On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Conference Background Driven by global sustainable development and circular economy initiatives, recycled metals and battery recycling have gained growing strategic importance. Facing rising metal demand and dwindling natural resources, recycling stands out as an eco-friendly and cost-effective alternative, backed by supportive policies and investment worldwide. As a major Asian recycling powerhouse, Japan boasts robust secondary metal output and sophisticated recycling technologies. It has also rolled out massive funding plans to expand e-waste recycling infrastructure and scale up relevant processing capacity. Centered on the theme "Low Carbon, Global Echoes", the 2026 GRMI gathered worldwide enterprises, experts and officials to exchange insights on circular economy trends, technological breakthroughs and industry policies. This event comprises three forums ( Main Forum, Recycling Forum, and Renewable Resources Equipment Forum ) and multiple panel sessions. Key Highlights Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Click to view photo gallery Main Forum Opening Remarks Adam Fan, Chairman, SMM Hao Qi Chairman, KINKI SANGYO CO.LTD. May 11 Main Forum Keynote Speeches [Keynote Speech] - Global Recycled Metals Industry Market Analysis: Policy Instruments, Corporate Responses, and Future Challenges Speaker: Rock Ding, Consulting Project Manager, SMM Rock expects that aluminum scrap production will continue to grow in the future, and global aluminum scrap supply and demand will maintain a tight balance before 2030. Regarding the copper scrap market, SMM expects that from 2026 to 2030, global copper scrap market supply and demand will continue to grow, and the market will remain in a state of persistently tight supply. The global recycling industry faces challenges including shortages of recycled raw materials supply, rising resource protectionism, cross-border logistics and transportation restrictions, lack of unified global governance, bottlenecks in recycling technology, and incomplete recycling system development. [Keynote Speech] - From India to the World: Sustainable Growth and Responsibility of a Leading Recycler Speaker: Sanchit Jain, Executive Director, Jain Resource Recycling Limited Developed markets (North America, Europe) generate over 70% of the world's scrap; North America has a recycling input rate of 57%, and Europe's aluminum recycling rate reaches 81% — yet their demand growth has slowed down, with scrap becoming a surplus resource exported abroad; Developing countries are where demand is surging — yet collection rates remain below 5%, dominated by informal operators lacking traceability; Globally, policies and market initiatives promoting traceability of recycled resources and ESG disclosure are accelerating at an increasing pace. Scrap generation and consumption exhibit a regional mismatch, with the resource gap formed by supply-demand misalignment increasingly demonstrating strategic significance; Scrap is no longer simply surplus off-cuts, but a core strategic resource reshaping the global recycled resource trade landscape. Recycling Has Become a Core Pillar for Industrial Incremental Growth Why Does the Recycling Industry Hold Critical Strategic Value Today? Secondary resource supply can cover over 40% of future incremental metal demand; reducing dependence on highly volatile primary ore resources. Recycling is the optimal viable pathway for the industry to achieve sustainable and scalable development. [Keynote Speech] - URBAN MINING India's Non-Ferrous Recycling Decade Opportunities & Challenges from a Smelter's Perspective speaker: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Four Core Drivers in Resonance, Continuously Driving Steady Expansion of India's Non-Ferrous Metal Demand 1. Energy Transition Acceleration India has set a clear target of achieving 500GW of non-fossil energy installed capacity by 2030. Power grid expansion, power transmission line construction, and renewable energy integration infrastructure are advancing comprehensively—all of which are high-consumption areas for copper and aluminum, directly boosting rigid demand for both metals. 2. Accelerating EV Penetration India has set a development target of 30% new energy vehicle penetration rate by 2030. A single EV uses approximately 3–4 times the amount of copper compared to traditional internal combustion engine vehicles. Meanwhile, the development of the power battery industry will give rise to an independent scrap recycling system, further opening up incremental space for non-ferrous metals. 3. Large-Scale Infrastructure Investment Implementation Leveraging the 11.1 billion rupee National Infrastructure Pipeline plan, projects including galvanized steel, power infrastructure, and urban rail transit will continue to be implemented over the next decade, providing sustained long-term support for zinc, copper, and aluminum market demand. 4. Manufacturing PLI Policy Empowerment India's Production Linked Incentive (PLI) scheme covers 14 key industries, focusing on metal-intensive sectors such as electronics, automotive, power battery, and capital goods. With policy support, the share of domestic manufacturing continues to rise, driving steady growth in non-ferrous metal consumption. Panel Discussion: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Moderator: Adam Fan, Chairman, SMM Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, Founder and CEO, Al Qaryan International DMCC Recycling Forum Ketnoye Speech: Key Issues and Challenges Affecting the US Secondary Metals Industry Speaker: Adam Shaffer, Vice President of International Trade and Global Affairs, REMA Panel Discussion Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Eric Tan, President, Malaysia Nonferrous Metals Association Achirawat Thanasethatokul, Managing Director, Mahanakorn Metalscrap Co., Ltd. Jimin Choi, CEO/Founder, ETREE PTE LTD Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence [Keynote Speech] - Analysis of Japan's Recycled Copper Market Speaker: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM AW YONG YI CHEONG noted that the current Japanese copper scrap market is gradually transitioning toward a highly competitive "seller ecosystem." Trading models that rely solely on spot cargo procurement are increasingly exposed to the risk of supply disruptions. To secure long-term resource supply, enterprises purchasing externally from outside China need to move beyond traditional spot trading mindsets and establish structural cooperative relationships through deep-binding approaches such as signing long-term contracts and equity partnerships, in order to adapt to the persistently tight market landscape. Panel Discussion Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Eric Tan, President, Malaysia Nonferrous Metals Association Panel Discussion Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Moderator: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM Panelists: Allan Zhang, Head of the Recycled Copper Business Unit, Hailiang Group Co., Ltd. Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC WENCESLAO MANZANO HERNANDEZ, Director, DIMEXA HOLDINGS PTE. LTD. Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Yoshimichi Murakami, Executive Director, Wakoh Metal Co., Ltd. [Keynote Speech] - Current Status of Lead-Acid Battery in Japan Speaker: Yuji Tanamachi, CEO, IRUNIVERSE The volume of lead-acid battery scrap generated in Japan continues to decline. The reason is the sharp decrease in the number of end-of-life vehicles (ELVs) retired in China. Over a decade ago, the number of ELVs generated in Japan exceeded 5 million units, but now it is approximately 2.7 million units, nearly halved. The chart on the right shows the increase in the average service life of passenger vehicles. The significant decline in ELV numbers was mainly driven by two factors: first, continued decline in new car sales in Japan, directly driven by population decline; second, the climbing scale of used car exports. Since the auction model was popularized in Japan a decade ago, not only ordinary used cars but even retired vehicles could be traded through auctions. Logically, a decrease in total ELV numbers should lead to a corresponding reduction in the number of dismantling enterprises. However, the reality was quite the opposite: the number of dismantling enterprises backed by ex-China capital from Iran, Saudi Arabia, Syria, the Kurdish region, and China continued to grow. Award Ceremony SMM Recycled Metals Industry Premium Scrap Yards SMM Recycled Metals Industry Premium Traders SMM Recycled Metals Industry Premium Equipment Enterprises May 12 Renewable Resources Equipment Forum Panel Discussion Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Moderator: Bo Zhou, EVP, SMM Panelists: Owen Liang, Deputy General Manager, Foshan GreenField Environmental Protection Machinery Equipment Co., Ltd. Xian Lu, Chairman, Shandong Luyou renewable resources equipment Co., Ltd. Haihua Cheng, International Trade Minister, Jiangsu Huahong Technology Stock Co.,Ltd. [Keynote Speech] - Volatility Eats Margins for Breakfast Managing Risk Now That Tariffs, Geopolitics, And Supply Shocks Have Driven Base Metal Prices to Multi-year Extremes Speaker: Harsha Ramesh, CEO & Co-founder, Pillar Hedge Aluminum—Supply Shock From February to April 2026, aluminum prices surged by over 20% at their peak within just two months, driven by the following key factors: Strait of Hormuz Disruption: Iran conflict closes shipping lanes; approximately 9% of global supply at risk Gulf Production Hit: EGA flagship plant shut down for up to one year; Bahrain's ALBA halted Compounding Tariff Impact: US Midwest premiums widened significantly, tariffs reshaped physical trade flows Keynote Speech: Precision Sorting Green Future Speaker: Jianan Li, Overseas Sale, Zhejiang Tianli Equipment Technology Co., Ltd. [Panel Discussion] - Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Networking among medium-to-large-scale scrap yards/traders Conference Check-in The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum has now come to a successful conclusion. We sincerely appreciate the strong support from all industry participants and partners. Looking forward to meeting you again next year!

On May 28, the share price of Huahong Technology rose. As of 10:53 a.m. on the 28th, Huahong Technology was up 0.49%, trading at 8.18 yuan per share. An investor asked on the investor interaction platform: "What is the company's capacity for terbium oxide and dysprosium oxide?" Huahong Technology responded on the investor interaction platform on May 28: The company's comprehensive utilisation business of rare earth resources mainly involves the recycling and processing of magnetic material scrap and scrap permanent magnet materials to extract regenerated rare earth oxides. The company currently has a capacity of 12,000 mt/year for regenerated rare earth oxides. The production of different types of rare earth oxides mainly depends on the content of each rare earth element in the scrap. In 2024, the company actually produced approximately 115 mt of dysprosium oxide and approximately 25 mt of terbium oxide. When asked, "What is the current capacity of rare earth permanent magnet materials? What is the company's position in the permanent magnet industry? Are they considered high-end materials?" Huahong Technology responded on the investor interaction platform on May 28 that the company's annual capacity for rare earth permanent magnet materials is 15,000 mt. The company has been deeply involved in the rare earth permanent magnet materials industry for many years, accumulating certain industry experience and industrial advantages. In recent years, the company has continued to increase its investment in the rare earth permanent magnet business, continuously improving production efficiency and product performance through measures such as capacity expansion, technological innovation, and management optimisation, and continuously enriching the application fields of its products. Currently, the company's high-performance magnetic materials have been applied in industries such as NEV motors, industrial drive motors, and 3C electronics, and the company has established business cooperation with relevant enterprises in the industry. In response to the question, "How is the quality of the company's rare earth permanent magnet materials? Can they be used in high-end motors and robotics?" Huahong Technology responded on the investor interaction platform on May 28: The company's high-performance magnetic materials have been applied in industries such as NEV motors, industrial drive motors, and 3C electronics, and the company has established business cooperation with relevant enterprises in the industry. In addition, when asked, "Are the company's future business development priorities the rare earth resource comprehensive utilisation and magnetic materials sectors? What is the current development situation of the rare earth industry? Will they be the company's future profit growth points?" Huahong Technology introduced at the performance briefing: The sales proportion of the company's rare earth resource comprehensive utilisation business and rare earth permanent magnet materials business has accounted for more than 60% of the company's total sales, being the main source of contribution to the company's performance. In recent years, the company has also continued to increase its investment in these two industrial sectors, continuously expanding its capacity scale. Benefiting from the rapid development of industries such as NEVs, industrial automation, energy-efficient home appliances, and servo motors, the downstream demand for rare earth products is also increasing, which will have a positive impact on the company's business development. The company's performance is subject to its periodic reports and earnings forecasts. In response to the questions "1. What were the reasons for the company's increased losses in 2024? Has the company taken any measures to reverse the losses? 2. What were the reasons for the successful turnaround in Q1? Is it related to the improvement in the industry's fundamentals?" at the earnings briefing, Huahong Technology stated: In 2024, the company made impairment provisions of RMB 334 million for the goodwill arising from the acquisition of Jiangsu Wellman, which led to an expansion of the net loss attributable to shareholders to RMB 356 million. Excluding the impact of the impairment provisions for goodwill, the company's operating performance in 2024 had significantly reduced losses compared to 2023. In Q1 2025, domestic rare earth prices stopped falling and rebounded, coupled with an increase in the company's capacity utilisation rate for rare earth oxides, driving a significant YoY improvement in gross profit margin. Meanwhile, the company seized the development opportunities in the permanent magnet motor market, achieving substantial YoY growth in the production and sales of high-performance magnetic materials. The gross profit margin also increased significantly, ultimately leading to a turnaround from losses to profits in Q1. Reviewing the price trend of rare earths, we can observe that: 》Click to view SMM rare earth spot prices 》Subscribe to view historical price trends of SMM metal spot prices Taking the price trend of Pr-Nd oxide in Q1 as an example: Compared to the end of 2024, the price of Pr-Nd oxide generally increased in Q1 2025. Reviewing the price trend of SMM Pr-Nd oxide in Q1, we can see that the average price of Pr-Nd oxide on March 31 this year was RMB 444,500/mt, an increase of RMB 46,500/mt compared to the average price of RMB 398,000/mt on December 31, 2024, with a Q1 increase of 11.68%. Comparing the daily average price of Pr-Nd oxide in Q1 2025 (RMB 429,605.26/mt) with that in Q1 2024 (RMB 381,646.55/mt), we can see that the daily average price in Q1 this year increased by 12.57% YoY. Reviewing the average price trend of SMM Pr-Nd oxide in 2024, we can see that the average price on December 31, 2024, was RMB 398,000/mt, a decrease of RMB 44,500/mt compared to the average price of RMB 442,500/mt on December 29, 2023, representing a 10.06% decline in 2024. The annual daily average price of Pr-Nd oxide in 2024 was RMB 391,871.9/mt, a decrease of RMB 137,402.89/mt compared to the annual daily average price of RMB 529,274.79/mt in 2023, representing a 25.96% YoY decline. According to the latest SMM quotes, the average price of SMM Pr-Nd oxide on May 28 was RMB 435,000/mt, unchanged from the previous trading day. It is reported that recently, most rare earth miners are still reluctant to sell their holdings, with low enthusiasm for shipping. Separation plants are facing difficulties in sourcing raw materials. After a series of large-scale raw material purchases by major plants boosted the confidence of some suppliers, leading to an increase in rare earth prices, with the end of the major plants' purchasing activities, the market is currently experiencing strong wait-and-see sentiment. Downstream buyers are cautious in purchasing, and on May 27, the prices of rare earth oxides generally showed a slight downward trend. Downstream purchasing enthusiasm was low, with relatively few actual transactions in the market, and the price of Pr-Nd fluctuated within a narrow range. It is expected that short-term rare earth prices may remain relatively stable amid increasingly intense back-and-forth negotiations between upstream and downstream.

The Rare Earth High-Tech Zone in Baotou City signed an "Investment Agreement for the Annual Production of 3,000 mt Rare Earth Permanent Magnet Materials Project" with Baotou Shouzheng New Material Co., Ltd. This is another rare earth permanent magnet materials project following Xiamen Tungsten, Huahong Technology, and JL MAG Rare-Earth. The implementation of this project marks the further expansion of the achievements in the construction of the "Two Rare Earth Bases." The annual production of 3,000 mt rare earth permanent magnet materials project implemented by Baotou Shouzheng New Material Co., Ltd. adopts industry-leading equipment and self-developed specialized equipment. In the field of magnetic component products for the communication sector, the company possesses unique competitive advantages such as high technological level, high processing precision, and high production efficiency, giving it a strong competitive edge in the segmented magnetic materials market.

【SMM Flash: Humanoid Robot Sales Surge Boosts Rare Earth Permanent Magnet Concept, Myanmar Mine Customs Clearance Imminent, Rare Earth Spot Prices Under Pressure】 According to CCTV Finance, humanoid robot producers are overwhelmed with orders, overseas tech bloggers are enamored with domestic robots, and the demand for humanoid robots is expected to drive the rare earth permanent magnet concept. Additionally, the sustained growth in demand for rare earth permanent magnet materials from downstream industries such as NEVs, along with sector valuation recovery, led to a rise in the rare earth permanent magnet concept on March 26. As of the close on the 26th, the rare earth permanent magnet concept index rose by 1.89%, with Yujing Technology, Huahong Technology, and Tianhe Magnetic Materials hitting the limit up.

SMM Flash: Humanoid Robot Sales Surge Boosts Rare Earth Permanent Magnet Concept, Myanmar Mine Clearance Imminent, Spot Rare Earth Under Pressure. According to CCTV Finance, humanoid robot producers are overwhelmed with orders, overseas tech bloggers are enamored with domestic robots, and the anticipated demand for humanoid robots is driving the rare earth permanent magnet concept higher. Additionally, the expected continuous growth in demand for rare earth permanent magnet materials from downstream industries such as NEVs, along with sector valuation recovery, led to a rise in the rare earth permanent magnet concept on March 26. By the close of the 26th, the rare earth permanent magnet concept index rose by 1.89%, with stocks like Yujing Technology, Huahong Technology, and Tianhe Magnetic Materials hitting the limit up.

As the Chinese New Year approaches, the year-end effect on the rare earth spot industry chain has become increasingly evident, with overall market activity remaining sluggish. However, driven by the "policy incentives" in the capital market and the active performance of robotics concept stocks, rare earth permanent magnet concept stocks have shown strength. As of 1:47 PM on January 23, the rare earth permanent magnet concept rose by 1.26%, with Long Magnetic Technology up 11.23%, Huahong Technology up 8.52%, and notable gains from Xinlaifu, Zhongke Magnetic Industry, and Eontec.