[SHFE Tin Contract Hovered Around 390,000 Amid Tug-of-War Trading, Traditional Consumption Season Performed Slightly Below Expectations] SMM Tin Midday Commentary

On the morning of March 11, 2026, the most-traded SHFE tin contract fluctuated downward and closed at 392,460 yuan/mt at midday, down 0.78%. On the external market, LME three-month tin was also in the doldrums, last quoted at $49,845/mt, down 2.09%.

Current futures fluctuations were frequent, and the market largely maintained a cautious wait-and-see stance. After prices rebounded to the 390,000-400,000 yuan range, willingness to follow up in the spot market was limited, with most downstream enterprises mainly digesting inventories and staying on the sidelines. Solder enterprises and the electronics industry generally maintained a strategy of small-lot follow-up purchases. As prices had declined earlier, downstream had already released part of their procurement demand, and now mainly focused on digesting inventories and stabilizing production schedules. Judging from traditional seasonality, this year’s “Golden March and Silver April” consumption was slightly weaker than in previous years, and demand transmission from end-user home appliances and electronics was relatively slow. Amid intertwined bullish and bearish sentiment, the market remained stagnant. Expectations for outside China supply, shifts in US dollar policy, and the macro geopolitical situation jointly affected futures, while news-side guidance remained unclear. In the short term, tin prices may continue to fluctuate in consolidation, and attention should remain on the pace of demand follow-up along the end-user industry chain.