[SMM Aluminum Weekly Review: Macro Situation Fluctuates, Domestic Aluminum Price Peak Under Pressure amid High Inventory]

[SMM Stainless Steel Daily Review] SS Futures Extended Decline, Stainless Steel Spot Followed Lower with Sluggish Trading According to SMM on June 25, SS futures extended their decline and weakened. Non-ferrous metals futures continued their downtrend, and combined with the impact of yesterday’s Indonesian nickel ore quota news, SS futures fell further. As of the midday close, the most-traded SS contract settled at 14,640 yuan/mt. In the spot market, pressured by the ongoing decline in futures and the arrival of the traditional consumption off-season, the sluggish trading situation was hard to reverse, and traders showed a strong willingness to sell. Although a mainstream stainless steel mill kept its guidance price unchanged in the morning, spot quotes still fell along with futures, and trading remained sluggish. The most-traded SS futures contract. At 10:15 AM, SS2608 was reported at 14,600 yuan/mt, down 140 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 370-970 yuan/mt range. In the spot market, the average price of cold-rolled 201/2B coil remained flat; cold-rolled 304/2B coil with mill edge saw its average price fall by 50 yuan/mt in Wuxi and 50 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi dropped by 100 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi fell by 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot swung wildly. Macro expectations outside China repeatedly disrupted the futures, intensifying the tug-of-war between longs and shorts in the market. Overall, the pattern was one of macros driving futures trends, trading fluctuating with sentiment, supply tightening supporting spot, inventory remaining stable, and profits seeing a minor recovery...

On June 25, the SMM battery-grade nickel sulphate average price edged down.

SMM, June 24: Based on the profound accumulation in the copper industry and the need for mutual development, on June 23, Zhou Bo, Vice President of SMM Information & Technology Co., Ltd. (SMM), Long Huachen, General Manager of the South China Office, and Lin Jiazhi, Business Manager of the Copper Business Division, visited Guangxi Jinchuan Nonferrous Metals Co., Ltd. for discussions and communication. They received a warm welcome from leaders including Xu Jun, General Manager of Guangxi Jinchuan Nonferrous Metals Co., Ltd., Zhou Guoqing, Deputy General Manager, Mo Liping, Deputy Manager of the Supply and Sales Department, and business executives Xu Tianli and Liu Jianming. The discussions between the two sides were conducted in a cordial atmosphere. During the discussion session, the two parties leveraged their respective resource advantages for in-depth collaboration. Guangxi Jinchuan has a single-series copper smelting production line that is leading both in and outside China. Leveraging the strategic location near Fangchenggang Port, it serves as a core hub for Jinchuan Group’s expansion into markets outside China. Backed by its mature smelting capacity and advanced processes, and complemented by a digital technological transformation project that enables intelligent control over the entire process, the company has established a digital demonstration production line in the copper smelting industry. SMM, leveraging its big data on nonferrous metal industries, authoritative spot and futures pricing system, and strengths in integrated services across the entire industry chain, precisely addresses the core demands of enterprises in production and operation, cross-border trade, and digital transformation. The two parties engaged in in-depth discussions on topics such as copper price analysis, spot-futures coordination, industry chain resource integration, port-side cross-border trade, smelting digital upgrading, and frontier technology collaboration, laying a solid foundation for mutual empowerment and synergistic development. About Guangxi Jinchuan Nonferrous Metals Co., Ltd. Guangxi Jinchuan Nonferrous Metals Co., Ltd. (hereinafter the "Company") was founded in May 2010 and is located in the beautiful coastal city of Fangchenggang, Guangxi. The Company is a Sino-foreign joint venture controlled by Jinchuan Group Copper & Precious Metals Co., Ltd., a wholly-owned subsidiary of Jinchuan Group (holding 70% of shares), with Trafigura as a stakeholder. It serves as a maritime gateway and bridgehead for the Gansu provincial government and Jinchuan Group in their pursuit of international operations and expansion outside China, and is highly aligned with the national Belt and Road Initiative, functioning as an export base for Gansu Province on the Maritime Silk Road. Benefiting from the unique coastal advantages and favorable business environment of Guangxi and Fangchenggang City, and relying on the expertise and dedication of all shareholders deeply engaged in the metal processing and trading industry, the Company has, after over a decade of development, achieved an annual production capacity of 800,000 mt of copper products and 3 million mt of sulphuric acid. The Company has received numerous honors, such as being recognized as a National Green Factory Demonstration Enterprise, National Intellectual Property Advantage Enterprise, Guangxi Industrial Leader, Guangxi High-tech Enterprise, Quality Management Benchmark for Industrial Enterprises, Guangxi Intelligent Factory Demonstration Enterprise and Digital Workshop Enterprise, Nomination Award for the Chairperson's Quality Award of Guangxi Zhuang Autonomous Region, and the Mayor's Quality Award of Fangchenggang City. In 2025, the company achieved operating revenue of 66.7 billion yuan and total industrial output value of 67 billion yuan, ranking 12th among the 2025 Top 100 Guangxi Enterprises and 5th among the Top 100 Manufacturing Enterprises. The Phase I “Double Flash” system, commissioned in 2013, is the world’s largest single-system production system for mined copper by capacity. The technologies employed in the project, including “Double Flash” pure-oxygen smelting, high current density stainless steel cathode electrolysis, low-temperature heat recovery, rhenium recovery from waste acid, and krypton-xenon gas purification, are at a leading level in China. Its comprehensive resource utilization level and key technical and economic indicators lead the industry. In line with Jinchuan Group’s “Trillion Jinchuan” development goal and Fangchenggang’s deployment to build a “100-billion copper industry cluster,” the company launched a 300kt copper system process and digital upgrade project in 2022. The project adopts the internationally advanced “side-blown smelting + multi-lance top-blown converting” technology, takes the lead in the industry in adopting digital design and delivery, simultaneously constructs an intelligent digital factory, and achieves the organic integration of energy flow, material flow, and information flow with operational management, creating a model for the digital transformation of copper smelters in the non-ferrous industry. The project was incorporated into normal production sequence management in May 2025, and the company’s annual total industrial output value has exceeded 65 billion yuan. In 2026, against the backdrop of the global green transition and the ongoing advancement of the “dual carbon” goals, the non-ferrous metals industry is accelerating toward low-carbon, intelligent, and high-end development. South China, as a key non-ferrous metals industry cluster in China, possesses a well-established downstream processing system, abundant recycled resource reserves, and robust policy support. Leveraging South China’s unique industrial foundation and the new development trends of the industry, with the aim of precisely implementing industry-related policies, addressing industry pain points, and building a bridge for resource connectivity across the entire industry chain, the , organized by SMM, will be grandly held from September 9 to 11, 2026 in Nanning, Guangxi . The conference will conduct in-depth discussions on key topics such as metal price trends, medium and long-term market patterns, cross-border trade dynamics, industry policy interpretation, and low-carbon green process innovations. It aims to build an efficient and authoritative platform for industry exchange and cooperation, empower enterprises with technological innovation and green transformation, help industry participants seize market opportunities and calmly address development challenges, and jointly promote the high-quality advancement of China’s non-ferrous metals industry. We sincerely invite colleagues from all sectors of the entire non-ferrous industry chain to gather in Nanning to discuss new industry development opportunities and explore long-term paths for collaborative development of the industry chain! SMM Contact : Lin Jiazhi: 15017566696

[SMM Zinc Morning Comment] Overnight, SHFE zinc recorded a small bullish candlestick, but the daily candlestick’s center shifted downward, with the lower Bollinger Band above forming resistance and the KDJ widening to the downside. Overnight, non-ferrous metals fell broadly, and zinc prices followed the decline. On the fundamentals side, as TCs fell, smelter losses expanded, but no significant production cuts have emerged yet, coupled with ...

[SMM Morning Meeting Summary: Strong US Dollar Puts LME Zinc in the Doldrums] Overnight, LME zinc formed a large bearish candlestick, with the daily candlestick center shifting downward and the MACD bearish candlestick expanding. Affected by the strengthening of the US dollar and navigation in the Strait of Hormuz, nonferrous metals are in the doldrums......