[SMM Aluminum Morning Meeting Minutes: Middle East Geopolitical Risks Heighten Supply Concerns; Aluminum Prices to Trend Strongly Higher in the Short Term] Overall, although domestic social inventory continues to build up, the current geopolitical situation in the Middle East is the focus of global attention. If the geopolitical conflict continues, expectations for a tightening in global aluminum supply will remain strong, and aluminum prices will have strong upward momentum. In the short term, aluminum prices are expected to hold up well.

[SMM Analysis] Holiday Stability in Overseas Prices, Divergent Trading Performance HRC prices in Thailand and Malaysia mostly held steady. As the holidays largely coincided with those in the domestic market and shipments were affected by the Chinese New Year, overall transaction activity remained relatively weak. The galvanizing market in Thailand performed moderately, but due to low-priced resources capturing market share, downstream shipments were somewhat impacted, leaving limited room for price increases. Influenced by factors such as Ramadan, HRC trading in Indonesia also trended toward mediocrity, while overseas export offers remained stable amid a wait-and-see stance. However, supported by government policies promoting increased use of domestically produced steel in the local shipbuilding industry, medium and long-term demand for sheets & plates in Indonesia is expected to remain relatively optimistic.The Black Sea market recently exhibited overall calm, with FOB offers for HRC exports pulling back slightly compared to pre-holiday levels. Although some routine transactions were concluded, overall market activity remained sluggish. Despite tight spot supply in the domestic Indian HRC market, it remains range-bound due to weak overall procurement demand, lacking momentum for price increases. Turkish HRC export offers have seen slight increases, following the price hike trend among European producers. European and US markets face strong policy and cost disruptions: although the US Supreme Court overturned some previously imposed tariffs by the president, the subsequent announcement of new global tariffs of up to 15% has sharply heightened market risk aversion. In European markets such as Italy, steel mills are leading ex-factory price increases against a backdrop of tight spot supply. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Price Outlook, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Development Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc【Live from Lead-Zinc Summit】 SMM, April 10: Metal Market: By the close of the day, domestic base metals, except for SHFE tin, all rose, with SHFE copper leading the gains with a surge of 3.86%. SHFE zinc and SHFE nickel both rose over 2%, with SHFE zinc up 2.92% and SHFE nickel up 2.26%. SHFE aluminum and SHFE lead both rose over 1%, with SHFE aluminum up 1.85% and SHFE lead up 1.97%. Alumina main contract rose 1.27%. In addition, lithium carbonate main contract rose 1.53%, polysilicon main contract rose 1.01%, and silicon metal main contract rose 0.84%. The main contract for European container shipping surged 14.47%. In the overseas market, as of 15:03, overseas metals collectively rallied, with LME tin leading the gains with a surge of 5.23%. LME nickel rose 4.62%, and LME copper rose 4.35%. LME lead and LME zinc both rose over 3%, with LME lead up 3.15% and LME zinc up 3.38%. LME aluminum rose 2.98%. In the ferrous metals series, except for stainless steel, all rose, with stainless steel down 0.28%. Iron ore rose 3.06%, HRC and rebar both rose 2.01%. In the coking coal and coke sector, coking coal fell 0.38%, while coke rose 1.91%. In the precious metals sector, as of 15:03, COMEX gold rose 1.85%, and COMEX silver rose 2.5%. Domestically, SHFE gold rose 3.21%, and SHFE silver rose 3.44%. Marex analyst Edward Meir said: "If we enter a period of slow growth (which is our base case scenario), we believe interest rates will eventually fall and push gold higher, while inflation concerns will persist for most of the year due to tariffs. It is indeed possible to see $3,200 by the end of the month, or even earlier." Market as of 15:03 today 》Click to view SMM Market Dashboard Macro Front Domestic: 【NBS: March CPI Down 0.1% YoY, YoY Decline Narrowed Significantly; PPI Down 2.5% YoY】 Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for March 2025: In March, the Consumer Price Index (CPI) fell 0.4% MoM and 0.1% YoY, with the YoY decline narrowing significantly; the Producer Price Index (PPI) fell 0.4% MoM and 2.5% YoY. This was mainly affected by seasonal and international input factors. From a marginal perspective, the policy effects of boosting consumer demand have further emerged, with core CPI rebounding significantly, up 0.5% YoY. The supply-demand structure has improved, and prices have shown some positive changes. 》Click for details 【China’s SME Development Index at 89.5 in Q1, Highest Since 2020】 The China Association of Small and Medium Enterprises released today (10th) that in Q1 2025, China’s SME Development Index rose significantly, reaching the highest level since 2020. In Q1, China’s SME Development Index was 89.5, up 0.5 points from Q4 last year. SMEs in social services, industry, transportation, and information technology software performed the best. The operating rate of SMEs continued to rise, with the proportion of fully operational enterprises up 11 percentage points compared to Q4 last year. ► On April 10, the central parity rate of the RMB in the interbank foreign exchange market was 7.2092 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.2%. The minutes of the US Fed meeting released on April 9 showed that at the March Federal Open Market Committee (FOMC) monetary policy meeting, Fed officials noted the risk of stagflation in the economy. According to the FOMC meeting minutes from March 18-19, almost all Fed officials believed that inflation risks were tilted to the upside, while employment risks were tilted to the downside. Currently, traders are awaiting the US Consumer Price Index (CPI) to be released later today, as well as the Producer Price Index (PPI) on Friday. Data: Today, China’s March M2 money supply YoY (time uncertain from 0410-0417), China’s March social financing aggregate year-to-date, China’s March new yuan loans year-to-date, US March CPI YoY unadjusted, US March core CPI YoY unadjusted, US initial jobless claims for the week ending April 5, and US continuing jobless claims for the week ending March 29 will be released. Additionally, it is worth noting: 2027 FOMC voter and Richmond Fed President Barkin participates in a dialogue at the Washington Economic Club; the Fed releases the minutes of its March monetary policy meeting; RBA Governor Bullock speaks; the Bundesbank releases its monthly report; 2025 FOMC voter and Kansas City Fed President Schmid speaks on the economy and monetary policy; 2027 FOMC voter and Richmond Fed President Barkin delivers a speech titled "Navigating Economic Fog" at a summit and participates in a Q&A session. Crude Oil: As of 15:03, oil prices in both markets fell, with US oil down 0.43% and Brent oil down 0.53%, as trade concerns lingered and industry reports showed an increase in US crude oil inventories. The US Energy Information Administration (EIA) released an inventory report on Wednesday showing that in the week ending April 4, US commercial crude oil inventories increased by 2.6 million barrels to 442.3 million barrels, nearly double the market’s expected increase of 1.4 million barrels. IG market strategist Yeap Jun Rong said: "We expect oil prices to resume their downward trend once the optimism around the recent tariff suspension fades. Demand-side headwinds remain." Investors are also watching mixed supply-side factors. ANZ Research analysts said on Thursday: "Prices received some support after Keystone declared force majeure on oil shipments." But they warned that signs of increased OPEC supply pose downside risks to the oil market. The Caspian Pipeline Consortium (CPC) said on Wednesday that one of the two Black Sea mooring points that had been closed has resumed crude oil loading. (Wenhua Comprehensive) SMM Daily Review ► Aluminum Prices Rebounded Significantly, Secondary Aluminum Followed with Weak Enthusiasm【ADC12 Price Daily Review】 ► EMM Market Stalled, Spot Market Remained Stable【SMM EMM Daily Review】 ► Aluminum Prices Surged, Aluminum Scrap Followed the Rise【Aluminum Scrap Daily Review】 ► April 10: SHFE Aluminum Stopped Falling and Rebounded, Aluminum Billet Trading Remained Unoptimistic【Aluminum Billet Spot Daily Review】 ► Silver Rebounded After Negative Factors Exhausted, Market Trading Active【SMM Daily Review】 ► Rare Earth Prices Continued Fluctuating Trend, Market Trading Cooled Down【SMM Rare Earth Daily Review】 ► US Tariff Policy Eased, Stainless Steel Market Remained Stable and Watchful【SMM Stainless Steel Spot Daily Review】

【SMM Zinc Morning Comment】US Fed Governor Kugler: Current US Fed policy remains restrictive; Trump is considering a "two-step" strategy for his new tariff policy; Vance may visit Greenland on Friday; The US and Russia-Ukraine agree to ensure navigation safety in the Black Sea; White House: The US and Ukraine agree to ensure safe navigation in the Black Sea, the US commits to facilitating prisoner exchanges; Ministry of Commerce: Will work with relevant departments to introduce targeted measures for departure tax refunds, increase the number of tax refund stores...

Amid ongoing tariff disturbances, LME zinc recorded a bullish candlestick. Overnight, LME zinc opened at $2,939.5/mt, hitting a low at the opening. Initially, it fluctuated upward, reaching a high of $2,976/mt. During European trading hours, shorts reduced positions, causing SHFE zinc to fluctuate downward. However, LME zinc quickly rebounded towards the end of the session, recovering some losses, and finally closed up at $2,968.5/mt, an increase of $30/mt, or 1.02%. Trading volume rose to 79,506 lots, and open interest increased by 2,093 lots to 226,000 lots.

[SMM Morning Comment on Alumina: Spot Alumina Prices Decline, Short-Term Weak Performance Under Surplus Pattern] Recently, the tug-of-war between alumina buyers and sellers continues, with sporadic spot transactions in the alumina spot market. Transaction prices have seen a further slight decline, with the center generally at 3,200-3,300 yuan/mt. The domestic alumina export window has closed, and the total registered warrants in alumina futures delivery warehouses have exceeded 200,000 mt. Subsequent alumina exports and transfers to delivery warehouses are unlikely to provide sustained demand. On the fundamentals side, in the short term, alumina operating capacity is expected to fluctuate, with no significant decline anticipated. This week, the total national operating capacity of alumina reached 88.26 million mt. The fundamentals of alumina remain in a slight surplus pattern, and spot alumina prices are expected to fluctuate downward in the short term.