SMM, August 10: Metals market: As of the midday close, domestic base metals showed mixed performance. SHFE copper fell 0.52%, SHFE aluminum rose 0.15%, SHFE lead increased 0.41%, SHFE zinc dropped 1.68%, SHFE tin lost 1.34%, and SHFE nickel edged up 0.33%. Additionally, the most-traded foundry aluminum futures edged up, while the most-traded alumina futures edged down. The most-traded lithium carbonate futures rose 1.5%. The most-traded silicon metal futures gained 0.47%. The most-traded polysilicon futures fell 2.54%. Ferrous metals showed mixed performance. Iron ore slipped 0.7%, rebar lost 0.47%, and hot-rolled coil dipped 0.15%. Stainless steel advanced 0.48%. Coking coal and coke: the most-traded coking coal contract rose 1.75% and the most-traded coke contract added 0.43%. In the overseas base metals market, as of 11:43, LME metals broadly rose. LME copper gained 0.3%, LME aluminum climbed 0.69%, LME lead rose 0.29%, and LME zinc edged down 0.09%. LME tin was up 0.52% and LME nickel was down 0.21%. In precious metals, as of 11:43, COMEX gold fell 0.28% and COMEX silver rose 0.36%. In domestic precious metals: SHFE gold gained 1.5% and the most-traded SHFE silver futures rose 2.05%. Additionally, as of the midday close, the most-traded platinum futures rose 0.61% and the most-traded palladium futures fell 0.05%. As of the midday close, the most-traded European container shipping futures fell 2.8% to 1,634 points. As of 11:43 on August 10, selected futures’ midday quotes: Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 100 yuan/mt, down 60 yuan/mt from the previous trading day; standard-quality copper was quoted at parity, down 60 yuan/mt; SX-EW copper was quoted at parity, down 60 yuan/mt. The average price of Guangdong #1 copper cathode was 107,945 yuan/mt, down 410 yuan/mt from the previous trading day, while the average price of SX-EW copper was 107,835 yuan/mt, down 410 yuan/mt. In the spot market, Guangdong inventory edged up after the weekend, mainly due to increased arrivals of imported copper... Macro Front Domestic side: [NBS: July CPI up 0.5% YoY, PPI up 3.5% YoY] NBS data showed that in July, due to imported factors, the Consumer Price Index (CPI) fell 0.1% MoM and rose 0.5% YoY. The core CPI, which excludes food and energy prices, rose 0.3% MoM and 0.9% YoY. Overall, CPI maintained a mild increase. China saw increased demand in some sectors, but affected by imported factors and seasonality, the producer price index (PPI) fell 0.7% MoM and rose 3.5% YoY, with the growth rate pulling back 0.6 percentage points from the previous month. In July 2026, China's producer price index rose 3.5% YoY and fell 0.7% MoM. The industrial producer purchase price index rose 5.5% YoY and fell 1.0% MoM. From January to July, the average producer price index rose 1.8% YoY, and the average producer purchase price index rose 2.8% YoY. Dong Lijuan, chief statistician at the Urban Department of the National Bureau of Statistics (NBS), commented on the CPI and PPI data for July 2026. [PBOC reverse repo operation resulted in a net withdrawal of 45 billion yuan on the day] The PBOC conducted 18 billion yuan in 7-day reverse repo operations today, with 63 billion yuan of 7-day reverse repos maturing, resulting in a net withdrawal of 45 billion yuan on the day. (Jin10 Data App) US dollar: As of 11:43, the US dollar index rose 0.12% to 99.72. According to the CME "FedWatch": The probability of the US Fed keeping rates unchanged by September is 55.6%, and the probability of a cumulative 25 basis point rate hike is 44.4%. The probability of the US Fed keeping rates unchanged by October is 40.8%, the probability of a cumulative 25 basis point rate hike is 47.4%, and the probability of a cumulative 50 basis point rate hike is 11.8%. (Jin10 Data App) Economists surveyed by Reuters expect the US July headline CPI annual rate to fall to 3.4% from 3.5% in June; the core CPI annual rate is expected to fall to 2.5% from 2.6% in the previous month. Economists at Citigroup believe that, as expected, if there is a second consecutive month of softer inflation readings, it would mean more than one month of data pointing to cooling inflationary pressures, essentially ruling out a September rate hike. However, economists also expect a slight increase in core services inflation in July, with prices rising 0.3% MoM. Previously, the data was flat from May to June. Bank of America analysts said a rebound in core services indicators could still keep a September rate hike on the table. Analyst Kate Duguid said that if the latter view prevails and inflation data comes in below expectations, then the Fed rate hike could be postponed to December or later. (Jin10 Data App) The US CPI report released on Wednesday is undoubtedly the most watched data this week. Economists generally expected the annual inflation rate to slow slightly, but core inflation to likely stay high, reflecting persistent price pressures in the services and housing sectors. Based on the latest data, the US Fed remained cautious, emphasizing the need for further confidence that inflation was moving sustainably toward its 2% target before considering interest rate cuts. (Jin10 Data App) Data: Data for the Eurozone's August Sentix Investor Confidence Index and China's July M2 money supply YoY have been released today. On the radar: The Bank of Japan released a summary of opinions from its July monetary policy meeting. Crude Oil: As of 11:43, oil prices rose in both benchmarks, with WTI up 0.67% and Brent up 0.91%. Stalled negotiations between Iran and the US over reopening the Strait of Hormuz supported oil prices. Weekend talks between Iran and Oman failed to reach an agreement on reopening the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi explicitly stated that Tehran currently had no direct negotiations with the US. According to media reports, Mohammad Bagher Zolghadr, head of Iran's Supreme National Security Council, said the Strait of Hormuz would remain closed until the US met six conditions, including ending military and aggressive actions against Iran and its allies, and providing compensation to Iran. The US insisted that any reopening arrangement must guarantee unimpeded freedom of navigation without conditions like Iranian approvals, fees, or controls. Citigroup noted that attacks by Yemen's Houthi forces on Saudi-affiliated vessels near the Red Sea and Bab el-Mandeb Strait continued, keeping risks beyond Hormuz also high. (Wall Street CN) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

Hoa Phat Group has proposed expanding its railway and special steel rail production project in the Dung Quat Economic Zone by more than 76.9 hectares, adding 2 million mt/year of capacity and around VND 20 trillion in investment. The project currently has a designed capacity of 700,000 mt/year, with investment of more than VND 10 trillion across nearly 15 hectares. Hoa Phat expects the facility to produce high-speed railway and shaped steel rails by 2027. The group currently has seven approved projects in Dung Quat with total expected investment of around VND 194 trillion and steel production capacity of approximately 12.8 million mt/year.

SMM, August 10: Data Summary: As of Monday, August 10, SMM copper inventories in major regions across China decreased by 900 mt WoW from last Monday to 118,000 mt, total inventories fell by 13,600 mt YoY from 131,600 mt in the same period last year, with divergent performances across regions. Specifically, in Shanghai, arrivals contracted, but high copper prices suppressed downstream consumption, resulting in inventory buildup; in Jiangsu, domestic arrivals were relatively low, leading to slight destocking; in Guangdong, the export window opened, reducing domestic inflows and causing inventory to edge lower. Market Outlook: Supply side, both domestic and imported copper cathode arrivals are expected to edge up in the short term, easing the tightness in market circulating supplies somewhat. Demand side, high copper prices dampened producers' production enthusiasm, downstream users only made just-in-time procurement, and typhoon disruptions hindered cargo pick-up at warehouses. A survey shows that the operating rate of copper cathode rod is expected to increase to 59.42% this week, up 1.12 percentage points WoW. Under the overall supply-demand pattern, domestic spot supply is marginally loosening while end-user procurement remains sluggish. This week, national social inventories of copper cathode are expected to show an inventory buildup trend.

Thai Nguyen Iron and Steel Joint Stock Company (TISCO) signed cooperation agreements with 12 investors and enterprises on July 31, 2026, covering 168,000 mt of potential steel demand for projects and works in Thai Nguyen province. On August 8, TISCO signed additional agreements with six project investors, covering another 75,000 mt. Combined, the two rounds of agreements represent potential steel demand of 243,000 mt. The agreements involve cooperation on steel supply for local projects, with discussions covering product specifications, quality, delivery schedules, prices and technical requirements. TISCO said it would provide steel products meeting technical standards and offer competitive pricing and flexible cooperation mechanisms.

[SMM Shanghai Spot Copper] Tomorrow, due to the impact of typhoon weather, cargo pick-up and transportation at some warehouses in east China will be restricted, and short-term cargo circulation efficiency will decline, providing some support to the spot market. However, trading was sluggish during the day. Affected by weather factors and high copper prices, downstream purchase willingness declined significantly, and purchases were mostly based on rigid demand. Some processing enterprises in Zhejiang reduced their cargo pick-up arrangements to Shanghai due to traffic restrictions, providing limited support from the demand side. On the inventory front, SMM recorded Shanghai social inventory at 78,300 mt, up 2,200 mt WoW from last Thursday; Jiangsu social inventory at 18,100 mt, down 2,400 mt WoW from last Thursday. Overall inventory changes in east China were limited, without reflecting significant supply pressure. Meanwhile, the backwardation spread between contracts widened to 240-310 yuan/mt. The spread between spot and futures widened, and some suppliers' need to roll positions and convert to cash increased, which may exert some pressure on spot premiums. Overall, with the combined effects of typhoon weather disrupting cargo circulation, the widening backwardation structure, and sluggish trading, it is expected that Shanghai spot copper against the 2608 contract will still maintain premiums tomorrow, but the overall center may fluctuate slightly. Attention should be paid to cargo pick-up and supply circulation at warehouses after the weather improves.

At end-July, zinc calcine TCs declined, with tight raw material supply and elevated procurement costs, combined with production cuts at some enterprises, putting market prices under pressure. Entering August, the tightness on the raw material side persists, but with weakening demand and profit constraints on enterprises, the room for further decline in TCs may be relatively limited.

The Western Australia Department of Mines, Petroleum and Exploration has approved the Mining Development and Closure Proposal (MDCP) for Global Lithium Resources' Manna lithium project, located ~110km east of Kalgoorlie-Boulder, the company confirmed. Scope of approval. The MDCP permits early works and critical infrastructure development, including one main pit, two satellite pits, waste rock and dry stack tailings facilities, ore stockpiles, an accommodation village, a bore field, and topsoil stockpile areas. Timeline. The approval feeds into Global Lithium's final investment decision, targeted for Q4 2026. The company is fast-tracking toward first direct shipping ore (DSO) in Q2 2027, followed by first spodumene concentrate production (5.5% Li₂O grade) in mid-2027. MD Dr Dianmin Chen said the permit "accelerates our path to production," reiterating the company's ambition to become Australia's next lithium producer. SMM View: Outside core African coverage but relevant as a global supply-side data point Manna's targeted mid-2027 concentrate ramp adds to the broader spodumene supply pipeline against which African projects (Goulamina, Bikita) compete for market share and pricing. DSO-to concentrate timeline and grade (5.5% Li₂O) are company-stated targets pending FID confirmation; not yet production-verified.

Zimbabwe's first lithium sulfate plant, built by China-owned Prospect Lithium Zimbabwe at Goromonzi, reached full operational status in May 2026, mines minister Polite Kambamura confirmed last week. The $400 million facility is Africa's first lithium sulfate plant the first beneficiation announcement in Zimbabwe's sector to convert from construction to verified operating capacity. Carbonate unit still pre-commercial. PLZ's lithium carbonate refining facility is reported near completion but unconfirmed operational; more sulfate capacity is expected sector-wide ahead of Zimbabwe's full concentrate export ban, effective January 2027. Policy driver. Zimbabwe froze raw mineral exports in February 2026 ahead of the 2027 ban, forcing producers to build domestic processing capacity or lose export access. The restriction extends to 13 minerals beyond lithium, including cobalt, PGMs, and rare earths, from January 2027. Investment context. Over $1 billion in lithium sector investment has been logged since February 2026, per policy expert Tedious Ncube though the figure is undisaggregated by project and may blend processing and upstream mining capex. Battery manufacturing remains aspirational. Kambamura flagged domestic battery and solar panel production as a longer-term goal, with no capex, partner, or timeline attached. South Africa currently leads Africa's nascent battery-manufacturing capacity. SMM View: Goromonzi is the first verified beneficiation capacity milestone in Zimbabwe's lithium sector log as confirmed, distinct from carbonate and the $1bn aggregate unverified, project-level breakdown pending). Key watch point: whether sulfate or carbonate capacity build keeps pace with the January 2027 export cutoff or risks a supply disruption relevant to our Zimbabwe ban scenario model.

The Low-Carbon Ferrosilicon B and other projects have met the procurement conditions, and suppliers are now openly invited to participate in negotiation procurement activities. Project Overview 1.1 Project Name: Low-Carbon Ferrosilicon B and Other Projects 1.2 Client: Ansteel Co., Ltd. 1.3 Agency: Ansteel Tender Co., Ltd. 1.4 Project Funding Status: Self-raised 1.5 Project Overview: See the public attachments to the entrustment application 1.6 Platform and URL: Ansteel Smart Tendering and Bidding Platform (http://bid.ansteel.cn/TPBidder) Procurement Scope and Related Requirements 2.1 Procurement Scope: See the public attachments to the entrustment application 2.2 Delivery Date: September 20, 2026 2.3 Delivery Location: Anshan City, Liaoning Province: 2.4 Quality Standards or Main Technical Performance Indicators of Goods: None Supplier Qualification Requirements 3.1 Supplier Qualification Requirements: See the attachment Click to View Tender Details:

On August 7, Mirwais Azizi, founder and chairman of AZIZI DEVELOPMENTS L.L.C. (hereinafter referred to as "Azizi Developments"), a major real estate developer in Dubai, led a team to visit Shanghai Hengxi PV Technology Co., Ltd. (hereinafter referred to as "Hengxi PV"). The two sides held discussions on PV module supply and other topics, and officially signed a strategic cooperation memorandum for a 3 GW energy project, with the initial phase focusing on the supply of 2 GW of PV modules. Jawed Ludin, CEO of Energy Business at Azizi Developments, and Hu Jianbo, Executive Deputy General Manager of Hengxi PV, signed on behalf of the two parties.