The Most-Traded SHFE Tin Contract Continued to Consolidate Weakly, with Strong Wait-and-See Sentiment in the Market [SMM Tin Midday Commentary]

On March 23, 2026, the most-traded SHFE tin contract remained in the doldrums and closed at 335,390 yuan/mt at midday, down 7,900 yuan, or 2.30%. On the LME, three-month tin also weakened in tandem, last quoted at $42,210/mt, down 1.47%.

Tin prices have continued to decline recently, mainly due to the escalation of tensions in the Middle East. Earlier gains accumulated amid supply disruptions and macro sentiment were gradually given back as geopolitical conflict fueled safe-haven sentiment and a stronger US dollar, and prices reversed quickly after support weakened. The market currently lacks new bullish factors, and prices are expected to remain under pressure in the short term.

Spot side, suppliers kept quotes at elevated levels, with overall willingness to sell remaining moderate. Most downstream enterprises stayed on the sidelines to watch price trends, with mainly small-lot purchases following up.

Tin prices are expected to remain rangebound in the short term, with the price center possibly edging lower slightly. Going forward, close attention should be paid to developments in the Middle East situation, changes in macro sentiment, and follow-up in downstream procurement pace.