UBS has significantly raised its copper price outlook in a recent report, increasing its long-term price forecast by $500 per metric ton. The bank now expects copper prices to reach $15,000 per metric ton by the end of March 2027. It maintains a positive view on the copper market and advises investors to hold long positions. At the same time, UBS has updated its supply and demand forecasts. It has slightly lowered its 2025 copper market deficit projection to 200,000 metric tons but sharply raised its 2026 deficit estimate from 407,000 to 520,000 metric tons. The bank believes this widening supply gap will support elevated copper prices through 2026.

On April 28 (Monday), the International Copper Study Group (ICSG) held a meeting in Lisbon, Portugal, on April 25, 2025. Global copper mine production is expected to increase by 2.3% in 2025 and by 2.5% in 2026. In 2025, world mine production is projected to rise by 2.3% to 23.5 million mt, primarily driven by additional output from expansions at Kamoa (DRC) and Oyu Tolgoi (Mongolia), as well as the start-up of the new Malmyz mine (Russia). These gains will be partially offset by expected declines in Australia, Indonesia, and Kazakhstan. In 2026, production is expected to grow at a higher rate of 2.5%, supported by continued additions/expansions, anticipated improvements in output from Chile and Zambia, and a recovery in Indonesia from the production decline in 2025. Over these two years, a series of smaller expansions and the start-up of some small- and medium-sized mines will also contribute to the increase in global production, particularly in the DRC, Brazil, Iran, Uzbekistan, Ecuador, Eritrea, Greece, Angola, and Morocco. Global refined copper production is expected to grow by approximately 2.9% in 2025 and by 1.5% in 2026. In 2025, refined copper production is projected to increase by about 2.9%, supported by ongoing capacity expansions in China and the start-up of new capacities in several other countries, notably Indonesia, India, and the DRC. Overall, primary electrorefining production (from concentrates) is expected to increase by 3%, hydrometallurgical production by 3.3%, and secondary production (from scrap) by 2.2%. In 2026, global refined copper production is expected to decline by 1.5%. Although refined production will continue to benefit from new and expanded capacities, the growth in primary electrorefining production is expected to be constrained by limited concentrate supply, partially offsetting the growth in hydrometallurgical and secondary (scrap) production. Due to new and expanded capacities in several countries, hydrometallurgical production is expected to increase by 2.2% in 2026, while secondary refined production (from scrap) is anticipated to grow by 6.4%. Global apparent refined copper usage is expected to increase by approximately 2.4% in 2025 and by 1.8% in 2026. The usage growth rate has been revised downward from the Group's September 2024 forecast, given the uncertainties surrounding international trade policies that could weaken the global economic outlook and negatively impact copper demand. Global refined copper usage growth is expected to be 2.4% in 2025 (down from 2.7% previously). China's usage is expected to grow by about 2% in 2025 and by 0.8% in 2026. Asia will continue to be the main driver of global growth, while demand in other major copper-using regions (EU, Japan, US) remains sluggish. However, overall, global usage is expected to continue to be supported by improvements in manufacturing activity in some key copper end-use sectors, the energy transition, urbanization, ongoing demand for digitalization (data centers), and the development of new information system capacities in India and some other countries. The global refined copper balance forecast indicates a surplus of approximately 289,000 mt in 2025 and about 209,000 mt in 2026. ICSG recognizes that global market balances may differ from forecasts due to many factors that could alter production and usage projections. In this regard, it should be noted that actual market balance outcomes have deviated from ICSG's market balance forecasts in recent instances due to unforeseen developments. In studying its global market supply and demand forecasts, ICSG applies an apparent demand calculation method for China that does not cover changes in unreported inventories (State Reserves Bureau, producers, consumers, merchants/traders, bonded), which can be significant during stockpiling or destocking periods and may significantly alter the global supply-demand balance. China's apparent copper demand is based solely on reported data (production ± net trade / inventory changes at the Shanghai Futures Exchange). ICSG expects a surplus of approximately 289,000 mt in 2025, slightly higher than the 194,000 mt surplus forecast in September last year. A surplus of about 209,000 mt is currently expected for 2026. ICSG's next meeting will be held in Lisbon in October 2025. (Webstock Inc.)

In recent years, the new energy industry has developed rapidly. From the lithium battery industry chain to the PV industry chain, the trend of raw material prices has shifted from continuous increases a few years ago to stable operation today. Through market competition, the prices of lithium carbonate and polysilicon have gradually stabilized, laying a foundation for the healthy development of the industry chain in the future. Against the backdrop of the global low-carbon economy, the prospects of the new energy industry remain promising. The industry is undergoing a deep transformation from "policy-driven" to "market-driven," with technological innovation and large-scale application becoming core competitiveness. In this context, how can enterprises seize industry opportunities and address unavoidable challenges? Faced with uncertain overseas geopolitical risks and the huge attraction of the international market, how can enterprises maximize their benefits? To explore these key issues, the 2025 (10th) New Energy Industry Expo, hosted by SMM Information & Technology Co., Ltd. (SMM), was grandly held at Hall F3-G3 of the Suzhou International Expo Center in Jiangsu from April 16-18, 2025. This exhibition covered four major exhibition areas, with over 1,300 domestic and overseas exhibitors and participants making a collective appearance! The event focused on the entire new energy industry chain, showcasing power batteries, ESS, raw materials, materials, equipment, mining, and battery recycling, providing a one-stop exhibition experience. This year's expo once again presented a feast of international, professional, trade-oriented, and innovative ideas and business cooperation for the entire industry, leading the new trends and innovation directions of the global new energy industry, and propelling the industry forward! During the exhibition, one academician & top-tier entrepreneur forum, one new energy industry forum, and 13 sub-forums were held. Government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries attended the event! Witness the gathering of industry leaders, discuss core technologies, listen to experts' insights, interpret market trends, gather in Suzhou, focus on key issues, and invite you to delve into industry development together. This conference included 15 forums such as the main forum, new energy industry special session, new energy mineral exploration and industry development forum, Invest in Poland·New Energy Strategy Forum, battery raw material forum, new energy battery material forum, battery auxiliary material forum, new energy PV ESS forum, international mining investment and development summit forum, lithium battery recycling forum, all-solid-state battery forward-looking technology forum, hydrogen energy industry development forum, overseas market forum, low-altitude economy forum, and the Suzhou Virtual Power Plant Ecosystem Forum (3rd), covering all aspects of the new energy industry chain, full of valuable content, and worth a look! This article is a live text broadcast of forums such as the main forum, new energy industry special session, new energy mineral exploration and industry development forum, and Invest in Poland·New Energy Strategy Forum. In addition, SMM will also provide full coverage of live pictures and videos, so stay tuned! Click to view the live video broadcast Click to view the live picture broadcast Click to view the special report of this conference Opening Speech Kang Yi, Former President of the China Nonferrous Metals Industry Association, Honorary Chairman of the Organizing Committee Fan Xin, Chairman of SMM, Chairman of the Organizing Committee Cao Zihai, Deputy General Manager of GFEX 09:00-09:30 Speech Topic: A Decade Review and Outlook of the New Energy Industry Guest Speaker: Logan Lu, CEO of SMM 09:30-10:05 Speech Topic: Breaking Boundaries·New Life—The Transformation of the New Energy Industry Driven by a Decade of Technological Leap Guest Speaker: Wang Zhenbo, Foreign Academician of the Russian Academy of Engineering, Second-Level Long-Term Professor and Doctoral Supervisor of Harbin Institute of Technology 10:05-10:30 Speech Topic: To Be Determined Guest Speaker: Tang Juxing, Academician of the Chinese Academy of Engineering, Vice President of the Chinese Academy of Geological Sciences 10:30-11:05 Speech Topic: Critical Minerals Are the Important Material Foundation of the New Energy Era Guest Speaker: Chen Jinghe, Chairman of Zijin Mining Group Co., Ltd. 11:05-11:25 Speech Topic: Focusing on Sustainable Development, Practicing Long-Termism Guest Speaker: Li Liangbin, Chairman of Jiangxi Ganfeng Lithium Group Co., Ltd. 11:25-11:45 New Energy Industry Special Session CEO Roundtable Forum—The Innovation of the New Energy Industry Moderator: Yi Yanting, Vice President of SMM Guest Speakers: Yang Shunyi, General Manager of the Cathode Business Department of BTR New Material Group Co., Ltd. He Zhenyu, Deputy General Manager of Jiangsu Linyang Energy Co., Ltd. Li Shuli, Dean of the Research Institute of Guangzhou Great Power Energy & Technology Co., Ltd. Ma Jinpeng, President of the ESS Business Unit China of Ampace Technology Co., Ltd. 13:30-14:20 New Product Launch & Signing Ceremony: SMM-AUTODATAS Joint Release of the Bulk Material Cost Index for Vehicles Wang Jiliang, CEO of Shanghai Boqi Automotive Technology Co., Ltd. Logan Lu, CEO of SMM 14:20-14:40 Speech Topic: Financial Infrastructure Supports the High-Quality Development of the Nonferrous Metals Industry Guest Speaker: Hu Danzhou, Senior Manager of Business Department III, Shanghai Clearing House 14:40-15:00 Speech Topic: Cold Thinking in the Heat of the Low-Altitude Economy Guest Speaker: Liang Yuancong, Rotating Chairman of the Yangtze River Delta Automotive Technology Innovation Consortium 15:00-15:30 Speech Topic: Europe's Views and Challenges on Sustainable, Circular, and Safe Batteries Guest Speaker: Zhang Jing, PD Battery Expert, Automotive Parts, Henkel Adhesives 15:30-16:00 Roundtable Interview: How to Build a Globally Synergistic Battery Value Chain Moderator: Chen Bolin, LFP Material Analyst at SMM Guest Speakers: Anthony Tse, Founder of NEO Capital Hu Ruohan, Co-Founder of Organic Data Technology Aloysius Lim, Partner at Circulor Ermanno Vitali, CEO of FAAM China 16:00-17:00 New Energy Mineral Exploration and Industry Development Forum Opening Speech 09:00-09:10 Speech Topic: Main Types, Exploration Progress, New Challenges, and Opportunities of Energy Metal Minerals in China Guest Speaker: Wang Denghong, Director and Researcher of the Institute of Mineral Resources, Chinese Academy of Geological Sciences 09:10-09:40 Speech Topic: Demand and Outlook for New Energy Minerals in China Guest Speaker: Wang Anjian, Honorary Director, Chief Scientist, and Researcher of the Global Mineral Resources Strategy Research Center, Chinese Academy of Geological Sciences 09:40-10:10 Speech Topic: Mineral Resource Reserve Management and Risk Prevention Guest Speaker: Ju Jianhua, Former Director of the Mineral Resources Protection and Supervision Department of the Ministry of Natural Resources, Head of the China Mining Rights Appraisers Association, and Senior Researcher of the High-Level Advisory Center of the Ministry of Natural Resources 10:10-10:40 Speech Topic: Research Progress and Outlook on the Development and Utilization of Strategic Mineral Resources Guest Speaker: Chen Congxi, Former Director and Researcher of the Comprehensive Research Office of the Information Center of the Ministry of Natural Resources 10:40-11:10 Speech Topic: Formation and Enrichment Patterns of Helium Reservoirs in China and Prospects for Exploration and Development Guest Speaker: Li Jian, Chief Technical Expert of the PetroChina Exploration and Development Research Institute 11:10-11:40 Speech Topic: Metallogenic Theory and Prospecting of Lithium, Cobalt, and Nickel for New Energy Batteries Guest Speaker: Jiang Shaoyong, Director of the Collaborative Innovation Center for Critical Strategic Mineral Resources, China University of Geosciences (Wuhan), and Assistant to the President 11:40-12:10 Speech Topic: Distribution Patterns, Metallogenic Characteristics, and Exploration Directions of Nickel Resources in Western China Guest Speaker: Wang Ruiting, Deputy General Manager and Chief Engineer of Northwest Nonferrous Geological and Mining Group Co., Ltd. 13:30-14:00 Speech Topic: Rock and Mineral Analysis Testing Technology and Standard System for Strategic Minerals Guest Speaker: Qu Wenjun, Former Deputy Chief Geologist and Researcher of the National Research Center for Geoanalysis 14:00-14:30 Speech Topic: Prospecting and Resource Evaluation of High-Purity Quartz Raw Materials Guest Speaker: Wang Jiuyi, Deputy Director of the New Energy and New Materials Mineral Research Office, Institute of Mineral Resources, Chinese Academy of Geological Sciences 14:30-15:00 Roundtable Interview: Interpretation of the New Mineral Resources Law Moderator: Luan Zhengming Interview Experts: Ju Jianhua, Former Director of the Mineral Resources Protection and Supervision Department of the Ministry of Natural Resources, Head of the China Mining Rights Appraisers Association, and Senior Researcher of the High-Level Advisory Center of the Ministry of Natural Resources Chen Congxi, Former Director and Researcher of the Comprehensive Research Office of the Information Center of the Ministry of Natural Resources Chen Yuqing, Secretary General of the Collaborative Innovation Platform for China's Mineral Resources and Materials Application Yuren Law Firm 15:20-17:00 Signing Ceremony 17:00-17:20 Launch Ceremony of the 7th China Mining Industry Chain Conference 17:20-17:30 Invest in Poland·New Energy Strategy Forum Registration 13:00-13:30 Welcome Speech Pawel Pudlowski, Deputy Director of the Polish Investment and Trade Agency 13:30-13:40 Speech by the Organizer Representative Wang Yanchen, General Manager of SMM London Subsidiary 13:40-13:50 Speech Topic: Case Sharing of Chinese New Energy Enterprises Investing in Poland Guest Speakers: You Deliang, Chief Representative of the Polish Investment and Trade Agency in China Arkadiusz Tarnowski, Deputy Director of the Investment Department of the Polish Investment and Trade Agency 13:50-14:10 Speech Topic: Pomeranian Province—The European Gateway for Chinese Investors Guest Speaker: Mikołaj Trunin, Deputy Director of the Pomeranian Special Economic Zone, Poland 14:10-14:30 Speech Topic: Poland's EV Strategic Hub—Core Partner of the New Energy Vehicle Industry and Incubator for Battery Value Chain Growth Guest Speakers: Beata Białoń-Dudek, Director of Procurement and Supply Chain, EMP Poland EV Company Joanna Podkowa, Procurement Manager, EMP Poland EV Company 14:30-14:50 Speech Topic: Poland's Industrial Real Estate Market and Investment Process Guest Speakers: Daniel Kamiński, Senior Project Advisor, Colliers Poland Zofia Kilian, Senior Project Advisor, Colliers Poland 14:50-15:10 Closing Speech Speech Guest: You Deliang, Chief Representative of the Polish Investment and Trade Agency in China 15:10-15:30 International Cobalt Association Industry Salon Speech Topic: Exploring the Future of Cobalt: Market Insights, Decarbonization Strategies, and the Green Path Speech Topic: Global Cobalt Market Dynamics 2024-2025 Global Cobalt Market Overview, Market Prices, and Production; Opportunities and Challenges Coexist: 2025 Global Cobalt Supply and Demand Forecast; 2050 Sustainable Cobalt Production Goals: Long-Term Plan Outlook and the Key Role of Cobalt in the Global Supply Chain. The Decarbonization Path of Cobalt Cobalt Products Carbon Footprint Methodology: Analyzing the Environmental Impact in the Production Process and Standardizing Carbon Emission Calculations Decarbonization Strategies: Focusing on China as an Example, Exploring Optimization Strategies for Reducing Carbon Emissions in the Cobalt Supply Chain. Guest Speakers: Marina Demidova, Head of External Affairs, Cobalt Institute Tom Fairlie, Senior Battery and Sustainability Manager, Cobalt Institute Discussion Topics: Cobalt Sourcing: Responsible Traceability Geopolitical Trends: Analyzing How Global Political and Trade Situations Affect the Cobalt Market Relevant Regulations: Summarizing Key Regulations Impacting the Cobalt Industry, from International Trade Policies to Environmental Standards Responsible Sourcing and Sustainable Development: The Importance of Ethical Traceability Practices to Ensure a Sustainable Cobalt Supply Chain and Mitigate Production Risks. 16:00-17:30 Q&A Session An Interactive Session Where Participants Ask Questions, Share Insights, and Discuss with Guest Speakers: Focusing on the Challenges, Opportunities, and Uncertainties Facing the Cobalt Market 16:00-17:30 New Energy Expo Theme Dinner SMM Tier1 Excellent Supplier Awards Ceremony 18:00-20:30 Registration Click to View More Highlights Click to View the Special Report on the 2025 (10th) New Energy Industry Expo

You are cordially invited to participate in the free industry salon at CLNB 2025 (10th) New Energy Industry Expo—International Cobalt Association Industry Salon: "Exploring the Future of Cobalt: Market Insights, Decarbonization Strategies, and the Green Path" Venue: Suzhou International Expo Center (688 Suzhou Avenue East, Wuzhong District, Suzhou, Jiangsu Province, China) Hall G, Suzhou International Expo Center Date: April 16, 2025 Time: 16:00-17:30 Beijing Time This event is hosted by SMM Information & Technology Co., Ltd. and organized by the International Cobalt Association, featuring Marina Demidova, Head of External Affairs at the International Cobalt Association, and Tom Fairlie, Senior Manager of Sustainability and Battery, as honored guest speakers. # Highlights # ☆Global Cobalt Market Dynamics Overview of the global cobalt market, market prices, and production from 2024 to 2025; Opportunities and challenges coexist: global cobalt supply and demand forecast for 2025; Sustainable cobalt production target for 2050: long-term plan outlook and the critical role of cobalt in the global supply chain. ☆The Path to Decarbonization of Cobalt Carbon footprint methodology for cobalt products: analyzing the environmental impact during production and standardizing carbon emission calculations; Decarbonization strategies: focusing on China as an example, exploring optimization strategies to reduce carbon emissions in the cobalt supply chain. ☆Cobalt Procurement: Responsible Sourcing Geopolitical trends: analyzing how global political and trade situations affect the cobalt market; Relevant regulations: summarizing key regulations impacting the cobalt industry, from international trade policies to environmental standards; Responsible procurement and sustainable development: the importance of ethical sourcing practices to ensure a sustainable cobalt supply chain and mitigate production risks. ☆Q&A Session An interactive session where participants can ask questions, share insights, and discuss with guest speakers: focusing on the challenges, opportunities, and uncertainties faced by the cobalt market. Whether you are a new energy professional, policymaker, or sustainability-focused expert, this is an event you cannot miss! Introduction to the International Cobalt Association The International Cobalt Association aims to promote the responsible and sustainable production and use of cobalt in all forms and applications. Objectives Through public policy, regulation, science, responsible sourcing, and sustainability engagement. Committed to Protecting and developing the cobalt and compound markets by promoting a proportionate, comprehensive, and appropriate legislative and regulatory environment where the entire value chain's contribution to societal goals is recognized; Serving as a global knowledge hub for cobalt; Enhancing the reputation of the cobalt industry as a responsible industry with deep expertise in all relevant aspects of product management. We sincerely invite you to register for CLNB 2025↑ Join us in exploring the future development of the cobalt industry and jointly promoting the global green energy transition! Contact: +86 135 1961 1284 Email: lilyyan@metal.com

Niobium, identified by its atomic number Nb, is a grey, ductile metal with significant applications across various industries due to its unique properties. Extracted mainly from the minerals pyrochlore and columbite, niobium is recognized for its high melting point and resistance to corrosion. These characteristics make it a valuable additive in metal alloys, particularly in the steel manufacturing industry.

Half a year has passed, and in 2024, the photovoltaic market has entered a prolonged downward trend.