The 2026 SMM Hong Kong Metals Forum , organized by Shanghai Metals Market (SMM) and sponsored by China Securities International as platinum sponsor, wrapped up successfully at Novotel Hong Kong Century on May 6. With over 300 registrations and 200 on-site attendees, the forum focused on the theme "New Metals Cycle: Prices, Power & Global Wrestling". The event featured keynote speeches by industry experts and SMM analysts, covering base metals, new energy materials, and strategic revaluation of minor and precious metals. Two high-level panel sessions were held, exploring hot topics such as geopolitics, supply-demand fluctuations, CBAM impacts, and market opportunities. It also served as an efficient platform for networking and cooperation across entire industry chains. SMM Opening Address SMM Chairman Adam Fan SMM Chairman Adam Fan stated in the opening address that it was a great honor to gather with elites from all sectors of the industry at this forum. The world is currently at a critical development period, and the exchange of industry ideas is not only an industry necessity but also an inevitable requirement for global development. Adam reviewed the century-long legacy of the London Metal Exchange, which has weathered nearly 150 years of global changes and industry evolution, fully demonstrating that although market structures may change, the fundamental need for risk management and reliable price discovery remains constant. At the same time, Adam candidly acknowledged that global markets are currently mired in a pattern of deep fluctuations. Geopolitical conflicts, supply chain fragmentation, and the compounding crises of energy and food, overlaid with de-globalization and rising trade protectionism, have intensified market uncertainty and inflationary pressures, posing severe challenges to global economic growth and industrial cooperation. Against this backdrop, SMM has steadfastly upheld its mission, refusing to be a bystander to the trend of industry fragmentation, and is committed to serving as a bridge for global industrial connectivity amid a landscape of division. SMM is dedicated to promoting dialogue and exchange, breaking down industry and regional barriers, and bringing together regulators, traders, and producers from around the world to discuss industry development. SMM upholds the principle of information transparency, continuously providing accurate, real-time market data to help the industry see through market fog and clarify market distortions. SMM deepens pragmatic cooperation by building a neutral and professional platform for exchange and matchmaking, driving all parties to pursue collaborative development based on shared interests and transcending political differences. Adam emphasized that information sharing and open collaboration would be leveraged to mitigate market risks and strengthen overall industry resilience, and called on the industry to seize the opportunity of this forum to jointly explore solutions, transforming current challenges into momentum for driving integrated and robust development of the global metals industry. Speech by Platinum Sponsor Wang Guangxue, Member of the Executive Committee of China Securities Co., Ltd. and Chairman of China Securities Futures Co., Ltd. Wang stated that as a vital bridge connecting the capital market and the real economy, China Securities has always been committed to serving the high-quality development of the metals industry. Leveraging the comprehensive financial strengths of CITIC Group, the company has built a full-chain integrated service system covering securities, futures, investment, and research. The company has been deeply engaged in the commodities sector, continuously providing forward-looking research to anticipate market trends, utilizing futures instruments to build robust risk barriers, and empowering industrial upgrading through capital services. It will fully leverage CITIC Group's full-license resource advantages and the strategic value of Hong Kong as an international financial center to continuously strengthen its cross-border comprehensive financial services capabilities. The company aims to tailor integrated risk management and asset allocation solutions at home and abroad for enterprises across the metals industry chain, precisely helping enterprises hedge against price fluctuation risks, and enabling them to operate steadily and advance with high quality in complex market environments. Structural Shifts: Rethinking Commodity Benchmarks in an Era of Persistent Inflation and Rivalry Speaker: Tian Yaxiong, Co-Head of R&D Department, China Securities Futures Tian shared professional research findings and cutting-edge market insights on hot topics including the market outlook for global metals and the deep impact of geopolitics on commodity trends. SMM Industry Analysis: Market Outlook and Pre-seminar Sharing for Base Metals and New Energy Materials (Copper, Aluminum, Nickel, Cobalt, Lithium, and Tin) & How SMM Empowers Your Commodity Trading & Analysis Speakers: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd.; Thomas Feng, Head of Industry Analysis at SMM Dr. Wang first analyzed the macroeconomic landscape. At the beginning of this year, the manufacturing PMIs of major economies performed quite well, actually exceeding 50%. Without the conflict, demand this year would have been quite strong. However, at the end of February, the US-Iran conflict broke out, and the International Monetary Fund subsequently revised down its global economic growth expectations. He pointed out that China's exports remain one of the three pillars that are still functioning well to date. Regarding automobile consumption, he noted that for the EV market, the positive factor for the auto industry also lies in exports. In Q1 this year, export performance was indeed very strong. If you look at EV exports alone, they actually grew nearly 160% YoY. Driven mainly by growth in global markets, he remains optimistic about the auto industry this year. In Europe, gasoline and diesel prices have risen significantly due to the US-Iran conflict, and EV demand is expected to benefit from this factor. He believes the power sector continues to maintain strong growth. Based on power grid and power generation investment data from the first two months, combined with State Grid Corporation of China's earlier announcement that fixed asset investment during the "15th Five-Year Plan" period is expected to reach 4 trillion yuan, this indicates that electricity demand will drive strong growth. State Grid Corporation of China will build more ultra-high voltage transmission projects, which will undoubtedly support aluminum demand and also copper demand. Aluminum: Wang noted that base metal prices experienced wild swings since the beginning of this year. He also discussed that China's aluminum smelters continued to raise operating rates due to favorable profitability; aluminum demand pulled back in Q1, and high prices drove inventory higher; approximately 950,000 mt of new aluminum smelting capacity in Indonesia may come online in 2026, with some investors watching Angola; and aluminum semis and wheel hub exports maintained growth in Q1. Copper: After copper prices experienced a pullback and adjustment in March, downstream procurement demand in China was rapidly released, providing strong support for copper prices to rebound. Copper prices rose sharply, with the market downplaying geopolitical risks. China's copper cathode demand was robust, and inventory continued to decline. China's copper scrap market was not truly facing a spot shortage issue. The outlook for copper cathode demand is positive. China remains dependent on copper concentrate imports. Spot copper concentrate TCs showed no signs of bottoming out. By-product revenue sustained smelter profits. He also analyzed the DRC sulphuric acid market conditions, the expected slowdown in global refined production growth, and how a refined market supply deficit should support higher copper prices. He also mentioned that the AI industry maintained strong development momentum, bringing new growth momentum to copper demand. Tin: He elaborated from the following perspectives: Myanmar tin production — slow recovery, upward trajectory, 2025-2027E; Indonesia tin ore RKAB quotas — expected to ease slightly in 2026; DRC — major mine production remained stable, but the M23 movement added uncertainty; global tin prices — supply determines the floor, macro factors drive fluctuations; the global tin market is expected to maintain a tight balance, with new mining capacity expected to be concentrated for release in 2028. Thomas Feng shared insights on nickel, cobalt, and lithium: emerging from the trough and entering a new cycle. ►New energy demand landscape: from EV popularization to energy storage deployment. First, he reviewed and provided an outlook on the global NEV market: NEV demand no longer maintains a one-sided high-growth trajectory, but instead exhibits characteristics of regional differentiation, structural divergence, and intensifying cyclical volatility; development paces in China, Europe, and the US have shown notable differences; performance trends of BEVs, PHEVs, and commercial vehicles have diverged; and the impact of inventory and price cycles on industry operations is increasing significantly. Second, in his review and outlook of the global energy storage market, he noted that the global energy storage market will remain concentrated in three key regions: China, the US, and Europe. Driven by 2030 climate goals, emerging markets such as the Middle East, Australia, and Southeast Asia are showing strong growth in demand for large-scale energy storage. Benefiting from cost advantages and improved safety performance, LFP battery market share is expected to continue climbing. ►Lithium: Reshaping the Supply-Demand Pattern in a New Cycle Global lithium carbonate market: shifting from overall surplus to structural tightness, with prices in a post-trough reassessment and recovery phase. Lithium hydroxide supply and demand maintained a tight balance: production on the supply side was driven by demand, the market share of ternary power batteries was squeezed, and room for growth was limited. The concentration of lithium resource supply declined, with marginal growth rates slowing down simultaneously. Significant demand growth drove the continued expansion of resource projects. ►Nickel: Navigating Policy Changes and Narrowing Oversupply Indonesia's nickel ore HPM adjustment: aimed at enhancing the economic value of non-nickel resources. The discussion covered scenario analysis of nickel ore prices following the implementation of the new policy, and the impact analysis of nickel ore benchmark price adjustments on MHP full costs. Indonesia's nickel ore RKAB quota: a tight balance is expected to set the tone for 2026. Global primary nickel is expected to remain in persistent oversupply. Regarding the logic behind refined nickel price trends, it was noted that policy and macro factors jointly amplified price fluctuations, while cost support elevated the long-term price floor. ►Cobalt: Shifting from Surplus to Shortage after the DRC Export Ban——Long-Term Uncertainty Remains Following the DRC policy announcement, cobalt product prices in China rose rapidly. However, high prices suppressed downstream demand, putting prices under pressure. Starting from H2 2025, the Chinese market continued destocking. Amid raw material shortages, enterprises began using MHP and recycled materials as production substitutes. MHP and recycling are expected to continue growing rapidly, effectively bridging the cobalt hydroxide gap. Cost pressure transmitted in both directions: LCO doping/ternary substitution restarted, and consumer cobalt demand is expected to decline by 10%. As persistently high cobalt prices suppress demand, if China secures 90% of the DRC quota, supplemented by MHP and recycling supply, inventory buildup could occur as early as 2026. Panel Discussion: Global Metals Market Outlook——Geopolitics Disruption, Macro Cycles and the Return of Commodity Volatility •Copper and Aluminum Price Rise, 2024-2026 •Precious Metals Storm: Silver Swung Wildly, Gold Hit Record Highs — Interest Rate Cycles, Safe-Haven Demand, and Industrial Logic •Precious Metals and Industrial Metals: Are Commodities Entering a New Cycle •Focus on Critical Minerals: Emerging Region Supply Rise and Policy Shifts, Green Transition Co-Shaping a New Narrative •Chinese Market: The 15th Five-Year Plan Moderator: Yanchen Wang, Managing Director, SMM Global UK Ltd. Panelists: Yahong Tian, Co-Head of R&D, CITIC Futures Henry Van, Head of Industrial Metals Analysis, Trafigura Sharon Ding, Head of China Basic Materials, UBS Justin William Hughes, Commodity Derivatives Distribution, Optiver Xie Shaobo, Head of China, Appian Mining Fund & independent non-executive Director, Zijin Gold International Panelists noted aluminum has great upside—its 10% price rise lags its 4%-5% supply contraction (vs. oil’s 60% price surge on 10% supply drop), with valuation recovery incomplete. They were more optimistic about copper demand, driven by real downstream demand rather than speculation; aluminum semis’ upside is underappreciated due to high oil prices. Long-term, copper and gold are key for mining investment, with scarce high-quality copper mines and solid gold fundamentals. They also discussed US tariffs, China’s metal demand resilience and overseas mining investment. Overseas mining success hinges on resource-to-reserve certainty; West Africa, Latin America, DRC and Zambia are new hotspots, while Australian/Canadian listed miners are undervalued. Enterprises must plan prudently based on risk tolerance. Geopolitical conflicts (e.g., Iran) may trigger energy crises, but current inflation control and China’s high metal consumption share weaken demand impact. Long-term, energy crises will boost electrification, expanding copper/aluminum demand. Investment depends on risk appetite and fundamental grasp. SMM Industry Analysis: Strategic Re-valuation of Minor Precious and Minor Metals in 2026 — The Case of Silver and Tungsten Silver: Market Supply-Demand Balance and Macroeconomic Volatility: Evolution and Shift in Industrial Demand, Particularly Driven by the PV Sector Tungsten: Strategic Status Upgrade - Supply Constraints and High-End Demand Driving the 2026 Price Rally Speaker: Juno Zhu, Senior Analyst of Minor and Precious Metals, SMM Juno shared insights on the strategic revaluation of tungsten and silver. Tungsten: Tungsten prices have surged over 500% since 2025; China holds over 50% of global tungsten reserves, contributes nearly 80% of global production, and possesses a complete industrial value chain; China's tungsten supply constraints in 2025: H1 mining quotas declined 6.45% YoY; global new project stagnation: limited capacity expansion in 2026, with ex-China mine development cycles of 3–5 years; domestic tungsten downstream applications: significant growth in cutting tools and PV tungsten wire in 2025; European market: persistent raw material shortages, with Rotterdam tungsten prices surging since February 2025; China's tungsten product exports: transitioning from primary products to deep-processed products; SMM analysis: the tungsten market supply-demand gap is expected to persist but narrow in 2026; prices are expected to consolidate at highs after overheating cools. Silver: Silver price fluctuations in 2026: an unexpected surge from Q4 2025 to Q1 2026, where frenzied investment demand and capital liquidity completely overshadowed the impact of the industrial off-season. Shift in trade dynamics in Q1 2026: SGE-LBMA premiums reversal and a surge in imports. Demand spike in Q1 2026: the PV industry started with a recovery, and an investment boom generated a phased demand peak. PV market outlook: policy shifts in 2026 are expected to curb demand growth, with overall silver consumption remaining stable. Silver demand outlook for 2026: industrial fundamentals provide support, while investment surges serve as a tactical highlight. Silver supply outlook for 2026: mild annual growth and an expanding secondary supply share are expected to drive a tight balance in the market. Market outlook: short-term trends are expected to revert to industrial fundamentals, while the medium and long-term trajectory is expected to fluctuate at highs driven by safe-haven demand. Panel Discussion: Metals in a Fragmented World: Trading Opportunities in the Age of Instability (Physical Trading and Hedging) •Shifting Liquidity Landscape across LME, CME, and SHFE •Shipping Risks and Sanctioned Metals: Implications for LME Inventory Structure •How European CBAM is Reshaping Global Metals Trade Flows •Is the Metals Market Entering an "Era of Geopolitical Risk Premiums" •Internationalization of SHFE & GFEX: Opportunities and Challenges for Global Investors Moderator: Jean Tang, Commercial Director, SMM Panelist: Anant Jatia, Founder and Chief Investment Officer, Greenland Investment Management Bella Yu, General Manager of Marketing Department, Liyang Unilink E-commerce Co., Ltd. David Wilson, Director of Commodity Strategy, BNP Paribas Duncan Hobbs, Research Director, Concord Resources Nicholas Snowdon, Head of Metals and Mining Research, Mercuria Energy Trading SA Sabrina Qian, Director of Geared broking desk, IFCHOR GALBRAITHS Anant Jatia stated: CBAM represents a major policy shift in Europe's metals sector. It is not merely about raising trade costs, but will profoundly reshape global metal trade flows and pricing logic. CBAM officially took effect in January this year, initially covering categories such as steel and aluminum semis, with its core mechanism incorporating carbon emission intensity costs into Europe's metal pricing system. High-carbon-emission producers will need to bear additional carbon allowance costs, significantly weakening their export competitiveness to Europe, while green capacity powered by clean energy will gain a clear advantage in the European market and capture greater market share. Following the policy's implementation, the landed cost of metals in the European market will rise, sustaining a long-term regional premium similar to the aluminum premium structure in the US market. Compared with the market differentiation among LME-registered brands following CBAM's implementation, what deserves more attention are the entirely new market opportunities it creates. By sourcing low-carbon, high-quality materials, market participants can potentially capture green premiums, while the mechanism will also transform metal trading models and the global trade flow landscape. The panelists also discussed the changing liquidity landscape across LME, CME, and SHFE. They noted that liquidity in the commodity market is becoming increasingly fragmented, with copper and other products now tradable across multiple global futures exchanges. Price discovery is no longer concentrated in a single market, and the traditional pattern of one market leading gains and others following has reversed, with multi-exchange rotation driving price movements becoming the norm. Factors such as geopolitical policies and tariff adjustments have given rise to regional pricing divergence, with price movements in some markets increasingly driven by capital flows and sentiment. Policy and geopolitical events have also significantly affected the spread between futures and spot prices of metals, creating opportunities for cross-market arbitrage. Meanwhile, policies related to critical minerals supply security, regional supply shocks, and geopolitical disruptions have widened the dislocation between regional fundamentals and price signals. The metals market has entered a window of structural arbitrage opportunities, and this trend is expected to persist. Cross-market arbitrage continues to provide liquidity support to exchanges, a phenomenon broadly observed across both industrial and precious metals. In addition, the panelists engaged in in-depth discussions on the differences between exchange liquidity and industrial liquidity, as well as factors influencing metal price trends, including fundamentals, geopolitical developments, energy costs, and commodity transportation costs. Opening Remarks for Coffee Break Xu Tao, CEO of CSCI In his address, Xu Tao stated that Hong Kong serves as a vital hub in the global metals pricing and trading system, playing a key role in the aggregation of LME delivery resources and the internationalization of RMB-denominated commodities. Going forward, China Securities International will continue to leverage its role as a bridge for cross-border business, deepen collaboration with CSC Futures, and provide clients at home and abroad with efficient and professional comprehensive financial services in commodities, contributing to a higher level of opening-up of China's financial markets. Networking (Coffee Break) Acknowledgments The 2026 SMM Hong Kong Metals Forum was successfully held with special thanks to the Platinum Sponsor, China Securities International, for its strong support, as well as sincere gratitude to Liyang Unilink E-commerce Co., Ltd. for its significant contribution to the forum. Going forward, China Securities and China Securities International will continue to leverage the unique geographical and resource advantages of Hong Kong as an international financial center, deepen strategic cooperation with authoritative industry platforms such as SMM, and continuously improve the "onshore + offshore" integrated bulk commodity comprehensive service system, precisely empowering enterprises to seize market opportunities and hedge operational risks, contributing professional expertise to advancing the internationalization of China's bulk commodity market and enhancing the industry's global competitiveness. Liyang Unilink E-commerce Co., Ltd. (formerly Wuxi Stainless Steel Electronic Trading Center) has been engaged in new energy materials and critical metals supply chain services for over 20 years. Through its digital platform and offline service network, the company provides upstream and downstream clients with full-process online services including price negotiation, contract signing, contract execution, payment settlement, cargo delivery, processing, quality inspection, and after-sales services. With transparent pricing, 100% fulfillment guarantee, and strict quality control, it has established stable cooperation with over 30,000 industrial clients. In the field of critical strategic metal resources, Unilink has built a supply chain service system covering 14 critical metal varieties including indium, bismuth, nickel, cobalt, and lithium. Spot delivery volumes of indium and bismuth each account for over 90% of China's consumption. For new energy materials, spot delivery volumes of nickel, cobalt, and lithium on Zhonglian Jin's platform account for 30%, 90%, and 20% of China's consumption respectively, while daily sulfur trading volume exceeds 80,000 mt. Unilink implements a service model of "payment upon delivery, cargo pick-up upon payment," effectively shortening delivery cycles, reducing enterprise operating costs, and helping upstream and downstream clients achieve stable and efficient material scheduling. Zhonglian Jin strictly adheres to national industrial policies and resource management requirements, consistently focusing on serving the real economy, fully ensuring the security and smooth operation of bulk commodity supply chains, and promoting efficient resource allocation. It has ranked among China's Top 500 Service Enterprises and China's Top 20 Growing Internet Enterprises for two consecutive years. With that, the 2026 SMM Hong Kong Metals Forum came to a successful conclusion! Thank you for your help and support for this forum~

May 8, 2026 Paul Chan, financial secretary of the Hong Kong Government, said Hong Kong will build a global commodities and gold trading hub, with rising Asian demand, and reshaped global trade and supply chains providing the backdrop. Speaking at the London Metal Exchange (LME) Asia Metals Seminar 2026, Chan said that Hong Kong has exceptional institutional strengths and deep capabilities in financial and professional services. It maintains full alignment with international standards, the common law system, and independent dispute resolution mechanisms, and offers a full range of services, from trade finance and marine insurance to derivatives and risk management tools. Chan said that a strategic committee on commodities, chaired by him, is developing a long-term strategy covering physical trade, financial transactions, logistics, and connectivity with the mainland, adopting a whole-of-ecosystem approach. Chan noted that the HKSAR government and the International Organization for Mediation (IOMed) are exploring the feasibility of establishing a special panel of mediators for commodities market disputes under the IOMed. This will provide a neutral, expert-led mediation mechanism for disputes arising across the commodities value chain, facilitating cross-border transactions, and strengthening market confidence among global market participants, Chan added. Bonnie Chan, chief executive officer of the Hong Kong Exchanges and Clearing Limited, said at the meeting that both Hong Kong’s capital market and the London Metal Exchange’s non-ferrous metals market have performed strongly. One important reason is the prevailing geopolitical uncertainty, which has prompted global investors to seek diversified asset allocation, thereby channeling funds into Asia and the Hong Kong market, a region with vast growth potential. Source: https://www.businesstoday.com.my/2026/05/08/hong-kong-aims-to-build-global-commodities-and-gold-hub-amid-rising-asian-demand/

"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 landscape 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 policy tightening in Indonesia, 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 the value reassessment of 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 secondary tin recycling 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 , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Huaxun Group Co., Ltd. (Russia) 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! As a benchmark cross-border comprehensive service provider between China and Russia, the group focuses on bulk commodity trade supply chains while expanding into IT, telecommunications, and energy equipment sectors. Leveraging resource integration across both China and Russia, a mature logistics and after-sales service system, and its membership in the Russia-China Business Council, the group has established efficient government-enterprise cooperation channels between the two countries. The group's Russian headquarters is located on the 63rd floor of the Federation Tower in Moscow, with a dedicated office in China, enabling efficient coordination between the two locations to provide solid support for cross-border operations. Shenzhen Yixingtongyuan Trading Co., Ltd. , as the group's China service window, specializes in serving China-Russia bulk commodity trade, helping Chinese enterprises connect with premium Russian supply chains, and serving as a reliable partner in China-Russia cross-border trade with professionalism and efficiency. With deep expertise in the non-ferrous metal sector, we possess direct upstream procurement advantages and can steadily supply large quantities of metal resources including tin, lead, zinc, silver, copper, antimony, selenium, lead ore powder, zinc ore powder, and tin ore powder. A benchmark comprehensive service provider for China-Russia cross-border cooperation. The Group focuses deeply on bulk commodity trade and supply chain business, while expanding its layout into IT, telecommunications and energy equipment sectors.Leveraging integrated resources from both China and Russia, a mature logistics and after-sales service system, and its membership status in the Russia-China Business Council, the Group builds an efficient cooperation channel for government and enterprise exchanges between the two countries.Headquartered on the 63rd floor of Moscow Federation Tower in Russia, the Group has dedicated office institutions in China, achieving efficient linkage between the two locations to provide solid support for cross-border businesses.As the China regional service window of the Group, Shenzhen Yihang Tongyuan Trading Co., Ltd. specializes in China-Russia bulk commodity trade, assisting domestic enterprises in connecting with high-quality Russian supply chains, and has become a reliable partner for China-Russia cross-border trade with professionalism and high efficiency.With in-depth cultivation in the non-ferrous metal sector, we boast direct upstream procurement advantages and can steadily supply large quantities of resources including tin, lead, zinc, silver, copper, antimony and selenium. Contact Information Qu Shaowei / Qu Shaowei 13756081555 qushaowei@h-xgroup.com www.h-xgroup.ru Long Press to Scan the QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference

On April 17, a delegation from SMM Information & Technology Co., Ltd. (SMM), including Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM's Overseas Marketing Manager for Copper and Tin, visited Nanjing Hanrui Cobalt Co., Ltd. for an on-site survey and exchange. The management of Hanrui Cobalt extended a warm reception. During the exchange, the relevant heads of Hanrui Cobalt provided a detailed introduction to the enterprise's development history and overall industrial layout. The two sides engaged in in-depth discussions on practical topics such as cobalt-copper deep processing production and operations, raw material supply assurance, industrial upgrading, competitive landscape in niche segments, and future market trends. They also exchanged experiences and ideas on industrial quality upgrading, industry risk management, and regular information sharing. The meeting was productive and smooth, further deepening mutual understanding and laying a solid foundation for subsequent industry collaboration and bilateral exchanges. Introduction to Nanjing Hanrui Cobalt Co., Ltd. Hanrui Cobalt was founded in 1997 and is headquartered in the Jiangning Development Zone, Nanjing. After nearly three decades of development, it has grown into a multinational group enterprise with 23 subsidiaries, with businesses covering cobalt-copper mine exploration and operation, ore mining, mineral processing, smelting, new energy, new materials, as well as the production and sales of copper-cobalt product series. Group Members Resources Segment ►Mikas Mining Co., Ltd. In 2007, we established the earliest Mikas plant in the DRC. In 2008, the Phase I project of Mikas Mining, comprising cobalt concentrates and crude cobalt carbonate production lines, was completed and put into operation, making it the earliest Chinese-funded enterprise with SX-EW copper-cobalt smelting capabilities in the DRC. ►Hanrui Metal (Congo) Co., Ltd. In 2018, Hanrui invested $229 million to establish Hanrui Metal (Congo) Co., Ltd. in Kolwezi, DRC, covering an area of 750,000 m², with an annual production capacity of 5,000 mt of cobalt hydroxide (in metal content), 50,000 mt of electrodeposition copper, 1,500 mt of refined cobalt, and 50,000 mt of sulphuric acid, ensuring a sufficient resource supply for Hanrui and laying a solid foundation for the company's sustained development. ►PT Hanrui Nickel Industry Indonesia In 2023, Hanrui invested in establishing PT Hanrui Nickel Industry Indonesia on Sulawesi Island, Indonesia, and launched an oxygen-enriched continuous blowing high-grade nickel matte project. The project had a total investment of approximately $350 million, adopting advanced oxygen-enriched continuous side-blowing technology, with an annual production capacity of 20,000 mt of nickel in metal content. PT Hanrui Nickel Industry Indonesia achieved strategic integration between the industry and upstream resources, injecting stable support into the source of the industry chain for Hanrui's core business. New Energy Segment ►Ganzhou Hanrui New Energy Technology Co., Ltd. Ganzhou Hanrui was established in 2017, located in the Ganzhou High-tech Industrial Park, Jiangxi Province, with a total investment of 1.9 billion yuan, covering an area of 678 mu. Focusing on waste battery recycling and new energy materials as its core business, it has an annual production capacity of 5,000 mt of electrodeposition cobalt and 10,000 mt of refined nickel, achieving green, automated, and intelligent production. It represents an important part of Hanrui Group's layout for the development of the entire industry chain in new energy. ►Nanjing Hanrui New Materials Co., Ltd. Hanrui New Materials Co., Ltd. has realized Hanrui's new energy industry layout with raw materials in Indonesia, precursors in Ganzhou, and materials in Nanjing. This complete new energy industry chain, following the reverse manufacturing complete industry chain of Ganzhou new energy, represents another forward manufacturing emerging new energy complete industry chain, which will comprehensively consolidate Hanrui's important position in the new energy sector. Superhard Materials Segment ►Anhui Hanrui New Materials Co., Ltd. Anhui Hanrui focuses on "superhard materials," with a fully automated production line for 5,000 mt of refined cobalt powder, leading globally in both capacity and automation level, with cobalt powder exports leading nationwide. Its sales network has covered 31 countries and regions worldwide, with sales branches established in multiple countries including South Korea, Japan, Germany, Switzerland, Israel, India, and the US. Financial Investment Segment Industry Vision Ø Comprehensively expanding the NEV industry chain: with upstream lithium, copper, cobalt, and nickel resources as the core, expanding downstream into superhard materials, and building a complete industry chain. Ø In the cobalt sub-sector, already possessing two world-leading bases. Ø In the future, each segment will form an industrial group, interdependent yet developing independently. Ø Integrating cost, technology, and market advantages across the industry chain, in parallel with financial advantages, controlling resources upstream and expanding markets downstream, achieving comprehensive development. Committed to pursuing sustainable development, fully building four major segments of ore resources, superhard materials, new energy materials, and financial investment, achieving four-wheel drive with superior core competitiveness and development advantages. Scheduled to be held on September 15-16, 2026 in Lusaka, Zambia. Welcome to participate~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

First, multi-material indexation has become normal practice in domestic cell pricing. However, passing these costs through to project owners is far from smooth. Second, the adjustment cycle in overseas markets is shortening. Yet even a lithium-carbonate-only linkage faces resistance at the owner level. Third, cost pressure is concentrating heavily at the integration stage.

On April 27, the Zhengzhou Commodity Exchange (ZCE) issued a notice on the adjustment of trading margin standards and price change limits for certain futures contracts during the 2026 Labor Day holiday period. The original text is as follows: Notice on the Adjustment of Trading Margin Standards and Price Change Limits for Certain Futures Contracts During the 2026 Labor Day Holiday Period To all member units: In accordance with Article 8 of the Zhengzhou Commodity Exchange Measures for Risk Control and Management of Futures Trading, after deliberation, the following adjustments will be made to the trading margin standards and price change limits for certain futures contracts during the 2026 Labor Day holiday period: I. Effective from the settlement on April 29, 2026, the trading margin standard for flat glass and soda ash futures contracts will be 12%, with a price change limit of 10%, except that the flat glass futures 2605 contract will have a trading margin standard of 13% and a price change limit of 11%; the trading margin standard for methanol, PTA, paraxylene, caustic soda, propylene, staple fiber, bottle-grade PET, urea, ferrosilicon, silicon-manganese, and red dates futures contracts will be 10%, with a price change limit of 9%, except that the methanol futures 2605 contract will have a trading margin standard of 16% and a price change limit of 14%, the methanol futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the PTA futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the PTA futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the paraxylene futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the paraxylene futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the caustic soda futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the caustic soda futures 2606 and 2607 contracts will have a trading margin standard of 12% and a price change limit of 10%, the propylene futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the propylene futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the staple fiber futures 2605 contract will have a trading margin standard of 14% and a price change limit of 12%, the staple fiber futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the bottle-grade PET futures 2605 contract will have a trading margin standard of 14% and a price change limit of 12%, the bottle-grade PET futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%; the trading margin standard for rapeseed meal, rapeseed oil, peanut, white sugar, and cotton futures contracts will be 9%, with a price change limit of 8%; the trading margin standard for cotton yarn futures contracts will be 7%, with a price change limit of 6%. II. After the resumption of trading on May 6, 2026, from the settlement of the first trading day on which no limit-up or limit-down unilateral market occurs in the contract with the largest open interest of each product, the trading margin requirement for apple futures contracts shall be 9%, with a price limit of 8%, except that the price limit for the Apple Futures 2605 contract shall be 13%; the trading margin requirement for jujube futures contracts shall be 8%, with a price limit of 7%; the trading margin requirement for propylene futures 2607, 2608, and 2609 contracts shall be 11%, with a price limit of 9%; the trading margin requirements and price limits for futures contracts of other products shall be restored to pre-adjustment levels. Where the trading margin requirements and price limits executed in accordance with relevant rules are higher than the above standards, the relevant rules shall prevail. All member firms are requested to strengthen capital and position risk management, and to remind investors to enhance risk awareness and strengthen risk prevention. This notice is hereby given. Appendix: Adjustments to Trading Margin Requirements and Price Limits During the 2026 Labor Day Holiday Zhengzhou Commodity Exchange Apr 2026