[Refined zinc export window nearing opening; will exports surge in June?] According to the latest customs data, refined zinc imports in May 2026 stood at 5,000 mt, down 1,000 mt or 17.15% MoM and 81.28% YoY. From January to May, cumulative refined zinc imports reached 54,000 mt, down 65.28% YoY. Refined zinc exports in May were 3,900 mt, down 0.49% MoM but up 177.81% YoY.

SMM, June 18: The Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China, which took effect on June 15, listed 36 types of minerals, including rare earths, tungsten, lithium, cobalt, gallium, and germanium, as national-level strategic minerals, subjecting them to full-chain, high-intensity control. The prices of Pr-Nd oxide, dysprosium oxide, and terbium oxide saw their third consecutive daily increase on June 17; Orient Zirconium issued a price adjustment notice, raising the prices of its related zirconium products effective June 18, 2026; and the favor of some market funds all contributed to the opening strength of the minor metal sector. As of around 9:57 on June 18, the minor metal industry sector rose by 3.09%. In terms of individual stocks: Orient Zirconium, Shenghe Resources, and Zhongxi Nonferrous hit the daily limit; China Rare Earth, Jintian Titanium, China Northern Rare Earth, China Tungsten High-Tech, Tin Industry Co., and Yunnan Germanium led the gains. Market News Orient Zirconium raised the prices of its related zirconium products effective June 18, 2026 On June 18, Orient Zirconium issued a product price adjustment notice. The notice indicated that based on current market conditions, Orient Zirconium decided to raise the prices of its related zirconium products starting from June 18, 2026, with the price adjustments as follows: zirconium oxychloride products (including mother liquor materials) increased by 1,500 yuan/mt; zirconium dioxide products increased by 4,500 yuan/mt; fused zirconium products increased by 2,000 yuan/mt; at the same time, the prices of other zirconium series products from Orient Zirconium will be adjusted accordingly. [Aidite: The company has already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder] On June 17, Aidite stated on an interactive platform while answering investor questions that the company had received a notice from Japan's Tosoh regarding the suspension of zirconia powder supply. To ensure the stability of its own supply, the company had already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder, and the entire new product line has passed rigorous customer verification. Currently, several core major clients have completed the switch and signed long-term orders at the recent dealer conference. The company will actively take a series of measures to avoid any adverse impact from the Japanese powder supply disruption. In the future, the company will seize the window of opportunity for high-quality material breakthroughs and, leveraging its technical and delivery advantages, continue to expand its market share. Spot Market Zirconium According to the SMM price assessment, on June 18, the price of zirconium oxychloride (Zr(Hf)O2≥36%) was quoted at 17,500-18,000 yuan/mt, with an average of 17,750 yuan/mt, up 5.97% from the previous trading day. The zirconium industry chain had long been under pressure, with sluggish traditional demand from ceramics and high industry inventories. Zircon sand and zirconium oxide prices persistently hovered at lows, trading was sluggish, and the market was at the bottom of the cycle. Since entering Q2 this year, driven by export controls on zirconium products to Japan, price hikes by overseas zirconium ore producers, and demand expectations for solid-state batteries, zirconium raw material prices stopped falling and stabilized, inventories destocked, and the industry moved out of the bottom range, embarking on a volatile recovery trend. Upstream zircon sand imports have tightened, overseas miners continue to raise prices, and cost support has been strengthening. Dongfang Zirconium Industry completed a round of price hikes in April and raised zirconium product prices again on June 18. For the zirconium market outlook, supported by tightening raw material supply, zirconium prices will hold up well in the short term. Going forward, attention should be paid to changes in raw material supply and downstream demand. Rare Earth In the rare earth market: Rare earth oxide prices were relatively stable overall, but downstream purchasing activity has decreased as the holiday approaches. Pr-Nd oxide and dysprosium oxide ended their three-day winning streak and both pulled back slightly on June 18, while terbium oxide prices held steady on June 18 after a previous three-day rise. Expectations for production cuts in the scrap recycling sector and news-driven factors previously drove Pr-Nd prices, dysprosium oxide, and terbium oxide higher. However, after the afternoon session on June 17, shipments of Pr-Nd oxide from traders increased slightly, and the center of the actual trading range shifted lower. For medium-heavy rare earths, oxide suppliers held firm offer prices, but actual buying from metal enterprises was limited, and downstream magnetic material enterprises showed limited acceptance of high metal prices. Affected by the stalemate in market trading, rare earth prices are expected to move sideways in the short term. Tin Additionally, in the tin market: On June 18, the average price of SMM 1# tin fell 0.93% from the previous trading day. Driven by the US Fed keeping rates unchanged but signaling a hawkish bias, with half of policymakers expecting rate hikes this year, nonferrous metals fell overall and tin prices also pulled back. Currently, on the fundamental side: (1) Supply side: In June, most smelters focused on maintaining stable production. (2) Demand side: Downstream purchases were cautious, buying according to orders. Spot market: Overall trading sentiment in the spot market was light. Although tin prices have pulled back, they remain at relatively high levels and the holiday is approaching. Additionally, as the electronics industry enters its traditional off-season, downstream enterprises such as solder makers are only purchasing on a "buy on dips for essential needs" basis. Institutional Views Guojin Securities’ research report on June 14 showed: Rare Earth: Dysprosium oxide may benefit from the boost by MLCC, with a significant rebound trend from price lows. From the start of the year, the price center has continued to rise. We believe this is likely related to supply-side documents released in 2024-2025, with ongoing supply-side reform in the industry. Exports fell 1% YoY for full-year 2025, while exports from early 2026 to date have increased significantly, indicating strong restocking demand outside China. The rare earth sector will continue to see dual improvements in valuation and performance, and 2026 is also a key year for resolving industry competition among key targets. On the resource side, attention is recommended for China Rare Earth (medium-heavy rare earth leader, biggest beneficiary of supply-side reform), Zhongxi Nonferrous (undervalued, high-growth South China rare earth leader), and China Northern Rare Earth (light rare earth leader, with significant cost advantages); other related targets include Bao Gang United Steel, JL MAG Rare-Earth, etc. Tin: It believes that invisible inventory of tin ingots is gradually drying up, so tin prices are expected to strengthen under the backfill of macro liquidity or spillover from tech markets. The supply-demand pattern for tin will improve in the long term. Tungsten: This period, tungsten prices continued their rebound trend. It believes that against the backdrop of increased strategic stockpiling outside China, tungsten may have higher priority; tungsten's supply-demand fundamentals have seen strong resonance. Molybdenum: The destocking of imported ore has been significant, and domestic molybdenum prices have stabilized and rebounded. Steel procurement volume remains robust, destocking along the industry chain is progressing, and the deadlock of molybdenum prices with "volume but no price" is gradually being broken, with the upward channel becoming clearer. Molybdenum is also a military metal, with persistently low inventory, and increased defense spending outside China may further boost molybdenum prices. Huafu Securities’ research report on June 14 showed: Other Minor Metals: Industry leaders' long-term contract performance was impressive, and market sentiment in tungsten clearly stabilized. The tungsten market overall has walked out of a mild recovery, with the previous consolidation at lows being reversed somewhat. Industry leaders' long-term contract transactions were impressive, serving as a key driver for the upward movement in futures, and overall market sentiment clearly stabilized. However, the spot and scattered cargo atmosphere remained mediocre, with no widespread price-following adjustments upstream or downstream, and the rebound pace was gentle, with the market overall in a stage of steady recovery. Open Source Securities' 2026 mid-year investment strategy for the metals industry showed: Copper: Supply side, most miners outside China still face declining grades and recovery rates, and disruptive factors persist (Ivanhoe’s KK copper mine, Codelco’s El Teniente copper mine). While Chinese enterprises are increasing output, the overall increase is limited. Under an optimistic scenario, global supply growth may be below 2% in 2026-2027. Demand side, H1 electricity demand in China and the US maintained high growth rates, which may contribute marginal increments to copper demand. Open Source Securities believes that the supply-demand structure contradiction for copper will further highlight in 2026, supporting the rise in copper price center. Lithium: On the supply side of the lithium industry, capital spending cuts and the gradual formation of supply discipline, coupled with frequent disruptions, have led to a marked decline in supply elasticity compared with the past. Meanwhile, sustained strong demand from the energy storage sector is improving the structure of lithium demand, while industry inventory pressure is easing marginally. Lithium prices are expected to see a phased recovery. Enterprises with advantages in resource security, low costs and integrated layout are likely to show stronger earnings recovery than the industry average. Lithium mines and lithium chemicals companies with high resource self-sufficiency and strong cost control deserve attention. Tungsten: As an advantaged strategic metal in China, tungsten mine supply is constrained by resource depletion, environmental protection and other factors. Together with the total mining volume control implemented by the state, tungsten mine production release is limited. On the demand side, emerging sectors are boosting tungsten demand, which is expected to support tungsten prices over the long term. Recommended reading:

[Geopolitical Risks Subside: How Will the Zinc Market React?] The Middle East conflict has recently shown clear signs of de-escalation. The market is now fully pricing in a U.S.-Iran agreement and the resumption of shipping through the Strait of Hormuz. What impact will this have on the zinc market?

In 2026, global competition for critical minerals has entered an intense phase, with deepening geopolitical rivalries and an accelerated restructuring of global industry and supply chains. The new round of technological revolution, centered on AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the EU's Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership (MSP) is steadily expanding, and the trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource competition, technical barriers, and trade rule restructuring surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become a core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will bring together upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and more, alongside scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, and in-depth exchange and cooperation platform. The conference will provide in-depth interpretation of global policy shifts, assess the supply-demand pattern and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It will help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Foshan Juchuang Automation Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on the target, forge ahead with determination, and march forward courageously! Click the to register for the conference immediately. We look forward to meeting you at the event. Foshan Juchuang Automation Co., Ltd. is a manufacturer specializing in soldering equipment. Its main products include soldering pots, extruders, rolling mills, wire drawing machines, winding machines, horizontal continuous casting machines, and solder bar molds, making it a professional manufacturer integrating design, production, and sales. Our company possesses strong technical capabilities, with an R&D team composed of senior and mid-level R&D engineers in various industry products, all from the machinery and non-standard equipment industries. "Dare to strive, strive to innovate" is the guiding belief of the Juchuang team. Adhering to the principle of "high-quality products, professional service," the company provides clients with high-quality, economical, and durable products through high cost-effectiveness, fast delivery dates, and enthusiastic, attentive service, thereby earning unanimous praise from clients. We will live up to our clients' expectations and trust, striving to provide them with high-quality products and excellent after-sales service, and endeavoring to become an outstanding supplier in the soldering equipment industry. Main Products Meeting Contact: Zhu Wei zhuwei@smm.cn

[June Refined Zinc Production to Decline, Smelter Profitability in Focus] According to SMM data, China's refined zinc production in May 2026 was down 0.41% MoM but up over 5.8% YoY. Cumulative smelter production from January to May was up nearly 5.8% YoY, exceeding expectations.

In 2026, global competition for critical minerals has entered a heated phase, as geopolitical rivalries deepen and global industry and supply chains undergo accelerated restructuring. A new wave of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the implementation of the EU's Critical Raw Materials Act and the US's Inflation Reduction Act (IRA) continues, the Minerals Security Partnership constantly expands, and trends toward localization and regionalization of critical mineral supply chains intensify. The resource rivalry, technological barriers, and restructuring of trade rules surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant global position in the smelting and supply of many minor metal varieties. The continued implementation of the Regulations on Export Control of Dual-Use Items is driving a comprehensive transformation of China's minor metal industry from "scale-based supply" to "high quality, high technology, and high added value," with the industry landscape facing a profound reshaping. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will take place in Guiyang, Guizhou, gathering upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium, along with research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-specification, full-chain, and in-depth exchange and cooperation platform. The conference will provide an in-depth interpretation of global policy shifts, assess supply-demand patterns and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources and cross-border cooperation opportunities. It will help enterprises accurately grasp industrial trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Guangxi Yusheng Germanium High-Tech Co., Ltd. will grandly attend this conference. We will keep pace with the times, aim at our goals, forge ahead with determination, and move forward courageously! Click the to register now and attend the conference. We look forward to meeting you there. Guangxi Yusheng Germanium High-Tech Co., Ltd. is a rare and dispersed metals smelting and deep processing enterprise strategically attracted by Hechi City. Deeply engaged in the germanium industry, the company's germanium capacity firmly ranks among the top in China, making it a key enterprise in China's germanium sector. It focuses on the green development, deep processing, and technological innovation of germanium, contributing to the high-quality development of China's indium, germanium, and gallium industries. I. Core Strengths and Honors in the Germanium Industry Established in July 2016, the company achieved an output value of 2.4 billion yuan in 2025 and was selected as one of Guangxi's Top 100 Manufacturing Enterprises for two consecutive years in 2024 and 2025. In the germanium industry, the company possesses strong technical capabilities, with its key germanium purification technology winning the Second Prize of the China Nonferrous Metals Industry Science and Technology Award. It has led the establishment of a major pilot-scale platform for the efficient separation and extraction of germanium, indium, lead, and silver, supported by the provincial Department of Science and Technology, continuously driving technological breakthroughs in the germanium industry. The company has been recognized as a high-tech and SRDI enterprise, and has passed multiple certifications, such as green factory, practicing the green development philosophy of the germanium industry. II. Germanium Resource Security and Industrial Layout The company has outstanding resource security advantages, with 10 self-owned mines and 3 beneficiation plants. It has established nonferrous metal resource production sites in Guizhou, Guangxi, Xinjiang, and other regions, relying on its high-quality, germanium-rich zinc ore to provide a stable raw material support for germanium production. Currently, the company has 17 subsidiaries (including controlled stakes) and has set up branch offices in multiple core cities. It is moving toward group operation and internationalization, building a complete layout that covers germanium resource development, production and processing, and market expansion. III. Germanium Industrial System and Core Capacity The company has built an integrated germanium industrial system of "green mining and beneficiation—circular smelting—deep processing," with an investment of over 1.2 billion yuan in an intelligent production line. Using globally leading processes for high-germanium zinc concentrates, it significantly enhances germanium recovery rates and achieves green production. Centering on the deep processing of high-purity germanium, it can produce high-purity germanium products with a purity of 7N (99.99999%), widely used in high-end fields such as infrared optics and fiber optic communications. The Phase I project with an annual production of 50 mt of high-purity germanium has been successfully put into operation, with capacity ranking among the top in China. IV. Future Plans for the Germanium Industry In the future, the company will continue to deeply engage in the germanium industry. After all projects reach full production, it will build a high-purity germanium production line with capacity ranking among the top in China, filling the gap in Guangxi's critical metals germanium industry. This will further improve the domestic germanium industry chain layout, enhance the competitiveness of China's germanium industry in the global rare metals field, contribute to national strategic material security, and work with industry peers to promote the coordinated development of the indium, germanium, and gallium industries.