SMM Tin Morning Brief, June 5, 2026:
Futures: The most-traded SHFE tin contract maintained a sideways trend during the night session, with the price center not shifting upward, closing at 432,200 yuan/mt, down 2.10%.
Macro: (1) Taiji Industry issued an abnormal trading activity announcement. The company's stock recorded a cumulative closing price deviation exceeding 20% over three consecutive trading days on June 2, 3, and 4, 2026, which constituted abnormal stock trading fluctuations under the relevant provisions of the Shanghai Stock Exchange Trading Rules. The company's current main businesses include semiconductor operations, engineering and technical services, and PV power plant investment and operations. The semiconductor business mainly involves IC chip packaging, packaging testing, module assembly and testing, etc. In 2025, the company's semiconductor business generated revenue of 4.65 billion yuan, accounting for 15.15% of the company's annual revenue. Among them, the controlling subsidiary Haitai Semiconductor (Wuxi) Co., Ltd. adopted a profit model of "full cost + agreed return (10% of total investment + excess return)," generating revenue of 3.939 billion yuan in 2025, accounting for 12.84% of the company's annual revenue. (2) Data from the CPCA showed that in April, passenger vehicle market sales were 1.368 million units, down 19.4% YoY and 7.0% MoM; new energy vehicle market sales were approximately 817,000 units, down 6.2% YoY and up 2.4% MoM. In April, new energy vehicle sales accounted for 59.7% of total passenger vehicle sales, up 8.4 percentage points from the same period last year. In April, BEV sales were approximately 571,000 units, up 3.9% YoY and 2.4% MoM; PHEV sales were approximately 246,000 units, down 23.5% YoY and up 2.4% MoM. Cumulative new energy vehicle sales in 2026 reached 2.61 million units, down 18.4% YoY on a cumulative basis.
Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in June. (2) Demand side: Downstream purchasing remained cautious, with procurement conducted based on order conditions.
Spot market: Transactions and trading sentiment: Rigid demand provided support, but the overall atmosphere was subdued. Futures dipped again in the afternoon session, and a divergence emerged between firm spot asking prices and actual transactions — smelters and traders were slow to lower their quotes, while downstream buyers held back on fears of further declines, with only sporadic rigid demand purchases at low levels. The overall market did not see increased volume despite the price drop.
[Data Source Disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice. The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions prudently and should not replace their own independent judgment with this. Any decisions made by clients are unrelated to SMM】
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