[SMM Analysis] Resumption of Production in Maintenance Enterprises Leads to Increase in Operating Rates of Refined Tin Enterprises

According to the latest in-depth survey data from SMM as of October 11, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces have significantly increased, maintaining an overall level of 63.32%. Specifically, the operating rates of smelters in Yunnan have returned to previous levels this week. Further SMM surveys reveal that some smelters that had halted production for maintenance have completed their maintenance plans and resumed normal production. However, most smelters still report tight raw material supply and increased procurement difficulties. It is expected that the operating rates of smelters in Yunnan will not see further growth. In Jiangxi, the operating rates of smelters slightly declined this week. Most smelters in Jiangxi maintained normal production, but some did not resume production during the National Day holiday due to equipment maintenance, with production expected to return to normal levels subsequently. Additionally, SMM surveys indicate that the shortage of tin concentrate and recycled tin raw materials is intensifying, and the production schedules of some smelters are expected to decline.