[SMM Stainless Steel Daily Review] SS Futures Center Moves Up, Spot Stainless Steel Market Sentiment Recovers According to SMM news on August 4, SS futures shot up and probed higher overall. Near the close of the night session, driven by fund operations, SHFE nickel and SS futures shot up quickly. Although SS pulled back briefly at the morning open, it had risen significantly overall. At the close, the most-traded SS contract settled at 14,470 yuan/mt. Spot market, buoyed by the rally in SS futures, traders for stainless steel agents raised their quotes even as steel mill spot guidance prices held steady. Market activity picked up and inquiry and transaction performance was moderate. The most-traded SS futures contract: at 10:15 AM, SS2609 was at 14,870 yuan/mt, up 345 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 200–550 yuan/mt range. In the spot market, average prices: Wuxi cold-rolled 201/2B coil stable; cold-rolled raw edge 304/2B coil (Wuxi up 50 yuan/mt, Foshan up 75 yuan/mt); Wuxi cold-rolled 316L/2B coil flat; hot-rolled 316L/NO.1 coil quote flat in Wuxi; cold-rolled 430/2B coil flat in both Wuxi and Foshan. This week, macro sentiment turned bearish and dominated metals market trends, and stainless steel futures consolidated on a subdued note under overall pressure. The US Fed left interest rates unchanged at its meeting this week as expected, but its overall tone was hawkish. Commodity valuations came under broad pressure, and the nonferrous metals sector weakened across the board. Dragged down by the contagion of macro headwinds, SS futures...

SMM, August 3: Lead futures prices consolidated on a subdued note, and the tug-of-war between longs and shorts continued. Upstream, some secondary lead smelters held prices firm and held back from selling, sticking to their quotes and unwilling to lower them, with extremely poor willingness to sell. Downstream enterprises were cautious in procurement; with reference to the primary lead price ratio, their intended purchase price for secondary refined lead was at a discount of 100 yuan/mt to the SMM #1 lead average price on an ex-factory basis. The price spread between secondary refined lead and primary lead continued to narrow, revealing the price disadvantage of secondary lead. Actual transactions in the market were limited, with most deals remaining at indicative prices. Short-term market trends followed the fluctuations of futures. The supply-demand stalemate was difficult to break quickly, and trading remained sluggish. Today, the SMM average price for secondary refined lead was reported at 15,225 yuan/mt, at a discount of 25 yuan/mt to the SMM #1 lead average price. The supplier selling sentiment was 0.54, and the purchase sentiment for secondary refined lead today was 1.78 (historical data can be accessed by logging into the database).

Kuala Lumpur, Aug 3 – At a time when the global ferrous metals sector is undergoing constant restructuring, ASEAN has emerged as a pivotal growth hub for the steel industry, fuelled by robust end-market demand, fast-expanding production capacity and shifting cross-border trade dynamics. Regional infrastructure upgrades, local capacity iteration, and trade policy adjustments are collectively driving ongoing changes in the supply-demand structure, pricing system, and supply chain of the ASEAN steel market. The industry urgently needs a specialized, international dialogue platform to address development pain points and unlock global business opportunities. Against this industry background, a delegation from Shanghai Metals Market (SMM) paid a special visit to the Malaysian Iron and Steel Industry Federation (MISIF) on July 31, and was warmly welcomed by MISIF's CEO Tan Ai Joo and Manager Eveline Chu. Both sides engaged in in-depth discussions on core topics such as cross-border resource coordination, exhibition cooperation, industrial information sharing, and co-construction of market trends, with a focus on SMM's industrial layout in the ASEAN region and the building of a cross-border cooperation ecosystem. Regarding long-term cooperation in the future , both sides engaged in in-depth discussions on a mutually beneficial, win-win, and sustainable regular cooperation mechanism, laying the foundation for the future joint empowerment of the steel industry in Malaysia and ASEAN. Industry data and market services cooperation was one of the core priorities of this discussion. MISIF shared the development status of the Malaysian steel market, industry statistical characteristics, and report publication plans. SMM detailed its platform’s compliant subscription service model, which strictly protects enterprises’ confidential operational data and can provide customized industry insights, market analysis, and trend research services tailored to local Malaysian market characteristics and enterprise-specific needs. Furthermore, the two sides exchanged views on global cross-border trade data discrepancies, customs statistical characteristics of various countries, and international trade market variables, etc. Leveraging its comprehensive port data monitoring system, SMM can provide data-sharing services such as high-frequency updated actual port inventories in China. Both sides reached a consensus on establishing a regularized communication mechanism in the future to continuously carry out collaborative exchanges on industry information, market data, and industry trends. SMM has formally extended an invitation to MISIF to bring its member enterprises to attend the 2026 SMM ASEAN Ferrous Metals Summit from November 26-27, 2026 in Kuala Lumpur, Malaysia and share industry insights, jointly building a multilateral dialogue platform for the ferrous metals industry that links multiple ASEAN countries. About the 2026 SMM ASEAN Ferrous Metals Summit SMM is thrilled to announce that we will hold the 2026 SMM ASEAN Ferrous Metals Summit from November 26-27, 2026 in Kuala Lumpur, Malaysia. This event is the premium platform in the ASEAN ferrous metals market that converge 400+ decision-makers from mines, mills, trading houses, processors, equipment and technology providers, and logistics operators at the same table — precisely when the regional order is being rewritten. Conference Highlights 1. ASEAN Steel Market Outlook An in-depth analysis of regional steel demand, with consumption expected to reach 87.9 million mt in 2026, driven primarily by Vietnam, Indonesia, and the Philippines. 2. China—ASEAN Trade and Supply Chain Restructuring Exploring shifting flows of HRC, billet, slab, and other steel products amid changing supply patterns, trade remedies, and regional market dynamics. 3. Capacity Expansion and Production Transition Examining ASEAN’s evolving steelmaking landscape, including BF-BOF capacity growth, EAF development, overseas investment, and new regional production hubs. 4. Trade Policies and Market Access Assessing anti-dumping measures, tariffs, RCEP-related opportunities, and regulatory changes reshaping steel trade across ASEAN. 5. High-Growth Demand and Product Opportunities Identifying opportunities from infrastructure, construction, automotive, and advanced steel applications, with a focus on Indonesia, Vietnam, and other emerging markets. 6. Executive Networking and Regional Cooperation Connecting leading producers, traders, buyers, investors, associations, policymakers, and industry experts across ASEAN, China, and global markets. Senior Speakers 2026 Scenes from Past Conferences Conference Agenda Contact: Horin Dong WhatsApp: +8618721310824 Email: horindong@smm.cn Scan the QR code for conference details and more discount information About SMM SMM has long been deeply engaged in global commodity industry services, continuously deepening cooperative ties with government and enterprise institutions and industry associations across various countries, and steadily expanding its global industrial service network. Leveraging a mature collaborative model with Indonesian government, enterprises, and associations, SMM has established a comprehensive closed-loop ecosystem for sharing overseas exhibition and conference information, continuously iterating and upgrading its industrial big data system to achieve efficient global market information exchange and joint resource building and sharing. SMM organizes 50+ professional events each year, including industry summits, industry forums, and field trips. Of these, 40 are deeply rooted in the Chinese market, nearly 10 are precisely positioned in core Southeast Asian markets, and a small number cover Europe and Africa. Overseas events have earned global industry recognition thanks to authoritative industry guest lineups, solid industry survey data, and precise supply-demand matchmaking services. SMM has organized a series of high-end summits in Indonesia in cooperation with local authorities such as the Ministry of Foreign Affairs and the Indonesia Nickel Miners Association (APNI), gathering 300+ industry elites, and were complemented by professional field trip activities along the overseas industry chain, comprehensively empowering regional industry exchanges and trade matchmaking.

Domestic lithium manganate market edged down slightly before stabilizing this week. Its price movement is highly correlated with lithium carbonate, lacking independent driving factors. Major producers maintain steady operation and prioritize deliveries to long-term clients. Ample supplies remain in the market without large-scale production cuts.

In 2026, the global lead-acid battery industry maintains steady growth, holding irreplaceable advantages in starting, industrial, and energy storage applications. Secondary lead has become the core raw material supply, and green recycling and compliant manufacturing have become the industry baseline. The global industry chain is accelerating its shift to Southeast Asia, where Vietnam, leveraging its motorcycle and automobile ownership, manufacturing supporting facilities, and trade facilitation advantages, has become a strategic hub for lead smelting, battery production, and recycling. Meanwhile, the lead industry chain faces multiple challenges such as raw material supply-demand balance, international trade compliance, upgrading environmental standards, iteration of advanced lead battery technologies, supply chain security, and cost control. To build a global lead industry exchange and cooperation platform and promote collaborative innovation across the entire chain of lead ore, primary lead, secondary lead, lead-acid batteries, equipment, and auxiliary materials, the 2026 SMM Global Lead-Acid Battery Supply Chain Innovation Conference is set to take place in Ho Chi Minh City. SMM, in partnership with Hunan Ruiyi Resources and Environment Technology Co., Ltd. , invites you to join the conference. The event will focus on industrial policies, market trends, technological upgrades, circular economy, and the joint development of the global supply chain, helping enterprises seize opportunities and achieve win-win collaboration. Click to register now for the conference, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Hunan Ruiyi Resources and Environment Technology Co., Ltd. is an "industry-academia-research-application" cooperation partner of Central South University. Relying on the Institute of Resource Recycling and Environmental Engineering of Central South University, the company primarily engages in technology development and transformation, technical consulting services, process and plant design, equipment manufacturing, and engineering contracting in fields such as clean and efficient utilization of secondary non-ferrous metal resources, comprehensive recovery and safe disposal of heavy metal and arsenic-containing hazardous waste, and extraction. The company focuses on technology R&D and promotion in the hazardous waste disposal industry. With side-blown furnaces, pure oxygen converters, low-temperature pyrolysis furnaces, electric furnaces, and fuming furnaces as core equipment, it enhances metal recovery rates, saves energy, and reduces emissions in the secondary lead recycling industry, the comprehensive recovery and safe disposal of copper scrap, the vitrification of fly ash and residues from municipal solid waste and hazardous waste incineration, and the comprehensive recovery and safe disposal of heavy metal and arsenic-containing hazardous waste, thereby meeting the growing needs of clients; the company has an R&D and design engineering team centered on professors and senior engineers, bringing together talented professionals from metallurgical production and management, environmental protection, plant design, mechanical manufacturing, automation, electrical engineering, and other fields. It possesses full-chain service capabilities from technical consulting to furnace operation in the areas of secondary lead, copper scrap recycling, secondary zinc, and arsenic-containing hazardous waste disposal. In the R&D and manufacturing of side-blown furnaces and the aforementioned resource recycling fields, it holds over 90 invention patents and utility model patents. RE Technology Co., Ltd. (referred to as RE TECH) is a cooperative high-techcompany (industry-institute-research) affiliated with Central South University, whose metallurgy department is one of the most prestigious in the world. With independent patented oxygen-enriched side-blowing furnace as the core equipment which have widely applied in lead recvcling industry and have won a lot of awards because of its innovative technology, we also have the ability to design the entire plant, and design and fabricate the essential equipment including side-blowing furnace, rotary furnace, blast furnace, convert, electrical furnace, fuming furnace and other equipment. In our role as the leading engineering company in lead recycling, we continue to invest in upgrading equipment and processes to meet the ever-increasing requirement of the industry, including improving metal recovery rates, reducing emissions, and treating materials more efficiently. We are expanding our field from lead to copper, nickel,zinc, tin, antimoney etc. to ensure that nonferrous secondary resources are reused efficiently and cleanly, heavy metals and arsenic-containing hazardouswastes are reecovered and disposed safely. Professors, experts and engineers make up the RE TECH team, whose majors include metallurgy, environmental protection, mechanical, automation, electrical and otherdisciplines. With more than 90 patents, the team is capable of providing consulting, engineering, equipment fabrication, installation, commissioning, and operation services to our respected clients. Contact Tel: 0731-82850226 Email: info@rezh.net Website: http//www.hnrezh.com Address: No. 19 Ziyuan Road, Yuelu District, Changsha, Hunan Province Long press and scan to register now 2026 SMM Global Lead-Acid Battery Supply Chain Industry Conference

This week, the industry chain exhibited a diverging pattern, with upstream raw material and cobalt salt prices weakening while midstream and downstream material prices remained relatively stable. Trading in refined cobalt, intermediate products, cobalt sulphate, cobalt chloride, Co3O4, and cobalt powder was generally sluggish. Downstream buyers mostly maintained just-in-time procurement, as off-season demand was insufficient, and inventory pressure along with low-priced supply continued to weigh on market prices. Although some miners and smelters, supported by high-cost inventory, still intended to hold prices firm, traders and recycling companies became more active in selling, and the decline in the cost of refined cobalt reverse dissolution further strengthened market expectations of pushing for lower prices. In the short term, related product prices still face downward pressure. Ternary cathode precursor, ternary cathode material, and LCO prices remained stable overall. Leading ternary cathode precursor companies performed well in export orders, and domestic production schedules recovered somewhat, but small and medium-sized enterprises were still affected by the off-season. Demand for ternary cathode materials from the EV sector stayed at a high level; some battery cell enterprises stockpiled in advance, and August orders are expected to be stable with slight growth. Consumer-side demand remained mediocre. Affected by sluggish end-use demand and substitution by ternary cathode materials, LCO production and sales remained low, further narrowing enterprises' profit margins. Subsequent market recovery will still depend on the restocking pace in mid-to-late August and the release of demand during the September-October peak season.