Imported Bauxite Prices As of May 25, 2026, SMM overseas bauxite prices were generally stable with slight upward movement. Supported by rising energy and seaborne freight costs, prices of some imported bauxite cargoes edged up. However, domestic alumina refineries maintained relatively high raw material inventories, while downstream acceptance of high-priced resources remained limited. Market transactions were mainly driven by rigid demand. Among them, the SMM Imported Bauxite CIF Index (converted to 45/3 grade) stood at $67.61/mt, up $0.09/mt MoM, with the monthly price range at $67.52-67.85/mt. By product, Guinea bauxite FOB price (converted to 45/3 grade) stood at $38/mt, flat MoM, with prices remaining largely stable since the beginning of May. Guinea bauxite CIF price (converted to 45/3 grade) stood at $68/mt, up $0.05/mt MoM, with the monthly price range at $67-68/mt. Australia bauxite CIF price (49-50/6-7 grade) stood at $62/mt, while Australia high-temperature bauxite CIF price (51-52/8-10 grade) stood at $56.50/mt, both flat MoM. Türkiye bauxite CFR price (54/6 grade) stood at $78.50/mt, up $2.50/mt MoM, rising from $76/mt to $78.50/mt during the month. Malaysia bauxite CIF price (37-41/5-6 grade) stood at $52/mt, Malaysia washed bauxite CIF price (37-41/5-6 grade) stood at $62.50/mt, and Ghana bauxite CIF price (47-51/5-6 grade) stood at $78/mt, with prices remaining stable during the month. Bauxite Imports and Exports According to customs data, China imported 19.743 million mt of bauxite in April 2026, down 9.4% MoM and 4.6% YoY. From January to April 2026, China’s cumulative bauxite imports reached 77.728 million mt, up 14.7% YoY. By country, China imported 16.423 million mt of bauxite from Guinea in April 2026, down 9.4% MoM and 1.9% YoY. From January to April 2026, China’s cumulative bauxite imports from Guinea reached 62.964 million mt, up 18.5% YoY. Guinea remained the major source of China’s bauxite imports. In terms of shipments, as of May 22, the average daily bauxite shipment volume from major Guinean ports fell to 559,000 mt/day, down around 21.8% MoM. Taking into account the shipping schedule transmission period, domestic bauxite arrivals are expected to gradually decline from late June, with a relatively significant decrease in domestic bauxite arrivals expected in July. Market Impact Factors In May 2026, overseas bauxite prices were mainly affected by three factors: expectations surrounding Guinea’s export policy, rising energy and seaborne freight costs, and the restraint on procurement appetite caused by high bauxite inventories at domestic alumina refineries. First, Guinea’s bauxite export quota policy remained a key market focus. Earlier, market rumours suggested that the Guinean government might implement a bauxite export quota policy around the May Day holiday, which could support Guinea bauxite prices by restricting shipment volumes. However, as the relevant policy has yet to be officially implemented, its marginal impact on market sentiment has weakened. Market participants have also become less active in pricing and stockpiling based on this factor. Second, rising energy and seaborne freight costs provided some support for overseas bauxite prices. Affected by geopolitical disruptions, international oil prices remained at high levels, pushing up mine land transportation, seaborne freight, and production operating costs. According to SMM survey, freight rates from Guinea to China rose from around $34/wmt in April to $36-37.5/wmt during May, significantly lifting shipment costs for mines and traders. Against the backdrop of increasing cost pressure, some mines and traders saw weaker shipment enthusiasm, while the market also observed a slowdown in shipment pace. Third, raw material inventories at domestic alumina refineries remained relatively high, limiting their acceptance of high-priced imported bauxite. Currently, bauxite inventories at domestic alumina refineries generally remain above three months. Downstream procurement is mainly based on rigid demand, while willingness to chase high-priced resources remains weak. Although some long-term contract prices for Guinea-to-China cargoes were around $70/mt in May, SMM survey showed that some downstream alumina refineries’ intended procurement prices for spot cargoes were still concentrated around $65-67/mt, indicating that the price gap between buyers and sellers remained significant. Price Outlook On the supply side, energy and seaborne freight costs remain high, providing certain support for overseas bauxite prices. Meanwhile, the phased decline in shipment volumes from major Guinean ports may gradually transmit to China’s arrival volume. On the demand side, bauxite inventories at domestic alumina refineries remain relatively sufficient, and the likelihood of a sharp increase in their procurement price expectations in the short term is limited. The price negotiation between buyers and sellers remains relatively evident. SMM expects overseas bauxite prices to fluctuate at high levels in the short term. Going forward, attention should be paid to changes in Guinea shipments, seaborne freight trends, the pace of inventory consumption at domestic alumina refineries, and changes in procurement sentiment.

Imported Bauxite Prices As of May 25, 2026, ex-China bauxite prices generally remained stable with a slight upward trend. Affected by rising energy and ocean freight costs, some imported ore prices edged up. However, raw material inventory at China's alumina refineries stayed high, and downstream acceptance of high-priced resources was limited, with market transactions still dominated by just-in-time procurement. Among them, the SMM imported bauxite CIF index (converted to 45/3 grade) was quoted at $67.61/mt, up $0.09/mt MoM, with the monthly price range at $67.52-67.85/mt. By variety, Guinea bauxite FOB prices (converted to 45/3 grade) were quoted at $38/mt, flat MoM, with prices remaining stable since May. Guinea bauxite CIF prices (converted to 45/3 grade) were quoted at $68/mt, up $0.05/mt MoM, with the monthly price range at $67-68/mt. Australia bauxite CIF prices (49-50/6-7 grade) were quoted at $62/mt, and Australia high-temperature bauxite CIF prices (51-52/8-10 grade) were quoted at $56.5/mt, both flat MoM. Turkey bauxite CFR prices (54/6 grade) were quoted at $78.5/mt, up $2.5/mt MoM, with prices rising from $76/mt to $78.5/mt within the month. Malaysia bauxite CIF prices (37-41/5-6 grade) were quoted at $52/mt, Malaysia washed bauxite CIF prices (37-41/5-6 grade) were quoted at $62.5/mt, and Ghana bauxite CIF prices (47-51/5-6 grade) were quoted at $78/mt, all remaining stable within the month. Bauxite Imports and Exports Customs data showed that in April 2026, China imported 19.743 million mt of bauxite, down 9.4% MoM and down 4.6% YoY. From January to April 2026, China's cumulative bauxite imports totalled 77.728 million mt, up 14.7% YoY. By country, in April 2026, China imported 16.423 million mt of bauxite from Guinea, down 9.4% MoM and down 1.9% YoY. From January to April 2026, China's cumulative bauxite imports from Guinea totalled 62.964 million mt, up 18.5% YoY. Guinea remained the primary source country for China's bauxite imports. Shipment side, as of May 22, daily average bauxite shipments from Guinea's main ports fell to 559,000 mt/day, down approximately 21.8% MoM. Considering the shipping schedule transmission cycle, China's bauxite port arrivals are expected to gradually pull back from late June, with a notable decline expected in July. Analysis of Market Influencing Factors In May 2026, ex-China bauxite prices were mainly affected by three factors: Guinea's export policy expectations, rising energy and ocean freight costs, and high inventory at China's alumina refineries suppressing purchase willingness. First, Guinea's bauxite export quota policy remained a market focus. Earlier, there were market rumours that the Guinean government might implement the bauxite export quota policy around the Labour Day holiday, driving up Guinea bauxite prices by restricting shipments. However, as the relevant policy had yet to be officially implemented, its marginal impact on market sentiment weakened, and market participants' enthusiasm for pricing and stockpiling based on this factor also declined. Second, rising energy and ocean freight costs provided some support for ex-China ore prices. Affected by geopolitical disruptions, international oil prices fluctuated at highs, and mine overland transport, ocean freight, and production operating costs all rose. According to an SMM survey, ocean freight rates from Guinea to China rose from approximately $34/wmt in April to $36-37.5/wmt in May, significantly pushing up shipping costs for mines and traders. Against the backdrop of increasing cost pressure, some mines and traders showed reduced enthusiasm for shipments, and the market also saw a slowdown in shipping pace. Third, raw material inventory at China's alumina refineries remained at a relatively high level, limiting acceptance of high-priced imported ore. Currently, bauxite inventory at China's alumina refineries stood at over 3 months, with downstream buyers mainly making just-in-time procurement and showing weak willingness to rush to buy amid continuous price rise. Although some long-term contract prices from Guinea to China were around $70/mt in May, an SMM survey found that some downstream alumina refineries' intended prices for spot bauxite purchases were still concentrated around $65-67/mt, with significant price divergence between buyers and sellers. Price Outlook Supply side, energy and ocean freight costs stayed high, providing some support for ex-China bauxite prices. Meanwhile, shipments from Guinea's main ports pulled back on a phased basis, which may gradually transmit to China's port arrival side. Demand side, bauxite inventory at China's alumina refineries remained relatively sufficient, with limited possibility of significantly raising procurement target prices in the short term, and notable bargaining between high- and low-priced resources persisted in the market. SMM expects that ex-China bauxite prices will hover at highs in the near term. Continued attention should be paid to changes in Guinea's shipments, ocean freight rate trends, the pace of inventory drawdown at China's alumina refineries, and shifts in procurement sentiment.

Data published on the online customs statistics query platform showed that China's refined tin imports in April 2026 were 2,801.99 mt, down 14.77% MoM and up 148.41% YoY. China imported 2,308.09 mt of refined tin from Indonesia in April, up 6.39% MoM and up 124.43% YoY. China imported 200.07 mt of refined tin from Peru in April, down 61.93% MoM. Export side, China's refined tin exports in April 2026 were 2,109.01 mt, down 3.76% MoM and up 28.85% YoY. China exported 279.51 mt of refined tin to South Korea in April, down 1.96% MoM and down 20.42% YoY. Below is a breakdown of export data compiled from the General Administration of Customs website: Destination April 2026 (mt) MoM YoY Hong Kong, China 1,010.22 -18.14% 2,435.70% South Korea 279.51 -1.96% -20.42% India 199.52 - 59.85% Japan 149.45 3.34% -55.34% Vietnam 140.05 22.86% 168.67% Spain 75.28 - - Malaysia 69.69 -43.99% 12.04% Poland 49.95 - 99.29% Thailand 47.88 -46.62% -61.96% Singapore 41.25 65.94% 104.82% Taiwan, China 29.75 -80.78% -84.31% Nigeria 8.06 1.03% 0.60% Philippines 4.96 - -1.51% Tanzania 2 - - Ghana 1 - - Myanmar 0.38 - - Tunisia 0.04 - - US 0.03 -44.68% - Total 2,109.01 -3.76% 28.85% Data source: General Administration of Customs (Wenhua Comprehensive)

According to the latest data released by the General Administration of Customs, SMM statistics showed that China's total manganese ore imports in April 2026 were 2.814 million mt, down 11.61% MoM and down 5.29% YoY. From January to April 2026, total manganese ore imports were approximately 11.7467 million mt, up 1.9144 million mt YoY (approximately 8.8323 million mt imported from January to April 2025), up 33.00% YoY. Specifically, South African ore was 1.5381 million mt (down 17.02% MoM), Ghanaian ore 447,000 mt (up 127.24% MoM), Australian ore 342,800 mt (down 13.37% MoM), Gabonese ore 202,400 mt (down 55.26% MoM), Brazilian ore 109,600 mt (up 15.52% MoM), and Myanmar ore 57,800 mt (up 7.15% MoM).

North American lithium producer Elevra Lithium Limited has announced that it will sell its entire interest in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt Co Ltd. Under the agreement, the transaction is expected to close in the first quarter of fiscal year 2027, with Elevra receiving approximately US$71 million in cash (before fees and taxes). The sale includes all of its rights and interests in the project, as well as associated offtake rights. Meanwhile, Huayou also plans to acquire Atlantic Lithium Limited to gain full control of the project, although the two transactions are independent of each other. The transaction remains subject to regulatory approvals in Ghana.

On May 7, Zhejiang Huayou Cobalt Co., Ltd. issued an announcement stating that it has signed a "Scheme Implementation Deed" and related agreement appendices with Atlantic Lithium Limited, planning to acquire 100% of its equity through a scheme of arrangement. Upon completion of the transaction, Atlantic Lithium will be consolidated into Huayou Cobalt's financial statements, and Huayou Cobalt will obtain 100% of its equity. Atlantic Lithium's main business focuses on lithium exploration and development in the African market, with its core asset being the Ewoyaa Lithium Project in Ghana. Huayou Cobalt stated that this is an important step in deepening its overseas resource layout, which will further enhance its lithium resource self-sufficiency rate and supply chain security resilience.