SMM

International macro, the escalation of armed conflict in DRC significantly impacted global tin ore supply. Alphamin's suspension of operations at its Bisie mine heightened market concerns over the supply side, while a weaker US dollar and favorable domestic policies also supported tin prices. In terms of the domestic tin ore market, the overall supply-demand pattern showed a tight trend. In terms of supply, although the operating rates of refined tin smelters in Yunnan and Jiangxi saw a slight rebound, they were still constrained by tight raw material supply. Since Myanmar implemented a ban on tin mining in August 2023, there has been no clear timetable for resumption in 2025. Although Wa State released a resumption process document in February 2025, actual resumption would require going through application and approval procedures, with the earliest possible increase in supply expected in H2 2025. As a result, imports of tin ore from Myanmar continued to decline, exacerbating the tightness of domestic ore sources. At the same time, imports of tin ore from DRC and Australia decreased to some extent, with volumes declining. Due to rainy season transportation issues and political instability (such as the M23 armed conflict) in DRC, tin ore transportation was hindered at the beginning of 2025, affecting exports to China...