SMM

According to the detailed survey data from SMM over the past week, as of Friday, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces showed relative stability, slightly rising to 65.52%. A detailed analysis reveals that the operating rates of smelters in Yunnan slightly increased last week. Further data from SMM indicates that some smelters have ramped up production relatively quickly and are expected to maintain current production levels. Some smelters experienced a slight decrease in operating rates due to equipment maintenance and tight raw material supply. Some smelters are planning their November production based on the current ore collection progress, and considering the current supply and demand dynamics in the raw material market and industry development trends, we expect that smelters in Yunnan will maintain their current operating rates in the short term, with no significant growth expected. Turning to Jiangxi, the operating rates of smelters remained stable 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 tin scrap may decrease, which could affect the operating rates of smelters in Jiangxi, leading to a downward trend.