중국 외 긴축 시급성 감소, SHFE 주석 펀더멘털 지지 속 급변동 지속 [SMM 주석 정오 리뷰]

Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) has released its operational and financial guidance for the second quarter of 2026, highlighting record earnings and stable high-volume output. The company achieved a major milestone by maintaining a steady contained tin production of 5,013 tonnes and sales of 5,014 tonnes. This consistent performance marks the company's first successful four-quarter rolling period of meeting its 20,000-tonne annualized production target. Overall plant recovery did experience a slight dip of 2% to 72.8%. This temporary decrease was primarily due to above-average metal sulphide levels in the current mining area, which generated excessive near-gravity material that interfered with the efficiency of the processing gravity circuit. Financially, the company reported an all-time high estimated Q2 EBITDA of US$167 million, representing a 6% quarter-over-quarter increase. This robust financial growth was driven by a 5% rise in the average achieved tin price, which reached US$51,957 per tonne, with current spot prices hovering around US$53,000 per tonne. Concurrently, the All-In Sustaining Costs (AISC) rose by 6% to US$19,043 per tonne sold. This cost increase was directly tied to the higher tin prices, which elevated off-mine expenses such as royalties, export duties, and marketing commissions, alongside increased on-mine operating costs resulting from higher global diesel and transportation prices. Despite these increased costs and substantial capital allocations, Alphamin maintains a highly robust balance sheet. The company closed the quarter with a strong net cash position of US$91 million after distributing US$160 million to shareholders and subsidiary minorities, as well as paying US$26 million in corporate taxes. Looking ahead, the Board of Directors intends to make its interim dividend decision for the 2026 financial year during the fourth quarter.

[싱예 은·주석 2026년 상반기 실적 가이던스] 싱예 은·주석의 실적 가이던스에 따르면, 회사는 2026년 상반기 주주 귀속 순이익이 21.4억~23.7억 위안으로 전년 동기 대비 168.95%~197.86% 증가할 것으로 예상하고 있습니다. 회사는 보고 기간 동안 거시경제 환경 및 시장 수요 변화에 힘입어 은·주석 정광 등 주요 제품의 판매 가격이 전년 동기 대비 상승하여 수익성이 크게 개선되었다고 밝혔습니다.

[SMM 주석 모닝 브리프: SHFE 주석 주력 계약 야간 장 하락, 하류 기업 구매 신중]