Indonesian state-owned tin producer PT Timah announced that, driven by rising tin prices, the company's 2025 operating profit reached 1.91 trillion Indonesian rupiah (approximately 798 million yuan), up 0.8% YoY. PT Timah's 2025 total revenue was 11.55 trillion Indonesian rupiah (approximately 4.843 billion yuan), up 6.41% YoY. The company stated that domestic clients accounted for 5% of its sales, with the remaining 95% being export sales. PT Timah announced that its refined tin production fell 5.8% YoY to 17,815 mt, mainly due to persistent rampant illegal mining activities both offshore and onshore. By region, onshore production was 7,098 mt (down 8.1% YoY), offshore production was 11,537 mt (down 1.5% YoY), and the overall structure remained largely stable.

On April 16, Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM Overseas Marketing Manager for Copper and Tin, visited Mining Mineral Resources (MMR) for a field trip and exchange, where they received a warm welcome from MMR's leadership. During the exchange, MMR and SMM engaged in in-depth discussions on the current status of the strategic minor metal industry and cross-border supply chain cooperation. MMR has been deeply engaged in compliant mining of critical minerals for over 15 years, with a strategic focus on three key minerals — tin, tantalum, and tungsten. The company holds multiple mining licenses in mineral-rich regions of the DRC, with concentrated resource deployment and exceptional endowment. The enterprise strictly adheres to compliant mining, full-process traceability, and international operational standards, ensuring long-term stable and compliant mine operations. SMM has long been deeply engaged in non-ferrous and rare metals, with core coverage spanning price quotations, industry surveys, and market analysis, comprehensively empowering global mineral trade and industry chain integrated services. Leveraging their respective business strengths, both parties exchanged practical experience on ex-China mineral development, compliance system building, raw material circulation coordination, and industry development trends, laying a solid foundation for subsequent industrial synergy and resource collaboration. Mining Mineral Resources (MMR) Overview Mining Mineral Resources (MMR) has been deeply engaged in compliant mining of critical minerals for over 15 years, with a core focus on the 3T strategic minerals (tin, tantalum, and tungsten). The company holds a portfolio of multiple mining licenses in mineral-rich regions of the DRC: tin (14 licenses covering 2,800 sq km), tantalum (6 licenses covering 400 sq km), and tungsten (1 license covering 300 sq km). The company upholds compliant procurement, full traceability, and international standard compliance systems, building a solid foundation for business operations. Key Tin Producer in Africa • 11 mechanized mines (including open-pit and underground mines) • Annual tin concentrates capacity: 10,000 mt Annual trading volume: 6,500 mt; annual mechanized mining production: 3,500 mt. Mechanized Mining Operations 8 beneficiation plant areas with a combined feed capacity of over 1,500 mt per hour; monthly tin concentrates production of 300 mt; creating employment opportunities and empowering inclusive community development. Smelting Production and Global Supply LME Grade A tin equivalent; Responsible Minerals Initiative (RMI) certified smelter; annual refined tin capacity: 4,500 mt. Tantalum Mining Operations The only mechanized tantalum ore beneficiation plant in the DRC; capacity: 20 mt per year of high-grade tantalum concentrates (grade 30% and above); equipped with modern laboratory detection and quality assay facilities. Ore-to-Alloy Entire Industry Chain Lead-free and tin-lead solder alloys, available in bars, wires, electrodes, and casting ingots. The only enterprise in Africa with a complete ore-to-alloy entire industry chain. Corporate Social Responsibility MMR is well aware of its significant social responsibility to the communities in the mining areas. The corporate social responsibility system is built on four core pillars: healthcare, education development, infrastructure improvement, and entrepreneurship empowerment. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. Welcome to join us~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

Data from the online customs statistics query platform showed that China's refined tin imports in March 2026 were 3,287.47 mt, up 51.62% MoM and up 56.50% YoY. China imported 2,169.43 mt of refined tin from Indonesia in March, up 43.67% MoM and up 28.35% YoY. China imported 525.49 mt of refined tin from Peru in March, up 50.20% MoM and up 425.19% YoY. Export side, China's refined tin exports in March 2026 were 2,191.46 mt, up 80.25% MoM and up 31.01% YoY. China exported 1,234.01 mt of refined tin to Hong Kong in March, up 208.66% MoM and up 2,143.13% YoY. China exported 285.1 mt of refined tin to South Korea in March, up 49.80% MoM and up 106.55% YoY. (Wenhua Comprehensive)

[SMM Morning Meeting Minutes: Last Week Tin Prices in and outside China Showed Wild Swings, Dominated by Repeated Shifts in Macro Sentiment]

[SMM Tin Midday Review: Both Macro and Fundamental Performances Stabilized, Tin Prices Continued Wild Swings Fluctuating Trend in the Morning]

Data released by the online customs statistics query platform showed that China’s refined tin imports were 1,101.12 mt in January 2026, down 28.86% MoM and down 52.82% YoY. Indonesia was the largest origin, with refined tin imports from Indonesia at 613.8 mt that month, down 3.53% MoM and down 66.36% YoY. Russia was the second-largest origin, with refined tin imports from Russia at 158.06 mt that month, up 691.52% MoM. Below is a breakdown of China’s refined tin imports in January 2026 compiled based on data from the official website of the General Administration of Customs: Source: General Administration of Customs Note: 1. Refined tin includes unwrought non-alloy tin (refined tin). 2. The total imports (total) also include data for certain origins not listed in the table above. (Wenhua Composite)

[SMM Analysis: Raw Material Supply Continues to Decline, Operating Rates of Smelters in Yunnan and Jiangxi Continue to Slide]: According to processing data from SMM's in-depth market survey, as of Friday this week, the operating rates of refined tin smelters in Yunnan and Jiangxi, two major tin-producing provinces, have declined to relatively low levels, with a combined operating rate of 47.05%. The operating rate of smelters in Yunnan remained unchanged from the previous week. Some smelters have halted production for maintenance, while others have begun to implement phased production cuts to address the current shortage of raw material supply. During the same period, the operating rate of smelters in Jiangxi dropped significantly, remaining consistently lower than that in Yunnan and declining by approximately 35 percentage points compared to the beginning of the year. Several smelters began halting production for maintenance this month to alleviate the tight supply of scrap. The rising cost of scrap recycling, coupled with the decline in tin concentrate TCs, has driven up production costs for enterprises, eroding the profits of secondary tin smelting. Meanwhile, considering the stalled production resumptions in the Wa region of Myanmar, combined with the impact of the rainy season on transportation, tin ore imports from the Wa region are expected to continue declining this month. Additionally, due to transportation bans imposed by relevant Thai authorities in southern Myanmar, tin ore supply will be reduced by 500-1,000 mt (metal content). In summary, given the decline in the supply of tin ore and scrap, smelters in Yunnan and Jiangxi are likely to maintain low operating levels or continue to experience a downward trend in the coming weeks.

[SMM SHFE Tin Brief Review: Sluggish Growth in Orders for Consumer Electronics and Automotive Electronics, Significant Weakening of Purchase Willingness Among Downstream Enterprises] Today, the most-traded SHFE tin contract (SN2507) fluctuated rangebound, opening at 265,100 yuan/mt and closing at 265,150 yuan/mt, with a trading volume of 13.505 billion yuan. Market trading was sluggish, and open interest decreased to 25,600 lots, reflecting the ongoing tug-of-war between bulls and bears near the 265,000 yuan/mt threshold, with a lack of clear direction in the short term.​​Tightening Raw Material Supply​​: The pace of production resumptions at tin mines in Myanmar's Wa region remains uncertain. Additionally, Thailand has suspended the transit of tin ore from Myanmar through its territory since June 4, which is expected to reduce domestic tin ore imports by 500-1,000 mt in June. Affected by the shortage of raw materials and the rainy season, waste tin recycling in Yunnan and Jiangxi, the two major producing regions, has been impacted. As a result, smelters' operating rates have remained low, and the supply of refined tin has continued to tighten.

[SMM Analysis: Operating Rates of Smelters in Yunnan and Jiangxi Continue to Decline, with Supply from Myanmar Continuing to Shrink]: According to SMM's processing data obtained through in-depth market surveys, as of Friday this week, the operating rates of refined tin smelters in Yunnan and Jiangxi, two major tin-producing provinces, remained at a low level, with a combined operating rate of 53.86%. The operating rate of smelters in Yunnan continued to decline compared to the previous week and was nearly 10 percentage points lower than at the beginning of the year. The treatment charges (TCs) for tin concentrates with a 40% grade remained at historically low levels, approaching the cost line of smelters and severely squeezing profit margins. Some smelters have halted production for maintenance, while others have begun to implement phased production cuts to address the current shortage of raw material supply. During the same period, the operating rate of smelters in Jiangxi was only 40.19%, consistently lower than that in Yunnan and down by approximately 15 percentage points compared to the beginning of the year. Some enterprises have been forced to implement long-term production cuts due to insufficient scrap supply, with some capacities potentially exiting the market permanently. The reduction in scrap sources and the dual squeeze on costs have led to an increase in scrap recycling costs combined with a decline in tin concentrate TCs, driving up production costs for enterprises and undermining the profitability of refined tin recycling from scrap. According to sources, relevant Thai authorities have decided to suspend the transportation of tin ore from Myanmar to Thailand starting from June 4. SMM understands that approximately 500-1,000 mt (metal content) of tin ore is transported from southern Myanmar to Thailand each month for transit into China. The Thai authorities' ban is expected to affect the transportation of tin ore from southern Myanmar in June.