February 13, 2026 SMM Tin Morning Brief:
Futures: The most-traded SHFE tin contract (SN2603) pulled back after fluctuating during the night session, closing at 376,330 yuan/mt, down 4.27%.
Macro: (1) Data from the Passenger Car Association showed that in January, passenger vehicle exports reached 286,000 units, up 103.6% YoY. They accounted for 49.6% of passenger vehicle exports, an increase of 12.5 percentage points compared to the same period last year; among them, pure electric vehicles accounted for 65% of exports (67% in the same period last year), with the core focus, A00+A0 class pure electric vehicles, accounting for 50% of pure electric vehicle exports (41% in the same period last year). As the scale advantages of Chinese vehicles become apparent and market expansion demands grow, Chinese-made brand products are increasingly going global, with their recognition overseas continuing to rise. Plug-in hybrids accounted for 33% of new energy exports (32% in the same period last year). Although recently subject to some external disruptions, independent plug-in hybrid exports to developing countries have grown rapidly, with bright prospects. (2) He Yadong, spokesperson for the Ministry of Commerce, stated that previously, after multiple rounds of consultations within the WTO framework, China and the EU achieved a "soft landing" for the electric vehicle case, which has been widely welcomed by the international community, industries from both sides, and various sectors. According to the consultation consensus, both sides support Chinese EV makers in utilizing the price undertaking. The EU side specifically issued guidance documents formed after the consultations and committed to conducting assessments objectively and fairly, adhering to the principle of non-discrimination. The automotive industries of China and the EU are deeply integrated, achieving mutual benefit and win-win outcomes. It is hoped that the EU side will effectively implement the important consensus from the China-EU leaders' meeting and the results of the case consultations. It is expected that more Chinese enterprises will reach agreement with the EU side on the price undertaking. China is willing to maintain dialogue and communication with the EU to create an open and stable market environment for the development of the China-EU industries.
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: Pre-holiday restocking basically concluded when prices fell earlier; most downstream solder enterprises have already stopped production for the holiday.
Spot market: As the Spring Festival approaches, logistics in many regions have basically stalled, and various segments of the industry chain have generally entered the holiday period.
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