On May 20, 2026, Indonesian President Prabowo Subianto announced during a plenary session of the National Congress that the government has officially signed a groundbreaking regulation targeting the governance of natural resource exports. This bold policy framework will establish a dedicated state-managed natural resource export agency, executing exports through State-Owned Enterprises (BUMN) acting as government-designated single exporters. According to local media disclosures and presentation slides shown during the session, this centralized mechanism will initially apply to palm oil, coal, and ferroalloys ( paduan besi ) . Under this system, direct private export transactions will be phased out, forcing overseas buyers and Indonesian producers to route contracts, logistics, and payments entirely through state-appointed BUMN nodes. 1. The Two-Phase Implementation Timeline Based on the official policy schematic diagrams disclosed on-site, the transition to a centralized BUMN-led export model will occur in two distinct regulatory phases: Phase 1 (Transition) Time : June 1, 2026 - August 31, 2026 Mechanics : Private enterprises continue to manage some internal administrative and logistics steps. However, all existing and new import-export transactions with overseas buyers must begin a step-by-step migration to BUMN entities. Phase 2 (Full Monopsony) Time : September 1, 2026, Onward Mechanics : Complete takeover. All transaction flows, sales contracts, export declarations, customs clearance, shipping arrangements, and the collection of export earnings (DHE) will be fully managed or led by designated BUMN. 2. Deep Structural Intervention: Pre- to Post-Clearance This regulatory mechanism does not simply install a government "rubber stamp." Instead, it represents a fundamental reallocation of the entire export trade chain, deeply embedding BUMN across three key logistics and financial phases: [Pre-Clearance] ──> [Clearance] ──> [Post-Clearance] (Contracts & Docs) (Customs & Loading) (Payment & FX DHE) Pre-Clearance (Contract & Goods Preparation): This covers verifying legality, IUP mining licenses, export restrictions ( Lartas ) compliance, sales contract drafting, finalizing payment terms, commercial invoicing, and vessel chartering/cabin bookings. Clearance (Customs & Physical Shipment): Includes filing export declarations (PEB), managing customs system approvals, cargo transport from smelter warehouses to port terminals, loading shipments, and issuing Bills of Lading (B/L). Post-Clearance (Documentation & Capital Flow): BUMN will act as the principal intermediary, dispatching trade documents (B/L, Commercial Invoice, Packing List, Certificate of Origin/COO) to the buyer's issuing bank and managing the repatriation of export proceeds (DHE) under strict domestic banking provisions. 3. The Billion-Dollar Question: Will NPI and FeNi be Classified as "Ferroalloys"? For the global stainless steel and electric vehicle battery supply chains, the immediate focal point is how Indonesia defines the scope of "ferroalloy" ( paduan besi ). Market consensus strongly suggests that the "ferroalloys" under discussion are highly likely targeting Nickel Pig Iron (NPI), which represents a massive trade flow of approximately 11.5 million tons of Indonesian NPI exports in 2025. However, because the official, legally binding regulation "signed" by the government has not yet been formally released to the public, further clarification is needed to verify the exact scope of affected materials. Crucially, the leaked written draft of the regulation does not actually mention "ferroalloys" at all. The term "ferroalloy" ( paduan besi ) was only verbally highlighted and presented by President Prabowo during the House of Representatives Plenary Session (Rapat Paripurna DPR) on Wednesday (20/5). According to the leaked draft text, the actual written scope of the law is structured as follows: CHAPTER II: DETERMINATION OF STRATEGIC NATURAL RESOURCE COMMODITIES Article 2 (1) Strategic Natural Resource Commodities subject to export governance include: a. coal; b. palm oil; and c. other strategic natural resource commodities. (2) The Government may amend the Strategic Natural Resource Commodities as referred to in paragraph (1) letters a and b, and establish other Strategic Natural Resource Commodities as referred to in letter c through a coordinated meeting ( rapat koordinasi ) led by: a. the minister responsible for synchronization, coordination, and control of ministerial affairs in the field of the economy ( Coordinating Minister for Economic Affairs / Menko Perekonomian ); or b. the minister responsible for synchronization, coordination, and control of ministerial affairs in the field of food ( Coordinating Minister for Food / Menko Pangan ), attended by relevant ministers/heads of non-ministerial agencies. This clause reveals a crucial legal framework: any expansion of the export control list to designate NPI, FeNi, or related ferronickel alloys under "other strategic commodities" is strictly required to be determined through a formal coordinated meeting ( rapat koordinasi ) led by either the Coordinating Minister for Economic Affairs or the Coordinating Minister for Food. Because the written regulation itself is silent on "ferroalloys," the legal scope of the policy has not been fixed yet . Until this high-level inter-ministerial coordination meeting ( rapat koordinasi ) takes place and issues a definitive annex list with matching HS codes, the practical impact on NPI trade remains pending official confirmation. Should nickel-iron intermediates formally fall under the BUMN single-exporter mandate after this meeting, SMM foresees four critical structural disruptions: I. Erosion of Direct Negotiation Flexibility Currently, Indonesian NPI is sold through a highly flexible ecosystem of steel mills, global trading desks, independent brokers, and back-to-back supply contracts. Forcing these contracts to route through a single state exporter compresses the operational room for direct price discovery, spot volume locking, and rapid high-frequency reselling. II. Absolute Export Price Transparency By funneling all sales contracts, shipping invoices, and foreign exchange collection (DHE) through state-owned channels, the Indonesian government will gain real-time, absolute transparency over actual transaction prices. This complements Indonesia's ongoing tightening of domestic mining benchmarks (HPM), the annual RKAB quota system, and the strict requirement for export proceeds to be held in domestic bank accounts. III. Disintermediation of Traders and Brokers In-transit or port-stored nickel-iron inventories have historically served as highly liquid financial assets for brokers and traders who leverage transfer orders and back-to-back contracts. Standardizing all contract entities and payment channels under BUMN will squeeze the margins of non-producing traders, rendering physical spot market quotes highly rigid. IV. Export Execution Delays Migrating long-term off-take agreements to BUMN templates will trigger significant friction during the Phase 1 transition. SMM expects delays stemming from contract re-signings, banking channel adjustments, letter of credit (L/C) re-issuances, and initial administrative coordination at port customs, temporarily disrupting short-term port-arrival schedules. 4. Market and Price Impact Analysis (If NPI were to be Involved) Short-Term Sentiment vs. Medium-Term Realities Short-Term (Sentiment-Driven): The direct impact on physical NPI shipping volumes returning to China will remain limited during the initial transition window, as private exporters continue to assist with logistics. However, given tight domestic nickel ore supplies, production cuts at several RKEF plants, and already declining NPI shipments, the market will likely digest this announcement as a fresh supply-side threat, driving up bullish sentiment. Medium-Term (Structural Shifts): If NPI is formally included in the HS code list, Chinese stainless steel mills will face centralized Indonesian state sellers. This will result in stronger payment scrutiny, fewer options for non-standard flexible transactions, and the virtual elimination of low-cost, off-market FOB deals. Transaction Costs vs. Production Costs Unlike mining-end disruptions such as rising HPM benchmarks, declining laterite ore grades, or restricted RKAB quotas, this export centralization policy does not directly raise the physical smelting cost of NPI. Instead, it functions as a tax on transaction efficiency, increasing compliance burdens, administrative delays, and state oversight on pricing. SMM concludes that the impact of this policy is an increase in "transaction-side friction" rather than raw production costs, which will ultimately support sellers' intentions to hold prices firm and reinforce the price rigidity of high-nickel pig iron. 5. SMM Outlook Indonesia’s new export regulation signals that its resource nationalism is successfully extending its reach beyond the mine gate and tax office, directly into the global sales and trading arena. However, the key takeaway is that nothing is legally set in stone for the nickel industry yet. Because the written regulation currently leaves the door open under "other strategic commodities," and the word "ferroalloy" was only delivered verbally by the President on Wednesday (20/5), the entire framework remains unfixed. The critical indicator for the nickel chain over the coming weeks is whether the upcoming inter-ministerial rapat koordinasi formally adopts the HS codes for NPI and FeNi into the final regulatory annex.

The 2026 SMM Hong Kong Metals Forum , organized by Shanghai Metals Market (SMM) and sponsored by China Securities International as platinum sponsor, wrapped up successfully at Novotel Hong Kong Century on May 6. With over 300 registrations and 200 on-site attendees, the forum focused on the theme "New Metals Cycle: Prices, Power & Global Wrestling". The event featured keynote speeches by industry experts and SMM analysts, covering base metals, new energy materials, and strategic revaluation of minor and precious metals. Two high-level panel sessions were held, exploring hot topics such as geopolitics, supply-demand fluctuations, CBAM impacts, and market opportunities. It also served as an efficient platform for networking and cooperation across entire industry chains. SMM Opening Address SMM Chairman Adam Fan SMM Chairman Adam Fan stated in the opening address that it was a great honor to gather with elites from all sectors of the industry at this forum. The world is currently at a critical development period, and the exchange of industry ideas is not only an industry necessity but also an inevitable requirement for global development. Adam reviewed the century-long legacy of the London Metal Exchange, which has weathered nearly 150 years of global changes and industry evolution, fully demonstrating that although market structures may change, the fundamental need for risk management and reliable price discovery remains constant. At the same time, Adam candidly acknowledged that global markets are currently mired in a pattern of deep fluctuations. Geopolitical conflicts, supply chain fragmentation, and the compounding crises of energy and food, overlaid with de-globalization and rising trade protectionism, have intensified market uncertainty and inflationary pressures, posing severe challenges to global economic growth and industrial cooperation. Against this backdrop, SMM has steadfastly upheld its mission, refusing to be a bystander to the trend of industry fragmentation, and is committed to serving as a bridge for global industrial connectivity amid a landscape of division. SMM is dedicated to promoting dialogue and exchange, breaking down industry and regional barriers, and bringing together regulators, traders, and producers from around the world to discuss industry development. SMM upholds the principle of information transparency, continuously providing accurate, real-time market data to help the industry see through market fog and clarify market distortions. SMM deepens pragmatic cooperation by building a neutral and professional platform for exchange and matchmaking, driving all parties to pursue collaborative development based on shared interests and transcending political differences. Adam emphasized that information sharing and open collaboration would be leveraged to mitigate market risks and strengthen overall industry resilience, and called on the industry to seize the opportunity of this forum to jointly explore solutions, transforming current challenges into momentum for driving integrated and robust development of the global metals industry. Speech by Platinum Sponsor Wang Guangxue, Member of the Executive Committee of China Securities Co., Ltd. and Chairman of China Securities Futures Co., Ltd. Wang stated that as a vital bridge connecting the capital market and the real economy, China Securities has always been committed to serving the high-quality development of the metals industry. Leveraging the comprehensive financial strengths of CITIC Group, the company has built a full-chain integrated service system covering securities, futures, investment, and research. The company has been deeply engaged in the commodities sector, continuously providing forward-looking research to anticipate market trends, utilizing futures instruments to build robust risk barriers, and empowering industrial upgrading through capital services. It will fully leverage CITIC Group's full-license resource advantages and the strategic value of Hong Kong as an international financial center to continuously strengthen its cross-border comprehensive financial services capabilities. The company aims to tailor integrated risk management and asset allocation solutions at home and abroad for enterprises across the metals industry chain, precisely helping enterprises hedge against price fluctuation risks, and enabling them to operate steadily and advance with high quality in complex market environments. Structural Shifts: Rethinking Commodity Benchmarks in an Era of Persistent Inflation and Rivalry Speaker: Tian Yaxiong, Co-Head of R&D Department, China Securities Futures Tian shared professional research findings and cutting-edge market insights on hot topics including the market outlook for global metals and the deep impact of geopolitics on commodity trends. SMM Industry Analysis: Market Outlook and Pre-seminar Sharing for Base Metals and New Energy Materials (Copper, Aluminum, Nickel, Cobalt, Lithium, and Tin) & How SMM Empowers Your Commodity Trading & Analysis Speakers: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd.; Thomas Feng, Head of Industry Analysis at SMM Dr. Wang first analyzed the macroeconomic landscape. At the beginning of this year, the manufacturing PMIs of major economies performed quite well, actually exceeding 50%. Without the conflict, demand this year would have been quite strong. However, at the end of February, the US-Iran conflict broke out, and the International Monetary Fund subsequently revised down its global economic growth expectations. He pointed out that China's exports remain one of the three pillars that are still functioning well to date. Regarding automobile consumption, he noted that for the EV market, the positive factor for the auto industry also lies in exports. In Q1 this year, export performance was indeed very strong. If you look at EV exports alone, they actually grew nearly 160% YoY. Driven mainly by growth in global markets, he remains optimistic about the auto industry this year. In Europe, gasoline and diesel prices have risen significantly due to the US-Iran conflict, and EV demand is expected to benefit from this factor. He believes the power sector continues to maintain strong growth. Based on power grid and power generation investment data from the first two months, combined with State Grid Corporation of China's earlier announcement that fixed asset investment during the "15th Five-Year Plan" period is expected to reach 4 trillion yuan, this indicates that electricity demand will drive strong growth. State Grid Corporation of China will build more ultra-high voltage transmission projects, which will undoubtedly support aluminum demand and also copper demand. Aluminum: Wang noted that base metal prices experienced wild swings since the beginning of this year. He also discussed that China's aluminum smelters continued to raise operating rates due to favorable profitability; aluminum demand pulled back in Q1, and high prices drove inventory higher; approximately 950,000 mt of new aluminum smelting capacity in Indonesia may come online in 2026, with some investors watching Angola; and aluminum semis and wheel hub exports maintained growth in Q1. Copper: After copper prices experienced a pullback and adjustment in March, downstream procurement demand in China was rapidly released, providing strong support for copper prices to rebound. Copper prices rose sharply, with the market downplaying geopolitical risks. China's copper cathode demand was robust, and inventory continued to decline. China's copper scrap market was not truly facing a spot shortage issue. The outlook for copper cathode demand is positive. China remains dependent on copper concentrate imports. Spot copper concentrate TCs showed no signs of bottoming out. By-product revenue sustained smelter profits. He also analyzed the DRC sulphuric acid market conditions, the expected slowdown in global refined production growth, and how a refined market supply deficit should support higher copper prices. He also mentioned that the AI industry maintained strong development momentum, bringing new growth momentum to copper demand. Tin: He elaborated from the following perspectives: Myanmar tin production — slow recovery, upward trajectory, 2025-2027E; Indonesia tin ore RKAB quotas — expected to ease slightly in 2026; DRC — major mine production remained stable, but the M23 movement added uncertainty; global tin prices — supply determines the floor, macro factors drive fluctuations; the global tin market is expected to maintain a tight balance, with new mining capacity expected to be concentrated for release in 2028. Thomas Feng shared insights on nickel, cobalt, and lithium: emerging from the trough and entering a new cycle. ►New energy demand landscape: from EV popularization to energy storage deployment. First, he reviewed and provided an outlook on the global NEV market: NEV demand no longer maintains a one-sided high-growth trajectory, but instead exhibits characteristics of regional differentiation, structural divergence, and intensifying cyclical volatility; development paces in China, Europe, and the US have shown notable differences; performance trends of BEVs, PHEVs, and commercial vehicles have diverged; and the impact of inventory and price cycles on industry operations is increasing significantly. Second, in his review and outlook of the global energy storage market, he noted that the global energy storage market will remain concentrated in three key regions: China, the US, and Europe. Driven by 2030 climate goals, emerging markets such as the Middle East, Australia, and Southeast Asia are showing strong growth in demand for large-scale energy storage. Benefiting from cost advantages and improved safety performance, LFP battery market share is expected to continue climbing. ►Lithium: Reshaping the Supply-Demand Pattern in a New Cycle Global lithium carbonate market: shifting from overall surplus to structural tightness, with prices in a post-trough reassessment and recovery phase. Lithium hydroxide supply and demand maintained a tight balance: production on the supply side was driven by demand, the market share of ternary power batteries was squeezed, and room for growth was limited. The concentration of lithium resource supply declined, with marginal growth rates slowing down simultaneously. Significant demand growth drove the continued expansion of resource projects. ►Nickel: Navigating Policy Changes and Narrowing Oversupply Indonesia's nickel ore HPM adjustment: aimed at enhancing the economic value of non-nickel resources. The discussion covered scenario analysis of nickel ore prices following the implementation of the new policy, and the impact analysis of nickel ore benchmark price adjustments on MHP full costs. Indonesia's nickel ore RKAB quota: a tight balance is expected to set the tone for 2026. Global primary nickel is expected to remain in persistent oversupply. Regarding the logic behind refined nickel price trends, it was noted that policy and macro factors jointly amplified price fluctuations, while cost support elevated the long-term price floor. ►Cobalt: Shifting from Surplus to Shortage after the DRC Export Ban——Long-Term Uncertainty Remains Following the DRC policy announcement, cobalt product prices in China rose rapidly. However, high prices suppressed downstream demand, putting prices under pressure. Starting from H2 2025, the Chinese market continued destocking. Amid raw material shortages, enterprises began using MHP and recycled materials as production substitutes. MHP and recycling are expected to continue growing rapidly, effectively bridging the cobalt hydroxide gap. Cost pressure transmitted in both directions: LCO doping/ternary substitution restarted, and consumer cobalt demand is expected to decline by 10%. As persistently high cobalt prices suppress demand, if China secures 90% of the DRC quota, supplemented by MHP and recycling supply, inventory buildup could occur as early as 2026. Panel Discussion: Global Metals Market Outlook——Geopolitics Disruption, Macro Cycles and the Return of Commodity Volatility •Copper and Aluminum Price Rise, 2024-2026 •Precious Metals Storm: Silver Swung Wildly, Gold Hit Record Highs — Interest Rate Cycles, Safe-Haven Demand, and Industrial Logic •Precious Metals and Industrial Metals: Are Commodities Entering a New Cycle •Focus on Critical Minerals: Emerging Region Supply Rise and Policy Shifts, Green Transition Co-Shaping a New Narrative •Chinese Market: The 15th Five-Year Plan Moderator: Yanchen Wang, Managing Director, SMM Global UK Ltd. Panelists: Yahong Tian, Co-Head of R&D, CITIC Futures Henry Van, Head of Industrial Metals Analysis, Trafigura Sharon Ding, Head of China Basic Materials, UBS Justin William Hughes, Commodity Derivatives Distribution, Optiver Xie Shaobo, Head of China, Appian Mining Fund & independent non-executive Director, Zijin Gold International Panelists noted aluminum has great upside—its 10% price rise lags its 4%-5% supply contraction (vs. oil’s 60% price surge on 10% supply drop), with valuation recovery incomplete. They were more optimistic about copper demand, driven by real downstream demand rather than speculation; aluminum semis’ upside is underappreciated due to high oil prices. Long-term, copper and gold are key for mining investment, with scarce high-quality copper mines and solid gold fundamentals. They also discussed US tariffs, China’s metal demand resilience and overseas mining investment. Overseas mining success hinges on resource-to-reserve certainty; West Africa, Latin America, DRC and Zambia are new hotspots, while Australian/Canadian listed miners are undervalued. Enterprises must plan prudently based on risk tolerance. Geopolitical conflicts (e.g., Iran) may trigger energy crises, but current inflation control and China’s high metal consumption share weaken demand impact. Long-term, energy crises will boost electrification, expanding copper/aluminum demand. Investment depends on risk appetite and fundamental grasp. SMM Industry Analysis: Strategic Re-valuation of Minor Precious and Minor Metals in 2026 — The Case of Silver and Tungsten Silver: Market Supply-Demand Balance and Macroeconomic Volatility: Evolution and Shift in Industrial Demand, Particularly Driven by the PV Sector Tungsten: Strategic Status Upgrade - Supply Constraints and High-End Demand Driving the 2026 Price Rally Speaker: Juno Zhu, Senior Analyst of Minor and Precious Metals, SMM Juno shared insights on the strategic revaluation of tungsten and silver. Tungsten: Tungsten prices have surged over 500% since 2025; China holds over 50% of global tungsten reserves, contributes nearly 80% of global production, and possesses a complete industrial value chain; China's tungsten supply constraints in 2025: H1 mining quotas declined 6.45% YoY; global new project stagnation: limited capacity expansion in 2026, with ex-China mine development cycles of 3–5 years; domestic tungsten downstream applications: significant growth in cutting tools and PV tungsten wire in 2025; European market: persistent raw material shortages, with Rotterdam tungsten prices surging since February 2025; China's tungsten product exports: transitioning from primary products to deep-processed products; SMM analysis: the tungsten market supply-demand gap is expected to persist but narrow in 2026; prices are expected to consolidate at highs after overheating cools. Silver: Silver price fluctuations in 2026: an unexpected surge from Q4 2025 to Q1 2026, where frenzied investment demand and capital liquidity completely overshadowed the impact of the industrial off-season. Shift in trade dynamics in Q1 2026: SGE-LBMA premiums reversal and a surge in imports. Demand spike in Q1 2026: the PV industry started with a recovery, and an investment boom generated a phased demand peak. PV market outlook: policy shifts in 2026 are expected to curb demand growth, with overall silver consumption remaining stable. Silver demand outlook for 2026: industrial fundamentals provide support, while investment surges serve as a tactical highlight. Silver supply outlook for 2026: mild annual growth and an expanding secondary supply share are expected to drive a tight balance in the market. Market outlook: short-term trends are expected to revert to industrial fundamentals, while the medium and long-term trajectory is expected to fluctuate at highs driven by safe-haven demand. Panel Discussion: Metals in a Fragmented World: Trading Opportunities in the Age of Instability (Physical Trading and Hedging) •Shifting Liquidity Landscape across LME, CME, and SHFE •Shipping Risks and Sanctioned Metals: Implications for LME Inventory Structure •How European CBAM is Reshaping Global Metals Trade Flows •Is the Metals Market Entering an "Era of Geopolitical Risk Premiums" •Internationalization of SHFE & GFEX: Opportunities and Challenges for Global Investors Moderator: Jean Tang, Commercial Director, SMM Panelist: Anant Jatia, Founder and Chief Investment Officer, Greenland Investment Management Bella Yu, General Manager of Marketing Department, Liyang Unilink E-commerce Co., Ltd. David Wilson, Director of Commodity Strategy, BNP Paribas Duncan Hobbs, Research Director, Concord Resources Nicholas Snowdon, Head of Metals and Mining Research, Mercuria Energy Trading SA Sabrina Qian, Director of Geared broking desk, IFCHOR GALBRAITHS Anant Jatia stated: CBAM represents a major policy shift in Europe's metals sector. It is not merely about raising trade costs, but will profoundly reshape global metal trade flows and pricing logic. CBAM officially took effect in January this year, initially covering categories such as steel and aluminum semis, with its core mechanism incorporating carbon emission intensity costs into Europe's metal pricing system. High-carbon-emission producers will need to bear additional carbon allowance costs, significantly weakening their export competitiveness to Europe, while green capacity powered by clean energy will gain a clear advantage in the European market and capture greater market share. Following the policy's implementation, the landed cost of metals in the European market will rise, sustaining a long-term regional premium similar to the aluminum premium structure in the US market. Compared with the market differentiation among LME-registered brands following CBAM's implementation, what deserves more attention are the entirely new market opportunities it creates. By sourcing low-carbon, high-quality materials, market participants can potentially capture green premiums, while the mechanism will also transform metal trading models and the global trade flow landscape. The panelists also discussed the changing liquidity landscape across LME, CME, and SHFE. They noted that liquidity in the commodity market is becoming increasingly fragmented, with copper and other products now tradable across multiple global futures exchanges. Price discovery is no longer concentrated in a single market, and the traditional pattern of one market leading gains and others following has reversed, with multi-exchange rotation driving price movements becoming the norm. Factors such as geopolitical policies and tariff adjustments have given rise to regional pricing divergence, with price movements in some markets increasingly driven by capital flows and sentiment. Policy and geopolitical events have also significantly affected the spread between futures and spot prices of metals, creating opportunities for cross-market arbitrage. Meanwhile, policies related to critical minerals supply security, regional supply shocks, and geopolitical disruptions have widened the dislocation between regional fundamentals and price signals. The metals market has entered a window of structural arbitrage opportunities, and this trend is expected to persist. Cross-market arbitrage continues to provide liquidity support to exchanges, a phenomenon broadly observed across both industrial and precious metals. In addition, the panelists engaged in in-depth discussions on the differences between exchange liquidity and industrial liquidity, as well as factors influencing metal price trends, including fundamentals, geopolitical developments, energy costs, and commodity transportation costs. Opening Remarks for Coffee Break Xu Tao, CEO of CSCI In his address, Xu Tao stated that Hong Kong serves as a vital hub in the global metals pricing and trading system, playing a key role in the aggregation of LME delivery resources and the internationalization of RMB-denominated commodities. Going forward, China Securities International will continue to leverage its role as a bridge for cross-border business, deepen collaboration with CSC Futures, and provide clients at home and abroad with efficient and professional comprehensive financial services in commodities, contributing to a higher level of opening-up of China's financial markets. Networking (Coffee Break) Acknowledgments The 2026 SMM Hong Kong Metals Forum was successfully held with special thanks to the Platinum Sponsor, China Securities International, for its strong support, as well as sincere gratitude to Liyang Unilink E-commerce Co., Ltd. for its significant contribution to the forum. Going forward, China Securities and China Securities International will continue to leverage the unique geographical and resource advantages of Hong Kong as an international financial center, deepen strategic cooperation with authoritative industry platforms such as SMM, and continuously improve the "onshore + offshore" integrated bulk commodity comprehensive service system, precisely empowering enterprises to seize market opportunities and hedge operational risks, contributing professional expertise to advancing the internationalization of China's bulk commodity market and enhancing the industry's global competitiveness. Liyang Unilink E-commerce Co., Ltd. (formerly Wuxi Stainless Steel Electronic Trading Center) has been engaged in new energy materials and critical metals supply chain services for over 20 years. Through its digital platform and offline service network, the company provides upstream and downstream clients with full-process online services including price negotiation, contract signing, contract execution, payment settlement, cargo delivery, processing, quality inspection, and after-sales services. With transparent pricing, 100% fulfillment guarantee, and strict quality control, it has established stable cooperation with over 30,000 industrial clients. In the field of critical strategic metal resources, Unilink has built a supply chain service system covering 14 critical metal varieties including indium, bismuth, nickel, cobalt, and lithium. Spot delivery volumes of indium and bismuth each account for over 90% of China's consumption. For new energy materials, spot delivery volumes of nickel, cobalt, and lithium on Zhonglian Jin's platform account for 30%, 90%, and 20% of China's consumption respectively, while daily sulfur trading volume exceeds 80,000 mt. Unilink implements a service model of "payment upon delivery, cargo pick-up upon payment," effectively shortening delivery cycles, reducing enterprise operating costs, and helping upstream and downstream clients achieve stable and efficient material scheduling. Zhonglian Jin strictly adheres to national industrial policies and resource management requirements, consistently focusing on serving the real economy, fully ensuring the security and smooth operation of bulk commodity supply chains, and promoting efficient resource allocation. It has ranked among China's Top 500 Service Enterprises and China's Top 20 Growing Internet Enterprises for two consecutive years. With that, the 2026 SMM Hong Kong Metals Forum came to a successful conclusion! Thank you for your help and support for this forum~

【SMM Analysis: Analysis of the Global and Domestic Tin Market's Supply-Demand Fundamentals in Q1 2025】Supply Side: Multiple Factors Exacerbate Shortages, Global Tin Ore Supply is Tight In Q1, global tin ore supply was impacted by multiple shocks, including geopolitical tensions and natural disasters: Wa Region, Myanmar: Due to the 7.9 magnitude earthquake that occurred on March 28, the risk of landslides in mining areas surged, and transportation routes were damaged. As the world's third-largest tin producer (accounting for 12%-15% of global supply), Wa Region's production resumption plans were forced to be postponed, and it is expected to resume normal production at the earliest by the end of Q2...

On April 22, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Copper Pipe and Billet Processing Industry Development Forum, Huang Yutong, Senior Copper Analyst at SMM, shared insights on the supply-demand pattern and development of copper billets in 2025.

On Sunday, April 20, if you are attracted to gold and are ready to embrace a different future for gold. Vedanta Chairman Anil Agarwal believes copper is the next gold, a view he expressed on social media, bringing much anticipation to Indian entrepreneurs. Vedanta is a significant player in the global copper market. Under the leadership of Anil Agarwal, it holds a 36% market share in India. The company is preparing to expand internationally, launching a $2 billion copper processing division to meet the growing global demand for copper. The strong shift towards renewable energy and electric vehicles has driven the development of the copper industry. With the acquisition of Zambia's copper mine and smelting company Konkola (KCM), Vedanta has become a comprehensive integrated copper producer. Analysts have mixed views on the outlook for copper prices in 2025. Some analysts expect copper prices to hit record highs due to the shift to renewable energy and strong demand for electric vehicles, while others believe copper prices face downward pressure due to US tariff turmoil and other factors. **The Future of Copper** The Vedanta boss recently emphasized the growing strategic value of copper, calling it the "next gold" in the global shift to electric vehicles and clean, green energy. "Copper is the next gold," Agarwal wrote, mentioning that Barrick Gold, one of the world's largest gold producers, is proposing to remove "gold" from its name and focus on copper mining. Agarwal stated, "Copper is a new super metal, extensively used in all advanced technologies, whether in electric vehicles, renewable energy infrastructure, artificial intelligence, or defense equipment." The renaming of Barrick Gold is a significant development in the recent resurgence of the copper industry. The Canadian company stated in a press release on Friday, "We plan to change the company name from Barrick Gold Corporation to Barrick Mining Corporation to reflect the company's evolving production model." The Canada-based company has mining operations and projects in many countries, such as Argentina, Canada, Chile, Côte d'Ivoire, Congo, the Dominican Republic, Ecuador, Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the US, and Zambia. Agarwal pointed out that globally, copper mines are reviving, and new smelters are being built to meet the growing demand. He noted that in this context, India also has great potential in the field of critical and transition metals. To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Over 3,000 industry elites, representatives from upstream and downstream enterprises of the copper industry chain, government leaders, industry associations, third-party equipment, logistics and warehousing, and university research experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the conference, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference activities are rich and varied: the main forum focuses on global copper market trends, raw material supply, policy impact analysis, and market direction interpretation. Sub-forums delve into industry hotspots in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, there will also be a two-day field trip to 12 representative enterprises in the copper industry, with a cumulative capacity of 1 million mt. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development. The CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo will help you grasp the industry pulse, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22-25, to unite in the new era of copper and jointly plan for new development!

At the CLNB 2025 (10th) New Energy Industry Chain Expo - New Energy PV ESS Forum hosted by SMM Information & Technology Co., Ltd., Tang Tuo, Consulting Engineer at the Policy and System Research Institute of Nengjian Times (Shanghai) New Energy Storage Technology Research Institute Co., Ltd., shared insights on the topic of "How Can the PV ESS Industry Transition from 'Cut-throat Competition' to 'Win-win' amid overcapacity."