Ann: Ceasing to be a substantial holder, page-54

I would say, if the reports are correct that Tsingshan has already sourced all physical stock required, it will stand firm and deliver the stock at the expiry without rolling-over.
At $20,000/T future price it will make substantial smaller loss without needing short-cover their position. although some extra cost will make the deal quite expensive (otherwise selling at $ 20,000 whilst cost is only $10,000 will deliver them healthy profit).
Market will anticipate sharp future price drop well below the $100,000 mark when LME open, that will make the traders who built substantial long position days prior to the LME close some hefty loss.

The announcement from LME indicates the shorters (Tsingshan) refuse to bend, not the long traders.