Recently, Hunan Angzhu Environmental Protection Technology Co., Ltd. signed an APP advertising cooperation agreement with SMM (Shanghai Metals Market). This partnership aims to expand pragmatic cooperation and promote industry exchange, thereby achieving deepened collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its advantages as a leading non-ferrous metals industry service platform to provide Hunan Angzhu Environmental Protection Technology Co., Ltd. with a one-stop online marketing solution through comprehensive online display, forming a virtuous cycle between production and market, and realizing mutual value for both parties. Hunan Angzhu Environmental Protection Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City, Hunan Province. It is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. Hunan Angzhu Environmental Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City,Hunan Province. it is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. With pyrometallurgy #1 lead as its core product, the company has an annual capacity of 200,000 mt (based on pyrometallurgy #2 refined lead). It also engages in primary lead, lead-calcium alloy, lead-antimony alloy, secondary lead, and secondary refined lead businesses, building an entire industry chain service system from raw material procurement to finished product sales. Taking Pyrometallurgical Grade 1 Lead as its core product, the company has an annual production capacity of 200,000 tons (calculated by Pyrometallurgical Grade 2 Lead). It also engages in businesses such as electrolytic lead, lead-calcium alloy, lead-antimony alloy, recycled lead and recycled refined lead, and has built a full-industry-chain service system from raw material procurement to finished product sales. Core Strengths 1 Environmental Protection First Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to achieve the recycling of wastewater, waste gas, and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to realize the recycling of wastewater,waste gas and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. 2 Technology-Driven The core management team has 20 years of industry experience, has established a three-level quality inspection system, and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through intelligent equipment upgrades, production efficiency has increased by 40%, saving over 20 million yuan in annual production costs. The core management team has 20 years of industry experience, has established a three-level quality inspection system and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through the intelligent transformation of equipment, production efficiency has increased by 40%, saving more than 20 million yuan in annual production costs. 3 Social Responsibility The company has cumulatively created over 200 jobs and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City." It has established industry-university-research cooperation with Central South University and trained over 50 professional and technical talents. It has created more than 200 jobs cumulatively and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City".It has established industry-university-research cooperation with Central South University and trained more than 50 professional and technical talents. Business System • Raw Material Procurement: Crude lead, secondary crude lead • Main Products: Pyrometallurgy #1 lead (national standard GB/T 469-2023), primary lead, alloy lead • Trade Services: Providing value-added services such as warehousing and logistics, futures hedging, and supply chain finance Development Vision Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future," the company plans to establish a provincial-level technology center by 2026 and strives to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future", the company plans to establish a provincial-level technology center by 2026 and strive to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Contact Information Lin Yuancai 139757991777/18768272777 SMM Contact Cao Juanjuan caojuanjuan@ly10000.com 19521491689

Futures: Overnight, the LME lead 3M contract held up well overall, with prices declining first before rising. During the Asian session, LME lead opened at $1,980/mt, briefly pulled back after a slight initial rally, then entered the European session and began to fluctuate upward. It accelerated in late trading, touching a high of $2,006.5/mt, and finally closed at $2,005/mt, posting a small bullish candlestick, up $27.5/mt or 1.39%. Overnight, the most-traded SHFE lead 2607 contract opened higher with a gap at 16,700 yuan/mt, briefly dipped to 16,670 yuan/mt in early trading, then strengthened in a fluctuating manner, touching a high of 16,745 yuan/mt. Gains narrowed slightly toward the end, finally closing at 16,740 yuan/mt, posting a small bullish candlestick, up 95 yuan/mt or 0.57%. On the macro front: Al Arabiya TV denied Iranian media reports citing it regarding a "US-Iran deal." Rubio: Establishing a strait toll station is completely unacceptable. Iran's Revolutionary Guards: 31 ships passed through the Strait of Hormuz in the past 24 hours. Senior Iranian officials denied reports on keeping enriched uranium in the country. Foreign media reported: Turkey nearly cleared its US Treasury holdings to support its currency. BOE Technology Group A: As of now, the company has not yet conducted business cooperation with NVIDIA. Spot fundamentals: Yesterday and today, non-ferrous metals generally rose, and SHFE lead also rebounded strongly. Suppliers became more active in shipments, with primary lead from major producing areas quoted at premiums of 0-50 yuan/mt against SMM #1 lead average price on an ex-factory basis, with a few regions at premiums of 150-200 yuan/mt ex-factory. Meanwhile, secondary lead smelters saw improved shipment sentiment as lead prices stopped falling and rebounded, with some quotations shifting to discounts. Secondary refined lead from major producing areas was quoted at discounts of 25-0 yuan/mt against SMM #1 lead on an ex-factory basis, with a few maintaining premiums of 50 yuan/mt. Downstream enterprises generally shifted to a wait-and-see stance, especially after dip-buying in previous days, with most downstream enterprises focused on digesting inventories, and spot market transactions notably weakened. Inventory: On May 21, LME lead inventory remained flat at 286,475 mt; SMM five-region lead ingot social inventory was flat compared to the 18th. Lead price forecast for today: Looking at the market this week, some smelters in east China chose to hold back from selling and stockpile due to weak lead prices, while enterprises in other regions saw slight destocking in finished product inventories WoW. Dragged by inventory buildup in east China, overall industry inventory edged up. Lead ingot social inventory gradually pulled back after delivery ended, but the destocking pace remained slow. As some smelters resumed production, China's secondary lead production rose slightly MoM, which to some extent suppressed upside room for lead prices. On the sentiment side, concentrated short-covering yesterday drove a lead price rebound, and lead prices are expected to maintain a fluctuating trend in the short term.

SMM May 18: Dealers in Zhejiang reported that end-use consumption in the e-bike lead-acid battery market remained sluggish, with retailers purchasing cautiously and restocking cycles extending to over half a month. Currently, battery wholesale market selling prices remained unchanged, with the main model 48V12Ah at 300 yuan/set. Manufacturers in Jiangsu reported that the off-season trend in the e-bike lead-acid battery market intensified, with May orders continuing to weaken. To ease inventory pressure, factory operating rates had been reduced to 70%, and raw material lead was purchased as needed only. Manufacturers in Anhui reported that replacement demand in the e-bike lead-acid battery market was poor, while OEM orders for complete vehicles were moderate. Currently, factory operating rates were maintained at 80-90%. Additionally, as lead ingot supply was tight, procurement extended to surrounding provinces, with primary lead accounting for the majority.

SMM, May 18: The most-traded SHFE lead 2606 contract opened at 16,429 yuan/mt during the session. From the early to mid-session, SHFE lead prices moved sideways within the range of 16,410-16,470 yuan/mt. Near the end of the session, prices edged up, touching a high of 16,490 yuan/mt, and finally closed at 16,475 yuan/mt, posting a small bullish candlestick, down 35 yuan/mt or 0.21%. After the delivery of lead ingots, the pressure of social inventory buildup gradually eased. On the supply side, primary lead enterprise production edged up last week, while secondary lead smelting operating rates declined slightly, presenting mixed factors on the supply end. The off-season trend in downstream consumption continued, with demand remaining weak. SHFE lead prices are expected to maintain a fluctuating trend in the short term. Data source statement: Data other than public information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

SMM May 18 update: Last Friday evening, the most-traded SHFE lead 2026 contract opened lower with a gap at 16,570 yuan/mt. At the beginning of the session, SHFE lead prices fluctuated downward, hitting a low of 16,405 yuan/mt. From mid-session to the close, prices rebounded slightly, ultimately closing at 16,440 yuan/mt, recording a small bearish candlestick, down 70 yuan/mt or 0.42%. Last Friday, LME lead opened at $2,013.5/mt, briefly edging up to $2,014/mt before entering a downward fluctuation, hitting a low of $1,973/mt. Near the close, market sentiment recovered somewhat, and LME lead prices edged up, ultimately closing at $1,984/mt, down $28/mt or 1.39%. Last week, primary lead production edged up, while secondary lead smelters saw both short-term production cuts/shutdowns and resumptions coexisting. On imported lead, the import window closed, and the inflow of imported lead into China decreased. The supply side overall presented an intertwined pattern of bullish and bearish factors. The battery consumption off-season continued in May, with weak end-use demand providing limited support for lead prices. Lead prices are expected to remain in the doldrums in the short term.

Futures: Last Friday evening, the most-traded SHFE lead 2026 contract opened lower with a gap at 16,570 yuan/mt. At the beginning of the session, SHFE lead prices fluctuated downward, hitting a low of 16,405 yuan/mt. From mid-session to the close, prices rebounded slightly, ultimately closing at 16,440 yuan/mt, recording a small bearish candlestick, down 70 yuan/mt or 0.42%. Last Friday, LME lead opened at $2,013.5/mt, briefly edging up to $2,014/mt before entering a downward fluctuation, hitting a low of $1,973/mt. Near the close, market sentiment recovered somewhat, and LME lead prices edged up, ultimately closing at $1,984/mt, down $28/mt or 1.39%. On the macro front: Israeli media: Netanyahu spoke with Trump, discussing the possibility of resuming military operations against Iran. Trump issued a military threat to Iran and was set to discuss military action options on Tuesday. US media: Iran plans to charge transit fees for submarine fiber-optic cables through the Strait of Hormuz. UK media: UK Prime Minister Starmer intended to resign from his position. ChangXin Technology: H1 revenue is expected to reach 110-120 billion yuan, with net profit attributable to the parent company of 50-57 billion yuan. China successfully launched the 9th batch of networking satellites for the Qianfan constellation. Wuxi will establish a large-scale "Token factory." The Shenzhou-23 mission plans to launch in the coming days. Spot fundamentals: Last Friday, SHFE lead reversed and pulled back. In the Jiangsu, Zhejiang, Shanghai region, spot discounts narrowed slightly, with some suppliers quoted at premiums of +20~+30 yuan/mt, while cargoes self-picked up from primary lead smelter production sites saw relatively reduced circulation. Some suppliers suspended shipments. Meanwhile, secondary lead smelters in east China successively resumed production, and secondary lead circulation relatively increased. Smelters' sentiment to hold prices firm eased, with secondary refined lead quoted at parity with SMM #1 lead on an ex-factory basis. However, downstream enterprises had limited rigid demand. In particular, as lead prices pulled back, risk-averse sentiment in the market was strong, and spot market transactions remained sluggish. Inventory: On May 15, LME lead inventory decreased by 250 mt to 265,000 mt. On May 14, SMM five-region lead ingot social inventory increased by approximately 6,100 mt WoW. Lead price forecast for today: Last week, primary lead production edged up slightly, while secondary lead smelters saw both short-term production cuts/shutdowns and production resumptions coexisting. Import lead side, the import window was closed, and the inflow of imported lead into China decreased. The supply side overall presented an intertwined pattern of bullish and bearish factors. The battery consumption off-season continued in May, with weak end-use demand providing limited support for lead prices. Lead prices are expected to remain in the doldrums in the short term.