March 26, 2026 SMM Tin Morning Brief:
Futures: the most-traded SHFE tin contract opened slightly higher in the night session and then maintained a fluctuating trend, closing at 354,010 yuan/mt.
Macro: (1) On March 25, Wang Zhonglin, Secretary of the Hubei Provincial Party Committee and Director of the Standing Committee of the Provincial People's Congress, chaired a meeting to advance the development of the digital and intelligent economy in Q1 2026. Wang Zhonglin emphasized the need to further strengthen support, accelerate the building of a support system based on data, underpinned by computing power, driven by algorithms, and grounded in electricity, make forward-looking deployments of computing infrastructure, advance algorithm innovation, strengthen the supply of high-quality data, enhance power security capabilities, and consolidate the foundation for AI development. He also called for further strengthening R&D, organizing all parties to tackle key core technologies such as deep-learning general-purpose chips, memory-computing integrated AI chips, and multimodal human-computer interaction; supporting leading enterprises with strong growth potential to accelerate development and expansion, using breakthroughs in key areas to drive overall advancement; improving the talent support system for attracting, cultivating, utilizing, and serving talent, and accelerating the aggregation of more high-end talent. (2) Data from the CPCA showed that from March 1 to 22, retail sales in China's passenger vehicle market totaled 920,000 units, down 16% YoY from the same period in March last year and up 19% MoM; cumulative retail sales this year reached 3.498 million units, down 18% YoY. From March 1 to 22, passenger vehicle producers' wholesale volume nationwide totaled 1.084 million units, down 14% YoY from the same period in March last year and up 62% MoM; cumulative wholesale volume this year reached 4.578 million units, down 11% YoY. From March 1 to 22, retail sales in China's new energy passenger vehicle market totaled 495,000 units, down 17% YoY from the same period in March last year and up 66% MoM; cumulative retail sales this year reached 1.556 million units, down 23% YoY. From March 1 to 22, producers' wholesale volume of new energy passenger vehicles nationwide totaled 543,000 units, down 15% YoY from the same period in March last year and up 71% MoM; cumulative wholesale volume this year reached 2.133 million units, down 10% YoY.
Fundamentals: (1) Supply side: In March, most smelters gradually resumed production and work, ending their holiday status. (2) Demand side: Downstream procurement remained cautious. Downstream enterprises gradually began to resume production and work, but order performance was relatively mediocre.
Spot market: After tin prices rebounded yesterday, spot market transactions showed mediocre performance. Most downstream enterprises mainly digested existing inventory, and only a few small purchases for rigid demand followed in the afternoon.
[Data source statement: Except for publicly available information, all other data was processed by SMM based on public information, market communication, and SMM's internal database models, and is 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 use it to replace their own independent judgment. Any decisions made by clients are unrelated to SMM】
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