[SMM Analysis] Tin Solder Production in December Remains Stable With a Slight Increase as Downstream Enterprises Are Expected to Welcome the Chinese New Year Holiday

South Korea's Finance Minister Gu Runzhe said he expected the country's economic growth to exceed 2% this year, supported by surging global semiconductor demand. "We expect growth to exceed 2% this year," Gu said, adding that the specific pace would depend on the chip cycle and the Middle East war. Gu noted that robust exports surged 48% in April, resulting in a trade surplus of $23.8 billion. The country's current account surplus also jumped to a record $37.3 billion in March. Even so, he said, "inflation and the real estate market are immediate risk factors" that the government needs to address as a priority.

Zhongtong Bus announced that its production in April 2026 was 1,216 units, up 8.86% YoY, including large buses (836 units), medium buses (320 units), and light & logistics vehicles (60 units); sales volume was 1,360 units, up 30.02% YoY, including large buses (872 units), medium buses (418 units), and light & logistics vehicles (70 units). Year-to-date cumulative production was 4,645 units, up 18.34% YoY; cumulative sales volume was 4,873 units, up 27.83% YoY.

Minsur, the world's second-largest refined tin producer, reported that its Pisco smelter in Peru produced 8,314 mt of refined tin in Q1 2026, down 2.9% YoY. The company attributed the slight decline in tin production to lower feed grades and reduced recovery rates at the smelter. Meanwhile, rising tin prices drove a 16.9% YoY increase in net revenue, effectively offsetting the impact of the production decline. Tin-in-concentrates production from the San Rafael underground mine fell 2.0% YoY to 6,096 mt due to lower recovery rates, but this was partially offset by a 3.3% increase in production from the B2 tailings dam. Total tin-in-concentrates production was basically flat YoY at 7,993 mt. The mill feed grade at the San Rafael mine remained stable at 2.40% Sn.