SMM

DRC Rebel Group Captures Key Mining Town in the East, SHFE Tin Prices Rebound Slightly During Night Session [SMM Tin Morning Brief] The DRC military confirmed on March 20 that the rebel group "M23 Movement" has captured the mining town of Walikale in North Kivu Province in the eastern part of the country. A DRC military spokesperson told the media on the 20th, "The enemy has taken control of Walikale." On the evening of the 19th, the "M23 Movement" announced that it had gained control of Walikale. The area where Walikale is located is rich in mineral resources, particularly tin ore. Due to the activities of the "M23 Movement" in the eastern DRC, Alphamin Resources announced on March 13 that it would suspend mining operations at its Bisie tin mine and evacuate personnel from the site. The Bisie tin mine is the world's third-largest tin mine. Influenced by the news from the DRC, SHFE tin prices rebounded slightly during the night session, with the price center rising to around 281,000 yuan/mt. In the spot tin ingot market, trading remained sluggish yesterday. Most traders reported that despite a pullback in SHFE tin prices, downstream and end-user restocking intentions fell short of expectations, leading to poor overall market transactions.