This week, finished steel continued its gradual decline, while raw materials began to stabilize, with coking coal rebounding to some extent. During the week, rumors about a coal mine accident in Shanxi and customs clearance restrictions at the Mongolian border spread, boosting sentiment. Coupled with the China Mineral Resources talks, the raw materials side rebounded from lows. In the second half of the week, as rumors of maintenance at steel mills across various regions emerged, negative feedback expectations intensified somewhat, and raw materials pulled back. Approaching the weekend, however, the 10th round of coke price increases was initiated, pushing coking coal and coke futures higher. In the spot market, the off-season characteristics of end-users became increasingly evident, with the market restocking at low prices as needed. With spot prices remaining relatively firm, the spot-futures price spread continued to widen...

In June, the sodium-ion battery industry chain showed strong momentum. End-use demand continued to be released upstream, driving high growth for both cathode materials and hard carbon anodes, further tightening the supply-demand balance. SMM data shows that sodium-ion battery cathode production rose 22% MoM and hard carbon anode production rose 17% MoM, while the pace of supply expansion still struggled to match demand growth, with a clear seller's market.

The most-traded HRC contract fluctuated today, closing at 3,279 with a slight intraday decline of 0.3%. This week, cold-rolled and hot-rolled prices continued to weaken, and overall transaction volumes remained low. In terms of supply, the impact from mill line maintenance decreased WoW, leading to a slight increase in total HRC production. On the demand side, apparent demand dropped MoM. Regarding inventory, according to SMM statistics, HRC social inventory across 86 warehouses nationwide (large sample) reached 4.3757 million mt, up 84,500 mt or 1.97% WoW, and up 43.10% YoY on a lunar calendar basis. By region, all markets saw inventory buildup WoW, with the Northeast market recording a relatively large buildup. Cost side, the ninth round of coke price increases was implemented this week. Influenced by raw material market news, costs showed a pattern of strength early on and weakness later. Looking ahead, although the market has initiated a tenth round of coke price hikes, hot metal output has slowly pulled back from its peak, and cost support is expected to remain flat compared to earlier estimates. From the HRC supply-demand perspective, the current imbalance continues to accumulate. Amid off-season demand, inventory pressure is expected to persist and weigh on prices. Combined with remaining cost-side support, downside room is relatively small. HRC prices are likely to show a bottom-consolidation pattern next week, with the most-traded HRC contract moving in the 3,250–3,330 range.

[SMM Analysis: Sodium-ion Battery Market June Review (I): Cathode Undersupply and Anode Volume Release Resonate, Industry Chain Prosperity Continues to Rise] SMM, July 3: In June, the sodium-ion battery (hereinafter "sodium-ion battery") industry chain demonstrated strong momentum. Sustained release of end-use demand transmitted upstream, with both cathode materials and hard carbon anodes experiencing high growth, further intensifying the supply-demand tension. SMM data showed that sodium-ion battery cathode production rose 22% MoM and hard carbon anode production rose 17% MoM for the month, while the pace of supply-side capacity expansion still struggled to match demand growth, clearly indicating a seller's market...

"Tin" Guiding the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. Traditional cyclical logic has been completely disrupted, and strategic value has become fully prominent. The tin market in 2026 presents unprecedented complexity and profound changes: I. Deep Restructuring of Supply-Demand Patterns, Unprecedented Strategic Significance The global static reserve-to-production ratio for tin resources is only 14 years, making scarcity increasingly evident. The supply side faces "triple pressures": recurring delays in production resumptions in Myanmar, persistently tightening policies in Indonesia, and elevated geopolitical risks in the DRC. Resource constraints have become a new normal. Meanwhile, the demand structure is undergoing a fundamental shift, as tin has become a strategic resource connecting traditional manufacturing with a digital future. II. Price Levels Breaking Historical Records, Industrial Ecosystem Facing Reshaping In early 2026, SHFE tin prices exceeded 470,000 yuan/mt, reaching an all-time high. This price breakthrough not only reflects supply-demand imbalances but also signals a revaluation of the tin industry's worth. Traditional trading models, risk management systems, and supply chain collaboration methods are all in urgent need of innovation and 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 transition demands that the tin industry upgrade toward low-carbon operations and a circular economy. Recycled tin recovery and green smelting processes have become essential paths. 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 will convene global industry elites for joint discussions on August 19-21, 2026, in Changsha, Hunan. Guangdong Huize Metals Trading Co., Ltd. will attend this grand event, joining industry peers in exploring development trends and jointly propelling the tin industry to new heights. Click the registration form to sign up now and witness and participate in this momentous, far-reaching industry gathering, co-creating a brilliant new chapter! Guangdong Huize Metals Trading Co., Ltd., located in Guangzhou—the core hub of the Guangdong-Hong Kong-Macao Greater Bay Area—is a specialized trader focused on tin ingot trade. Since its establishment, the company has deeply cultivated the tin sector, based in South China while serving the entire nation, committed to providing upstream and downstream clients with high-quality, efficient, stable, and compliant metal trading and supply chain supporting services. We have established long-term, stable partnerships with numerous renowned smelters, tin ingot producers, and traders nationwide, forming a strong partner network and serving as a premium supplier to multiple state-owned enterprises and well-known companies. The company is also a member of the Tin Branch of the China Nonferrous Metals Industry Association (CNIA) and a member of the Electronic Tin Solder Materials Branch of the China Electronic Materials Industry Association. Our company has always adhered to the principles of people-orientation, integrity, pragmatism, and innovation, and is willing to achieve mutual benefits and win-win outcomes with partners and clients across the upstream and downstream sectors of the tin industry chain. Contact Information Xie Zhichao: 13197537999 Wang Yongfu: 18889929433 Address: Room 1601, No. 4, Huitong Third Street, Nansha District, Guangzhou Long press or scan the code to register now 2026 SMM (16th) Tin Industry Chain Conference

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry is at a historic turning point. Traditional cyclical logic has been completely overturned, and its strategic value is fully highlighted. In 2026, the tin market is exhibiting an unprecedentedly complex pattern and profound transformation: 1. Deep Restructuring of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes. The static reserve-production ratio of global tin ore resources is only 14 years, and its scarcity is becoming increasingly pronounced. The supply side faces "triple pressures": repeated reversals in Myanmar's production resumption process, continually tightening policies in Indonesia, and elevated geopolitical risks in the DRC. Resource constraints have become the new normal. At the same time, the demand structure has undergone a fundamental shift. Tin has become a strategic resource bridging traditional manufacturing and the digital future. 2. Price System Breaks Historical Records, Industry Ecosystem Faces Reshaping. In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a manifestation of supply-demand imbalance but also a sign of the reassessment of the tin industry's value. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently need innovative breakthroughs. 3. Technology-Driven and Green Transition Giving Rise to a New Symbiotic Ecosystem. Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade toward low-carbon and circular economy development. Recycled tin recovery and green smelting processes have become the path forward. Every link in the industry chain must shift from competition to collaboration and build an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Ganzhou Qianshun New Materials Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and jointly push the tin industry to new heights. Click to register now and join the conference, witness and participate in this significant and far-reaching industry event, and create a brilliant new chapter together! Ganzhou Qianshun New Materials Co., Ltd. was established in 2018, primarily engaged in the processing and sales of tungsten-tin associated ores, tantalum-niobium associated ores, and other polymetallic complex ores. Contact Information Huang Shaoxin 13617078696 Huang Shaoming 15270620268 Huang Qili 15297821623 Long press to scan the QR code and register now 2026 SMM (16th) Tin Industry Chain Conference