SHFE Tin Declines After Fluctuating at Highs in Afternoon Trading; LME Tin Also Falls, Breaking Below $37,000/mt Mark [SMM Tin Midday Review]

During the midday session on November 20, 2025, the most-traded SHFE tin contract (2512) closed at 292,460 yuan/mt, up 80 yuan or 0.03% from the previous day. Trading activity cooled compared to the prior session, with prices hitting a high of 295,900 yuan/mt and a low of 291,200 yuan/mt, maintaining an overall trend of fluctuation at highs.

Demand side, consumption in traditional electronics and home appliance sectors remained stable, while emerging applications such as artificial intelligence, semiconductors, and NEVs sustained robust demand. In particular, following the release of the High-Standard Digital Park Construction Guidelines, demand for tin-based solder from computing infrastructure, 5G/6G networks, and PV ESS provided medium and long-term support. However, the spot market showed fear of high prices, with sluggish trading sentiment; downstream enterprises mainly made just-in-time procurement, resulting in thin turnover.

In the international market, LME tin prices fluctuated downward, settling at $36,930/mt, down $15 or 0.04% from the previous day. Technically, LME tin broke below the key $37,000/mt level, indicating weakened confidence among bulls.

Overall assessment suggests the short-term strength in SHFE tin primarily benefited from tight supply-demand fundamentals and emerging demand drivers. Although limited acceptance of high prices in the spot market may curb the pace of price increases, low inventory and supply bottlenecks will continue to support prices fluctuating at highs. The afternoon trend warrants attention to fund flows and market absorption of high prices, with short-term resistance around 295,000 yuan/mt and support near 285,000 yuan.