SHFE Tin Fluctuates at Highs After Hitting New Record, High Prices Continue to Suppress Downstream Demand Release [SMM Tin Midday Review]

By the midday close on January 26, 2026, the most-traded SHFE tin contract, sn2603, opened higher at 457,990 yuan/mt, then fluctuated and pulled back, eventually settling at 439,540 yuan/mt, up 4.75% from the previous day's settlement price. Overseas, LME tin (three-month) showed an adjustment trend, temporarily quoted at $55,305/mt, down 2.3%.

However, the fundamentals did not strengthen in sync with the price. The spot market had limited acceptance of the current high prices, and fear of high prices continued to spread. Downstream solder enterprises and the electronics industry generally adopted low inventory operation strategies, maintaining procurement only for essential needs, with overall trading sluggish. As global visible inventory continues to accumulate and expectations for the recovery of overseas supply may exert some downward pressure, although macro uncertainties still provide intermittent support to market sentiment, this support is time-sensitive. Caution is warranted against the risk of a pullback potentially triggered by capital outflows.