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Kazakhstan and Iran have signed a 27-year cooperation agreement to build a dedicated logistics terminal at Shahid Rajaee Port. The facility is scheduled to be completed within two years and commence commercial operations in the third year. The project opens an outbound shipping route connecting to the Persian Gulf, South Asia, Southeast Asia and East Africa, strengthens the International North–South Transport Corridor (INSTC), and expands export channels for Kazakh sulphur. In the medium to long term, it is expected to unleash Kazakhstan’s sulphur export capacity and reshape regional sulphur trade flows. Notes: The project is currently at the agreement signing stage and construction has not yet started. At least two years remain before commissioning; impacts will materialise over the long run with no immediate supply disruption. Geopolitical risks: Uncertainties surrounding the Strait of Hormuz and the situation in Iran may affect project progress. Transport route: Sulphur will need to be transported via the Caspian Sea or overland across Central Asia and inland Iran to reach the port. Customs clearance and freight stability along the entire cross-border overland corridor remain subject to variables.

[SMM Tin Morning Brief: SHFE tin saw a slight correction in the night session, downstream users were cautious of high prices and only made small, rigid-demand purchases.]