Anhui Hanchen Aluminum Alloy Precision Manufacturing Co., Ltd. is planning a three-phase project to produce 57,000 tons of precision aluminum tubes for home appliances and automobiles annually. With a total investment of approximately 300 million yuan, the project will be constructed in three phases. Phase I, with a planned investment of approximately 60 million yuan, will construct production lines for precision drawn tubes, internally threaded aluminum tubes, and battery casings. Upon commissioning, the project will have an annual output of 12,000 tons of various precision tubes, generating an estimated annual output value of 300 million yuan. Construction work is largely complete, with equipment installation and commissioning imminent. The project is scheduled to be fully operational by early next year.

【SMM Aluminium Flash News】On September 17th, a ceremony was held in Suzhou High-tech Zone to celebrate the launch of Raufos' new Suzhou production line and the start of mass production of Li Auto spring arms. This fully automated aluminum control arm extrusion line produces rear axle spring arms, a key lightweighting solution for Li Auto's new models. Production is expected to reach 1.17 million units in 2026, with installation on 585,000 vehicles. Upon full production, revenue is expected to increase by approximately 200 million yuan. Raufos Group, headquartered in Norway, specializes in the development and manufacture of lightweight aluminum chassis components for the automotive industry.

As a crucial strategic cluster for China's wire and cable industry, North China has cultivated a 100-billion-level industry chain ecosystem by leveraging its robust industrial foundation and policy dividends. However, compared to mature industrial belts like the Yangtze River Delta and Pearl River Delta, it still faces challenges such as insufficient coordination and room for improving innovation efficiency. Against this backdrop, SMM (Shanghai Metals Market) will host the 2025 SMM (First) North China Wire and Cable IndustryZ3/> in Ningjin, Hebei on August 8, 2025 , under the theme of " Gathering Strength in North China · Chaining the Future ". The event will convene enterprises across the entire industry chain including wire and cable, magnet wire, copper/aluminum conductors, and material equipment to jointly explore new development pathwaysZ10/>The conference focuses on three strategic directions: " Industry Chain Synergy · Mutual Benefits in the North ", " Smart Chain Integration · Green Energy Transformation ", and " Strategic Chain Collaboration · Global Competition-Cooperation " , aiming to promote resource integration, technological upgrading, and ecological co-construction for North China's wire and cable sector. Leveraging over a decade of industry expertise, SMM will establish a high-end communication platform to help enterprises seize market opportunities, enhance industry chain resilience, and inject new momentum into the high-quality development of North China's and even the nation's wire and cable industry. SMM, together with Tianjin Xinhong Recycling Resources Co., Ltd. & Jiangxi Baoqi New Materials Technology Co., Ltd. & Jiangxi Xindehai New Materials Technology Co., Ltd. , sincerely invites industry peers to gather in Ningjin, Hebei, and jointly embark on a new chapter for the industry! Click Registration Form to register immediately. We look forward to meeting you at the conference. Tianjin Xinhong Recycling Resources Co., Ltd. , located in Ziya Circular Economy Industrial Park, Jinghai District, Tianjin, specializes in recycling of renewable resources, non-ferrous metal rolling processing, and metal products manufacturing. The company operates a 50,000-mt/year continuous casting and rolling production line for electrical copper rods. Since its establishment, it has adhered to innovation-driven development, introduced advanced domestic and overseas production equipment and technologies following the principles of innovation, efficiency, quality, and safety. Guided by the philosophy of "Quality First, Service First", the company focuses on product excellence and customer collaboration to jointly create high-quality products. Jiangxi Baoqi New Materials Technology Co., Ltd. , situated at No. 286, Shenzhen Avenue, Jinggangshan Economic and Technological Development Zone, Ji'an City, Jiangxi Province, specializes in secondary copper recycling, non-ferrous metal rolling, and metal products manufacturing. Its main products include 8mm low-oxygen copper rods and 8mm-25mm upward-drawn oxygen-free copper rods. The company has a complete and scientific quality management system certification. Established in April 2022, the company has a registered capital of 50 million yuan and occupies an area of over 40 mu. It currently operates four production lines for oxygen-free rods using up-casting furnaces and one production line for low-oxygen rods using continuous casting and rolling. The annual production capacity includes 32,000 mt of up-cast oxygen-free copper rods and 50,000 mt of 8mm low-oxygen copper rods. Our company boasts advanced production equipment and mature production technology, offering top-notch pre-sales quality and after-sales service. Since its establishment, the company has adhered to innovation-driven development, introducing advanced production equipment and processes from domestic and overseas markets in line with the requirements of innovation, efficiency, quality, and safety. Upholding the principles of quality first and service first, the company focuses on products as its core and customers as its bridge, striving to collaborate with you to create high-quality and high-standard products. Guided by the quality policy of "integrity-based, customer-first, united and pragmatic, quality and innovative," the company's eternal business philosophy is "copper products, golden reputation," with the eternal pursuit of a "win-win" outcome with customers. We sincerely hope to collaborate with you for mutual development and a brighter future. Jiangxi Xindehai New Material Technology Co., Ltd. , located in the Industrial Park, Jintan Town, Jishui County, Ji'an City, Jiangxi Province, was established in July 2024 with a registered capital of 50 million yuan and occupies an area of over 70 mu. The up-cast oxygen-free copper rod production line was commissioned and put into operation in October 2024, with an annual production capacity of 40,000 mt of up-cast oxygen-free copper rods. The company is currently preparing to construct production lines for copper-based projects such as continuous casting and rolling low-oxygen copper rods and anode plates, as well as aluminum-based product production lines for aluminum ingots, aluminum billets, and deoxidized aluminum. These projects are expected to be put into production successively in 2025. Upon full commissioning, the company will achieve an annual production capacity of 150,000 mt of copper-based products and 50,000 mt of aluminum-based products. Guided by the quality policy of "integrity-based, customer-first, united and pragmatic, quality and innovative," the company's eternal business philosophy is "copper products, golden reputation," with the eternal pursuit of a "win-win" outcome with customers. We sincerely hope to collaborate with you for mutual development and a brighter future. ◆ Contact Information ◆ Tianjin Xinhong Renewable Resources Co., Ltd. Sales Department: Liu Runliang, 177 2012 3999 Procurement Department: Cai Rujian, 138 2041 6617 Jiangxi Baoqi New Material Technology Co., Ltd. Cui Deliang, 177 7781 3383 Zeng Xiaoqiang, 137 6712 8719 Jiangxi Xindehai New Material Technology Co., Ltd. Liu Runliang, 177 2012 3999 Click here to participate immediately 2025 SMM (Inaugural) North China Cable Industry Conference SMM Conference Contact Person Li Haiyang 135 2411 0203 lihaiyang@smm.cn

On April 29, 2025, Jin Yu, Senior Director of SMM, Weiquan Ding, Head of Secondary Aluminum, Huanyu Li, Senior Manager of Aluminum Extrusion, Xiaoyao Zhang, Head of International Recycling, and Shihao Yang, Senior Aluminum Analyst, visited Miluo Lide Nonferrous Metals Co., Ltd. They were warmly welcomed by Chairman De Zheng and his team. Subsequently, both parties communicated and discussed the development of the secondary aluminum market and the nonferrous metals industry landscape. Through this discussion, both sides enhanced their understanding and recognition of each other, laying a solid foundation for future continuous deepening of cooperation and achieving mutual benefits. Company Profile Miluo Lide Nonferrous Metals Co., Ltd. was formerly known as Hunan Shuanghua Aluminum Industry, which was established in August 2000. The company is located in the nationally renowned Miluo Circular Economy Industrial Park in Hunan Province, with obvious geographical advantages and convenient transportation. The industrial park is well-connected by highways, with the north-south Jingzhu Expressway and the east-west Pingyi Expressway running through the area. Hunan is known as the hometown of nonferrous metals, and Miluo City (located 60 kilometers north of Changsha City, under the jurisdiction of Yueyang City) is one of the three nationally renowned recycling resource utilization bases. The Miluo Circular Economy Industrial Park is one of the first national urban mineral demonstration bases and a national circular economy pilot unit. Nonferrous metal processing is one of the pillar industries of the Miluo Circular Economy Industrial Park. The 100,000 mt annual production project of alloy aluminum ingots (aluminum liquid) of Miluo Lide Nonferrous Metals Co., Ltd. started construction in March 2017, covering an area of 64,432 m² with a building area of 36,183 m². The project includes the construction of one office building, one dormitory building, and six factory buildings, with a total investment of 200 million yuan. The first phase was put into production in May 2018, mainly producing national standard aluminum alloy ingots, with main models including Japanese ADC12, ADC10, AISi9Cu3, ADC3, AISi2; American A380, A360; EN-AC44300, EN-AC43400, etc. The second phase was put into production in August 2022, mainly focusing on aluminum liquid distribution and aluminum casting production. The raw material workshop of Miluo Lide Nonferrous Metals Co., Ltd. is equipped with a 650P horsepower fully automatic aluminum scrap crushing and sorting line (Lidi PSX-5060), with a designed capacity of 12 mt/hour. The production workshop is equipped with four sets of melting furnaces: No. 1 Melting Furnace (30 mt), No. 2 Double Chamber Furnace (80 mt), No. 3 Alloy Furnace (30 mt), and No. 4 Alloy Furnace (30 mt). It is also equipped with four automatic casting lines, two automatic stacking robots, and two rotary furnaces (5 mt and 8 mt each), with a designed capacity of 260 mt/day for aluminum alloy ingots (liquid). SMM Contact Weiquan Ding 18029344837

"Another 100-million-mt oilfield in the Bohai Sea—the three production platforms of Kenli 10-2 Oilfield are undergoing offshore commissioning and are expected to commence production within the year," a representative from CNOOC told a Caixin reporter. Recently, a Caixin reporter visited the Tianjin Branch of China National Offshore Oil Corporation (hereinafter referred to as "CNOOC") and learned that the Bohai Oilfield under the company is actively increasing reserves and production, striving to achieve the goal of producing 40 million mt of oil and gas equivalent annually. In Q1, the oil and gas production of the Bohai Oilfield historically exceeded 10 million mt in a single quarter. In mid-June, the Bohai Sea was shrouded in a thin mist, with glittering blue waves. This vast and azure inland sea of China is rich in oil and gas resources. In the central part of the Bohai Sea, more than 100 kilometers from the coastline, lies the first 100-billion-cubic-meter gas field in the Bohai Sea—the Bozhong 19-6 Gas Field. Early in the morning, a group of Caixin reporters boarded a helicopter at the Tanggu Airport in Tianjin heading to the drilling platform of the Bozhong 19-6 Gas Field. After nearly 40 minutes of flight, through the aircraft window, they saw a "string of five stars" emerging in the vast sea. Staff informed the reporters that the five platforms, including the central platform and wellhead platform of the Bozhong 19-6 Gas Field, have formed an oil and gas production cluster in the "string of five stars" pattern, integrating "oilfield + gas field + shore power." The 19-6 Gas Field is the first 100-billion-cubic-meter gas field in the Bohai Oilfield. During the interview, the Caixin reporter also learned that the Bohai Oilfield was established in 1965. After 60 years of development, it has now built approximately 60 oil and gas fields in production, with over 200 production facilities. It is currently the largest offshore oil and gas production base in China that integrates exploration and development, engineering construction, and production operations. A relevant staff member from CNOOC told the reporter that since 2019, the Bohai Oilfield has vigorously increased reserves and production, with oil and gas output continuing to rise. The daily crude oil production has exceeded the 100,000 mt mark, accounting for nearly one-sixth of the national crude oil production. Since the beginning of this year, the oil and gas production of the Bohai Oilfield has continued to maintain a steady upward trend. Multiple key capacity-building projects, including the Bozhong 26-6 Oilfield Development Project (Phase I), the world's largest metamorphic buried hill oilfield; the Lvda 5-2 North Oilfield Phase II Development Project, the first ultra-heavy oil thermal recovery development oilfield offshore China; and the Caofeidian 6-4 Oilfield Comprehensive Adjustment Project, have been put into production one after another. In Q1 of this year, the oil and gas production of the Bohai Oilfield historically exceeded 10 million mt in a single quarter. In addition, the aforementioned staff member also told the reporter that another 100-million-mt oilfield in the Bohai Sea—the three production platforms of Kenli 10-2 Oilfield are undergoing offshore commissioning and are expected to commence production within the year. This will add further momentum to the Bohai Oilfield's new leap in achieving 40 million mt of production in 2025, further enhancing the energy supply capability to the Beijing-Tianjin-Hebei region and the Bohai Rim area. The "Shenhai-1" project has produced over 10 billion m³ of natural gas in total. Innovation in deep-sea science and technology is also a focal point for investors interested in CNOOC. The deep sea holds the largest undeveloped resource base on Earth. According to data from the International Energy Agency (IEA), 70% of global oil and gas resources are located in the ocean, with 44% distributed in deepwater and ultra-deepwater areas at depths exceeding 300 meters. Currently, the exploration rate of global deepwater oil and gas resources is relatively low. Data from S&P (Standard & Poor's) as of month-end April 2025 indicates that the 2P (Two-Phase) recoverable reserves of oil and gas amount to 90.51 billion barrels of oil equivalent, with oil accounting for 51.7% and natural gas accounting for 48.3%. A relevant staff member from CNOOC told reporters that CNOOC has established a comprehensive technical system for offshore oil and gas exploration, development, and production, breaking through key technologies in the 1,500-meter ultra-deepwater oil and gas field development engineering model. Over the past decade, with the continuous increase in investment in deepwater oil and gas exploration, CNOOC has successively made significant deepwater oil and gas discoveries, including the "Shenhai-1" gas field, the Dongfang gas field cluster, the Baodao 21-1 gas field, and the Kaiping South oil field, becoming an important area and direction for future oil and gas reserve growth and production increase. In the development sector, the successful commissioning of the "Shenhai-1" ultra-deepwater gas field has enabled China to become the third country globally, after the US and Norway, with the capability to independently develop ultra-deepwater oil and gas resources. The "Shenhai-1" project has pioneered a new model for the economic development of ultra-deepwater gas fields under extremely harsh sea conditions, providing a Chinese solution for global deepwater oil and gas development. A representative from CNOOC told reporters that the "Shenhai-1" project has produced over 10 billion m³ of natural gas and over 1 million m³ of condensate in total, maintaining a state of high and stable production. Meanwhile, CNOOC continues to achieve significant progress in key technological breakthroughs, including substantially improving the recovery rate of domestic offshore oil and gas fields, efficiently developing offshore low-permeability and buried-hill oil and gas fields, effectively developing thermal recovery of heavy oil, and advancing the construction of smart oil fields, thereby effectively enhancing development and production efficiency. A relevant staff member from CNOOC told reporters that in the future, CNOOC will be guided by an innovation-driven strategy, continuing to deepen innovation in deep-sea science and technology, promoting the efficient development of offshore oil and gas resources, steadily advancing the development of the offshore new energy industry, and creating greater value for shareholders.

Trend Chart of Panzhihua 20# Titanium Ore Prices from 2021 to May 2025 Note: Prices are ex-factory prices excluding tax Trend Chart of Domestic Titanium Slag Prices from 2021 to May 2025 Trend Chart of Domestic Sponge Titanium/Titanium Plate Prices from 2021 to May 2025 Data Source: China Nonferrous Metals Industry Association, Titanium Zirconium Hafnium Vanadium Branch Review of Domestic Price Trends In May, the domestic titanium ore market showed a trend of first suppression and then recovery, with overall stable but weak performance. This was particularly evident in the Panxi region. In early May, due to the continuous decline in downstream titanium dioxide prices and a drop in operating rates, market demand weakened, leading to a panic-induced price drop. Among them, medium and small miners lowered their quotations by about 100 yuan/mt, while the price of medium-grade ore fell by around 130 yuan/mt, and large mines also reduced their prices by 100 yuan~150 yuan/mt. In late May, as some downstream enterprises resumed production, the demand for titanium ore rebounded slightly, and market confidence gradually recovered, with some medium and small miners in the Panxi region raising their quotations slightly. In May, some imported titanium ore prices were also relatively weak. Affected by the decline in some domestic titanium ore and downstream product prices, there was significant pressure on the sales of imported titanium ore, with some transactions stalling, and imported ore prices saw slight adjustments. At month-end, Mozambique titanium ore prices stood at $370/mt, while Nigerian titanium ore ex-factory prices including tax ranged from 2,050 yuan~2,150 yuan/mt. The market was in a stalemate, with downstream buyers generally adopting a wait-and-see attitude. In May, the titanium slag market exhibited a pattern of "weak and depressed acid slag, high titanium slag under pressure but relatively stable." Downstream enterprises did not conduct centralized tender purchases in May, and high titanium slag prices continued to follow the April market transaction prices. Although raw material costs pulled back slightly recently, high titanium slag producers still operated at a loss, showing low enthusiasm for production, with most enterprises cutting or halting production. The acid slag market had low production activity, with relatively small output, and some enterprises experienced inventory accumulation. Acid slag plants in Yunnan were basically shut down, while those in Panzhihua only maintained production for their own downstream factories. A few acid slag plants in north China maintained minimal production, resulting in a significant reduction in overall supply. In May, domestic sponge titanium prices stabilized at a relatively high level. At the beginning of May, grade one sponge titanium prices stabilized at 50,000 yuan/mt with bulk transactions. Some producers attempted to raise their quotations, and others increased the prices of aerospace-grade sponge titanium products. Due to the relatively stable supply of aerospace-grade sponge titanium and favorable downstream demand, its prices rose smoothly. The main users of grade one sponge titanium were in the industrial sector, with limited capacity to absorb higher prices. After the price reached 50,000 yuan/mt, downstream enterprises were unwilling to accept any further increases. In May, the titanium dioxide (TiO₂) market continued its downward price trend, with declines ranging from 300 yuan/mt to 500 yuan/mt, and market quotes were relatively chaotic. At the beginning of May, under the dual pressures of weak end-use demand and high inventory levels, enterprises successively lowered their new order quotes. The listing prices of leading enterprises were reduced by 500 yuan/mt, triggering a chain reaction of price reductions in the market. Enterprises were constrained by both the market downturn and cost pressures, resulting in high inventory levels. To alleviate inventory pressure, nearly half of the enterprises chose to halt or cut production, leading to a significant decline in the market's operating rate. However, the contraction rate of the supply side significantly lagged behind the decline in demand, and the market's oversupply contradiction was not effectively alleviated. Outlook In June, the titanium ore market will continue to face a severe situation. As the market enters the traditional off-season, there is little prospect of significant improvement in demand for downstream products in the short term, and titanium ore prices for small and medium-sized miners will continue to be under pressure. In terms of imported titanium ore, due to significant shipping pressure, it is expected that some domestic miners will have room to lower their imported ore prices. In June, the titanium slag market will remain challenging. Although the high-titanium slag market has some cost support, if there is no significant improvement in demand, prices will continue to be under pressure. In June, the tender prices of large northern plants fell by 300 yuan/mt, leading to widespread losses and production halts among titanium slag plants, further suppressing their willingness to resume production, and the operating rate will remain low. Given the lack of improvement in downstream demand, the acid slag market is expected to continue in a weak and sluggish state, with prices potentially declining further. It is expected that in the short term, the price of titanium sponge will continue to maintain a phased high level. Currently, titanium sponge enterprises are cautious about increasing production, and the overall market supply and demand situation is relatively stable. Since March, titanium sponge prices have gradually increased, and the pressure for further price increases in the future will also intensify, with relatively limited upside room. In the second half of the year, if some new capacities are put into production, titanium sponge prices may once again face challenges. In the future, the titanium dioxide market may continue to operate in a weak state. On the demand side, it is difficult to achieve significant improvement due to the impact of the traditional off-season and blocked foreign trade. On the supply side, despite the decline in enterprises' operating rates, the oversupply situation is difficult to reverse in the short term. Supported by high costs, the downward room for titanium dioxide prices is limited. It is expected that in June, the market will continue to adopt a transaction mode of one order, one negotiation. Import Data Statistics In April, China's imports of titanium ore concentrates and middling ores were 419,000 mt, up 27.55% YoY and down 12.39% MoM. From January to April, China's imports of titanium ore were 1.776 million mt, up 18.13% YoY. In April, China's imports of titanium plates, sheets, and strips with a thickness of ≤0.8 mm were 221.5 mt, up 27.97% YoY and 42.74% MoM. From January to April, China's imports of titanium plates, sheets, and strips with a thickness ≤0.8mm reached 480.6 mt, up 26.65% YoY. In April, China's imports of titanium plates, sheets, and strips with a thickness >0.8mm were 84.3 mt, down 38.08% YoY and 45.45% MoM. From January to April, China's imports of titanium plates, sheets, and strips with a thickness >0.8mm were 380.2 mt, down 21% YoY. In April, China's imports of titanium pipes were 29.3 mt, down 43.84% YoY and 13.3% MoM. From January to April, China's imports of titanium pipes were 72.1 mt, down 58.28% YoY. In April, China's imports of other unwrought titanium were 21.3 mt, up 58.04% YoY and 25.39% MoM. From January to April, China's imports of other unwrought titanium were 91.8 mt, up 166.97% YoY. In April, China's imports of titanium bars, rods, sections, and profiles were 1,868.9 mt, up 1,698.03% YoY and 206.81% MoM. From January to April, China's imports of titanium bars, rods, sections, and profiles were 3,505.7 mt, up 347.89% YoY. In April, China's imports of titanium wires were 13.8 mt, down 63.35% YoY and 56.6% MoM. From January to April, China's imports of titanium wires were 75.6 mt, down 16.51% YoY. In April, China's imports of other wrought titanium and titanium products were 51.2 mt, down 38.67% YoY and up 4.68% MoM. From January to April, China's imports of other wrought titanium and titanium products were 174.7 mt, down 27.99% YoY. In April, China's imports of titanium dioxide were 6,600 mt, down 2.71% YoY and 20.44% MoM. From January to April, China's imports of titanium dioxide were 27,400 mt, down 11.87% YoY. Export Data Statistics In April, China's exports of titanium sponge were 979.1 mt, up 436.47% YoY and 134.67% MoM. From January to April, China's exports of titanium sponge were 2,474.5 mt, up 90.05% YoY. In April, China's exports of titanium plates, sheets, and strips with a thickness ≤0.8mm were 163.4 mt, up 105.6% YoY and 16.67% MoM. From January to April, China's exports of titanium plates, sheets, and strips with a thickness ≤0.8mm were 450.7 mt, up 4.75% YoY. In April, China's exports of titanium plates, sheets, and strips with a thickness >0.8mm were 496 mt, down 61.32% YoY and 24.8% MoM. From January to April, China's exports of titanium plates, sheets, and strips with a thickness >0.8mm reached 2,273.3 mt, down 40.36% YoY. In April, China's exports of titanium pipes amounted to 276 mt, up 11.69% YoY and 27.38% MoM. From January to April, China's exports of titanium pipes totaled 973.5 mt, down 1.39% YoY. In April, China's exports of other unwrought titanium amounted to 49.3 mt, down 77.34% YoY and up 20.38% MoM. From January to April, China's exports of other unwrought titanium totaled 262 mt, down 56.8% YoY. In April, China's exports of titanium bars, rods, profiles, and special shapes amounted to 529 mt, down 38.5% YoY and 52.73% MoM. From January to April, China's exports of titanium bars, rods, profiles, and special shapes totaled 3,111 mt, up 4.43% YoY. In April, China's exports of titanium wire amounted to 239.6 mt, up 79.94% YoY and 131.38% MoM. From January to April, China's exports of titanium wire totaled 545.4 mt, up 1.38% YoY. In April, China's exports of other wrought titanium and titanium products amounted to 482.9 mt, up 42.01% YoY and 5.03% MoM. From January to April, China's exports of other wrought titanium and titanium products totaled 1,736.4 mt, up 22.09% YoY. In April, China's exports of titanium dioxide amounted to 148,000 mt, down 5.96% YoY and 20% MoM. From January to April, China's exports of titanium dioxide totaled 649,000 mt, up 0.32% YoY. Zirconium Market Analysis In April, China's imports of zircon sand amounted to 21.78 mt, up 25.71% YoY and 7.72% MoM. From January to April, China's imports of zircon sand totaled 845,000 mt, up 31.39% YoY. In April, China's exports of zirconium oxychloride amounted to 5,883 mt, down 0.52% YoY and up 73.35% MoM. From January to April, China's exports of zirconium oxychloride totaled 15,497.3 mt, down 6.08% YoY. In April, China's exports of zirconium carbonate amounted to 1,333.8 mt, down 38.05% YoY and 27.67% MoM. From January to April, China's exports of zirconium carbonate totaled 5,833.9 mt, down 17.59% YoY. In May, the supply of zircon sand continued to increase, while end-use consumption showed no improvement, leading to a continued decline in domestic zircon sand prices. At the end of May, the price of imported 66% high-grade sand was approximately $1,850/mt, and the price of domestic 65% zircon sand was approximately 12,300 yuan/mt. In May, the real estate market remained sluggish, zircon sand prices continued to fall, enterprises faced significant inventory pressure, and the price of zirconium silicate continued to decline. At the month-end of May, the price of ordinary zirconium silicate was approximately 12,300 yuan/mt. In May, the mainstream quotations for zirconium oxychloride from leading enterprises ranged from 14,000 yuan/mt to 14,500 yuan/mt, with mainstream quotations around 14,000 yuan/mt. Some enterprises, eager to sell their products, offered prices lower than the mainstream prices.