On 9 January, China’s Ministry of Finance and the State Taxation Administration released a new export tax rebate policy. From 1 April 2026, China’s export tax rebates of up to 13% for solar battery panels will be rolled back, while the rebate rate for battery products will be reduced from 9% to 6%. The complete phase-out of tax rebates for the above-listed products is scheduled for 1 January 2027. This policy aims to negate price distortions emerged in overseas battery markets, which have long affected the profit margins of domestic manufacturers.

[SMM Tin Midday Review: Macro and Fundamental Bearish Factors Resonated, and the Most-Traded SHFE Tin Contract Once Fell Below the 370,000 yuan Mark]

[Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market will officially quote against the 2604 contract. In terms of market structure, the Contango price spread between the 2604 and 2605 contracts was in the range of 110 yuan/mt to 60 yuan/mt. Suppliers showed strong willingness to sell, and with the import window wide open, expectations for continued inflows of cargo from outside China strengthened, putting spot premiums under pressure. Demand side, although copper prices pulled back again below the 100,000 yuan/mt mark, procurement enthusiasm among downstream enterprises did not improve significantly. Intraday trading was light on both buying and selling sides, and at current price levels, end-users still maintained wait-and-see sentiment toward the subsequent price trend, with procurement turning cautious. Supply side, SMM recorded social inventory at 547,300 mt, down 26,600 mt from the previous period, but the absolute level remained high. Coupled with stronger import expectations, overall supply pressure still persisted. Overall, with the contract rollover completed and import expectations strengthening, Shanghai spot copper is expected to remain under pressure tomorrow, and discounts may widen further.

[Zinc Concentrates Tender] According to SMM, the March tender price for self pick-up at the mine for zinc concentrates at a mine in North China was around 2,300 yuan/mt in metal content (including the 20/80 profit-sharing arrangement), with the enriched metal not priced. SMM will continue to monitor subsequent changes in processing fees.

At the start of the year, there was plenty of excitement around silver. The precious metal was soaring and reaching record highs along the way. However, it has declined from the highs it reached in January.

[SMM Nickel Flash] Raw material side, nickel ore costs were still rising, driving high-grade NPI production costs to maintain an upward trend. Meanwhile, the increase in high-grade NPI prices slowed down, putting pressure on smelter profit margins.

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $12,871/mt. It hit a high of $12,942/mt amid wide swings early in the session, after which the center of copper prices gradually moved lower and fell to $12,733/mt near the close, finally settling at $12,735.5/mt, down 1.64%. Trading volume reached 22,600 lots, and open interest stood at 307,000 lots, an increase of 3,144 lots from the previous trading day, mainly due to bears adding positions. Last Friday night, the most-traded SHFE copper 2604 contract opened at 100,520 yuan/mt and climbed to 100,760 yuan/mt early in the session. Afterwards, the center of copper prices fluctuated downward and touched a low of 99,710 yuan/mt near the close, with a decline of 0.86%. Trading volume reached 38,900 lots, and open interest stood at 190,000 lots, a decrease of 930 lots from the previous trading day, mainly due to bulls reducing positions.

[Volkswagen Group's 2025 Operating Profit Plunged 53%] Germany's Volkswagen Group announced on March 10 that group revenue in 2025 was 322 billion euros, almost stable compared with 324.7 billion euros in 2024; however, operating profit plunged 53% YoY from 2024 to 8.9 billion euros, mainly due to US tariff policies, exchange-rate fluctuations, and strategic adjustments at Porsche, one of its subsidiaries. Volkswagen Group said that, as US tariff issues and competitive pressure in China still persisted, it expected to continue facing a severe situation in 2026. Revenue this year was expected to edge up by 0% to 3%, with the operating margin at between 4% and 5.5%.

Tinci Materials announced that in 2025, the company achieved operating revenue of 16.649 billion yuan, up 33.00% YoY; net profit was 1.362 billion yuan, up 181.43% YoY. The company planned to distribute a cash dividend of 3 yuan (tax included) for every 10 shares to all shareholders.

SMM March 13: This week, China’s domestic tungsten market exhibited high-level oscillations with intensified supply-demand competition. Multiple mines put products up for auction during the week, but transactions were bleak.As of March 13, tungsten prices remained largely stable, yet market sentiment became extremely divided.