To align with the profound transformation trend of the global trade landscape, meet the new requirements for high-quality economic development in China, accelerate the process of establishing Shanghai as an international commodity trading center, international pricing center, risk management center, and supply chain hub, and implement the important instructions of Jining Chen, Secretary of the Shanghai Municipal Committee of the Communist Party of China, during his visit to SMM Information & Technology Co., Ltd. on February 6th—“SMM should vigorously promote the international pricing power of SMM metal and new energy price indices, leverage the platform's influence, and support the construction of Shanghai as an international pricing and trading center for metals and new energy materials.”
From November 24th to 27th, the Shanghai Metals Expo (SME) 2025, organized by SMM Information & Technology Co., Ltd. and SMM Trading Center Co., Ltd., was grandly held at the Grand Hyatt Shanghai in Shanghai, China
The conference featured rich content and diverse formats, including
- 2025 SMM Base Metal Year-End Strategy Conference
- 2025 SMM Lead and Zinc Annual Conference
- Tianjin Port Free Trade Zone Bulk Trade Investment Promotion Seminar
- SME 2025 - Main Forum and Metal Industry Outlook Seminar
- “Building Chains for Momentum, Advancing Towards Innovation”—Gaojing Town Bulk Trade Industry Ecosystem Investment Promotion Conference
- Negotiation and cooperation across Shanghai
- SMM Copper Raw Material Seminar 2025 (by invitation only)
- Optimization and Improvement of Secondary Lead-Related Mechanisms (by invitation only)
- SMM #1 Copper Cathode Price Submitter Seminar 2025 (by invitation only)
- SME 2025 Cocktail Reception
- SME 2025 Banquet Dinner
- Guest speeches, trading strategy interviews, panel sessions, and more...
With the theme of “Building a Global Metal Community of Shared Destiny · Promoting New Industrial Development Amidst Major Changes,” the conference aimed to become an annual industry event for the metal and related sectors that functions as an “information hub, pricing benchmark, trading platform, and networking circle.”
》Click to view the conference photo gallery
November 24
Speeches
2025 SMM Base Metal Year-End Strategy Conference
Speech: Market Outlook for Base Metals in 2026
Guest Speaker: Frank Liu, Director of Big Data, SMM Information & Technology Co., Ltd.
Speech: Analysis of the Competitive Landscape in the Aluminum Industry Chain from a Dual-Dimensional Perspective
Guest Speaker: Xizhi Yao, Chief Analyst, General Manager of Market Research Center, China Aluminum International Trading Group Co., Ltd
Trading Strategy Interview(Nickel, Cobalt, Lithium): The Evolution of New Balance and Arbitrage Logic in the Nickel, Cobalt, and Lithium Market Driven by Technological Iteration and Green Transformation
- The impact mechanism of resource supply landscape restructuring on the price fluctuations of nickel, cobalt, and lithium
- Material demand restructuring driven by battery technology iteration and inter-temporal/cross-product price spread strategies
- The impact of regional green barriers on the cost curve and price spread structure of nickel, cobalt, and lithium
- Cost structure reshaping and cross-link profit strategies in the vertical integration of the industry chain
Moderator:
Maria Ma, Head of Research in New Energy Industry, SMM Information & Technology Co., Ltd.
Panelists:
Yunhu Zhao, Deputy General Manager, Nantong Reshine New Material Co., Ltd.
Jiayan He, Vice President, Jiangxi Ganfeng Lithium Industry Group Co., Ltd./Tianqi Lithium Corporation
Xiaoshan Tan, Director of LFP Material Development, Guangzhou Great Power Energy and Technology Co., Ltd.
Trading Strategy Interview (Copper, Aluminum, Tin): Global Macroeconomic Outlook and Its Impact On Metal Market
- The Impact of Anti-globalization Challenges on Copper, Aluminum, and Tin Arbitrage between Futures and Spot Markets
- The Impact of Geopolitical Challenges on the Development of Copper, Aluminum, and Tin Markets
- Impact of Industry Chain Localization on the Development of Copper and Aluminum Industries
- The Impact of Mining Protectionism on the Cost Side of Copper, Aluminum, and Tin
Moderator:
Shum Long, Deputy General Manager, South China Office, SMM Information & Technology Co., Ltd.
Panelists:
Heng Zhang, General Manager, Western Mining Co., Ltd. Marketing Branch
Hongyan Ni, Deputy General Manager, Shanghai Eagle Metal Materials Co., Ltd.
Xiongjun Chen, Deputy General Manager, Yunnan Tin Co., Ltd.
Goya Gu, Head of Copper, China Region, Vitol(China) Energy Co. Ltd
Speech: Green and Low Carbon — The Development Path of Base Metals Under the "Dual Carbon" Goals
Guest Speaker: Yuan Tian, Key Account Manager, Sungrow Renewables Development Co., Ltd.
2025 SMM Lead and Zinc Annual Conference
Speech: Some Suggestions on the Terms of Lead and Zinc Ore Import Contracts
Guest Speaker: Jingjuan Zhang, Manager of Shaanxi Soft Micro Trading Co., Ltd.
Contract Pricing Terms
Conventional Pricing Operations
Buyer Pricing
The LME cash settlement price is used; the futures 3M price is priced, and then adjusted according to the QP.
Existing Issues
After all, LME visible inventory is very low, and fund speculation forcing short-covering or soft squeezes causes the LME cash settlement price to exceed the 3M price, forming a high backwardation.
Strategies
It is recommended to stipulate in the contract that when the LME cash settlement price is higher than the 3M price, the 3M price shall be used as the final settlement price at the time of pricing.
It is recommended to add a clause:
When the LME cash settlement price is higher than the 3M price, the 3M price shall be used as the final contract settlement price at the time of pricing.
Panel: Trading Opportunities in the Lead and Zinc Market in 2026
- How do you view the opportunities in the price spread between futures contracts for lead and zinc?
- Given the expected increase in zinc production by domestic smelters in 2026, how can one seize the domestic and overseas arbitrage opportunities?
- What is the expected outlook for zinc processing in 2026, and when will the increase in mine production materialize?
- With significant fluctuations in the SHFE/LME price ratio, what are the opportunities for importing and exporting lead-zinc ore/ingots in 2026?
- With the simultaneous implementation of policies to boost domestic demand and increase overseas tariffs, is there a promising outlook for lead-zinc consumption in 2026?
Moderator:
Wenming Xia, Senior Analyst, Lead and Zinc Group Industry Research, SMM Information & Technology Co., Ltd
Panelists:
Chunlin Wu, Deputy Manager, Chihong Industrial Development (Shanghai) Co., Ltd.
Jingjuan Zhang, Manager, Shaanxi Soft Micro Trading Co., Ltd.
Xiaomei Zhang, Deputy General Manager, Shanghai Eagle Metal Materials Co., Ltd.
Xiaoyan Zhou, Lead and Zinc Manager, Sanshui Industrial Co., Ltd.
Zihang Zeng, Research Director of Supply Chain Center, Zhejiang Hailiang Co., Ltd.
Weixin Shen, Chairman, Jiangsu Haibao New Energy Co., Ltd.
Speech: Analysis of the Current Situation and "Hot Topics" in the Consumer Market of the Zinc Industry in 2025
Guest Speaker: Ping Luo, Researcher, Jinrui Futures Co., Ltd.
Current Status and Hot Topics in the Zinc Industry Consumer Market
Differentiated Performance of Chinese Demand
Excluding durable goods, other consumer sectors such as real estate and infrastructure; based on the current situation, it is difficult to expect a fundamental turnaround.
Real estate is constrained by high levels of pending sale area, and is expected to remain poor in 2026.
Infrastructure procurement, fixed asset investment growth showed a pull back in H2 this year, funding for key projects also experienced a slowdown, infrastructure in 2026 is more reliant on government investment.
Steady Domestic Demand + Export Growth in 2026
Measured by element (processed goods + finished goods), the volume of China's overseas exports is increasing annually, at 4% in 2018, reaching 8% in 2024, and expected to reach 9% in 2025, totaling 680,000 mt of zinc, an 18% year-on-year increase.
Reviewing changes in major countries for galvanizing exports and the recovery of overseas processing capacity, Chinese products are still expected to have strong export advantages in 2026.
White goods and automobiles have a more pronounced advantage, so the export-oriented segment of China's consumption is expected to maintain growth in 2026.
Domestic zinc apparent consumption is projected to grow 0%-1% in 2025.
Speech: China's Lead-Zinc Market Under the US Reciprocal Tariffs
Guest Speaker: Zhaoming Shen, Director of Research Institute, CITIC Futures Co., Ltd.
2025 Lead Market Review
Lead prices generally exhibited a volatile upward trend in 2025, with high scrap battery prices providing solid bottom support. Since 2025, increased trade-in funds have stimulated e-bike and auto sales, the implementation of Document No. 770 has reduced operating rates at some regional secondary lead smelters, and US Fed interest rate cuts, along with eased China-US trade relations, have all contributed to periodic strength in lead prices.
2025 Zinc Market Review
The zinc ingot oversupply materialized relatively smoothly in 2025, leading to a gradual decline in the SHFE zinc price center. However, in Q3, expectations of domestic "anti-involution" policies triggered a sharp rise in ferrous metal prices, prompting galvanized product traders to rush to buy amid continuous price rise and hold back amid price downturn. Simultaneously, influenced by the decline in the US dollar index, the SHFE zinc price center stopped falling and stabilized since Q3. Nonetheless, due to low zinc smelting TC Benchmark in 2025, overseas zinc smelters had weak incentives to increase production. LME zinc inventory continued to draw down, triggering a short squeeze. Combined with a weaker US dollar index providing more significant support to LME zinc, LME zinc prices first declined and then rose during 2025.
Speech: How Will the Prices of Lead and Zinc Evolve in 2026 Under Supply-Demand Mismatch?
Guest Speaker: Zhen Han, Senior Manager of Industry Research (Lead and Zinc)
Zhen Han shared insights on the topic "How will the prices of lead and zinc evolve in 2026 amid supply-demand mismatch?". She pointed out that looking ahead to 2026, the global zinc concentrate market is expected to shift to a tight supply situation, while the zinc ingot market may see a significant oversupply. For the lead market, SMM expects the current global refined lead market to be in a state of tight supply, with the lead market likely to show a slight oversupply in 2026, with the surplus mainly concentrated domestically.
Global Zinc Concentrate Production Increased Significantly in 2025, Growth Expected to Narrow in 2026
SMM expects global zinc concentrate production to increase by over 5% YoY in 2025, driven by new capacity releases and production resumptions. The increments are relatively concentrated by continent, with significant growth in Europe, the CIS, Latin America, and Africa.
Although mines will continue to ramp up production in 2026, overall production growth is expected to narrow to below 4%, due to declining raw ore grades and reduced zinc concentrate production in Latin America and North America.
Profit Support + New Capacity Release: Domestic Zinc Concentrate Production Expected to Increase by 70,000 mt in 2025
For domestic zinc concentrates, SMM expects that, supported by mine profits in 2025, most mines will resume normal production, coupled with the steady release of new capacity, leading to an estimated annual zinc concentrate production increase of around 70,000 mt YoY. The main increments are concentrated in the Northwest, North China, and Central China regions.
Zinc Concentrate Imports Projected to Increase to Around 5 Million mt in Physical Content in 2025, Imports Expected to Decline YoY in 2026
From January to October 2025, cumulative zinc concentrate imports reached 4.348 million mt in physical content, up over 36% YoY, with overall imports remaining high, mainly due to increased overseas mine production and sustained long-term contract arrivals. In 2026, although the import ratio is unfavorable, mines from major overseas sources supplying the domestic market (such as those in Russia and Iran) are still expected to see increments, and imports are projected to be basically flat.
However, it should be noted that the "New National Standard" replaces GB/T 20424-2006 and was officially implemented on September 1, 2025. Among the changes, a TI limit of 0.02% was added for zinc concentrates, and the AS limit was adjusted from 0.6% to 0.5%. The import standard for zinc concentrates has been raised.
Tianjin Port Free Trade Zone Bulk Trade Investment Promotion Conference
Guest Check-in
Opening Address
Tianjin Port Free Trade Zone Promotional Video
Promotion of New Opportunities in the Nonferrous Metals Industry Development in Tianjin Port Free Trade Zone
Remarks by Representative Outstanding Enterprises
Strategic Signing Ceremony
Networking Session
Cocktail Reception
Check-in
That's the end of Day 1.
Please stay tuned to our exciting and insightful events on Day 2 and Day 3:
- Main Forum: SME 2025 Shanghai Metals Expo
- 2025 SME Metals Future Outlook Seminar - Insights・Strategy・Tomorrow
- "Forging Synergy, Advancing with Innovation" — Investment Promotion Seminar for the High-End Trade Industry Ecosystem of Gaojing Town
