SMM Tin Morning Brief, April 30, 2026: Futures: The most-traded SHFE tin contract opened slightly lower during the night session and continued its decline, breaking below the 380, 000 yuan/mt mark. It displayed a fluctuating pattern in the later session, closing at 380, 470 yuan/mt, down 0. 97%. Macro: (1) Samsung Electronics reported a Q1 operating profit soaring 756. 1% year-on-year to 57. 23 trillion won (about $38. 5 billion), setting a quarterly record high. The chip segment accounted for most gains. Revenue increased 69. 2% YoY to 133. 87 trillion won, while net profit jumped 474. 3% to 47. 23 trillion won. The Device Solutions division, which encompasses its semiconductor business, recorded revenue of 81. 7 trillion won and operating profit of 53. 7 trillion won—both well above market expectations. According to FnGuide, consensus forecasts from local brokerages over the past month predicted revenue of 117. 13 trillion won and operating profit of 38. 12 trillion won. Samsung’s latest quarterly revenue and operating profit also surpassed previous quarter records (93. 84 trillion won and 20. 07 trillion won, respectively). (2) Novosense Microelectronics published minutes from its investor relations meeting. The company’s Q1 2026 revenue reached a record high, propelled by strong growth in its core automotive electronics and pan-energy sectors. Growth in pan-energy was driven by a booming energy storage market, surging AI server power supply demand, and an industrial restocking cycle.

Novosense reported numerous leading clients in AI server power supply, with digital power application revenues rising sharply both year-on-year and month-on-month in Q1. The company plans to focus on AI power supply as a key business area moving forward, with strategic deployment. Regarding analog semiconductor industry pricing trends, Novosense identified rising commodity costs, restocking cycles, and AI-related capacity pressures as drivers of price increases. It has issued price increase notices and advanced negotiations with major clients, aiming to restore profitability. Fundamentals: (1) Supply side: Most smelters maintained steady production throughout April. (2) Demand side: Downstream buyers remained cautious, purchasing primarily based on order requirements. Spot market: In yesterday’s daytime session, as the SHFE tin contract center rebounded again, spot buying interest cooled, causing a noticeable decline in market inquiries. However, the sharp price drop during the night session encouraged some downstream enterprises to partially restock. [Data Source Disclaimer: Apart from public information, data are sourced from public records, market communications, and SMM’s internal databases, processed by SMM for reference only and do not constitute investment advice. This information is for reference and does not directly offer investment research or decision-making guidance. Clients should exercise independent judgment and make prudent decisions. Any choices made by clients are independent of SMM. ]