沪锡高位震荡 基本面情况 锡精矿：海关总署数据显示12月份国内锡矿进口量为1.76万吨，环比增长13.3%，同比增长40.2%；自缅甸进口锡矿 0.62万吨，环比减少13.7%，同比增长438.68%。2月27日，佤邦工业矿产管理局发布《关于深部矿洞抽水分摊抽水费 流程的通知》，缅甸矿端有望恢复预期加快，不过短期国内锡矿供应紧张尚未有根本改变，国内锡矿加工费低位小幅 回升。截止3月6日当周，国内40%锡精矿加工费（云南）16000元/吨，周环比上涨2000元。60%锡精矿加工费（广 西）12000元/吨，周环比上涨2000元。 供应：据SMM调研统计，2026年2月国内精炼锡产量为 1.15万吨，环比1月（1.51万吨）下降约23.8%，同比去年2月 下降约18%。3月国内精炼锡产量将出现明显回升。云南和江西等主产区开工率已出现小幅回升迹象，但短期内产量恢 复幅度可能受制于原料供应偏紧的现状。12月中国精锡进口量为1548吨，同比减少48.24%，环比增加29.54%，12月 进口窗口基本处于关闭状态。中国12月出口精锡2763吨，同比增加32.58%，环比增加41.84%。目前沪伦比价震荡， 锡进口窗口持续 ...

Core Insights - Tin prices in China have seen a significant increase, with the average price for 1 tin reported at 278,100 CNY per ton, up by 7,000 CNY from the previous day [1][2] - The futures market for tin also reflects this upward trend, with the main contract closing at 275,070 CNY per ton, marking a 0.94% increase [2] Price Overview - The current market prices for various specifications of tin in China are as follows: - Sn99.90 from Yunnan Tin Company at 278,000 CNY per ton in Shanghai [2] - Sn99.90 from Yunnan Tin Company at 279,000 CNY per ton in Shanghai [2] - 1 tin ingot at 277,250 CNY per ton in Shanghai [2] - 1 tin ingot at 279,000 CNY per ton in Shanghai [2] - 1 tin ingot at 277,200 CNY per ton in Guangdong [2] Market Dynamics - Indonesia's President has ordered the closure of 1,000 illegal tin mines in Bangka-Belitung province and is taking measures to block smuggling routes [3] - The London Metal Exchange (LME) reported a tin registered warehouse stock of 2,300 tons, with an increase of 80 tons in total inventory [3] Supply and Demand Analysis - According to a report from Wenguang Futures, the short-term supply and demand for tin is in a tight balance, with the resumption of production in Myanmar's Wa State still uncertain, while seasonal demand is expected to recover [4]