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锡业股份上半年净利润同比增长32.76%
Zheng Quan Ri Bao Wang· 2025-08-24 13:30
对于业绩的驱动因素,公告显示,上半年,面对市场的诸多不确定性,锡业股份紧盯市场变化,抢抓市 场机遇,积极拓展原料渠道,确保生产稳定创效,发挥矿山、冶炼产业协同效应,强化生产全流程管 控,充分释放有价金属效能,提升冶炼生产综合效益,上半年生产经营形势持续稳中向好,圆满完成既 定生产经营目标任务。 上海钢联(300226)稀贵金属事业部锡分析师郭砺成对《证券日报》记者表示:"缅甸佤邦7月份召开矿 业会议后,尽管部分运营商已开始办理采矿许可证,但受人员设备调配影响,三季度前期锡矿供应紧张 局面难以显著缓解,锡矿短缺仍将为锡价提供底部支撑,资源龙头优势显现。" 2024年,锡业股份锡精矿、铜精矿、锌精矿自给率分别为30.21%、15.91%、72.72%;今年上半年,公 司原料自给率还在持续提升。 对此,锡业股份相关负责人对《证券日报》记者表示:"公司大力推进原料采购'双渠道'战略,在稳住 精矿采购渠道的同时,不断拓展二次原料采购渠道。同时,公司高效组织矿山生产,优化采场布局,强 化选厂抛废流程,积极克服出矿量及出矿品位的挑战,矿山基础进一步夯实。有价金属回收效能也进一 步释放,冶炼生产综合效益不断提升,有效对冲加工 ...
2025Q2 Renison 锡精矿产量销量分别环比增长 12%下降 32%至 2,724 吨 2,202 吨,锡 AISC 环比下降 8%至 30,733 澳元吨
HUAXI Securities· 2025-08-24 12:33
证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 24 日 [Table_Title] 2025Q2 Renison 锡精矿产量销量分别环比增长 12%下降 32%至 2,724 吨 2,202 吨,锡 AISC 环比 下降 8%至 30,733 澳元吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q2 生产经营情况(Metals X 持有 Renison 50%股份, 除非有特殊说明,均为 100%基准) 1)产量 2025Q2 Renison 锡精矿总产量达 2,724 吨,环比增长 12%,同比增长 9%。Metals X 2025Q2 权益产量为 1362 吨锡 精矿。 2)出货量 Renison 2025Q2 锡精矿出货量为 2,202 吨,环比下降 32%,同比持平。Metals X 本季度锡精矿发货量权益占比为 52.3%。 3)售价 2025Q2 预计锡销售价格为 50,088 澳元/吨,环比下跌 1%,同比上涨 2%。 4)成本 2025Q2 锡单位销售和营销成本估计为 6,702 澳元/吨,环 比下降 ...
TIMAH2025Q2锡金属产销量分别环比增加22%、8%至3,775吨、3,109吨
HUAXI Securities· 2025-08-16 13:17
Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [4]. Core Insights - In Q2 2025, the production of tin metal increased by 22% quarter-on-quarter to 3,775 tons, while sales rose by 8% to 3,109 tons [1]. - The average selling price of tin metal in H1 2025 was $32,816 per ton, an increase of 8% compared to $30,397 per ton in the same period last year [1]. - The company aims for a tin ore production target of 21,500 tons and a tin metal production target of 21,545 tons for the year 2025 [6]. Production and Sales Summary - In Q2 2025, the company's tin ore production was 3,782 tons, a year-on-year decrease of 23% but an 18% increase quarter-on-quarter [1]. - The land-based tin ore production was 804 tons, down 52% year-on-year and down 50% quarter-on-quarter [1]. - The sea-based tin ore production was 2,978 tons, a decrease of 8% year-on-year but an increase of 84% quarter-on-quarter [1]. - The sales volume of tin metal in Q2 2025 was 3,109 tons, reflecting a year-on-year decrease of 35% but an 8% increase quarter-on-quarter [1]. Financial Performance Summary - In Q2 2025, the company's revenue was 21.2 trillion Indonesian Rupiah, a year-on-year increase of 2% but a quarter-on-quarter decrease of 20% [3]. - The cost of goods sold in Q2 2025 was 16.5 trillion Indonesian Rupiah, a year-on-year decrease of 2% and a quarter-on-quarter decrease of 13% [3]. - The operating profit for Q2 2025 was 232 billion Indonesian Rupiah, a year-on-year increase of 59% but a quarter-on-quarter decrease of 56% [3]. - The net profit for Q2 2025 was 183.21 billion Indonesian Rupiah, a quarter-on-quarter decrease of 58% [3]. Market Position and Strategy - In H1 2025, domestic sales accounted for 8% of tin metal sales, while exports made up 91%, with Japan, South Korea, and Singapore being the top three export destinations [2]. - The company plans to enhance resource management, strengthen market position, and support the electric vehicle ecosystem as part of its strategy for 2025 [6].
有色金属周报(精炼锡):多位美联储官员暗示下半年降息预期,生产和库存趋升及消费淡季压制锡价-20250807
Hong Yuan Qi Huo· 2025-08-07 04:54
Report Industry Investment Rating - Not provided in the content Core Viewpoints - The weakening US job market has increased the market's expectation of a Fed rate cut. However, due to the expected resumption of tin mines in Wa State, Myanmar, and North Kivu, Congo, and the continuous increase in the operating capacity of domestic refined tin, the upward space for Shanghai tin prices may be limited. It is recommended that investors wait and see for the time being, paying attention to the support and pressure levels of Shanghai tin and London tin [3]. - The positive basis and negative monthly spread of Shanghai tin, as well as the negative (0 - 3) and positive (3 - 15) contract spreads of LME tin, are all within a reasonable range. Given the expected increase in production and inventory and the influence of factors such as Fed rate - cut expectations and mine resumptions, it is recommended to wait and see for arbitrage opportunities [6][10]. Summary by Related Catalogs Supply - side - Myanmar's Wa State determined on July 11 that the first batch of 40 - 50 mines would resume production after paying fees, with an initial incremental production of no more than 10,000 metal tons and a transmission period of 2 - 3 months. Alphamin Resources announced the phased resumption of the Bisie tin mine in North Kivu, Congo, which may lead to a month - on - month increase in China's tin ore production and imports in August [20]. - China's recycled tin production in August may increase month - on - month [21][23]. - The capacity utilization rate of refined tin in Yunnan and Jiangxi has increased (or remained flat) compared to last week, and China's refined tin production and inventory in August may increase month - on - month [27]. - Indonesia's state - owned tin mining company PT Timah plans to increase tin production and sales in 2025. The export volume in August may increase month - on - month, but due to the loss in imports and exports, China's refined tin imports and exports in August may decrease month - on - month [31]. Demand - side - The capacity utilization rate of China's tin solder in August may decrease month - on - month, and the inventory may increase month - on - month [34]. - China's solder strip imports in August may decrease month - on - month, while exports may increase month - on - month [36][38]. - China's tin - plated sheet production and exports in August may increase month - on - month, while imports may decrease month - on - month [42]. Market Indicators - The basis of Shanghai tin is positive and the monthly spread is negative, both within a reasonable range [4][6]. - The (0 - 3) contract spread of LME tin is negative and the (3 - 15) contract spread is positive, both within a reasonable range. The ratio of Shanghai and London tin prices is at the 50% quantile of the past five - year average [8][10]. - China's refined tin social inventory, SHFE refined tin inventory, and the total domestic and foreign refined tin inventory have increased compared to last week, while the LME refined tin inventory has decreased [11][13]. - The daily processing fee of domestic tin concentrate has shown a downward trend, indicating a potentially tight supply of domestic tin ore [14][16]. Other - The capacity utilization rate of China's lead - acid battery has remained flat compared to last week [44][47].
宏观情绪带动 沪锡冲高回落【7月23日SHFE市场收盘评论】
Wen Hua Cai Jing· 2025-07-23 10:33
Core Viewpoint - The tin market is experiencing a weak demand season, with limited fundamental drivers and fluctuating macro sentiments impacting prices. The main contract closed at 268,540 yuan/ton, up 0.42% despite a cooling demand environment [1][2]. Group 1: Supply and Demand Dynamics - Tin downstream demand is currently weak due to the off-peak season, with a notable decline in orders from the home appliance sector and a significant drop in photovoltaic orders following the end of the rush for installations [2]. - In June, China's imports of tin concentrate slightly decreased compared to May, with supply remaining relatively tight domestically. The main sources of increased imports were the Democratic Republic of the Congo and Myanmar, with a significant rise from the former [1]. - The supply side continues to show low operating rates at smelters, and the industrial supply of tin concentrate remains tight, contributing to a subdued market environment [2]. Group 2: Market Sentiment and Price Movements - Recent price increases have been met with a lack of actual transactions, as traders report a high price level and downstream participants exhibit a cautious stance, leading to a generally quiet trading atmosphere [2]. - The market is expected to remain under the influence of macroeconomic policies, with tin prices likely to experience fluctuations at high levels in the short term [2]. - The overall trading performance is characterized by a weak demand environment, with the market maintaining a low level of activity as consumer acceptance of current tin prices remains low [2].
国泰君安期货所长早读-20250718
Guo Tai Jun An Qi Huo· 2025-07-18 01:48
1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The market is influenced by various factors including geopolitical events, economic data, and supply - demand dynamics in different industries. For example, the potential change in the 20% tariff on Chinese goods due to the fentanyl issue between the US and China is worth attention [7]. - Different commodities have different trends. Some are expected to rise, some to fall, and some to move within a range. For instance, gold is expected to oscillate upward, while tin's price is weakening [14][35]. 3. Summary According to Relevant Catalogs 3.1 Fentanyl Issue - Trump believes China will soon sentence fentanyl traffickers to death and is optimistic about reaching an agreement on illegal drugs with China. However, the Chinese Foreign Ministry stated that the fentanyl problem is the US's own issue, and the US's imposition of tariffs on fentanyl has damaged Sino - US cooperation in the anti - drug field. The 20% tariff on Chinese goods due to the fentanyl issue remains in effect, and whether it will change is worthy of attention [7]. 3.2 Commodity Recommendations by the Director - **Bean Meal**: Since mid - July, the domestic bean meal futures have stopped falling earlier than US soybeans and broken through the technical resistance level. The reasons are the strong sentiment in the domestic commodity market and the low - valuation advantage of bean meal. Although the short - term fundamentals are weak, there are no additional negative impacts. Once the US soybean price recovers, the bean meal price will break through. After the current rally, there is a risk of a pullback, and attention should be paid to the fundamentals such as the trade agreement, US soybean weather, and the August USDA report [8][9]. - **Caustic Soda**: In the short term, the supply and demand of the caustic soda market have not changed much, with sufficient supply and increased shipments to major downstream industries. The spot has no upward momentum, and the futures have been weak in the past two days. In July, the maintenance capacity of caustic soda has decreased significantly compared to June, and new capacity of 1.1 million tons may be added in July - August. The new capacity pressure is basically digested by exports. The demand is in the off - season, but the cost is strongly supported by the weak liquid chlorine. It is recommended to participate in the 10 - 1 spread arbitrage [11]. 3.3 Commodity Research Morning Report - **Precious Metals**: Gold is expected to oscillate upward, and silver is expected to break through and rise. The trend intensity of both is 1 [14][18][23]. - **Base Metals**: - **Copper**: The good US economic data supports the copper price. The trend intensity is 0 [14][26][29]. - **Zinc**: It is expected to move within a range, with a trend intensity of 0 [14][30]. - **Lead**: The downside may be limited, with a trend intensity of 0 [14][32][33]. - **Tin**: The price is weakening, with a trend intensity of - 1 [14][35][39]. - **Aluminum**: Attention should be paid to the marginal change in inventory. The trend intensity is 0. Alumina is expected to oscillate strongly with a trend intensity of 1, and cast aluminum alloy is weaker than electrolytic aluminum with a trend intensity of 0 [14][40][42]. - **Nickel**: The news affects market sentiment, and the fundamentals are under pressure. The trend intensity is 0. Stainless steel is in a game between reality and macro factors, and the steel price oscillates. The trend intensity is 0 [14][43][47]. - **Energy and Chemicals**: - **Carbonate Lithium**: Supply - side disturbances have emerged again, and the short - term trend may be strong. The trend intensity is 1 [14][48][50]. - **Industrial Silicon**: Warehouse receipts are accumulating, and attention should be paid to market sentiment. The trend intensity is 0. Polysilicon's futures may rise and then fall, with a trend intensity of 0 [14][51][55]. - **Iron Ore**: Supported by macro expectations, it oscillates strongly. The trend intensity is 0 [14][56]. - **Rebar and Hot - Rolled Coil**: The market sentiment remains strong, and they oscillate widely. The trend intensity of both is 1 [14][59][61]. - **Silicon Ferrosilicon and Manganese Silicide**: The steel procurement sentiment remains strong, and they oscillate widely. The trend intensity of both is 0 [14][63][65]. - **Coke and Coking Coal**: Coke has completed the first round of price increase and oscillates widely. The trend intensity is 0. Coking coal oscillates widely, and the trend intensity is 1 [14][66][68]. - **Steam Coal**: The daily consumption is recovering, and it oscillates and stabilizes. The trend intensity is 0 [14][70][73]. - **Log**: It oscillates widely [74].
研选行业丨贯穿产业链的小而美“刚需”赛道:14%年增速+ 210亿美元市场!四大龙头抢占Labless红利
第一财经· 2025-07-17 02:18
Group 1: Tin Industry Insights - The supply-demand gap and monetary easing signal a clear upward trend in tin prices, with three companies holding quality mines being recommended by institutions [3] - Global tin ore grades are declining, and cost pressures are increasing, while the macro environment is improving and demand expectations are positive, leading to a stronger pricing power for mines [3][5] - With the gradual easing of domestic and international monetary policies, asset prices are expected to benefit, potentially leading to a sustained increase in the central price of tin [3][7] Group 2: Third-Party Testing Industry Insights - The third-party testing industry is characterized by a "just-in-time" demand with a projected annual growth rate of 14% and a market size of $21 billion, driven by the semiconductor industry's expansion [8] - The demand for testing services is increasing due to the continuous R&D investments and capacity expansions by downstream integrated circuit companies [8][9] - The trend towards specialization in the integrated circuit industry is expected to benefit third-party testing laboratories, which offer higher efficiency and more objective results [8][9]
【期货热点追踪】缅甸佤邦锡矿出口即将恢复,锡价触及三周低点,市场供需和价格走势如何变化?
news flash· 2025-07-16 23:45
Group 1 - The core viewpoint of the article highlights the impending resumption of tin ore exports from the Wa State in Myanmar, which is expected to impact the market dynamics of tin prices and supply-demand balance [1] Group 2 - Tin prices have recently reached a three-week low, indicating potential volatility in the market as supply conditions change with the resumption of exports [1] - The market is closely monitoring how the supply from Myanmar will influence global tin prices and overall market trends [1]
新能源、有色组行业锡半年报:矿端干扰以及新能源边际下滑令锡供需两弱
Hua Tai Qi Huo· 2025-07-06 10:47
1. Report Industry Investment Rating - The investment rating for the tin industry is neutral [8] 2. Core Viewpoints of the Report - In the first half of 2025, the tin market showed characteristics of "weak supply and demand." The LME tin price first rose and then fell (from $38,000 to $32,000 per ton), and the main contract of Shanghai tin fluctuated between 240,000 and 280,000 yuan per ton [3][5][13] - The supply of tin ore remained tight. From January to May, the imported tin concentrate was 50,200 tons (-36.6%), the supply from Myanmar decreased by 80%, and the resumption of production in the Democratic Republic of the Congo was delayed, putting pressure on processing fees [3] - The refined tin production at the smelting end was 88,900 tons (-3.6%), and the production of recycled tin dropped sharply by 17.3% due to the impact of tariffs [3] - The demand was clearly differentiated. The electronics sector (integrated circuits +6.8%) supported high - end demand, while the photovoltaic industry showed signs of over - capacity [3] - In the second half of the year, in the context of relatively weak supply and demand, the tin price is expected to maintain a volatile pattern [5] 3. Summary According to the Directory 3.1 Price Fluctuation in the First Half of 2025 - The tin price showed a volatile trend of rising first and then falling. At the beginning of the year, affected by the delayed resumption of mines in Wa State, Myanmar, the tin ore supply was continuously tight, and the LME tin price once soared to $38,000 per ton. After March, with the gradual release of Indonesia's export quota, combined with the slowdown of photovoltaic installation growth and the interference of Trump's tariff policy, the tin price fell from its high to around $32,000 per ton. In China, the main contract of Shanghai tin fluctuated widely between 240,000 and 280,000 yuan per ton, and the high spot premium reflected the tight supply pattern [5][13] 3.2 Supply - side Overview 3.2.1 Low Processing Fees - Since August 2024, affected by the mining ban in Wa State, the domestic tin concentrate has been in a relatively scarce state. From January to May 2025, China's imported tin concentrate reached 50,200 tons, a year - on - year decrease of 36.57%. The imported concentrate from Myanmar was only 10,900 tons, less than 20% of the same period last year [16] - Another major source of concentrate, the Democratic Republic of the Congo, had its Bisie mining area suspended from March 13 to April 15. The first batch of goods shipped to China is expected to arrive in July. From January to May, the domestic imported tin concentrate from the Democratic Republic of the Congo was 12,900 tons, a year - on - year increase of 22.86%. If the shipment can remain stable, it will be an effective supplement to domestic ore sources [16] - The relative scarcity of the ore end has kept the ore - end processing fees at a low level. The actual processing fee in Yunnan is currently around 11,000 yuan per ton, and in other regions such as Jiangxi and Hunan, it is even lower, with some refineries dropping below 6,000 yuan per ton [18] 3.2.2 Smelting Output - From January to June 2025, the domestic refined tin output reached 88,900 tons, a year - on - year decrease of 3.60%. Due to the impact of Trump's tariff policy on tin solder, the output of recycled tin decreased more significantly, reaching 19,600 tons from January to June, a year - on - year decrease of 17.3%. Before the supply at the ore end is improved, it is difficult for the smelting output to increase significantly [6][25] 3.2.3 Tin Ingot Import and Export - From January to May 2025, the domestic refined tin imports reached 9,500 tons, a year - on - year increase of 30.91%, and the exports reached 9,600 tons, a year - on - year increase of 38.5%. In the second half of this year, as the photovoltaic sector may enter a stage of slow growth, the import volume may slow down, and it is expected to remain in a net export state in the next few months [30] 3.3 Terminal Situation Overview 3.3.1 Development of the Automobile Industry - In 2025, the global automobile market is undergoing profound changes, with the transformation of electrification and intelligence continuing to deepen. In the third - quarter traditional off - season, the market popularity is expected to exceed expectations due to the concentrated launch of flagship models with L3 - level autonomous driving capabilities. Domestic new - energy brands are expanding their market share with core technology breakthroughs such as 800V high - voltage platforms and solid - state batteries. Chinese car companies' overseas layout is paying off, and intelligent driving technology is rapidly iterating [31][34] - From January to May 2025, the domestic traditional automobile production reached 7.126 million vehicles, a year - on - year decrease of 4.44%, while the new - energy vehicle production reached 5.699 million vehicles, a year - on - year increase of 45%, and the export volume reached 789,000 vehicles, a year - on - year increase of 37.1% [34] 3.3.2 Home Appliance Industry - Since 2025, the Chinese home - appliance export market has faced significant pressure, mainly due to the continuous fermentation of the Sino - US trade dispute and the periodic weakening of global restocking demand. The traditional OEM export model is transforming into a new development path of "local production + brand operation + long - term in - depth cultivation." Different home - appliance varieties may face significant differentiation in the future, and the industry as a whole is less likely to maintain high - speed growth. After the strong export, there are signs of a decline. In the second half of the year, the home - appliance sector may not perform well under the situation of no obvious recovery in the real - estate market and great uncertainty in the foreign - trade environment [39][40] 3.3.3 Electronics Sector - The electronics sector is becoming an important demand growth point. Since the fourth quarter of 2024, the capital expenditures of three major Chinese technology giants (Tencent, Alibaba, and Baidu) have increased significantly. Even when the PMI data is relatively poor, the high - tech manufacturing industry remains at a relatively healthy level. From January to May 2025, the domestic integrated - circuit production and export volume increased by 6.8% and 21.13% respectively, and the Philadelphia Semiconductor Index has risen significantly since April [44] 3.4 Inventory Situation - At the beginning of the year, the trends of tin inventories at home and abroad were significantly different: domestic inventories continued to accumulate while overseas inventories decreased. After April, they both decreased synchronously. Overseas inventories decreased rapidly due to tight supply and are currently at a historical low. In China, high supply and high prices at the beginning of the year suppressed demand, leading to inventory accumulation. After the price decline in April, the rush to install photovoltaic panels drove restocking demand, and the increase in the proportion of long - term orders diverted inventory, promoting the inventory - reduction process. In the short term, the tight ore end supports the inventory - reduction trend, but as the supply from Wa State, Myanmar, and Indonesia recovers, the inventory may start to accumulate in the fourth quarter [51]
远期供应恢复明确 沪锡冲高回落【6月27日SHFE市场收盘评论】
Wen Hua Cai Jing· 2025-06-27 08:15
Group 1 - The U.S. first-quarter consumption has been revised down, leading to a drop in the dollar index below 97, a three-year low, while copper prices have surged, boosting non-ferrous metals [1] - Tin supply remains tight due to insufficient mining permits in Myanmar and transportation restrictions from Thailand, impacting tin imports [1] - Domestic processing fees are low, with smelters facing losses and reduced raw material inventories, resulting in smelter operating rates below normal levels [1] Group 2 - The recovery of tin supply is expected to improve with the resumption of transportation from African tin mines and the progress in Myanmar's production, although the timing and scale of recovery remain uncertain [1] - In the photovoltaic sector, orders for tin bars in East China have declined post-installation rush, leading to reduced operating rates among some producers [1] - The electronics sector in South China is entering a low season, with high tin prices causing a cautious approach among end-users, maintaining only essential orders [1][2]