[Midday SMM Tin Commentary] Tin Prices Narrowly Recovered After a Sharp Drop, and Spot Transaction Activity Pulled Back Slightly

On March 20, 2026, tin prices entered a consolidation phase after continuing to decline. Yesterday, SHFE tin fell by more than 6% in a single day, breaking below the key psychological level of 350,000 yuan/mt; today, SHFE and LME both posted slight recoveries, with the price center edging up within a narrow range. The most-traded contract of SHFE tin closed the morning session at 354,130 yuan/mt, up slightly by 0.04%; LME three-month tin was last quoted at $44,595/mt, up 1.58%.

From a fundamental perspective, most smelters maintained stable operating rates in March, and major downstream solder enterprises reported that order follow-up in March was moderate, with overall demand recovering from the previous period. Today, trading sentiment in the spot market remained relatively active overall, but was less heated than yesterday. When prices fell below the 350,000 yuan mark yesterday afternoon, downstream enterprises concentrated on restocking on dips, stimulating demand. After prices rebounded slightly today, there were still many low-priced bids in the market, but as spot circulation had not yet been fully released, suppliers at various stages showed mediocre willingness to sell, which somewhat limited the increase in trading volume.

Tin prices were expected to remain mainly rangebound today, with short-term market sentiment tending to stabilize. Going forward, close attention should be paid to the circulation of market cargoes and the extent to which inventory digestion at each stage supports prices.