Looking back at 2025, as the transitional implementation year for the "reverse invoicing" policy, the National Development and Reform Commission's "Document No. 770" explicitly required the termination of local governments' non-compliant investment promotion cooperation. Under the policy guidance of building a unified national market, the copper scrap industry has been gradually moving toward a standardized and compliant development track.

[SMM Tin Midday Commentary: Under Macro Pressure, SHFE Tin Contracts Fell to 366,000, and Trading in the Spot Market Was Relatively Active]

[SMM Morning Meeting Summary: The Tin Market Weakened After Fluctuating at Highs, Under Short-Term Pressure Amid Intertwined Bullish and Bearish Factors]

According to SMM’s latest tracking, the total planned volume of cold-rolled commercial products for this month across 31 mainstream cold-rolled coil steel mills was 4.073 million mt, up 257,500 mt from last month’s actual production of cold-rolled commercial products, an increase of 6.7%.

[SMM Tin Morning Brief: Macro Sentiment and Spot Trades in a Tug-of-War; Tin Prices Retreat After Rapid Rise and Enter Consolidation]

After the Chinese New Year holiday, the first fundamental indicator to watch post-holiday is undoubtedly inventory! SMM compiles the latest inventory data from three markets (LME, COMEX, SHFE) and the evolving logic for the future outlook.