Guangdong is the core cluster region of China’s wire and cable industry, with a fully developed industry chain, pronounced regional advantages, and influence extending across South China, Hong Kong, Macau, and Southeast Asian markets. Currently, the industry is navigating a landscape of both opportunities and challenges. Outside China, new energy and infrastructure markets are broadening the space to go global, while copper and aluminum raw material fluctuations, homogenous capacity, and low-price involution are squeezing enterprise profits. Digital and intelligent upgrading has emerged as the key to breaking through the impasse. will be held on July 14-15, 2026 at the Wyndham Guangzhou Design Capital, Guangdong . SMM , in partnership with Shanghai Rottweil Electronic-Mechanical Technology Co., Ltd., sincerely invites you to join the conference. Leveraging entire industry chain data and resources in and outside China, the conference will focus on market analysis and outlook, transformation and upgrading, supply-demand matchmaking, and going global empowerment. It aims to help local enterprises improve quality and expand markets, driving high-quality, internationalized development within the regional wire and cable industry. Click to attend. We look forward to meeting you at the conference. Preferred Brand in China's Wire and Cable Industry Enduring Leadership in the Coding and Marking Industry Shanghai Rottweil Electronic-Mechanical Technology Co., Ltd. is a professional company providing high-grade industrial coding equipment and marking identification solutions , integrated with R&D, design, production, and sales . Headquartered in Shanghai, it has one production site in China; five logistics centers in the US, Germany, South Africa, China, and India; and has established branches or distributors in over 30 countries globally, including the US, Germany, South Africa, Russia, Brazil, and India. In China, it has a dedicated team of 200 and 15 offices across key economic centers, enabling it to serve clients in any Chinese city. The Rottweil factory has obtained ISO 9001 quality certification and ISO 14001 environmental management system certification, with products conforming to multiple international safety standards such as CE and RoHS. Its solutions are widely applied across numerous industry sectors, including wire and cable, food and beverage, building materials, pharmaceuticals, daily chemicals, pipes and tubes, electronics, civil explosives, and military industries . To enhance the purchasing experience and after-sales service quality for clients globally, Rottweil adopts an after-sales service system based on "One-on-One Service," "Prompt Response," and "Individual Accountability" . Adhering to the principles of client supremacy, sincerity, and efficiency, it serves every client, establishing Rottweil as a well-recognized brand with high client recognition, loyalty, and satisfaction. Contact Information Ren Jianjun 139 2220 8945 SMM Conference Contact Chen Xiaolong 180 1708 9983 chenxiaolong@smm.cn

2026 is the opening year of the 15th Five-Year Plan period. Against a backdrop of intensifying global macro volatility and the deepening push for high-quality development in China, the zinc industry is undergoing profound changes: structural tensions arise from ore supply tightness alongside the release of smelting capacity, diverging domestic and overseas inventories reflect the complex supply-demand rebalancing, and technological innovation is becoming the key driver for resolving contradictions and reshaping the landscape. Key areas of the 15th Five-Year Plan, such as new energy and new-type infrastructure, are injecting fresh momentum into traditional zinc consumption, while green, low-carbon, and circular economy models are rapidly reshaping industry logic driven by technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, SMM's 2026 SMM Zinc Conference and the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, the 14th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum, and the Die-Casting Zinc Alloy Development Forum are about to be held on August 6–8 in Qingdao, Shandong. Under the theme "Gathering Zinc Momentum · Building the Zinc Industry · Embarking on a New Journey," the conference is driven by the dual wheels of macro perspective and fundamental analysis, closely following the high-quality development mainline of the 15th Five-Year Plan, and focusing on four dimensions: macro policies, supply-demand patterns, global trade, and technological innovation. By breaking through with technology to drive cost reduction and efficiency gains, and by addressing market fluctuations through collaborative innovation, we will jointly chart a brand-new blueprint for the high-quality and sustainable development of the zinc industry. Jurong Ruixin Environmental Protection Materials Co., Ltd. will make a grand appearance at this grand event, discussing industry development trends with industry peers and jointly propelling the zinc industry to new heights. Click the to register immediately for the conference, and join us to witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Jurong Ruixin – The Pioneer of New Hot-Dip Galvanizing Processes Established in 2015, Jurong Ruixin Environmental Protection Materials Co., Ltd. has been deeply cultivating the industry for a decade. Empowering the industry with technology and fulfilling its responsibilities through environmental protection, it is a high-tech enterprise integrating R&D, sales, and service. Located adjacent to Nanjing and covering the Suzhou-Wuxi-Changzhou area, the company, with its strong technological R&D capabilities, has become a pioneer of new hot-dip galvanizing processes and a leader in new technologies, writing a new chapter of green development in the industry with craftsmanship and innovation. Its products are widely used in multiple core fields and have garnered broad market recognition. In product R&D, Ruixin Environmental Protection always takes environmental protection as the core, avoiding the use of high-risk chemicals and optimizing formulation processes to solve industry challenges such as high zinc consumption, zinc fume emissions, zinc ash residue, and coating skips. This not only aligns with the requirements of the "dual carbon" strategy but also effectively controls costs for enterprises. In response to the process differences of different clients, the company provides customized products and full-cycle services, from raw material selection to on-site guidance, comprehensively helping clients improve production efficiency and product quality. Willing to join hands with colleagues from all directions, empowering the industry with technology, practicing responsibility with environmental protection, jointly promoting the high-quality development of the hot-dip galvanizing industry, and creating new brilliance in green manufacturing! For different client process requirements, we launch the following products: Ammonium-free plating aid, zinc smoke inhibitor, high-aluminum anti-leakage plating agent, zinc ash reduction and anti-explosion agent, pickling accelerator, pickling inhibitor Focused on solving hot-dip galvanizing leakage plating, reducing zinc consumption, and lowering zinc ash Our company adheres to the principles of customer first, environmental protection first, quality first, and service first! We are willing to join hands with you to create brilliance together! ◆ Contact Information ◆ 24H Service Hotline: Mr. Ding 17368753678 Company Address: Unit 1, Shimao Huijin Building, No. 818 Chongming West Road, Jurong City Long press to scan the code and register now! 2026 SMM Zinc Industry Conference

[SMM Tin Morning Update: June Ends with Tin Price Consolidating Around 390,000 Mark; Month-End Position Adjustment Focuses on Contract Rollover]

On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

SMM Analysis | June 30 marks a critical milestone in the U.S. Section 232 copper investigation. Will refined copper tariffs proceed as expected? Whether the outcome is a broad tariff, targeted measures, or a delay and exemption, the decision could reshape the COMEX–LME arbitrage, U.S. physical premiums, global copper trade flows, and regional supply dynamics.

Australian artificial intelligence infrastructure enterprise Firmus Technologies Pty Ltd. will partner with Nvidia to build its first data center project in Indonesia. Firmus stated that through a revenue-sharing and credit support agreement, Firmus can secure Nvidia’s infrastructure for its clients, with the agreement covering up to 170,000 Nvidia AI accelerator chips from 2027 to 2028. This collaboration is expected to generate up to $30 billion in offtake agreement revenue in the first six years.