According to the preliminary findings released by Ivanhoe Mines, based on preliminary geotechnical survey results, ore blocks originally designated for secondary mining began to be produced in a cascading manner, leading to stress redistribution onto regional pillars, suggesting that seismic activity appears to be self-induced by the mine.

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

Tin prices have fallen sharply recently. Looking ahead, on the macro front, the US economy is expected to slow down this year, and the US Fed may extend the period of maintaining the current interest rate level. On the supply and demand front, the continuous implementation of trade-in and equipment renewal policies in China is boosting the demand for non-ferrous metals in the manufacturing and consumer sectors. Myanmar's tin ore accounts for approximately 30.38% of China's tin ore imports and 47% of the total domestic tin ore supply. According to customs data, China's tin ore imports in April 2025 were 9,800 mt (equivalent to approximately 4,336 mt (metal content)), up 18.48% MoM and down 4.22% YoY. From January to April, cumulative tin ore imports were 36,700 mt, a significant year-on-year decline of 47.98%. Since Myanmar implemented a ban on tin ore mining in August 2023, China's tin ore imports from Myanmar have remained at a low level due to the uncertainty surrounding the resumption of production. The downward trend in import volumes continued in April 2025, primarily due to unstable import profitability and the impact of the situation in Myanmar's Wa region. The tight supply of tin ore has led to a 40% decline in processing fees. The processing fee for tin concentrates in Yunnan Province dropped from 17,000 yuan/mt from May to July 2024 to 12,000 yuan/mt, which is lower than the 13,550 yuan/mt at the end of March 2023 and close to the cost line of some enterprises, leading to production cuts by some enterprises. Currently, processing fees are hovering near the lowest levels in the past six years. The tight supply of tin ore has been transmitted to the refined tin smelting sector. The shortage of ore sources is directly reflected in production data: in the week ending May 23, the operating rate of refined tin smelters in Yunnan and Jiangxi provinces was 56.44%, down 0.66 percentage points from the previous week, with operating rates in Yunnan and Jiangxi being 65.48% and 41.02%, respectively. In Yunnan, smelters are under sustained profit pressure due to low tin ore imports from Myanmar and depressed processing fees. In Jiangxi, some enterprises are struggling to resume production due to insufficient recycling volume of scrap tin and declining processing fees. In April 2025, China's refined tin production was 15,200 mt, down 0.5% MoM and 8.1% YoY. It is expected that production will increase by approximately 2% MoM in May. In downstream industries, tin solder demand accounts for 68%, with the semiconductor sector accounting for 80% of total tin solder demand. In April 2025, the overall sample operating rate of domestic tin solder enterprises was 76.7%, up 0.9 percentage points from March but below market expectations. It is expected that the operating rate will remain low in May. Currently, orders from traditional downstream industries have not yet surged, with just-in-time procurement being the main focus, and spot market transactions remain sluggish. However, global semiconductor demand provides long-term support for the tin market. Global semiconductor sales increased by 18.8% YoY in Q1 2025, and the market size is expected to grow by 11% YoY for the full year, potentially boosting global tin demand by 4.4%. Additionally, the operating rate of primary lead production in the three provinces rose slightly by 0.4 percentage points to 67.75% last week. Despite the off-season in the battery market limiting further rebounds in the operating rate, production remained at a high level in recent years. The domestic tin market has entered a destocking cycle, but the rate of destocking has slowed. As of the end of last week, SHFE tin inventory stood at 8,445 mt, a decrease of 28 mt from the previous week; LME tin inventory was 2,665 mt, down 70 mt from the prior week. According to SMM data, the total social inventory of tin ingots in the three regions was 10,333 mt on May 27, an increase of 374 mt from the previous week. The tin market is exhibiting a pattern of "constrained supply and promising demand." Conflicts in the DRC and earthquakes in Myanmar have heightened market concerns about the supply side. Coupled with the delay in the production resumptions in Wa State, refined tin production continued to decline YoY. Despite being in the off-season, the growth in demand from the semiconductor industry provides some support to the tin market. From a cost perspective, current prices are approaching the range of the tariff floor and cost floor. SHFE tin below 258,000 yuan/mt presents an opportunity to establish long positions at lows, with a medium-term target above 290,000 yuan/mt and a long-term target above 330,000 yuan/mt. (Source: Futures Daily)

Weak supply and demand in fundamentals, short-term fluctuations in tin prices, "waiting for the wind" - macro factors may become the key to breaking the deadlock!

[SMM Monthly Outlook: LME and SHFE Tin Prices Decline for Two Consecutive Months; With Intensified Macroeconomic Game, the Pace of Production Resumptions in Major Producing Regions Becomes the Core Variable Affecting Tin Price Trends] Unlike the sharp decline in tin prices in April, tin prices in May generally fluctuated rangebound. As May month-end approached, despite the short-term tight supply situation of tin ore not yet improving, market expectations for supply recovery due to the gradual resumption of production at tin mines in Myanmar's Wa region and the DRC increased. Additionally, uncertainties surrounding the US tariff policy led to a cooling of market risk appetite, resulting in a significant correction in tin prices. As of around 18:10 on May 30, LME tin fell by 1.56% to $30,750/mt, with a temporary monthly decline of 1.91% in May; SHFE tin dropped by 2.87% to 250,300 yuan/mt, with a monthly decline of 4.39% in May.

[5.9-magnitude earthquake strikes East Java, Indonesia] According to a report released by the Indonesian Agency for Meteorology, Climatology and Geophysics, a 5.9-magnitude earthquake struck 267 kilometers southwest of Pacitan Regency, East Java, Indonesia, at 7:55 a.m. local time on May 27. The epicenter was located at 10.43 degrees south latitude and 110.25 degrees east longitude, with a focal depth of 10 kilometers. No tsunami risk is expected.

【SMM Analysis: Analysis of the Global and Domestic Tin Market's Supply-Demand Fundamentals in Q1 2025】Supply Side: Multiple Factors Exacerbate Shortages, Global Tin Ore Supply is Tight In Q1, global tin ore supply was impacted by multiple shocks, including geopolitical tensions and natural disasters: Wa Region, Myanmar: Due to the 7.9 magnitude earthquake that occurred on March 28, the risk of landslides in mining areas surged, and transportation routes were damaged. As the world's third-largest tin producer (accounting for 12%-15% of global supply), Wa Region's production resumption plans were forced to be postponed, and it is expected to resume normal production at the earliest by the end of Q2...

On May 7, CATL launched the TENER Stack at the EES Europe in Munich, marking the unveiling of the world's first mass-producible 9MWh ultra-large-capacity energy storage system solution.

On April 16, at the AICE 2025 SMM (20th) Aluminum Industry Conference & Aluminum Industry Expo - Alumina and Aluminum Raw Materials Forum, hosted by SMM Information & Technology Co., Ltd. (SMM), SMM Metal Exchange Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Promotion Service Co., Ltd., Ding Long, General Manager of the Asia Market Department at Metro Mining Limited, Australia, provided an overview of Metro Mining and shared insights into the potential impact of Indonesia's new alumina production on China's alumina market. Indonesia's Alumina Capacity and Planning As of 2025, Indonesia has 11 alumina projects under construction or planned, with a total capacity of 25.5 million mt. Key Periods: 2024-2025: Approximately 8.5 million mt of new capacity (including production resumptions). After 2025: Over 10 million mt of new capacity is planned. Regional Distribution and Progress of Indonesia's Alumina Capacity Key Region: West Kalimantan (accounting for over 60% of planned projects). Projects with Rapid Progress: •Mempawah Alumina Refinery (3 million mt, with Phase 1 of 1 million mt commissioned in September 2024). •Nanshan Aluminum's Indonesia Base: Total alumina capacity has reached 2 million mt (1 million mt each for Phase 1 and Phase 2), with actual production reaching 1.91 million mt in 2023, accounting for 34.9% of the Southeast Asian market share. The new 2 million mt alumina expansion project is progressing as planned and is expected to be commissioned in 2026. •Jinjiang Group's PT BAP: Total planned capacity of 4.5 million mt/year. Phase 1, a 1 million mt/year alumina refinery, was officially commissioned in January 2025 and is entering the ramp-up stage; Phase 2 (2 million mt/year) is planned to commence in 2026. •A senior executive from Xinfa revealed that Xinfa is preparing to collaborate with local Indonesian enterprises to build power plants and aluminum enterprises. Feasibility studies are currently underway. East Hope Group to Invest in Indonesia's Aluminum Industry Key Region: West Kalimantan (accounting for over 60% of planned projects). East Hope Group: Will launch a 6 million mt alumina and 2.4 million mt aluminum project in West Kalimantan, Indonesia. The 6 million mt alumina project, located in Pontianak, West Kalimantan, will leverage the geographical advantages of being "near the port and near the mine" by constructing its own terminal and power plant, forming a closed-loop system of "bauxite mining - alumina smelting - aluminum production." The project will adopt the world's most advanced technology to ensure "ultra-low emissions" and green production, creating 3,000-3,500 jobs. The project will be constructed in three phases, with the first phase of 2 million mt capacity planned for commissioning in 2028. This will directly reduce domestic aluminum enterprises' raw material procurement costs by approximately 15% and mitigate supply chain risks associated with the over-concentration of bauxite sources in Guinea. Risks and Challenges in Investing in Indonesia's Alumina Industry Infrastructure Backwardness: Unstable power supply and high logistics and transportation costs in remote mining areas directly affect production efficiency and operating costs. Environmental Pressures: Stringent government environmental regulations require significant investment in environmental protection facility upgrades, such as waste (e.g., red mud) treatment to meet standards. Policy and Approval Risks: Projects require approval from both Indonesian and domestic governments, and policy adjustments may lead to project delays or terminations. Political and Economic Instability: Includes local separatism, exchange rate fluctuations, inflation risks, and policy uncertainties. Labor Skill Limitations: Alumina production requires skilled workers, but local labor skills are insufficient, and restrictions on foreign labor increase employment costs. Supply Chain Challenges: Poor management of bauxite mining may lead to supply disruptions, and inefficient logistics affect raw material transportation. Natural Disaster Risks: Indonesia is located in the Pacific Ring of Fire, and natural disasters such as earthquakes and tsunamis may threaten project safety. Australia Has a Fully Integrated Aluminum Industry But has surplus bauxite available for export to China. History of Bauxite Mining on the Weipa Plateau COMALCO commenced production in Weipa in 1963; signed its first long-term bauxite contract with China from Weipa in 2008; in 2018, Metro established the Hill Alumina Mine 100 km north of Weipa; Weipa Plateau bauxite grade: 50%+ alumina, 8%-12% silica; Metro has 130 million mt of resources; high-alumina bauxite, direct shipping ore; 2025 target to expand to 7 million mt annual production; Metro is Australia's only pure bauxite producer, not producing alumina to compete with its customers in the market. Northern Australian Bauxite Offers Significant Maritime Advantages Shipping time to China: 45 days from Guinea compared to 10 days from northern Australia. Australia's Bauxite Resources Additionally, it provided an overview of the 2024 alumina market disruptions. China's Alumina Trade China's alumina imports are expected to decline. China plays a crucial role in balancing the ROW alumina market. During periods of severe shortages, as seen in 2018, China became a net exporter. After Australia implemented an alumina export ban in 2022, China also increased its alumina exports to Russia. 4-6 mt of bauxite can produce 1 mt of aluminum Global aluminum demand is expected to grow by approximately 40% by 2030 Aluminum is a key metal for long-term renewable energy generation/storage, electric vehicles, and electrification. "By 2030, aluminum use in power generation will more than double that of copper" – IEA The aluminum required for the world's transition to green energy will exceed current power sector consumption by 50%. Solar PV power generation is expected to double in the next four years. By weight, aluminum accounts for 85% of the materials used in solar panels. By 2050, wind turbines will require 35 million mt of aluminum annually (4% of materials used). The EV industry will increase global aluminum consumption by 60% to 31.7 million mt by 2030. By 2030, China's aluminum consumption is expected to grow by 12.3 million mt to 56.1 million mt (47% of global demand). Asia (excluding China) aluminum consumption is expected to grow by 8.6 million mt by 2030, with approximately 61% coming from India (35%), the Middle East (19%), and Japan (7%). Aluminum: Already Essential in Modern Society, "Critical" for Energy Transition Technologies •Diverse demand for aluminum in the clean energy transition; •40% growth in aluminum demand from 2020 to 2030; •3-4% annual growth, higher than potential GDP growth. The EV industry will increase global aluminum consumption in transportation by 60% to 31.7 million mt by 2030 Aluminum is characterized by its lightweight, corrosion resistance, durability, high strength, low cost, and high electrical conductivity •It is expected that by 2030, the use of aluminum in European vehicles (both gasoline and electric) will increase from the current 197 kg to 256 kg. •EVs have a higher aluminum content compared to internal combustion engine vehicles, approximately 30% higher For example, Tesla's all-aluminum chassis is a notable example. •By 2030, the global EV fleet is expected to reach 40 million units, a transformation that will revolutionize the automotive industry and significantly boost aluminum demand. •In EV batteries, aluminum is the second most important metal element, accounting for approximately 20% of the battery by weight. Aluminum is extensively used in battery components such as the casing, cathode, and current collector. •EV charging infrastructure will also heavily rely on aluminum for transmission cables, casings, heat sinks, and screw holes. Introduction to Metro Mining Limited Since its commissioning in 2018, Metro Mining Limited has become Australia's second major, independent, and reliable bauxite producer, headquartered in Brisbane, Queensland, with mining operations on the Weipa Plateau. Under the leadership of the management team of newly appointed CEO Mr. Simon Wensley in July 2021, this Australian publicly listed firm has established a reputation for timely bauxite supply in the international financial markets, particularly in the Chinese bauxite market. Metro: Summary and Updates Despite significant impacts from typhoons, 2023 production and shipments reached a record 4.6 million wet metric tons (WMT). Total shipments in 2024 reached 5.7 million WMT, an annual record, representing a 24% increase from 2023. Ikamba demonstrated operational resilience under adverse weather conditions in the second half of December. The 2025 shipment target is 6.5 million to 7 million WMT. Production has commenced. The first shipment of bauxite in 2025 began loading on March 20. Additionally, it provided an overview of Metro's production process, the commissioning of apron feeders and vibrating screens, the commencement of operations at the Ikamba – offshore floating terminal, and the experienced leadership team and board of directors. 》Click to view the special report on the AICE 2025 SMM (20th) Aluminum Industry Conference & Aluminum Industry Expo

【Market Review】 1. Futures Market: The SHFE tin 2505 contract closed down 14,930 yuan/mt MoM to 254,100 yuan/mt. Open interest for SHFE tin increased by 3,354 lots to 77,268 lots. 2. Spot Market: Disturbances in raw materials persist. Affected by macro sentiment, SHFE tin fell sharply again, with smelters holding back cargoes. Traders showed a moderate willingness to sell, reporting that some downstream buyers placed inquiries and orders at low prices, mainly for essential needs. Morning transactions were moderate. 【Related News】 1. According to Bloomberg, US officials stated that additional 50% tariffs on Chinese products will take effect at 12:01 AM Eastern Time on April 9 (12:01 PM Beijing Time on April 9). Previously, after the US imposed 34% reciprocal tariffs on China, China retaliated by imposing 34% tariffs on all US imports. Trump announced early on April 8 Beijing Time that if China did not revoke the new 34% tariffs by April 8, an additional 50% would be imposed, potentially raising total tariffs to 104%. China firmly opposes this, reiterating that "if the US persists, China will respond in kind." 2. On April 9, China released a white paper on its stance on China-US economic and trade relations, emphasizing the need to respect each other's core interests and major concerns and to find solutions through dialogue and consultation. 3. Earlier on Tuesday, according to CCTV News, US Trade Representative Greer stated that "reciprocal tariffs" will take effect on April 9. Trump's negotiations with other countries on tariffs have no specific timetable. Trump has made it clear that tariff exemptions will not be implemented in the near term. Market interpretation: Dalio warned investors that we are experiencing a "once-in-a-lifetime" systemic collapse of global monetary, political, and geopolitical orders. The five fundamental forces driving this transformation are the collapse of the monetary order, political turmoil, the reshaping of the geopolitical order, technological change, and natural disasters. 4. Indonesia's Minister of Mining stated that Indonesia plans to impose mining royalties in the second week of April. The Ministry of Energy and Mineral Resources will soon issue a ministerial decree listing new royalty rates, increasing royalties for various minerals and coal mining commodities. Previously, on March 8, the Ministry of Energy and Mineral Resources released a public consultation on "Adjustments to the Types and Rates of Non-Tax State Revenues in the Energy and Mineral Resources Sector," indicating that it is considering raising mining taxes for various minerals from copper, tin, nickel to coal. For tin, the previous single royalty rate of 3% may now be adjusted to a progressive rate (3%-10%) based on market prices. 5. The pre-resumption meeting for the Wa State, originally scheduled for April 1, was canceled. The Wa State Industrial and Mineral Resources Administration issued a notice on March 26, 2025, scheduling a pre-resumption meeting for the Mansiang mine at 8:00 AM Myanmar Time on April 1 at the Mansiang office. However, a 7.9-magnitude earthquake struck Myanmar on March 28, 2025, prompting the Wa State Industrial and Mineral Resources Administration to issue a notice on March 31, 2025, postponing the Mansiang mine resumption meeting. Galaxy Interpretation: The Myanmar earthquake has raised market concerns about tin ore transportation and the progress of subsequent resumption efforts. 【Logical Analysis】 The supply gap in tin fundamentals remains, with no news of resumption in the DRC. After the cancellation of the resumption meeting in Myanmar, its annual supply may not see significant increases. Indonesia's policy of shifting from a single royalty rate to a progressive rate (significantly higher) for tin exports may soon be implemented. Subsequent attention will focus on the final policy, as the increase in royalties may significantly impact local companies' mining costs, potentially tightening the tin supply-demand situation. However, despite strong supply-demand imbalances in fundamentals, tin prices are more significantly affected by macro factors. After the US imposed reciprocal tariffs, market concerns about a subsequent global economic slowdown led to a sharp decline in non-ferrous metals, which have since remained in the doldrums. Overseas macro markets, driven by uncertainty about future global demand, have fueled panic sentiment, with bearish funds entering the market and driving tin prices to move weakly in line with the sector. Yesterday, LME tin spot premiums fell sharply. Subsequent attention will focus on whether the market returns to fundamental logic after the panic sentiment subsides. 【Trading Strategy】 1. Unilateral: Before the panic sentiment over concerns of economic weakness is digested, tin prices are expected to remain in the doldrums in line with the sector. Caution is advised. 2. Options: Temporarily on hold. (Source: Galaxy Futures)