"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Elevation of Strategic Attributes** The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy models, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the 2026 SMM (16th) Tin Industry Chain Conference , to be held on August 19-21 in Changsha, Hunan , will bring together global industry elites for in-depth discussions. Dongguan Tenghui Tin Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click the to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Founded in 2009, Tenghui Tin is located in Dongguan, Guangdong Province. Since its establishment, the company has been dedicated to refined production and deep processing in the solder tin industry. With high-quality products, outstanding reputation, and excellent services, it has earned widespread industry recognition and has grown into a reliable and trusted producer in the industry. Tenghui Tin boasts a professional management team and production team, and has established long-term, stable cooperative relationships with suppliers across the country. The company adheres to reasonable pricing, trustworthiness, and contract compliance, winning the trust of a broad client base. We possess the most comprehensive production equipment and process flows in the industry, with daily refined tin output reaching 30 mt. We are equipped with advanced detection equipment such as desktop Spectro direct-reading spectrometers and handheld spectral guns, enabling us to provide clients with professional detection services. In terms of corporate culture, Tenghui Tin Industry upholds the mission of "cooperating with sincerity, operating with integrity, pursuing excellence in business, dedicating to environmental protection, and becoming China's most professional non-ferrous metal resource recycling enterprise." We pursue excellence, value every detail, and are committed to providing clients with satisfactory value-added services and high-grade products. Every employee of the company understands that clients are the source of our livelihood, and their attention and patronage are the greatest reward for us. We advocate integrity, innovation, quality, and service, always centering on clients. Through continuously improving our technical capabilities and service quality, we strive to provide clients with the best solutions. Tenghui Tin Industry is not merely a producer, but also a socially responsible enterprise. We are dedicated to environmental protection and hope to make positive contributions to society and the environment through our efforts. Whenever you need, just one supply call and we will come to serve you in the shortest time possible. We welcome all organizations, companies, enterprises, and individuals to come and discuss cooperation and inquire about prices. We look forward to joining hands with you to create a bright future together. Main business: Production and sales of national standard white board refined tin, foil tin, 305 tin materials, standard-compliant tin-copper, 0307 tin materials, 63/37 tin materials, national standard silver board, and other products. Contact Information Liao Huaiqing 13714200395 Liao Guoxiong 13828701483 Long press to scan the code and register now 2026 SMM (16th) Tin Industry Chain Conference

SMM May 25 News: Driven by rising market expectations for coal policy changes and concerns over tightening supply, bullish sentiment was released in a concentrated manner. Coking coal and coke futures hit the daily limit up on May 25 and remained locked at the limit. As of the close of the daytime session on May 25, the most-traded coking coal and coke futures contracts were locked at the daily limit with gains of 7.97% and 7.99%, respectively. The limit-up moves in coking coal and coke lifted the broader ferrous metals and related raw material sectors, with the ferrosilicon continuous most-traded contract rising 3.97% on May 25. Supported by the strengthening prices of raw materials such as coal and ferrosilicon, magnesium ingot prices moved higher, with magnesium ingots gaining over 2% in a single day on May 25. Bullish sentiment in the market had already begun to emerge last Sunday. Rising Coal and Ferrosilicon Prices Highlight Cost Support for Magnesium Ingots Spot market: Primary magnesium smelting is highly dependent on raw materials such as coal and ferrosilicon, with a clear cost transmission chain. As coal prices continued to rise, cost pressure on upstream magnesium enterprises increased significantly. Some upstream enterprises reported that they had already raised their quotations to 16,700 yuan/mt last Sunday. On May 25, although morning inquiries were lukewarm, supported by the rigid cost underpinning from rising raw material prices, most producers still held firm at 16,700 yuan/mt, with a strong willingness to hold prices firm. By region, magnesium ingot prices across China were generally raised by 350 yuan/mt. Mainstream quotations for magnesium ingots (9990) in Fugu, Shenmu, and Inner Mongolia were 16,700 yuan/mt, while quotations in Wenxi were 16,900 yuan/mt. Currently, relevant policies for the coal mine market have not yet been officially implemented. The industry as a whole maintains a cautious wait-and-see stance, and the pace and impact of subsequent policy implementation deserve close attention. Outlook Looking at this round of magnesium price increases, the core driving factor was the rise in raw material costs such as coal and ferrosilicon, representing a typical cost-push price increase rather than one driven by improvements in supply-demand fundamentals. From the current magnesium market fundamentals perspective, the overall oversupply pattern has not shown significant improvement. Although downstream demand demonstrated a certain degree of resilience, end-use demand showed no notable incremental growth, while supply within the market also showed no obvious contraction, leaving fundamentals lacking strong upward support. Overall, the short-term raw material price increases effectively underpinned magnesium prices, supporting magnesium prices to hold up well. However, constrained by the weak supply-demand pattern, the rebound room for magnesium prices in this round is relatively limited. Going forward, it is essential to continue closely monitoring price fluctuations in coal and ferrosilicon raw materials and the implementation of coal mine-related policies, while paying close attention to the release of downstream demand and changes in market supply, in order to assess the pace and upside room for subsequent magnesium price movements. Recommended Reading:

Today, the most-traded BC copper contract 2606 opened at 93,030 yuan/mt, dipped to 92,550 yuan/mt in early trading before the center fluctuated upward, touching a high of 94,030 yuan/mt after the day session opened, then the center moved lower, ultimately closing at 93,660 yuan/mt, up 0.68%. Open interest stood at 5,272 lots, down 2,753 lots from the previous trading day, while trading volume reached 9,164 lots, up 2,407 lots from the previous trading day. On the macro front, the US-Iran agreement has not yet been finalised. Trump stated that the deal was largely reached but there was no rush to sign, demanding Iran give up highly enriched uranium. Israel opposed the agreement, preparing for high-intensity operations and demanding the dismantlement of Iran's nuclear facilities. The next round of talks may be held on June 5. Market expectations for a US-Iran deal warmed, exerting a bullish impact on copper prices. Fundamentals side, supply side, arrivals of imported sources remained relatively low, domestic source arrivals edged up, and the tight supply pattern improved marginally. Demand side, consumption was suppressed by rising copper prices, with overall performance remaining weak. Inventory side, as of Monday, May 25, SMM copper inventories in mainstream regions nationwide increased by 2,300 mt WoW to 245,200 mt, with total inventories up 105,500 mt compared to the same period last year at 139,700 mt. SHFE copper 2606 contract closed at 105,520 yuan/mt. Calculated based on the BC copper 2606 contract at 93,660 yuan/mt, its after-tax price was 105,836 yuan/mt. The price spread between SHFE copper 2606 contract and BC copper was -316 yuan/mt, showing an inversion that narrowed from the previous day.

Harita Nickel plans to launch a share buyback of up to Rp 1 trillion, subject to shareholder approval. The company said the move is intended to enhance shareholder value because the current share price does not fully reflect its fundamentals. Against a backdrop of volatility in nickel sector valuations, the planned buyback is also seen as a step to support market expectations and reinforce shareholder returns.

Trimegah Bangun Persada, also known as Harita Nickel (NCKL), plans to carry out a share buyback of up to Rp 1 trillion over the next 12 months after its annual general meeting on June 30, 2026. The company said the buyback is intended to support shareholder value because the current market price does not yet reflect the company’s underlying fundamentals. NCKL shares rose more than 1% to Rp 860 on Monday.

Supply-demand fundamentals of hot-rolled coil side, maintenance in early to mid-June will have limited impact and will drive hot-rolled coil supply to rebound. Demand is unlikely to deliver impressive performance against the backdrop of an overall off-season for steel consumption. SMM expects hot-rolled coil inventory to continue destocking in early to mid-June, with the pace of inventory decline expected to slow down in late June, with a probability of inventory buildup. Supply-demand imbalance accumulation will be limited in early to mid-June. Attention should be paid to the subsequent impact from the raw material side and export order-taking conditions.