The most-traded SHFE tin contract held up well within the range, while pre-holiday restocking remained sluggish amid high prices [SMM Tin Midday Review]

On the afternoon of January 21, 2026, the most-traded SHFE tin contract, sn2602, opened slightly higher and held up well, closing at 402,600 yuan/mt, up approximately 1.79% from the previous day's settlement price. In the international market, LME tin futures also strengthened, temporarily quoted at $50,400/mt, up $760. Inventories on both the SHFE and LME accumulated recently. After experiencing previous sharp fluctuations, the market gradually returned to a consolidation phase, with prices repeatedly fluctuating within the 390,000-400,000 yuan range.

Demand side, during the price pullback a few days ago, some rigid demand orders were released, and market trading atmosphere briefly recovered. However, as prices stabilized and consolidated recently, trading willingness weakened again, with downstream enterprises mostly digesting orders and only making small, necessary follow-up purchases. Although approaching the traditional stockpiling period for the Chinese New Year, suppressed by high absolute prices, downstream restocking demand has not seen a significant increase. Most enterprises may enter the holiday state early, resulting in an overall market characterized by weak supply and demand.