As of now, the FOB price of Indonesian MHP nickel stands at $15,337/mt Ni, and the FOB price of Indonesian MHP cobalt stands at $49,106/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) stand at 83-84, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) stand at 91. The FOB price of Indonesian high-grade nickel matte stands at $15,765/mt Ni.

Kuala Lumpur, Aug 5 – At a time when the global ferrous metals sector is undergoing constant restructuring, ASEAN has emerged as a pivotal growth hub for the steel industry, fuelled by robust end-market demand, fast-expanding production capacity and shifting cross-border trade dynamics. Regional infrastructure upgrades, local capacity iteration, and trade policy adjustments are collectively driving ongoing changes in the supply-demand structure, pricing system, and supply chain of the ASEAN steel market. The industry urgently needs a specialized, international dialogue platform to address development pain points and unlock global business opportunities. Against this industry background, a delegation from Shanghai Metals Market (SMM) paid a special visit to the Malaysia Steel Institute (MSI) on August 4, and was warmly welcomed by MSI's team including CEO Ts. Dr. Nurl Muiz, Industry Relations and Liaison Shalini and Data Analyst Shamimi, etc. Both sides introduced their respective development overviews, and engaged in in-depth exchanges on cooperation directions, industry data services, exhibition synergy, and other topics, sorted out areas of cooperation alignment, seeking a long-term and mutually beneficial industry cooperation model. MSI presented its institutional positioning and core functions to SMM. As an industrial service organization under the jurisdiction of Malaysia's Ministry of International Trade and Industry (MITI), MSI serves as a key communication bridge between the Malaysian government and the steel industry. Built on a government-enterprise collaboration model, it has been deeply involved in the domestic steel industry for many years, responsible for public services such as industry standard setting, technology R&D, talent cultivation, and detection and testing, undertaking the function of coordinating the steady development of Malaysia's steel industry. Leveraging long-term industry surveys, MSI conducts in-depth market intelligence research on the Southeast Asian steel market, helping member enterprises enhance market competitiveness through data analysis services. The local government is actively advancing the green steel industry development agenda and increasing the green transformation of the steel sector, but enterprise awareness and industry supporting systems on the market side are lagging behind the policy promotion pace. In response, MSI hopes to connect with professional industry platforms to address the industry's development shortcomings, and hopes to rely on SMM's entire industry chain service capabilities to obtain targeted industry development solutions and implementation suggestions, thereby helping the local green steel industry and the entire ferrous metals industry chain achieve steady upgrades. MSI understands and affirms SMM's data service capabilities in the global steel industry, and intends to leverage SMM's industry chain data to improve regular monitoring of steel capacity, production, supply and demand, etc. in Southeast Asia. MSI has long maintained cooperation with multiple international industry organizations. This engagement with SMM aims to jointly enhance the research standards of Malaysia's steel industry and promote high-quality development of the industry. Exhibition-conference synergy is one of the key cooperation directions in this visit. In order to further penetrate the ASEAN metals market, deliver bilateral cooperation outcomes, and build a higher-standard cross-border industry exchange and cooperation bridge, SMM will host the 2026 SMM ASEAN Ferrous Metals Summit from November 26-27, 2026 in Kuala Lumpur, Malaysia. The summit focuses on the development trends of the entire ferrous metals industry chain in ASEAN, covering core categories such as steel, iron ore, and coke. It will delve deeply into key industry topics such as steel demand transformation driven by regional infrastructure upgrades, mineral resource development and utilization, cross-border trade and circulation, industrial green transformation, and market price trend forecasts. The summit will bring together mines, steel enterprises, traders, logistics institutions, financial platforms, and industry research experts globally, leveraging SMM's mature industrial data system and market analysis capabilities to provide authoritative market interpretations and efficient upstream-downstream matchmaking channels for participants. MSI expressed that it will provide promotional support for SMM's relevant industry summits, including official channel promotion, invitation of local quality enterprises, and industry resource matchmaking. Both sides reached a preliminary cooperation consensus in terms of exhibition collaboration, brand synergy, and resource sharing. The in-depth engagement with MSI and the cooperation consensus reached will also lay a solid foundation for the successful implementation of this summit, deepening regional industry penetration in the ASEAN region, and releasing regional industrial cooperation value. About the 2026 SMM ASEAN Ferrous Metals Summit This event is the premium platform in the ASEAN ferrous metals market that converge 400+ decision-makers from mines, mills, trading houses, processors, equipment and technology providers, and logistics operators at the same table — precisely when the regional order is being rewritten. Conference Highlights 1. ASEAN Steel Market Outlook An in-depth analysis of regional steel demand, with consumption expected to reach 87.9 million mt in 2026, driven primarily by Vietnam, Indonesia, and the Philippines. 2. China—ASEAN Trade and Supply Chain Restructuring Exploring shifting flows of HRC, billet, slab, and other steel products amid changing supply patterns, trade remedies, and regional market dynamics. 3. Capacity Expansion and Production Transition Examining ASEAN’s evolving steelmaking landscape, including BF-BOF capacity growth, EAF development, overseas investment, and new regional production hubs. 4. Trade Policies and Market Access Assessing anti-dumping measures, tariffs, RCEP-related opportunities, and regulatory changes reshaping steel trade across ASEAN. 5. High-Growth Demand and Product Opportunities Identifying opportunities from infrastructure, construction, automotive, and advanced steel applications, with a focus on Indonesia, Vietnam, and other emerging markets. 6. Executive Networking and Regional Cooperation Connecting leading producers, traders, buyers, investors, associations, policymakers, and industry experts across ASEAN, China, and global markets. Senior Speakers 2026 Scenes from Past Conferences Conference Agenda Contact: Horin Dong WhatsApp: +8618721310824 Email: horindong@smm.cn Scan the QR code for conference details and more discount information About SMM SMM has long been deeply engaged in global commodity industry services, continuously deepening cooperative ties with government and enterprise institutions and industry associations across various countries, and steadily expanding its global industrial service network. Leveraging a mature collaborative model with Indonesian government, enterprises, and associations, SMM has established a comprehensive closed-loop ecosystem for sharing overseas exhibition and conference information, continuously iterating and upgrading its industrial big data system to achieve efficient global market information exchange and joint resource building and sharing. SMM organizes 50+ professional events each year, including industry summits, industry forums, and field trips. Of these, 40 are deeply rooted in the Chinese market, nearly 10 are precisely positioned in core Southeast Asian markets, and a small number cover Europe and Africa. Overseas events have earned global industry recognition thanks to authoritative industry guest lineups, solid industry survey data, and precise supply-demand matchmaking services. SMM has organized a series of high-end summits in Indonesia in cooperation with local authorities such as the Ministry of Foreign Affairs and the Indonesia Nickel Miners Association (APNI), gathering 300+ industry elites, and were complemented by professional field trip activities along the overseas industry chain, comprehensively empowering regional industry exchanges and trade matchmaking.

On August 5, the SMM average price of battery-grade nickel sulphate slightly decreased.

August 4, 2026 The world's central banks acquired a net 288.9 tonnes of gold in the second quarter of 2026 – the highest figure ever recorded for a second quarter. What makes this remarkable is the timing: the buying took place during a quarter in which the gold price fell by around 16 per cent. Anyone reading the World Gold Council's figures closely, however, will find a second and considerably more awkward story. The "Gold Demand Trends" report published by the World Gold Council (WGC) on 30 July delivers what may be the most important message of the summer for precious metals investors. While private investors exited gold ETFs during the second quarter and jewellery demand buckled under high prices, official institutions bought with rare conviction. At a net 288.9 tonnes, purchases were roughly 62 per cent above the year-earlier figure of 177.9 tonnes. The contrast with price action could hardly be sharper. The second quarter was gold's weakest since 2013; from the record high of USD 5,598 set in January, the metal has since given up considerable ground and currently trades at around USD 4,050. Central banks evidently did not read that weakness as a warning signal, but as an opportunity. Poland and China Lead the Buyers' List The single largest buyer was the National Bank of Poland with 51 tonnes. Warsaw is thereby continuing a course that brings the country close to its self-imposed target of 700 tonnes of gold reserves. In second place comes the People's Bank of China with 33 tonnes – its largest quarterly addition since late 2023, and a signal that Beijing is accelerating its diversification strategy again after a quieter phase. Behind these two sits a broad field of smaller buyers: Uzbekistan with 16 tonnes, Kazakhstan with 15 tonnes, and the central banks of Jordan and the Czech Republic with around 6 tonnes each. This breadth matters more for interpretation than the headline figure does. A record quarter carried by a single large buyer would be fragile. When demand is spread across numerous institutions from different regions and with different motivations, that points to a structural trend rather than a one-off effect. Russia Stands on the Other Side Not every central bank was buying. The Bank of Russia was the quarter's largest seller at 22 tonnes. The reason is understood to be pressure on the federal budget – here gold simply serves as a liquidity reserve to be drawn upon to plug deficits. Türkiye was also on the selling side once again, though at just 4 tonnes it was markedly more restrained than in the first quarter. These sales are central to any sound interpretation. They show that a portion of official gold movements has nothing to do with strategic conviction and everything to do with fiscal constraints. Anyone reading central bank purchases as a blanket vote of confidence in gold is making it too easy for themselves – and the same applies to anyone reading central bank sales as a blanket loss of faith. The Awkward Part: A Revision That Changes the Half-Year Picture This is where matters become interesting for attentive investors. Alongside the record second-quarter figure, Metals Focus – the World Gold Council's data provider – has sharply revised its estimate for the first quarter downwards: from an original 244 tonnes to just 57 tonnes. That is no cosmetic adjustment but a revision of more than three quarters, and it changes the overall picture considerably. Taken together, central bank demand for the first half of 2026 amounts to roughly 345 tonnes – the weakest half-year figure since 2022. Viewed soberly, then, the record quarter was primarily a catch-up movement following an exceptionally weak start to the year. For assessment purposes this means both statements are true at the same time. The second quarter was a record. The first half-year was weak. Anyone citing only one of the two figures is telling an incomplete story – and in the coverage of recent days, usually only the first has been on offer. What the Statistics Do Not Show A further point deserves attention: a substantial share of central bank purchases is never officially reported. Since 2022 the WGC has consistently identified a high proportion of unreported buying – the gap between estimated total demand and the purchases institutions actually disclose. The reported data underlying the report were, moreover, only captured up to 24 July; later disclosures may lead to further revisions. Investors should draw the right conclusion from this. Central bank demand is real and it is significant – but the published quarterly figures are estimates carrying a considerable margin of error, not exact measurements. An investment decision built on a single quarterly number rests on shifting ground. The Outlook Remains Constructive For all these caveats, the structural direction is unambiguous. The WGC's own survey of reserve managers shows that a large majority of the institutions polled expect global gold reserves to rise over the coming twelve months. Around three quarters also anticipate that their dollar holdings will decline over the next five years. This is where the real substance of the story lies. Central banks do not operate in quarters but in decades. Their gold purchases are not a timing signal for short-term price movements – anyone who bought in April on the basis of central bank demand is sitting on losses today. They are, however, an indicator of how institutional actors assess the long-term role of the US dollar and the case for hedging against geopolitical risk. For the 2026 full year, the World Gold Council expects another strong year of official demand, albeit below the 2025 level. Supply should grow only modestly: high prices and healthy producer margins support mine output, but operational constraints and long project lead times limit the pace. What the gold market did in the first half of 2026 was, above all, to change its buyer. Investors taking a long-term view in this phase will find remarkably patient company in the world's central banks. Source： https://goldinvest.de/en/central-banks-buy-record-amount-of-gold-in-the-very-quarter-prices-fell

According to SMM estimates, China's refined bismuth production in July 2026 will significantly increase by approximately 13.5% MoM compared to June's national refined bismuth output. Market participants believe this increase is within a reasonable range, which also indirectly reflects the reasons behind the recent period of weaker market prices. Note: Since October 2022, SMM has been publishing its assessed national refined bismuth production. Thanks to SMM's high coverage rate of the bismuth industry, SMM's survey includes a total of 24 refined bismuth producers distributed across 8 provinces nationwide, with total sample capacity exceeding 50,000 mt and total capacity coverage rate above 99%. This report is an original work and/or compilation by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally owns the copyright and is protected by the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, no part of this report may be reproduced, modified, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to third parties, nor may third parties be licensed to use it. Otherwise, upon discovery, SMM will pursue legal action for infringement, including but not limited to claiming contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. The contents of this report, including but not limited to information, articles, data, charts, images, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all information, are protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other laws, regulations, and applicable international treaties regarding copyright, trademark rights, domain name rights, commercial data property rights, and other rights, and are owned or held by SMM and its related rights holders. Without written permission, no institution or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the above contents to third parties, nor may they license third parties to use them. Otherwise, upon discovery, SMM will pursue legal action for infringement, including but not limited to claiming contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. *All data in this report are based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics (NBS) data, customs import and export data, various data published by various associations and institutions, etc.), and relying on SMM's internal database models, are comprehensively processed internally by the SMM research team, providing reasonable inferences. The information provided in the report is for reference only, and risks are borne by the user. This report does not constitute direct investment research advice. Clients should make prudent decisions and should not substitute this for independent judgment. Any decisions made by clients are unrelated to SMM. Furthermore, any losses and liabilities arising from unauthorized or illegal use of the views in this report are unrelated to SMM. SMM reserves the right to modify and the final interpretation of the terms of this statement.

Based on SMM estimates, China's antimony ingot production (including antimony ingot, crude antimony converted, antimony cathode, etc.) in July 2026 was up about 30% MoM, showing a sharp increase. Regarding the sharp increase in July, some market participants considered it a normal phenomenon, as customs data showed that antimony ore imports from outside China each exceeded 10,000 mt in April, May, and June, and the large volume of ore imports would inevitably translate into higher antimony ingot production. Note: Since May 2022, SMM has published its assessed national antimony ingot production (including antimony ingot, crude antimony converted, antimony cathode, etc.). Thanks to SMM's high coverage of the antimony industry, the survey covers a total of 33 antimony ingot producers across 8 provinces, with total sample capacity exceeding 20,000 mt and a total capacity coverage rate of over 99%. This report is an original work and/or compilation created by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally owns the copyright, protected by the Copyright Law of the People's Republic of China and other applicable laws, regulations, and international treaties. Without written permission, no reproduction, modification, sale, transfer, display, translation, compilation, dissemination, or disclosure of the above content to any third party in any form, or licensing any third party to use it, is allowed. Once discovered, SMM will pursue legal liability for infringement, including but not limited to claims for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. The content contained in this report, including but not limited to any or all information such as news, articles, data, charts, pictures, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, etc., is protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other applicable laws, regulations, and international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights, and is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reproduce, modify, use, sell, transfer, display, translate, compile, disseminate, or otherwise disclose the above content to any third party, or license any third party to use it. Once discovered, SMM will pursue legal liability for infringement, including but not limited to claims for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. *All data in this report are based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics (NBS) data, customs import and export data, data published by various associations and institutions, etc.), processed internally by the SMM research team using SMM’s internal database models, and reasonable inferences are drawn. The information provided in this report is for reference only and at your own risk. This report does not constitute direct investment research or decision-making advice. Clients should make decisions prudently and not substitute this for their own independent judgment. Any decision made by the client is not related to SMM. Furthermore, any losses or liabilities arising from unauthorized or illegal use of the views in this report are not related to SMM. SMM reserves the right to amend and the final interpretation of the terms of this statement.