Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report predicts that Shanghai Tin will experience a short - term strong adjustment. It is recommended to pay attention to the MA10 support, with the price range expected to be between 400,000 and 430,000 yuan/ton. On the macro - front, there are various international political and economic speeches. Fundamentally, the supply of tin ore is showing signs of relief, the production of refined tin is currently limited but may increase after the New Year, the import pressure is increasing, and the demand side has improved with a decline in inventory and a change in the spot premium situation. Technically, the position is stable, the price is strong, and the bullish sentiment has warmed up [3]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai Tin is 409,010 yuan/ton, down 9,410 yuan; the closing price of the February - March contract of Shanghai Tin is - 890 yuan/ton, down 210 yuan. - The LME 3 - month tin price is 51,417 US dollars/ton, up 2,005 US dollars. - The main contract position of Shanghai Tin is 22,314 lots, down 665 lots; the net position of the top 20 futures is - 5,454 lots, down 1,232 lots. - The LME tin total inventory is 7,210 tons, up 250 tons; the Shanghai Futures Exchange inventory of tin is 9,549 tons, up 2,614 tons; the LME tin cancelled warrants is 230 tons, unchanged [3]. 现货市场 - The Shanghai Futures Exchange warehouse receipt of tin is 8,616 tons, down 52 tons. - The SMM 1 tin spot price is 403,250 yuan/ton, up 7,500 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 403,830 yuan/ton, up 6,060 yuan. - The basis of the main contract of Shanghai Tin is - 22,670 yuan/ton, down 18,570 yuan; the LME tin premium (0 - 3) is - 159 US dollars/ton, down 67 US dollars [3]. Upstream Situation - The average import quantity of tin ore and concentrates is 1.16 million tons, up 0.29 million tons. - The average price of 40% tin concentrate is 389,250 yuan/ton, up 7,500 yuan; the average price of 60% tin concentrate is 393,250 yuan/ton, up 7,500 yuan. - The processing fee of 40% tin concentrate by Antaike is 14,500 yuan/ton, unchanged; the processing fee of 60% tin concentrate by Antaike is 10,500 yuan/ton, unchanged [3]. Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import quantity of refined tin is 983.25 tons, down 518.38 tons [3]. Downstream Situation - The price of 60A solder bar in Gejiu is 255,370 yuan/ton, up 4,500 yuan. - The cumulative output of tin - plated sheets (strips) is 1.3901 million tons, up 144,700 tons; the monthly export quantity of tin - plated sheets is 222,600 tons, up 25,000 tons [3]. Industry News - Trump's Davos speech: Greenland is a core US security interest, the US will not take it by force and seeks immediate negotiations, and later said a "framework" agreement on Greenland was reached with NATO and temporarily no additional tariffs on Europe. - Canadian Prime Minister Carney's speech: The rules - based order is dead, and medium - sized powers should act together to resist coercion from certain major powers. - Macron's call: Europe prefers respect over bullying and should introduce Chinese investment in key areas. Trump may have selected a person to be the Fed chairman and hopes he is like Greenspan, and hinted that Hassett is "out" [3]. 观点总结 - On the supply side, the resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports, which is expected to continue in Q1, and the tin ore processing fee has slightly increased, indicating a relief in the tight supply of tin ore. - On the smelting side, most enterprises' raw material inventory is still low, and most are in a loss - making situation. With more year - end maintenance, the production of refined tin is limited, but there is pressure for production to increase after the New Year. - In terms of imports, Indonesia's export volume increased significantly in November, alleviating concerns about supply constraints, and the recent opening of the import window has increased import pressure. - On the demand side, the recent decline in tin prices has improved the downstream purchasing atmosphere, inventory has decreased, and the spot premium is 500 yuan/ton; the LME inventory has increased significantly, and the spot premium has declined. - Technically, the position is stable, the price is strong, and the bullish sentiment has warmed up [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - It is expected that Shanghai Tin will undergo short - term high - level adjustments. Attention should be paid to the support at MA5 and the resistance between 430,000 - 440,000 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the main futures contract of Shanghai Tin is 433,000 yuan/ton, with a month - on - month increase of 19,830 yuan/ton; the closing price of the February - March contract of Shanghai Tin is - 700 yuan/ton, with a month - on - month decrease of 180 yuan/ton [3] - LME 3 - month tin is 53,462 US dollars/ton, with a month - on - month increase of 3,934 US dollars/ton; the position of the main contract of Shanghai Tin is 38,434 lots, with a month - on - month decrease of 3,968 lots [3] - The net position of the top 20 futures in Shanghai Tin is - 2,306 lots, with a month - on - month decrease of 3,850 lots; LME tin total inventory is 5,930 tons, with no change [3] - The inventory of tin in the Shanghai Futures Exchange is 6,935 tons, with a month - on - month decrease of 1,001 tons; LME tin cancelled warrants are 135 tons, with a month - on - month decrease of 10 tons [3] - The warehouse receipts of tin in the Shanghai Futures Exchange are 9,526 tons, with a month - on - month increase of 2,419 tons [3] 3.2. Spot Market - The SMM 1 tin spot price is 426,000 yuan/ton, with a month - on - month increase of 20,500 yuan/ton; the Yangtze River Non - ferrous Market 1 tin spot price is 435,640 yuan/ton, with a month - on - month increase of 25,030 yuan/ton [3] - The basis of the main contract of Shanghai Tin is - 7,670 yuan/ton, with a month - on - month decrease of 8,540 yuan/ton; LME tin premium (0 - 3) is - 105.98 US dollars/ton, with a month - on - month decrease of 40.7 US dollars/ton [3] 3.3. Upstream Situation - The import volume of tin ore concentrates is 11,600 tons, with a month - on - month increase of 2,900 tons; the average price of 40% tin concentrates is 393,500 yuan/ton, with a month - on - month increase of 36,950 yuan/ton [3] - The average price of 60% tin concentrates is 397,500 yuan/ton, with a month - on - month increase of 36,950 yuan/ton; the average processing fee of 40% tin concentrates is 11,500 yuan/ton, with a month - on - month decrease of 500 yuan/ton [3] - The average processing fee of 60% tin concentrates is 7,500 yuan/ton, with a month - on - month decrease of 500 yuan/ton [3] 3.4. Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons; the monthly import volume of refined tin is 983.25 tons, with a month - on - month decrease of 518.38 tons [3] 3.5. Downstream Situation - The price of 60A solder bars in Gejiu is 269,460 yuan/ton, with a month - on - month increase of 12,610 yuan/ton; the cumulative output of tinplate is 1.3901 million tons, with a month - on - month increase of 144,700 tons [3] - The monthly export volume of tinplate is 222,600 tons, with a month - on - month increase of 25,000 tons [3] 3.6. Industry News - In the US, retail sales in November unexpectedly strengthened with a month - on - month increase of 0.6%, significantly driven by automobile and holiday consumption. Energy cost increases pushed the US PPI in November back to a year - on - year increase of 3%, and the core PPI month - on - month increase was lower than expected. US existing home sales in December were the strongest since 2023, far exceeding expectations, and the housing price increase was the weakest in two and a half years [3] - Some Federal Reserve officials have different stances on interest rates. Kashkari supports Powell and advocates keeping interest rates unchanged in January, Paulson maintains a cautious stance, Goolsbee emphasizes the importance of independence in combating inflation, and Fed Governor Milan finds a new reason for interest rate cuts [3] - China's foreign trade is accelerating its recovery. In December, exports denominated in US dollars increased by 6.6% year - on - year, and imports increased by 5.7% year - on - year. Steel exports reached a new high, and rare earth exports increased year - on - year. The annual imports of soybeans, iron ore, and crude oil all broke records, and the decline in coal imports was the largest in a decade [3] 3.7. Fundamental Analysis - On the supply side, the domestic supply of imported tin ore is still relatively tight, and the tin ore processing fee remains at a low level. The resumption of production in Myanmar and the end of the rainy season have provided some incremental supply of tin ore, but the supply in other regions is still highly unstable, and the overall import volume of tin ore is still at a low level. At the smelting end, the current tin ore raw materials are in short supply, the raw material inventory of most enterprises is still low, and most enterprises are in a loss situation. It is expected that the production of refined tin will continue to be restricted and there will still be no year - on - year increase. In terms of imports, Indonesia's export volume increased significantly in November, alleviating concerns about supply restrictions in Indonesia. Recently, the import window is approaching, increasing import pressure [3] - On the demand side, the tin price has risen recently, the downstream procurement demand has weakened again, the inventory has increased, and the spot premium is 500 yuan/ton. The LME inventory has increased significantly, and the spot premium has decreased [3] 3.8. Technical Analysis - The position has decreased while the price has increased, with a strong long - position atmosphere, and there may be an adjustment [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoint of the Report - It is expected that Shanghai tin will undergo short - term high - level adjustments, with resistance at 345,000 - 350,000 yuan, and attention should be paid to the support of MA10 [5] Summary According to Relevant Catalogs 1. Week - to - Week Summary - **Market Review**: This week, the main contract of Shanghai tin adjusted at a high level, with a weekly decline of 1.31% and an amplitude of 6.10%. The closing price of the main contract was 338,550 yuan/ton [5] - **Market Outlook**: - **Macro - aspect**: The US has ended the previous administration's trade investigation on Chinese chips and will not impose additional tariffs on Chinese chips in the next 18 months [5] - **Supply - side**: - Tin ore imports in China are still relatively tight, and tin ore processing fees remain low. Although Myanmar's resumption of production and the end of the rainy season have provided some incremental supply, the supply in other regions is still highly unstable, and the overall import volume of tin ore is still at a low level [5] - At the smelting end, the raw materials of tin ore are in short supply, and the raw material inventory of most enterprises is still low. Most enterprises are in a loss - making situation, so the production of refined tin is expected to continue to be restricted, and there is still no year - on - year increase [5] - In terms of imports, Indonesia's export volume increased significantly in November, alleviating concerns about supply constraints. However, domestic imports remain in a loss - making state, and the quantity of imported tin is expected to remain low [5] - **Demand - side**: Recently, the price of tin has corrected at a high level, the market's willingness to purchase at an opportune time has improved, the inventory accumulation has slowed down, and the spot premium has risen to 500 yuan/ton. LME inventory has increased significantly, and the spot premium has recovered [5] - **Technical - aspect**: With the price adjustment at a high position of open interest, the bullish atmosphere has weakened, and it is facing the key resistance at the upper edge of the upward channel [5] 2. Futures and Spot Market - **Futures and Spot Price**: As of December 26, 2025, the closing price of Shanghai tin was 337,560 yuan/ton, a decrease of 5,480 yuan/ton or 1.6% from December 19. As of December 24, 2025, the closing price of LME tin was 42,490 US dollars/ton, an increase of 215 US dollars/ton or 0.51% from December 18. As of December 26, 2025, the basis of Shanghai tin was 500 yuan/ton, compared with 300 yuan/ton last week [7][10] - **Ratio Situation**: As of December 26, 2025, the current ratio of Shanghai tin to Shanghai nickel was 2.67, an increase of 0.25 from December 19. As of December 24, 2025, the Shanghai - London ratio of tin was 8.02, an increase of 0.23 from December 18 [14] - **Open Interest Situation**: As of December 26, 2025, the net position of the top 20 in Shanghai tin was - 2,656 lots, a decrease of 1,285 lots from December 22, 2025. The open interest of Shanghai tin was 102,368 lots, a decrease of 17,373 lots or 14.51% from December 19 [17] 3. Industrial Chain Situation - **Supply - side**: - **Tin Ore Imports and Refined Tin Production**: In November 2025, the monthly import of tin ore concentrates was 15,099.34 tons, a month - on - month increase of 29.81% and a year - on - year increase of 24.42%. From January to November this year, the import of tin ore concentrates was 118,119.99 tons, a year - on - year decrease of 21.51%. In October 2025, the production of refined tin was 15,618 tons, a month - on - month increase of 60%. From January to October, the cumulative production of refined tin was 142,971 tons, a year - on - year decrease of 1.25% [24][25] - **Tin Ore Processing Fees**: On December 26, 2025, the processing fee for 60% tin concentrates was 6,500 yuan/ton, the same as on December 24, 2025; the processing fee for 40% tin concentrates was 10,500 yuan/ton, the same as on December 24, 2025 [30] - **Refined Tin Import Profit and Loss**: As of December 25, 2025, the import profit and loss of tin was - 9,403.84 yuan/ton, an increase of 471.06 yuan/ton from December 19, 2025. In November 2025, the import volume of refined tin was 1,194.53 million tons, a month - on - month increase of 127.04% and a year - on - year decrease of 66.05%. From January to November, the cumulative import of refined tin was 20,949.89 million tons, a year - on - year decrease of 5.21%. In November 2025, the export volume of refined tin was 1,948.49 million tons, a month - on - month increase of 31.62% and a year - on - year increase of 33.73%. From January to November, the cumulative export of refined tin was 20,620.28 million tons, a year - on - year increase of 34.87% [35][36] - **Inventory Situation**: As of December 24, 2025, the total LME tin inventory was 4,895 tons, an increase of 705 tons or 16.83% from December 17. As of December 26, 2025, the total tin inventory was 8,477 tons, an increase of 382 tons or 4.72% from last week. The tin futures inventory was 7,969 tons, an increase of 125 tons or 1.59% from December 19 [39] - **Demand - side**: - **Philadelphia Semiconductor Index**: On December 24, 2025, the Philadelphia Semiconductor Index was 7,204.37, an increase of 509.06 or 7.6% from December 17. From January to November 2025, the production of integrated circuits was 431,840 million pieces, an increase of 36,570.72 million pieces or 9.25% compared with the same period last year [42] - **Domestic Tin - Plated Sheet Export**: As of November 2025, the production of tin - plated sheets was 100,000 tons, a decrease of 10,000 tons or 9.09% from October 2025. The export volume of tin - plated sheets was 147,375.58 tons, a decrease of 75,214.24 tons or 33.79% from October [45]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Macroeconomically, the US added more non - farm jobs than expected in November, but the unemployment rate unexpectedly reached a four - year high, not significantly changing expectations of Fed rate cuts [3] - Fundamentally, on the supply side, domestic tin ore imports are still relatively tight, and tin ore processing fees remain low. Myanmar's resumption of production and the end of the rainy season have provided some incremental supply, but overall imports are still low. On the smelting side, raw materials are scarce, and most enterprises' raw material inventories are low, with production expected to be restricted. In terms of imports, Indonesia's exports increased in November, but domestic imports remain unprofitable, and import volumes are expected to stay low. On the demand side, tin prices have recently adjusted, market trading has warmed up, and LME inventories have increased significantly [3] - Technically, with increasing positions and rising prices, the bullish sentiment is strong. It is expected that Shanghai tin will adjust at a high level in the short term, and attention should be paid to the MA10 support [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 328,600 yuan/ton, up 7,980 yuan; the closing price of the January - February contract is down 740 yuan. The LME 3 - month tin price is 40,955 US dollars/ton, down 140 US dollars. The main contract position of Shanghai tin is 32,130 lots, down 155 lots. The net position of the top 20 futures is - 498 lots, down 234 lots. LME tin total inventory is 3,815 tons, up 20 tons, and the LME tin cancelled warrants are 155 tons, down 5 tons. The Shanghai Futures Exchange inventory of tin is 7,391 tons, up 526 tons [3] 3.2现货市场 - The Shanghai Futures Exchange tin warehouse receipt is 7,497 tons, up 34 tons. The SMM 1 tin spot price is 325,800 yuan/ton, up 5,300 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 325,580 yuan/ton, up 7,040 yuan. The basis of the Shanghai tin main contract is - 120 yuan/ton, up 3,170 yuan; the LME tin premium (0 - 3) is 56 US dollars/ton, up 6 US dollars [3] 3.3 Upstream Situation - The average monthly import volume of tin ore and concentrates is 1.16 million tons, up 0.29 million tons. The average processing fee of 40% tin concentrate is 10,500 yuan/ton, unchanged; the average price of 40% tin concentrate is 313,800 yuan/ton, up 5,300 yuan; the average price of 60% tin concentrate is 317,800 yuan/ton, up 5,300 yuan. The average processing fee of 60% tin concentrate is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons. The monthly import volume of refined tin is 983.25 tons, down 518.38 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 208,930 yuan/ton, up 3,300 yuan. The cumulative monthly output of tin - plated sheets (strips) is 139.01 million tons, up 14.47 million tons. The monthly export volume of tin - plated sheets is 22.26 million tons, up 2.5 million tons [3] 3.6 Industry News - US employment continues to cool: non - farm payrolls rebounded slightly in November, but the unemployment rate reached a four - year high, and traders expect two rate cuts next year. The "New Fed News Agency" said that the non - farm data is unlikely to significantly change the Fed's judgment on whether to cut rates again. The US Markit Composite PMI in December hit a six - month low, with a sharp rise in price indicators and weak employment indicators. The eurozone manufacturing PMI in December contracted at an accelerated pace, with Germany hitting a 10 - month low and France and Italy back in the expansion range. The Central Financial Office said that investment and consumption growth are expected to recover next year, and the real estate supply side should strictly control increments and revitalize stocks [3]

Group 1: Report Summary - The report is a weekly report on the Shanghai tin market, forecasting that tin prices will fluctuate and tend to be strong due to limited supply and falling inventories [2] - This week, the main contract of Shanghai tin opened high and went high, with a weekly increase of 4.10% and an amplitude of 3.80%. As of the close of this week, the main contract was quoted at 286,350 yuan/ton [7] - In terms of operation, it is recommended to wait and see temporarily, or go long lightly on dips, paying attention to the support at 283,000 [7] Group 2: Market Outlook Macroeconomic Aspect - Federal Reserve Governor Barr emphasized inflation risks and said that interest rate cuts need to be cautious. Fed's "Number Three" Williams supports further interest rate cuts this year and does not think the economy is on the verge of recession [7] Fundamental Aspect - Indonesia's President Prabowo ordered the closure of 1,000 illegal tin mines in Bangka Belitung, which may exacerbate the tight supply of tin ore. The import volume of tin ore from Myanmar has rebounded, and with the approval of mining licenses, there are signs of short - term supply improvement. Currently, tin ore processing fees remain at historical lows [7] - In the smelting sector, the shortage of raw materials in Yunnan's production area is still severe; the waste recycling system in Jiangxi's production area is under pressure, and the operating rate remains at a low level [7] - On the demand side, due to the post - National Day price increase of Shanghai tin, the overall price has risen significantly, suppressing spot transactions. Most downstream enterprises are taking a wait - and - see attitude and have suspended purchasing activities. The market feedback shows no or only a small amount of just - in - time demand transactions. The spot premium has been slightly reduced to 250 yuan/ton, and LME inventories are showing a decline while the spot premium remains stable [7] Technical Aspect - The increase in positions and rising prices indicate a warming bullish sentiment. Attention should be paid to the resistance at 290,000 [7] Group 3: Spot and Futures Market Price and Premium - As of October 10, 2025, the closing price of Shanghai tin was 286,540 yuan/ton, a rise of 12,830 yuan/ton or 4.69% from September 25. As of October 9, 2025, the closing price of LME tin was $36,820/ton, a fall of $90/ton or 0.24% from October 3. The spot premium is weak [9][12] - As of October 10, 2025, the current ratio of Shanghai tin to Shanghai nickel on the Shanghai Futures Exchange was 2.33, an increase of 0.1 from September 25. As of October 9, 2025, the Shanghai - London ratio of tin was 7.82, a rise of 0.05 from September 30 [17] Position - As of October 10, 2025, the net position of the top 20 in Shanghai tin was - 1,448 lots, a decrease of 269 lots from September 26, 2025. The position of Shanghai tin was 71,221 lots, an increase of 17,271 lots or 32.01% from September 25 [23] Group 4: Industrial Chain - Supply Side Import and Production - In August 2025, the monthly import of tin ore concentrates was 10,267.27 tons, a month - on - month decrease of 0.1% and a year - on - year increase of 16.7%. From January to August this year, the import of tin ore concentrates was 82,673.45 tons, a year - on - year decrease of 28.43% [27] - In August 2025, the refined tin production was 14,960 tons, a month - on - month decrease of 3%. From January to August, the cumulative refined tin production was 87,175 tons, a year - on - year decrease of 0.83% [28] Processing Fees - On October 10, 2025, the processing fee for 60% tin concentrates was 6,500 yuan/ton, unchanged from October 9, 2025; the processing fee for 40% tin concentrates was 10,500 yuan/ton, also unchanged from October 9, 2025 [35] Import Profit and Loss - As of October 10, 2025, the tin import profit and loss was - 8,951.1 yuan/ton, a fall of 25,691.59 yuan/ton from October 3, 2025 [40] Inventory - As of October 10, 2025, the total LME tin inventory was 2,410 tons, a decrease of 205 tons or 7.84% from October 3. The total tin inventory was 5,879 tons, a decrease of 550 tons or 8.55% from last week. The tin futures inventory was 5,809 tons, a decrease of 467 tons or 7.44% from September 25 [46] Group 5: Industrial Chain - Demand Side Semiconductor Index - On October 9, 2025, the Philadelphia Semiconductor Index was 6,840.2, a rise of 213.82 or 3.23% from October 2 [49] Electronic Industry Output - From January to August 2025, the integrated circuit output was 34,291,232.7 million pieces, an increase of 5,840,674.7 million pieces or 20.53% compared with the same period last year [50] Tin - Plated Sheet - As of August 2025, the tin - plated sheet production was 110,000 tons, the same as in July 2025. The export volume of tin - plated sheets was 166,624.98 tons, a decrease of 39,395.07 tons or 19.12% from July [54]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core View of the Report - The report anticipates that the price of tin will fluctuate with a bias towards strength. Tin ore supply remains tight, though long - term supply recovery is clear. Demand is mixed, with some sectors like photovoltaic showing weakness, while new energy vehicle consumption is strong. [5][36] 3. Summary by Relevant Catalogs 3.1 Report Summary - US initial jobless claims decreased, and continuing claims reached the highest level in years. The US Q3 GDP had a quarterly contraction greater than expected, and consumer spending also declined. The conflict between Israel and Iran eased, reducing supply concerns. Market confidence in economic growth was insufficient, and the metal index fell. Tin ore supply remained tight, and the复产 rhythm of Burmese mines might slow. Supply recovery was clear in the long - term but uncertain in the short - term. On the demand side, photovoltaic tin strip orders declined, and overall demand was lackluster. [5] 3.2 Multi - Empty Focus - **Bullish Factors**: Tin ore and scrap supply remained tight, inventory decreased, and the US dollar index dropped significantly. [7] - **Bearish Factors**: Consumption in electronics and automotive electronics was sluggish, and photovoltaic module production declined significantly. [7] 3.3 Data Analysis - **Global Supply and Demand**: In April 2025, global refined tin production was 29,800 tons, consumption was 30,400 tons, with a supply shortage of 600 tons. From January - April 2025, production was 119,400 tons, consumption was 111,700 tons, with a supply surplus of 7,700 tons. In April 2025, global tin ore production was 27,600 tons, and from January - April, it was 103,700 tons. [9] - **Price and Basis**: This week, tin futures prices strengthened. The basis of Shanghai tin was 1,340 yuan/ton, and the premium increased. The LME tin premium was 96 US dollars/ton, and the discount strengthened. [12] - **Smelter Operating Rate**: As of last Friday, the combined operating rate of refined tin smelters in Yunnan and Jiangxi dropped to 47.05%. Yunnan had some plants for maintenance and reduction, and Jiangxi's rate declined significantly, about 35 percentage points lower than at the beginning of the year. Future operating rates might remain low or decline. [15] - **Import Data**: In May 2025, China's tin ore imports were 13,400 tons (about 6,518 metal tons), a 36.39% month - on - month and 59.84% year - on - year increase. From January - May, cumulative imports were 50,200 tons, a 36.51% year - on - year decrease. The increase in May was mainly due to Africa. [18] - **Production Data**: In May 2025, domestic refined tin production was 14,670 tons, a 0.3% month - on - month and 8.34% year - on - year decrease. From January - May, cumulative production was 72,900 tons, a 0.75% year - on - year decrease. In June, production is expected to be around 13,800 tons. [21] - **Import and Export Data**: In May, China's tin ingot imports were 2,076 tons, an 84.04% month - on - month and 225.9% year - on - year increase. Exports were 1,770 tons, an 8.19% month - on - month increase. Cumulative imports and exports from January - May were 9,584 tons, with a 38.48% year - on - year increase. [24] - **New Energy Vehicle Data**: In May, new energy vehicle production and sales were 1.27 million and 1.307 million respectively, a 35% and 36.9% year - on - year increase. From January - May, production and sales were 5.699 million and 5.608 million respectively, a 45.2% and 44% year - on - year increase. [28] - **Solder Operating Rate**: In April, the solder operating rate was 76.7%, a 0.89% month - on - month increase and 2.7% year - on - year decrease. Large and medium - sized solder plants had an upward trend, while small ones were weak. [30] - **Inventory Data**: The latest LME tin inventory was 2,115 tons, the lowest in two years. As of the week of June 20, Shanghai tin inventory decreased by 1.99% to 6,965 tons, the lowest in three months. [34] 3.4后市研判 - The price of tin is expected to fluctuate with a bias towards strength. [36]