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[SMM Tin Midday Review: AI Macro Sentiment Recedes Again, Triggering Market Downward Pressure, the Most-Traded SHFE Tin Contract Falls Over 5%]

On February 12, COMEX copper inventories decreased by 2,011 short tons to 590,525 short tons.

【SMM Steel】Germany's Salzgitter agreed to buy Thyrolf & Uhle, a specialty steel processor in Dessau-Roßlau. The deal targets the defense market, with rising demand for military vehicles and infrastructure protection. Thyrolf & Uhle employs ~100 people and processes over 12,000 tons of steel/year. It is certified to handle ballistic protection steel in SECURE® grades 400-600. This adds sheet metal and component expertise meeting military standards. Salzgitter's CEO says it strengthens its position in a sector needing reliable materials. The deal needs regulatory approval.

【SMM Steel】AM/NS India is the first integrated steelmaker certified under India's Green Steel Taxonomy. HR coils/sheets got 4 stars, CR coils/sheets 3 stars. The certification requires <2.2 t CO₂/t finished steel, approved by NISST. Via gas-based DRI, emissions intensity is down >35% since 2015 and was 14% below national avg in FY2025. AM/NS already supplies green steel for auto, infra, and machinery. It targets a 20% intensity cut by 2030 vs 2021 via renewables.

【SMM Steel】Habaş began the EIA process for its cold rolling facility in Aliağa, İzmir. The 490M TL project includes a PL/TCM line processing 1.824 Mt of HRC into 1.65 Mt of CRC/year. Five auxiliary units are planned. Construction continues but final permits are pending. The EIA allows public review of technical and environmental compliance. Operations are expected to start within 12 months.

【SMM Steel】Jindal (India) Limited commissioned a new metal coating line at its Ranihati plant with an ~Rs 11 bn investment. The first batch is out, marking a key downstream expansion. High-value coated steel output will rise ~60% to 300,000 tons, driving ~20% revenue growth in FY26. Products target infra, white goods, solar, and roofing. This is part of the group's Rs 15 bn capex plan. It also plans a new Odisha steel plant with Rs 150 bn investment by 2030.

【SMM Steel】Bosnia's trade ministry proposed a 200-day, 30% duty on steel imports following a complaint by Nova Željezara Zenica. In 2025, reinforcing mesh imports surged 192.87% above the 4-year avg, with Serbian and Italian supply up 408.45% and 105.7%. Turkish coiled ribbed bar imports jumped 885.2%, Serbian 113.2%. The ministry warns of idle capacity and import dependency. The measure aims to prevent job losses and damage to local industry.

【SMM Steel】Vietnam approved pilot GHG emission allowances for 2025-2026. The 2026 quota is ~268.39 Mt CO₂e, up >10% YoY. Allocations go to 34 thermal power plants, 25 steel firms, and 51 cement plants under Decision No. 263/QD-TTg. 2025 quota: 243.1 Mt. Firm-level details are undisclosed. Including steel and cement signals tighter carbon rules and paves way for a 2028 carbon pricing scheme. Vietnam reaffirmed net-zero by 2050 and targets deep cuts by 2030 with int'l support.

【SMM Steel】Toyota began buying green steel from Nippon Steel, JFE, and Kobe Steel late last year. Green steel costs ~40% more than conventional, but govt subsidies help. Volumes undisclosed. Using EAFs instead of blast furnaces cuts CO₂ by ~75%. Toyota gets official certificates, joining Nissan and Isuzu. The move by the world's top automaker may push wider adoption of cleaner tech.