From July 1 to 3, ASEAN Sustainable Energy Week 2026 was held at the Queen Sirikit National Convention Center in Bangkok. As a leading energy industry event in Southeast Asia in terms of scale and influence, this year’s exhibition, themed “Driving Sustainable Energy Innovation through Regional Partnerships,” brought together energy investors, EPC contractors, and upstream and downstream enterprises along the industry chain from ASEAN countries to explore regional low-carbon transition development paths. Gokin Solar showcased a range of high-efficiency modules and its core wafer product portfolio, offering PV solutions covering multiple scenarios to closely align with local market demand, deepen regional partner collaboration, and further solidify its strategic presence in the Southeast Asian market.

[SMM Magnesium Express]Recently, Borlex Intelligent held an opening ceremony for its exhibition center and a magnesium alloy forming technology tasting session in Taizhou, Zhejiang, with a focus on semi-solid injection molding technology. This process involves heating magnesium alloy particles to a semi-solid state before directly injecting and molding them, eliminating oxidation and porosity defects at the source and significantly improving product yield to over 95%. The company has previously launched the world-leading 4,000-ton ultra-large magnesium alloy semi-solid injection molding equipment and led the development of relevant industry standards. As semi-solid molding technology continues to gain traction, the application penetration of magnesium alloy in automotive lightweighting, aerospace, and 3C electronics sectors is expected to further increase.

Since the start of the year, growth in the European solar market has slowed markedly. SMM expects total new solar installations in the European market to fall to around 68.5GW in 2026, a year on year decline of about 2 percent. Alongside softening demand, multiple EU level supply chain restriction policies continue to advance, including the Net Zero Industry Act (NZIA), the Industrial Accelerator Act (IAA), and restrictive measures targeting inverters from so called high risk countries.

Non-oriented Silicon Steel Price Dynamics Shanghai B50A800 Grade: 4,380-4,380 yuan/mt Guangzhou B50A800 Grade: 4,200-4,200 yuan/mt Wuhan 50WW800 Grade: 4,300-4,300 yuan/mt Shanghai Market: The spot price of cold-rolled non-oriented silicon steel in the Shanghai market remained in the doldrums this week, with overall transaction performance showing no improvement. Market feedback indicated that HRC futures drifted lower this week, and the supply pressure for non-oriented silicon steel was relatively high. Combined with weak market demand during the off-season, the overall trading atmosphere was sluggish. Downstream motor enterprises mainly purchased as needed, with a strong wait-and-see sentiment. Overall, it is expected that next week, the spot price of cold-rolled non-oriented silicon steel in the Shanghai market may continue to remain in the doldrums. Guangzhou Market: The cold-rolled non-oriented silicon steel market in Guangzhou remained in the doldrums this week, with mainstream grades dropping by 50 yuan/mt and average transaction performance. Market feedback indicated that HRC futures weakened this week, and currently being in the demand off-season, the purchasing demand from downstream motor enterprises was moderate. Some traders reported that the market transaction atmosphere did not recover and remained relatively sluggish. Overall, it is expected that next week, the cold-rolled non-oriented silicon steel price in Guangzhou may remain in the doldrums. Wuhan Market: The cold-rolled non-oriented silicon steel market in Wuhan remained temporarily stable this week, with poor transaction performance. Market feedback indicated that the ordering costs of state-owned steel mills were firm, and traders' purchase prices were relatively high. However, the impact of the off-season was evident, and the purchasing pace of downstream end-users slowed down. Overall, it is expected that next week, the spot price of cold-rolled non-oriented silicon steel in Wuhan may remain in the doldrums. Data Source Statement: (The data in this report, except for publicly available information, are all based on public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics data, customs import and export data, various data published by major associations and institutions, etc.), market communication, and SMM's internal database model, derived through comprehensive analysis and reasonable inference by the research team, for reference only, and do not constitute decision-making advice.) SMM reserves the final right of interpretation for this statement and reserves the right to adjust and modify the content of the statement according to actual circumstances.

Jinko Energy Storage, a globally leading energy storage enterprise and a subsidiary of Jinko Solar Co., Ltd., recently officially signed a contract with clean energy developer Taliva Energy during the Intersolar Europe exhibition in Munich, securing cooperation on a utility-scale energy storage system project totaling 400 MWh in the Eastern European region.

The Kuala Lumpur International Motor Show (KLIMS 2026) was recently held at the Malaysia International Trade and Exhibition Centre (MITEC). Weishi Energy showcased its high-performance fuel cell system, presenting its self-developed core hydrogen products and technological achievements to the Malaysian and ASEAN markets. The 120kW fuel cell system exhibited this time is Weishi Energy’s flagship product designed for commercial and industrial applications. The system features high power output, high system efficiency, and independent control over core components. It is compatible with various vehicle types such as buses, logistics vehicles, heavy trucks, and sanitation vehicles, and can also be used for stationary applications like hydrogen power generation . In response to Southeast Asia’s high-temperature and high-humidity climate, Weishi Energy has carried out targeted adaptive optimizations on the system to enhance the stability and reliability of the equipment under all-weather, high-intensity operating conditions. These optimizations give it not only technical demonstration value, but also a practical foundation for deployment and application in the local market. KLIMS 2026 is an influential mobility exhibition in Malaysia and the ASEAN region. This edition attracted approximately 200,000 visitors, with participating brands including 16 mainstream automakers. During the show, Weishi Energy's booth drew attention from local visitors and received recognition from the Malaysian royal family and government, reflecting the potential value of hydrogen technology in the country’s green transportation and energy transition. Previously, Weishi Energy had accumulated operational experience in markets such as Europe and Brazil. In the future, the company will partner with its Malaysian subsidiary of Great Wall Motor, leveraging local channels and service networks to explore the application of hydrogen vehicles and hydrogen power generation systems in Kuala Lumpur and surrounding areas, with a focus on public transportation, port logistics, urban sanitation, and green power generation. As Malaysia accelerates its carbon neutrality efforts, hydrogen equipment and fuel cell systems are expected to become an important supplement to the low-carbon transition of transportation and energy. Weishi Energy’s appearance at KLIMS also signals that its overseas expansion is further extending into the Southeast Asian market.

Anti-dumping Investigation Details On June 22, 2026, India’s Ministry of Commerce and Industry issued a notice announcing the initiation of an anti-dumping investigation concerning imports of Cold Rolled Grain Oriented Electrical Steel (CRGO) and Amorphous Metal (AM) originating in or imported from China, Japan, South Korea, and Russia, in response to an application filed by domestic producer JSW JFE Electrical Steel Nashik Private Limited. This case primarily covers products under HS codes 72251100, 72261100, and 72269930, as well as certain products under HS codes 72251920, 72251990, 72261920, 72269910, 72261990, 72269910, 72269920, and 72269990. The dumping investigation period runs from April 1, 2025 to March 31, 2026 (12 months), and the injury investigation period covers April 1, 2022 to March 31, 2023, April 1, 2023 to March 31, 2024, April 1, 2024 to March 31, 2025, and April 1, 2025 to March 31, 2026. China’s Grain-Oriented Silicon Steel Exports Source: General Administration of Customs Comparing January-May exports of grain-oriented silicon steel, monthly exports in the first five months of 2025 fluctuated more sharply, with a notable pullback in February and a peak for the period in April. In the first five months of 2026, monthly exports rose steadily month by month, showing a smoother trend; overall exports for January-May 2026 were similar to those of January-May 2025, and demand outside China remained relatively stable. Source: General Administration of Customs Among the top 10 destinations for grain-oriented silicon steel exports in the first five months of 2025 and 2026, India ranked as the largest market for the second consecutive year, with outstanding growth—exports to India were about 54,400 mt in the first five months of 2025, rising to 67,600 mt in the same period of 2026, a notable increase. Turkey moved significantly up the ranking, and Mexico dropped; Slovenia and Saudi Arabia entered the top 10, while Thailand and Spain fell out of the list. Exports to traditional markets—Italy, Mexico, South Korea, Brazil, the UAE, and Vietnam—generally pulled back YoY, with only India and Turkey recording a YoY increase; India became the sole core overseas demand driver experiencing substantial volume expansion. China’s large-scale exports of grain-oriented silicon steel to India, combined with the inability of local Indian producers to compete effectively, prompted India to initiate the anti-dumping case. Estimated Timeline for Implementation of India’s Anti-Dumping Duties India’s anti-dumping investigation follows a defined timetable: a preliminary determination and provisional duties are expected within 5 to 6 months of initiation; for complex cases involving multiple countries, such as this one on grain-oriented silicon steel, the final determination can take up to 18 months. After the final recommendation is submitted to the Ministry of Finance, a further 3-month review is required, so the entire process leading to the formal imposition of duties is expected to take approximately one and a half to two years. The fixed tariffs determined by the final ruling are valid for 5 years. Before expiry, local enterprises may initiate a sunset review, with the review period also lasting 12-18 months, during which the original tariffs remain in effect. Relevant grain-oriented silicon steel export enterprises may negotiate price undertakings within a 3- to 8-month window after case initiation to avoid provisional and definitive duties. Possible impact of India's anti-dumping on China From case initiation to preliminary determination: Once the case is filed, Indian importers will proactively adopt a wait-and-see approach, suspend new long-term contracts, and turn to supply sources from Japan and South Korea, leading to a contraction in orders from China to India. In addition, relevant Chinese enterprises will incur high litigation costs and increase various document compliance expenditures; small and medium-sized mills without the capability to respond to lawsuits will directly exit the Indian market, while top-tier players will bear substantial additional costs in defending the case. When the preliminary ruling is announced after 5-6 months, a provisional anti-dumping duty (for up to 6 months) will be directly imposed, significantly raising export costs, reducing shipments to India, and causing diverted goods to flow back and impact spot prices of grain-oriented silicon steel in China, hurting steel producers' profits. This will increase the willingness to conduct maintenance and control production, put sector sentiment under pressure, and weaken the valuations of listed grain-oriented silicon steel enterprises. Downstream power equipment, such as domestic transformers and reactors exported to India, will also face obstacles. Bidding costs for complete equipment will rise, and orders from India for power grids, PV inverters, etc., will be lost. Involution in the domestic market will intensify, as low-end transformer manufacturers cut prices to compete for orders, and profits will contract concurrently. 1-2 year long-term cycle: After the 18-month final determination and Ministry of Finance approval, a high fixed tariff for 5 years will be imposed, constituting a medium- and long-term structural shock. China will be forced to adjust its grain-oriented capacity structure, explore alternative overseas markets, promote building factories abroad, comprehensively reduce its dependence on the single Indian market, focus on developing incremental grid markets in the Middle East, Southeast Asia, and Latin America, and diversify its export structure. Top-tier steel producers will go global, setting up silicon steel slitting bases and joint-venture steel mills in Southeast Asia, while transformer enterprises will simultaneously build factories overseas to circumvent finished-product tariff barriers. Overseas aspects: Indian market In the short term, Indian importers will shift to supply sources from Japan, South Korea, and Russia, leading to higher procurement costs. With insufficient domestic capacity for low-grade silicon steel, transformer manufacturers will face raw material shortages. Downstream power manufacturing associations will protest against rising costs, infrastructure project bids will rise, and the pace of grid expansion will slow down. High tariffs will raise costs across India's entire industry chain, undermining the competitiveness of its new energy and grid infrastructure compared with Southeast Asia. In the long term, policies will continue to support domestic grain-oriented silicon steel projects such as JSW-JFE. Within 5 years, domestic capacity will expand significantly, and low-end silicon steel will achieve self-sufficiency. Global Trade Market Enterprises from Japan and South Korea and Russia are seizing China’s original share in India, creating a supply substitution, while China shifts to the Middle East, Southeast Asia, and Latin America to form differentiated competition tracks. The processing of transformers and silicon steel is relocating to Vietnam, Indonesia, and Malaysia, forming a Southeast Asian power equipment manufacturing cluster. Third-country deep processing and origin-based tariff circumvention will become a long-term conventional trade model. Data Source Statement: The other data in this report, beyond publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, NBS data, customs import and export data, and various data published by major associations and institutions), market communication, and reliance on SMM’s internal database models, have been comprehensively analyzed and reasonably inferred by the research team. They are for reference only and do not constitute decision-making advice. Shanghai Metals Market reserves the final right to interpret the terms of this statement and the right to adjust and modify its content based on actual circumstances.

"Tin" Leading the Future: Industry Transformation and Value Reshaping in the New Cycle – Meeting Background: Currently, the global tin industry is at a historic turning point, with traditional cycle logic completely shattered and strategic value comprehensively highlighted. The tin market in 2026 presents an unprecedented complex pattern and profound changes: 1. Deep Restructuring of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes The global static reserve-production ratio of tin resources stands at only 14 years, highlighting increasingly prominent scarcity. The supply side faces "triple pressures": repeated production resumptions in Myanmar, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. 2. Price System Breaks Through History, Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices surpassed 470,000 yuan/mt, setting a new record high. This price breakthrough reflects not only the supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trading models, risk management systems, and supply chain collaboration methods are in urgent need of innovative breakthroughs. 3. Technology-Driven and Green Transition Fosters a Symbiotic New Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade towards low-carbon and circular economy practices, with recycled tin recovery and green smelting processes becoming essential pathways. All segments of the industry chain must move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Beijing Ruidike Pneumatic Conveying Technology Co., Ltd. will attend this grand event, joining industry peers in exploring industry development trends and jointly promoting the tin industry to new heights. Click to register now and join us in witnessing and participating in this extraordinary and far-reaching industry event, together creating a brilliant new chapter! Ruidike focuses on R&D, production, installation, and after-sales service for solid material pneumatic conveying and injection systems. Its products are applied in industries such as steel, non-ferrous metals, coal chemicals, petrochemicals, food, new energy, and lime kilns. The company is recognized as a National / Zhongguancun High-Tech Enterprise, a Specialized and Sophisticated Enterprise, and an Integration of Informatization and Industrialization Enterprise. It has been awarded titles such as Henan Green Factory, Intelligent Workshop, and Service-Oriented Manufacturing Enterprise, and won provincial-level scientific and technological achievement awards in both 2023 and 2025. In 2018, it established a wholly-owned subsidiary, Henan Ruidike, which specializes in intelligent production and remote operation and maintenance of core components, and houses technical platforms including a powder comprehensive experiment facility, detection center, and digital exhibition hall. It is a provincial-level big data benchmark unit and owns a provincial-level engineering technology research center for gas conveying and injection. Our pulverized coal injection equipment for fuming furnaces, side-blown furnaces, etc., serves numerous leading non-ferrous smelting enterprises including CNGR, Huayou, Jinchuan Group, and Shengtun, with hundreds of complete sets of projects successfully delivered. We sincerely invite clients in and outside China to visit us for field trips and cooperation, for mutual benefit and win-win development! REDC integrates R&D, manufacturing and full lifecycle service of solid material pneumatic conveying & injection systems, serving steel, non-ferrous metals, new energy and other industries. As a national & Zhongguancun high-tech, SRUI enterprise, we hold multiple provincial honors and won major sci-tech awards in 2023 & 2025. Our subsidiary delivers intelligent core parts and remote O&M. We run a provincial-level engineering research center and complete powder testing & R&D platforms, recognized as a Henan big data benchmark. Our coal injection equipment for fuming/side-blown furnaces has hundreds of successful projects with top metallurgical clients including CNGR, Huayou and Jinchuan Group. Welcome global partners for win-win cooperation! Contact Information Address: 8th Floor, Building A2, Zhongguancun No.1, Fengxiu East Road, Yongfeng Industrial Park, Haidian District, Beijing Contact: Mao Qingyang 13811750062 WeChat QR Code Douyin QR Code Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

On June 23, Intersolar Europe 2026 opened grandly at Messe München in Munich, Germany. Leveraging the exceptional product strength of ABC modules, AIKO signed multiple cooperation agreements with partners across Europe and the globe during the exhibition. With advantages such as high power, high profitability, high safety, and high aesthetic appeal, ABC modules continue to gain strong recognition in the global PV market. At the exhibition, AIKO signed high-efficiency ABC module supply agreements with multiple installers and distributors from Switzerland, the Netherlands, France, Belgium, and Bosnia and Herzegovina. The signing volume exceeded 1 GW, covering centralized and distributed scenarios, and the parties will engage in in-depth cooperation on application exploration across different scenarios.