[SMM Analysis] Operating Rates of Refined Tin Smelting Enterprises in Two Regions Slightly Increase, Seasonal Growth in Tin Scrap Supply

According to processed data from an in-depth market survey conducted by SMM, as of this Friday, the operating rates of refined tin smelting enterprises in Yunnan and Jiangxi provinces have shown a slight upward trend, reaching a combined rate of 66.76%. Further investigation into the situation of smelting enterprises in Yunnan reveals that their operating rates remained stable this week, with most enterprises maintaining continuous and steady production. It is expected that they will sustain the current production scale in the future. However, considering that a mining ban remains in Myanmar, the supply issue of tin ore is still severe. We judge that the operating rates of smelting enterprises in Yunnan will roughly maintain this level in the near term but may slightly decline thereafter. This week, smelting enterprises in Jiangxi have shown a slight increase in operating rates, with most enterprises maintaining a stable and orderly production pace. Recently, the seasonal increase in scrap supply in certain industries has provided some enterprises with opportunities to boost production. However, it should be noted that the sustainability of scrap supply is uncertain, so next month's production plans are expected to return to previous levels. Considering all these factors, we anticipate that the operating rates of smelting enterprises in Jiangxi may experience a certain degree of decline in the future. Overall, the operating rates of smelting enterprises in Yunnan and Jiangxi are likely to decrease subsequently.