[SMM Tin Flash: GAC Group: March Automobile Production Reached 193,800 Units, up 2.60% YoY]

[SMM Tin Midday Commentary: Tin Prices Stabilized and Fluctuated Amid a Geopolitical Stalemate, While Spot Market Trading Turned Subdued]

The CPCA said today that in China’s passenger vehicle market, in February 2026, the wholesale sales of producers with new energy sales of more than 10,000 units accounted for 93% of total passenger NEV sales for the month. According to preliminary compiled data for March, the March sales of these enterprises with February new energy sales of more than 10,000 units reached 990,000 units. At present, sales figures for most producers had basically been locked in at a broad level. Some producers whose wholesale volumes were relatively low in February due to the Chinese New Year factor performed very well in March. Therefore, based on last month’s structural mix combined with this month’s data, March nationwide passenger NEV wholesale sales were estimated at 1.12 million units. In summary, based on preliminary monthly CPCA data: nationwide passenger vehicle producers’ new energy wholesale sales in March 2026 were estimated at 1.12 million units, flat YoY and up 55% MoM from February.

SMM expects the operating rate of the enamelled wire industry to pull back to 73.81 in April. It is understood that by month-end March, new orders in the enamelled wire industry had already pulled back, and the market showed a marked divergence in demand structure. Among them, demand in sectors such as electric power and two-wheelers remained steady and improving, providing effective support to the industry; however, demand in the home appliance segment weakened more than expected, becoming the core variable dragging down overall prosperity, and enterprises remained cautious about the sustainability of April orders.