[SMM Analysis] Winds Rise in the Middle East, Ripples Spread Worldwide:Geopolitical Special Discussion and Q2 Outloo the Export Landscapek(2) Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[SMM Analysis] Winds Rise in the Middle East, Ripples Spread Worldwide:Geopolitical Special Discussion and Q2 Outloo the Export Landscapek(1) Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

Case Details September 18, 2025 Vietnam’s Trade Remedies Authority issued an announcement stating that, on September 10, 2025, a Vietnamese producer filed an application for an anti-circumvention investigation into HRC (Vietnamese: phẩm thép cán nóng) originating in China with a width greater than 1,880 mm and less than 2,300 mm. October 27, 2025 Vietnam’s Ministry of Industry and Trade issued Announcement No. 3176/QD-BCT, stating that, upon application by a Vietnamese producer, it had initiated an anti-circumvention investigation in the anti-dumping case concerning HRC (Vietnamese: phẩm thép cán nóng) originating in China, to examine whether the products under investigation had been slightly modified into HRC with a width exceeding 1,880 mm and less than or equal to 2,300 mm for export to Vietnam in order to evade anti-dumping duties. The announcement took effect on the date of issuance. April 2, 2026 Vietnam’s Ministry of Industry and Trade temporarily applied anti-circumvention trade remedy measures to certain hot-rolled steel plate products originating in the People’s Republic of China. The Vietnamese tariff codes of the products under investigation are 7208.25.00, 7208.26.00, 7208.27.19, 7208.27.99, 7208.36.00, 7208.37.00, 7208.38.00, 7208.39.20, 7208.39.40, 7208.39.90, 7208.52.00, 7208.53.00, 7208.54.90, 7208.90.90, 7211.14.15, 7211.14.16, 7211.14.19, 7211.19.13, 7211.19.19, 7211.90.12, 7211.90.19, 7225.30.90, 7225.40.90, 7225.99.90, 7226.91.10, and 7226.91.90. All producers and export enterprises of the People’s Republic of China are subject to an anti-dumping duty rate of 27.83 Products not subject to the temporary anti-circumvention trade remedy measures include: hot-rolled steel plate products with carbon content (by weight) > 0.30%; hot-rolled steel plate products in coil form with thickness ≥10 mm; hot-rolled steel plate products formally excluded from the scope of anti-dumping duties pursuant to Decision No. 1959/QĐ-BCT dated July 4, 2025; and steel plate products of grades BW450, BS700MCK2, AG700, and LG700T. This decision will take effect 15 days after the date of issuance. From Anti-Dumping to Anti-Circumvention: What Changed in the Export Data? Previously, Vietnam’s anti-dumping duties on China’s hot-rolled coil products applied only to products with a width not exceeding 1,880 mm, leading many Chinese exporters to evade tariffs by “slightly adjusting” product specifications into the wider 1,880-2,300 mm range. This anti-circumvention investigation and the subsequent duty decision were intended to completely close this loophole. Under the new rules, hot-rolled steel coils with widths between 1,880 mm and 2,300 mm will also be included in the taxable scope and be subject to the same anti-dumping duty rate of 27.83 as the original products. Figure 1 Relationship Between Total HRC Exports to Vietnam and Exports of Products Involved in the Anti-Circumvention Case It can be seen that before the anti-dumping case was filed, China’s HRC exports to Vietnam mainly consisted of conventional-width coils below 1,880-2,300 mm. This was mainly because producing wide hot-rolled products above 2 meters requires special production lines, and the China steel mills capable of exporting such products were highly concentrated, mainly large steel enterprises such as Baowu, Angang, Bensteel Group, and WISCO, making them non-mainstream export products. After the preliminary anti-dumping ruling, the proportion of wide coils gradually increased. Another set of data shows the following . First, if the preliminary anti-dumping ruling is taken as the time period, China’s HRC exports to Vietnam from January to June of that year had already plunged 46 YoY to 2.3165 million mt, while exports of wide coils surged 815 YoY to 1.2964 million mt. This was also the main support for why the decline in the average exports of China’s HRC to Vietnam was not obvious during the period from the preliminary anti-dumping ruling to the filing of the anti-circumvention case. Second, if the filing of the anti-circumvention case is taken as the time period, as of December 2025 , China’s total HRC exports to Vietnam were 1.0797 million mt, with a monthly average of 529,900 mt; exports of products involved in the anti-circumvention case totaled 627,000 mt, accounting for 58.08. In other words, in an extreme scenario, the establishment of anti-circumvention measures would reduce the monthly average of China’s HRC exports to Vietnam to 226,300 mt. Furthermore, if 2026 is taken as the time period, because the market had previously expected anti-circumvention measures to be implemented in December, some export traders still conducted transactions before then, so the data for November-December 2025 cannot fully reflect the actual reduction in export volumes caused by concerns over the confirmation of anti-circumvention measures. Since the beginning of 2026, China’s total HRC exports to Vietnam were 229,700 mt, with a monthly average of 114,800 mt; exports of products involved in the anti-circumvention case totaled 131,300 mt, accounting for 57.17. In other words, in an extreme scenario, the establishment of anti-circumvention measures would reduce the monthly average of China’s HRC exports to Vietnam to 49,200 mt, representing a decline of 3,789 YoY compared with the 2025 monthly average export volume. Impact of Anti-Circumvention Measures It is thus evident that the further implementation of anti-circumvention measures will further narrow the channel for China’s hot-rolled products to be exported to Vietnam. Last year, Vietnam was still the largest market for China’s hot-rolled exports, but the export landscape may change significantly in the future as a result of this incident. For China’s export enterprises, they should seize the remaining 15-day “breathing space” and accelerate shipments of orders on hand. In the long run, they need to proactively adjust their product mix and pay more attention to export opportunities for high-end products.

In Q1 2026, China’s aluminum semis exports showed a pronounced pattern of product-category divergence amid the interplay of three factors: the long-term impact of the cancellation of export tax rebates in December 2024, the divergence in demand structures outside China, and the sudden outbreak of geopolitical conflict in the Strait of Hormuz.....

[SMM Analysis] Steel Export Review: Geopolitical Conflicts Trigger the Reshaping of the Export Landscape In terms of steel billet exports , the main target market in the first two months remained Indonesia. Part of the cargoes was imported by Chinese-funded or joint-venture rolling mills in Indonesia for further processing and use, thereby avoiding Southeast Asia’s import tariffs on finished steel products, while another part was supplied directly to local projects under construction. Meanwhile, Southeast Asia, Africa, and South America formed a solid base of exports. In particular, on the African side, Djibouti, as a core transshipment hub, had been handling a large volume of circulating resources. Turkey, meanwhile, saw a wave of concentrated external purchases due to delays in steel scrap vessel schedules and spot-futures price spread arbitrage. In terms of bar exports , the share to Hong Kong, China declined somewhat from the end of last year, while exports to Singapore overtook it. The main reason was that procurement in Singapore was rigidly driven by local public housing renewal and public infrastructure projects, such as the Greater Southern Waterfront, according to construction periods, with actual end-user consumption remaining relatively stable; whereas Hong Kong, China, as a capital and logistics transshipment hub, saw some earlier speculative re-export orders constrained by offshore exchange-rate fluctuations at the beginning of the year and funding borrowing costs. Traders proactively reduced some speculative exposure for financial risk hedging purposes, which led to a decline in transshipment procurement volume. Looking ahead to March , with the full blockade of the Strait of Hormuz, Iran’s semi-finished products export channels were effectively cut off. Chinese steel billet is expected to absorb these additional export orders arising from geopolitical conflict, and traders and steel mills will also accelerate shipments to markets outside China such as Southeast Asia to gain a larger replacement share. Therefore, total steel billet exports still have room to rise. By contrast, Chinese bar exports mainly rely on short-haul regional shipping routes into the inland areas within Asia, and were subject to extremely limited direct impact from the disruption of long-haul Middle East logistics. Therefore, March shipments are expected to remain stable, supported by rigid-demand restocking within the region. Source: SMM, General Administration of Customs Unlike the strong performance of billets, sheets & plates exports in the first two months were unsatisfactory. The cumulative exports of both cold galvanized and hot-rolled products in January and February declined YoY , with the drop in hot-rolled products being more pronounced. However, it should be noted that before the full suspension of navigation through the Strait of Hormuz at the end of February, logistics channels to the Middle East remained open, which secured a critical delivery window for sheets & plates. Therefore, in terms of HRC exports , Saudi Arabia still firmly ranked first among export destinations with a volume of 348,000 mt , mainly because its large-scale non-oil infrastructure and manufacturing projects in China were still in an intensive construction phase, with strong end-user steel demand, which also prompted local buyers to lock in relatively lower-priced Chinese HRC ahead of shipping disruptions, thereby maintaining its leading position. Pakistan (230,000 mt ), by contrast, saw this mainly due to bottlenecks in domestic supply, creating phased concentrated restocking demand, and according to the SMM survey, most purchases were made by downstream pipe factories. From the perspective of cold galvanized exports , the Southeast Asian market was currently in a stage of rapid development, and macroeconomic expansion had created a huge gap in flat steel products. Thailand in particular (304,000 mt ) was in a concentrated raw material stocking cycle for local downstream auto manufacturers at the beginning of this year, so just-in-time procurement by multiple physical manufacturers directly pushed up local imports. Looking ahead to March , under the dual impact of the Strait of Hormuz blockade and the Ramadan effect, sheets & plates exports to the Middle East core region are expected to face a sharp contraction. SMM shipping data showed that steel arrivals had already declined by more than 900,000 mt. However, under the pressure of elevated destocking in China, this portion of blocked exports is expected to be redirected to Southeast Asia and other alternative markets with “rigid manufacturing demand” for redistribution, thereby offsetting shipment reductions caused by localized logistics disruptions. Therefore, there is no need for excessive concern over total sheets & plates exports in March Source: SMM, General Administration of Customs Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[SMM Analysis: What Impact Does the Middle East Situation Have on the Recycled Copper Raw Materials Market?] Recent turbulence in the Middle East has once again rattled global commodity markets. However, zooming in on the recycled copper raw materials segment, the market has remained remarkably calm. This article examines the trade structure and supply-demand dynamics to explain why the Middle East situation has, in practice, a relatively limited impact on Asia's scrap copper market.

The share price of "BYD King" hit a new high again. In the morning trading session today, both BYD's A-shares and H-shares strengthened. The A-shares once again broke through 400 yuan per share, hitting a record high of 404 yuan during the session; the H-shares surged over 4% at one point and broke through 460 Hong Kong dollars per share for the first time, also setting a new record, with the intraday high exceeding 464 Hong Kong dollars. As of the close on May 21, BYD's A-shares had risen approximately 40% year-to-date, with a market capitalization reaching 1.22 trillion yuan. Driven by BYD, the A-share automobile sector performed actively. JMC and JAC rose over 6%, while Seres, CNHTC, SAIC Motor, and Foton Motor followed suit with gains. On the same day, Citi once again raised BYD's target price, stating that the export landscape of China's passenger vehicles in the first four months of this year further favored BYD. Analysts including Jeff Chung noted in the report that BYD's market share in pure electric vehicle exports surged from 23% in FY2024 to 38% in the first four months of FY2025. The growth in China's plug-in hybrid vehicle exports has been astonishing, yet a market consensus has not yet formed. Regarding potential price reductions in 2026, BYD has the strongest ability to cope. BYD is on track to achieve its export target of 800,000 to 1 million units in FY2025. Based on the above assessment, Citi raised BYD's H-share and A-share target prices to 727 Hong Kong dollars and 669 yuan, respectively. Previously, Citi had already raised the target price for the stock in February. The day before Citi raised BYD's share price, Guangzhou Shipyard International announced that BYD's seventh car carrier ship—BYD 7000-unit LNG dual-fuel pure car and truck carrier (PCTC) Ship No. 2—had been launched and undocked. It is understood that this ship is the second vessel built by Guangzhou Shipyard International for BYD, namely the sister ship of the previously launched "Hefei" ship. To meet the overseas market sales target of at least 800,000 units this year, BYD has currently assembled a large "ocean fleet." According to industry insiders familiar with BYD, the fleet will consist of eight PCTCs, all planned to be put into operation within the year. This includes the first "Pioneer No. 1" delivered in January last year, the "Changzhou" ship in November of the same year, as well as the "Hefei," "Shenzhen," "Changsha," and "Xi'an" ships launched in January, March, and April this year, respectively. Industry sources revealed that BYD's Denza Z9GT is expected to be launched in Hong Kong, Macau, and Southeast Asian markets (including Malaysia, Thailand, Indonesia, etc.) in Q3 this year, and will land in Europe in Q4, with plans to open more than ten stores in Europe before the end of the year. In addition to vehicle exports, overseas bases have also become an important fulcrum supporting BYD's target of 800,000 overseas sales. On May 16, Li Yunfei, General Manager of Branding and Public Relations at BYD Group, announced on social media the opening of BYD's European headquarters in Budapest, Hungary. Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, revealed on the same day that the total investment in the project was 100 billion Hungarian forints (approximately €248 million), with the Hungarian government planning to provide 20 billion Hungarian forints in support. Szijjártó stated that the project would create 2,000 jobs. According to information released by BYD, the European headquarters will undertake three core functions: sales and after-sales service, vehicle certification and testing, and localized car model design and feature development. Prior to this, in 2023, BYD had already established its first new energy passenger vehicle factory in Europe in Szeged, Hungary, and had built production sites in several countries, including Thailand, Brazil, Indonesia, and Uzbekistan. Among them, the Thailand factory has an annual production capacity of 150,000 units, serving the ASEAN region; the Brazil factory has an annual capacity of 300,000 units, comprehensively covering the Latin American market; and the base under construction in Indonesia has an annual production capacity of 150,000 units, expected to be completed by the end of 2025, targeting the Australian market. The production and sales report shows that from January to April this year, BYD's overseas market sales reached 285,170 units, up 105% YoY; its share of the new energy passenger vehicle market increased from 14.83% last year to 20.99% this year. It is worth noting that, excluding overseas sales of 79,086 units in April, BYD's domestic sales for the month saw a slight MoM decline for the first time this year.

BYD Company Limited (01211.HK) continued its strong performance today, hitting a record high of HKD 464.20 during intraday trading. As of the time of writing, the stock was up 3.51%, trading at HKD 460.20. Judging from the stock price trend chart, BYD Company Limited has continuously broken through historical highs in recent days, driven by three major positive factors: The first is the better-than-expected growth in performance. In Q1 2025, BYD's net profit reached RMB 9.155 billion, up 100.4% YoY; sales increased 59.81% YoY to 1.0008 million units. In 2024, the company's annual revenue was RMB 777.1 billion, net profit was RMB 40.25 billion, and R&D investment was RMB 54.2 billion, all hitting record highs. On the sales side, production and sales data for April 2025 showed that NEV sales reached 380,100 units, up 21.34% YoY. From January to April, cumulative sales were 1.3809 million units, up 46.98% YoY. The second is the accelerated implementation of the globalization strategy. According to relevant data, BYD performed outstandingly in the Singapore market, with sales of 3,002 units in the first four months and a market share of 20%, surpassing Toyota. Overseas factories in Brazil, Thailand, and other places have commenced production, with exports reaching 206,100 units in Q1, accounting for 20.59% of total sales. In 2024, global sales reached 4.27 million units, up 41% YoY. The last is the positive impact on funding. According to the quarterly review results announced by Hang Seng Indexes Company, BYD Company Limited was added to the Hang Seng Tech Index, with the change taking effect from June 9. According to CICC's estimates, the newly included BYD Company Limited is expected to receive approximately US$2 billion in passive capital inflows over about 2.7 days. How do institutions view BYD? Citi once again raised its target price for BYD in its report, stating that the export landscape of Chinese passenger vehicles in the first four months of this year further favors BYD. Analysts including Jeff Chung stated in the report that BYD's market share in pure electric vehicle exports surged from 23% in FY2024 to 38% in the first four months of FY2025. The growth in China's plug-in hybrid vehicle exports is astonishing, and a market consensus has yet to form. They also pointed out that BYD has the strongest ability to cope with potential price reductions in 2026. BYD is on track to achieve its export target of 800,000 to 1 million units in FY2025. Citi raised its target prices for BYD's Hong Kong-listed shares and A-shares to HKD 727 and RMB 669, respectively, having previously raised the target price for the stock in February.

Since the global consensus on green and low-carbon development was reached, the strategic importance of the secondary metal industry has continued to grow. With the advancement of industrialization, the demand for metal resources has been steadily increasing. Secondary metals have become a global focus due to their green, environmentally friendly, and economically viable nature. According to relevant industry data, the global non-ferrous metal recycling market revenue is expected to continue growing. By 2025, it is projected to reach $322.844 billion, with a compound annual growth rate (CAGR) of 6.91% from 2025 to 2030. As industrialization accelerates and the consumption of non-ferrous metals rises year by year, secondary metals, as a critical pathway to alleviate resource shortages and ensure supply chain security, have seen a continuous increase in market demand. Meanwhile, the export landscape of global secondary copper and aluminum raw materials has undergone significant changes. Major exporting countries such as the US, Germany, and Canada have been continuously improving their domestic sorting and utilization capabilities, leading to a general decline in their exports of secondary copper and aluminum raw materials. Emerging economies such as China, India, and Southeast Asian countries have become new engines for importing secondary copper and aluminum raw materials. In this context, from June 12-13, 2025, SMM will host the 2025 SMM 2nd Global Secondary Metal Industry Chain Peak Forum in Thailand, inviting associations, top-tier enterprises, research institutions, industry experts, and policymakers in the global secondary metal field to participate in the main forum. They will jointly explore new trends, technologies, and policies in the development of the secondary metal industry, building an international platform for exchange, cooperation, resource sharing, and collaborative innovation. This will support the construction and improvement of the global resource recycling system and contribute to the realization of a global green economic transformation. Conference Information Conference Name: 2025 SMM 2nd Global Secondary Metal Industry Peak Forum Conference Date: June 12-13, 2025 Conference Venue: Hyatt Regency Bangkok Suvarnabhumi, Bangkok, Thailand PART.01 Main Forum Agenda June 12, 2025 9:00-12:00 Company Visits 10:00-12:00 Registration 10:00-12:00 Free Networking 12:00-13:00 Buffet Lunch 13:30-13:45 Opening Remarks 13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Secondary Metal Industry Guest Speaker: Dr. Somthai Wongcharoen, Secretary General, ASEAN Institution of Recycling (AIR) 14:00-14:20 From Policy to Market: The Impact of EU Waste Shipment Regulations on the Global Secondary Metal Industry Guest Speaker (Pending): Susie Burrage OBE, President, European Recycling Association 14:20-15:10 Roundtable Discussion: Interviews with Top Entrepreneurs in the Secondary Metal Industry 1. Future Trends in Recycled Raw Material Supply for the Development of Thailand's Industry Chain 2. Investment Risks in Southeast Asia's Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Amid Geopolitical Changes Moderator: Li Shilong, President of China National Innovation Alliance for Renewable Resources Industry Guest Speakers: Zhou Xiangchun, General Manager of Da Zheng Da Ji Metal (Thailand) Co., Ltd. Kittipot Thanalertlap, Vice President of Metalcom Ltd. Zhang Junbing, Global Procurement Director of Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director of Thai-China Nonferrous Metals International Co., Ltd. 15:10-15:25 Tea Break 15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by ESG Background Guest Speaker (pending): Lionel Lai, Sales and Procurement Director of Majestic Corporation PLC (AUS) 15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Fei Changyun, Senior Consulting Manager of SMM Information & Technology Co., Ltd. 16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Financial Controller and Executive Committee Member of the Middle East Recycling Bureau 16:20-17:10 Global Recycled Metal Market Discussion: In-depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Logan Lu, CEO of SMM Information & Technology Co., Ltd. Guest Speakers: Qin Xinghong, Chairman of GSC Metal Co., Ltd Thailand Guest Speaker (pending): Anurag Sharma, Director of Hindalco's Aluminum Division Xavier, Chairman of Comercial Riba Farre S.A. C 18:30-20:00 Award Ceremony and Banquet Copper and Aluminum - Recommended High-Quality Overseas Material Yards and Trustworthy Traders; Batteries - Recommended High-Quality Equipment Enterprises PART.02 Sneak Peek at Guest Speakers Guest Speaker List to Be Continuously Updated... PART.03 List of Enterprises with the Latest Progress PART.04 List of Proposed Overseas Suppliers Benefits for Attendees: 2 lunches + 1 banquet; Access to all three forums; On-site business negotiations and 1V1 meeting services

Against the backdrop of the evolving global economic landscape and the continuous advancement of industrial development, the lead and zinc industry, as a crucial foundational sector, is facing unprecedented opportunities and challenges. On one hand, the rise of the new energy industry has brought new market demands to the lead and zinc sector, such as the continued application of lead-acid batteries in the ESS sector and the innovative use of zinc in new-type materials. On the other hand, increasing environmental protection pressures are prompting the industry to accelerate its transformation and upgrading, exploring greener and more sustainable production methods. Meanwhile, with the end of the pandemic, the resumption of production by overseas smelters and factors such as national policies on mineral resource protection, tariff adjustments, and trade barriers are influencing the import and export landscape of lead and zinc, compelling companies to reassess their market strategies and diversify their supply and sales channels. At such a critical juncture, the 2025 SMM (20th) International Lead and Zinc Conference & Industry Expo has emerged. This summit will bring together leading enterprises, experts, scholars, government officials, and professionals from the domestic and overseas lead and zinc industry to discuss hot topics in industry development, share the latest technological achievements and management experiences, and establish a high-end, professional, and practical communication platform to promote the sustainable development of the lead and zinc industry. At this conference, Liuzhou Suanwang Pump Manufacturing Co., Ltd. will make a grand appearance, engaging in deep intellectual exchanges with peers from the upstream and downstream of the lead and zinc industry to address industry pain points and challenges, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality industry development. Click the registration form to sign up immediately, grasp the trends in lead and zinc, and lead the future of the industry. See you in Nanjing. Liuzhou Suanwang Pump Manufacturing Co., Ltd. is located at No. 9, Yanshan South Road, Yanghe Industrial New District, Liuzhou City, Guangxi. The company specializes in the R&D and manufacturing of alloy special pumps, mixing devices, external pipeline filters, and non-standard equipment for industries such as environmental protection desulfurization, denitrification, decarbonization, non-ferrous smelting, high-end chemicals, papermaking, and wastewater treatment. Its subsidiaries include Jiangsu Suanwang Pump Manufacturing Co., Ltd. (No. 9, Xingye Road, Jiangyin-Jingjiang Industrial Park, Jiangsu). For over two decades, the company has adhered to the principle of "supreme credibility, exquisite technology, and excellent service," continuously innovating technology, optimizing services, enhancing product technical content, and strengthening its core competitiveness in the domestic pump manufacturing market. It is Guangxi's most competitive private enterprise, with the "Suanwang" brand being a Guangxi famous product, Guangxi renowned brand, national high-tech enterprise, national specialized and sophisticated "Little Giant" enterprise, council member of the China General Machinery Industry Association Pump Association, Guangxi Zhuang Autonomous Region specialized and sophisticated SME, Guangxi industrial leading enterprise, Guangxi Autonomous Region Gazelle Enterprise Cultivation Pool enterprise, Guangxi technological innovation demonstration enterprise, Guangxi's first batch of manufacturing single champion demonstration enterprises, Guangxi smart factory, Guangxi Zhuang Autonomous Region enterprise technology center, Guangxi industrial design center, Liuzhou centrifugal pump engineering technology research center, Liuzhou corrosion-resistant and wear-resistant centrifugal pump key laboratory, Guangxi quality benchmark enterprise, Guangxi's most competitive private enterprise, safety production standardization level three enterprise, 18 consecutive years Guangxi "creditworthy and contract-abiding" enterprise, Liuzhou "entrepreneurial star" enterprise, and AAA credit enterprise. The company prioritizes quality, with "diligence creates excellence" as its corporate culture, leading innovation with technology, establishing the brand with credibility, and serving a wide range of domestic and international customers with high-quality, reliable, reasonably priced, and customer-satisfying efficient products, working together to create brilliance. Contact Jian Chen 18051150622/18115960891 Long press to scan and register immediately 2025 SMM (20th) Lead and Zinc Conference & Industry Expo