Ansteel Mining's Dong'anshan Iron Mine has set its sights on achieving its annual targets, seizing the golden period for production, and coordinating its layout to tap into its potential. It has made precise efforts in areas such as lean management, equipment support, and safety control to enhance its production and operation levels. In the first five months, the mine's ore output exceeded the challenge value by 1.9%, while the total mining and stripping volume and ore output grade surpassed the planned targets by 1.6% and 0.76%, respectively. The mine has coordinated the management and control of the entire production and operation process, creating favorable conditions for increasing capacity and efficiency. It has adopted measures such as strengthening production organization, strictly managing blasting quality, intensifying mining in key areas, dynamically adjusting the ore supply structure, and optimizing the transportation routes for production trucks to drive continuous improvement in production indicators. Meanwhile, it has strengthened the management and control of equipment operation, enhanced standardized maintenance and repair operations, improved the technical skills of spot inspections and the quality of equipment maintenance, and further enhanced equipment operation efficiency. Focusing on the investigation and rectification of fire safety hazards, it has increased the intensity of inspections on various electrical equipment and facilities, electrical circuits, as well as fire hydrants and fire extinguishers, to further enhance safety control capabilities and build a solid "firewall" for fire safety.

According to the official WeChat account of Tin Corporation, recently, an invention patent for a tin-containing material smelting system, filed by the Tin Branch of Tin Corporation, was granted by the US Patent and Trademark Office, achieving a zero breakthrough for the Tin Branch in international patent grants. This marks a significant breakthrough in the company's core technologies in the field of tin smelting, positioning it competitively in the forefront of international intellectual property rights. The patent technology was submitted for international PCT patent filing in March 2024 and was granted and announced by the US Patent and Trademark Office in May 2025. This is a landmark project in the "technological revolution" of tin smelting, representing a breakthrough from "zero to one". From the dry powder lance to the pressure-stabilizing system, every core device was independently developed through R&D. Over 30 core parameters of the injection process were explored and optimized, and six invention patents were filed, breaking through foreign technological barriers and achieving industrialisation of the technology. Self-produced fumes are recycled in a closed-loop system for refurnace smelting, with new progress made in optimizing the top-blown furnace process, achieving continuous and stable injection at 25 mt/h, a 2.5% reduction in fume rate, and a record high in crude tin production from the top-blown furnace. The coal consumption for comprehensive treatment of tin-containing materials decreased by 3.5%, saving nearly 2,000 mt of coal annually. Electricity consumption decreased by 4.09%, generating over 30 million yuan in annual benefits, truly realizing the goal of "writing papers in the workshop and leaving achievements on the production line." The Tin Branch has always attached great importance to technological innovation, consistently placing patent protection for original technologies at a critical position. In recent years, it has actively filed over 100 domestic and international patents and obtained over 80 patents authorized by the state. Looking ahead, the Tin Branch will take this as an opportunity to continue upholding its original intention of innovation, forging ahead, breaking through technological bottlenecks, and setting new industry standards in the "uncharted territory" of tin smelting, achieving self-transcendence and injecting powerful momentum into the company's high-quality development with more internationally advanced scientific and technological achievements.

At the 2025 Indonesia Mining Conference & Critical Metals Conference - Tin Session , Chen Peng, Senior Tin Analyst at SMM, discussed the theme of changes in the global tin industry chain landscape and future development trends. 1. Global Tin Resource Distribution and Supply Landscape Intensified Resource Scarcity: Static Mining Lifespan Less Than 15 Years China accounts for 22% of global tin ore reserves but contributes 45% of global production, with resource development intensity exceeding critical thresholds. • Global tin resources are highly concentrated, with China, Indonesia, and Myanmar collectively accounting for over 50%. China, as the largest producer (45% of production), and Indonesia form a dual-core driving force, yet with significant differences in resource endowments. Tin Ore Segment: Global tin ore production is also primarily concentrated in countries with high reserves • Global tin ore production is mainly concentrated in countries such as China, Indonesia, Myanmar, and the DRC. • Except during the COVID-19 pandemic period, global tin ore production has consistently remained at the level of 300,000 mt in metal content annually. Tin Ore Segment: Tin ore imports continued to decline in 2025, with cumulative YoY imports for January-April 2025 at -47.98%. The contraction of tin ore supply from Myanmar has become a long-term trend. • The market generally expects that Wa State may resume production by mid-2025, but the initial increase will not exceed 10,000 mt in metal content, and it will require a 2-3 month transmission period. The progress of production resumption will be constrained by Sino-Myanmar mining trade negotiations and the centralization process in Wa State. Tin Ore Segment: Myanmar's Dominance Weakens, Diversified Landscape Accelerates • Before 2023: Myanmar once accounted for 72%-85% of China's tin ore imports. However, after the implementation of the mining ban policy in Wa State in August 2023, its supply volume plummeted. By 2024, Myanmar's import share dropped to 48.1%, and further declined to 24%-30% in 2025. The core mining area, Mansang (accounting for 80% of Myanmar's supply), remains in a state of suspension. • Emergence of Alternative Sources: Imports from Africa (DRC, Nigeria), South America (Peru, Bolivia), and Australia have increased significantly. For example, in 2025, the import share from the DRC rose to 28%, Nigeria's import share reached 11%, and Australia's imports surged by 101% YoY. The 20-day moving average of recent tin ore import profit margins has remained stable. ►Risk Point Reminder: African Supply Chain Stability to Be Verified: Operational risks at Alphamin mine in the DRC (short-term suspension in April 2025). Global Refined Tin Landscape Features "Asia-Dominated, South America-Supported, Africa-Supplemented" • In the global tin industry chain, most smelting and refining activities are concentrated near tin ore production sites. Countries such as China, Indonesia, Malaysia, Peru, Thailand, the DRC, Bolivia, and Brazil all have smelters of a certain scale, with China and Indonesia accounting for a relatively high proportion. The production resumption process in the Wa region of Myanmar has commenced, but due to the impact of earthquakes and rising policy implementation costs, the actual increase may fall short of expectations. The core contradiction in the tin ore event chain in the DRC lies in the game between geopolitical conflicts and resource dependence. Risk Points: Stability of the African supply chain to be verified: As the largest importer, China's refined tin industry chain is significantly affected by disruptions in the DRC, while the growth in demand for AI, new energy, etc., further exacerbates the supply-demand imbalance. 2. Global Tin Consumption Structure and Demand Evolution Terminal Segment: Tin Consumption Structure • In the global tin consumption structure, tin solder accounts for 48%, tin chemicals 16%, lead-acid batteries 7%, and tin alloys 7%. • In China's tin consumption structure, tin solder accounts for 67%, tin chemicals 12%, lead-acid batteries 7%, and tinplate 6%. Terminal Segment: The Philadelphia Semiconductor Index (SOX) shows a significant negative correlation with the real yield of 10-year US Treasuries. AI demand has driven the capacity utilisation rate of semiconductor companies to record highs. • In the past two years, the SOX has shown a significant negative correlation with the real yield of 10-year US Treasuries, primarily driven by liquidity expectations and valuation pressures. • In 2024, the capacity utilisation rate of the US computer and semiconductor industry remained stable at 76.53%-78.44%, close to the average over the past 10 years (76.72%). In specific segments, the semiconductor capacity utilisation rate reached 95% in Q1 2025, a record high, reflecting the supply-demand tension driven by AI demand. Terminal Segment: The cumulative YoY growth rate of PVC resin production has dropped back slightly, while key enterprises producing tinplate have operated smoothly throughout the year. • The construction of commercial housing is not an isolated process; it is usually accompanied by an increase in demand for building materials. Despite two consecutive years of decline in the sales area of commercial housing, completion demand and policy support (such as ensuring timely delivery of housing projects and infrastructure investment) have driven PVC consumption growth, with a "weak positive correlation" maintained between the two in the past two years. • In the past two years, the tinplate industry has exhibited a differentiated pattern of "shortage in the high-end segment and surplus in the low-end segment". Leading enterprises have consolidated their advantages through technological upgrades and export markets, while small and medium-sized enterprises face integration pressures. However, overall production has remained at a relatively stable level and is expected to maintain its current magnitude in the future. 3. Inventory Cycle and Supply Chain Resilience Building Inventory Link: China's tin ingot social inventory exhibits significant cyclical characteristics •From February to March 2025, inventory showed an alternating pattern of "increase-decrease", mainly due to the release of downstream restocking demand coupled with fluctuations in SHFE tin prices. •Inventory changes in tin ingots are highly correlated with prices, seasonal demand (e.g., the "September-October peak season"), and policy adjustments (e.g., production restrictions in smelting), exhibiting a cyclical pattern of "inventory buildup in H1 and destocking in H2". It also elaborated on the inventory levels within China's tin industry chain. 4. Changes in the Global Tin Industry Chain Landscape and Future Development Trends In 2024, the global tin market was characterized by "regional shortages and a slight global deficit" The tin market achieved a tight balance amid supply disruptions and demand differentiation in 2024, and is expected to shift towards a slight surplus in 2025. However, structural contradictions (uneven regional supply recovery, emerging demand growth) will dominate price fluctuations. The market should closely monitor the pace of production resumptions in Myanmar, Indonesia's exports, and the semiconductor industry's recovery, while guarding against unexpected shocks from macro policies and geopolitical risks. ►SMM Outlook •In 2024, the global tin ingot market was characterized by concurrent supply contraction and weak demand recovery. Affected by factors such as the suspension of mining operations in Myanmar's Wa region and delayed approval of Indonesia's export quotas, global tin ore production declined YoY. However, the release of unreported inventory and the supplementation of recycled tin alleviated supply pressures, leading to a slight increase in annual refined tin production to approximately 374,000 mt. On the demand side, weak recovery in the semiconductor industry and a slowdown in PV growth dragged down global consumption to around 373,000 mt, resulting in a supply-demand gap of approximately 11,000 mt. •In 2025, expectations for production resumptions in Myanmar (with potential output increases in H2) and full production at new projects in the DRC and China will drive supply growth. On the demand side, the upward trend in the semiconductor cycle, coupled with the application of AI technology and growth in NEVs, may increase global consumption to 375,000 mt. However, growth in traditional sectors (e.g., tinplate, home appliance exports) will slow down to 2.1%-3.5% due to trade frictions. The annual supply-demand gap may narrow to 5,100 mt, but geopolitical risks (Myanmar's political situation, Indonesia's exports) may exacerbate volatility. 》Click to view the special report on the 2025 Indonesia Mining Conference & Critical Metals Conference

Recently, International Resources Holding (IRH), an Abu Dhabi-based international resources holding company, decided to acquire a majority stake in a large tin mine located in the Democratic Republic of the Congo (DRC), further expanding its investment portfolio in critical mineral resources. It is reported that IRH acquired approximately 56% of Alphamin Resources from a subsidiary of Denham Capital, a US private equity fund, for CAD 503 million (approximately US$367 million). Alphamin, listed in Canada, owns the large Bisie tin mine in eastern DRC. In addition to tin, the mine is rich in critical minerals such as tantalum, tungsten, and coltan. The Bisie tin mine officially commenced production in 2019, with two major pits: Mpama North and Mpama South. In 2024, its production exceeded 17,000 mt, accounting for approximately 6% of global tin production. The mine temporarily suspended operations in March this year, causing a brief spike in global tin prices, but has since resumed production. IRH is a subsidiary of International Holding Company (IHC), an international holding company led by Sheikh Tahnoon bin Zayed al-Nahyan, the UAE's National Security Advisor and a member of the Abu Dhabi royal family, focusing on mining exploration and investment. Sheikh Tahnoon bin Zayed al-Nahyan is the brother of UAE President Mohamed bin Zayed Al Nahyan and manages a US$1.5 trillion business empire. In addition to IHC, he also serves as the Chairman of sovereign funds Abu Dhabi Development Holding Company (ADQ) and Abu Dhabi Investment Authority (ADIA), the Chairman of G42, the largest AI company in the Middle East, the Chairman of private investment company Royal Group, and the Chairman of First Abu Dhabi Bank. In 2023, IRH invested US$1.1 billion to acquire the Mopani copper mine in Zambia, officially entering the African mining market. Since then, IRH has continued to seek acquisition opportunities for critical minerals in Africa. Tin, as an important metal resource, is widely used in the chemical, electronics, metallurgical, and new energy industries, among others. Against the backdrop of the global energy transition, major oil-producing countries in the Gulf, including the UAE, are actively promoting economic diversification strategies, with a particular focus on the layout of critical metal resources to secure a favorable position in the global energy transition.

At the beginning of April, SHFE tin prices fell sharply under pressure due to the escalation of trade conflicts. However, as tariffs were suspended, tin prices rebounded, recovering previous losses and returning to levels before the supply disruptions of tin ore in the DRC. Nevertheless, the market reacted strongly to rumors last week about production resumptions and fee payments in the Wa region, causing tin prices to break through support levels and continue to weaken at the beginning of this week, with the most-traded contract falling below the 250,000 mt threshold. Currently, these market rumors remain unverified. According to SMM, few enterprises are paying fees to obtain mining licenses, with many adopting a wait-and-see attitude, and most major mining traders have not paid management fees. Moreover, the current inspections at the China-Myanmar border are stringent, and the entry procedures for most large-scale equipment and relevant mining personnel are complex. Therefore, the current pace of production resumptions in the Wa region may fall short of market expectations. So, does the current tin price still have the momentum to continue declining? Tight Actual Supply of Tin Ore, with Increasing Expectations for Future Increases In recent years, speculation on SHFE tin has mainly revolved around supply, as tin is a relatively scarce metal with limited content in the Earth's crust and a high degree of supply concentration, primarily distributed in China, Indonesia, Myanmar, Australia, and other regions. After Myanmar suspended tin ore mining on August 1, 2023, global tin resources have been in a relatively tight supply situation. Consequently, the market is highly sensitive to supply-side information, with any slight changes triggering significant market fluctuations. In the early stages of Myanmar's mining ban, China's tin ore imports remained at a relatively high level due to the availability of ore inventory for export. However, as inventory was depleted, China's tin ore imports plummeted from Q2 last year, and the issue of tight domestic tin ore supply has become increasingly prominent. During this period, Chinese enterprises actively sought alternative resources from other countries. However, due to limited global new tin ore discoveries in recent years, the tight resource situation has not been alleviated. Among them, the Bisie mine, owned by Alphamin in the DRC, is the largest mine in Africa and the third largest globally. The mine has two projects: the Mpama North project operates steadily, while the Mpama South project commenced production on May 17 last year, making it the largest among the newly commissioned projects last year. Tin ore from the DRC has also become an important source of tin ore imports for China, currently accounting for about 30%. Production at the Alphamin mine was suspended for over a month in March due to local armed conflicts but gradually resumed in early April. The production interruption at the Alphamin mine, which only recovered about 1,290 mt of tin metal, may result in a supply gap of approximately 2,000-3,000 mt. Currently, Alphamin has revised its tin production guidance for the 2025 fiscal year downward from 20,000 mt to 17,500 mt. Since the beginning of this year, the resumption of tin ore production in Myanmar has gradually been put on the agenda. On February 26, the Wa State Industrial and Mineral Resources Administration issued the document "Procedures for Applying for Mining, Beneficiation Plant, and Prospecting Licenses," which explicitly stipulated the process for applying for licenses in mining areas. On the morning of April 23, 2025, the Wa State Industrial and Mineral Resources Administration held a special symposium on the resumption of production at the Mansang mine. The meeting announced relevant documents and clarified the work procedures. However, after the symposium, the authorities had not yet issued a clear signal for a full resumption of production. On May 27, market news emerged that the first batch of tin ore from Myanmar's Wa State had reportedly obtained export licenses, but the authenticity of the rumors was questionable. Even if production resumption were confirmed, the first batch of tin ore would not enter the market until at least the end of June. Currently, tin ore supply is tight, and domestic tin concentrate treatment charges (TCs) remain at historically low levels. As of May 30, the tin concentrate TC for 40% grade ore in Yunnan was 11,000 yuan/mt, and for 60% grade ore in Jiangxi, Guangxi, and Hunan was also 11,000 yuan/mt, approaching the cost line of smelters and severely squeezing profit margins. The shortage of raw material supply has affected the production of smelters. According to SMM data based on market-adjusted processing figures, in May 2025, China's refined tin production decreased by 2.37% MoM and 11.24% YoY. The continuous tightening of the tin concentrate and scrap tin supply chains has imposed rigid constraints on capacity, leading to a slight decline in the overall operating rate of domestic smelters. As of May 30, the operating rates of refined tin smelters in Yunnan and Jiangxi, two major tin-producing provinces, remained at low levels, with a combined operating rate of 54.58%. Regionally, in Yunnan, the shortage of raw materials and cost pressures are intertwined. Raw material inventories at Yunnan smelters are generally below 30 days, with some enterprises facing inventory backlogs due to high-priced stockpiling in the early period. However, weak downstream demand has made it difficult to sell goods, resulting in sluggish spot premium transactions. Some smelters in core production areas such as Gejiu have entered seasonal maintenance or production cuts due to raw material shortages and cost pressures. In Jiangxi, since the beginning of the year, the local scrap tin recycling volume has consistently been below 70% of the annual average, mainly due to the US imposing high tariffs on Chinese electronics, leading to a contraction in solder export orders and a reduction in scrap sources. Some enterprises have been forced to implement long-term production cuts due to insufficient scrap, with some capacity potentially exiting the market permanently. In Inner Mongolia, production slightly rebounded in May due to production issues at captive mines, but it has not yet returned to previous levels. Production areas such as Anhui have continued to experience operating rates below expectations due to shortages of scrap and tin concentrates. Based on SMM estimates, refined tin production is expected to decrease by 4.58% MoM in June, with some smelters in Yunnan and Jiangxi planning to halt production for maintenance. Overall, tin ore supply in June is unlikely to see significant recovery. However, the period of the tightest global tin supply is about to pass, and the market will enter a verification phase for the improvement of the supply-demand gap. Close attention should be paid to the return of tin ore from Africa and the resumption progress of tin ore production in Myanmar. There is a lack of significant incremental demand in the downstream sector. Global semiconductor sales exhibit cyclical changes. The current semiconductor cycle bottomed out in February 2023, with YoY growth in sales turning positive in November 2023. Since then, the growth rate has been climbing, but it gradually slowed down after October 2024. Currently, the absolute amount of global semiconductor sales remains at a high level. Sales began to pull back slightly from December 2024 and saw a slight MoM rebound in March 2025. This global semiconductor cycle is driven by AI computing power construction, primarily in advanced manufacturing processes. Therefore, the core beneficiaries are concentrated overseas, while domestic capacity is mainly in mature manufacturing processes, offering limited impetus. The downstream semiconductor industries in China are more concentrated in areas such as consumer electronics and automotive. From January to April 2025, domestic mobile phone shipments reached 94.708 million units, up 3.5% YoY. Overall, China's policy subsidies have further boosted market consumption, and the Chinese smartphone industry has shown steady growth from January to April 2025. The recent 618 shopping festival has already kicked off and is expected to support stable end-use consumption electronics. However, the market is expected to gradually enter the off-season for demand in July and August. Enterprises may slow down their stockpiling pace, and it is anticipated that downstream demand for raw materials such as tin will also drop back slightly. Whether there will be an outperformance in demand this year remains to be seen, depending on whether AI blockbuster products emerge in the consumer electronics sector. In recent years, the new demand for tin solder has mainly been reflected in PV solder, currently accounting for over 10%. According to data released by the National Energy Administration, the installed power generation capacity for solar energy from January to April 2025 was 990 million kW, up 47.7% YoY. The significant growth in new PV installed capacity is primarily driven by the installation rush driven by policy timelines. In January 2025, the National Energy Administration issued the "Administrative Measures for the Development and Construction of Distributed PV Power Generation," clarifying that April 30, 2025, is the demarcation point for the implementation of new and old policies. Existing projects that completed their filings before this date will still enjoy the original subsidy and grid connection policies, while new projects will fully implement market-based rules thereafter. On February 9, 2025, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Notice on Deepening the Market-Oriented Reform of New Energy On-Grid Tariffs to Promote High-Quality Development of New Energy." Starting from May 31, 2025, incremental distributed PV projects will fully enter the market. All new projects will, in principle, have their entire electricity output traded in the power market, with electricity prices formed through market bidding, and subsidies will completely exit the historical stage. Meanwhile, a "price settlement mechanism for the sustainable development of new energy," namely, a "refund for excess, supplement for shortfall" differential settlement mechanism, has been established to stabilize revenue expectations. To capitalize on the two major policy periods of "430" and "531," downstream enterprises initiated an installation rush, driving a significant YoY increase in domestic newly installed PV capacity in April. However, projects connected to the grid after May 31, 2025, are required to fully comply with the new regulations. It is expected that the growth rate of PV installation capacity will subsequently slow down, which will also drag down the demand for tin. Meanwhile, market consumption in traditional sectors such as tinplate and PVC heat stabilizers remains stable. Downstream enterprises are highly sensitive to price changes. Recently, with the decline in tin prices, market sentiment for stockpiling has improved, and downstream procurement demand has rebounded. However, finished product inventories in some markets remain at relatively high levels, ultimately limiting the boost to raw material procurement by downstream enterprises driven by growth in end-user market demand. Overall, the increase in tin concentrates in June is expected to be relatively limited, so the supply will remain slightly tight in the short term. However, the supply of raw materials is expected to gradually improve, and the market will subsequently enter a verification period for the improvement of the supply-demand gap. Close attention should be paid to the return of tin ore from Africa and the production resumption progress of tin mines in Myanmar. On the demand side, the market is about to enter the off-season, with weak expectations for demand growth, making it difficult to effectively boost tin prices. Therefore, in the short term, under the expectation of increased supply, there may be downward pressure on the central tendency of the market, but constrained by the current situation where the shortage of tin ore has not significantly eased, market trends may fluctuate. However, from a long-term perspective, the AI industry cycle has not yet ended. If there is a surge in demand from AI end-users, it is expected to significantly drive up tin demand. At that time, the growth rate of supply may lag behind the resilience of demand, and the downside room for tin prices in the medium and long term will be limited. Nevertheless, there is still uncertainty in current trade policies, and caution should be exercised against significant disruptions to tin prices caused by macro factors. (Wenhua Comprehensive)

On June 2 (Monday), industry experts stated that Indonesia's progress in converting illegal tin mining assets into legal and productive operations could help alleviate the global supply tightness of this battery metal. The growing popularity of electric vehicles (EVs) has increased demand for tin, a negative electrode material that enhances the performance of lithium-ion batteries. Indonesia is the world's second-largest producer of refined tin, but illegal mining has been a major issue in the industry. According to local media reports, in April this year, Indonesian authorities seized five smelters suspected of involvement in illegal mining. These smelters will now be managed by the state. The Attorney General's Office stated that the seizure was not intended to halt tin ore exploration, and it is expected that mining operations will resume soon under new management. The crackdown on illegal mining has constrained Indonesia's 2024 production, exacerbating global supply tightness. Experts told S&P Global Commodity Insights that the expected restart of smelters would help increase supply to the tight market. "We are currently seeing a recovery in Indonesia's production... We expect this recovery to continue into 2025 and beyond," Freddie Mitchell, a market intelligence analyst at the International Tin Association (ITA), said in an email. According to the ITA, the seized smelters accounted for half of the country's refining capacity. ITA data shows that due to the seizures, Indonesia's refined tin production in 2024 fell by 30.7% to 49,900 mt, the lowest production level in over two decades. Before authorities tightened scrutiny of the industry, the country's annual refined tin production reached at least 72,000 mt in 2019 and from 2021 to 2023. The ITA expects that with the conclusion of the Indonesian government's investigations, Indonesia's refined tin production will rise to 57,000 mt in 2025. Inav Haria Chandra, a research analyst at PT OCBC Sekuritas Indonesia, said that Timah controls over 90% of Indonesia's permitted tin mining areas, but for years the company's production has only accounted for 30% to 40% of Indonesia's tin exports. Changes are imminent in Indonesia's tin industry. The government has also expanded the SIMBARA tracking platform to include tin, aiming to trace the origin of this mineral from mine to export. "This is the toughest action we've seen in years, and the government has started cleaning up the industry," Inav said. However, it is still too early to say whether Indonesia can completely eliminate illegal tin mining. "The government's recent crackdown is a positive step," Thomas Radityo, an equity research analyst at Ciptadana Capital in Indonesia, said in an email. "However, for these efforts to have a lasting impact, sustained and effective enforcement will be crucial, which has historically been a challenge." Despite the expected recovery of Indonesia's supply, regulatory hurdles have limited producers' ability to increase production. The new RKAB system, under which the Indonesian government approves domestic mining production and sales quotas, has strengthened oversight of miners but also slowed down the approval process. Indonesian miners are also reconsidering new investments due to rising costs caused by recent increases in mineral royalties. It is expected that developments in Indonesia will exacerbate volatility in the tin market. Amid this volatility, the ITA forecasts a 7,600 mt supply deficit in the global refined tin market in 2025. Mitchell from the ITA said, "Despite the recovery of Indonesia's supply, there are still supply disruptions elsewhere." (Wenhua Comprehensive)