Information, citing people familiar with the matter, reported that ASML plans to raise prices for its chipmaking equipment, a move that could spark conflict with its largest client, TSMC. TSMC has reportedly begun to oppose the plan. ASML’s advanced EUV tools are essential for chipmakers producing cutting-edge semiconductors, and AI is driving a surge in demand. ASML CFO Roger Dassen mentioned on Wednesday during the company’s earnings call that price adjustments may be in store for its less advanced equipment—low-NA EUV. He stated, “We are continuously improving the productivity of low-NA EUV, which naturally provides a pretty strong runway for potential future price increases.” He added, however, that because of long order cycles, any price changes will not have an immediate pricing impact “tomorrow.”
(2) Apple is looking to acquire chip companies to strengthen its efforts in building server chips for running AI, according to people familiar with the matter. The iPhone maker has had discussions with bankers about possible deals in recent months. It has also reached out to semiconductor startups to gauge their willingness to sell themselves, sources said. Apple’s push for chip acquisitions comes amid performance issues with the company’s internal AI servers.
Fundamentals: (1) Supply side: The tight pattern of tin ore remains unresolved, but marginal improvement signals have increased. Most smelters are prioritizing stable production in July. (2) Demand side: The traditional off-season effect is deepening, with rigid demand support coexisting with high-price suppression. Downstream procurement remained cautious, with purchases based on orders.
Spot Market: Traders held prices firm while making shipments at a steady pace, and smelters showed a strong willingness to raise their offer prices along with the futures market. Downstream solder and electronics processing enterprises exhibited a mix of “fear of high prices + partial restocking”— purely rigid demand became more cautious in purchasing due to rising prices, yet some enterprises, worrying about further increases, actually accelerated their restocking pace. Overall transactions improved compared with the previous two days (which were sluggish amid price declines) but were far from reaching high volumes.
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![Cooling U.S. Inflation More Than Expected Boosts Liquidity, the Most-Traded SHFE Tin Contract Consolidates Above 410,000 [SMM Tin Midday Review]](https://imgqn.smm.cn/usercenter/WPbpj20251217171753.jpg)
![The most-traded SHFE tin contract consolidated at highs during the night session, and downstream enterprises mainly purchased on a rigid-demand basis [SMM Tin Morning Brief]](https://imgqn.smm.cn/usercenter/ASfFn20251217171751.jpg)
