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Summary of the Conference Call on Tin Sector Industry Overview - The tin market has experienced fluctuations in prices, with a peak of 300,000 CNY on April 2, 2025, driven by delays in the resumption of production in Myanmar and the suspension of operations at the Bisie mine in the Democratic Republic of Congo [2][5] - Tin resources are scarce, with a global reserve-to-production ratio of only 14 years, the lowest among major metals, and a declining trend [2][7] - China holds 23% of global tin reserves, with major production coming from China, Myanmar, and Indonesia [2][8] Key Points and Arguments - Price Trends: Tin prices rose until April 2, 2025, due to supply disruptions, but faced a decline after the announcement of U.S. tariffs. Prices have recently shown signs of recovery [2][5][6] - Cost Projections: By 2027, the global 90th percentile production cost is expected to rise to $33,800 per ton, a 32% increase from $25,600 per ton in 2022, providing strong support for tin prices [2][7] - Supply Dynamics: The processing fees for tin concentrate have reached a four-year low, indicating supply tightness. Domestic and international inventories have started to decrease, particularly due to low overseas supply [2][9] - Demand Drivers: China is the largest consumer of tin, accounting for 48% of global consumption. Key demand sectors include solder (50%), semiconductors (40%), and photovoltaics (11%). The semiconductor sector is expected to drive demand growth, especially during the traditional consumption peak in September [2][10] Additional Insights - Emerging Applications: New technologies in AI and robotics are expected to increase tin demand through applications in AI computing chips, conductive coatings, and 3D printing materials [5][10] - Company Performance: Leading companies like Tin Industry Co. have exceeded performance expectations in the first half of 2025, with future growth anticipated from tailings projects and expansions in production capacity [5][13] - Market Sentiment: The overall sentiment remains optimistic regarding tin prices due to tight supply conditions and macroeconomic factors such as potential U.S. interest rate cuts [4][15][16] Conclusion - The tin sector is poised for a positive outlook, supported by fundamental supply-demand dynamics and macroeconomic conditions that favor price increases in the near term [4][15][16]