[SMM Analysis] Tin Concentrate Supply Tightened, Operating Rates in Yunnan and Jiangxi Remained Low

According to the latest in-depth survey by SMM, as of September 13, the operating rate of refined tin smelters in Yunnan and Jiangxi provinces remained low, overall maintaining at 36.22%. Specifically, the operating rate of smelters in Yunnan remained stable this week. Further SMM surveys revealed that some companies are undergoing annual equipment maintenance this week, with maintenance plans lasting 30-45 days. Recently, some smelters have reported tight raw material supply and increased procurement difficulties. Additionally, as some companies enter the maintenance phase, the operating rate of smelters in Yunnan is expected to continue facing growth challenges. In Jiangxi, the operating rate of smelters this week was 61.4%, roughly the same as last week. Currently, most smelters in Jiangxi maintain normal production, with no recent equipment maintenance plans. Furthermore, SMM surveys found that the ore collection work of some primary tin smelters has been hindered recently, and the current raw material inventory is insufficient to sustain for a long time. They plan to slightly reduce production starting next month.