On July 3, the SMM battery-grade nickel sulphate average price edged lower.

Guangdong is a core hub of China’s wire and cable industry cluster, with a well-established industry chain, distinct locational advantages, and market reach extending across South China, Hong Kong, Macau, and Southeast Asia. The sector currently faces both opportunities and challenges: new energy and infrastructure markets outside China are expanding the space for going global, yet fluctuations in copper and aluminum raw materials, capacity homogenization, and low-price involution are squeezing corporate profits. Digital and intelligent upgrading has thus become the key to breaking through. will be held from July 14 to 15, 2026 at the Wyndham Hotel in the Guangzhou Design Capital, Guangdong . SMM , in partnership with Luoyang Sanwu Cable Group Co., Ltd. , invites you to attend. Leveraging entire industry chain data and in and outside China resources, the summit will focus on market analysis, transformation and upgrading, supply-demand matchmaking, and empowerment for going global, helping local enterprises enhance quality and expand markets while driving high-quality, internationalized development in the regional wire and cable industry. Click to . We look forward to meeting you at the summit. Sanwu Cables Reach Across the Seas Conductors and Wires Connect the Continents Luoyang Sanwu Cable Group Co., Ltd. (“Sanwu Group” for short, formerly Luoyang Sanwu Cable Co., Ltd.) was established in 2016 and now has over 600 employees. It is a mixed-ownership group enterprise integrating science, industry, and trade, headquartered in the Guobao Building in Luoyang, with three manufacturing entities and one trading company under its umbrella. Its production site is in the East Park of the Yichuan Advanced Manufacturing Development Zone, covering over 300 mu of land, with workshop space exceeding 150,000 m² and total annual capacity of more than 700 kt. Sanwu Group pursues a diversified development strategy rooted in specialization. Its main products include electrical round aluminum rod series, overhead conductor series, cable series, and deoxidized aluminum products series. These four product lines are mutually reinforcing, forming a solid business ecosystem. Sanwu products are widely used in electric power, transportation, new energy, metallurgy, petrochemicals, national defense, and urban construction. Its domestic clients include over 30 state-owned enterprises, central state-owned enterprises, and publicly listed firms, while its export markets have expanded to 37 countries and regions, 15 of which—including the Philippines, Singapore, Australia, Chile, and Kazakhstan—lie along the Belt and Road route. Sanwu Group’s subsidiaries have successively passed the “three-system” certification. All product series comply with IEC, ASTM, BS, and other international electrotechnical standards and authoritative detection requirements. The group has been recognized as a National High-Tech Enterprise, a Green Factory, a technology-based small and medium-sized enterprise, a provincial-level specialized and sophisticated small and medium-sized enterprise, and a Gazelle Enterprise. Its detection center collaborates deeply with Longmen Laboratory and has been accredited as a provincial engineering technology center and enterprise technology center. The group currently holds 10 inventions, 39 utility model patents, and 12 software copyrights, has contributed to the formulation of national standards, and has received a scientific and technological achievement evaluation report rating as domestically leading. It serves as the honorary chair organization of the Henan Electrical Industry Association and is an industry-academia-research base for Henan University of Science and Technology, Henan Institute of Technology, and Luoyang Institute of Science and Technology. Since 2023, it has been consistently listed among the top 100 enterprises in Luoyang, and in 2025, it was listed among the top 100 enterprises in Henan. Contact Information SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

Guangdong is the core cluster region of China’s wire and cable industry, with a fully developed industry chain, pronounced regional advantages, and influence extending across South China, Hong Kong, Macau, and Southeast Asian markets. Currently, the industry is navigating a landscape of both opportunities and challenges. Outside China, new energy and infrastructure markets are broadening the space to go global, while copper and aluminum raw material fluctuations, homogenous capacity, and low-price involution are squeezing enterprise profits. Digital and intelligent upgrading has emerged as the key to breaking through the impasse. will be held on July 14-15, 2026 at the Wyndham Guangzhou Design Capital, Guangdong . SMM , in partnership with Shanghai Rottweil Electronic-Mechanical Technology Co., Ltd., sincerely invites you to join the conference. Leveraging entire industry chain data and resources in and outside China, the conference will focus on market analysis and outlook, transformation and upgrading, supply-demand matchmaking, and going global empowerment. It aims to help local enterprises improve quality and expand markets, driving high-quality, internationalized development within the regional wire and cable industry. Click to attend. We look forward to meeting you at the conference. Preferred Brand in China's Wire and Cable Industry Enduring Leadership in the Coding and Marking Industry Shanghai Rottweil Electronic-Mechanical Technology Co., Ltd. is a professional company providing high-grade industrial coding equipment and marking identification solutions , integrated with R&D, design, production, and sales . Headquartered in Shanghai, it has one production site in China; five logistics centers in the US, Germany, South Africa, China, and India; and has established branches or distributors in over 30 countries globally, including the US, Germany, South Africa, Russia, Brazil, and India. In China, it has a dedicated team of 200 and 15 offices across key economic centers, enabling it to serve clients in any Chinese city. The Rottweil factory has obtained ISO 9001 quality certification and ISO 14001 environmental management system certification, with products conforming to multiple international safety standards such as CE and RoHS. Its solutions are widely applied across numerous industry sectors, including wire and cable, food and beverage, building materials, pharmaceuticals, daily chemicals, pipes and tubes, electronics, civil explosives, and military industries . To enhance the purchasing experience and after-sales service quality for clients globally, Rottweil adopts an after-sales service system based on "One-on-One Service," "Prompt Response," and "Individual Accountability" . Adhering to the principles of client supremacy, sincerity, and efficiency, it serves every client, establishing Rottweil as a well-recognized brand with high client recognition, loyalty, and satisfaction. Contact Information Ren Jianjun 139 2220 8945 SMM Conference Contact Chen Xiaolong 180 1708 9983 chenxiaolong@smm.cn

As of Thursday, June 25, social copper inventories in major regions of China increased by 11,700 mt WoW to 206,000 mt, while regional inventory trends diverged significantly. Copper price pullbacks have spurred a recovery in downstream purchasing demand, and coupled with ongoing adjustments in the market's supply-demand pattern, inventory performance varied across regions. By region, inventory trends in China's key copper consumption areas showed pronounced divergence. In Shanghai and Jiangsu, the two core markets, inventories pulled back in tandem, signaling a notable recovery in demand. Recently, domestic copper prices fell sharply, with lower prices effectively stimulating downstream enterprises' restocking willingness. In Shanghai, buoyed by favorable prices, downstream purchasing activity increased significantly, continuously drawing down spot inventories; meanwhile, combined with relatively low regional arrivals in the prior period, the market maintained a destocking pattern. Jiangsu's market situation was largely in line with Shanghai's—falling copper prices prompted end-users to concentrate on pricing and purchasing, with rigid-demand orders released intensively, effectively driving steady destocking of regional inventories and markedly improving spot market liquidity. In stark contrast to Shanghai and Jiangsu, inventories in Guangdong continued to climb, becoming the main drag on the national inventory increase. According to market analysis, as the year entered the mid-year phase, consumption by downstream copper semis enterprises in Guangdong gradually slowed, end-user order growth pulled back, and overall willingness to purchase remained weak. Meanwhile, domestic smelters accelerated their shipment pace, concentrating deliveries into Guangdong warehouses, driving a significant increase in regional arrivals. Under the dual impact of weakening downstream consumption and concentrated inflows of upstream supply, copper inventories in Guangdong continued to accumulate. Looking ahead, China's copper market will see structural adjustments on both supply and demand sides in the short term, with a destocking trend essentially in place. On the supply side, the domestic copper cathode market has recently seen somewhat looser supply, with port arrivals of imported cathode steadily rising. Meanwhile, domestic smelters have maintained steady production and shipment pace, with domestic supply arrivals continuing to increase, resulting in ample overall spot supply. The outlook for demand improvement is more definitive. After this round of sharp copper price declines, downstream enterprises' cost pressure has eased significantly. Coupled with previously accumulated orders on hand awaiting execution, market stockpiling sentiment continues to recover, and end-user restocking demand for rigid needs is set to be released intensively, continuously consuming spot cargo circulating in the market. Overall, the current domestic copper spot market is characterized by a favorable pattern of "ample supply and recovering demand," with downstream restocking momentum sufficient to offset pressure from short-term new supply. SMM expects that next week, national copper social inventories will shift to a destocking pace, and overall inventories are likely to pull back steadily. Going forward, the market should closely monitor the magnitude of copper price fluctuations, the sustainability of downstream purchasing intensity, and the pace of imported supply arrivals.

Guangdong is a core hub of China’s wire and cable industry, with a well-established industry chain, notable regional advantages, and market reach across South China, Hong Kong, Macau, and Southeast Asia. The sector now faces both opportunities and challenges: overseas new energy and infrastructure markets are broadening the room to go global, yet fluctuations in copper and aluminum raw materials, homogenized capacity, and low-price involution are squeezing enterprise profits, making digital-intelligent upgrading the key to breaking through. will be held on July 14-15, 2026 at the Wyndham Hotel, Guangzhou Design City, Guangdong . SMM , together with the co-organizer — Guangxi Dasheng Electric Power Equipment Co., Ltd. , cordially invites you to join. Leveraging entire-industry-chain data and resources in and outside China, the conference will focus on market analysis, transformation and upgrading, supply-demand matching, and going global, helping local enterprises improve quality and expand markets, and promoting the high-quality, internationalized development of the regional wire and cable industry. Click to participate; we look forward to meeting you at the conference. Guangxi Dasheng Electric Power Equipment Co., Ltd. Aluminum-Based, Technology-Empowered, Green Recycling, Excellent Development Guangxi Dasheng Electric Power Equipment Co., Ltd. was founded on June 22, 2020. It is a sound private enterprise invested by Zhejiang merchants. The company is located in the Pingguo Economic and Technological Development Zone, Baise City, Guangxi, with a superior location and convenient transportation, ensuring efficient product logistics and client business coordination, and enjoying an exceptionally favorable business environment. The company has robust scale and strength, with a total investment of 500 million yuan. The plant site covers an area of 150 mu, including 50,800 m² of standardized workshops, and features a complete production support system, enabling large-scale, standardized production. The company persists in technology-innovation-empowered development, operating a dedicated R&D center, deeply engaging in technological R&D and product upgrades, and has independently obtained 13 intellectual property rights in its nearly five years of operation, building core competitiveness with a solid technological foundation. It has independently developed an intelligent management system for wire and cable production, realizing intelligence in production and operations management information. The company has been recognized as a Guangxi Digital Workshop Demonstration Enterprise, a Guangxi Specialized and Sophisticated Enterprise, and a National High-tech Enterprise. The company focuses on its core main business, vigorously building a complete industry chain encompassing raw materials for electrical round aluminum rods, aluminum conductor processing, and wire and cable manufacturing, forming an integrated production system from aluminum raw material preparation and deep processing of aluminum conductors to finished wire and cable products, with complete industrial support and outstanding professional advantages. Concurrently, it operates related products such as electrical fittings, high- and low-voltage switches, cable accessories, and new-energy PV aluminum components, and provides one-stop supporting services including power transmission and distribution line design, technical consulting, and installation, fully meeting the diversified needs of clients. Leveraging local aluminum industry advantages and full-chain capacity, the company has now become a core regional centralized production and manufacturing base for aluminum and aluminum alloy series wire and cable. The company holds more than ten management system certifications, consistently adhering to the philosophy of quality first and client priority, strictly controlling product quality and continuously improving the service system, and committed to providing high value-for-money products and professional solutions for clients in the power and new energy industries, deeply cultivating the industry and developing steadily. Contact Tang Jianqin 135 8805 2296 SMM Conference Contact Chen Xiaolong 180 1708 9983 chenxiaolong@smm.cn

As of now, the FOB price for Indonesian MHP nickel is $15,851/mt Ni, and that for Indonesian MHP cobalt is $51,475/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) stood at 81.5-83, while the cobalt payables for MHP (against SMM refined cobalt, Rotterdam warehouse) were 97. The FOB price for Indonesian high-grade nickel matte is $15,936/mt Ni.