SMM

Based on processing data obtained through in-depth market surveys by SMM, and after thorough analysis, we observed that as of this Friday, the operating rates of refined tin smelting enterprises in Yunnan and Jiangxi provinces remained stable, with a combined figure of 65.52%. For smelting enterprises in the Yunnan region, their operating rates maintained relative stability this week, with most enterprises able to sustain continuous and steady production operations. However, considering the ongoing tin mining ban policy in Myanmar, the supply situation of tin ore remains tight. Against this backdrop, we anticipate that smelting enterprises in Yunnan may face a slight decline in operating rates in the near future. Meanwhile, with further tightening of supply at the mining end, tin concentrate TCs are showing a downward trend, which will compress processing profits for smelters. As a result, some smelters may implement slight production cuts to control costs and maintain production operations. In Jiangxi, the operating rates of smelting enterprises dropped back slightly this week. The seasonal increase in certain industry scraps has been nearly exhausted, and related enterprises' production plans for this month will return to previous levels. Considering these multiple factors, we expect that the operating rates of smelting enterprises in Jiangxi may experience a certain degree of decline in the future. In summary, based on a comprehensive analysis of the current situation and forecast, we believe that the operating rates of smelting enterprises in Yunnan and Jiangxi provinces are likely to continue their downward trend in the coming period.