[SMM Analysis] No Maintenance for Smelters in Yunnan, Stable Production in Jiangxi

According to the latest SMM survey, last week (as of July 26), the operating rates of refined tin smelters in Yunnan and Jiangxi remained stable, with a combined operating rate of 66.61%. The operating rate of smelters in Yunnan reached 66.3%, flat compared to last week. Most refined tin smelters in Yunnan maintained normal production last week, with no short-term plans for production cuts, and some smelters' maintenance plans have not yet started. Some smelters had low raw material inventories, and although short-term scheduled production has not been adjusted, it is expected to remain tight. In Jiangxi, the operating rate of smelters was 67.14%, holding relatively stable. Smelters in Jiangxi operated at normal production levels, with no plans for equipment maintenance in the near future. Most secondary smelters in the region reported sufficient raw material supply and are expected to maintain the operating rate in the future.