SMM June 16 News: Today, the most-traded SHFE lead 2607 contract opened at 16,215 yuan/mt, moved sideways around the daily average in early trading, trended higher during the session to touch a high of 16,360 yuan/mt, pulled back slightly near the end of the session, and finally closed at 16,310 yuan/mt, recording a two-day winning streak, up 70 yuan/mt or 0.43%. Boosted by a broad rise in the non-ferrous metals sector, SHFE lead continued to move higher today. Supply side, primary and secondary smelters have both production stoppages and resumptions, with bullish and bearish factors tugging at each other; demand side, downstream purchase willingness remained weak, with purchases only for essential restocking, and spot lead transactions were sluggish. SMM lead ingot inventories across five regions edged up slightly yesterday. After the delivery of materials is absorbed, inventory buildup pressure will ease marginally, and lead prices have support for a recovery in the short term. Data Sourcing Disclaimer: All data, except for publicly available information, are processed by SMM based on public information, market communication, and SMM's internal database models, and are provided for reference only, not constituting any decision-making advice.

[SMM Aluminum Alloy Daily Review] The SMM ADC12 average price was reported at 24,100 yuan/mt today, down 100 yuan/mt from the previous trading day. During the day, both aluminum futures and aluminum prices weakened, dragging on the ADC12 price to some extent. However, structural issues such as tight tax invoices and difficulties in purchasing compliant aluminum scrap have not eased, keeping enterprises' production costs under continuous pressure and providing some support to spot ADC12 prices. Overall, the current ADC12 market presents a pattern of "strong cost support, weak demand follow-up". In the short term, the downside room for prices is limited, but there is also a lack of sufficient driving force for an upward breakout. Prices are expected to move sideways.

[SMM Nickel Flash] On June 16, futures stopped falling in the previous trading session, driving an improvement in market sentiment. NPI market transactions saw a surge in volume, with actual orders placed for various grades of material. The overall trading atmosphere noticeably improved compared to the earlier period, with divergent transaction prices but a concurrent increase in liquidity across different grades. Steady futures supported the restoration of market sentiment, and coupled with the support of bulk spot transactions, the short-term NPI market maintained a pattern of tiered pricing, recovering transactions, and a rebounding price center.

SMM, June 16: The SHFE aluminum price center in the morning session was far below the same period yesterday. However, affected by the sharp decline in aluminum prices, buyer purchasing sentiment surged, driving seller quotes and transaction prices to strengthen continuously. Some sellers, influenced by the aluminum prices, held back from selling and raised their quotes. The mainstream spot transaction prices were at a discount of 80 to a discount of 90 yuan/mt against the SHFE aluminum July contract. Today, the shipment sentiment index in East China was 2.83, down 0.13 MoM; the purchasing sentiment index was 3.06, up 0.30 MoM. SHFE aluminum futures prices plunged in the night session of the previous day and the morning session today. In the central China market, the buying sentiment of downstream processing enterprises recovered, and their willingness to stockpile increased. Trading firms engaging in both spot and futures markets tended to quickly earn price spreads, and the sentiment of holding prices firm and holding back from selling was strong, keeping market quotes high. Ultimately, the actual transaction price range in the central China market was at a discount of 120-140 yuan/mt against the SHFE aluminum July contract. Today, the shipment sentiment index in the central China market was 2.91, down 0.01 MoM; the purchasing sentiment index was 2.22, up 0.02 MoM. On the inventory front, the aluminum ingot inventory in major consumption areas fell 0.25 MoM today, with destocking mainly driven by Guangdong and Wuxi.

[SMM Daily Review: Multi-Grade Batch Deals Conclude, Nickel Iron Prices Strengthen in Tiers] June 15 news: SMM high-grade NPI upstream sentiment factor was 2.75, up 0.01 MoM, while the high-grade NPI downstream sentiment factor was 1.87, up 0.03 MoM.

June 16 (SMM) — Metals market: As of the midday close, base metals on the domestic market mostly rose. SHFE copper fell 0.47%, SHFE aluminum lost 1.69%, SHFE lead gained 0.96%, SHFE zinc added 0.45%, SHFE tin climbed 1.17%, and SHFE nickel edged up 0.27%. In addition, the most-traded bonded aluminum futures contract dropped 1.03%, the most-traded alumina contract fell 0.48%, the most-traded lithium carbonate contract slid 2.4%, the most-traded silicon metal contract lost 1.6%, and the most-traded polysilicon futures contract tumbled 5.01%. Ferrous metals mostly fell. Iron ore dipped 0.2%, rebar declined 0.38%, HRC edged down 0.24%, while stainless steel surged 2.67%. In the coking coal and coke segment, the most-traded coking coal contract fell 0.74%, while the most-traded coke contract rose 0.1%. On the overseas base metals front, as of 11:39, LME metals showed mixed performance. LME copper fell 0.48%, LME aluminum lost 0.71%, LME lead gained 0.18%, LME zinc added 0.14%, LME tin dropped 0.63%, and LME nickel rose 0.34%. In precious metals, as of 11:39, COMEX gold fell 0.21% and COMEX silver lost 0.68%. On the domestic precious metals side, the most-traded SHFE gold contract gained 1.63% and the most-traded SHFE silver contract rose 1.65%. Additionally, as of the midday close, the most-traded platinum futures contract fell 1.44% and the most-traded palladium futures contract lost 1.33%. As of the midday close, the most-traded containerized freight index (European service) futures contract gained 1.42% to 3,834 points. Selected futures midday prices as of 11:39 on June 16: Spot and fundamentals Silver: In the spot market, overall quoted price spreads remained wide today. The consumer market showed overall weakness in mid-to-late June, with the continued rally in silver prices dampening some demand... Macro front China: [National Bureau of Statistics: Value-added of industrial enterprises above designated size grew 4.5% in May; national economy ran generally stable and progressed toward new, higher-quality growth] In May, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and arrangements of the Central Committee and the State Council. They adhered to the general principle of pursuing progress while maintaining stability, fully and faithfully applied the new development philosophy on all fronts, accelerated the building of a new development paradigm, earnestly carried out more proactive and impactful macro policies, and effectively addressed external shocks and challenges. Production and supply rose steadily, employment and prices remained generally stable, foreign trade continued to demonstrate resilience, new growth drivers grew stronger, and the national economy sustained a development trend of overall stability while progressing toward new, higher-quality growth. NBS data showed that in May, the value-added of industrial enterprises above designated size grew by 4.5% YoY in real terms, with the growth rate accelerating by 0.4 percentage points from the previous month. On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.40% in May. From January to May, it grew by 5.4% YoY. [From Scale Expansion to Resilience Allocation 《China Bulk Commodity Development Report》 Released] The China Federation of Logistics and Purchasing today (June 16) released the *China Bulk Commodity Development Report (2026)*. According to the report, China remains one of the most important import markets for bulk commodities globally, with imports of crude oil, iron ore, soybeans and other commodities staying at high levels. In the face of challenges, the bulk commodity market has shown enhanced resilience. The report indicates that China's bulk commodity market from 2025 to 2026 has generally exhibited a fundamental pattern of "macro pressure, market divergence, intensifying external shocks, enhanced trade resilience, and accelerated capacity building." China's bulk commodity trade is shifting from scale expansion to resilience-oriented allocation. In 2025, China's merchandise trade scale maintained relatively strong resilience, and major bulk commodity imports remained at high levels. Among them, imports of crude oil, iron ore, soybeans and other commodities continued to demonstrate the global absorption capacity of the Chinese market. (CCTV News) [PBOC Reverse Repo Net Injection Today of RMB 296.5 Billion] The PBOC today conducted RMB 449.5 billion of 7-day reverse repo operations. As RMB 153 billion of 7-day reverse repo matured today, the net injection reached RMB 296.5 billion for the day. As for the US dollar: As of 11:39, the US dollar index rose 0.02% to 99.69. According to the CME "FedWatch": the probability that the Fed keeps rates unchanged in June is 98.5%, with a 1.5% probability of a cumulative 25 bp rate cut. The probability that the Fed keeps rates unchanged through July is 91.3%, a cumulative 25 bp rate hike is 7.4%, and a cumulative 25 bp rate cut is 1.4%. Falconio Leslie, head of taxable fixed income strategy at UBS Global Wealth Management, said that after the US and Iran announced a deal, oil prices pulled back, the US Treasury market strengthened, and pressure on the Fed to raise rates this year was easing. Falconio Leslie said: "Even before the ceasefire agreement was reached, oil prices had already started to pull back, yet the two-year US Treasury yield continued to rise because the market had priced in a near-100% probability of a rate hike in December.""The current situation is that oil prices are falling, and the market is gradually withdrawing these rate hike expectations. As a result, the two-year US Treasury yield has started to pull back." The newly appointed Fed Chairman Wash will chair his first interest rate decision this week. Against the backdrop of earlier crude oil price surges reigniting inflationary pressures, voices within the FOMC supporting rate hikes this year have been increasing. Falconio said she expects the FOMC to formally drop its easing bias at this week's meeting, making the policy outlook more hawkish. But she still believes the Fed's next move will be an interest rate cut, and it will happen in 2027. US asset management company PGIM holds a fringe view, believing the Fed will hike rates three times this year to curb overheating, and then reverse the hikes in 2027 . The company had previously expected in April that the Fed would cut interest rates this year. PGIM stated that the US economy is "exceptionally strong" and inflation remains persistently high, requiring a new approach. Given this backdrop, and considering that the Fed has failed to achieve its 2% target for five consecutive years, PGIM expects the Fed to hike rates three times this year to bolster its credibility and anchor inflation expectations. PGIM said, "If the rate hikes are framed as 'precautionary' measures to address supply-side inflation and recent long-term Treasury yield fluctuations, then Wash will gain political support." However, PGIM said it expects the Fed "will reverse these hikes relatively quickly, with three rate cuts in 2027 and another in 2028, bringing the terminal rate to 3.375% — below the current rate and possibly close to the neutral rate." (Jin10 Data APP) In other currencies: The Bank of Japan raised its key rate by 25 basis points, lifting its target rate from 0.75% to 1.00%, the highest level in 31 years, in line with market expectations, after standing pat at its previous three meetings. The BOJ raised rates to the highest in 31 years on Tuesday, a long-awaited move signaling its commitment to tackling inflation risks from the Middle East conflict. At the end of the two-day meeting on Tuesday, the board voted 7-1 to raise the short-term policy rate from 0.75% to 1.0%. This marked the first rate hike since last December, bringing the BOJ's policy rate to a level not seen since 1995. BOJ Governor Ueda Kazuo was absent from the meeting and did not vote, as he was hospitalized for medical treatment. An afternoon press conference will be led by another BOJ deputy governor, Uchida Shinichi, and his remarks will be closely watched for how the BOJ will continue to assess the negative economic impact of the Iran war. (Jinshi Data APP) [RBA holds rates steady as expected, but warns rate hikes may not be over] The Reserve Bank of Australia kept the cash rate unchanged at 4.35% on Tuesday, saying the economy is slowing despite tighter financial conditions, but warned it could hike again if needed to control inflation. The RBA said inflation remains high and the central bank will do whatever is necessary to bring it down, "including by raising the cash rate target further if needed." Markets had already priced in a hold, as domestic inflation, consumption, and employment data continued to soften; meanwhile, the Middle East peace deal and moves to reopen the Strait of Hormuz have pushed oil prices lower, reducing inflation risks. The Board said in its statement: "The resolution of the Middle East conflict is still at an early stage, and there remain plausible scenarios where inflation is above, and activity is below, the expectations set out in the May baseline forecasts. It will take some time for global oil supply issues to be resolved, which will continue to put upward pressure on global energy prices and inflation." The unanimous decision was largely in line with expectations, with swap markets pricing in around a 30% chance of an RBA rate hike in August and only 16 basis points of tightening for the full year—equivalent to less than one hike. (Jinshi Data APP) On the data front: Today will bring the US weekly ADP employment change for the week ending May 30, US May housing starts annualized, US May building permits, US May import price index month-over-month, the Reserve Bank of Australia's interest rate decision for June 16, Germany's June ZEW economic sentiment index, the Eurozone's June ZEW economic sentiment index, Japan's central bank target rate for June 16, and other data. Also watch for: The State Council Information Office holds a press conference on national economic performance. The China Academy of Information and Communications Technology holds a seminar to launch the High-Quality Token Service Capability Climbing Plan. The RBA announces its rate decision, and RBA Governor Bullock holds a monetary policy press conference. On the crude oil front: As of 11:39, crude prices in both markets fell, with WTI down 0.09% and Brent down 0.26%. With the Trump administration about to complete the plan to release 172 million barrels from the Strategic Petroleum Reserve (SPR) to ease the surge in fuel prices triggered by the Iran war, the US emergency crude stockpile has fallen to its lowest level since 1983. According to data released by the US Department of Energy on Monday, the SPR—established after the Arab oil embargo in the early 1970s—has dropped to about 340 million barrels, near its all-time low. If the plan is completed, this will be the second-largest release in the history of the reserve, leaving about 243 million barrels, which is only around a third of its statutory capacity. The dwindling inventory reduces the US's flexibility in responding to future supply disruptions. A Department of Energy spokesperson said the government is managing the reserve in accordance with its intended use, which is to help stabilize the oil market, protect the US from supply disruptions, and make the US more energy-secure. (Jin10 Data App) Morgan Stanley sharply lowered its oil price forecasts for the coming quarters, as a tentative agreement between the US and Iran to reopen the Strait of Hormuz is expected to restore regional oil production and increase supply. Analysts including Martijn Rats said in a June 15 report that Brent crude is expected to average $90 per barrel in Q3, down from a previous forecast of $100 per barrel, and $80 per barrel in the final three months of the year, a decline of $15 from the earlier estimate. They also noted that the expected timeline for the region's production recovery has been moved forward by one to two weeks. "Many issues still need to be negotiated, and key risks remain, but this is a significant step towards de-escalating the conflict and boosting oil exports through the Strait of Hormuz," they said, adding, "Production is expected to resume gradually from mid-July, with output anticipated to recover to 50% by September, 80% by December, and the remainder early in 2027." (Jin10 Data App) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Stainless Steel Daily Review] SS Futures Extend Gains, Off-Season Stainless Steel Market Sentiment Warms Up According to SMM on June 16, SS futures showed a further strong upward momentum. Although SHFE nickel trended somewhat weaker, SS continued to hold up well. As of the midday close, the most-traded SS contract settled at 15,180 yuan/mt. In the spot market, driven by the sustained gains in SS futures, trading and inquiry activity for stainless steel picked up. At the same time, coupled with the news of delayed production resumptions at steel mills, although the off-season has already set in and macro uncertainties remain high, market quotes edged up to some extent on improved sentiment. The most-traded SS futures contract. At 10:15 a.m., SS2607 was quoted at 15,095 yuan/mt, up 240 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 125-525 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was flat; for cold-rolled mill edge 304/2B coil, the average price in Wuxi rose 75 yuan/mt, and in Foshan rose 50 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi rose 100 yuan/mt; for hot-rolled 316L/NO.1 coil, Wuxi quotes rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan held steady. This week, stainless steel futures and spot prices both came under pressure and weakened, as macro headwinds from outside China dominated trading and pessimistic sentiment spread rapidly during the off-season. Industry expectations for the near-term outlook turned weaker, end-users remained heavily on the sidelines, rigid demand stayed sluggish, and traders concentrated on cutting prices to sell and destock...

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices are expected to rise intraday and remain at a relatively high level. Coupled with the futures contract rollover, trading activity is likely to be muted, reflecting that the current price level is significantly suppressing real demand. After the rollover, the market will officially price around the 2607 contract, and close attention should be paid to the outflow of unmatched warrants. However, open interest for the SHFE copper 2606 contract currently stands at approximately 5,500 lots, indicating limited delivery participation. The concentrated release of warrants is therefore expected to exert relatively limited additional pressure on spot discounts. Supported by delivery-related dynamics, Shanghai spot copper discounts did not see a sharp decline. But if copper prices remain at current highs and demand fails to improve effectively, spot premiums may come under downward pressure.

Platinum prices were in the doldrums intraday, with market concerns primarily arising from the uncertainties before the formal signing of the U.S.-Iran agreement on the 19th and the ambiguity from the Israeli side, and platinum futures gave up some of yesterday's gains. In the morning session, the most-traded GFEX platinum contract PT2608 closed at 435.6 yuan/g, down 1.44%, and the inverted spread between the sell-one price of SGE platinum 9995 and GFEX PT2608 widened to 3-6 yuan/g. Spot side, mainstream platinum quotations were at a discount of 3 yuan/g to parity against the PT2608 contract, with the discount basically flat from the previous trading day, but transactions clearly favored the low end of quotations. According to SMM, with the recent rebound in platinum prices, the offer spread in the platinum spot market was wide, making it very difficult to transact at the high end of mainstream quotations. Downstream enterprises had ample stockpiles and subdued procurement sentiment, with overall transactions being lackluster.

From June 3 to June 5, Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting 3,500+ attendees from 45 countries and regions worldwide, featuring more than 120+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Conference Background of Tin Forum In 2022, both LME and SHFE tin annual prices closed lower, and the market at the time may not have anticipated that this would serve as the prelude to a three-year upward cycle. From 2023 to 2025, tin prices recorded three consecutive years of gains, with both LME and SHFE tin surging over 30% in 2025. Entering 2026, the upward trend has continued, with tin prices hitting a new record high and becoming one of the most closely watched metals in the industrial metals market. However, this rally has not been smooth. In the past two years, tin prices have fluctuated significantly within an upward channel, driven by deep adjustments in global supply-demand patterns, especially multiple disruptions on the supply side. On the demand side, emerging sectors such as AI servers, PV welding strips, and NEVs have rapidly risen, coupled with a recovery in consumer electronics, continuously highlighting tin's strategic value in high-end manufacturing and steadily expanding rigid demand. On the supply side, global tin resources are highly concentrated, production resumptions in Myanmar have fallen short of expectations, some ex-China mining areas have been disrupted by geopolitical factors, and Indonesia—a key link in global refined tin supply—has seen its industrial policy adjustments become a critical variable affecting market expectations. Reviewing Indonesia's tin industry policy, the past two years have shown a clear trajectory of "standardizing and regulating, tightening exports, and promoting downstream development." In 2024, the Mining Work Plan (RKAB) was adjusted from an annual to a three-year basis, and exports experienced temporary fluctuations during the policy transition. In 2025, Indonesia further strengthened governance over illegal mining, shutting down some illegal tin mines, cracking down on smuggling activities, and adjusting tin ore royalty fees, leading to higher production costs. Entering 2026, the policy direction has become clearer, with studies on restricting refined tin exports, lowering export quotas, and plans to raise tin royalty tax rates, promoting the transition from resource exports to high value-added processing. These adjustments are reshaping the rhythm and trade patterns of the global tin supply chain. As an important platform connecting the global tin industry chain with the Indonesian resource market, the Tin Forum focuses on the latest developments in Indonesia's tin policies, the evolution of the global tin supply-demand pattern, price trend analysis, and industrial cooperation opportunities. It brings together government officials, industry experts, miners, smelters, and downstream end-user representatives to jointly explore new opportunities in the global supply chain amid the transformation of Indonesia's tin industry. Click to view photo gallery of tin forum Tin Forum June 4 Visit to the Association of Indonesian Tin Exporters (AETI) Shanghai Metals Market (SMM) is pleased to announce that an SMM-led delegation, headed by SMM Copper & Tin Overseas Marketing Manager Jenny Wu and made up of delegates from the Indonesia Critical Minerals Conference & Expo 2026 , conducted a formal visit to the Association of Indonesian Tin Exporters (AETI) on June 4. The event was organized by SMM and co-organized by Indonesia’s Ministry of Foreign Affairs, National Economic Council, Indonesia Nickel Miners Association (APNI), and MMR, with the Jakarta Futures Exchange as the strategic partner. This visit underscores SMM’s commitment to fostering long-term, win-win partnerships between Indonesia’s top mineral exporters and global metals industry stakeholders. Supply and Demand Exchange Session June 5 Opening Remarks Speaker: Adam Fan, Chairman of SMM Keynote Speech Keynote Speech: DRC Tin Ore: Current Supply Status and Market Dynamics Insights Speaker: Raj Chug, General Manager, Mining Mineral Resources Keynote Speech: African Tin Ore: Resource Potential and Supply Chain Breakthrough Paths Amid Supply Shortages Speaker: Egyul Mamoko， Metallurgist Expert， CTCPM (Cellule Technique de Coordination et de Planification Minière) [Panel Discussion] Global Tin Mine Supply Seminar: Current Status, Opportunities, and Future Challenges Moderator: Vicky Qiao, Senior Analyst at SMM Panelists: Egyul Mamoko, Metallurgist Expert, CTCPM (Cellule Technique de Coordination et de Planification Minière) Erwin Setyawan, Head of Trading & Operation, Jakarta Futures Exchange Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals Keynote Speech: The Development Trend of the Tin Market in China Speaker: Zheyu Zhang, Tin Market Analyst, Marketing Department, Yuntin (Honghe) Investment Development Co., Ltd. Keynote Speech: Opportunities and Challenges for Smelters Under Indonesia's New Tin Industry Policies Speaker: Yazid Kanca Surya, Chief Executive Officer, Jakarta Futures Exchange Fragmented Global Supply Chain System Reshaping of the Geopolitical Landscape : Trade disputes and geopolitical tensions are profoundly altering traditional commodity trade patterns. Industrial Security :Countries are increasingly prioritizing long-term stable supply of strategic resources over short-term price advantages. Focus on Critical Minerals : Tin’s industry role is no longer isolated; it has become a core issue in the global energy transition and high-end manufacturing sectors. Evolution of the Tin Market The industry is entering a new phase where credibility is as important as capacity. Promoting Downstream Industrialisation (Hilirisasi) •Historical Development Background: Indonesia has long been dominated by the supply of primary processed products, with most downstream value addition achieved outside China. • Strategic Goals : Indonesia is adjusting export policies, trade management, and supply chain oversight to retain high-value-added industries within the country. Strengthening regulation and cracking down on illegal mining are not punitive measures, but rather efforts to build a transparent system to help the local area vigorously promote the development of downstream industries. Smelters Under Pressure Upstream uncertainties: Illegal mining disrupts the market, raw material supply fluctuates, and price trends are difficult to predict. Downstream market requirements: Strict compliance standards, full transparency in raw material traceability, and continuously rising screening thresholds for buyers. Market Volatility Intensifies The uncertainty in the current operating environment has increased significantly. Enterprises must not only cope with production risks, but also simultaneously address the multiple pressures arising from external shocks and rising operating costs. Investment Barriers in Deep Processing Keynote Speech: Deepening Downstream Diversification, Joining Hands to Foster Long-term Prosperity Guest Speaker: HARRY BUDI SIDHARTA, S.T, MM., Vice President Director, PT Timah (Persero) Tbk Keynote Speech: Challenges and Opportunities for China's Tin Industry amid Global Tin Ore Supply Changes Guest Speaker: Huanbo Qin, Market Analyst, International Tin Association China Keynote Speech: Analysis of Global Tin Price Trends and Future Outlook Speaker: Vicky Qiao, Senior Analyst, Shanghai Metals Market Price Trend Overview Price Review: Amid macroeconomic and geopolitical disruptions, market fundamentals have provided structural support Key Points: Tight mine-side supply has established a long-term price floor, while macro liquidity has primarily driven price fluctuations. Tin Resources and Mine Supply Landscape Supply elasticity is limited, accompanied by a high geographic concentration of reserves; the global static mine life is less than 15 years. Rising mine production alongside shrinking global resources has accelerated reserve depletion in producing countries. DRC: Output from major mines remained stable; however, M23 militant activities increased market uncertainty. ►Risks 1. The M23 armed conflict has spread to the Masisi region east of the Bisie mine and the Goma border crossing between the DRC and Rwanda, directly disrupting the original tin ore transportation route via Goma to Dar es Salaam. 2. To mitigate conflict risks, security at the Bisie mine has been reinforced, and freight routes have been adjusted northward to reroute through Uganda, ultimately destined for the port of Mombasa in Kenya. Nevertheless, market concerns persist that further spread of the M23 conflict could disrupt normal production operations at the mine. 3. The DRC recently experienced an Ebola outbreak, with confirmed cases concentrated in Beni and Bunia, areas adjacent to Uganda. Strict disease prevention measures have been implemented at both the mine and along transportation links; Bisie's mining and freight activities have yet to be affected by the pandemic impact. However, the market remains apprehensive about the local mineral supply outlook. Myanmar's Man Maw Tin Mine: Production Resumptions Hindered • 90% of Myanmar's tin ore production is concentrated in Wa State. To ensure rational resource extraction and stable regional development, Wa State suspended all tin ore mining starting in 2023, with new mining permits only reissued in July 2025. Due to the local rainy climate, the mine pits accumulated significant water during the suspension, making drainage the primary challenge upon work resumption. As the water accumulation issue affected multiple pits, the cost-sharing arrangements for drainage among mining enterprises were long delayed and never finalized. The resulting obstruction of drainage work has directly constrained the mine's production resumption progress. •In February 2026, the local government issued detailed rules clarifying the cost-sharing standards for drainage, and the Wa State tin mine immediately began resuming production. •Currently, strict approval and control of civilian explosives in Myanmar, compounded by disruptions to mining and logistics caused by the rainy season, have led to progress in local production resumptions falling short of expectations. Full resumption is expected only by 2027. The number of new tin mine projects globally is scarce, with generally low ore grades and lengthy development-to-production cycles. New projects generally have low ore grades, posing upside risks to future mining costs and increasing operational difficulty. Only three new projects have grades above 1%. Lower ore grades mean that more raw ore must be processed to produce the same amount of tin metal. The future supply landscape will be markedly differentiated, with total planned and under-construction projects reaching 173.5 kt in capacity, and just four major projects accounting for over 67%. Global supply will be highly dependent on these core mine projects, while five new projects in Australia can only bring a small incremental increase with limited impact. Global Tin Ingot Supply The high concentration of primary tin smelting capacity limits the global supply elasticity of tin ingots. Keynote Speech: Achieving the Trading and Risk Hedging of Pure Tin Ingots Through the Standardized Trading Mechanism of the Futures Market – Commodity Futures Trading Regulatory Authority Guest Speaker: Ima Siti Fatimah, Head of the Commodity Futures Trading Development Bureau, Ministry of Trade of the Republic of Indonesia Keynote Speech: Under the Drive of Geopolitical Policies: Global Strategic Metal Tin Trade Restructuring, Breakthroughs in North American Secondary Production, and New Logic in Solder Consumption Guest Speaker: Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals ► Securing Supply: US Plan to Reshore Critical Metal (Tin) Capacity • Lessons drawn from COVID-19 and World War II. • No primary tin capacity currently exists in North America: no tin ore mining operations, no tin ore smelting capacity. • The US secondary tin market is regionally fragmented. • The US government supports the Nathan Trotter primary/secondary tin smelter. • The Trump administration has made multiple investments in the critical metals sector. • Security situation in the DRC and surrounding regions. ► Data Center Tin Consumption Estimates How much tin is consumed per gigawatt of installed data center capacity? • Servers, GPUs, network systems: 500–1,500 mt. • Power systems, switchgear: 100–400 mt. • Control devices, communication equipment, cooling systems: 50–200 mt. • Tin usage per gigawatt of installed AI data center capacity is approximately 1,200–1,500 mt. Additionally, the speaker noted: the PV industry's annual tin consumption is about 25,000 mt, with average annual new installations of around 30 GW, corresponding to tin demand of 36,000–45,000 mt. Keynote Speech: Due Diligence in the Indonesian Tin Sector: A Tradition of Early Adoption and Pathways for ESG Leadership Guest Speaker: Josue Ruiz, Director of Facility Engagement, Responsible Minerals Initiative Keynote Speech: Malaysian Tin Mine: Market Breakthrough and Global Expansion from the Perspective of Critical Minerals Guest Speaker: DATO DEREK TENG, Director of the SETARA JELITA SDN BHD, President of the MALAYSIA MARITIME SILK ROUTE RESEARCH SOCIETY Critical Minerals in the New Era Strategic Positioning and Core Applications of Tin National Strategic Cornerstone: Listed in the “Critical Minerals List” by many countries, it holds an irreplaceable core position in securing national resource security and maintaining the resilience of global supply chains. Modern Industrial Lifeline: The core raw material for electronic solder manufacturing, it supports semiconductor packaging, PCB circuit boards, and other electronic information industries, serving as the “industrial monosodium glutamate” of modern manufacturing. Frontier Technology Engine: Empowering emerging technologies such as 5G communications, NEV batteries, PV modules, and AI chips, it drives the dual transformation of the digital economy and green transition. Tin: The “Industrial MSG” Driving High-Tech Industries ► A Core Member of the Global Critical Minerals System U.S. Official Designation: According to the U.S. Geological Survey (USGS) “2025 Critical Minerals List,” tin is formally listed as a critical mineral, regarded as a strategic resource vital to national economic development and national security. Global Industry Consensus: In the mineral assessment systems of the EU and other developed economies, tin also occupies a core position. It is an indispensable “emerging cornerstone mineral” supporting the global digital economic transformation and the upgrade of the new energy industry. The global tin application structure in 2025 is very clear: 53% is used in semiconductors and high-end electronic solder, 16% in fine tin chemical new materials, 11% in food-grade tinplate and tin cans, and 8% directly in the PV green new energy industry. Tin Applications in High-Growth Sectors Currently, three major high-growth tracks worldwide are continuously driving rigid incremental demand for tin. First, AI computing power and hyperscale data centers: The tin consumption per unit of high-end AI servers is 3–13 times that of ordinary servers. With the explosive growth of global AI computing power demand, the demand for high-end solder will continue to grow rapidly. Second, new energy vehicles: Tin consumption per vehicle is about three times that of internal combustion engine vehicles, and for intelligent car models, it can reach up to 1.5 kg per vehicle. Third, advanced packaging: The solder ball usage of advanced packaging technologies such as HBM (High Bandwidth Memory) is more than five times that of traditional DRAM. Malaysia at a Crossroads The Decline of a Former Empire and Opportunities for Transformation ► Glorious History · Tin Empire: In the 1960s, Malaysia was the world's veritable "Tin Empire." Its tin production once accounted for one-third of the global total, and revenue from tin exports represented as much as 60% of the country's total export revenue, dominating the global tin trade landscape. ► Current Situation · Dual Challenges: However, after industrial iteration, its share of global production was only 0.2% in 2023, with annual output falling to 6,100 mt, marking a sharp decline. Malaysia still holds considerable secondary resource reserves of 780,000 tonnes, with native ore depleted but tailings holding significant potential. ► Future · Reshaping Value Strategic Empowerment: Leverage the new strategic identity of “critical minerals” to enhance discourse power and bargaining power in the international supply chain. Industrial Leap: Shift away from dependence on primary tin ingot exports and move towards high value-added deep processing manufacturing and the establishment of a circular economy system. Core Challenges Faced Currently, Malaysia’s tin industry faces four core structural challenges. Market Breakthrough: Reshaping Value Embrace the New Identity and Extend into Downstream High Value-Added Sectors Build a Regional Circular Economy Center Core Strategy: Fully leverage Malaysia’s industrial advantage as a global electronics manufacturing center, turning the large amount of tin-containing scrap generated during production—including solder dross, waste circuit boards, etc.—into valuable recycled tin resources, and establish an “urban mining” resource recycling system. Keynote Speech: From Waste to Value: How Smelters and Recycling Enterprises Uncover Hidden Treasures in Tin Ore By-Products Guest Speaker: Justin Wang, Director of Marketing and Technology, Stannum Solutions(Shanghai) Co., Ltd.