According to the latest survey data from SMM, as of this week (data as of August 2), the operating rate of refined tin smelters in Yunnan and Jiangxi provinces has declined, with a comprehensive operating rate calculated at 64.28%. A deeper analysis shows that the operating rate of smelters in Yunnan this week reached 65.32%, a slight decrease compared to last week's data. Further research by SMM indicates that most refined tin smelters in Yunnan maintained normal production this week, with no short-term plans for production cuts, and some companies' maintenance plans have not yet started. A few companies have reduced their scheduled production, and it is expected that due to tight raw material supply, some companies will gradually reduce their scheduled production, making it difficult for the operating rate of smelters in Yunnan to increase in the future. In Jiangxi, the operating rate of smelters this week was 62.51%, showing a certain degree of decline. Currently, most smelters in Jiangxi are at normal production levels, with no plans for equipment maintenance in the near future, but a few smelters have slightly reduced their scheduled production due to tight tin ore supply. Most secondary smelters currently report that raw material supply is relatively sufficient, and they expect to maintain the current operating rate in the future.
![SHFE tin most-traded contract consolidates after gains amid mixed inflation and rate hike expectations [SMM Tin Midday Review]](https://imgqn.smm.cn/usercenter/pLauM20251217171751.jpg)
![SHFE tin closed overnight at 424,330, up 1.53%, breaking above 420,000. Before the September 11 CPI release, the 420,000 level awaits confirmation. [SMM Tin Morning Update]](https://imgqn.smm.cn/usercenter/BaCbN20251217171752.jpg)
![Overnight SHFE tin rose 1.53% to close at 424,330, retracing the daytime session decline. LME canceled warrants ratio climbed to a stage high of 28.99%. [SMM Tin Morning Meeting Summary]](https://imgqn.smm.cn/usercenter/QgNfJ20251217171752.jpg)
