Wa State Resumption Process Further Clarified SHFE Tin Prices Pull Back Slightly in Night Session Due to Wa State News [SMM Tin Morning Brief]

Wa State Resumption Process Further Clarified SHFE Tin Prices Drop Back Slightly in Night Session Due to Wa News [SMM Tin Morning Brief] A recent draft document from the Central Economic Planning Committee of Wa State clarified that the Manxiang mining area can proceed with resumption of production and operations after completing relevant procedures as stipulated in [Document No. 2023-08 of Wa Economy]. According to the draft, the Manxiang mining area will be divided into a mining zone and an exploration zone. The mining zone includes existing mines, open-pit areas, and beneficiation plants, while the exploration zone is open to large enterprises for integrated exploration, followed by formal design and exploitation. The document encourages various forms of joint operations, introduction of new technologies, and comprehensive utilisation of low-grade ore. The Central Economic Committee stressed that all surface tailings belong to the government. In principle, no new mines or open-pit areas will be approved in the existing Manxiang mining area. Additionally, companies conducting mining and exploration must first apply for new licenses under the new licensing system announced in February. It is currently unclear how long this process will take. Affected by the draft, SHFE tin prices opened lower and continued to decline in the night session, with overall market sentiment bearish. However, considering the official resumption document has not yet been released, the decline was limited. The price center fell to around 274,000 yuan/mt. In the spot tin ingot market, trading conditions improved yesterday, with many traders reporting that SHFE tin prices were at a relatively low level over the past few weeks, and some downstream and end-user enterprises showed increased willingness to restock.