"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

Today, the most-traded BC copper contract 2606 opened at 92,890 yuan/mt. After opening, copper prices fluctuated downward before the center rose. During the day session, prices probed up to 93,440 yuan/mt before the center dropped sharply, touching a low of 92,550 yuan/mt near the close, and ultimately settled at 92,740 yuan/mt, down 0.27%. Open interest stood at 2,200 lots, a decrease of 408 lots from the previous trading day. Trading volume was 4,254 lots, a decrease of 2,211 lots from the previous trading day. On the macro front, Iran warned that if war resumes, it will strike back fiercely and block regional oil exports, condemning the US for violating the ceasefire agreement, with the Revolutionary Guards claiming to have shot down a US drone. Iran denied reaching a memorandum of understanding, but the president expressed willingness to reach a "dignified" framework agreement. The US carried out a defensive strike in southern Iran but stated it did not mean the ceasefire had ended. With the Middle East situation fluctuating, copper prices retreated after rapid rise. Fundamentals side, supply side, domestic supply arrivals edged up slightly, and tight spot supply eased marginally, but the circulation of high-quality copper remained relatively tight. Demand side, downstream enterprises overall still focused on just-in-time procurement, and market trading was sluggish. SHFE copper 2606 contract closed at 104,610 yuan/mt. Based on the BC copper 2606 contract price of 92,740 yuan/mt, its after-tax price was 104,796 yuan/mt. The price spread between SHFE copper 2606 contract and BC copper was -186 yuan/mt, showing an inversion that narrowed compared to the previous day.

As of May 26, the Shanghai-LME zinc price ratio stood at 6.97, continuing its downward trend from 7.4 recorded in late March, which has led to a widening import loss of refined zinc ingots in China. According to calculations by Shanghai Metals Market (SMM), the current import loss of China’s refined zinc ingots has expanded to approximately RMB 3,800 per metric ton of metal.

SMM May 27 News: The most-traded SHFE lead 2607 contract opened at 16,670 yuan/mt intraday. Prices fluctuated higher in early trading, reaching a high of 16,745 yuan/mt, then moved sideways in the 16,710-16,740 yuan/mt range, touching the 16,740 yuan/mt resistance level multiple times without an effective breakout. In the later session, prices turned to fluctuate downward, hitting a low of 16,640 yuan/mt, before rebounding slightly near the close, ultimately settling at 16,670 yuan/mt, down 45 yuan/mt or 0.27%. The lead-acid battery industry is currently in its traditional off-season, with weak downstream demand. Combined with the rebound in lead prices, battery manufacturers remained cautious in procurement. Supply side, domestic primary and secondary lead production rebounded slightly; outside China, supply and demand diverged, with tight supply of high-grade lead ingots in Southeast Asia, while Australian smelters gradually ramped up production. With bullish and bearish factors intertwined, SHFE lead prices are expected to fluctuate at highs 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 Morning Meeting Minutes: Overnight, LME copper opened at $13,625/mt, fluctuated downward in early trading to touch a low of $13,601/mt, then the price center moved sharply upward to probe $13,671/mt, before fluctuating downward again to finally close at $13,610.5/mt, down 0.18%, with trading volume at 17,000 lots and open interest at 268,000 lots, a decrease of 1,387 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,690 yuan/mt, dipped to 104,560 yuan/mt in early trading, then the price center fluctuated upward to touch a high of 105,050 yuan/mt, before experiencing wild swings to finally close at 104,760 yuan/mt, down 0.39%, with trading volume at 24,000 lots and open interest at 182,000 lots, a decrease of 17 lots from the previous trading day, indicating bulls reducing positions.

[SMM Silicon-Based PV Morning Meeting Summary] Polysilicon: N-type recharging polysilicon was quoted at 33-35.9 yuan/kg. Polysilicon prices were generally weak. Dense/recharging prices were relatively stable, with low trading volume. Mixed packages gradually became the market mainstream, with prices for some grades falling to around 30 yuan. Wafer: Market 18X wafer prices were 0.88-0.9 yuan/piece, 210RN wafer prices were 0.98-1.00 yuan/piece, and 210N wafer prices were 1.18-1.2 yuan/piece. Currently, the lower end of the 210R price range still showed a downward trend, while the other two sizes remained temporarily stable. Leading wafer enterprises continued to hold prices firm. According to SMM statistics, the overall furnace-loading costs across companies declined notably, and current selling prices could still cover cash costs.