Citi Research downgraded Norsk Hydro to “neutral” from “buy” after the company’s shares rose about 25% since February, driven by stronger aluminum prices. Citi also raised its target price from NKr105 to NKr110. Aluminum prices have climbed around 20% this year, outperforming copper’s 12% gain. Citi said Middle East geopolitical disruptions have removed about 3 million tones of aluminum production capacity from the market, supporting prices. As a result, Citi raised Hydro’s 2026 EBITDA forecast to NKr37 billion and estimated that every 10% increase in aluminum prices could add around NKr7.3 billion to group EBITDA.

SMM May 22 update: Metals market: Overnight, base metals generally fell across both domestic and overseas markets. LME lead led the gains with a 1.39% increase, SHFE lead rose 0.57%, and LME aluminum gained 0.29%. LME nickel and SHFE tin both fell over 1%, with LME nickel down 1.21% and SHFE tin down 1.03%. LME tin closed flat at $53,795/mt, while other metals declined less than 1%. The alumina main contract fell 0.37%, and the casting aluminum main contract dropped 0.26%. Overnight, ferrous metals collectively declined, with hot-rolled coil down 0.7%, rebar down 0.5%, and iron ore and stainless steel showing slight fluctuations. Coking coal and coke side, coking coal fell 2.86% and coke dropped 1.53%. Overnight, precious metals side, COMEX gold rose 0.2% and COMEX silver gained 1.09%. In China, SHFE gold rose 0.43% and SHFE silver gained 1.85%. Overnight closing prices as of 6:40 AM on May 22: Macro Front China: [NDRC: To improve policy measures on fair competition, investment and financing, promotion of technological innovation, and business regulation] Li Hui, Director of the Private Economy Development Bureau of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will better leverage its coordination function in promoting private economy development, organize and implement specific measures outlined in the rule-of-law action plan for safeguarding the private economy, and strengthen the implementation of the Private Economy Promotion Law. The NDRC will improve supporting systems, refine relevant policy measures on fair competition, investment and financing, promotion of technological innovation, and business regulation; continue to jointly release typical cases with relevant departments to demonstrate law interpretation through cases; implement policy effectiveness assessments, promote direct and swift delivery of enterprise-benefiting policies, and guide enterprises in enhancing governance capabilities. US dollar: As of the overnight close, the US dollar index rose 0.08% to 99.21. Last week, the number of Americans filing for unemployment benefits decreased, indicating a degree of resilience in the labour market and providing room for the US Fed to focus on addressing rising inflation. Data showed that initial jobless claims fell by 3,000 to a seasonally adjusted 209,000 for the week ending May 16. Although economists expect jobless claims to increase over the summer due to seasonal factors, the labour market currently remains in a holding pattern. Financial markets currently expect the US Fed to maintain the benchmark overnight rate in the 3.50%-3.75% range until next year. Jin Shi Data APP) US Fed's Barkin stated that the ability of enterprises and consumers to absorb the latest round of supply shocks will determine whether the US central bank can continue to "look through" higher inflation without raising interest rates. In remarks prepared for a speech in Raleigh, North Carolina on Thursday, Barkin said: "After inflation has been above our 2% target for more than five years, it's worth asking whether the cumulative effect of so many rounds of shocks might loosen the 'anchor' of inflation expectations." He also said: "For me, the key question is how much more pressure enterprises, consumers, and inflation expectations can bear." Barkin added that he is increasingly concerned that the US may have entered a "new phase" in which supply shocks will become more frequent. These shocks could stem from multiple factors, including heightened geopolitical tensions, fragmentation of the trading system, more extreme weather events, rising government debt, and other structural forces. He also noted that, for now, the US Fed's monetary policy stance is "in a good place" to address risks on both the employment and inflation fronts. (Jin Shi Data APP) According to CME "FedWatch": the probability of the US Fed maintaining rates unchanged through June was 96.8%, with a 3.2% probability of a cumulative 25 basis point rate hike. The probability of the US Fed maintaining rates unchanged through July was 85.4%, with a 14.2% probability of a cumulative 25 basis point rate hike and a 0.4% probability of a cumulative 50 basis point rate hike. (Jin Shi Data APP) On the data front: Data to be released today include the US May University of Michigan consumer sentiment index final reading, US May one-year inflation expectations final reading, US April Conference Board leading indicators MoM, UK May GfK consumer confidence index, UK April public sector net borrowing, UK April seasonally adjusted retail sales MoM, Germany June GfK consumer confidence index, Germany Q1 non-seasonally adjusted GDP YoY final reading, Germany May IFO business climate index, Japan April core CPI YoY, and Canada March retail sales MoM. In addition, 2027 FOMC voter and Richmond Fed President Barkin will deliver a speech, and US Fed Governor Waller will deliver a speech. On crude oil: As of the overnight close, oil prices on both markets fell together, with WTI down 0.26% and Brent down 0.1%. According to the Islamic Republic News Agency (IRNA) citing Al Arabiya, a final draft of the US-Iran agreement has been reached under Pakistan's mediation and is expected to be announced within the coming hours. Rapidan Energy Group stated that if the Strait of Hormuz closure persists through August, downside economic risks will increase, with severity potentially approaching that of the 2008 Great Recession. The consultancy's base-case scenario assumes the waterway will reopen in July, under which daily average oil demand would decline by 2.6 million barrels and the benchmark Brent crude oil spot price would peak near $130 per barrel during the summer. (Wallstreetcn) According to informed sources, seven major OPEC+ producing countries may agree to a modest raise in oil production for July when they meet on June 7. Despite the ongoing Iran war currently raging, actual crude delivery channels for several of these countries remain in a state of complete disruption. The monthly combined production target proposed by the seven core OPEC+ members is expected to increase by approximately 188,000 barrels per day. Official OPEC statistics showed that total global OPEC+ oil production plunged sharply from 42.77 million barrels per day in February this year to 33.19 million barrels per day in April. Of that, daily production from Gulf region producing countries alone collapsed by 9.9 million barrels. (Reuters) As the US-Iran conflict has resulted in the loss of millions of barrels of crude oil supply, demand slowdown will be forced to become the primary means of balancing the supply-demand gap. The market is increasingly inclined to believe that oil prices will peak near $100 per barrel over the next year. This was one of the conclusions from a Bloomberg Intelligence survey this month, which received 126 responses from asset managers and other energy market professionals. Amrita Sen, co-founder and head of research at Energy Aspects, stated that the oil market is currently in a state of severe undersupply but has not yet faced a major shortage. The market is currently drawing down inventory and strategic reserves, but Energy Aspects estimates that if the Strait of Hormuz remains closed, shortages could begin to emerge by the end of June. "We are really just barely getting by right now, drawing down those inventories. Global refiners' purchases are low, and if they start buying again, market prices could overshoot. There won't be a global tank-bottoming, but it will certainly happen in some regions — on the crude side, parts of Asia, while the US refined products market is currently heading rapidly in that direction." (Bloomberg)

SMM News, May 21: Metals market: As of the midday close, most base metals on the domestic market rose. SHFE copper gained 1.33%, SHFE aluminum rose 0.33%, SHFE lead climbed 1.55%, SHFE zinc advanced 1.47%, and SHFE tin surged 3.21%. SHFE nickel fell 0.57%. In addition, the most-traded casting aluminum futures rose 0.39%, the most-traded alumina contract gained 0.37%, the most-traded lithium carbonate contract rose 1.18%, the most-traded silicon metal contract climbed 0.35%, and the most-traded polysilicon futures rose 0.37%. Ferrous metals mostly rose. Iron ore fell 0.5%, rebar edged up, hot-rolled coil gained 0.23%, and stainless steel rose 0.41%. Coking coal and coke: the most-traded coking coal contract rose 0.33%, and the most-traded coke contract was flat at 1,774.5 yuan/mt. Overseas base metals: as of 11:32, LME metals generally fell. LME copper dropped 0.15%, LME aluminum was flat at 3,629 yuan/mt, LME lead rose 0.71%, LME zinc fell 0.1%, LME tin declined 0.53%, and LME nickel dropped 0.92%. Precious metals: as of 11:32, COMEX gold rose 0.12% and COMEX silver fell 0.26%. Domestic precious metals: the most-traded SHFE gold contract gained 0.89% and the most-traded SHFE silver contract rose 1.85%. In addition, as of the midday close, the most-traded platinum futures rose 0.74% and the most-traded palladium futures gained 0.47%. As of the midday close, the most-traded Europe containerized freight index contract rose 7.66% to 2,957.5 points. As of 11:32 on May 21, midday futures quotes for selected contracts: Spot cargo and fundamentals Nickel: On May 21, SMM #1 refined nickel prices rose 1,550 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, down 250 yuan/mt from the previous trading day. Domestic mainstream brand electrodeposited nickel premiums ranged from -600 to 500 yuan/mt. Macro front China: [NDRC: To improve policy measures on fair competition, investment and financing, promotion of sci-tech innovation, and business regulation] Li Hui, Director of the Private Economy Development Bureau of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will better leverage its coordination function in promoting private economy development, organize and carry out specific measures outlined in the action plan for safeguarding the private economy through the rule of law, and strengthen the implementation of the Private Economy Promotion Law. The NDRC will improve supporting systems and refine policy measures on fair competition, investment and financing, promotion of sci-tech innovation, and business regulation. It will continue to work with relevant departments to publish typical cases to illustrate the law through cases, conduct assessments of policy implementation effectiveness, promote direct and swift access to enterprise-friendly policies, and guide enterprises in enhancing their governance capabilities. [China's Enterprise Credit Index Reached 162.41 in April This Year, Maintaining a Positive Trend] According to the State Administration for Market Regulation, China's Enterprise Credit Index stood at 162.41 in April this year, up 0.15 points from March, with enterprise credit levels maintaining a positive trend. In April, the top 5 industries by credit index ranking were finance, electricity/heat/gas and water production and supply, education, manufacturing, and water conservancy/environment and public facilities management. Compared with the previous month, the indices for information transmission/software and information technology services, finance, and health and social work showed relatively notable increases, achieving positive growth for three consecutive months, with credit development trends continuing to improve. (CCTV News) [Qiushi Commentary Article: How to Thoroughly Address "Involution-Style" Competition in Manufacturing] The article pointed out that thoroughly addressing "involution-style" competition requires institutional innovation to drive competition toward quality upgrading. Only when government behavior is regulated and market mechanisms are streamlined can enterprises shift from low-price disorderly competition to value-based competition. A unified national market should be built to break down market segmentation, policies hindering fair competition should be resolutely eliminated, outdated capacity should be phased out in an orderly manner in accordance with laws and regulations to prevent "bad money driving out good," and competitive enterprises should be allocated resources commensurate with their competitiveness. Performance assessment reform should be used to correct government behavior, shifting assessment focus toward "quality" indicators such as development quality, technological innovation, and industrial coordination, aligning local government incentives with high-quality development, and curbing the impulse for homogeneous investment attraction at the source. Evaluation mechanism reform should be used to rectify competitive behavior, reversing the "price-only" tendency, establishing comprehensive evaluation mechanisms centered on technology, quality, and service, making premium quality at premium prices a market consensus, and guiding resources toward enterprises with strong innovation capabilities and high product value-added. The PBOC conducted 100 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. Today, 500 million yuan of reverse repos matured. US Dollar: As of 11:32, the US dollar index rose 0.05% to 99.19. The US Fed meeting minutes showed that participants anticipated elevated energy prices would continue to exert upward pressure on headline inflation in the near term. Participants generally expected that the impact of tariffs on core goods inflation would gradually diminish over the course of this year. However, some participants noted that tariff rates could rise further above current levels, resulting in greater upward pressure on inflation. Several participants emphasized that, after inflation had remained above 2% for several consecutive years, elevated inflation could have a greater influence on wage- and price-setting decisions. Almost all participants noted that the conflict in the Middle East could persist for an extended period, or even if the conflict ended, oil and other commodity prices could remain elevated for longer than expectations. In such a scenario, participants anticipated that factors such as supply chain disruptions, elevated energy prices, or the pass-through of higher input costs to other prices would continue to push inflation higher. The vast majority of participants noted that the time required for inflation to return to the Committee's 2% target could be longer than they had previously expected, and that risks had increased. The US Fed meeting minutes showed that regarding the monetary policy outlook, participants generally believed that persistently elevated inflation and uncertainty about the duration and economic impact of the Middle East conflict could necessitate maintaining the current policy stance for longer than expectations. Some participants emphasized that it might be appropriate to lower the target range for the federal funds rate once clear signs emerged that the pullback trend in inflation had steadily resumed, or signs of greater softness in the labour market appeared. However, most participants noted that if inflation remained persistently above 2%, some tightening measures might be necessary. To address this scenario, many participants indicated that they would prefer to remove language from the post-meeting statement that implied the Committee's future rate decisions might lean toward easing. Participants noted that monetary policy was not predetermined and that future policy decisions would be made on a meeting-by-meeting basis. According to the CME "FedWatch" tool: the probability of the US Fed maintaining rates unchanged through June was 97.3%, with a cumulative probability of a 25-basis-point interest rate cut at 2.7%. The probability of the US Fed maintaining rates unchanged through July was 87.2%, with a cumulative probability of a 25-basis-point interest rate cut at 2.4%, and a cumulative probability of a 25-basis-point rate hike at 10.4%. (Jin Shi Data) On the data front: Data to be released today include US initial jobless claims for the week ending May 16, US April annualized housing starts, US April building permits, US May Philadelphia Fed Manufacturing Index, US May S&P Global Manufacturing PMI preliminary reading, US May S&P Global Services PMI preliminary reading, Eurozone May Manufacturing PMI preliminary reading, Eurozone March seasonally adjusted current account, Eurozone May Consumer Confidence Index preliminary reading, France May Manufacturing PMI preliminary reading, Germany May Manufacturing PMI preliminary reading, UK May Manufacturing PMI preliminary reading, UK May Services PMI preliminary reading, UK May CBI Industrial Orders balance, and Australia April seasonally adjusted unemployment rate. In addition, attention should also be paid to the following: Bank of England Governor Bailey delivered a speech, and China's refined oil products were set to enter a new round of price adjustment window. Crude oil: As of 11:32, oil prices in both markets rose, with WTI up 0.94% and Brent up 0.83%. Supply concerns driven by market worries over the uncertain prospects of a US-Iran peace deal continued to support oil prices. In addition, declining US crude oil inventory also lent support to oil prices. EIA report: Commercial crude oil inventory, excluding the Strategic Petroleum Reserve, fell by 7.863 million barrels to 445 million barrels, a decline of 1.74%. The weekly EIA crude oil inventory drawdown for the week ending May 15 was the largest since the week of February 13, 2026. A research report from CITIC Securities noted that global oil inventory was declining sharply, intensifying the risk of energy shortages. The US-Israel-Iran conflict disrupted passage through the Strait of Hormuz, causing global oil inventory to plummet at a record pace and heightening the risk of summer energy shortages. The market temporarily cushioned the pressure by relying on previously surplus inventory, exemptions from Russian oil sanctions, and strategic petroleum reserve releases by multiple countries, while high oil prices also triggered a contraction in global oil demand. International oil prices are currently fluctuating at elevated levels, US refined product prices have hit multi-year highs, oil supplies in multiple energy-importing regions in Asia are on the verge of shortages, dragging down regional economic growth. Oil prices may still have significant upside room, and accelerating the development of renewable energy has become a long-term measure for countries to guard against energy risks. Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC) of the UAE, said on the 20th that the UAE was building an east-west oil pipeline bypassing the Strait of Hormuz. The project was nearly 50% complete and is expected to be completed and operational by 2027. According to the UAE's Gulf News, Al Jaber said at an online event hosted by the US think tank Atlantic Council that a large volume of global energy transportation still relied on a few critical maritime chokepoints, and the UAE hoped to reduce its dependence on the Strait of Hormuz and enhance the security of energy exports through this project. (Xinhua) Goldman Sachs stated that as the Middle East war continued and supply remained constrained, global crude oil and refined product inventory was being depleted at a record pace this month. Goldman Sachs analysts noted in a report dated May 20 that since the beginning of May, visible inventory had been declining at a record rate of 8.7 million barrels per day, nearly double the average pace since the outbreak of the conflict. They stated, "The physical market continues to tighten, and oil exports through the Strait of Hormuz are estimated to remain at only 5% of normal levels." Goldman Sachs analysts noted that two-thirds of the inventory decline in May was driven by a reduction in so-called "oil on water," with exports falling more than imports. The import slump is now "spreading from Asia to Europe," they noted, with European jet fuel imports 60% below the 2025 average. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

In April 2026, China's copper cathode import and export market exhibited a clear pattern of "rising imports and falling exports.

News release on May 20, 2026: According to China Customs statistics, China's total imports of high-carbon ferrochrome reached 145,100 tons in April 2026, up 6.2% month-on-month and down 42.78% year-on-year.

On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Conference Background Driven by global sustainable development and circular economy initiatives, recycled metals and battery recycling have gained growing strategic importance. Facing rising metal demand and dwindling natural resources, recycling stands out as an eco-friendly and cost-effective alternative, backed by supportive policies and investment worldwide. As a major Asian recycling powerhouse, Japan boasts robust secondary metal output and sophisticated recycling technologies. It has also rolled out massive funding plans to expand e-waste recycling infrastructure and scale up relevant processing capacity. Centered on the theme "Low Carbon, Global Echoes", the 2026 GRMI gathered worldwide enterprises, experts and officials to exchange insights on circular economy trends, technological breakthroughs and industry policies. This event comprises three forums ( Main Forum, Recycling Forum, and Renewable Resources Equipment Forum ) and multiple panel sessions. Key Highlights Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Click to view photo gallery Main Forum Opening Remarks Adam Fan, Chairman, SMM Hao Qi Chairman, KINKI SANGYO CO.LTD. May 11 Main Forum Keynote Speeches [Keynote Speech] - Global Recycled Metals Industry Market Analysis: Policy Instruments, Corporate Responses, and Future Challenges Speaker: Rock Ding, Consulting Project Manager, SMM Rock expects that aluminum scrap production will continue to grow in the future, and global aluminum scrap supply and demand will maintain a tight balance before 2030. Regarding the copper scrap market, SMM expects that from 2026 to 2030, global copper scrap market supply and demand will continue to grow, and the market will remain in a state of persistently tight supply. The global recycling industry faces challenges including shortages of recycled raw materials supply, rising resource protectionism, cross-border logistics and transportation restrictions, lack of unified global governance, bottlenecks in recycling technology, and incomplete recycling system development. [Keynote Speech] - From India to the World: Sustainable Growth and Responsibility of a Leading Recycler Speaker: Sanchit Jain, Executive Director, Jain Resource Recycling Limited Developed markets (North America, Europe) generate over 70% of the world's scrap; North America has a recycling input rate of 57%, and Europe's aluminum recycling rate reaches 81% — yet their demand growth has slowed down, with scrap becoming a surplus resource exported abroad; Developing countries are where demand is surging — yet collection rates remain below 5%, dominated by informal operators lacking traceability; Globally, policies and market initiatives promoting traceability of recycled resources and ESG disclosure are accelerating at an increasing pace. Scrap generation and consumption exhibit a regional mismatch, with the resource gap formed by supply-demand misalignment increasingly demonstrating strategic significance; Scrap is no longer simply surplus off-cuts, but a core strategic resource reshaping the global recycled resource trade landscape. Recycling Has Become a Core Pillar for Industrial Incremental Growth Why Does the Recycling Industry Hold Critical Strategic Value Today? Secondary resource supply can cover over 40% of future incremental metal demand; reducing dependence on highly volatile primary ore resources. Recycling is the optimal viable pathway for the industry to achieve sustainable and scalable development. [Keynote Speech] - URBAN MINING India's Non-Ferrous Recycling Decade Opportunities & Challenges from a Smelter's Perspective speaker: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Four Core Drivers in Resonance, Continuously Driving Steady Expansion of India's Non-Ferrous Metal Demand 1. Energy Transition Acceleration India has set a clear target of achieving 500GW of non-fossil energy installed capacity by 2030. Power grid expansion, power transmission line construction, and renewable energy integration infrastructure are advancing comprehensively—all of which are high-consumption areas for copper and aluminum, directly boosting rigid demand for both metals. 2. Accelerating EV Penetration India has set a development target of 30% new energy vehicle penetration rate by 2030. A single EV uses approximately 3–4 times the amount of copper compared to traditional internal combustion engine vehicles. Meanwhile, the development of the power battery industry will give rise to an independent scrap recycling system, further opening up incremental space for non-ferrous metals. 3. Large-Scale Infrastructure Investment Implementation Leveraging the 11.1 billion rupee National Infrastructure Pipeline plan, projects including galvanized steel, power infrastructure, and urban rail transit will continue to be implemented over the next decade, providing sustained long-term support for zinc, copper, and aluminum market demand. 4. Manufacturing PLI Policy Empowerment India's Production Linked Incentive (PLI) scheme covers 14 key industries, focusing on metal-intensive sectors such as electronics, automotive, power battery, and capital goods. With policy support, the share of domestic manufacturing continues to rise, driving steady growth in non-ferrous metal consumption. Panel Discussion: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Moderator: Adam Fan, Chairman, SMM Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, Founder and CEO, Al Qaryan International DMCC Recycling Forum Ketnoye Speech: Key Issues and Challenges Affecting the US Secondary Metals Industry Speaker: Adam Shaffer, Vice President of International Trade and Global Affairs, REMA Panel Discussion Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Eric Tan, President, Malaysia Nonferrous Metals Association Achirawat Thanasethatokul, Managing Director, Mahanakorn Metalscrap Co., Ltd. Jimin Choi, CEO/Founder, ETREE PTE LTD Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence [Keynote Speech] - Analysis of Japan's Recycled Copper Market Speaker: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM AW YONG YI CHEONG noted that the current Japanese copper scrap market is gradually transitioning toward a highly competitive "seller ecosystem." Trading models that rely solely on spot cargo procurement are increasingly exposed to the risk of supply disruptions. To secure long-term resource supply, enterprises purchasing externally from outside China need to move beyond traditional spot trading mindsets and establish structural cooperative relationships through deep-binding approaches such as signing long-term contracts and equity partnerships, in order to adapt to the persistently tight market landscape. Panel Discussion Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Eric Tan, President, Malaysia Nonferrous Metals Association Panel Discussion Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Moderator: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM Panelists: Allan Zhang, Head of the Recycled Copper Business Unit, Hailiang Group Co., Ltd. Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC WENCESLAO MANZANO HERNANDEZ, Director, DIMEXA HOLDINGS PTE. LTD. Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Yoshimichi Murakami, Executive Director, Wakoh Metal Co., Ltd. [Keynote Speech] - Current Status of Lead-Acid Battery in Japan Speaker: Yuji Tanamachi, CEO, IRUNIVERSE The volume of lead-acid battery scrap generated in Japan continues to decline. The reason is the sharp decrease in the number of end-of-life vehicles (ELVs) retired in China. Over a decade ago, the number of ELVs generated in Japan exceeded 5 million units, but now it is approximately 2.7 million units, nearly halved. The chart on the right shows the increase in the average service life of passenger vehicles. The significant decline in ELV numbers was mainly driven by two factors: first, continued decline in new car sales in Japan, directly driven by population decline; second, the climbing scale of used car exports. Since the auction model was popularized in Japan a decade ago, not only ordinary used cars but even retired vehicles could be traded through auctions. Logically, a decrease in total ELV numbers should lead to a corresponding reduction in the number of dismantling enterprises. However, the reality was quite the opposite: the number of dismantling enterprises backed by ex-China capital from Iran, Saudi Arabia, Syria, the Kurdish region, and China continued to grow. Award Ceremony SMM Recycled Metals Industry Premium Scrap Yards SMM Recycled Metals Industry Premium Traders SMM Recycled Metals Industry Premium Equipment Enterprises May 12 Renewable Resources Equipment Forum Panel Discussion Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Moderator: Bo Zhou, EVP, SMM Panelists: Owen Liang, Deputy General Manager, Foshan GreenField Environmental Protection Machinery Equipment Co., Ltd. Xian Lu, Chairman, Shandong Luyou renewable resources equipment Co., Ltd. Haihua Cheng, International Trade Minister, Jiangsu Huahong Technology Stock Co.,Ltd. [Keynote Speech] - Volatility Eats Margins for Breakfast Managing Risk Now That Tariffs, Geopolitics, And Supply Shocks Have Driven Base Metal Prices to Multi-year Extremes Speaker: Harsha Ramesh, CEO & Co-founder, Pillar Hedge Aluminum—Supply Shock From February to April 2026, aluminum prices surged by over 20% at their peak within just two months, driven by the following key factors: Strait of Hormuz Disruption: Iran conflict closes shipping lanes; approximately 9% of global supply at risk Gulf Production Hit: EGA flagship plant shut down for up to one year; Bahrain's ALBA halted Compounding Tariff Impact: US Midwest premiums widened significantly, tariffs reshaped physical trade flows Keynote Speech: Precision Sorting Green Future Speaker: Jianan Li, Overseas Sale, Zhejiang Tianli Equipment Technology Co., Ltd. [Panel Discussion] - Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Networking among medium-to-large-scale scrap yards/traders Conference Check-in The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum has now come to a successful conclusion. We sincerely appreciate the strong support from all industry participants and partners. Looking forward to meeting you again next year!

[SMM Analysis]: Copper-related Policy Shifts Across the Americas: Copper is no longer merely an industrial metal — it is rapidly emerging as a strategic resource. From mining policy reforms in Chile and Peru, to the U.S. Section 232 investigation and the strengthening of North American critical minerals strategies, copper policies across the Americas in 2025–2026 are set to exert profound influence over global copper supply-demand balances, smelting dynamics, and copper price volatility.

When asked, "What were the sales volume and pricing of copper foil produced by your company in April 2026?" North Copper responded on May 19 via the investor interaction platform: The company's copper foil sales are performing well with balanced production and sales; the product is priced and sold on a market-based basis according to market supply and demand. North Copper also responded on May 19: The company's share price fluctuations are influenced by a combination of factors including the macro environment, market sentiment, capital flows, and the company's own performance. The recent share price fluctuations have been largely in line with the trend of publicly listed firms in the copper sector. The company has always focused on enhancing intrinsic value as the core of its market capitalization management, and is committed to the long-term alignment of corporate value and market performance through focusing on core business growth, optimizing governance structure, strengthening information disclosure, and implementing shareholder return plans. The content of the earnings briefing announced by North Copper on May 8 showed: 1 What is the current construction progress of the new 10kt rolled copper foil production line, and in which month of 2026 is it expected to be completed? North Copper responded: Some production lines of the company's 50,000 mt/year high performance rolled copper strip and foil and 2 million m² CCL project have reached the intended usable condition. The main products include high performance copper and copper alloy strip and rolled copper foil, of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. 2 What caused the negative operating cash flow, and what is the impact on the company going forward? North Copper responded: The negative net cash flow from operating activities in Q1 was mainly due to two reasons: first, rising non-ferrous metal prices led to higher overall value of copper raw materials, increasing capital occupation; second, under the impact of geopolitical factors, international shipping rerouting and tight domestic railway dispatching caused copper raw material arrivals at the plant to be delayed versus plan, extending the capital turnover period. The company's current cash flow level can effectively support daily operations and debt repayment. Going forward, the company will take targeted measures to improve the situation. 3 Questions regarding the progress of Hujiaoyu mine asset injection. Specifically: Has the preliminary preparation work for the asset injection (such as auditing, valuation, and plan evaluation) been initiated? Does the company plan to complete this asset injection within 2026? Are there any material obstacles or uncertainties in the process that need to be disclosed to investors? Beyond strictly fulfilling the commitment to inject within 24 months, does the company's management have a clear goal and timetable to "strive for early completion"? What specific stage has the related work progressed to? North Copper responded: Hujiaoyu Mining Company, a subsidiary of the company's controlling shareholder Zhongtiaoshan Group, obtained the mining permit for newly added reserves on March 27, 2026. Preliminary work for obtaining the mine safety production permit is currently being actively advanced, and the conditions for injection into the publicly listed firm are not yet met. The company will initiate the asset injection process in a timely manner after all the above mining permits are obtained, fulfilling the relevant commitments. 4 After the completion of the 50,000 mt rolled copper foil and strip project, are there any further plans for new copper foil capacity construction and expansion? North Copper responded: Some production lines of the company's 50,000 mt/year high performance rolled copper strip and foil and 2 million m² CCL project have not yet been completed, and capacity has not been fully released. There are currently no new copper foil capacity expansion plans. 5 How does the company's management plan to manage market capitalization? North Copper responded: In accordance with the requirements of Regulatory Guidelines for Listed Companies No. 10 — Market Capitalization Management, the company will make comprehensive utilization of lawful and compliant methods, promote positive interaction between value and market capitalization through improving operational quality, strengthening information disclosure, and deepening investor communication, continuously improve and strengthen market capitalization management, and carry out scientific, effective, and compliant market capitalization management practices. 6 Given the strong Q1 2026 results, the share price has underperformed peers with weaker results. Does the company have any undisclosed adverse events? North Copper responded: In addition to operating performance, the company's share price is also influenced by various factors including the international situation, policy environment, financial market liquidity, capital market atmosphere, and investor psychological expectations. The company strictly fulfills its information disclosure obligations in accordance with relevant laws and regulations, and there are no material matters that should have been disclosed but were not. 7 What new progress will the company make in smart mines and digital factories this year? North Copper responded: The company will continue to advance the construction of smart mines and digital factories, deepen and expand new scenarios for digital-intelligent integration applications, and accelerate the implementation of the Tongkuangyu mine smart mine project. Within the year, the company plans to complete the installation of system equipment for the data center, integrated management and control hall, and other facilities. The digital-intelligent building is expected to be completed and put into operation. The 5G smart communication hub, industrial-grade ring network, and LHD operation positioning and metering projects are expected to achieve phased results, effectively enhancing the digital-intelligent level and operational efficiency of mining operations. 8 What are the main directions of R&D expenditure? North Copper responded: The company's R&D expenditure is focused on six core areas: resource reserve expansion and production increase, efficient mining and beneficiation technologies, smelting technology innovation, high-end copper-based materials, comprehensive utilization of resources, and intelligent mining. North Copper's Q1 2026 report released on April 29 showed: In Q1, the company achieved revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to the parent company's shareholders was 615 million yuan, up 65.74% YoY. Regarding the reason for the revenue increase, North Copper stated in its Q1 report: It was mainly due to increased product sales volume and price increases. In addition, North Copper's 2025 annual report showed: The company achieved revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company's shareholders was 791 million yuan, up 29.01% YoY. Major product production in 2025: copper cathode 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. North Copper stated in its 2025 annual report: The company is primarily engaged in copper mining, ore beneficiation, smelting, and rolling processing. It currently has captive mines with annual ore processing of 9 million mt and self-produced copper metal content of 43,000 mt, copper smelting capacity of 320,000 mt, gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt. It also recovers valuable metals including platinum, palladium, selenium, and bismuth through comprehensive utilization. Copper deep-processing products include high performance copper and copper alloy strip and rolled copper foil, of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company has established an integrated industry chain from mining, ore beneficiation, smelting to rolling processing. The company's "Zhongtiaoshan" brand Grade-A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and the "Zhongtiaoshan" brand gold and silver ingots are registered on the Shanghai Futures Exchange. The company's mineral exploration status disclosed in North Copper's 2025 annual report showed: The company completed the detailed exploration project for deep replacement resources at the Tongkuangyu copper mine (below the 80m elevation), with the following main work completed: exploration tunnels 140.6 m, drilling chambers 12/2,823.6 m³, drilling 12 holes (including 3 hydrogeological holes), drilling volume 7,268.62 m, 1:2000 specialized hydrogeological and environmental geological survey 6 km², geophysical logging 2,065.61 m, and pumping tests on 3 holes; 8,091 sample analyses and tests, 46 sets of rock and ore tests, 99 bulk density samples, 20 copper phase analyses, 10 complete chemical analyses, and 12 complete water quality analyses. On February 20, 2025, the Shanxi Mining Association organized and completed the supervision and field acceptance of the detailed exploration project, issuing the supervision report and field acceptance report. In early March, the company completed the compilation of the Detailed Hydrogeological and Environmental Survey Report for the Deep Part of Tongkuangyu Mine. On March 17, the report was reviewed and approved by experts organized by the Shanxi Mining Association. In May, the company completed the compilation of the Detailed Exploration Report for Deep Replacement Resources at Tongkuangyu Copper Mine, Yuanqu County, Shanxi Province (hereinafter referred to as the Report). On May 23, the report was reviewed and approved by experts organized by the Shanxi Mining Association, and review opinions were issued. According to the Report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, the cumulative identified industrial ore body (No. 5) copper ore resources totaled 103.718 million mt, with an average grade of 0.84% and metal content of 869,600 mt. Associated gold metal content was 8,930 kg with an average grade of 0.09 g/t; associated molybdenum metal content was 3,727 mt with an average grade of 0.011%. Low-grade copper ore resources totaled 34.625 million mt, with an average grade of 0.25% and metal content of 88,200 mt. The explored resources reached a large scale, achieving significant exploration results and providing solid resource support for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper disclosed in its annual report that as of the end of 2025, the Tongkuangyu mine retained copper ore resources of 4.664 million mt above the 80m elevation, with copper metal content of 1.2501 million mt. Meanwhile, below the 80m elevation at the bottom of the company's existing Tongkuangyu mine mining rights, the cumulative identified industrial ore body (No. 5) copper ore resources totaled 3.718 million mt, with an average grade of 0.84% and metal content of 869,600 mt. Regarding the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Major product production targets: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, and silver ingots 60 mt, to maximize economic benefits. Regarding the outlook for copper, some institutions hold the following views: Tony Sage, CEO of Critical Metals, noted in a recent report that market participants remain bullish on the copper price outlook, driven by long-term demand from AI infrastructure, power grid modernization, and the global energy transition, coupled with supply constraints. He added that in the long run, the copper market may face a potential supply deficit, which will provide support for copper prices. (Jin10 Data) A CITIC Securities research report noted that as Freeport once again delayed the production resumptions schedule for its Indonesian project and comprehensively lowered its production guidance for 2026-2027, global major miners' 2026 production expectations have officially entered a decline, and the potential impact of subsequent extreme weather may further amplify supply disruptions. We expect that the solid supply-demand fundamentals demonstrated by the better-than-expected destocking in China, along with easing macro headwinds, will support copper prices to stabilize at $13,000/mt in 2Q26, while the gap between supply-demand expectations could drive copper prices to challenge previous highs. We are optimistic about the allocation opportunity in the copper sector where earnings elasticity and valuation elasticity resonate.

[SMM Steel] US rebar exports totaled 5,149 tonnes in March 2026, up 4.1% m-o-m but down 70.5% y-o-y, according to US Department of Commerce export data. Export value fell to 4.08 million USD from 4.65 million USD in February and 14.71 million USD in March 2025. Canada remained the largest destination for US rebar exports with 2,558 tonnes, although shipments were significantly lower compared with 3,174 tonnes in February and 10,350 tonnes in March last year.

[SMM Steel] US line pipe imports totaled 45,310 tonnes in March 2026, up 8.3% m-o-m but down 41.7% y-o-y, according to final census data from the US Department of Commerce. Import value increased to 48.05 million USD from 44.35 million USD in February but remained well below 103.81 million USD recorded in March 2025. South Korea remained the largest supplier with 27,844 tonnes, followed by India at 7,194 tonnes, Mexico at 2,924 tonnes, and Ukraine at 1,581 tonnes.