[SMM News] SHFE data showed that on May 19, the total registered volume of cast aluminum alloy warrants was 38,704 mt, an increase of 1,170 mt from the previous trading day. Among them, the total registered volume in Shanghai was 2,515 mt, unchanged from the previous trading day; the total registered volume in Guangdong was 10,669 mt, a decrease of 122 mt from the previous trading day; the total registered volume in Jiangsu was 7,232 mt, an increase of 150 mt from the previous trading day; the total registered volume in Zhejiang was 12,154 mt, an increase of 1,173 mt from the previous trading day; the total registered volume in Chongqing was 5,139 mt, a decrease of 31 mt from the previous trading day.

[SMM Aluminum Alloy Daily Review] ADC12 market overall remained stable today. As aluminum prices rebounded, some enterprises slightly raised their quotes, but most still chose to hold prices steady and wait, with overall price adjustments being limited. Fundamentals side, demand was generally stable with slight fall, constraining upside room; cost side, costs rose due to higher aluminum prices, providing support for prices. In additio

Japan’s primary aluminum imports rose 6.6% YoY and 16% MoM to 89,497 tones in March 2026, supported by recovering automotive demand and stronger aluminum product output. Japan’s vehicle production increased 8.8% YoY, boosting demand for automotive flat-rolled and extruded products, with automotive extrusion shipments rising 15%. However, construction demand remained weak, with construction extrusion shipments falling 5.3% YoY. Imports of ADC12 aluminum alloy ingots declined 3% to 79,137 tones, while average import prices rose 5.6% to USD 2,969/t. On the supply side, imports from Malaysia surged 836.9% YoY, marking the fastest growth among suppliers.

[Middle East Geopolitical Risks Cool Down, Aluminum Prices Under Pressure in the Short Term] On the macro front, Trump announced the cancellation of the originally planned military strike against Iran, as negotiations mediated by relevant countries made progress, easing market concerns over an escalation of Middle East conflicts. High inventory levels in China remain the core factor suppressing significant price rallies. Additionally, weak trading performance in the spot market further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the pattern of LME outperforms SHFE, fluctuating at highs.

SHFE data showed that on May 18, the total registered cast aluminum alloy warrants were 37,534 mt, an increase of 1,388 mt from the previous trading day. By region: Shanghai (2,515 mt, increase of 394 mt), Guangdong (10,791 mt, increase of 0 mt), Jiangsu (7,082 mt, increase of 91 mt), Zhejiang (10,981 mt, increase of 753 mt), Chongqing (5,170 mt, increase of 150 mt), and Sichuan (995 mt, increase of 0 mt).

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2607 futures contract opened lower and rebounded with fluctuations today. It opened at 22,900 yuan/mt, then came under pressure and dipped during the session, closing at 22,895 yuan/mt before noon, down 255 yuan from the previous trading day's settlement price, a decline of 1.10%. Spot side, the ADC12 market generally declined today, with drops mostly contained within 100-200 yuan/mt. Currently, compliant aluminum scrap sources were tightening, forcing some secondary aluminum enterprises to cut production. Market supply contracted slightly, leading to rising hold-back-from-selling sentiment amid falling prices, which provided support for prices. In the short term, ADC12 prices are expected to continue moving sid

Conference Name: AIAC 2026 SMM (15th) Aluminum Industry Annual Conference Conference Date: October 12-13, 2026 Conference Venue: Guiyang, China Conference Theme: Long-term Contracts · Trade · Market Trends Organizer: SMM Information & Technology Co., Ltd. In 2026, the global aluminum industry is at a critical juncture of profound transformation and strategic transition. As the world's largest aluminum producer (accounting for approximately 60% of global aluminum production), China's industrial dynamics profoundly influence the global market landscape. The industry currently faces multiple challenges and opportunities, including global resource allocation and import dependence, the supply-demand pattern of alumina and aluminum, long-term contract trading models and risk management, and responses to geopolitical tensions and trade barriers. Against this backdrop, China's aluminum industry urgently needs to achieve breakthroughs through technological innovation, enhance efficiency and set benchmarks through management upgrades, and ultimately realize a strategic leap from "scale advantage" to "quality advantage," advancing steadily on the path of high-quality development. Thisis scheduled to be held in Guiyang on October 12-13, 2026. Organized by SMM Information & Technology Co., Ltd., the conference will focus on global bauxite allocation strategies, innovation in long-term contract pricing models, optimization of price forecasting models, application of risk hedging tools, energy transition pathways, and technological innovation directions, aiming to help enterprises seize opportunities for high-quality development of the aluminum industry under the "dual carbon" goals and achieve sustained industrial growth. Conference Value | Conference Value This conference focuses on upstream resource security, long-term contract trade, market insights and price forecasting, risk hedging, energy transition, and technological innovation sharing, with particular emphasis on global bauxite allocation, the supply-demand balance of alumina and aluminum, and long-term contract pricing models. It aims to help enterprises grasp market trends, optimize resource allocation, address trade challenges, and promote the healthy development of the aluminum industry. Attendees | Attendees This conference will invite representatives from premium enterprises across the aluminum industry chain (bauxite, alumina, aluminum, aluminum processing), traders, end-users, government leaders, trade associations, authoritative experts, industry research institutions, financial institutions, and other industry representatives. The conference is expected to attract over 500 attendees. Past Conference Guests Company Name Company Representative Name Name Job Title Job Title Main Products Main Products Shandong Aluminium Industry Association SHANDONG ALUMINIUM INDUSTRY ASSOCIATION Wen Xianjun Former Vice President of China Nonferrous Metals Industry Association (CNIA), Honorary President of Shandong Aluminium Industry Association China Aluminum International Trading Group Co., Ltd. China Aluminum International Trading Group Co., Ltd. Li Guangfei Deputy Secretary of the Party Committee, General Manager Aluminum, alumina, bauxite SPIC Aluminum International Trading Co., Ltd. State Power Investment Corporation Aluminum International Trading Co., Ltd. Liu Renjian General Manager Bauxite, alumina, aluminum and related products Gansu Dongxing Aluminium Co., Ltd. Gansu Dongxing Aluminium Co., Ltd. Li Jipeng General Manager Aluminum, aluminum billet, aluminum coil, aluminum rod Shandong Hongtuo Industrial Co., Ltd. Shandong Hongtuo Industrial Co., Ltd Jiang Zhen Sales General Manager Alumina, aluminum Henan Zhongfu Industrial Co., Ltd. Henan Zhongfu Industrial Co., Ltd. Qian Yu General Manager Aluminum, aluminum plate/sheet, strip and foil Henan Shenhuo International Trading Co., Ltd. HENAN SHENHUO INTERNATIONAL TRADING CO., LTD. Zhang Linhai General Manager Aluminum Yidian Holdings Group International Trade Co., Ltd. Yidian Holdings Group International Trade Co., Ltd Meng Tao General Manager Aluminum Yidian Holdings Group International Trade Co., Ltd. Yidian Holdings Group International Trade Co., Ltd Fan Weiguo Deputy General Manager Aluminum Ningbo Kaiton International Trade Co., Ltd. Ningbo Kaiton International Trade Co. Ltd. Wu Chuanghui General Manager Aluminum, copper cathode Shanxi Zhaofeng Tiancheng Aluminum Co., Ltd. Shanxi Zhaofeng Tiancheng Aluminum Co., Ltd. Wu Xiaojun Chairman Aluminum plate/sheet and strip Jiangxi Bestoo Energy Co., Ltd. Jiangxi Bestoo Energy Co., ltd. Zhao Yonghua Vice President Aluminum Shaanxi Nonferrous Yulin New Materials Group Co., Ltd. Shaanxi Nonferrous Yulin New Materials Group Co., Ltd. Gao Wenjie Deputy General Manager Aluminum Shandong Nanshan Aluminum Co.,Ltd. Shandong Nanshan Aluminum Co.,Ltd. Li Wenchao General Manager Shanghai Russia Xibo Economic and Trade Co., Ltd. Shanghai Russia Xibo Economic and TradeCo..Ltd Deng Gang President of China Marketing Primary Aluminum Luoyang Xiangjiang Wanji Aluminium Co., Ltd. LUOYANG XIANGJIANG WANJI ALUMINIUM Wang Wenjie General Manager Alumina Shandong Aluminium Industry Association Shandong Aluminium Industry Association He Faping President and Secretary General Shandong Aluminium Industry Association Shandong Aluminium Industry Association Li Zhenlei Director of Industry Information Department Henan Provincial Nonferrous Metals Association Henan Provincel Nonferrous Metals Association Li Ruxi Vice President Shanghai Aluminum Trade Association SHANGHAI ALUMINUM TRADE ASSOCIATION Liu Lilin Secretary General Association Shanghai Aluminum Trade Association SHANGHAI ALUMINUM TRADE ASSOCIATION Shen Yue Deputy Secretary General Association Huolinguole City Aluminum Industry Association Huolinguole City Aluminum Industry Association Gao Jinzhi President, Deputy Director of Huolinguole Municipal People's Congress Standing Committee Huolinguole Regional Economic Cooperation Financial Services Center Huolinguole Regional EconomicCooperation Financial Services Center Wang Kaifei Director Wenshan Prefecture Aluminum Industry Association Wenshan Prefecture Aluminum IndustryAssociation TBD Association * Only a partial list of attending guests is shown. To obtain the complete directory of the 2025 Aluminum Industry Annual Conference, please contact our customer service. Manager Chu (Miya) 13642049827 chuzhaolan@smm.cn Note: After submitting your information, we will contact you regarding your actual registration progress within 1-3 business days! Conference Content | Agenda This year's conference is planned to consist of two full-day main sessions | a processing and trade matchmaking session | a cross-border arbitrage training session | a public competitive bidding procurement session for bulk raw materials by a multinational aluminum giant (the specific company name is not disclosed for now) | an aluminum industry annual gala dinner | and a field trip to local leading aluminum enterprises. The first-day main session focused on upstream changes in the aluminum industry, energy reshaping and zero-carbon technologies, providing insights into the new course of China's aluminum industry under global supply chain restructuring. The second-day core highlights revolved around strategic opportunities arising from the global aluminum supply gap, with a focus on NEV lightweighting, battery foil and other growth segments, while driving aluminum semis toward high-end breakthroughs through digital transformation. Pending. Content Summary | Abstract I. Geopolitical Black Swans and Energy Crisis: Contraction of Aluminum Supply Outside China and Restructuring of Global Trade Flows II. Shifts in the Global Bauxite Supply Chain: Guinea's Policies, Geopolitical Risks and China's Resource Security III. Inert Anode Technology: The "Zero-Carbon Revolution" in the Aluminum Industry and Industrialisation Timetable IV. Middle East Black Swans and China's Opportunities: Aluminum Semis Export Strategy Amid the Global Aluminum Supply Gap V. Reshaping Energy Costs in the Aluminum Industry: From "Securing Supply" to "Reducing Costs" VI. As Electricity Market Reform Deepens, How Much Room Remains for Low-Cost Power in the Aluminum Industry? VII. Lightweighting Applications of Aluminum Alloys Across All NEV Scenarios VIII. Growth Segments for Aluminum Plate/Sheet, Strip and Foil: Demand Explosion in Battery Foil, Energy Storage and Packaging Materials IX. AI Large Models Empowering Aluminum: From Intelligent Electrolysis Cells to Full-Process Digital Factories X. Implementation of Guinea's New Policies: How to Balance Long-Term Contract Supply Security and Localisation Considerations ······ Past Industry Leaders: Wen Xianjun, Former Vice President of China Nonferrous Metals Industry Association (CNIA) and Honorary President of Shandong Aluminium Industry Association; Mamadou Cherif LY, General Manager of AISC Group; Wito Krisnahad, President of PT Kalimantan Aluminum Company; Ousmane Kaba, Director of Guinea's National Ministry of Mines and Geology; Bachir Diallo, Deputy Director of Guinea's Mining Infrastructure Development Bureau; Dong Chunming, General Manager of Sunlight Metal/ASI Consultant; Wang Lijiao, Deputy General Manager of Henan Mingtai Aluminum Co., Ltd.; Liu Xiaolei, Big Data Director of SMM Information & Technology Co., Ltd.··· *Only a partial list of guest speakers is shown. This year's conference is expected to feature 37+ presentation reports. If you have any questions about the specific arrangements and core content of the conference, please contact us. Contact: Chu Zhaolan Tel: 13642049827 (same number on WeChat) Email: chuzhaolan@smm.cn Conference Official Website Note: After submitting your information, we will contact you regarding your actual registration progress within 1-3 business days!

[Easing China-U.S. Trade Tensions Combined with Ex-China Supply Gap — LME Outperforms SHFE in Aluminum Prices] The macro front received positive signals as China-U.S. trade negotiations yielded preliminary results. Both sides agreed to continue implementing prior tariff arrangements and to establish a Trade and Investment Council, which is expected to facilitate tariff reductions on certain products. The marginal easing of trade frictions is set to improve export expectations for aluminum semis and end-use products, providing bullish support for market sentiment. However, inventory at high levels in China remains the core factor suppressing significant price rallies. Coupled with weak spot market trading performance, this further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the pattern of LME outperforming SHFE, fluctuating at highs.

[SMM Cast Aluminum Alloy Morning Comment: ADC12 Generally Stable with Slight Fall amid Tug-of-War between Sellers and Buyers] Last Friday, the ADC12 market overall operated in a generally stable with slight fall manner. Some enterprises followed with slight declines driven by weakening aluminum prices, while others maintained a wait-and-see stance with stable pricing due to high costs and tight compliant supply. Supply-demand structure perspective, demand side performance remained mediocre, suppressing price rise; however, the supply side saw marginal tightening due to factors such as invoice shortages, import contraction, and phased production cuts, providing certain support for prices. Against this backdrop, ADC12 prices are expected to continue to move sideways in the short term, with relatively limited downside room.

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2607 futures contract opened at 23,255 yuan/mt today before briefly rising to 23,380 yuan/mt, then gradually pulled back under pressure. The decline widened further in the afternoon session, with the intraday low touching 22,945 yuan/mt. Although there was a slight recovery near the close, it ultimately settled at 23,050 yuan/mt, down 405 yuan/mt from the previous trading day, a drop of 1.73%. Spot side, some enterprises followed with slight price cuts driven by weakening aluminum prices, while others maintained stable pricing and adopted a wait-and-see approach due to elevated costs and tight compliant supply sources. Supply-demand structure perspective, demand side performance remained mediocre, suppressing pr