According to the latest customs data, China exported a total of 6.7066 million mt of galvanized steel sheet during January–June 2026, down 3.13% YoY, while imports totaled 327,500 mt, a 14.78% YoY decline. Overall, although exports softened compared with the same period last year, the decline remained relatively limited, demonstrating the resilience of China's galvanized steel sheet exports.

[SMM Analysis: 2026 H1 Galvanized Sheet Import and Export Review and H2 Outlook] According to customs data, from January to June 2026, China's cumulative exports of galvanized sheet reached 6.7066 million mt, down 3.13% YoY; cumulative imports reached 327,500 mt, down 14.78% YoY. Overall, although China's galvanized sheet exports in H1 pulled back compared to the same period last year, the decline was relatively limited...

According to China Customs data, China imported 2.7616 million tonnes (gross weight) of zinc concentrate during January–June 2026, up 8.98% year on year, with overall imports posting modest growth compared with the same period last year.

[Import Growth Masks Supply-Demand Tightening – Review and Outlook of China's Imported Zinc Concentrates Market in H1 2026]: According to customs data, China's zinc concentrates imports from January to June 2026 totaled 2.7616 million mt, up 8.98% YoY, with overall imports edging up YoY......

This week, the rare earth oxide market was under pressure and in the doldrums overall, with the price centers of Pr-Nd, dysprosium, and terbium moving lower to varying degrees, though a notable divergence signal emerged toward the weekend. Pr-Nd oxide declined steadily from early in the week through Thursday, falling from about 763,000-766,000 yuan/mt to 752,000-755,000 yuan/mt, a cumulative drop of around 11,000 yuan/mt during the week. On Friday, boosted by higher futures prices and positive news, spot suppliers' willingness to sell at low prices decreased, and offers rebounded slightly, but actual transactions followed up limitedly, while downstream magnetic material enterprises' inquiries remained sluggish. Dysprosium oxide showed a sustained grind lower this week. Prices held steady at the start of the week, but against a backdrop of persistently sluggish inquiries and stagnant trading, the price center gradually moved down, and as of today, dysprosium oxide pulled back to the 1.4-1.42 million yuan/mt range. Terbium oxide saw the widest fluctuations this week, falling steadily over the first four days, with offers pulling back to the 6.7-6.8 million yuan/mt range by Thursday. On Friday, as a top-tier player entered the market to purchase, low-priced cargo quickly dried up, suppliers raised offers accordingly, and prices rebounded slightly. Overall, the main drag on the rare earth market this week was weak downstream demand. Entering the off-season in July, magnetic material enterprises saw insufficient new orders, adopted extremely cautious procurement strategies, and only maintained essential restocking, with inquiries and transactions staying sluggish. Meanwhile, the spot Pr-Nd oxide market was weighed down by heavy wait-and-see sentiment, with an intense tug-of-war between upstream and downstream. Some traders cut prices slightly to sell, but plants, supported by costs, were more willing to hold prices firm, making low-priced cargo consistently hard to find, which led to a stalemate in actual transactions. Currently, overall trading activity in the rare earth oxide market remains low, and the sustainability of Friday's price rebound is yet to be seen. Looking ahead to the near term, with the stalemate between upstream and downstream, Pr-Nd product prices are expected to move sideways in a narrow range, with limited room for either a sharp rise or fall. Supporting factors lie on the supply side—recently, some raw ore separation enterprises have suspended operations, and scrap recycling enterprises' production has stayed persistently low, keeping overall oxide supply relatively tight and providing a bottom to prices. Conversely, drags come from the demand side: in the short term, new orders for magnetic material enterprises are unlikely to recover quickly, buyers show low acceptance of high prices, and the market lacks momentum for sustained upward movement. For heavy rare earths, dysprosium and terbium are expected to gradually stabilize after this week's correction as major players step in to purchase. In the medium term, most industry participants hold expectations of demand recovery in the traditional peak season at the end of Q3, and coupled with potentially improving new export orders, the rare earth price center still has potential to trend steadily higher after a period of consolidation. However, in the short term, close attention must be paid to downstream restocking pace and the procurement moves of top-tier players.

【Domestic Zinc Concentrate Market】As month-end approaches, Chinese smelters and mines have started preliminary negotiations on August zinc concentrate treatment charges (TCs). Final agreements across most regions are expected to be concluded next week, with the market awaiting the official August TC settlements.

[SMM Analysis: Supply Tightens but Demand Weak, Rare Earth Market Sees Stalemate; Will Prices Recover in the Short Term?] This week, the overall rare earth oxide market was under pressure and in the doldrums. The price centers of Pr-Nd, dysprosium, and terbium all declined to varying degrees, but a clear divergence signal emerged towards the weekend. Pr-Nd oxide declined continuously from the beginning of the week to Thursday, falling from approximately 763,000-766,000 yuan/mt to 752,000-755,000 yuan/mt, a cumulative drop of about 11,000 yuan/mt. On Friday, boosted by higher futures prices and favorable news, spot suppliers' willingness to sell at low prices diminished, with offers rebounding slightly. However, actual transactions followed slowly, and inquiries from downstream magnetic material enterprises remained sluggish.

As the global green transition and the "dual carbon" goals advance further, the nonferrous metals industry is accelerating its shift toward low-carbon, smart, and high-end development. South China, as a core industry hub, boasts a well-established industry chain, outstanding resource endowments, and strong policy support, generating robust development momentum. Hosted by SMM, the is scheduled to be held from September 9 to 11 in Nanning, Guangxi. Centered on five key topics—price trends, market outlook, trade environment, policy direction, and low-carbon technology—the conference serves as a high-end industry platform for exchange and collaboration. Geely Baikuang Group Co., Ltd. sincerely invites colleagues from all sectors to gather in Nanning, join in this grand event, and jointly promote technological innovation and digital-intelligent transformation, helping enterprises seize opportunities and tackle challenges, and driving the high-quality development of the nonferrous metals industry. Click the to sign up and attend now! Booth No.: B6 Unleashing the Value of Resources for Sustainable Social Development Geely Technology Group was founded in 2017 and is affiliated with Geely Holding Group. It consistently adheres to the development philosophy of "innovation-driven, industry-based," advancing the transformation and upgrading of traditional industries and the growth of strategic emerging industries through technological innovation. The Group has four core industries: new materials (resources), motorcycle smart manufacturing, the low-altitude economy, and power and AI semiconductors, with strategic investments in commercial aerospace, new energy, and other businesses. It continues to strengthen its industry ecosystem advantages and consistently delivers valuable products and services to society. Currently, the Group's annual output value exceeds 100 billion yuan, with a workforce of more than 20,000. Geely Baikuang Group is an important member of the Fortune Global 500 company Geely Holding Group and one of the core enterprises in the new materials (resources) sector of Geely Technology Group. Its business spans multiple fields, including coal, electric power, aluminum, carbon, deep aluminum processing, and ecological manganese. Guangxi Baiming New Materials Co., Ltd. 's 50kt annual capacity project for electrical round aluminum rod represents a critical strategic initiative by Geely Baikuang Group, leveraging its existing liquid aluminum capacity to extend the aluminum industry chain and enhance product added value. It is also a concrete practice of the Group's active response to the strategic deployment for the "second entrepreneurial push" of the aluminum industry by the Autonomous Region and Baise City, while deepening supply-side structural reform. As a vital link in the circular development of Baise's eco-aluminum industry, this project will further optimize the regional aluminum industry layout, promote the efficient local conversion of resources, and strengthen the industry's overall competitiveness. The project is situated within the Longlin Aluminum Plant, part of the Gui-Qian (Longlin) Economic and Industrial Cooperation Park in Mugu Village, Pingban Town, Longlin Various Ethnic Groups Autonomous County. There, it fully leverages the raw material advantage of the Longlin Aluminum Plant's existing liquid aluminum capacity, facilitating the direct supply and conversion of nearby liquid aluminum, thereby significantly reducing remelting energy consumption and production costs. Total project investment is approximately 14.2 million yuan. Once completed and in operation, it is expected to form a production capacity of 50,000 mt per year of electrical round aluminum rod, achieve an annual output value of about 1 billion yuan, and generate annual tax revenue of approximately 2 million yuan. Company's Main Products The electrical round aluminum rods cover mainstream alloy designations such as 1A60, 1370, 1350, 8030, 8R76, 6201, and 8A07 high-conductivity rod, and specifications include wire diameters of Ø9.5, Ø12, Ø15, etc. They are widely used in conductor manufacturing for power cables and fiber optic cables, as well as in electromagnetic wire, enamelled wire, and air-conditioning condenser tubes, providing high-performance materials for motors, transformers, electronic components, and NEV parts, thereby strengthening the foundation for power and signal transmission. The project introduces smart integrated equipment, integrates multiple processes, and precisely controls aluminum semis processing, practicing the principles of high quality, low energy consumption, high efficiency, and sustainability, breaking through traditional limitations, and supporting the green and low-carbon development of China’s aluminum industry. Aluminum Processing Industry The aluminum processing industry is a key breakthrough sector for Geely Baikuang Group to achieve transformation and upgrading. It shoulders the major mission of extending Guangxi’s aluminum industry “second startup” toward advanced aluminum processing. Currently, it includes aluminum wheel hubs, refined aluminum, etc. The aluminum wheel hub project relies on Geely’s systematic advantages in the automotive industry and enjoys huge market demand. For the 10-million-unit-per-year aluminum alloy wheel hub project, Phase I with 5.2 million wheel hubs was launched into production in 2021. Refined aluminum has completed construction of 10,000 mt capacity, with aluminum purity reaching 99.99%, mainly applied in high-tech fields such as electronics and aerospace. At the same time, Geely Baikuang Group is establishing an integrated system covering R&D, production, and sales, and advancing the construction of the aluminum plate/sheet, strip and foil project and the production base for NEV all-aluminum vehicle-supporting aluminum products and parts, to meet the huge demand for aluminum-based composite materials from the NEV industry, enrich Baise’s aluminum industry structure, and promote the high-quality development of Guangxi’s aluminum industry second startup. Manganese Industry The manganese industry is an emerging industry of Geely Baikuang Group, currently including manganese carbonate ore, electrolytic manganese metal, etc. The Geely Baikuang Jingxi Ecological Manganese Industry Integrated Park is one of the important manganese ore industrial bases in Guangxi and even China, with existing manganese carbonate ore resources of 20 million mt, Envision reserves of 40 million mt, and an annual output of 330,000 mt of manganese carbonate ore; electrolytic manganese metal capacity of 60,000 mt has been completed and put into operation. Geely is vigorously promoting NEV production, and Geely Baikuang will actively transform and upgrade toward new energy battery manganese-based materials, providing raw materials to new energy battery enterprises. Aluminum Smelting Industry Contact Information Huang Xiaoma 18177800977 SMM Conference Contact Ding Weiquan 18029344837

On 22 July 2026, Zimbabwe’s state-owned Mutapa Energy Resources released the JORC-compliant resource estimate for the Sandawana lithium project: Block A totals 39.9 million tonnes at 1.39% Li₂O, with an exceptional 72% classified as Measured. Block A accounts for only 30% of the lease area; the remaining 70% remains unexplored, and the company targets upgrading the total resource to 90 million tonnes. The Zimbabwean government has banned concentrate exports effective 1 January 2027 with no extension granted, forcing miners to accelerate local processing. Sandawana’s processing plan is still at the feasibility stage, lagging behind peers such as Huayou Cobalt (already in production), Sinomine and Yahua (under construction). Chinese capital is deeply involved: Huayou and Tsingshan are building a US$270 million concentrator under a BOT model, while Mutapa has secured an additional US$300 million in funding (including Chinese investors). SMM believes the high Measured proportion gives the project strong “bankability”, but the mismatch between resources and processing capacity, combined with the export ban countdown, makes the next six months decisive for the project’s success. I. JORC Resource: Nearly 40 Mt with 72% Measured On 22 July 2026, Zimbabwe’s state-owned lithium enterprise, Mutapa Energy Resources (MER), officially released the JORC (Joint Ore Reserves Committee)-compliant resource estimate for the Sandawana lithium mine. The report shows that Block A contains a total mineral resource of 39.9 million tonnes at an average grade of 1.39% Li₂O – of which Measured Resource is approximately 28.6 million tonnes, accounting for 72% ; Indicated Resource is 2.7 million tonnes (6.8%); and Inferred Resource is 8.5 million tonnes (21.3%). This proportion of Measured Resource is extremely rare in Zimbabwe’s mining industry. At the Harare press conference, Mutapa Energy CEO Innocent Rukweza stated: “To our knowledge, we are the first mine in Zimbabwe with a Measured Resource representing 72% of the total resource. Most mines are far below this level, while we have exceeded 50%, which makes the resource ‘bankable’.” Even more noteworthy is that this 39.9 million tonnes resource is derived only from Block A, which covers just 30% of the entire 3,800-hectare mining lease. Blocks B and C – together accounting for 70% of the lease area – remain largely unexplored. Rukweza made it clear that the company aims to increase the total resource from the current nearly 40 million tonnes to 90 million tonnes . To achieve the above exploration results, Mutapa Energy completed 103,000 metres of drilling and collected and tested 33,000 samples over the past 11 months, at a total cost of US$24 million . The company has already mined approximately 2 million tonnes of ore from Sandawana and is constructing a concentrator with an annual processing capacity of 3 million tonnes . II. From Abandoned Emerald Mine to National Lithium Strategic Pillar Sandawana is not a greenfield project. Its mining history dates back to 1955 , when it was renowned for high-quality emerald (green beryl) production and operated for about 40 years. In 2010, operations were suspended due to working capital shortages and depletion of emerald resources. The mine’s “second life” began with Zimbabwe’s national strategic shift. As the global energy transition accelerated, lithium rose from a niche mineral to “white petroleum”. The Zimbabwean government incorporated lithium development into its national strategy, and Sandawana was repositioned as a lithium and tantalum project, placed under Mutapa Energy Resources, which is owned by the Mutapa Investment Fund. In 2025 , the former operating entity Kuvimba Mining House announced a US$270 million investment to build a lithium concentrator at Sandawana, with construction planned to start in the third quarter of 2025 and commissioning targeted for early 2027. In February 2026 , the Mutapa Investment Fund restructured Kuvimba into several specialised entities, and Mutapa Energy Minerals formally took over Sandawana, with Innocent Rukweza appointed as CEO. This restructuring marked Sandawana’s upgrade from a “legacy asset” to a flagship project of Zimbabwe’s national lithium strategy. III. Lithium Sulphate Strategy: A Chaser under Policy Pressure Sandawana’s processing roadmap is clear and urgent: concentrate → lithium sulphate → lithium carbonate . Zimbabwe’s government has progressively tightened lithium controls: in 2022 it banned unprocessed raw ore exports; in June 2025 it announced a ban on lithium concentrate exports effective 1 January 2027 ; in February 2026 it temporarily suspended all concentrate exports, later granting conditional soft relief via quotas while imposing an additional 10%–16% tax on concentrate exports and requiring written commitments from companies to build lithium sulphate plants before 2027. The government has explicitly ruled out any extension and will enforce the ban as scheduled. This policy imposes enormous time pressure on all lithium miners in Zimbabwe. In June 2026 , Rukweza, in his capacity as chairman of the Zimbabwe Lithium Producers’ Association, submitted an appeal to the government on behalf of the industry, requesting a postponement of the ban to March or June 2027 . In his remarks, he stated candidly: “We are not trying to avoid our beneficiation obligations; we are sincerely asking for time to complete the projects we have already started.” He revealed that among the seven major lithium producers, only Huayou Cobalt’s lithium sulphate plant has been completed, commissioned and has achieved product shipments ; Sinomine’s Bikita Minerals and Yahua’s Kamativi lithium mine are still under construction. Sandawana’s processing scheme, by contrast, remains at the feasibility study stage . In other words, Sandawana is far ahead on resources but a chaser on processing. The company has committed approximately US$1.45 billion to local processing facilities, but the time window is narrowing. IV. Chinese Capital: Deep Integration from Financing to Construction Long before the investment landed, Chinese companies were already deeply embedded in Sandawana’s development chain. In September 2024 , Zhejiang Huayou Cobalt and Tsingshan Holding Group reached a cooperation agreement with Zimbabwe’s state-owned Kuvimba Mining House (the predecessor of Mutapa Energy Resources). Under the agreement, the Chinese partners do not hold direct equity in Sandawana, but participate under a BOT (Build-Operate-Transfer) model – the partners will operate the processing plant for at least 5 years after commissioning, during which they will recover construction costs and earn operating profits, after which all assets and titles will be transferred to the Zimbabwean state free of charge . In February 2026 , Mutapa Energy Resources CEO Rukweza officially confirmed that the Sandawana concentrator would be built in cooperation with Huayou Cobalt and Tsingshan under this BOT framework. The facility involves an investment of US$270 million , with an annual processing capacity of 600,000 tonnes of ore, targeting commissioning in early 2027. Dinson Holdings , as Tsingshan’s core investment platform in Zimbabwe, though not directly involved in the Sandawana project cooperation, operates an ore processing facility with an annual capacity of 1 million tonnes through its subsidiary Gwanda Lithium . Before Sandawana’s own concentrator is completed, some ore from Sandawana has been shipped to Gwanda for processing. Dinson has accumulated total investments of approximately US$900 million in Zimbabwe, covering ferrochrome smelting, coke, steel and lithium processing, forming a critical pillar for Tsingshan’s lithium operations in the country. In addition, Sinomine Resource Group, Chengxin Lithium Group and Sichuan Yahua Industrial Group are among the Chinese companies that have invested in Zimbabwe’s lithium sector. Chinese capital’s presence in Zimbabwe’s lithium industry has extended from pure investment to full-chain cooperation covering technology, engineering, construction and off-take agreements. SMM Perspectives The release of Sandawana’s JORC resource has landmark significance on three levels: First, the “certainty” value of resource quality. A Measured Resource proportion of 72% is exceptionally rare in African mining projects. This means geological risk has been substantially compressed, giving the project clear “bankability”. Against the backdrop of global lithium prices falling from their 2022 peak of approximately US$86,000/tonne to the current level of about US$14,000/tonne, capital is placing a higher premium on “certainty” – Sandawana’s high Measured proportion precisely meets that demand. Second, the urgency of the time window. The 1 January 2027 concentrate export ban is now on a countdown. Sandawana’s resource is “in place”, but its processing capacity remains at the “feasibility study” stage. Huayou Cobalt is already in production, while Sinomine and Yahua are under construction – Sandawana clearly lags behind its peers on the processing front. Whether the US$300 million funding can translate into rapid processing facility construction will determine whether this “Zimbabwe’s largest undeveloped lithium asset” can complete its value realisation before the ban takes effect. Third, the game of Zimbabwe’s “resource nationalism”. From the 2022 raw ore ban to the 2027 concentrate ban, Zimbabwe is advancing along a clear path: “ban raw ore → restrict concentrate → mandate lithium sulphate”. The objective is clear: to keep higher value-added links of the lithium value chain within the country. But for Sandawana, this means a stark choice between “selling concentrate” and “building a lithium sulphate plant” – and time is not on its side. Sandawana possesses Zimbabwe’s highest-quality lithium resource endowment and carries the nation’s ambition to transform from a resource exporter into a battery materials producer. But whether the “quality” of its resources can translate into the “quantity” of processing capacity depends on a three-way race among capital, technology and policy. The US$300 million has arrived, the US$270 million concentrator is under construction, but the feasibility study for the lithium sulphate plant has only just begun. When the clock strikes January 2027, will Sandawana be an “exemption” or a “restricted party” under the concentrate export ban? The answer will be revealed in the next six months. Sources: Mutapa Energy Resources, SMM, publicly available information

China's sulphuric acid market continues to weaken, index declines [SMM Sulphuric Acid Weekly Review]