[Lead Smelter Updates] Recently, Yuguang Gold and Lead Group stated on an investor platform that the company is actively advancing its pan-semiconductor high-purity metal materials project. It has successfully produced 7N-grade high-purity indium, tellurium, and other products, and has been conducting trial use and business negotiations with multiple downstream clients. The company's development strategy focuses on technological innovation and industry chain extension in the new materials sector, enhancing core competitiveness through independent R&D.

SMM May 14 news: According to official information obtained by SMM, Baiyin Nonferrous Group Co., Ltd. will start an open tender today for its 5 tonnes of tellurium ingots. Official sources indicate that the quality of this batch meets the Te99.95 standard. The minimum tender price is set at a discount of RMB 30/kg. The stock is located at the company's warehouse. Transport costs shall be borne by the buyer. The registration deadline is before 17:00 on May 18, 2026, and the bidding will commence at 15:00 on May 19, 2026.

SMM, May 14: According to official information obtained by SMM, Baiyin Nonferrous Group Co., Ltd. began an open tender today for 5 mt of tellurium ingots under its ownership. Official information showed that this batch of tellurium ingots met the Te99.95 standard. The tender floor price was set at a discount of 30 yuan/kg. Storage location: factory warehouse. Transportation costs shall be borne by the buyer. The registration deadline is before 17:00 on May 18, 2026, and the bidding will commence at 15:00 on May 19, 2026.

SMM, May 13: According to SMM, Shandong Humon Smelting Co., Ltd. launched a public tender for the sale of its high-purity tellurium head and tail materials starting today. According to official information, the quantity is 3,000 kg, packaged in iron drums, with delivery on a buyer self pick-up basis. Freight is borne by the buyer, and the buyer must pick up goods before May 20, 2026. The delivery location is Shandong Humon Smelting Co., Ltd. (No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City, Shandong Province). Sales contact: Wang Peng, Tel: 17616212861 Currently, no starting price has been set for the tender. Instead, the highest bidder wins. Buyers shall fill in their quotations based on their own circumstances. If the buyer's quotation does not meet the seller's reserve price, the seller reserves the right to refuse the sale, and the seller holds all rights of final interpretation. To ensure the timeliness of quotations, the inquiry form, a copy of the participating party's business license, and invoicing information (stamped with official seal) should be sent back to 17616212861@163.com before 11:30 AM on May 14, 2026, and participants should promptly contact Shandong Humon Smelting Co., Ltd. personnel to confirm receipt.

SMM April 29: Metals market: As of the midday close, domestic market base metals mostly rose, with SHFE copper down 0.29%. SHFE aluminum edged up. SHFE lead rose 0.18%, SHFE zinc edged down. SHFE tin rose 0.81%. SHFE nickel rose 1.37%, hitting an intraday high of 152,230 yuan/mt, the highest since January 26. Additionally, the most-traded casting aluminum futures were flat at 23,175 yuan/mt, and the most-traded alumina contract fell 0.45%. The most-traded lithium carbonate contract rose 0.6%. The most-traded silicon metal contract rose 1.57%. The most-traded polysilicon futures rose 1.08%. Ferrous metals all rose, with iron ore up 0.77%, rebar up 0.31%, hot-rolled coil up 0.3%, and stainless steel up 0.55%. Coking coal and coke: the most-traded coking coal contract rose 0.47%, and the most-traded coke contract rose 0.22%. Overseas market base metals, as of 11:40, LME metals rose across the board. LME copper rose 0.79%. LME aluminum rose 0.49%, LME lead rose 0.49%, LME zinc rose 0.61%. LME tin rose 1.14%. LME nickel rose 0.18%. Precious metals, as of 11:40, COMEX gold edged up 0.07%, COMEX silver rose 0.65%. Domestic precious metals: the most-traded SHFE gold contract fell 1.36%, and the most-traded SHFE silver contract fell 1.46%. Additionally, as of the midday close, the most-traded platinum futures fell 1.07%, and the most-traded palladium futures fell 0.29%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.13% to 2,252.9 points. As of 11:40 on April 29, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 320 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a premium of 240 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 180 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 101,540 yuan/mt, down 780 yuan/mt from the previous trading day; the average price of SX-EW copper was 101,440 yuan/mt, down 775 yuan/mt from the previous trading day. Spot market: Guangdong inventory rose for two consecutive sessions, mainly due to weak downstream consumption... Macro front China: [31 World Firsts: China's Mineral Resource Inventory Published, with Continued Increase in Exploration Investment Planned for the 15th Five-Year Plan Period] On April 29, the Ministry of Natural Resources released China's latest mineral resource inventory. China ranked first in the world in reserves of 14 minerals, including rare earths, tungsten, tin, molybdenum, antimony, gallium, germanium, indium, fluorite, and graphite. In 2025, China ranked first in the world in the production of 17 minerals, including coal, vanadium, titanium, zinc, rare earths, tungsten, tin, molybdenum, antimony, gallium, indium, gold, and tellurium. Currently, China's mineral production and smelting processing scale ranks firmly first globally. In 2025, the national mining output value was approximately 32.7 trillion yuan, accounting for over 23% of GDP. Resource reserves grew significantly, laying a solid foundation for resource self-sufficiency and controllability. Xiong Zili, Director of the Geological Exploration Management Department of the Ministry of Natural Resources, stated that during the 15th Five-Year Plan period, the state will continue to deeply implement a new round of strategic actions for mineral exploration breakthroughs. The Ministry of Natural Resources will further improve the coordinated system for exploration, production, supply, reserves, and sales of strategic mineral resources, and strengthen security risk monitoring and early warning for strategic mineral resources. In terms of key directions, efforts will focus on scarce strategic minerals such as copper, iron, lithium, cobalt, and nickel, while consolidating the resource position of advantageous minerals such as rare earths, tungsten, and tin. In terms of spatial layout, land-sea coordination will be strengthened, with active expansion of survey, exploration, and development space, and increased efforts in basic geological surveys. The goal is to submit a number of mineral sites ready for development by 2030 and form new capacity as soon as possible. The PBOC conducted 25.9 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%. Today, 6 billion yuan of reverse repos matured. US dollar: As of 11:40, the US dollar index rose 0.03% to 98.66. US Fed watchers did not expect significant changes to the Fed's statement, but they noted there could be some subtle adjustments. For example, officials might revise their description of the labour market to acknowledge that recent data suggested the labour market had stabilized despite less hiring activity. Some officials also wanted the Fed to make clear that the next policy move could be a rate hike—rather than an interest rate cut—as the Iran situation had intensified existing inflationary pressures. To signal this view, officials could slightly adjust the wording of "the extent and timing of additional adjustments to the benchmark rate." Deutsche Bank economists wrote in a report: "A hawkish statement might remove the word 'additional,' as it implies a dovish lean and effectively signals a continuation of a series of interest rate cuts." The US Fed made three interest rate cuts at year-end 2025. Roger Ferguson, former Vice Chairman of the US Fed and economist, stated, "In terms of the dual mandate, the Fed would say that the labour market is roughly in a stable state at present. Regarding the inflation mandate, (as inflation remains elevated at 3%), there is still much work to be done." He expected the US Fed to say: "We will stay put for now and see how all this plays out." Similarly, Goldman Sachs economist David Mericle expected the post-meeting statement to acknowledge improved labor market conditions and rising inflation data, but maintain existing policy guidance. We expect a majority will still support keeping rates unchanged, with only one dissent, same as in March. According to CME "FedWatch": the probability of the US Fed keeping rates unchanged in April was 100%. The probability of a cumulative 25 basis point interest rate cut by June was 2.6%, while the probability of keeping rates unchanged was 97.4%. (Jin10 Data) Data: Data to be released today include Australia's March non-seasonally adjusted CPI year-on-year, Switzerland's April ZEW investor confidence index, Eurozone April industrial confidence index, Eurozone April economic sentiment index, Germany's April preliminary CPI month-on-month, US March annualized housing starts, US March durable goods orders month-on-month, US March building permits, and Bank of Canada interest rate decision through April 29. Also noteworthy: Bank of Canada to release its rate decision and monetary policy report; US Senate Banking Committee to vote on advancing Waller's Fed Chairman nomination, with a full Senate confirmation vote to follow if passed; Bank of Canada Governor Macklem and Senior Deputy Governor Rogers to hold a monetary policy press conference. Crude oil: As of 11:40, both benchmarks declined, with WTI down 0.77% and Brent down 0.47%. Both WTI and Brent continued to pull back in the short term, fully erasing gains since the news that Trump planned to extend the blockade on Iran. According to the Wall Street Journal, US officials said Trump had instructed aides to prepare for a prolonged blockade on Iran, a high-risk attempt aimed at striking Iran's fiscal revenue and forcing concessions on the nuclear issue. Officials said that in recent discussions, including a Monday White House Situation Room meeting, Trump decided to continue suppressing Iran's economy and oil exports by blocking shipping to and from Iranian ports. On April 28 local time, satellite imagery showed multiple oil tankers in waters near Iran's Chabahar Port, including 8 very large crude carriers and several small and medium-sized vessels, with a total capacity of approximately 14 million barrels of crude oil. Chabahar Port is located on the Gulf of Oman coast in southeastern Iran. Although the port is located outside the Persian Gulf, it is already close to the blockade line set by the US. Analysts noted that as traffic through the Strait of Hormuz has nearly dropped to zero, rerouting some oil exports is one of the measures Iran has taken to minimize disruptions to its oil exports. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

SMM, April 14: According to information gathered by SMM, Jiyuan Wanyang Smelting Group Co., Ltd. today began a public tender for 15 mt of tellurium ingots under its ownership. Official information showed that the quality requirements and technical standards for this batch of tellurium ingots must comply with the Te99.99 and Te99.95 standards specified in the Non-ferrous Metals Industry Standard of the People's Republic of China YS/T222-2010. The total tender quantity was approximately 15 mt (with a minimum bid quantity of no less than 1 mt per batch), subject to actual weighed quantity. Storage location: factory warehouse. Packaging method: as per the supplier's requirements (generally boxed). The tender document for this batch of bismuth ingots can be obtained starting April 14, 2026, and will be sent electronically via WeChat. Bidding period: from April 14, 2026 to 10:00 on April 17, 2026. Submission of bidding documents: electronic bidding documents should be sent to the email wyjtxs@163.com (the subject line of the electronic bidding document should be: bidding company name + bidding product name). Contact information: person in charge Lu Xingyu, phone number 15138852838. Bid bond: RMB 50,000 yuan (by telegraphic transfer). The bid opening time for this bismuth ingot tender is 10:00 on April 17, 2026. A reserve price has been set for this tender, with the Te99.99 price not to be lower than 750,000 yuan/mt. The required quantity will be allocated starting from the first-ranked bidder; if the first-ranked bidder does not purchase the full quantity, the remaining volume will be purchased by the second-ranked bidder, and so on until the full quantity is purchased. The ex-factory unit price for the first-ranked bidder shall be based on the highest winning bid price, while the ex-factory unit price for the remaining volume shall be negotiated separately. To protect the interests of the tendering party, the tendering party reserves the right to select or reject any or all bids before awarding the contract, without providing any explanation for its actions. Bidding companies must carefully submit their bid prices based on actual conditions (the bid price submission method must comply with the tender documents). Bidding companies should be available to respond to inquiries from the tendering party at any time.