SMM May 28 update: The minor metal sector strengthened on May 28. As of the close on May 28, the minor metal sector rose 3.44%. In terms of individual stocks: Sino-Platinum Metals, Yunnan Germanium Industry, and China Molybdenum hit the daily limit, while China Minmetals Rare Earth, China Tungsten And Hightech, China Northern Rare Earth, and China Rare Earth led the gains. On the news front: According to authoritative local media in Zimbabwe and Xinhua News Agency, the Zimbabwean government recently issued the Mineral Classification and Declaration, explicitly listing lithium and other high-value minerals as "critical minerals" subject to equity and export controls. The critical minerals involved include 14 types: lithium, nickel, cobalt, graphite, copper, rare earth elements, chromium, platinum group metals (PGMs), manganese, antimony, uranium, ruthenium, tungsten, and niobium. The market is focused on the impact of tightening resource-country policies on global supply chains, with sentiment warming for minor metal varieties such as antimony and tungsten. Spot market Tungsten According to SMM pricing, on May 28, the average price of wolframite concentrates (≥65%) was 415,500 yuan/standard tonne (65%WO3 basis), up 1.22% from the previous trading day. Notably, after wolframite concentrates previously experienced a 61.88% decline over more than two months, driven by increased purchasing demand in the tungsten market, tungsten prices saw a rebound over two trading days. Currently, transactions in the tungsten concentrates market have improved, suppliers are bullish and hold back from selling, high-grade ore sees an upward shift in transaction center, while medium and low-grade ore circulates more but price increases appear lackluster. Downstream APT industry operating rates have slightly improved, but with limited new orders in the industry, smelters are cautious in restocking, with only small volumes of spot orders and large orders transacted in the market. Regarding the tungsten outlook, in the short term, driven by orderly inventory destocking, the return of downstream rigid demand, and the formation of pricing consensus among industry leaders, the tungsten market has overall entered a consolidation-at-lows and recovery phase. Going forward, key attention should be paid to the execution of long-term contracts and the pace of end-use demand recovery. According to SMM surveys, downstream cemented carbide alloy enterprises have seen inventory drop to low levels, with expectations of rigid restocking demand, but influenced by the market not yet being fully stabilized, enterprises remain cautious in procurement, generally adopting a small-order purchasing model. If upstream raw material inventory continues to be cleared and supply-demand imbalances are alleviated, tungsten prices are expected to enter a stabilization and consolidation phase in June-July. In the medium and long-term, the gap in Q3 mining quota transitions may lead to a contraction in market supply, coupled with expectations of the traditional September-October peak season, the industrial supply-demand structure will continue to optimize, thereby providing bullish support for tungsten prices. Rare Earths After the rally on May 27, the average price of Pr-Nd oxide on May 28 fell 1.79% from the previous trading day, and inquiries in the rare earth oxide market were sluggish on the 28th. Affected by futures price fluctuations combined with periodic restocking by some major producers, Pr-Nd oxide prices fluctuated frequently this week. Upstream and downstream players continued their stalemate, with suppliers maintaining relatively firm offers overall, while downstream metal producers maintained a strong wait-and-see sentiment and showed low purchase willingness at high prices. Absent other news-driven factors, Pr-Nd oxide is expected to remain in the doldrums in the short term before any significant change in the supply-demand relationship. Institutional Views Huafu Securities noted in its research report dated May 24, when commenting on other minor metals: rare earths performed weakly, while tantalum pentoxide surged during the week. In the rare earth market, end-use demand from downstream magnetic material sectors remained weak, with no large-scale concentrated restocking observed — only sporadic rigid-demand small orders were transacted, and the demand side consistently failed to provide effective support for the market. Market sentiment fluctuated significantly, with frequent tug-of-war between longs and shorts. Overall industry confidence was insufficient, with a notable stalemate between upstream and downstream on offer and bid prices, and significant divergence within the industry regarding the outlook for subsequent market trends. On Friday, the market maintained a wait-and-see attitude, awaiting changes in the magnetic material restocking pace and a recovery in downstream demand. Individual stocks: for antimony, Hunan Gold, Huaxi Nonferrous, and Huayu Mining are recommended; for molybdenum, China Moly, China Gold, and CMOC; for tungsten, Jiaxin International Resources, China Tungsten High-Tech, Xiamen Tungsten, and Zhangyuan Tungsten; for rare earths, China Rare Earth, China Northern Rare Earth, JL MAG Rare-Earth, and Xiamen Tungsten. Kaiyuan Securities' mid-year 2026 investment strategy for the metals sector indicated: Copper: Supply side, most ex-China miners continued to face declining ore grades and recovery rates, with disruption factors persisting (Ivanhoe's Kamoa-Kakula copper mine, Codelco's El Teniente copper mine). Although China's domestic enterprises added incremental capacity, the overall increase was limited. Under optimistic assumptions, global supply growth from 2026 to 2027 may fall below 2%. Demand side, power demand in both China and the U.S. maintained high growth rates in H1, which is expected to contribute marginal incremental copper demand. Kaiyuan Securities believes that the supply-demand structural imbalance for copper will become more pronounced in 2026, supporting a rise in the copper price center. Lithium: Supply side, capital expenditure in the lithium industry contracted and supply discipline gradually took shape. Combined with frequent disruptions, supply elasticity in the lithium industry has declined notably compared to before. Meanwhile, energy storage demand sustained high prosperity, driving gradual improvement in the lithium demand structure and marginal easing of inventory pressure. Lithium prices are expected to see a phased recovery. Lithium enterprises with resource security, low-cost advantages, and integrated layouts are expected to see earnings recovery elasticity outperforming the industry average. Lithium mine and lithium chemicals companies with high resource self-sufficiency rates and strong cost control capabilities are worth watching. Tungsten: As a strategic metal where China holds a dominant position, tungsten ore supply is constrained by resource depletion, environmental protection, and other factors. Combined with the government's total volume control on tungsten ore mining, tungsten ore production release remains limited. Demand side, emerging sectors are boosting tungsten demand, which is expected to provide long-term support for tungsten prices. According to a CITIC Securities research report, the current metals sector valuation remains at a reasonable level, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and a valuation rebound is still anticipated. Sector dividends have pulled back slightly, but the projected dividend yields of some individual stocks still exceed 5%. Looking ahead to 2026, liquidity shocks are expected to ease, supply disruptions are expected to occur frequently, and certain downstream sectors are expected to sustain relatively high prosperity. It is recommended to maintain a focus on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold sectors. Recommended Reading:

On May 14-15, 2026, the SMM WCCE 2026 (4th) Wire & Cable Industry Development Conference and Industrial Exhibition will grandly open at the Suzhou International Conference Hotel, focusing on precise matchmaking across the cable industry chain. With full-chain resource integration and efficient supply-demand matching at its core, the exhibition builds a quality bridge for business negotiation and technical exchange among industry partners. Shaanxi Kunlan Cable Manufacturing Co., Ltd. has a team of professional technical personnel and workers, and has established a provincial-level enterprise technology R&D center, providing strong technical assurance for product quality control, improvement, and new product R&D. As a modern technology-oriented manufacturing enterprise integrating R&D, production, sales, and services, the company has always focused on wire and cable. It will showcase a variety of high-quality wire and cable products in multiple specifications at the exhibition, injecting new vitality into the industry. Shaanxi Kunlan Cable Manufacturing Co., Ltd. was established on April 19, 2016. It is a modern professional wire and cable manufacturing enterprise integrating R&D, production, sales, and technical services . Its production site is located in the provincial-level economic development zone in Linyou County, Baoji City, covering an area of approximately 50,000 m², with an annual capacity exceeding 2 billion yuan. With over a decade of deep cultivation in the cable field, the company has become a highly competitive and capable enterprise in China's cable sector, backed by its solid product quality, comprehensive qualification system, and customized service capabilities. The company possesses leading professional production equipment and detection instruments in and outside China, strictly manufactures in accordance with national standards and international organization standards, and has built a closed-loop quality system covering raw material selection, full production process control, and rigorous finished product inspection before delivery, establishing a complete and well-rounded product system. The company mainly sells household wiring cables, low/medium/high voltage power cables, control cables, mineral-insulated fireproof cables, coal mine cables, aerial insulated cables, aerial bundled cables, pre-branched cables, rubber-sheathed cables, flame-retardant cables, fire-resistant cables, low-smoke halogen-free cables, irradiation-crosslinked cables, etc. It can design and produce specialty cables according to client requirements . The sales network covers the entire country, and the company has established long-term strategic partnerships with key project entities including State Grid Corporation of China, China Railway Group, CNNC, China Energy Engineering, China Railway Construction, AVIC, China Minmetals, China National Chemical Engineering, China State Construction, Xi'an Metro, Shaanxi Construction Group, Shaanxi Coal Group, Yanchang Petroleum Group, China Resources Land, among others. Company Qualifications : The company has obtained the National Industrial Product Production License, National Compulsory Product CCC Certification, Quality/Environmental/Occupational Health and Safety Management System Certification, ECM Certification, CNNC Qualified Supplier Certification, State Grid Certificate of Compliance, Coal Mine Safety Certification, etc. The company has been recognized as a AAA Credit Enterprise in Shaanxi Province, an Advanced Enterprise for Honest Business Operations in Shaanxi Province, and a Trusted Consumer Unit in Shaanxi Province. It has received honors including "Growth Enterprise," "High-tech Enterprise," "Above-scale Enterprise," "Technology Little Giant Enterprise," "Specialized, Refined, Differentiated and Innovative Enterprise," and "Industrial Enterprise R&D Center." Adhering to the business philosophy of "Integrity, Pragmatism, Cooperation, and Win-win," Shaanxi Kuncable has always upheld its commitments of "Domestic Excellence, Technology and Environmental Protection," "National Standard Quality, Safe and Durable," and "Guaranteed Full Meters, Tenfold Compensation for Shortages," serving a broad range of users with the mission of "Quality Products and Satisfactory Service." Product Display Shaanxi Kuncable Cable Manufacturing Co., Ltd. will continue to focus on the wire and cable industry, driving product upgrades through technological innovation and building a solid foundation for development through rigorous quality control. The company is committed to becoming a benchmark enterprise in the wire and cable industry and realizing its vision of "Going Global, Facing the World"! May 14-15, 2026, Suzhou International Conference Hotel, Jiangsu , we welcome friends from all sectors to attend the conference in person and visit the booth of Shaanxi Kuncable Cable Manufacturing Co., Ltd. (E28-29) to experience up close the outstanding quality and technological strength of Shaanxi Kuncable, explore new cooperation opportunities, and open a new chapter for the industry together. SMM WCCE 2026 (4th) Wire and Cable Industry Development Conference & Industrial Exhibition May 14-15 Suzhou International Conference Hotel, Jiangsu Participating Enterprises: Qifan Cable, Kunyi Cable, Senyuan Cable, Sanwu Cable, Huili Cable, Wanma Co., Ltd., Xinhai High Conductivity, Chenfeng Yongliang, Xinhuang Group, Dongwu Futures, Guojia Conductor, Hongxing Meike, Dongfeng Cable, Qijia Industrial, Beijing Shougang Ferroalloy, Xinhongye, Yingtan Chaolong, Meichuangli, Jiuli Electric, Xinzi Nengke, Xindongang Electric, Aerospace Electric, Guochu Logistics, Jielüda, Jinhuijia, Xindian Aluminum Alloy, Gangwei Ultrasonic, Jinrui Qianyuan... Click to View ☛ ｜

[Mixed Macro News Signals, Aluminum Prices Are Expected to Mainly Fluctuate and Adjust] Overall, the situation in the Middle East remained a key concern. If aluminum smelters in the Middle East further cut production, it is expected to provide upward momentum for aluminum prices in and outside China. However, China’s social inventory continued to build up, with ample supply available, which is expected to put a ceiling on SHFE aluminum prices. In the short term, aluminum prices are expected to mainly fluctuate and adjust.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Lower in the Night Session and Then Rebounded in Volatile Trading, While Trading in the Spot Market Remained Subdued]

[SMM Magnesium News] Gansu lists magnesium-based new materials as a strategic emerging industry. Its government work report proposes building a processing base for strategic mineral resources like magnesium, accelerating full-chain development of Pingliang’s 700-million-ton magnesite dolomite and boosting industry with new energy advantages. Pingliang actively responds, planning a 10-billion-yuan magnesium-based new materials cluster. In 2026, it will speed up transfer of magnesite dolomite exploration rights and pilot project construction. Kongtong District, with rich resources, closely cooperates with China Minmetals to promote magnesium smelting and alloy projects. Currently, its explored magnesite dolomite resources exceed 700 million tons.

On the afternoon of February 6th Beijing time, the groundbreaking ceremony for the Komakao Copper Mine expansion project in Botswana was grandly held in Maun, Botswana. This project is the first major investment initiative launched by China Minmetals in the "15th Five-Year Plan" period, as well as the first significant resource expansion project. SMM anticipates that the first production of concentrate will occur in 2028. The copper output target for 2029 has been revised from the previous 40,000 metal tons to 100,000 metal tons, while the target for 2030 has been adjusted from 40,000 metal tons to 130,000 metal tons.