SMM, July 21 – To deepen industry exchanges, smooth information channels, and accurately grasp development trends and market dynamics in the zinc and indium sectors, on July 21, a team from SMM Information & Technology Co., Ltd. (SMM) — including Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc; Li Hanyu, Senior Zinc Analyst; and Dai Junxiu, Senior Business Manager — visited Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. for an exchange and was warmly received by relevant leaders of the company. During the exchange, the two parties had in-depth discussions on core industry topics, such as current zinc and indium price trends, the enterprise’s comprehensive recovery technologies for zinc and indium metals, existing production and processing capacity, and the regional layout of new mine capacity. Meanwhile, the SMM team introduced in detail the platform’s existing pricing system, pricing logic, and mainstream market application scenarios, conducted in-depth exchanges with the enterprise on industry pricing standards and market quotation applications, fully listened to frontline production and market demands, and further broke down information barriers between upstream and downstream. This visit effectively consolidated the foundation for information sharing across the industry and provided strong support for accurately assessing zinc and indium market trends and promoting the green, high-quality, and standardized development of the industry. Profile of Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. is a wholly-owned subsidiary of Yunnan Tin Co., Ltd. Established in May 2016 with a registered capital of 1.1 billion yuan and 843 registered employees, it is a state-owned enterprise integrating production, R&D, and trade, mainly engaged in the smelting, processing, sales, and trading of non-ferrous metals and ore products. After six years of independent process and equipment R&D, the company overcame the industrialization challenges of hematite technology and equipment. In 2018, it invested 2.44 billion yuan to build China’s first and the world’s second demonstration plant for hematite iron removal hydrometallurgical zinc smelting. The plant reached full production and standards within one year, with core indicators leading the industry: zinc recovery rate >98%, indium recovery rate >83%, copper recovery rate >95%, lead and silver recovery rate >99%, iron resource utilization rate >95%, comprehensive energy consumption for zinc electrowinning 99.96%, and tail gas SO 2 <60 mg/Nm 3 . Leveraging its technological and green development strengths, the company has received more than 30 honors, including national-level “Quality Engineering” award, national-level specialized and sophisticated key “Little Giant” enterprise, national-level green factory, and high-tech enterprise. It holds 42 authorized patents (including 21 invention patents), and three of its core technologies have won the First Prize of China Nonferrous Metals Industry Science and Technology Award. The “New Green and Efficient Zinc Smelting Technology for Complex Polymetallic Iron-bearing Sphalerite” and the “Hematite Process for Iron Removal and Zinc Smelting” have been respectively listed by the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology (MIIT), and other authorities in the industry carbon peak action plan and energy-saving and carbon-reduction guide, and are promoted as key advanced technologies. SMM Contact: Geng Zhiyao Tel: 13818541149

SMM July 22 news: In the metals market: Overnight, base metals on the domestic market mostly rose. SHFE copper rose 1.69%, SHFE aluminum added 0.56%, SHFE lead fell 0.95%, SHFE zinc rose 0.55%, SHFE tin gained 1.02%. SHFE nickel climbed 0.77%. In addition, the most-traded alumina futures rose 0.22%, and the most-traded casting aluminum futures rose 0.5%. Overnight, ferrous metals mostly rose. Stainless steel added 0.2%, iron ore fell 0.13%, and rebar and hot-rolled coil both rose within 0.2%. As for coking coal and coke: the most-traded coking coal contract rose 1.84%, and the most-traded coke contract rose 0.52%. In the overnight overseas metals market, LME base metals nearly all rose. LME copper climbed 1.91%, LME aluminum added 0.81%, LME lead fell 0.48%, LME zinc rose 0.94%, LME tin jumped 1.53%, and LME nickel gained 1.12%. In overnight precious metals, : COMEX gold rose 1.65%, COMEX silver surged 3.5%. The most-traded SHFE gold contract rose 1.36%, and the most-traded SHFE silver contract climbed 3.01%. As of 7:07 on July 22, overnight closing prices: Macro front Domestic market: [State Administration for Market Regulation: During the 15th Five-Year Plan period, it will proactively lay out high-level testing platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots] The State Administration for Market Regulation held a press conference on July 21 to introduce the achievements of China’s testing and inspection service industry during the 14th Five-Year Plan period. During the 15th Five-Year Plan period, it will implement a three-year action to promote industrial optimization and upgrading and quality improvement of national quality inspection centers through innovative pilot programs, proactively lay out high-level testing platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots, and drive service model innovation through digital transformation. It will strengthen deep collaboration with industry chain leaders and research institutes, jointly overcome a number of key core technologies, promote the upgrading of testing and inspection from single services to “industry chain synergy,” and transform the role from a “post-event quality gatekeeper” to an “innovation enabler throughout the whole process.” It will coordinate the building of testing capabilities for green and low-carbon development, food safety, and high-risk industrial products, and reinforce the quality defense line for industrial development and public safety. (Jin10 Data App) [Southwest China Adds Large-Scale Hydrogen Source Base] News from CIMC Group: the integrated steel and coke clean energy project in Liupanshui, Guizhou Province, has been officially commissioned and achieved stable operation, becoming a key hydrogen supply node on the “Chongqing-Guizhou-Guangxi” hydrogen corridor. The project commissioned this time is currently the leading industrial tail-gas-to-hydrogen and resource-utilization demonstration project in south-west China. Leveraging surplus local coke oven coal gas resources from the steel industry, the project uses independently developed full-chain process technology to complete component separation, converting industrial tail gas that was originally used for combustion power generation into high-value clean energy. It can produce 24 million m³ per year of 99.999% fuel cell, battery-grade high-purity hydrogen and approximately 140,000 mt of liquefied natural gas, achieving efficient on-site resource conversion. (CCTV News) US dollar: Overnight, the US dollar index rose 0.24% to 101.21. Rising oil prices put pressure on the rates market, and the market’s assessment of the likelihood of US Fed rate hikes in July and September both increased today. Christopher Hodge, Natixis’ Chief US Economist, believed that energy price fluctuations should drive US Fed decision-making. (Wallstreetcn) According to CME “FedWatch”: the probability that the US Fed would keep rates unchanged in July was 74.9%, and the probability of cumulative rate hikes of 25 basis points was 25.1%. The probability that the US Fed would keep rates unchanged by September was 28.9%, the probability of cumulative rate hikes of 25 basis points was 55.7%, and the probability of cumulative rate hikes of 50 basis points was 15.4%. (Jinshi Data APP) In addition, according to a Reuters poll: 78 of 104 economists (78 of 102 in last month’s poll) expected the US Fed to keep the federal funds rate unchanged at 3.50%-3.75% throughout 2026. On the macro front: Today, data including the UK June CPI m/m and the UK June Retail Price Index m/m were due to be released. Crude oil: Overnight, both crude oil futures rose, with WTI up 2.5% and Brent up 2.71%. The US-Iran military conflict entered its 10th day, and the Houthi armed group announced a maritime blockade against Saudi Arabia, with traffic through the Bab el-Mandeb Strait in the Red Sea plunging 34% within two weeks. (Wallstreetcn) Data: US crude oil inventory increased last week. For the week ended July 17, API crude oil inventory was 2.603 million barrels (expectations: -500,000; previous: -564,000). For the week ended July 17, API gasoline inventory was -1.379 million barrels (expectations: -1.81 million; previous: -1.664 million). In addition, Iraq’s oil minister said that during the Iraqi prime minister’s visit to the US, the total value of agreements expected to be signed between Iraq’s Ministry of Oil and US enterprises would reach $200 billion. In a statement, Fatih Birol, Executive Director of the International Energy Agency (IEA), said that the recent escalation of hostile actions against energy infrastructure in and around the Strait of Hormuz had heightened concerns over global energy supply security and increased uncertainty about the market outlook. The threats facing the Bab el-Mandeb Strait, a key passage bypassing the Strait of Hormuz, have further intensified these concerns. However, he noted that the crude oil market is currently supported by several buffering factors. Gulf producers such as Saudi Arabia and the UAE are maintaining supply through alternative shipping routes, and some crude continues to be exported via the Strait of Hormuz. The IEA estimates that crude exports from the Gulf region, while below the end-June high, remain significantly above the levels from March to mid-June. Additionally, increased exports from producers including the US, Brazil, Venezuela, and Kazakhstan have partially offset supply losses from the Gulf. China’s nearly 50% reduction in crude oil imports has also helped stabilize the market. The IEA stated that since the announcement of the release of 400 million barrels from strategic petroleum reserves on March 11, member countries have released about 290 million barrels into the market, and the ongoing release of emergency inventories is providing support to the market. (Jinshi Data App) Due to the contract rollover, NYMEX crude oil August futures will see floor trading conclude at 2:30 a.m. on July 22, and electronic trading end at 5:00 a.m. Please pay attention to the exchange's expiration and rollover notices to manage risks. Additionally, some trading platforms' US oil contracts typically expire one day earlier than the official NYMEX expiration, so please take extra care. Recommended Reading:

[SMM Tin Midday Review: Mediator Proposes 10-Day US-Iran Ceasefire, Sentiment Tug-of-War Underpinned by Low Inventory Keeps Tin Prices Consolidating at Highs]

SMM News, July 20: To deepen industry exchanges, facilitate information channels, and jointly explore development trends and market dynamics in the lead and zinc industry, on July 20, Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc at SMM Information & Technology Co., Ltd. (SMM), Li Hanyu, Senior Analyst for Zinc, and Dai Junxiu, Senior Business Manager, headed to Mengzi Mining and Metallurgy Co., Ltd. for a visit and discussions, and were warmly received by the company’s leaders. During the meeting, the two sides held in-depth and pragmatic discussions on comprehensive market topics across the lead and zinc industry, focusing on core issues such as the global zinc ore supply-demand pattern, the operational logic of mine TCs, supply-demand fundamentals and price trends of zinc ingots and lead ingots, social inventory changes, and import-export flows. At the same time, they communicated in detail and exchanged views on SMM’s metal pricing methodology, spot pricing models for lead and zinc, industry index applications and platform empowerment, enterprises’ raw material procurement status, production operation pace, and overseas market layout plans, further consolidating industry consensus and breaking down information barriers. This visit effectively narrowed the cooperation gap between SMM and Mengzi Mining and Metallurgy, strengthening the foundation of mutual trust. In the future, the two sides will continue to deepen regular exchanges and cooperation, leveraging their respective resources and professional strengths to precisely meet industry needs, share industry data and research results, support stable corporate operations and high-quality industry development, and achieve mutual benefit, win-win outcomes, and coordinated development. About Mengzi Mining and Metallurgy Co., Ltd. Mengzi Mining and Metallurgy Co., Ltd., founded on June 9, 1996, with registered address at No. 66 Tianma Road, Mengzi City, Honghe Prefecture, Yunnan Province, and a registered capital of 51.11 million yuan, is a private mining and metallurgy enterprise integrating resource exploration, mining, beneficiation, and smelting, with a primary focus on comprehensive resource recovery and utilization. With over 20 years of deep engagement in the industry, the company has achieved cumulative operating revenue of nearly 35 billion yuan and paid taxes totaling 3.5 billion yuan. It is a core pillar enterprise in Mengzi City and a key backbone non-public enterprise in Yunnan Province. The company has a well-established industrial layout and complete business portfolio, comprising one main mine, two auxiliary mines, three beneficiation plants, and one smelting branch, along with a wholly owned subsidiary for technology development and multiple wholly owned subsidiaries in trade and supply chain. It has an independent geological exploration team and holds mining rights covering nearly several hundred square kilometers across Honghe, Wenshan, and Lincang prefectures in Yunnan. The main mine, Bainiushan Silver Polymetallic Mine, has proven abundant resources, laying a solid foundation for development. The company’s main products include lead ingots, zinc ingots, antimony ingots, silver ingots, and sulphuric acid, with comprehensive recovery of various valuable metals such as tin, copper, antimony, bismuth, cadmium, iron, sulphur, and gold. The company's operations mainly span the upstream and midstream segments of the lead-zinc industry, with an industry chain encompassing mining, mineral processing, smelting, and trading. It has a sound trade management system and a professional trading team, implementing a major client sales strategy primarily covering procurement and sales. Most of its collaborative suppliers are large state-owned enterprises, publicly listed firms, and industry leaders. Mengzi Mining and Metallurgy Co., Ltd. has six subsidiaries, including three wholly owned subsidiaries and one joint-stock subsidiary, which are mainly engaged in trading and technology businesses. Leveraging its solid industrial strength and robust technological innovation capabilities, the company has garnered numerous prestigious accolades. In 2025, it ranked 41st on the "Yunnan Top 100 Non-Public Enterprises" list, 62nd on the "Yunnan Top 100 Enterprises" list, and 26th on the "Yunnan Top 100 High-Tech Enterprises" list. In 2024, it was awarded the Second Prize of the National Science and Technology Progress Award jointly by the Central Committee of the Communist Party of China and the State Council. It is a renowned local enterprise, a pillar enterprise in Mengzi City, a Yunnan Provincial Green Factory, a National High-Tech Enterprise, and its overall efficiency ranks among the top 5 in the industry. Within Yunnan's lead-zinc smelting sector, the company's actual lead and zinc metal capacity is second only to Yunnan Chihong Zn & Ge Co., Ltd. 1. Lead and Zinc Smelting (1) Zinc Smelting The smelter was completed and put into operation at the end of 2006, with a design scale of 49,000 mt of zinc ingot and 50 mt of indium ingot per year, and comprehensive recovery of valuable metals such as sulphuric acid, silver, copper, and cadmium. Currently, the main products and production capacities of the company's zinc smelting segment are: Main products: 80,000 mt of zinc ingot, 135,000 mt of 98% sulphuric acid (with an actual capacity of up to 170,000 mt), and 80 mt of indium ingot. By-products: 900 mt of copper sulphate, 400 mt of cadmium ingot, 4,000 mt of lead metal from lead-rich wet-process sludge (of which 3,000 mt is self-produced, and 1,000 mt comes from low-grade zinc oxide from the comprehensive plant), and 10 mt of silver metal from silver-rich wet-process sludge. (2) Lead Smelting The company's lead smelting segment, which enables comprehensive recovery of valuable metals such as silver, antimony, and copper, began construction in 2012 and was completed and commissioned in March 2014. The equipment is currently in good condition, and all permits related to safety, environmental protection, occupational health, and fire safety are valid and meet all relevant national requirements. The production capacity for the main products of the company's lead smelting segment is: 60,000 mt of lead ingot, 100 mt of silver ingot, 3,500 mt of antimony ingot, 60,000 mt of sulphuric acid, 1,000 mt of lead matte (copper metal), and 5,000 mt of zinc oxide metal. 2. Lead-Zinc Ore Mining and Processing The Mengzi Mining and Metallurgy mine is located at Bainiuchang Village Committee, Laozhai Township, Mengzi City, Honghe Prefecture, Yunnan Province (referred to as the Bainiuchang Mine). The mining area extends from Niuzuodi River in the north to Yutang Village in the south, and from Miwei Village in the west to Awei Village in the east, covering a mining and exploration rights area of 30 km². The mine is 60 km from downtown Mengzi and 9 km from the Mengzi–Wenshan third-class highway, ensuring convenient transportation. Roads within the mining area connect to the beneficiation plant, villages, and various adits, facilitating smooth access. Since the development of the Bainiuchang mine, essential industrial sites and auxiliary facilities have been gradually established to meet production and daily living needs. These include the mine headquarters, surface facilities and living quarters for Work Areas 1, 2, 3, and 4, the Baiyang No. 8 waste dump, No. 1 and No. 4 waste dumps, and surface material and equipment warehouses. An internal and external road transport system has been developed, providing direct access to all adits. The mining area comprises five ore blocks—Baiyang, Duimenshan, Chuanxindong, Awei, and Miwei—stretching approximately 5 km east–west and 5 km north–south. To date, the company holds three mining rights certificates and four exploration rights certificates for the mine. The Bainiuchang mine (the following are separate ore blocks within the same mining property) 3. Hazardous Waste Processing The enterprise has obtained a hazardous waste operating permit, with an annual treatment capacity of 98,000 mt. It can reprocess slag generated from its own smelting operations. Yunnan Province currently has a total of 69 Comprehensive Operation Permits under the Yunnan Province Hazardous Waste Operation Permit system, of which approximately 15 cover lead- and zinc-related hazardous waste. The company is the largest processor of hazardous waste materials for publicly listed state-owned enterprises such as Yunnan Copper Zinc, Yunnan Chihong Zn & Ge Co., Ltd., and Luoping Zinc & Electricity. 4. Sales and Trading The company operates a well-established trade management system supported by a professional trading team, implementing a key account sales strategy. It primarily handles procurement and sales, with most of its supplier partnerships formed with large state-owned enterprises, publicly listed firms, and industry leaders. Among its downstream clients, Xiamen Xiangyu Logistics Group Co., Ltd. is a state-owned enterprise, a Fortune Global 500 publicly listed firm, and one of China’s largest lead ingot traders. It mainly purchases zinc ingots from the mining and smelting company, with ingot trading accounting for over 70% of its total purchase and sales volume. Honghe Prefecture Hongtou Industrial Co., Ltd. is a state-controlled enterprise under Honghe Prefecture Development and Investment Holding Group Co., Ltd. It is a diversified company engaged in domestic and international trade in goods and technologies, materials supply and distribution, project investment and construction management, and new energy development and construction. It is a strategic trade partner introduced by the company. SMM Contact: Geng Zhiyao Tel: 13818541149

[SMM Morning Meeting Summary: Macro and Fundamentals Side Resonate, LME Zinc Records a Bearish Candlestick] Overnight LME zinc recorded a small bearish candlestick, with the 20-day moving average above forming resistance and the MACD bearish candlestick expanding. The market assessed the renewed hopes for the resumption of US-Iran conflict negotiations, and the US dollar first fell then rose. On the fundamentals side...

The latest data from the General Administration of Customs shows that in June 2026, China's air conditioner exports reached 5.11 million units, up 11.5% YoY; cumulative exports from January to June totaled 39.16 million units, down 4.6% YoY.