The most-traded SHFE tin contract fluctuated downward after a slight rise during the night session, with market willingness to pick up goods rebounding [SMM Tin Morning Brief].

February 5, 2026 SMM Tin Morning Brief:

Futures: The most-traded SHFE tin contract (SN2603) fluctuated downward after a slight rise in the night session, closing at 379,270 yuan/mt, down 3.41%.

Macro: (1) Guo Shougang, Deputy Director General and First-Level Inspector of the First Department of Equipment Industry at the Ministry of Industry and Information Technology, stated at a special press conference held by the State Administration for Market Regulation on the 4th that the Ministry will continue to thoroughly implement the requirements of the National Standardization Development Outline and the NEV Industry Development Plan (2021-2035), accelerate the development of key standards for driving automation, collision safety, control components, etc., promote the improvement of automotive safety levels and quality performance through standard upgrades, and lay a solid foundation for the high-quality and sustainable development of the industry. (2) Nasdaq is considering introducing a "fast entry" rule to speed up the inclusion of newly listed large companies. The proposed amendment would allow new listings to join the Nasdaq-100 index after just 15 trading days, significantly shorter than the current waiting period of at least three months. This move aims to make the index reflect the market more timely. In the current environment, companies often delay their listings for years, and once they enter the public market, they release huge market capitalizations. Companies expected to conduct IPOs this year include SpaceX, with a potential valuation of up to $1.3 trillion, which would become one of the largest companies by market cap in the Nasdaq-100 index. The "fast entry" rule is part of an industry consultation proposal, and related discussions are expected to conclude later this month. If approved by the Nasdaq Index Governance Committee after the consultation period, the change would take effect after the quarterly rebalancing in March.

Fundamentals: (1) Supply side: Most smelters are expected to gradually halt production for maintenance in February, entering the Chinese New Year holiday. (2) Demand side: Downstream procurement remains cautious, pre-holiday restocking is basically over, and downstream enterprises will gradually begin to halt production for rest.

Spot market: Willingness to pick up goods has rebounded somewhat, with previously price-suppressed restocking demand and orders being gradually released as prices pull back. However, current transaction volumes are only at a normal to weak level, and end-users still face cost transmission pressure against the backdrop of overall strength in the metals sector, with the pace of demand recovery being relatively slow.

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