The "CCTV Finance Excavator Index," jointly developed by CCTV Finance, Sany Heavy Industry, and TreeLab Technology, released its latest data. In April, construction machinery saw increases in both volume and operating rates, with all three major sectors — port logistics, heavy lifting, and civil construction — recovering across the board as peak-season construction demand was concentrated and released. In April, the average operating rate of construction machinery nationwide was 45.09%, up 3.6 percentage points MoM, and the workload growth rate of trackable samples was 12.55% MoM. The top ten provinces ranked by comprehensive operating rate were: Anhui, Beijing, Ningxia, Zhejiang, Liaoning, Hainan, Hebei, Jiangxi, Gansu, and Xinjiang.

Copper prices experienced wild swings this week, with a cumulative decline of over 400 yuan/mt. During the period, news of delayed production resumptions at an Indonesian copper mine triggered a single-day surge of 1,630 yuan/mt, which quickly pulled back. The wild swings dominated overall sentiment across the secondary copper industry chain

Spot market, this week (May 18–22, 2026), spot lead prices were in the doldrums from the beginning to mid-week, with the price center continuing to shift downward. Spot lead prices fluctuated higher in the latter half of mid-week. Downstream buyers mainly made just-in-time procurement and digested existing inventories, and overall spot trading activity was moderate. Regional side, Henan smelters primarily fulfilled long-term contracts, with spot quotation ranges fluctuating and futures discount ranges gradually narrowing. In Hunan, willingness to sell among market participants diverged, with spot orders largely trading at parity with the average price and only sporadic just-in-time procurement transactions. Smelters in Jiangxi and Anhui quoted at premiums of +120-150 yuan/mt ex-works against the SMM #1 lead average price, with some cargoes seeing moderate transactions. Guangdong smelters previously quoted at premiums mostly in the 150-200 yuan/mt range, but due to insufficient finished product inventories, their overall willingness to sell remained cautious.

SMM May 22 update: As of May 21, secondary lead finished product inventories stood at 21,400 mt, up 4,000 mt WoW from May 14. Lead prices fell first and then rose this week, with downstream battery enterprises showing strong wait-and-see sentiment, and weak procurement drove inventory accumulation. After lead prices recovered, some large smelters held back from selling, and spot order inventories rose notably. Going into next week, a major plant in Jiangxi is expected to ramp up production after production resumptions, and a smelter in Guangdong is expected to resume production after environmental protection inspections. Meanwhile, downstream enterprises will begin a new round of long-term contract cargo pick-up. Under the combined effect of multiple factors, secondary lead finished product inventories are unlikely to decline effectively.

SMM News, May 22: From May 15 to May 21, 2026, SMM data showed that the weekly operating rate of secondary lead in four provinces in China was 27.62%, up 1.49 percentage points WoW. In Henan, production lines under maintenance resumed production, with the regional operating rate rising 5.9 percentage points. In Jiangsu, raw material shortages led smelters to cut production, with the operating rate pulling back 1.54 percentage points. Production in Anhui and Inner Mongolia remained stable. No production adjustment plans are scheduled across regions next week, and the operating rate is highly likely to remain stable. Meanwhile, attention should be paid to the pace of production resumptions following environmental protection-related controls in Guangdong, as well as the production ramp-up pace of smelters resuming production in Jiangxi.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Enhancement of Strategic Attributes** The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure has undergone fundamental changes, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a sign of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Giving Rise to a New Symbiotic Ecosystem** Digitalisation and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbonisation and circular economy, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 , Changsha, Hunan , 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Huichang County Xiaoshan Tin Industry Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly driving the tin industry to new heights. Click to register immediately, witness and participate in this extraordinary and far-reaching industry event, and co-create a brilliant new chapter! Huichang County Xiaoshan Tin Industry Co., Ltd. was established in March 2008, covering an area of 79.8 mu. The company is located in the Jiangxi Province Fluorine-Salt New Materials Industrial Base, at the junction of Jiangxi, Guangdong, and Fujian provinces, adjacent to National Highway 206 and the Jiguang Expressway exit, with convenient transportation. The company currently owns tin smelting and tin product deep processing projects. Its main business includes the production and sales of tin ingots, tin-based alloys, and tin products. After years of development, the company has established a strong reputation nationwide. Its products are popular in the Pearl River Delta, Yangtze River Delta, and other regions, and are favoured and recognised by numerous clients for their outstanding stability and reliability. The company adheres to the principle of "survival through quality, development through cooperation" and the business philosophy of "people-oriented, harmonious development," integrating resources and extending the tin industry chain. The company's products have obtained dual certification of ISO9001:2015 quality management system and ISO14001:2015 environmental protection system. The performance parameters of the produced Xiaoshan brand tin ingots, tin-based alloys, tin products and other products have passed SGS detection, all meeting national standards, and have passed EU RoHS and REACH directive certifications. Contact Information Wu Xudong 13707025985 Long Press to Scan the QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference