Minsur, the world's second-largest refined tin producer, reported that its Pisco smelter in Peru produced 8,314 mt of refined tin in Q1 2026, down 2.9% YoY. The company attributed the slight decline in tin production to lower feed grades and reduced recovery rates at the smelter. Meanwhile, rising tin prices drove a 16.9% YoY increase in net revenue, effectively offsetting the impact of the production decline. Tin-in-concentrates production from the San Rafael underground mine fell 2.0% YoY to 6,096 mt due to lower recovery rates, but this was partially offset by a 3.3% increase in production from the B2 tailings dam. Total tin-in-concentrates production was basically flat YoY at 7,993 mt. The mill feed grade at the San Rafael mine remained stable at 2.40% Sn.

Indonesian state-owned tin producer PT Timah achieved refined tin production of 5,630 mt in Q1 2026, a significant increase of 81.9% YoY. During the same period, PT Timah's refined tin sales volume was 6,009 mt at an average price of $49,221/mt, generating revenue of 5.47 trillion Indonesian rupiah (approximately 2.291 billion yuan), up 160.5% YoY. According to the company's report, tin-in-ore production from its onshore and offshore operations reached 6,312 mt in Q1, up 96.3% YoY. The company attributed this growth to improved production efficiency, an increased number of operating vessels within permitted areas, and higher production from cooperative onshore mines (including small-scale mines and onshore suction dredge pontoon operations). Improved security conditions in mining areas also strongly supported production growth, effectively reducing the impact of illegal mining.

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.

SMM's monthly metal production data is released at the end of each month, aiming to uncover the true fundamentals and help industry chain participants and investors gain a clearer grasp of the future direction of the non-ferrous metal market.

On Wednesday, November 19, the latest report released by the World Bureau of Metal Statistics (WBMS) showed that global refined tin production reached 32,500 mt in September 2025, while consumption stood at 27,600 mt, resulting in a supply surplus of 4,900 mt.

SMM's monthly base metal production data is scheduled for release at each month-end, aiming to uncover the true state of fundamentals from the ground up, dispel illusions in the capital market for industry chain participants and investors, and provide clearer insights into the future direction of the nonferrous metals market.

SMM's monthly production data for various metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

SMM's monthly base metal production data is scheduled for release at each month-end, aiming to uncover the true fundamentals from the ground up, helping industry chain professionals and investors see through the illusions of the capital market and grasp the future trends of the nonferrous metal market more clearly.

[SMM Tin Midday Review: Indonesia's Crackdown on Illegal Mining Sparks Supply Concerns, SHFE Tin Closes Strongly Higher at Midday] On September 30, 2025, at midday, the most-traded SHFE tin contract (2511) settled at 275,130 yuan/mt, up 0.96%. It once surged to 283,000 yuan/mt during the session, hitting a new high since April 3, before paring some gains and hovering at highs overall. Overnight, LME tin performed strongly, closing at $35,455/mt, up 2.79%, leading the gains in the base metal market. However, during the Asian session today, LME tin pulled back to $35,040/mt, reflecting a subtle shift in market sentiment ahead of the holiday.

[SMM Tin Midday Review: SHFE Tin Prices Fluctuate at Highs in Midday Trading, Supported by Tight Supply-Demand Balance and Improved Macro Sentiment] On September 24, 2025, during the midday session, the most-traded SHFE tin 2510 contract showed a pattern of fluctuating at highs. As of the midday close, the most-traded contract was temporarily quoted at 271,960 yuan/mt, up 1,710 yuan from the previous trading day, an increase of approximately 0.63%. The trading range during the session was between 269,880 yuan/mt and 272,110 yuan/mt. Today, SHFE tin futures fluctuated upward after opening, with the futures showing a trend of corrective rebound. In external markets, the London Metal Exchange (LME) tin price closed up 0.73% overnight at $34,270/mt, an increase of $250 from the previous trading day. The low inventory situation provided support for tin prices. During the Asian session, LME tin prices consolidated gains above the $34,000 mark, showing a technically strong trend of fluctuating upward.