Societe Generale Securities Research Report points out that the slight increase in tin prices in 2023 is mainly driven by a contraction in overseas supply. According to the calculation results, the global tin supply and demand gap is expected to be 21,000 tons, 25,000 tons, and 27,000 tons from 2023 to 2025. Therefore, the global tin supply and demand pattern will remain tight in the short term, and tin price cost support is strong, but before semiconductor demand clearly shifts, tin prices may maintain a volatile pattern. In the long run, the growth rate of tin supply declines. In the future, as demand for semiconductors recovers and the incremental release of tin for photovoltaics and new energy, its price driving force will shift to the demand side. The supply-demand gap is expected to continue to expand. At the same time, as tin mining costs increase year by year, the tin price center is expected to continue to rise.