The 2025 2nd SMM Southeast Asia Automotive Supply Chain Conference was successfully held, featuring the on-site launch of 10 new car models, Southeast Asia brand strategies from three automakers, and SMM Thailand local steel prices. The event facilitated efficient matchmaking between 12+ buyers and 60+ suppliers, preliminarily establishing a communication platform for the entire industry chain of Southeast Asian automotive. Currently, the Southeast Asian NEV industry is entering a critical development phase, with Thailand, Indonesia, and Vietnam each making their own strategic deployments and breakthroughs, while the industry also faces challenges such as supply chain restructuring, competition among technology routes, and localization compliance. Thanks to the support from all parties, SMM's Thailand and Indonesia local pricing systems have been implemented and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 2026 3rd Conference will focus on three core themes: exploring the NEV auto sales potential in Southeast Asia; connecting the last mile of the supply chain and integrating regional industry chain resources; and advancing SMM Southeast Asia metal pricing from a price reference to a transaction benchmark, implementing procurement applications for electrification materials and establishing an executable pricing system. We firmly believe that true progress comes from turning consensus into action. At this conference, BEST sincerely invites you to gather again in Bangkok, to jointly transform strategic blueprints into market competitive advantages, to witness and participate in this extraordinary and far-reaching industry event, and to co-create a brilliant new chapter! Click the to register now. Booth No.: B04 BEST (300580), founded in 1997, is a national-level high-tech enterprise. With total corporate assets exceeding 3.9 billion yuan and more than 2,000 employees, it stands as a leading enterprise in the field of intelligent precision manufacturing. Wuxi Best Precision Machinery Co., Ltd. (Stock Code: 300580), founded in 1997, is a national-level high-tech enterprise. With corporate total assets exceeding 3.9 billion yuan and more than 2,000 employees, standing as a leading enterprise in the field of intelligent precision manufacturing. With nearly 30 years of in-depth dedication to precision intelligent manufacturing, BEST has established three key business segments: First, R&D and manufacturing of precision parts, intelligent equipment, and tooling fixtures; Second, core components for NEVs, hydrogen fuel cells, energy storage systems, and liquid cooling systems of computing power centers; Third, linear motion functional components for industrial machine tools, humanoid robots, and other industries, fully covering core high-end manufacturing tracks. With nearly 30 years of in-depth dedication to precision intelligent manufacturing, Wuxi Best have established three key business segments: first, the R&D and manufacturing of precision components, intelligent equipment and tooling fixtures; second, key parts for new energy vehicles, hydrogen fuel cells, energy storage systems and liquid cooling systems of computing power centers; third, linear motion functional components for industrial machine tools, humanoid robots and other industries, fully covering core high-end manufacturing tracks. The company has established three modern production sites in Wuxi, Anhui, and Thailand. Leveraging the coordinated development of four major industry chain sectors—tooling, casting, precision processing, and intelligent manufacturing—it has built competitive advantages across the entire industry chain, with annual revenue exceeding 1.5 billion yuan. Its clients span the globe, including renowned enterprises such as Garrett, Cummins, and BMW. In 2024, BEST invested and established BYH New Technology Co., Ltd. in Amata City Industrial Estate, Chon Buri, Thailand, covering an area of 80,000 m², with a focus on high-end casting and precision processing to accelerate its expansion outside China. The company has built three modern production bases in Wuxi, Anhui and Thailand. Supported by the coordinated development of four major industrial sectors including tooling, casting, precision processing and intelligent manufacturing, it has formed full-industry-chain competitive advantages with annual operating revenue exceeding 1.5 billion yuan. Its global clients include renowned enterprises such as Garrett, Cummins and BMW. In 2024, Best invested and established BYH New Technology Co., Ltd. in Amata City Industrial Estate, Chon Buri, Thailand. Covering an area of 80,000 square meters, the subsidiary focuses on high-end casting and precision processing to accelerate overseas business expansion. Main Products Adhering to the philosophy of precision craftsmanship and intelligent manufacturing, and backed by mature processes, stringent quality control, and intelligent production lines, the company offers customized products and integrated intelligent manufacturing solutions. We sincerely invite global clients to discuss cooperation for mutual development! Adhering to the philosophy of exquisite craftsmanship and intelligent manufacturing, the company provides customized products and integrated intelligent manufacturing solutions backed by mature technologies, strict quality control and intelligent production lines. We sincerely welcome global business partners to discuss cooperation and seek win-win development! Contact Information Contact Contact Us Yan Caowei 15618581967

Recently, Hunan Angzhu Environmental Protection Technology Co., Ltd. signed an APP advertising cooperation agreement with SMM (Shanghai Metals Market). This partnership aims to expand pragmatic cooperation and promote industry exchange, thereby achieving deepened collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its advantages as a leading non-ferrous metals industry service platform to provide Hunan Angzhu Environmental Protection Technology Co., Ltd. with a one-stop online marketing solution through comprehensive online display, forming a virtuous cycle between production and market, and realizing mutual value for both parties. Hunan Angzhu Environmental Protection Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City, Hunan Province. It is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. Hunan Angzhu Environmental Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City,Hunan Province. it is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. With pyrometallurgy #1 lead as its core product, the company has an annual capacity of 200,000 mt (based on pyrometallurgy #2 refined lead). It also engages in primary lead, lead-calcium alloy, lead-antimony alloy, secondary lead, and secondary refined lead businesses, building an entire industry chain service system from raw material procurement to finished product sales. Taking Pyrometallurgical Grade 1 Lead as its core product, the company has an annual production capacity of 200,000 tons (calculated by Pyrometallurgical Grade 2 Lead). It also engages in businesses such as electrolytic lead, lead-calcium alloy, lead-antimony alloy, recycled lead and recycled refined lead, and has built a full-industry-chain service system from raw material procurement to finished product sales. Core Strengths 1 Environmental Protection First Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to achieve the recycling of wastewater, waste gas, and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to realize the recycling of wastewater,waste gas and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. 2 Technology-Driven The core management team has 20 years of industry experience, has established a three-level quality inspection system, and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through intelligent equipment upgrades, production efficiency has increased by 40%, saving over 20 million yuan in annual production costs. The core management team has 20 years of industry experience, has established a three-level quality inspection system and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through the intelligent transformation of equipment, production efficiency has increased by 40%, saving more than 20 million yuan in annual production costs. 3 Social Responsibility The company has cumulatively created over 200 jobs and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City." It has established industry-university-research cooperation with Central South University and trained over 50 professional and technical talents. It has created more than 200 jobs cumulatively and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City".It has established industry-university-research cooperation with Central South University and trained more than 50 professional and technical talents. Business System • Raw Material Procurement: Crude lead, secondary crude lead • Main Products: Pyrometallurgy #1 lead (national standard GB/T 469-2023), primary lead, alloy lead • Trade Services: Providing value-added services such as warehousing and logistics, futures hedging, and supply chain finance Development Vision Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future," the company plans to establish a provincial-level technology center by 2026 and strives to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future", the company plans to establish a provincial-level technology center by 2026 and strive to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Contact Information Lin Yuancai 139757991777/18768272777 SMM Contact Cao Juanjuan caojuanjuan@ly10000.com 19521491689

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently necessitating innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently require breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry cooperation and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference is expected to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the silver industry to new heights. Click to register immediately, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the principle and business philosophy of "products reflect character, quality is life, aligning with the world, and creating international brands," and has successively obtained 6 national invention patents and 31 utility model patents, passed ISO triple system certification, and is a Shanxi Province high-tech new-type enterprise, a "single champion in high-end foundry briquette coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) is a national " 12th Five-Year Plan" and "13th Five-Year Plan " encouraged project. This technology is a domestic first and world-leading, and fully aligns with the "Six New " strategy currently proposed by the state, serving as a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series products, which are "Jinwu Brand" high-end foundry briquette coal (briquette coke) produced with anthracite as the main raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises such as Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu Brand" foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu Brand " carburizer is produced using high-quality anthracite and petroleum coke as the main raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby improving the nucleation capacity of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Elevation of Strategic Attributes** The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy models, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the 2026 SMM (16th) Tin Industry Chain Conference , to be held on August 19-21 in Changsha, Hunan , will bring together global industry elites for in-depth discussions. Dongguan Tenghui Tin Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click the to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Founded in 2009, Tenghui Tin is located in Dongguan, Guangdong Province. Since its establishment, the company has been dedicated to refined production and deep processing in the solder tin industry. With high-quality products, outstanding reputation, and excellent services, it has earned widespread industry recognition and has grown into a reliable and trusted producer in the industry. Tenghui Tin boasts a professional management team and production team, and has established long-term, stable cooperative relationships with suppliers across the country. The company adheres to reasonable pricing, trustworthiness, and contract compliance, winning the trust of a broad client base. We possess the most comprehensive production equipment and process flows in the industry, with daily refined tin output reaching 30 mt. We are equipped with advanced detection equipment such as desktop Spectro direct-reading spectrometers and handheld spectral guns, enabling us to provide clients with professional detection services. In terms of corporate culture, Tenghui Tin Industry upholds the mission of "cooperating with sincerity, operating with integrity, pursuing excellence in business, dedicating to environmental protection, and becoming China's most professional non-ferrous metal resource recycling enterprise." We pursue excellence, value every detail, and are committed to providing clients with satisfactory value-added services and high-grade products. Every employee of the company understands that clients are the source of our livelihood, and their attention and patronage are the greatest reward for us. We advocate integrity, innovation, quality, and service, always centering on clients. Through continuously improving our technical capabilities and service quality, we strive to provide clients with the best solutions. Tenghui Tin Industry is not merely a producer, but also a socially responsible enterprise. We are dedicated to environmental protection and hope to make positive contributions to society and the environment through our efforts. Whenever you need, just one supply call and we will come to serve you in the shortest time possible. We welcome all organizations, companies, enterprises, and individuals to come and discuss cooperation and inquire about prices. We look forward to joining hands with you to create a bright future together. Main business: Production and sales of national standard white board refined tin, foil tin, 305 tin materials, standard-compliant tin-copper, 0307 tin materials, 63/37 tin materials, national standard silver board, and other products. Contact Information Liao Huaiqing 13714200395 Liao Guoxiong 13828701483 Long press to scan the code and register now 2026 SMM (16th) Tin Industry Chain Conference

Against the backdrop of the global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener development. On the other hand, resource constraints, technological barriers, and market fluctuations impose higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue on three core topics: technological R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Quanda New Materials (Ningbo) Co., Ltd. / Ningbo Haoshun Precious Metals Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Chen Yongda, who has over twenty years of experience in the silver industry, building upon his existing silver distribution business to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the scenic Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory enterprise specializing in the production of silver nitrate using silver as the primary raw material, with a designed capacity of 5,000 mt/year, and is a key supported enterprise of the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict quality detection procedures and has established an internal R&D center staffed with dozens of mid-to-senior-level professional and technical personnel. The company's product quality is consistently among the leading levels in the domestic peer industry, with products widely applied in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing clients with more value-added services through quality products, efficient services, and reasonable prices. Contact Information Ms. Shi 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial distribution enterprise primarily engaged in the supply of precious metal silver raw materials in China and customized silver crafts services. It is a standing council member of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association (CNIA). Since its establishment and operation, the company has consistently adhered to the business philosophy of "being down-to-earth, operating with integrity, and achieving mutual benefit." It upholds the business cooperation principle of "creating value together, sharing results together, and winning the future together." After years of development and growth, the company has established long-term and stable cooperative relationships with multiple well-known silver mine enterprises in China. Its supply and sales channels have become stable, and it has selected a group of strategic partners with strength, credibility, quality, and service orientation. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing a strong guarantee for the company's steady and high-quality development. Its industry reputation, market influence, and corporate soft power are all gradually strengthening. Its spot silver trading volume has been at the industry-leading level for consecutive years. A modern commercial distribution enterprise with a maturing management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. is expected to align with the major trend of silver consumption upgrading in the new era, proactively innovate and adapt, employ flexible and elastic trading models, adopt a strict risk control system, and leverage timely and efficient services. The company will strive to anticipate clients' needs and fulfill their requirements, endeavoring to provide clients with diversified and more value-added services. As the ancients said, " When one calls with the wind at his back, his voice is no louder, yet it is heard more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will stay true to its original mission of serving the National Silver Enterprise Annual Conference. On the road ahead, it will willingly serve as a practitioner of honest and trustworthy trading in the silver industry market, a driver of integrated coexistence and win-win cooperation among enterprises, and a contributor to the steady, prosperous, and sustainable development of the industry. Contact Information Mr. Yao 13817213537 Tel: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo, Zhejiang Province Press and hold to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

SMM, May 22: Cobalt product prices showed mixed performance this week. Refined cobalt spot prices rose by 2,000 yuan/mt over the week, with downstream buyers still purchasing as needed. Cobalt salt performance was relatively weak, with cobalt sulphate, cobalt chloride, and Co3O4 spot prices all recording varying degrees of decline. The overall market performance was sluggish, still awaiting feedback from subsequent downstream production schedules... SMM compiled the price fluctuations of cobalt products this week, as follows: : According to SMM spot prices, refined cobalt spot prices fluctuated upward this week. As of May 22, refined cobalt spot prices rose to 424,000-430,000 yuan/mt, with an average price of 427,000 yuan/mt, up 2,000 yuan/mt from May 15, a gain of 0.47%. Fundamentals: Supply side, mainstream smelters maintained stable quotes this week, with trader spot-futures price spreads stable at parity to a premium of 8,000-10,000 yuan/mt. Demand side, downstream alloy and magnetic material enterprises continued purchasing as needed, maintaining control over raw material inventory levels. The metal price spread between refined cobalt and low-priced cobalt salts remained at a low level, and cobalt salts were difficult to sell, making enterprises reluctant to re-dissolve cobalt salts to produce refined cobalt. The market is likely to continue its volatile pattern in the short term, and price rises still depend on effective support from cobalt salt prices. Cobalt salts ( and ): : According to SMM spot prices, cobalt sulphate spot prices continued to edge down this week. As of May 22, cobalt sulphate spot prices fell to 92,000-95,000 yuan/mt, with an average price of 93,500 yuan/mt, down 1,000 yuan/mt from 94,500 yuan/mt on May 15, a decline of 1.06%. According to SMM, on the supply side of cobalt sulphate this week, mainstream brand price centers shifted down to 92,000-95,000 yuan/mt; some smelters and traders, under capital turnover pressure, again made concessions on shipments, with low-priced sources dropping to 88,000-89,000 yuan/mt. Demand side, downstream enterprises still primarily consumed earlier inventory, with weak procurement enthusiasm, only making small just-in-time procurement for restocking. Some downstream sources reported that LCO production schedules fell short of expectations, and they maintained a wait-and-see stance before orders were confirmed. Cobalt sulphate prices are likely to continue fluctuating in the short term, with subsequent recovery still dependent on the release of downstream restocking demand. : According to SMM spot prices, cobalt chloride spot prices also declined this week. As of May 22, cobalt chloride spot prices fell to 112,000-115,500 yuan/mt, with an average price of 113,750 yuan/mt, down 1,750 yuan/mt from 115,500 yuan/mt on May 15, a decline of 1.52%. From the spot market perspective, according to SMM, cobalt chloride market transactions were mediocre this week. Supply side, top-tier players continued to hold prices firm, refusing to sell at low prices, providing strong support for cobalt chloride prices; while small and medium-sized producers, constrained by capital recovery and performance pressure, proactively lowered quotes, but even with price cuts, transactions were difficult to conclude, leading to continued price declines. Demand side, downstream enterprises, affected by weak demand and inventory accumulation, maintained persistently low purchase willingness. SMM believes that current cobalt chloride prices already have strong support, with limited possibility of further decline, and holds an optimistic view on the market outlook. From a cost perspective, prices are expected to rebound subsequently, but upside room is limited, with the estimated period around June. : According to SMM spot prices, Co3O4 spot prices showed a volatile downward trend this week. As of May 22, Co3O4 spot prices fell to 353,000-363,000 yuan/mt, with an average price of 358,000 yuan/mt, down 5,500 yuan/mt from 363,500 yuan/mt on May 15, a decline of 1.51%. According to SMM, the Co3O4 spot market continued its sluggish pattern this week. Supply side, enterprises found it difficult to maintain high prices and lowered prices to ship, but even so, product inventory continued to accumulate. Demand side, downstream LCO material enterprises still primarily relied on client-supplied materials plus long-term contracts, with spot order procurement volumes continuing to decline; meanwhile, affected by weak demand, some enterprises proactively slowed down their long-term contract cargo pick-up pace. Looking ahead, the subdued Co3O4 market is expected to persist for an extended period, but the price outlook remains positive, though support comes more from the cost side, with supply-demand and procurement factors having relatively limited impact. Regarding raw material cobalt intermediate products: According to SMM spot prices, cobalt intermediate product spot prices remained stable this week. As of May 22, cobalt intermediate product (CIF China) spot prices held steady at $25.8-26.2/lb, with an average price of $26/lb. According to SMM, on the supply side of cobalt intermediate products this week, suppliers maintained firm bullish expectations, with quotes consistently held above $26/lb. Demand side performance was stable; affected by weak cobalt salt prices, downstream smelters only made just-in-time procurement, with some non-standard products transacting near $25/lb. On the quota front, 2025 Q4 miner quota approvals were largely completed, while Q1 quota approvals were slower due to procedural constraints; coupled with tight logistics capacity in the DRC, where cobalt cargo had lower transportation priority, the arrival of large-volume shipments to China may be further delayed . In the short term, dragged by weak demand, prices are likely to remain stable, but after downstream orders materialize and restocking demand is released, intermediate product prices still have upside room for recovery. News: According to Webstock Inc., on May 18, Ilya Epikhin, Global Head of Natural Resources at consulting firm Arthur D. Little, stated that 2027 could see the first deep-sea mineral extraction, with copper, cobalt, and nickel being "mined" from the ocean for the first time. It is reported that polymetallic nodules on the seabed (containing 28%-30% manganese, 1% copper, 1% nickel, 0.2%-0.7% cobalt) are found at depths of 4,000-6,000 meters, with concentrations ranging from 5-15 kg per m², with the Clarion-Clipperton Zone in the North Pacific being the world's most resource-rich area for nodules. Corporate developments: On May 12, XTC New Energy Materials (Xiamen) was asked about the impact of cobalt raw material price increases on the company. XTC New Energy Materials (Xiamen) responded that the company is one of the world's largest cobalt consumers, maintaining long-term close cooperation with upstream enterprises, with stable cobalt raw material supply. In the 3C consumer electronics sector, clients focus more on LCO performance, so the negative impact of cobalt raw material price increases on the company's operations is relatively small. In terms of inventory management, the company adheres to a "short lead time, fast turnover" business strategy, building a robust raw material supply chain. Public information shows that XTC New Energy Materials (Xiamen)'s main products include LCO, ternary cathode material (including high-nickel ternary), and LFP, with its ternary cathode material firmly positioned in the industry's first tier. In 2025, the company actively seized demand growth opportunities from national device trade-in subsidy policies and increased battery capacity in 3C consumer devices driven by AI functions, closely addressing core client needs, fully leveraging its leading high-voltage LCO technology advantages, supplying first-tier smartphone and laptop brands, achieving full-year LCO sales of 65,300 mt (of which 4.5V and above high-voltage products accounted for 58%), with sales up 41.31% YoY. Tengyuan Cobalt mentioned its existing capacity in a previously released investor activity record. It stated that as of the end of Q1 2026, the company had capacity of 31,500 mt in metal content for cobalt products (including 8,000 mt in metal content for refined cobalt), 10,000 mt in metal content for nickel products, 10,000 mt in metal content for manganese products, 60,000 mt for copper products, 20,000 mt for ternary cathode precursor, 10,000 mt for Co3O4, and 5,000 mt for lithium carbonate. Additionally, when investors asked about the company's outlook on cobalt market trends this year, Tengyuan Cobalt stated that the strategic value and demand potential of cobalt are being redefined, with its resource attributes being continuously strengthened. Furthermore, as AI drives the emergence of new sectors such as humanoid robots, low-altitude economy, and robotic dogs, the accelerated industrialisation of ternary solid-state batteries will become the core new engine for cobalt demand growth, opening up medium and long-term, certain, and substantial incremental cobalt demand. Combined with cobalt's essential demand attributes, its growth potential will continue to shift upward.