[SMM Analysis] Operating Rates of Refined Tin Smelters in Yunnan and Jiangxi Remained Low

According to a recent in-depth SMM survey, as of September 6, the operating rates of refined tin smelters in Yunnan and Jiangxi showed a slight decline, with the overall rate dropping to 36.01%. Specifically, the operating rate of smelters in Yunnan fell to 21.45% last week. The SMM survey further revealed that some enterprises began annual equipment maintenance last week, with the maintenance planned to last around 45 days. Recently, some smelters reported that raw material supply remained extremely tight, making procurement increasingly difficult. Coupled with the maintenance period for some smelters, it is expected that the operating rate of smelters in Yunnan will continue to face growth challenges in the future. On the other hand, in Jiangxi, the operating rate of smelters last week remained stable at 60.84%, showing little change WoW. Most smelters in Jiangxi have operated normally, and according to the latest information, these enterprises do not have plans for equipment maintenance in the near term. Additionally, last week, the SMM survey found that TCs for tin concentrate have decreased due to the shortage of tin concentrate and inventory replenishment by smelters.