SMM

According to detailed survey data from SMM over the past week, as of last Friday, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces have shown relative stability, maintaining an overall level of 64.49%. A detailed analysis reveals that the operating rates of smelters in the Yunnan region remained basically stable last week. Further data from SMM indicates that most smelters reported a slight decline in overall operating rates for October. Some smelters are planning their November production schedules based on the current ore collection progress, and considering the current supply and demand dynamics of the raw material market and industry development trends, we expect that smelters in Yunnan will maintain their current operating rates in the short term, or possibly experience a slight decline. Turning to the Jiangxi region, the operating rates of smelters also showed stability last week. Most companies continued their steady production pace, with scrap supply being relatively more relaxed compared to the tight situation of tin concentrate. However, if tin prices fall in the future, the supply of scrap tin may decrease accordingly, which could affect the operating rates of smelters in Jiangxi, leading to a downward trend. In summary, given the tight supply of tin concentrate and secondary tin raw materials, we expect that some smelters will make corresponding adjustments to their production schedules to adapt to changes in the raw material market.