[SMM Analysis] Tin Concentrate Supply Remains Tight, Smelters' Operating Rates Stay Steady

According to the latest in-depth survey by SMM, as of September 20, the operating rate of refined tin smelters in Yunnan and Jiangxi provinces remained low at 36.42%. Specifically, the operating rate of smelters in Yunnan remained stable last week. Further SMM surveys revealed that some companies are undergoing annual equipment maintenance, which is scheduled to last 30-45 days and is nearing completion. Recently, some smelters have reported tight raw material supply and increased procurement difficulties. It is expected that the operating rate of smelters in Yunnan will significantly increase once the maintenance is completed. In Jiangxi, the operating rate of smelters last week was 61.95%, a slight increase WoW. The main reason is that some companies adjusted their production schedules, but overall, most smelters in Jiangxi maintained normal production status, with no recent equipment maintenance plans. Additionally, the SMM survey found that some primary tin smelters are still facing difficulties in raw material procurement, with current raw material inventory insufficient to sustain for a long time, and they plan to slightly reduce production schedules starting next month.