SMM

Based on data obtained through in-depth market exchanges by SMM, as of last Friday, we observed a certain degree of stability in the operating rates of refined tin smelters in Yunnan and Jiangxi provinces, with specific values slightly down to 65.42%. Through detailed analysis, the operating rates of smelters in Yunnan showed a slight decline last week. Although most smelters maintained stable production conditions and are expected to maintain the current production levels in the future, some companies experienced a slight drop in operating rates due to equipment maintenance and tight raw material supply. Considering the current supply and demand situation in the raw material market and the industry development trend, we cautiously predict that the operating rates of smelters in Yunnan will remain at the current level in the near future, with no significant increase expected. Turning to Jiangxi, the operating rates of smelters in this region showed a relatively stable trend last week. Most companies maintained a stable and orderly production pace, and the current scrap supply is relatively loose compared to the tight situation of tin concentrate. However, it is worth noting that the recent sharp drop in tin prices may lead to a corresponding decrease in scrap supply, which could negatively impact the operating rates of smelters in Jiangxi, leading to a downward trend.