[SMM Analysis] Operating Rates of Refined Tin Smelters in Yunnan and Jiangxi Declined, Some Smelters Started Maintenance

According to the latest in-depth survey data from SMM for the past week, as of August 30, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces have shown a significant downward trend, with the overall operating rate dropping to 36.53%. Specifically, the operating rate of smelters in Yunnan fell to 22.26% last week. Further research by SMM revealed that most refined tin smelters in Yunnan maintained normal operations last week, with some starting their annual equipment maintenance, which is planned to last around 45 days. Recently, some smelters have reported that raw material supply remains extremely tight, making procurement increasingly difficult, which has affected current production activities to some extent. Coupled with some smelters starting maintenance, it is expected that the operating rates of smelters in Yunnan will continue to face growth challenges in the future. On the other hand, the operating rate of smelters in Jiangxi remained stable at 60.84% last week, basically unchanged from last week's data. Currently, most smelters in Jiangxi are in normal production, and according to the latest information, these smelters have no plans for equipment maintenance in the near future. As tin prices continued to fluctuate at high levels, most smelters bound tin sales to raw material quantity, selling tin in quantities corresponding to the progress of raw material pricing.