In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the conclusion of the US presidential election, the uncertainty surrounding global trade policies is expected to further increase, presenting new issues for international trade cooperation. In the realm of geopolitics, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial relocation and supply chain restructuring have become critical topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "Dual Carbon" goals have significantly increased market attention on secondary copper. However, the "Reverse Invoice" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade is expected to further narrow. We predict that the procurement ratio of copper processed materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo," meticulously prepared by SMM, will be grandly held in Nanchang, Jiangxi, from April 22-25, 2025. China National Heavy Machinery Research Institute Co., Ltd. will make a splendid appearance at this conference. We will synchronize with the times, aim at our goals, strive diligently, and move forward with courage and determination! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. China National Heavy Machinery Research Institute Co., Ltd., as a national-level innovative high-tech enterprise focusing on comprehensive equipment technology R&D, design, and engineering general contracting for industries such as steel metallurgy and heavy machinery, is committed to serving major national strategies, meeting significant national demands, overcoming "bottleneck technologies" and "short-board equipment," and promoting the "intelligent, high-end, and green" development of China's heavy equipment. We provide solutions mainly based on the technology R&D and engineering general contracting of "smelting, rolling, forging/extrusion, and environmental protection equipment." Our mechanical, electrical, hydraulic, and basic component professional support is comprehensive, and we also offer professional technical services such as engineering consulting, engineering supervision, design consulting, and equipment detection. Sub-introduction 1: Cold Rolling Tube Equipment Since the successful development of China's first cold rolling tube machine in the early 1960s, China National Heavy Machinery Research Institute has continuously explored the field of cold rolling tube technology for various ferrous and non-ferrous materials, becoming the birthplace and R&D center of cold rolling tube machine technology in China. We have provided over a hundred sets of high-performance equipment to leading domestic non-ferrous production enterprises, covering specifications from φ3mm to 730mm, leading the development direction of cold rolling tube machines in China. Sub-introduction 2: Copper Strip Rolling Equipment China National Heavy Machinery Research Institute is the earliest unit in China to develop and provide complete sets of metal strip rolling production process technology and equipment, and has been a complete supplier of copper strip rolling equipment for over 40 years. Our high-end precision copper plate and strip cold rolling mills achieve full coverage of specifications from 400mm to 1250mm and full coverage of models including four-roll rough, medium, and finish rolling, and six-roll medium and finish rolling. The core process technology indicators such as plate thickness, plate shape, surface quality, and production efficiency have reached world-class levels. Sub-introduction 3: Extrusion Equipment China National Heavy Machinery Research Institute is the earliest unit in China to conduct research on metal extrusion technology and equipment, relying on the National Key Laboratory of Metal Forming Technology and Heavy Equipment and the National Innovation Capability Platform for Metal Extrusion/Forging Equipment and Processes. In the field of metal material extrusion technology, we have won nearly 20 provincial and ministerial-level science and technology awards and have delivered nearly 30 sets of copper and copper alloy extrusion units ranging from 5MN to 40MN, covering various models such as forward, reverse, single-action, and double-action, earning widespread recognition. Contact Information Jin Cao 13664831118 SMM Conference Contact Junfeng Lin 18326223112 linjunfeng@smm.cn

With the drums of war urging progress and the decisive battle for victory, MCC Huludao Nonferrous Metals Group Co., Ltd. (hereinafter referred to as "Huludao Nonferrous") has anchored its annual targets and tasks in the final year of the 14th Five-Year Plan and the decisive year of the three-year action plan. The company has been racing against time, intensifying efforts, and working together to overcome challenges. From January to March, the company achieved a YoY increase of 3.18% in the production of nonferrous products, a YoY increase of 10.98% in the total volume of chemical products, and a YoY increase of 30.79% in industrial output value, delivering an outstanding first-quarter performance. Facing a still severe market situation, Huludao Nonferrous, while strictly adhering to safety red lines and environmental protection bottom lines, follows market laws and seizes opportunities based on actual user needs. The company focuses on "increasing production, improving quality, and enhancing efficiency, while reducing costs, consumption, and losses" to tap internal potential and refine operations. The business system, production system, and various functional departments work closely together, scientifically analyzing market trends and industry development, optimizing the supply, production, and sales structure, and strengthening the coordination and guarantee of production factors. The entire workforce works in unison to overcome unfavorable factors, fully leveraging the complementary advantages of processes, improving the processing capacity of mixed ores and materials, and maintaining a good momentum of continuous and stable production. All smelting systems at Huludao Nonferrous are operating at full capacity, striving for excellence with precise control and meticulous implementation. The sulfuric acid plant has made every effort to overcome the practical difficulties caused by severe winter weather in unloading and batching, ensuring that incoming ore is unloaded immediately upon arrival. Large quantities of frozen ore are crushed, and the composition of incoming ore and intermediate materials is carefully calculated to determine the optimal ratio, strictly adhering to batching process requirements. In response to changes in raw material structure and market demand, the electrolytic zinc plant and refined zinc plant have accelerated production rhythms while firmly maintaining a balance between product quality and comprehensive benefits. Process control has been optimized, and impurity removal and system cleaning have been strengthened, providing strong support for subsequent processes. In the zinc product process, each electric furnace is dedicated to producing "customized" products for each user, with operators meticulously adjusting furnace temperatures and times, making great efforts to improve direct production rates, recovery rates, and first-pass inspection qualification rates. In the rectification process, employees maintain rectification towers to extend their operational lifespan, with daily furnace production remaining high, continuously consolidating the "Hu Zinc" brand advantage and meeting the needs of users, especially those of high-end products. In the copper system, from the oxygen furnace to the continuous blowing furnace and anode furnace, all are operating at high load and high efficiency. Operators monitor the operational status of each process, focus on key links, and pay attention to every detail, ensuring that the copper system runs more smoothly after process reengineering and that production potential is fully realized. As the production of the oxygen furnace and continuous blowing furnace continues to increase, the operations of copper and slag tapping by operators have also increased accordingly. Employees diligently execute production instructions to ensure the smooth output of each batch of blister copper and even copper anode. With sufficient raw material supply, the electrolytic copper system works against the clock, crafting with precision, maximizing effective time, stabilizing process operations, and producing high-quality copper cathode. The comprehensive utilization plant processes and recovers materials based on their variety and grade. According to the smelting cycle, the production of each furnace is reasonably arranged, and the enrichment of valuable metals is strengthened to create conditions for refining, ensuring stable and high-quality production of small-volume metals such as gold and silver, effectively locking in comprehensive benefits.

Today, iron ore futures fluctuated repeatedly. The most-traded contract I2505 finally closed at 780, with a daily increase of 0.45%. Traders sold goods based on market trends, while steel mills purchased as needed, with slightly increased inquiries. The market transaction atmosphere was average. Mainstream transaction prices rose by 5-10 yuan/mt compared to yesterday. The apparent demand for the five major steel products continued to increase, and total inventory continued to decline, remaining relatively low YoY. This provided some support for various black series products. Although there were still disruptions from news related to crude steel production cuts during the session, market sentiment remained indifferent. In the short term, there is no imbalance in the industry, and the fundamentals of iron ore are supportive. If no substantial policies on crude steel production cuts are introduced, iron ore prices still have the potential to break upward.

According to the SMM imported ore cost-profit table, the profit margin of imported ore slightly declined. Yesterday, the Indian Steel Minister announced that India might impose a provisional tax of 15% to 25% on Chinese steel within six months at the earliest. This has heightened market concerns about the impact of a global trade war on steel exports, leading to a weakening in the prices of various ferrous products. Considering that the short-term fundamental imbalance on the industrial side is relatively small, the negative feedback drive is weak. Coupled with disruptions on the supply side, the downward resistance for short-term ore prices is significant. It is expected that the profit margin of imported ore will exhibit a fluctuating trend in the short term.

Today, iron ore futures fluctuated downward, with a sharp drop at the close. The most-traded I2505 contract finally settled at 808 yuan/mt, down 1.52% for the day. Traders showed a relatively weaker enthusiasm for selling, while steel mills purchased as needed. Market activity was moderate, with average transactions. Transaction prices fell by 10-15 yuan/mt compared to yesterday. Today, the global trade war escalated, leading to a decline in prices across various ferrous products. Considering that the short-term fundamentals of the industry show a relatively small imbalance, the negative feedback drive remains weak. Coupled with supply-side disruptions, the short-term downward resistance for ore prices is significant, and prices may hover at highs in the near term...

Today, iron ore futures fluctuated downward, with a sharp drop at the close. The most-traded I2505 contract finally settled at 808 yuan/mt, down 1.52% for the day. Traders showed a relatively weaker enthusiasm for selling, while steel mills purchased as needed. Market activity was moderate, with average transactions. Transaction prices fell by 10-15 yuan/mt compared to yesterday. Today, the global trade war escalated, leading to a decline in prices across various ferrous products. Considering that the short-term industrial fundamentals show a relatively small imbalance, the negative feedback drive remains weak. Coupled with supply-side disruptions, the short-term downward resistance for ore prices is significant, and prices may hover at highs in the near term.