[SMM Analysis: Analysis and Trend Outlook of China's Refined Tin Industry in February 2024]: According to data processed by SMM based on market communication, in February 2024, China's refined tin production decreased by 7.36% MoM. However, on a YoY basis, it achieved a significant increase of 11.14%. Affected by the tightening supply of tin ore and scrap, coupled with the Chinese New Year holiday, the overall domestic tin ingot output continued its downward trend in February. This data exhibits notable structural characteristics, reflecting the industry's triple pressures and structural opportunities: first, the persistent tightening of the tin concentrates supply chain imposes rigid constraints on capacity; second, the cyclical production adjustments triggered by the traditional Chinese New Year holiday; third, the industry demonstrates resilience in capacity despite raw material constraints...