Rising Tin Prices and Production Drove MSC’s Q2 Revenue Growth

According to the International Tin Association (ITA), Malaysia Smelting Corporation (MSC) reported higher refined tin sales in Q2 2026. With stronger tin prices and improvements in its mining operations over the same period, both revenue and profit increased YoY.

Revenue reached 637.3 million ringgit (approximately 1.08 billion yuan), up 68.2% from 379 million ringgit (approximately 670 million yuan) in Q2 2025. MSC said the growth was mainly driven by a 44.7% increase in refined tin sales YoY and a 60.3% rise in the average tin price versus the same period last year.

Benefiting from higher revenue and lower costs, operating profit in Q2 more than doubled YoY to 60.9 million ringgit (approximately 100 million yuan). In Q2 2025, the company’s production was once suspended due to a natural gas pipeline fire, which adversely affected its performance.

The tin ore business remained MSC’s largest source of profit, with pre-tax profit of 59.1 million ringgit (approximately 100 million yuan) in Q2, higher than 55.2 million ringgit (approximately 90 million yuan) in Q1 and 29.1 million ringgit (approximately 50 million yuan) in Q2 2025. The YoY increase was mainly due to higher production and rising tin prices.

Pre-tax profit from the smelting business in Q2 was 3.8 million ringgit (approximately 6 million yuan), down from 15.5 million ringgit (approximately 30 million yuan) in the previous quarter. MSC attributed the decline to lower sales of tin intermediate products and foreign exchange losses. On a YoY basis, the business improved from a loss of 9.6 million ringgit (approximately 20 million yuan) in Q2 2025, mainly benefiting from higher returns on tin intermediate products and cost savings following the closure of the Butterworth smelter.

MSC said elevated tin prices continued to reflect tightening supply in major producing countries, while rising energy costs could still put pressure on operations.

MSC Co-Chief Executive Officer Nicolas Cheng Seong Lee said the company “will continue to enhance operational efficiency in our mining and smelting businesses while maintaining prudent cost management.”

The other Co-Chief Executive Officer, Lam Hoi Khong, highlighted cost-saving measures. He said: “With the closure of the Butterworth plant, the Group’s tin smelting operations are now fully consolidated at the more modern and more efficient Pulau Indah facility.”

In addition, he said: “In our mining operations, we will remain focused on increasing production and productivity, improving tin recovery from low-grade material, and evaluating suitable mining joint venture opportunities.”