锡周报：供给小幅收缩叠加下游补库，锡价快速反弹-20260110

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - This week, tin prices rebounded significantly due to the recovery of risk appetite in commodities, the upward resonance of the non - ferrous sector, the weak supply of refined tin caused by the reduction of scrap in Jiangxi, and the replenishment of raw material inventory by downstream tin enterprises. The tin market supply and demand maintained a tight balance, and it is expected that tin prices will likely fluctuate at a high level in the short term [11][13]. 3. Summary According to Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - Cost side: In November 2025, the import of tin concentrates in China increased significantly, and the shortage of raw material supply was alleviated. The import volume of tin ore and concentrates was 15,099 tons, a month - on - month increase of 29.81% and a year - on - year increase of 24.42%. The imports from Myanmar and the Democratic Republic of the Congo showed different trends [12]. - Supply side: The operating rate of smelters in Yunnan remained high at 87.09% this week, with limited room for further improvement due to tight raw material supply. Jiangxi was affected by the shortage of scrap supply, with tight crude tin supply and low refined tin output [11][12]. - Demand side: Although the demand for consumer electronics entered the traditional off - season at the end of the year, the operating rate of tin solder enterprises remained stable supported by orders from emerging fields. Downstream enterprises adopted a low - inventory strategy, and spot procurement was mainly for rigid demand [11][12]. 3.2. Futures and Spot Market - No relevant content for summary other than the presentation of graphs about the basis of Shanghai tin main contract and LME tin premium (0 - 3). 3.3. Cost Side - The presentation of graphs about China's monthly tin ore production, tin ore imports, tin concentrate prices, and tin concentrate processing fees, but no specific data analysis and summary content provided. 3.4. Supply Side - The presentation of graphs about domestic refined tin monthly production, domestic recycled tin monthly production, tin production and operating rate in Yunnan and Jiangxi, refined tin export and import profits, domestic refined tin imports, and Indonesia's refined tin imports and exports, without specific data analysis and summary content. 3.5. Demand Side - China's semiconductor sales growth rate rebounded slightly, and global semiconductor sales maintained high growth. Graphs about the output of various downstream products such as computers, smartphones, home appliances, photovoltaic products, etc., and the operating rate of downstream solder enterprises and domestic tin apparent consumption were presented, but no specific data analysis and summary content provided [44]. 3.6. Supply - Demand Balance - The presentation of graphs about China's social inventory and LME inventory, without specific data analysis and summary content.