SMM July 4 news: Metal market: Last Friday night, domestic base metals nearly all rose. SHFE copper gained 0.14%, SHFE aluminum rose 0.6%, SHFE lead added 0.38%, SHFE zinc increased 0.87%, and SHFE tin jumped 3.8%. SHFE nickel edged down 0.02%. In addition, the most-traded alumina futures contract fell 0.07%, and the most-traded cast aluminum contract rose 0.24%. Last Friday night, ferrous metals mostly closed higher. Stainless steel dropped 1.85%, iron ore rose 0.27%, rebar gained 0.39%, and hot-rolled coil added 0.4%. Coking coal and coke: the most-traded coking coal contract rose 1.21%, and the most-traded coke contract rose 1.6%. Last Friday night, in the overseas market, LME base metals rose across the board. LME copper gained 0.54%, LME aluminum added 0.23%, LME lead rose 1.04%, LME zinc climbed 2.17%, LME tin surged 4.99%, and LME nickel rose 0.4%. Last Friday night, precious metals : COMEX gold rose 1.49%, posting a weekly gain of 2.22%; COMEX silver gained 2.87%, closing the week higher with a 5.26% increase. Last Friday night, the most-traded SHFE gold contract rose 0.81%, ending the week up 3.5%; the most-traded SHFE silver contract gained 1.61%, posting a weekly rise of 8.82%. JPMorgan said that in the short term, gold prices may be capped by weakening demand and are likely to remain moving sideways overall. The main reasons are weaker purchasing power in key demand areas and renewed sensitivity of gold to changes in real interest rates, which may limit further price gains. However, the bank maintains a medium- to long-term bullish outlook. It expects gold to gradually rebound in H2 2026, with an average price of around $4,300 per ounce in Q3, rising to about $4,500 in Q4. Looking ahead to 2027, JPMorgan believes the rally may continue, driven mainly by continued central bank buying, stronger physical demand, and persistent long-term structural allocation needs. These factors will support gold's long-term appeal as a safe-haven and reserve asset. As of 7:41 a.m. on July 4, last Friday night's closing quotations: Macro front China: [Li Qiang: Take more forceful measures and actions in building a modern industrial system, accelerating high-level self-reliance in science and technology, building a strong domestic market, and deepening reforms and expanding opening up] On July 1, Premier Li Qiang, also secretary of the CPC Leadership Group of the State Council, presided over a meeting of the group to study and implement the spirit of General Secretary Xi Jinping's important speech at the celebration of the 105th anniversary of the founding of the Communist Party of China and Xi Jinping Thought on Party Building. The meeting emphasized the need to strive for new achievements in high-quality development, strengthen initiative and a sense of urgency in work, and take more robust measures and actions in building a modern industrial system, accelerating self-reliance in high-level science and technology, developing a strong domestic market, and deepening reform and expanding opening up. It called for taking solid action, shouldering responsibilities, and striving to carry forward the baton of history, so as to make greater contributions to building a strong country and achieving national rejuvenation. (Xinhua News Agency) [The State Council: Increasing Efforts in Energy Conservation and Carbon Reduction Transformation in Key Industries such as Steel and Non-Ferrous Metals to Achieve Energy Savings of More Than 150 Million mt of Standard Coal] Recently, the State Council issued the “15th Five-Year Plan for Building a Beautiful China,” clarifying the overall requirements, targets and indicators, key tasks, and major projects for comprehensively advancing the building of a Beautiful China during the 15th Five-Year Plan period. The Plan proposes that by 2030, the quality of the ecological environment will be comprehensively improved, and new significant progress will be made in building a Beautiful China. Green production and lifestyles will be essentially in place, the carbon peak target will be met as scheduled, total emissions of major pollutants will continue to decline, comprehensive solid waste management capacity and level will be significantly enhanced, urban and rural living environments will be notably improved, the diversity, stability, and sustainability of ecosystems will be continuously strengthened, nuclear and radiation safety levels will keep rising, national ecological security will be effectively guaranteed, an ecological and environmental governance system adapted to the requirements of building a Beautiful China will be steadily refined, a number of demonstration models for building a Beautiful China will be established, and the people’s sense of gain, happiness, and security from the ecological environment will be continuously enhanced. It also makes an outlook on the 2035 targets and proposes accelerating the formation of the overall layout for building a Beautiful China. (Xinhua News Agency) The Plan mentions increasing efforts in energy conservation and carbon reduction transformation in key industries such as thermal power, steel, non-ferrous metals, petrochemicals, chemicals, and building materials, promoting and popularizing energy-saving and low-carbon technologies, and achieving energy savings of more than 150 million mt of standard coal. With the Beijing-Tianjin-Hebei region and surrounding areas as the focus, industrial coal-fired boilers with a capacity of 65 steam tonnes per hour or below will be gradually phased out. The substitution of clean energy for coal-fired boilers and industrial kilns in industries such as food, textiles, and papermaking will be advanced. [Ministry of Finance and Two Other Departments: Adjusting Vehicle and Vessel Tax Preferential Policies for Energy-Saving Vehicles and NEVs] On July 2, the Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology issued an announcement on adjusting vehicle and vessel tax preferential policies for energy-saving vehicles and new energy vehicles. It states that from January 1, 2027, the policy of halving vehicle and vessel tax for energy-saving vehicles will be abolished, and the exemption from vehicle and vessel tax for pure electric commercial vehicles, plug-in hybrid (including extended-range) vehicles, and fuel cell commercial vehicles will be abolished. Vehicles of the above types newly acquired by taxpayers or acquired before the implementation of this announcement shall be subject to vehicle and vessel tax in accordance with the Vehicle and Vessel Tax Law of the People’s Republic of China, its implementation regulations, and other relevant provisions. [PBOC: To conduct 1,000 billion yuan outright reverse repo operation on July 6, with 3-month tenor] To keep banking system liquidity ample, on July 6, 2026, the People's Bank of China will conduct a 1,000 billion yuan outright reverse repo operation via a fixed-quantity, interest rate tender with multiple-price winning bids, with a tenor of 3 months (91 days), maturing on October 5, 2026 (adjusted for holidays if it falls on a holiday). (Jinshi Data APP) On the dollar front: Overnight last Friday, the US dollar index rose 0.03% to 100.91. On the weekly chart: The dollar index fell on a weekly basis, down 0.44% for the week, its biggest weekly decline since mid-April. The decline occurred as US June employment data cooled noticeably, leading the market to lower expectations for near-term Fed rate hikes, and the dollar index fell this week. Against a weaker dollar backdrop, the euro rose to $1.1440, up about 0.5% for the week; sterling rose to $1.3352, up about 1.1% for the week, its best performance in nearly three months. The yen rebounded from near a 40-year low, with USD/JPY once pulling back to around 161, though still at elevated levels. Japan continued to release signals of forex intervention, with finance and cabinet officials stating they are closely monitoring markets and remain prepared to intervene. Analysts pointed out that the dollar's movement has clearly been influenced by employment data and interest rate expectations, and if subsequent economic data continue to weaken, the dollar could still face further pressure. However, whether the yen can sustain its rebound still depends on the US-Japan interest rate differential and Japan's policy actions. (Jinshi Data APP) "Fed mouthpiece" Nick Timiraos said: Trump stated that he considers Fed Chairman Warsh to be on the dovish side within the Federal Open Market Committee (FOMC). A day earlier, White House National Economic Council Director Hassett made similar remarks; a week earlier, US Treasury Secretary Bessent said he hoped the Fed would remain "open-minded" on inflation and expects the Fed to ease policy this year. A new era of "forward guidance"... (Jinshi Data APP) BNP Paribas Chief Economist Isabel Mateos y Lago said: "If July's nonfarm payrolls are very strong, close to or exceeding 130,000, then I think the July meeting will be full of suspense. The uncertainty may not be as high now, but in my view, the case for a Fed rate hike remains valid." Ahead of the July 4 holiday, short-term interest rate futures markets expected a roughly 20% probability of a Fed rate hike at the July 29 rate decision, down from 33% before the release of the payrolls report. Markets still expect the US Fed to raise rates by 25 basis points this year, but not until December at the earliest. For the ECB, Lagarde said, "The baseline expectation remains another rate hike in September. But it is worth noting that Governing Council members speaking at the Sintra meeting did not rule out skipping this additional hike." She warned that the normalization of energy supply could take six months or longer to take effect, and eurozone inflation could accelerate again. Even so, she also believes that consumer prices outside energy-affected areas will not face pressure. Allianz Chief Economist Ludovic Subran said, "The US non-farm payrolls data was actually weak, but I still think inflation will peak above 3.7%, and AI, fiscal stimulus and the energy sector are still supporting economic growth. The US Fed may have to raise rates in September. I think this is where the real divergence between Europe and the US lies." Subran believes that after last month's hike, the ECB will not act again. "That was an insurance hike, but judging from the current data, it seems that moment has passed," he said. "The trauma effect of the war (with Iran) takes time to manifest. The economy is still bearing the costs of war, but the situation is much better than a few weeks ago."(Jin10 Data APP) Other currencies: ECB Governing Council member Mullan said that as falling oil prices ease price pressures in the eurozone, the ECB is in a favorable position after last month's rate hike. Mullan said that while it is too early to predict the next two meetings in July and September, officials have made clear that "we will not enter a new rate-hiking cycle." Mullan said, "For now, we are in a favorable position. The balance of risks is also at a reasonable level." Mullan added, "Falling oil prices will ease inflation pressure in the services sector," and "we have not yet seen second-round effects."(Jin10 Data APP) On the macro front: This week will see the release of Switzerland June seasonally adjusted unemployment rate, Eurozone July Sentix Investor Confidence Index, Eurozone May PPI m/m, Eurozone May retail sales m/m, US June S&P Global Services PMI Final, US June ISM Non-Manufacturing PMI, US June Global Supply Chain Pressure Index, Germany May seasonally adjusted industrial output m/m, UK June Halifax seasonally adjusted house price index m/m, France May trade balance, US ADP employment change for the week ended June 20, US May trade balance, China June foreign exchange reserves, Japan May trade balance, New Zealand interest rate decision for July 8, US May wholesale sales m/m, China June CPI y/y, China June PPI y/y, Germany May seasonally adjusted trade balance, US initial jobless claims for the week ending July 4, US June existing home sales annualized, Germany June CPI m/m final, France June CPI m/m final, Switzerland June consumer confidence index, Canada June employment change, China June M2 money supply y/y, and other data. Additionally, events to watch this week include: a 900 billion yuan outright reverse repo maturing today; speeches from Fed Governor Waller, ECB Executive Board member Schnabel, ECB Governing Council member Wunsch, and Deputy Governor of Sveriges Riksbank Seim; Turkey hosts the NATO summit through July 8; the Reserve Bank of New Zealand announces its interest rate decision; RBNZ Governor Bremman holds a monetary policy press conference; the Fed releases minutes of its monetary policy meeting; the ECB releases minutes of its June monetary policy meeting; FOMC permanent voter and New York Fed President Williams delivers a speech; and 2026 FOMC voter and Dallas Fed President Logan delivers a speech. Crude Oil: In overnight trading last Friday, both oil futures edged up slightly, with WTI up 0.13% and Brent up 0.19%. On the weekly chart: WTI futures fell for a fourth consecutive week, down 0.65% for the week; Brent futures also declined for a fourth straight week, down 0.91% for the week. The crude oil market is relatively stable, with Brent stabilizing near $72 per barrel as the market weighs the supply outlook around the Strait of Hormuz and the progress of US-Iran negotiations. (Wall Street News) Data from Intercontinental Exchange (ICE) show: In the week ending June 30, Brent crude futures speculators cut their net long positions by 34,704 contracts to 55,634 contracts. Gasoil futures speculators cut their net long positions by 2,664 contracts to 57,852 contracts. (Jin10 Data APP) Data show that oil exports from the Gulf region in June increased by more than 3 million barrels per day (bpd) from May, exceeding 10 million bpd, but still 40% below pre-war levels. The UAE led the recovery in oil markets, enabling millions of barrels of crude stranded in the Gulf region to enter international markets, allowing producers to raise output and push oil prices down to pre-war levels. Kpler data show that combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran rose by more than 3.5 million bpd from May to 10.07 million bpd. Vortexa, another cargo analytics firm, estimated June shipments at 10.2 million bpd, up from 7 million bpd in May, but still well below the 16.5 million bpd recorded a year earlier. According to data from Kpler, Vortexa and LSEG, the UAE’s crude exports reached a record 3.7 million to 3.8 million bpd in June, more than 1 million bpd above May’s level. (Jin10 Data APP) Additionally, three sources said that Venezuela’s largest refinery, the 645,000-bpd Amuay refinery, has resumed operations after a power outage on Friday and is currently processing about 140,000 bpd of crude, with the fluid catalytic cracking (FCC) unit also back online. Following two earthquakes last week that caused heavy casualties, multiple refineries in Venezuela were affected by power outages. Sources also said that the El Palito refinery, with a daily processing capacity of 146,000 barrels, has had power restored, but staff have not yet been able to restart the production units. (Jinshi Data APP) A Reuters survey showed that OPEC’s crude oil production rebounded sharply in June, up about 3.3 million barrels per day MoM to 19.43 million barrels per day, a clear rebound from May’s more-than-two-decade low, but still well below quota levels. The recovery in output mainly came from Gulf countries restoring supply, with Kuwait posting the largest increase; Iran, Saudi Arabia, and Iraq also raised output in tandem. Nigeria and Libya likewise made small increases. The UAE exited OPEC on May 1 and is no longer included in the statistics. The report noted that the earlier Iran war and the effective blockade of the Strait of Hormuz had disrupted supply; the US subsequently lifted restrictions on vessels at Iranian ports, helping some output recover. Although OPEC+ had planned to increase production in June, the plan was not fully implemented due to the war. Overall, global crude oil supply was being repaired, but had not yet returned to normal levels. (Jinshi Data APP) Recommended Reading:

SMM, June 30: Metals market: Overnight, base metals on overseas and Chinese markets mostly fell, with only LME copper and SHFE zinc rising together—LME copper fell 0.17%, while SHFE zinc gained 0.12%. LME aluminum dropped 3.11%, leading the decline; LME nickel, SHFE aluminum, and SHFE nickel all fell more than 2%, with LME nickel down 2.41%, SHFE aluminum down 2.19%, and SHFE nickel down 2.55%. LME tin fell 1.27%, and declines in other metals were all within 1%. Alumina main contract fell 0.82%, and cast aluminum main contract fell 1.08%. Overnight, in ferrous metals, iron ore gained 0.61%, stainless steel fell 0.92%, HRC and rebar fluctuated with relatively small declines, and in coking coal and coke, coking coal gained 0.16% while coke fell 0.18%. Overnight, in precious metals, COMEX gold fell 1.61% and COMEX silver fell 1.54%. In China, SHFE gold fell 1.25% and SHFE silver fell 0.98%. As of 6:42 AM on June 30, overnight closing prices: Macro Front China: [Li Qiang presided over a State Council executive meeting, which reviewed and approved the "15th Five-Year Plan Action Plan for Carbon Peaking" and the "15th Five-Year Plan for National Health"] Li Qiang presided over a State Council executive meeting, which reviewed and approved the "15th Five-Year Plan Action Plan for Carbon Peaking" and the "15th Five-Year Plan for National Health". The meeting noted that the strategic driving role of carbon peaking and carbon neutrality should be leveraged to promote the transformation and upgrading of the economic structure and create more green economic growth points. It is necessary to focus on key areas and critical links with sustained effort, accelerate the adjustment and optimization of the energy structure, advance industrial greening and low-carbonisation, improve systems for laws, regulations, standards, and carbon emission statistical accounting, conduct evaluation and assessment in a scientific and orderly manner, integrate green and low-carbon orientation into all areas and links of the national economic cycle, promote the formation of green production and lifestyles, and strengthen the green foundation for high-quality development. The meeting noted that in recent years, the construction of a Healthy China has accelerated, and people's health levels have continued to improve. It is necessary to build a full-life-cycle health service system, coordinate resource allocation, strengthen synergy among medical care, medical insurance, and disease control, and provide the public with systematic, continuous, high-quality, and efficient health services. It is necessary to vigorously develop the health industry, improve supporting policies, cultivate and expand new-type service formats in the health sector, enrich the supply of health products, strictly enforce quality and safety supervision, and enable the public to consume with confidence and live healthily. (CCTV News) [Li Qiang presided over a State Council executive meeting and heard a report on the development of artificial intelligence] Li Qiang presided over a State Council executive meeting and heard a report on the development of artificial intelligence. The meeting noted that it is necessary to deeply grasp the evolution trends of AI, improve supporting policies and governance systems, and firmly hold the initiative in development. Efforts should be intensified to promote AI innovation and breakthroughs, accelerate key technology research and the construction of ultra-large-scale intelligent computing clusters, strengthen the supply of high-quality data, enhance the guarantee of factors such as talent and capital, and support enterprises in conducting basic research and frontier exploration. It is necessary to deeply implement the "AI+" initiative, leverage China's advantages in having a complete industrial system and abundant application scenarios, and promote the accelerated large-scale commercial application of intelligent products and services. The bottom line of AI safety must be firmly upheld, improving institutional rules on technology ethics and testing and certification, building a dynamically adaptive, tiered, and classified safety regulatory system, and strengthening international cooperation on AI governance. (CCTV News) [Multiple Shanghai municipal departments jointly held a centralized meeting on the compliance governance of ride-hailing platforms] On the afternoon of June 29, led by the Shanghai Ride-Hailing Collaborative Supervision Task Force and coordinating multiple departments including transportation, public security, market regulation, human resources and social security, data, and communications management, a centralized meeting on compliance governance of ride-hailing platform enterprises was held citywide. The main responsible persons from 24 ride-hailing platforms and aggregation platforms in the city attended the meeting. Targeting various problems identified during inspections, the meeting specified five mandatory compliance governance requirements: first, platforms must strictly regulate capacity access management, comprehensively screen and remove non-compliant vehicles and personnel, and strictly prohibit dispatching orders in violation of regulations; second, improve the routine self-inspection mechanism for operational data to ensure that data is reported to regulatory authorities in a complete, timely, and standardized manner; third, implement full-chain control of safety production, strengthen dynamic verification of personnel and vehicle qualifications, and build a solid line of defense for safe operations; fourth, fully standardize the fee disclosure mechanism, with clear price labeling and transparent charging, to protect the legitimate rights and interests of both drivers and passengers; fifth, simultaneously enhance network security operation and maintenance management, complete network security graded protection assessments on schedule, and promptly identify and eliminate system security risks. (Shanghai Transportation) (Jinshi Data APP) US dollar: Overnight, the US dollar index fell 0.25% to close at 101.11, recording its third consecutive daily decline. US President Donald Trump responded on his social media platform to the "Supreme Court ruling on the case concerning a Federal Reserve Board member", stating: We will take corresponding action regarding the Cook lawsuit to ensure that Cook will not make crucial decisions (on FOMC monetary policy issues). Minneapolis Fed President Neil Kashkari publicly stated last Friday that his assessment of the federal funds rate has undergone a fundamental shift over the past three months. In March of this year, Kashkari still leaned toward the Fed cutting rates by 25 basis points. In his latest dot plot projections, however, he has marked one rate hike to be implemented within the year. As an official with voting rights on the FOMC in 2026, his shift in view also reflects a significant adjustment in the Fed's overall policy tone. The market simultaneously digested the signal of a collective hawkish turn by the Fed, leading to notable pricing adjustments. In early June, the probability of a rate hike within the year priced in by the market was only 25%; that figure has now climbed to 67%. (Wall Street CN) According to CME "FedWatch": The probability of the Fed maintaining rates unchanged in July is 70.1%, while the probability of a cumulative 25-basis-point rate hike is 29.9%. By September, the probability of maintaining rates unchanged is 37.2%, the probability of a cumulative 25-basis-point rate hike is 48.8%, and the probability of a cumulative 50-basis-point rate hike is 14.1%. (Jinshi Data APP) Other currencies: The yen depreciated against the US dollar to its lowest level since 1986. This "milestone" decline has sparked concerns within Japan and also put traders on high alert, closely watching whether authorities will intervene in the market. The yen briefly fell 0.1% against the dollar, touching 161.96, thereby breaching the 161.95 level reached in July 2024 when Japan took action to prop up the currency. The Bank of Japan raised its benchmark interest rate to 1% on June 16, the highest level since 1995. However, this move had little effect, as traders expect the Fed to maintain a hawkish stance going forward. Furthermore, the Japanese government is expected to call for the implementation of "appropriate" currency management in its basic policy guidelines, a move apparently aimed at dissuading the central bank from further rate hikes. Japan previously conducted record-scale foreign exchange intervention totaling ¥11.73 trillion, yet the yen remained persistently weak. According to the Ministry of Finance's foreign reserve data, Japan likely utilized its holdings of foreign securities, including US Treasury bonds, during this round of intervention to support the currency. (Jin10 Data APP) On the macro front: Data to be released today include China's June official manufacturing PMI, US April FHFA House Price Index month-over-month, US April S&P/CS 20-City Unadjusted House Price Index year-over-year, US June Chicago PMI, US May JOLTS Job Openings, US June Conference Board Consumer Confidence Index, UK Q1 GDP final year-over-year, UK Q1 Current Account, Germany June seasonally adjusted unemployment change, Germany June seasonally adjusted unemployment rate, Germany June CPI month-over-month preliminary, France June CPI month-over-month preliminary, Switzerland June KOF Economic Leading Indicator, Canada April GDP month-over-month, and Japan May unemployment rate. In addition, ECB President Lagarde delivered opening remarks at the Global Central Bank Forum in Sintra, the Reserve Bank of Australia released the minutes of its June monetary policy meeting, and the US and Iran held technical negotiations. Notably, on July 1, the Hong Kong Stock Exchange will be closed for the Hong Kong Special Administrative Region Establishment Day, with Northbound and Southbound Trading shut. The Toronto Stock Exchange in Canada will also be closed for Canada Day. On the crude oil front: Overnight, oil prices in both markets rose, with WTI up 1.72% and Brent up 1.34%. US-Iran geopolitical tensions flared up again, but optimistic market expectations for the gradual resumption of energy shipments through the Strait of Hormuz capped the gains to some extent. Morgan Stanley stated that due to the faster-than-expected reopening of the Strait of Hormuz, coupled with high US exports and low Chinese imports, it lowered its Brent crude oil price forecast. It cut its Q3 2026 price forecast by $15 to $75 per barrel; Q4 2026 by $5 to $75; Q1 and Q2 2027 by $5 to $75; and Q3 and Q4 2027 by $10 to $70. It noted: "For the market to balance in 2027, oil shipments through the Strait of Hormuz need only recover to 11-12 million barrels per day, about 65% of pre-conflict levels. Looking ahead to 2027, our model assumes this figure will be exceeded, and observable inventories will increase by 3 million barrels per day, which may put pressure on oil prices." (Wall Street CN) According to data from the US Department of Energy (DOE), crude oil inventories in the US Strategic Petroleum Reserve (SPR) decreased by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983. This drawdown was part of an agreement reached by the US to release 172 million barrels of crude from the reserve to fill global inventory gaps following the Iran conflict and help lower fuel prices. Amid strong US crude exports and refining demand, US crude inventories have declined rapidly in recent weeks. Since the conflict erupted at end-February, total US inventories through June 19, including commercial stocks and the SPR, have fallen by 111.4 million barrels to 743.3 million barrels, the lowest since 1984. (Jin10 Data APP) US President Trump posted that gasoline retailers must immediately lower prices. Given that crude oil prices have fallen to $68 per barrel and are still declining, current gasoline prices are far too high. Retailers must respond swiftly to this statement and take the right actions they know well—lower prices for our great American people. Price gouging will never be allowed; it is completely illegal. If retailers do not comply, they will face major trouble ahead! The target price should be around $2.50 per gallon (note: the current national average gasoline price is about $3.86 per gallon), and California should stop taxing gasoline so heavily. Soon, the tax will exceed the product price itself; the US will never tolerate this, and the people of California won't either—they are being squeezed by these absurd taxes and their state government. (Jin10 Data APP)

On June 26, at the hosted by SMM Information & Technology Co., Ltd. (SMM) with title sponsorship from Guangxi Yusheng Germanium High-Tech Co., Ltd., Ou Haiguang, Chairman of Lianzhou Tuosheng New Energy Co., Ltd., Qingyuan, Guangdong, shared “The Development and Application of Selenium.” I. Global Selenium Market Overview The global selenium market exhibits a combination of steady overall growth and rapid structural upgrading. Global Selenium Market Characteristics The global selenium market presents the dual characteristic of “steady overall volume and structural upgrading.” Growth in traditional sectors is slowing, while high-value-added niche segments show strong potential. ► Overall Market: Moderate Growth It introduced the global selenium market size in 2025 and future compound annual growth rate, among other aspects. ► High-End Market: Rapid Expansion High-purity selenium used in electronics, semiconductors, and solid-state batteries is the core growth driver. The global high-purity selenium market reached $1.8 billion in 2023 and is expected to exceed $3.5 billion by 2030, with a strong CAGR of 10%. Selenium is a key material supporting the development of high-tech industries It is a fundamental material for developing new materials, new devices, and new consumer goods (pharmaceuticals, agriculture, food). Demand for selenium from military, new energy, and medical & health sectors is increasing daily. Ultra-high-purity rare and scattered metals have been designated as key national strategic emerging industries under the “Strategic Research on New Materials Powering the Nation by 2035” (2020). High-purity selenium was included by the National Development and Reform Commission (NDRC) in the “Catalogue for the Guidance of Key Products and Services in Strategic Emerging Industries” issued in Announcement No. 1 (2017). The EU identified selenium as a critical raw material for strategic low-carbon energy technologies (2020). Price Trend Review and Forecast First, it reviewed the selenium price trend in recent years. ► Future Trend Forecast, 2026-2027 The global economic slowdown is weighing on the profitability and operating rates of traditional selenium-consuming industries such as glass, ceramics, and pigments, causing prices of ordinary industrial-grade selenium products to continue falling under pressure. However, high-purity, customized high-end selenium products used in PV, electronics, and other sectors are seeing price support due to high technical barriers and scarce supply, with the market showing a clear divergence in price trends. ► Market Insight: Supply-Demand Pattern Driving Divergence As demand growth in traditional sectors such as PV glass slows, prices of basic products are heavily influenced by capacity. However, the technological barriers in high-value-added fields such as infrared, electronics, and solid-state batteries will support the price resilience of high-end selenium products, making them the core growth driver for future corporate profits. II. In-Depth Analysis of China’s Selenium Industry China is the global center for selenium production and supply, and its industry development trends have a decisive impact on the global market. Production and Supply: The World’s Core Producing Region China is the global center for selenium production and supply, accounting for nearly half of the world’s output, which continues to grow steadily. ► Production Scale and Growth: In 2025, China’s primary selenium production reached 2,030 mt (up 12% YoY), accounting for nearly half of the global total. The growth momentum came from the expansion of domestic copper smelters and their increased focus on the comprehensive recovery of rare and precious metals. ► Core Producing Region Distribution: Influenced by the layout of the copper smelting industry, China’s selenium is primarily produced in four provinces: Yunnan, Jiangxi, Anhui, and Hubei. The high degree of synergy between resources and the processing industry has formed a stable supply chain cluster. ► Industry Leader Landscape: Top-tier players such as Jiangxi Copper Corporation, Tongling Nonferrous Metals, Yunnan Copper, and China Daye Non-Ferrous Metals dominate production and are actively extending their reach into downstream deep processing, continuously refining their industry chain layout. ► Future Production Forecast: Production is expected to maintain an upward trend: it is projected to reach 2,165 mt in 2026 and further increase to 2,340 mt in 2027, continuously solidifying its core global supply position. Consumption Structure and Trends: Replacing Old Growth Drivers with New Ones ► Changes in China’s selenium consumption structure are a microcosm of global trends, with emerging applications rapidly on the rise. ● Metallurgy (32%): A traditional mainstay field, with relatively stable demand. ● Flat Glass (24%): Driven directly by the rapid development of the PV industry, maintaining solid growth. ● Agricultural and Livestock Health (21%): A beneficiary of the upgrade in health consumption, it has become an important growth point. ● Ceramics and Chemicals (13%): A traditional, low-end application affected by environmental protection policies and alternative technologies, with demand continuing to shrink. ★ Electronics, Infrared, and PV (8%): The fastest-growing segment and the core new momentum driving the industry’s long-term development. Trade Pattern: From Net Importer to Near-Balance China’s selenium trade pattern has undergone a historic transformation, gradually achieving self-sufficiency and control over its resource supply and demand. ► Historic Transformation: Reshaping the Supply-Demand Pattern In the past, as the world’s major selenium consumer, China was in a state of net imports for a long time. In recent years, thanks to the steady growth of domestic primary selenium smelting capacity and significant advances in recovery technologies for secondary resources like copper and selenium scrap, China’s reliance on selenium from outside China has dropped sharply, achieving a fundamental optimization of its trade structure. ► Key Milestone: 2025 Trade Data In 2025, China's selenium trade achieved a historic breakthrough: both imports and exports totaled 728 mt, remaining basically flat. This data marks China's successful shift away from a passive "resource-importing" model, achieving basic self-sufficiency in selenium supply and demonstrating strong risk resilience. ► Future Trend: Moving Toward Net Exporter Status Driven by both production growth and technological strengths, China is expected to continue expanding its selenium resource production scale and technology exports in the coming years. Leveraging its complete industry chain support and cost advantages, China is poised to gradually complete its transformation from a "net importer" to a "net exporter," further enhancing its discourse power in global selenium trade. ► Policy Support: Export Promotion, Brand Certification & Subsidies To support domestic superior resource products in international competition, the nation continues to implement industrial support policies. 1. High-purity selenium and selenium compound targets are included in the new materials export credit insurance support categories. 2. Key equipment imports for high-purity selenium compound synthesis and monocrystalline production are exempted from customs duties and import-stage VAT. This policy effectively strengthens the competitiveness of Chinese selenium products in the international market, providing strong policy support for the industry's "going global" strategy. III. High-Growth Track Analysis Amid broadly steady market growth, which sub-sectors are experiencing explosive expansion? This chapter focuses on three high-growth tracks: nano-selenium, high-purity selenium, and indium selenide. ► Track 1: Nano-Selenium Biomedicine and Healthy Agriculture — One of the fastest-growing sectors in the selenium industry Core Strengths: High bioavailability | Low toxicity It addresses the pain point of balancing effectiveness and safety in traditional selenium agents, offering dual value in nutrition and pharmaceuticals. Sharing also included market size forecasts, diverse application scenarios, and national policy support. ► Track 2: High-Purity Selenium (Semiconductors and PV) • Positioning as a critical basic material: High-purity selenium (purity ≥5N) is a strategic critical material underpinning the development of semiconductor chip manufacturing and PV solar cell industries, holding an irreplaceable position in the advanced manufacturing supply chain. Current Industry Status: Overall market demand is growing rapidly, but exhibits a significant "structural supply-demand mismatch," characterized by low-end overcapacity coexisting with a shortage of high-end products. • Market Demand and Structural Issues Demand Growth: China's total market demand is projected to maintain a 16.8% average annual compound growth rate from 2026 to 2030, indicating enormous potential. Polarization: Relatively surplus capacity in 5N low-end products; severe shortage of 6N and above high-end products, with import dependency reaching as high as 71%. • Technology Barriers and Localisation Substitution Opportunities Core Barriers: The preparation of 6N high-purity selenium involves complex processes, primarily relying on "zone melting" and "chemical vapor transport (CVT)" technologies, posing extremely high technical thresholds. Policy Driver: The National IC Fund has provided targeted capital injection to support breakthroughs, with a clear industrial goal of achieving over 60% localisation rate for high-end high-purity selenium by 2027. ► Track 3: Indium Selenide (Infrared Detection and Advanced Optoelectronics) • Material Overview Indium selenide (In₂Se₃) is a new-type layered semiconductor material with excellent optoelectronic properties. With its unique band structure, high carrier mobility, and good flexibility, it holds tremendous application potential in cutting-edge fields such as infrared detection, flexible optoelectronic devices, and new-type PV, making it a current hot topic in semiconductor material R&D. • Market Size Forecast Chinese market size in 2025: 382 million yuan; expected to reach 429 million yuan in 2026; up 12.3% YoY. • Competitive Landscape: Highly Concentrated Industry barriers are high, with a prominent head effect: the top three enterprises command approximately 68.3% market share. • Core Application Scenarios 01 Infrared focal plane detectors, widely used in security surveillance and industrial temperature measurement, represent the primary downstream demand. 02 Energy and new energy: Used as a buffer layer in CIGS (copper indium gallium selenide) thin-film solar cells, serving as an important raw material for the PV industry. 03 Flexible electronic devices: Leveraging advantages of layered structure, high-performance flexible displays and wearable device sensors can be developed. IV. Cutting-Edge Technologies and Future Trends Technological innovation is the fundamental driving force behind industrial development. Breakthroughs in Cutting-Edge Technologies: Antimony Selenide Sulfide Solar Cells Core Technical Advantages: The material combines excellent photoelectric conversion properties with outstanding chemical stability, featuring low production costs and strong process compatibility, thereby solving the trade-off between performance and stability in traditional PV materials. Industrial Application Prospects: Viewed as a highly promising next-generation PV technology direction, it not only broadens the selection of PV materials but also opens up a completely new path for high-value application of "selenium" resources in the new energy field. Industrial Development Trends 01. Technology-driven high value-addition | The core of industrial competition is shifting from resource acquisition to technological innovation, where technical barriers will become the fundamental foundation for enterprises to thrive. 2. Deep Localisation Substitution | Driven by national strategic support and market demand, the localisation process of key materials will continue to accelerate. 3. The "Materials-as-a-Service" Model Emerges | Upstream producers are no longer limited to mere product supply but are deeply integrated with downstream clients, providing customised solutions. 4. Green, Low-carbon, and Circular Economy | Stricter environmental protection policies are forcing industry upgrades, and green production processes and efficient resource recycling technologies will become increasingly important. 5. Strategic Recommendations Based on the above analysis, it provides some specific strategic recommendations for industry participants and investors. Whether enterprises or investors, in the current complex and volatile market environment, all need clear strategic guidance to seize opportunities and avoid risks. ► Recommendations for Enterprises 1. Focus on High-Growth Sectors: Decisively allocate resources toward high-value-added areas such as nano-selenium and 6N high-purity selenium, and avoid homogeneous competition with low profits. 2. Strengthen Technology R&D and Cooperation: Establish an independent R&D system to maintain core competitiveness, while actively engaging in industry-university-research cooperation with universities and research institutes. 3. Build Industry Chain Synergy: Extend toward upstream raw material sources to ensure stable supply, and expand toward downstream application ends to deeply integrate core clients, enhancing risk resistance capabilities. 4. Enhance Quality and Brand: Establish and strictly enforce a high-standard quality control system, cultivate a high-end, professional brand image, and compete with premium quality and pricing. ► Recommendations for Investors 1. Focus on Technologically Leading Enterprises: Prioritize investment in enterprises with independent intellectual property rights in core technologies to build competitive barriers. 2. Seek Enterprises with Strong Downstream Integration: Choose enterprises that have established long-term and stable cooperation with downstream key clients to ensure robust operational performance. 3. Allocate to Entire Industry Chain Enterprises: Focus on enterprises with a complete industry chain layout from mineral resources to end-use applications to enhance risk resistance capabilities. 4. Beware of Market Fluctuation Risks: Fully assess the impact of periodic selenium price fluctuations on enterprise costs and profits, and implement risk hedging. Furthermore, it also provides an introduction to Lianzhou Tuosheng New Energy Co., Ltd.

[SMM Magnesium Express]U.S. company Magrathea announced the completion of a new round of financing, with cumulative capital support exceeding $100 million, accelerating the reconstruction of U.S. magnesium smelting capacity. The company has built the only newly constructed primary magnesium smelter in the U.S., signed multiple commercial agreements, and aims for an annual sales volume of over $500 million in the future. In March 2026, Magrathea secured a $24 million Series A funding round and established Arkansas Magnesia in a joint venture with TETRA. The first-phase commercial plant has initiated engineering design. The company has independently developed a new generation of electrolysis technology, enabling green production of metallic magnesium from seawater and brine. As the project progresses, the U.S. domestic magnesium supply chain's self-sufficiency is expected to gradually strengthen.

Against the backdrop of global energy transition and the accelerated development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound changes across its industry chain. On one hand, demand for silver from emerging fields such as PV, NEVs, and 5G communications continues to climb, driving the industry toward high value-added and green development. On the other hand, resource constraints, technological barriers, and market fluctuations are placing higher demands on industry chain resilience, making innovation-driven, coordinated development across the entire chain an urgent priority. Dual Policy and Market Drivers Under China’s “dual carbon” goals and the global wave of ESG investment, the silver industry faces urgent demands for green production, circular utilization, and low-carbon technologies. The National Development and Reform Commission (NDRC) “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 self-sufficiency 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-users, address industry pain points, and steer the sector toward high-end, intelligent, and international development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Urgent breakthroughs are needed in silver purification processes, nano-silver material applications, and scrap recycling technologies 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 silos exist among the mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transition: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of cleaner production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: The application potential of silver in frontier fields such as hydrogen energy and quantum computing has yet to be fully tapped, calling for strengthened cross-industry cooperation and standard setting. Conference Objectives and Value With the theme “Silver Chain Innovation: Smart Future,” this conference convenes leading global silver industry chain enterprises, research institutions, financial organizations, and policymakers for in-depth dialogue on three core topics: technology 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 propel the silver industry’s transition from “resource dependence” to “technology leadership,” providing key material support for the global energy revolution and the digital economy. Kunshan Shangzeqi Chemical Technology Co., Ltd. will attend this grand event to explore industry development trends with peers and jointly advance the silver industry to new heights. Click to register now for the conference—witness and take part in this momentous, far-reaching industry event, and together create a brilliant new chapter! Kunshan Shangzeqi Chemical Technology Co., Ltd. completed development of its stirring-type dry gas seal software in 2022, which can be widely applied in semiconductors, new energy, small molecule, fine chemical, pharmaceutical, fermentation and other industries. It has already been applied in photoresist projects, new energy projects, and more. Its features include zero pollution, high purity, no contact, no temperature rise, long life, easy maintenance, and insensitivity to rotational speed. This structure provides comprehensive anti-contamination solutions, fully meeting the conditions of clients with high anti-pollution requirements. Kunshan Feihong Company primarily engages in the research, development, manufacturing and application of filtration and separation equipment, drying equipment, reaction equipment, crushing and mixing equipment, and more. The company is dedicated to developing and promoting clean production, safety and environmental protection, and energy-saving and consumption-reduction technologies in the pharmaceutical and chemical industries. Drawing on years of R&D and application experience in pharmaceutical and chemical equipment, combined with extensive client feedback and integrated multi-resource advantages, we can formulate complete and applicable technical solutions tailored to enterprise needs. With outstanding product design capabilities, innovative design and production processing strengths, Feihong Company delivers safe, stable and reliable products to sectors including biomedicine, fine chemicals, food, dyeing and printing, new energy, new materials, semiconductors, and resins. Founded in 2015, Kunshan Unaike Machinery Co., Ltd. specializes in the research and development of crushing and de-agglomeration equipment for “high-end pharmaceutical” or “precious metal” applications. By incorporating advanced Japanese and European technologies, the company continuously refines its products and processes to better serve the precious metal field. Its products have already earned cooperation and recognition from numerous R&D and production organizations in China's precious metal sector. Contact Information Yu Songlei 18914968197 Long press and scan to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

In 2026, global competition for critical minerals has entered a white-hot stage, geopolitical maneuvering continues to deepen, and global industry chains and supply chains are being restructured at an accelerated pace. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metal industry into a period of historic development opportunities and profound transformation. Globally, the EU's Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership keeps expanding, and the trend toward localization and regionalization of critical mineral supply chains intensifies. The competition over resources, technical barriers, and trade rule restructuring for strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium has become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant position in the smelting and supply of many minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference gathers upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, etc., as well as scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, deep-level exchange and cooperation platform. The conference will deeply interpret global policy shifts, assess the supply-demand pattern and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources and cross-border cooperation opportunities, helping enterprises accurately grasp industry trends, overcome development bottlenecks, optimize supply chain layouts, seize market opportunities, and jointly promote the high-quality sustainable development of China's minor metal industry. Guangxi Yusheng Germanium High-tech Co., Ltd. will make a grand appearance at the conference. Keeping pace with the times, we will set our sights on the goals, forge ahead with determination, and press forward courageously! Click to sign up now. We look forward to meeting you at the conference. Guangxi Yusheng Germanium High-tech Co., Ltd. is a key introduced enterprise in Hechi City specializing in the smelting and deep processing of rare and dispersed metals. It is deeply engaged in the germanium industry, with its germanium capacity consistently ranking among the top in China. It is a key enterprise in China's germanium industry, dedicated to the green development, deep processing, and technological innovation of germanium, contributing to the high-quality development of China's indium, germanium, and gallium industries. I. Core Strengths and Honors in the Germanium Industry The company was founded in July 2016, and achieved an output value of RMB 2.4 billion in 2025. It has been listed among the Top 100 Manufacturing Enterprises in Guangxi for two consecutive years in 2024 and 2025. In the germanium industry, the company boasts strong technical capabilities; its key germanium purification technology won the second prize of the China Nonferrous Metals Industry Science and Technology Award. It has led the establishment of a major pilot platform for the efficient separation and extraction of germanium, indium, lead, and silver metals, supported by the regional Science and Technology Department, continuously driving breakthroughs in germanium industry technology. The company has been recognized as a high-tech enterprise and a specialized and sophisticated enterprise, and has passed multiple certifications such as Green Factory, practicing the green development concept of the germanium industry. II. Germanium Resource Security and Industrial Layout The company boasts outstanding resource security advantages, owning 10 proprietary mines and 3 beneficiation plants. It has established non-ferrous metal resource production sites in Guizhou, Guangxi, Xinjiang, and other regions, relying on its own high-quality germanium-rich zinc ore resources to provide stable raw material support for germanium production. Currently, the company has 17 subsidiaries (including holding companies) and branches in multiple core cities, moving towards collectivization and internationalization, and building a complete layout covering germanium resource development, production and processing, and market expansion. III. Germanium Industry System and Core Capacity The company has built an integrated germanium industry system featuring "green mining and beneficiation – circular smelting – deep processing". It has invested over RMB 1.2 billion to construct intelligent production lines, adopting globally leading processes to treat high-germanium zinc concentrates, significantly improving germanium recovery rates and achieving green production. With a core focus on the deep processing of high-purity germanium, it can produce high-purity germanium products with a purity of 7N (99.99999%), widely used in high-end fields such as infrared optics and fiber-optic communications. The Phase I high-purity germanium project with an annual capacity of 50 mt has been successfully put into production, with its capacity ranking among the top in China. IV. Future Plans for the Germanium Industry Looking ahead, the company will continue to deeply cultivate the germanium industry. Once all projects reach full production, it will build a high-purity germanium production line with capacity ranking among the top in China, filling the gap in Guangxi's critical metal germanium industry, further improving the domestic germanium industry chain layout, enhancing the competitiveness of China's germanium industry in the global rare metal sector, contributing to national strategic material security, and working with industry peers to promote the coordinated development of the indium, germanium, and gallium industries.