[SMM Analysis] Operating Rates of Refined Tin Smelters in Yunnan and Jiangxi Remain Stable, Raw Material Supply Tightens in the Future

According to the latest in-depth survey data from SMM for the past week, as of August 16, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces remained stable, with an overall operating rate of 63.77%. Specifically, the operating rate of smelters in Yunnan this week was 64.83%, which is basically unchanged from the previous week. Further in-depth investigation by SMM shows that most refined tin smelters in Yunnan operated normally last week, and some companies have not yet started equipment maintenance work. However, recently, most smelters reported that raw material supply is extremely tight, making procurement more difficult, and predicted that due to raw material shortages, some companies might gradually reduce their production scale. Therefore, the operating rates of smelters in Yunnan may not see growth in the future. On the other hand, in Jiangxi, the operating rate of smelters last week reached 61.95%, remaining stable WoW. Currently, most smelters in Jiangxi are in normal production, with no recent plans for equipment maintenance. It is worth noting that most recycled smelters indicated that their raw material reserves are sufficient, and they expect to maintain the current operating rate level in the future.