SMM

According to detailed processing data obtained through in-depth market surveys by SMM, as of last Friday, we observed a slight increase in the operating rates of refined tin smelting enterprises in Yunnan and Jiangxi provinces, reaching 65.73%. Further data analysis revealed that smelting enterprises in Yunnan achieved a slight increase in operating rates last week. Most smelting enterprises in this region were able to maintain stable and continuous production and are expected to sustain the current production levels for some time. With the smooth progress of production schedules in some enterprises, the overall operating rate showed a steady upward trend. Considering the current supply and demand situation in the raw material market and industry development dynamics, we expect that smelting enterprises in Yunnan will maintain the existing operating rate level in the near term. However, due to the combined influence of various factors, a slight decline in operating rates may follow. Last week, smelting enterprises in Jiangxi also experienced a slight increase in operating rates. Most enterprises were able to maintain a stable and orderly production pace. Currently, the short-term slight increase in scrap supply has provided some enterprises with the opportunity to increase production. However, it is worth noting that due to the difficulty in sustaining sufficient scrap supply, this month's production schedule is expected to return to previous levels. Based on the above analysis, we expect that the operating rates of smelting enterprises in Jiangxi may experience a certain degree of decline in the future.