[SMM Analysis] Operating rates of refined tin smelters in Yunnan and Jiangxi remain stable; recent sales of tin ingots have declined

According to the in-depth survey data from SMM for this week, as of August 23, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces have shown a stable trend, with the overall operating rate maintaining at 63.56%. Specifically, the operating rate of smelters in the Yunnan region reached 64.83% this week, remaining at a similar level compared to the previous week. Further research by SMM reveals that most refined tin smelters in Yunnan have been operating normally this week, with some yet to commence equipment maintenance. However, some smelters have reported to SMM that raw material supply has become tight recently, making procurement increasingly difficult, which has somewhat impacted current production activities. Based on this situation, it is expected that smelters in Yunnan may face challenges in increasing their operating rates in the future. On the other hand, in Jiangxi, the operating rate of smelters remained stable at 61.4% this week, similar to last week's data. Most smelters in Jiangxi are currently in normal production, and according to the latest information, these smelters have no plans for equipment maintenance in the near future. However, it is worth noting that with the continued high-level consolidation of tin prices, most smelters have reported a certain degree of decline in tin sales compared to previous periods.