The SHFE tin contract (sn2601) closed at 342,240 yuan/mt, with strong fear of high prices in the spot market. [SMM Tin Midday Review]

As of the midday close on December 23, 2025, the SHFE tin contract (sn2601) closed at 342,240 yuan/mt, up 0.06% from the previous settlement price, with an intraday trading range of 337,020-343,570 yuan/mt. On the LME, three-month tin closed at $43,295/mt, up 1.32%.

Demand side, the spot market showed strong fear of high prices, with downstream solder and electronics enterprises mostly adopting low inventory strategies and exhibiting sluggish purchase willingness. Additionally, the Tin Branch of the China Nonferrous Metals Industry Association (CNIA) and the Tin Solder Branch of the China Electronic Materials Industry Association jointly called on all market participants to maintain rational and cautious attitudes, avoid blindly following trends, objectively judge market conditions, enhance risk awareness, jointly foster a healthy and rational market environment, resist speculative behaviors that violate objective market laws, collaboratively guide prices back to reasonable ranges, and improve a long-term stable market mechanism!

In the afternoon, attention should be paid to the support level in the 338,000-340,000 yuan/mt range. Overall, tin prices face significant short-term adjustment pressure, and it is advisable to be wary of the pullback risk brought by capital outflows.