SMM

The Wa State Bureau of Mines and Industry Released a Public Notice on the Procedures for Obtaining Mining, Beneficiation Plant, and Exploration Licenses [SMM Tin Morning Brief] Signs of Weakening Consumer Demand in the US Economy Have Emerged Again. Constrained by Persistently High Interest Rates and Severe Weather, US New Home Sales in January Fell to a Three-Month Low. As Growth Expectations Fade and Inflation Concerns Remain Elevated, Discussions of US Stagflation Have Intensified, and Expectations for an Interest Rate Cut Have Risen Again. A Series of Weak Economic Data Has Led the US Treasury Market to Bet That the US Fed Will Soon Shift Its Focus From Inflation Concerns to Worries About Slowing Economic Growth, Driving the 10-Year US Treasury Yield Down for the Sixth Consecutive Day to a Year-To-Date Low, Providing Some Support for Gold Prices. However, last night, the Wa State Bureau of Mines and Industry released a public notice on the procedures for obtaining mining, beneficiation plant, and exploration licenses. Specific details are as follows: 1. Companies requiring mineral licenses must first submit written application materials to the Office of the Wa State Bureau of Industrial and Mineral Management (application materials include: Wa State legal representative's ID card, business license, copies of the Wa State legal representative's property or land ownership certificate, and the application letter)... Market participants largely interpreted this as a signal for the resumption of tin ore production in the Manshan mining area of Wa State. During the night session, prices fell sharply, dropping all the way to 256,820 yuan/mt. Yesterday, the spot market remained subdued, but with the significant pullback in tin prices, today's spot market transactions are expected to regain momentum.