"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Elevation of Strategic Attributes** The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy models, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the 2026 SMM (16th) Tin Industry Chain Conference , to be held on August 19-21 in Changsha, Hunan , will bring together global industry elites for in-depth discussions. Dongguan Tenghui Tin Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click the to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Founded in 2009, Tenghui Tin is located in Dongguan, Guangdong Province. Since its establishment, the company has been dedicated to refined production and deep processing in the solder tin industry. With high-quality products, outstanding reputation, and excellent services, it has earned widespread industry recognition and has grown into a reliable and trusted producer in the industry. Tenghui Tin boasts a professional management team and production team, and has established long-term, stable cooperative relationships with suppliers across the country. The company adheres to reasonable pricing, trustworthiness, and contract compliance, winning the trust of a broad client base. We possess the most comprehensive production equipment and process flows in the industry, with daily refined tin output reaching 30 mt. We are equipped with advanced detection equipment such as desktop Spectro direct-reading spectrometers and handheld spectral guns, enabling us to provide clients with professional detection services. In terms of corporate culture, Tenghui Tin Industry upholds the mission of "cooperating with sincerity, operating with integrity, pursuing excellence in business, dedicating to environmental protection, and becoming China's most professional non-ferrous metal resource recycling enterprise." We pursue excellence, value every detail, and are committed to providing clients with satisfactory value-added services and high-grade products. Every employee of the company understands that clients are the source of our livelihood, and their attention and patronage are the greatest reward for us. We advocate integrity, innovation, quality, and service, always centering on clients. Through continuously improving our technical capabilities and service quality, we strive to provide clients with the best solutions. Tenghui Tin Industry is not merely a producer, but also a socially responsible enterprise. We are dedicated to environmental protection and hope to make positive contributions to society and the environment through our efforts. Whenever you need, just one supply call and we will come to serve you in the shortest time possible. We welcome all organizations, companies, enterprises, and individuals to come and discuss cooperation and inquire about prices. We look forward to joining hands with you to create a bright future together. Main business: Production and sales of national standard white board refined tin, foil tin, 305 tin materials, standard-compliant tin-copper, 0307 tin materials, 63/37 tin materials, national standard silver board, and other products. Contact Information Liao Huaiqing 13714200395 Liao Guoxiong 13828701483 Long press to scan the code and register now 2026 SMM (16th) Tin Industry Chain Conference

SMM News, May 21： Since mid-March, China's tungsten market has ended a year-long sharp rally and entered a high-level correction phase with prices trending steadily lower. Market sentiment has shifted from exuberance to caution, with periodic supply-demand adjustments and fading market mood becoming core drivers of price movements.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Enhancement of Strategic Attributes** The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure has undergone fundamental changes, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a sign of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Giving Rise to a New Symbiotic Ecosystem** Digitalisation and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbonisation and circular economy, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 , Changsha, Hunan , 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Huichang County Xiaoshan Tin Industry Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly driving the tin industry to new heights. Click to register immediately, witness and participate in this extraordinary and far-reaching industry event, and co-create a brilliant new chapter! Huichang County Xiaoshan Tin Industry Co., Ltd. was established in March 2008, covering an area of 79.8 mu. The company is located in the Jiangxi Province Fluorine-Salt New Materials Industrial Base, at the junction of Jiangxi, Guangdong, and Fujian provinces, adjacent to National Highway 206 and the Jiguang Expressway exit, with convenient transportation. The company currently owns tin smelting and tin product deep processing projects. Its main business includes the production and sales of tin ingots, tin-based alloys, and tin products. After years of development, the company has established a strong reputation nationwide. Its products are popular in the Pearl River Delta, Yangtze River Delta, and other regions, and are favoured and recognised by numerous clients for their outstanding stability and reliability. The company adheres to the principle of "survival through quality, development through cooperation" and the business philosophy of "people-oriented, harmonious development," integrating resources and extending the tin industry chain. The company's products have obtained dual certification of ISO9001:2015 quality management system and ISO14001:2015 environmental protection system. The performance parameters of the produced Xiaoshan brand tin ingots, tin-based alloys, tin products and other products have passed SGS detection, all meeting national standards, and have passed EU RoHS and REACH directive certifications. Contact Information Wu Xudong 13707025985 Long Press to Scan the QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference

May 20, 2026 At first glance, the price of silver appears to be stuck in a rut, with a sustained breakout above stubborn resistance levels still a long way off. But this calm is deceptive: according to experts, an environment is brewing beneath the surface of the financial system that could provide precious metals with massive tailwinds in the coming quarters. While stock markets near record highs give many investors a false sense of security, systemic risks are growing. This opens up an exciting prospect for commodity investors: The signs of a major shift in capital—away from overvalued growth stocks and toward tangible assets—are becoming increasingly evident. Between inflationary pressure and tight supply A key driver of this scenario is persistent inflation. Geopolitical tensions and oil prices above $100 per barrel are fueling inflation and limiting central banks’ room to maneuver. Even with a weakening economy, an aggressive interest rate cut policy is nearly impossible under these conditions. For the silver market, this is a double catalyst: On the one hand, high energy costs are driving up mining operators’ expenses, which makes production more expensive and constricts supply. On the other hand, in an inflationary, uncertain environment, the appeal of real assets—which cannot be multiplied at will—is growing. The interest rate trap for tech stocks as a catalyst However, analysts see the real powder keg in the bond markets. Long-term U.S. Treasury bonds with yields above 5 percent are increasingly becoming a threat to highly valued tech stocks. Their enormous market capitalizations are heavily based on profits that lie far in the future. If interest rates remain persistently high, this valuation logic will deteriorate drastically. This is precisely where experts see the trigger for the so-called “great rotation”: as soon as capital is withdrawn from highly valued tech stocks, it must find new investment targets. Commodities, precious metals, and domestic producers would be the primary beneficiaries of this shift. Future Fed Chair Kevin Warsh faces a balancing act: He must stabilize the banking system while simultaneously withdrawing liquidity from the market to reduce the Federal Reserve’s balance sheet—a scenario that traditionally boosts physical silver and gold. Systemic risks bring physical assets into focus In addition to monetary policy, a growing loss of confidence in traditional financial assets supports the thesis of the precious metals bulls. High interest rates are putting massive pressure on highly indebted companies and the private credit sector. When stocks and bonds lose stability and the banking system appears more fragile, investors seek independence. In a highly leveraged environment, gold and silver offer precisely the advantage of not being dependent on the creditworthiness of third parties. International currency concerns also underpin this trend. India’s recent attempts to curb precious metal imports are a clear symptom of global anxiety about currency stability and the desire to preserve capital. Conclusion : The silver price is still in a consolidation phase. But if inflationary pressures, credit risks, and geopolitical tensions continue to intensify, the current market is not the end of the line, but rather the foundation for a revaluation, according to market experts. The looming rotation away from tech stocks toward real assets could be exactly the spark that catapults the silver price into a dynamic upward trend. Source： https://goldinvest.de/en/silber-vor-der-grossen-rotation-warum-der-scheinbare-stillstand-truegt

In mid-May, LME copper rallied strongly, exceeding the historical $14,000/mt mark for the first time. The boom on the metal exchange drove European copper scrap prices to unprecedented levels. According to German market data, wholesale purchasing prices for copper scrap increased by €30 to €55 per 100 kilograms within a single week, depending on the grade, with brass scrap following the uptrend. This price surge has further strengthened the reluctance to sell among holders of already scarce high-quality local scrap in Europe.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Scrap and Alloy Imports Both Dropped Sharply, Alloy Exports Hit Single-Month Record High] Imports of unwrought aluminum alloy were 73,500 mt, down 15.4% YoY and down 12.9% MoM; cumulative imports from January to April were 313,900 mt, down 14.6% YoY. Exports side, April unwrought aluminum alloy exports reached 46,300 mt, hitting a single-month export record high, up 179.7% YoY and up 68.9% MoM; cumulative exports from January to April were 111,200 mt, up 58.1% YoY. Since March, affected by Middle East geopolitical conflicts and ex-China supply disruptions, overseas aluminum alloy ingot prices continued to rise, with the price spread between domestic and overseas markets becoming increasingly inverted.