This week, the center of nickel prices moved lower WoW, with the most-traded SHFE nickel contract fluctuating within 132,000-140,000 yuan/mt. Early in the week, it fell below the 135,000 yuan mark amid weaker macro sentiment, but in the latter part of the week, rumors of maintenance at HPAL projects provided strong support around 133,000 yuan, and prices eventually returned to fluctuate around 137,000 yuan/mt. As of Friday's close, the most-traded SHFE nickel contract rose 0.14% WoW, while LME nickel gained 0.06% WoW. In the spot market, the average SMM #1 refined nickel price was 140,510 yuan/mt this week, up 850 yuan/mt WoW. The average premium for Jinchuan nickel was 6,800 yuan/mt this week, down 100 yuan/mt WoW, while premiums for mainstream electrodeposited nickel brands in China ranged from -300 to 400 yuan/mt. Overall spot transactions were mediocre this week. On the macro front, geopolitical risks escalated markedly this week. In his first statement after taking office, Iran's new supreme leader said the Strait of Hormuz would remain closed and that a new front would be opened if necessary. US ADP employment increased by 63,000 in February, above market expectations. As a result, the US dollar index strengthened, putting pressure on non-ferrous metal prices. Pan Gongsheng, governor of China's central bank, said the next step would be to build a scientific and prudent monetary policy framework, continue to effectively implement a moderately accommodative monetary policy, and strengthen counter-cyclical and cross-cyclical adjustments. Inventory side, inventory in the Shanghai Bonded Zone was about 2,200 mt this week, flat WoW. China's social inventory was about 87,000 mt, with an inventory buildup of about 3,000 mt WoW. In Indonesia's Morowali region, some HPAL plants cut production due to tailings accidents. Meanwhile, tensions in the Middle East raised the risk of sulfur supply disruptions, and the market expected future MHP intermediate product supply to be tight, with strong willingness to hold prices firm, which would provide some cost support for nickel prices. However, the area above 140,000 yuan/mt still faced strong resistance from high inventory and weak demand. The core trading range for the most-traded SHFE nickel contract next week is expected to be 135,000-145,000 yuan/mt.

This week, nickel prices experienced a sharp sell-off triggered by a sudden reversal in macro sentiment and high inventory pressure from the fundamentals. At the start of the week, the market came under pressure amid expectations of a "hawkish" nomination for the new Fed Chairman. Panic sentiment peaked on February 2, with LME and SHFE nickel prices plunging simultaneously. LME nickel prices fell below the $17,000 mark during the week, while the most-traded SHFE nickel contract (2603) hit an 11% limit-down intraday, erasing gains from January driven by Indonesian policy expectations, and ended the week down more than 9%. In the spot market, the average price of SMM #1 refined nickel was 139,300 yuan/mt this week, down 10,350 yuan/mt WoW. The average premium for Jinchuan nickel was 9,500 yuan/mt, up 2,200 yuan/mt WoW. The premiums and discounts for mainstream domestic electrodeposited nickel brands remained stable in the range of -400-400 yuan/mt. Due to the sharp decline in nickel prices this week, end-users' willingness to restock at low prices increased, and market transactions improved significantly compared to last week. On the macro front, Trump nominated former governor Kevin Warsh, seen as a "hawkish" representative, as the next Fed Chairman this week. The market's widely expected "dovish" candidate did not materialize, leading to a reversal in expectations for future monetary policy. Warsh advocates lowering interest rates through "balance sheet reduction + interest rate cuts," which was interpreted by the market as a tightening of global liquidity, causing the US dollar index to strengthen significantly and putting pressure on precious and non-ferrous metal prices. In the short term, market sentiment will take time to recover, and with the Chinese New Year holiday approaching, capital remains cautious. However, the medium and long-term logic supporting nickel prices—expectations of tighter Indonesian nickel ore quota (RKAB) approvals—has not disappeared, and nickel prices are still expected to rebound. The most-traded SHFE nickel contract is forecast to trade in the range of 130,000-145,000 yuan/mt next week. Inventory side, Shanghai Bonded Zone inventory was about 2,200 mt this week, with a WoW buildup of 500 mt. Domestic social inventory was about 73,000 mt, with a WoW buildup of about 2,600 mt.

[SMM Aluminum Morning Meeting Minutes: Macro Tug-of-War Between Longs and Shorts, Aluminum Prices Fluctuate Considerably at High Levels] Overall, the current SHFE aluminum price has experienced a short-term sharp rise driven by events and capital, with market trading sentiment in a phase of excitement. Subsequently, caution is needed against the risk of sentiment cooling and market correction triggered by multiple factors.

SMM, May 19, 2025 The most-traded SHFE lead 2506 contract opened at 16,925 yuan/mt during the day. It rose slightly in early trading, touching a high of 16,985 yuan/mt. However, due to the lingering uncertainties in tariff negotiations and the sluggish spot trades of domestic lead ingots, bearish sentiment prevailed. In the afternoon, SHFE lead prices fluctuated downward, reaching a low of 16,835 yuan/mt at the close, and eventually closed at 16,860 yuan/mt, down 0.06%, with an open interest of 27,388. Recently, macro sentiment has been unstable, exerting a significant impact on non-ferrous metal prices. Additionally, the import window for crude lead has opened to some extent, with some producers having purchased corresponding supplies. Given the limited production enthusiasm of downstream battery producers, caution is advised regarding the drag on lead prices from potential inventory buildup pressure in the lead ingot market. 》Subscribe to view SMM metal spot historical prices

[SMM Tin Midday Review: Disagreements Between Bulls and Bears Intensify at the 260,000 Mark, SHFE Tin Prices Fluctuate Considerably] The most-traded SHFE tin contract (SN2506) opened at 262,500 yuan/mt, slightly higher than the previous trading day's closing price of 261,480 yuan/mt. The price fluctuated and consolidated during the session. In the morning, non-ferrous metals were generally under pressure, and the most-traded SHFE tin contract closed at 259,980 yuan/mt at midday, down slightly by 0.26% intraday. Trading volume and open interest decreased slightly, with a strong wait-and-see sentiment prevailing in the market.

[SMM Tin Futures Brief Commentary: US Dollar Index Fluctuates at Highs, Suppressing Non-Ferrous Metal Prices; SHFE Tin Prices Jump Initially and Then Pull Back] The most-traded SHFE tin contract (SN2506) jumped initially and then pulled back today. In the morning session, it surged to 262,000 yuan/mt, buoyed by expectations of RRR cuts and interest rate cuts by the PBOC and the US-China economic and trade talks. However, it pulled back in the afternoon session due to uncertainties surrounding US tariff policies and a stronger US dollar, eventually closing at 261,480 yuan/mt, down slightly by 0.16% from the previous trading day. Total open interest in the night session declined slightly to 31,000 lots. Concerns Over the US Economy: Q1 GDP contracted by 0.3% QoQ, core PCE inflation rose to 3.5%, consumer confidence fell to a record low, and the manufacturing PMI pulled back to 48.7, indicating intensifying downward pressure on the economy. The US Fed kept interest rates unchanged, pushing back interest rate cut expectations to July. The US dollar index fluctuated at highs, suppressing the non-ferrous metal sector. On the demand side, solder companies' post-holiday orders remained stable but without significant increases. The US's electronic tariff policies on China suppressed downstream restocking expectations. Trading in the spot market was mediocre, with traders reporting low inquiry willingness. Spot transaction prices ranged from 260,500 to 262,500 yuan/mt. However, smelters held onto their prices and were reluctant to sell, with downstream companies primarily making just-in-time procurement, and low-priced supplies were favoured...

[SMM Tin Futures Brief Commentary: Approaching Labour Day Holiday Drives Restocking by Downstream Enterprises, Spot Market Trading Volume Expected to Rise This Week] As of today's close, the most-traded SHFE tin 2505 contract (SN2505) closed at 260,570 yuan/mt, down 0.63% from the previous trading day, with an intraday trading range of 259,680-264,000 yuan/mt and a trading volume of 12.556 billion yuan. Market sentiment remained cautious. Spot Market: Trading activity in the spot market was relatively robust today. As the Labour Day holiday approaches, most downstream and end-user enterprises plan to commence restocking, coupled with a small amount of just-in-time procurement, leading to an increase in spot market trading volume compared to last Friday...

The Q1 2025 report released by Yunnan Tin Co., Ltd. showed that in Q1 2025, the company achieved an operating revenue of RMB 9.729 billion, up 15.82% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 499 million, up 53.08% YoY; and a net cash flow from operating activities of RMB 640 million, down 40.14% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.803 billion, up 0.44% from the end of the previous year, and the net assets attributable to shareholders of publicly listed firms reached RMB 20.921 billion, up 0.35% from the end of the previous year. The Q1 2025 report of Yunnan Tin Co., Ltd. indicated that during the reporting period, the market prices of the company's main metal products, including tin, copper, and zinc, increased YoY. The company seized market opportunities, fully released its production capacity, and continuously improved the synergy between mining, beneficiation, and smelting, leading to a significant YoY increase in operating performance. In Q1 2025, the total production of non-ferrous metals reached 82,200 mt, including 24,200 mt of tin, 24,400 mt of copper, 33,300 mt of zinc, and 30 mt of rare and precious metal indium ingots. Yunnan Tin Co., Ltd. also disclosed the following significant events involving the company and its subsidiaries in its Q1 2025 report: 1) In January 2025, the tin branch of Yunnan Tin Co., Ltd. was awarded the title of National Green Factory; Wenshan Zinc & Indium's primary indium (indium ingots) was included in the list of the fifth batch of manufacturing single-product champion enterprises in Yunnan Province; 2) In February 2025, two projects, namely the "Green Recovery Process and Equipment for Multi-Metal in Tin Smelting" by the tin branch of Yunnan Tin Co., Ltd. and the "Key Technologies for Efficient Recovery of Indium Associated with Complex Zinc Concentrates and Their Industrial Application" by Wenshan Zinc & Indium Smelting Co., Ltd., won the first prize of the China Nonferrous Metals Industry Science and Technology Award; 3) In April 2025, the company held a 2024 annual report performance briefing via live video streaming; on April 10, the company received a "Letter on Proposing the Implementation of Share Repurchase by Yunnan Tin Co., Ltd." from its shareholder, Yunnan Tin Group (Holding) Co., Ltd. (hereinafter referred to as "Yunnan Tin Holding Company"). Yunnan Tin Holding Company proposed that the company repurchase some of its issued RMB ordinary shares (A shares) through the trading system of the Shenzhen Stock Exchange via centralized bidding transactions using its own or self-raised funds, with a total repurchase amount of no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive) to reduce the company's registered capital. Currently, relevant matters are being orderly advanced. On April 25, Yunnan Tin Co., Ltd. stated in response to investor inquiries on an interactive platform that the repurchase-related matters are being orderly advanced. The 2024 annual report recently released by Yunnan Tin Co., Ltd. showed that in 2024, under the strong leadership of the company's Party committee and board of directors, and closely centered around the overall task of "strengthening breakthroughs, deepening reforms, expanding markets, and stabilizing operations," the company actively overcame challenges from a complex and volatile operating environment, including intensified price fluctuations of non-ferrous metals, tight raw material supply, and continuously declining processing fees. It proactively controlled its operating pace, seized market opportunities, and achieved steady improvement in operating quality and efficiency. In 2024, the company produced a total of 361,000 mt of non-ferrous metals, including 84,800 mt of tin, 130,300 mt of copper, 144,000 mt of zinc, and 1,848 mt of lead. It also produced rare and precious metals: 127 mt of indium ingots, 1,229 kg of gold, and 145 mt of silver. During the reporting period, the company achieved an operating revenue of RMB 41.973 billion, down 0.91% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 1.444 billion, up 2.55% YoY; and a net profit attributable to shareholders of publicly listed firms excluding non-recurring gains and losses of RMB 1.943 billion, up 40.48% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.643 billion, down 1.13% from the beginning of the year; the net assets attributable to shareholders of publicly listed firms reached RMB 20.848 billion, up 17.19% from the beginning of the year. The 2024 annual report of Yunnan Tin Co., Ltd. showed that the company's main businesses include the exploration, mining, beneficiation, and smelting of metal ores such as tin, zinc, copper, and indium. Regarding the company's mineral resource reserves as of the end of the reporting period, Yunnan Tin Co., Ltd. introduced that as of December 31, 2024, the company's retained resource reserves were as follows: ore reserves of 258 million mt, tin metal reserves of 626,200 mt, copper metal reserves of 1.1499 million mt, zinc metal reserves of 3.661 million mt, indium reserves of 4,821 mt, tungsten trioxide reserves of 77,800 mt, lead metal reserves of 96,300 mt, and silver reserves of 2,460 mt. In addition, Yunnan Tin Co., Ltd. also introduced the company's mineral resource exploration activities during the reporting period: In 2024, the company's subsidiary mining units invested a total of RMB 101 million in exploration expenditures. A total of 52,400 mt of non-ferrous metal resources were newly discovered throughout the year (as reviewed and confirmed by a third-party expert team), including 17,600 mt of tin and 34,800 mt of copper. The specific situation is as follows: In its 2024 annual report, Yunnan Tin Co., Ltd. discussed its main work objectives for 2025 as follows: The company's comprehensive budgeted operating revenue for 2025 is RMB 46.5 billion. The planned production volumes are 90,000 mt of tin, 125,000 mt of copper, 131,600 mt of zinc, and 102.3 mt of indium ingots. (This plan serves as a guiding indicator, and the final results are subject to uncertainties influenced by various internal and external environmental factors, as well as operational management. Therefore, it does not constitute a substantive commitment to operating revenue or the production volumes of various products. Investors are advised to pay attention to risks.) 》View SMM tin product spot quotes 》Subscribe to view historical price trends of SMM metal spot prices Comparing the daily average prices of SMM #1 tin spot in Q1 2025 and Q1 2024, it can be seen that the daily average price of SMM #1 tin spot in Q1 2025 was RMB 260,724.56/mt, up RMB 43,806.46/mt from the daily average price of RMB 216,918.1/mt in Q1 2024, representing a YoY increase of 20.19%. Such a significant increase is also conducive to improving the operating performance of tin enterprises. Reviewing the historical price trend of SMM #1 tin spot in 2024, it can be observed that in 2024, influenced by factors such as frequent positive macroeconomic policies in China, supply-side disruptions caused by the ban on mining in Wa State, and a slight recovery in end-use demand from consumer electronics, the average price center shifted upward compared to 2023. Among them, the average price of SMM #1 tin spot reached a new high for the year on July 11, 2024, at RMB 281,750/mt. The lowest average price for the year was RMB 205,000/mt on January 9 and 10, 2024. The average price on December 31, 2024, was RMB 246,000/mt, up RMB 35,250/mt from the average price of RMB 210,750/mt on December 29, 2023, representing an increase of 16.73%. Recently, tin prices have been fluctuating considerably in a weak trend. The US announcement of imposing "reciprocal tariffs" on multiple countries has sparked market concerns, leading to fluctuations in the US dollar index and a rise in risk-averse sentiment, which has suppressed non-ferrous metal prices. Fed Chairman Powell clearly stated that there would be no interest rate cut for the time being and warned of the dual risks of rising unemployment and high inflation facing the US economy, further exacerbating market uncertainties. The supply-demand pattern in the domestic tin ore market is tight. In terms of supply, the operating rates of refined tin smelters in Yunnan and Jiangxi have pulled back, constrained by tight raw material supply, especially the lagging production resumptions in Myanmar and the recent 7.9-magnitude earthquake, which have intensified market panic over tin ore supply. In terms of demand, downstream solder enterprises are making just-in-time procurements combined with some restocking. However, the "trade-in" policy and high production schedules for home appliances provide potential support for demand. The operating rate of the tin solder industry surged to 75.81% in March and is expected to remain at a relatively high level in April. Although the news of the resumption of operations at the Bisie tin mine once boosted market confidence, overall, due to macroeconomic uncertainties, SHFE tin prices may continue to fluctuate considerably in the short term. Investors are advised to pay attention to changes in fundamentals, operate cautiously, and avoid the risk of chasing high prices. Tianfeng Securities issued a research report on April 09, recommending a "buy" rating for Yunnan Tin Co., Ltd. The main reasons for the rating include: 1) The impact of impairment and supplementary payment of mining rights royalties was concentrated in Q4; 2) The simultaneous increase in volume and price, along with cost optimization, boosted the company's profitability; 3) With tight supply, tin prices are expected to remain strong, and the company is expected to benefit. Risk warnings: Macroeconomic environment risks, market price fluctuation risks, and safety and environmental protection risks. Guosen Securities issued a research report on April 08, giving Yunnan Tin Co., Ltd. a rating of "outperforming the market." The main reasons for the rating include: 1) The company released its 2024 annual report; 2) Data on the production and sales volumes of core products; 3) As the world's largest refined tin producer, the company has maintained a leading position in the global tin market for a long time. Risk warnings: Risks of declining grades of core mine resources; risks of price fluctuations in non-ferrous metals.

Western Mining Co., Ltd.'s share price rose on April 28. As of 13:45 on the 28th, the company's shares were up 0.84%, trading at 15.57 yuan per share. Western Mining Co., Ltd.'s Q1 2025 report showed that from January to March 2025, the company achieved operating revenue of 16.542 billion yuan, up 50.74% YoY, total profit of 1.795 billion yuan, and net profit attributable to shareholders of the parent company of 808 million yuan, up 9.61% YoY. Copper production increased 14.35% YoY and 5.81% MoM, zinc production increased 18.17% YoY and 6.95% MoM, and lead production increased 38.38% YoY and 32.76% MoM. Details are as follows: Regarding the reasons for the increase in operating revenue, Western Mining Co., Ltd. stated that the production and sales volumes of smelted copper, smelted lead, and gold ingots increased compared to the same period last year. Western Mining Co., Ltd. announced in an evening announcement on April 17 that Xikuang Asset had cumulatively increased its stake in the company by approximately 6.46 million shares (including an initial increase of approximately 1.17 million shares) through centralized bidding transactions, accounting for 0.271% of the company's total share capital. The total amount of the increase was 96.747 million yuan, all from its own funds. The relevant shareholding increase plan has been completed. Western Mining Co., Ltd.'s 2024 annual report, previously released, showed that the company achieved operating revenue of 50.026 billion yuan in 2024, up 17% YoY, total profit of 5.992 billion yuan, up 27% YoY, and net profit of 5.294 billion yuan, including net profit attributable to shareholders of the parent company of 2.932 billion yuan, up 5% YoY. The main reasons were the increase in non-ferrous metal prices and the increase in copper production and sales volumes compared to the same period last year. Western Mining Co., Ltd.'s 2024 annual report showed that in 2024, the company's affiliated mine units operated at high levels in accordance with the annual production and operation plans, achieving significant increases in copper, molybdenum, and smelted copper production. The company ranked among the top domestic super-large mine enterprises. In 2024, the company produced 177,543 mt (metal content) of copper, up 35% YoY, including 159,084 mt (metal content) produced by Yulong Copper, up 39.10% YoY, 4,009 mt (metal content) of molybdenum, up 18% YoY, 1,376,891 mt of iron ore concentrates, up 15% YoY, and 130,829 kg of silver in concentrate, up 6% YoY. Smelting units comprehensively optimized and upgraded their smelting systems, achieving 263,771 mt of smelted copper, including 178,499 mt produced by Qinghai Copper and 80,617 mt produced by Western Copper Semis. Salt lake chemical enterprises actively participated in the development and utilization of salt lake resources, producing 114,834 mt of high-purity magnesium hydroxide and 39,022 mt of high-purity magnesium oxide. The main products planned for production by Western Mining Co., Ltd. in 2025, as announced in its 2024 annual report, are as follows: Copper production of 168,208 mt (metal content), zinc production of 124,581 mt (metal content), lead production of 65,672 mt (metal content), molybdenum production of 4,005 mt (metal content), nickel production of 1,565 mt, iron ore concentrate production of 1,457,679 mt, gold in concentrate production of 183 kg, silver in concentrate production of 132.92 mt, smelted copper production of 354,003 mt, smelted lead production of 240,008 mt, and smelted zinc production of 200,000 mt. The company plans to achieve operating revenue of 55 billion yuan and total profit of 5 billion yuan in 2025. In its research report on Western Mining Co., Ltd.'s Q1 2025 results, China Galaxy Securities pointed out that the increase in both volume and price of copper production, coupled with manageable impacts from the smelting segment and the elimination of asset impairments, led to a significant improvement in 25Q1 performance MoM: 1) Mine segment: In 25Q1, the company's copper, zinc, lead, molybdenum, and iron ore concentrate production volumes were 4.4, 3, 1.7, 0.1, and 338,000 mt, respectively, up 14.4%, 18.2%, 38.4%, 43.6%, and 14.7% YoY, and up 5.8%, 7%, 32.8%, 20.4%, and -13.5% MoM, achieving 26%, 24%, 25%, 31%, and 23% of the planned targets, respectively. The average domestic prices of copper, zinc, and lead in 25Q1 were 77,000, 24,000, and 17,000 yuan/mt, respectively, up 11.5%, 14.5%, and 5.8% YoY, and up 2.5%, -5.9%, and 1.0% MoM. 2) Smelting segment: In 25Q1, the company's smelted copper (including SX-EW copper), smelted zinc, and smelted lead production volumes were 90,000, 34,000, and 44,000 mt, respectively, up 54.8%, 19.2%, and 1752% YoY, and up 11.6%, 2.5%, and 30.6% MoM. The significant increase in smelted lead production was mainly due to the infrastructure period of precious metals in 2024, during which smelted lead production was suspended from February to September. Despite the continued pressure on copper smelting processing fees, as the company's raw material purchases were mostly domestic ore and anode plates, and Yulong Copper Mine had a high self-sufficiency rate for the company's copper smelting products, the overall impact on the smelting segment was manageable. Benefiting from the increase in both volume and price of mine copper production and the improvement in smelting segment profitability, the company's gross profit increased 67% MoM to 2.88 billion yuan in 25Q1. Key projects are progressing in an orderly manner, with significant increases expected from Yulong Phase III: In the copper segment, with the completion and effectiveness of the expansion project for Yulong Copper Mine's Phase I and II beneficiation plants, the copper ore processing capacity has been increased to 22.8 million mt/year. In 2024, copper and molybdenum production reached 163,000 mt. Currently, Yulong Copper is handling the preliminary procedures for the 30 million mt expansion project. In the lead-zinc segment, the lead-zinc system of Huo Geqi Copper Polymetallic Mine was successfully upgraded and put into operation as scheduled in 2024, with a lead-zinc ore processing capacity of 1.5 million mt/year and annual production of lead and zinc exceeding 40,000 mt. In the iron segment, the Shuangli No. 2 Iron Mine is advancing the open-pit to underground expansion project, with a designed annual mining and beneficiation capacity of 3.4 million mt/year. With the future commissioning of the Phase III expansion project at Yulong Copper Mine, the company's main mine, copper production is expected to drive performance growth through increases in both volume and price. Risk warnings: 1) Risk of a significant decline in copper prices; 2) Risk of slower-than-expected global economic recovery; 3) Risk of slower-than-expected interest rate cuts by the US Fed; 4) Risk of changes in overseas geopolitical situations; 5) Risk of the impact of tariff hikes between China and the US exceeding expectations. According to Dongxing Securities' research report, in 2024, Western Mining Co., Ltd. achieved increases in both volume and price of copper production, with Yulong Copper Mine producing 159,000 mt. Smelting profit pressures and asset impairment losses dragged down 24Q4 performance. The company's 2025 business plan includes copper production of 168,208 mt (metal content), zinc production of 124,581 mt (metal content), lead production of 65,672 mt (metal content), molybdenum production of 4,005 mt (metal content), nickel production of 1,565 mt, iron ore concentrate production of 1,457,679 mt, gold in concentrate production of 183 kg, silver in concentrate production of 132.92 mt, smelted copper production of 354,003 mt, smelted lead production of 240,008 mt, and smelted zinc production of 200,000 mt. The company plans to achieve operating revenue of 55 billion yuan and total profit of 5 billion yuan in 2025. Key projects are progressing in an orderly manner, with significant increases expected from Yulong Phase III: In the copper segment, with the completion and effectiveness of the expansion project for Yulong Copper Mine's Phase I and II beneficiation plants, the copper ore processing capacity has been increased to 22.8 million mt/year. In 2024, copper and molybdenum production reached 163,000 mt. Currently, Yulong Copper is handling the preliminary procedures for the 30 million mt expansion project. In the lead-zinc segment, the lead-zinc system of Huo Geqi Copper Polymetallic Mine was successfully upgraded and put into operation as scheduled in 2024, with a lead-zinc ore processing capacity of 1.5 million mt/year and annual production of lead and zinc exceeding 40,000 mt. In the iron segment, the Shuangli No. 2 Iron Mine is advancing the open-pit to underground expansion project, with a designed annual mining and beneficiation capacity of 3.4 million mt/year.

[SMM Morning Meeting Summary: US Tariff Issues Continue to Cause Disruptions, SHFE Tin Prices May Fluctuate Considerably in the Short Term] The US announced measures to impose "reciprocal tariffs" on multiple countries, sparking market concerns and leading to fluctuations in the US dollar index and a rise in risk-averse sentiment, which suppressed non-ferrous metal prices. Fed Chairman Powell clearly stated that there would be no interest rate cut for the time being and warned of the dual risks of rising unemployment and high inflation facing the US economy, further exacerbating market uncertainty. The supply-demand pattern in the domestic tin ore market is tight. In terms of supply, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces have pulled back, constrained by tight raw material supply. In particular, the delayed production resumptions in Myanmar and the recent 7.9-magnitude earthquake have intensified market panic over tin ore supply. Demand side, downstream solder enterprises are making just-in-time procurement along with some restocking. However, the "trade-in" policy and the high level of home appliance production schedules provide potential support for demand. The operating rate of the tin solder industry surged to 75.81% in March and is expected to remain at a relatively high level in April. Despite the news that the Bisie tin mine would resume operations, which once boosted market confidence, overall, SHFE tin prices may fluctuate in the doldrums within the range of 252,000-266,000 yuan/mt in the short term. In summary, SHFE tin prices may continue to fluctuate considerably in the short term. It is recommended that investors pay close attention to changes in market fundamentals, operate cautiously, and avoid the risk of chasing high prices...