From June 3 to June 5, the 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 , with a strategic partnership established 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 the sub-forum, bringing together 3,500+ attendees from 45 countries and regions worldwide, with 120+ speakers sharing their insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG construction, etc. Conference Background In the process of global industrial upgrading, the strategic value of critical metals has become increasingly prominent, and Southeast Asia has gradually emerged as a highly dynamic segment of the global mining landscape. As a major regional mineral producer, Indonesia has successively introduced multiple industrial policies for critical metals such as nickel, tin, aluminum, and copper, adjusting and optimizing areas including mining quotas, pricing mechanisms, tax policies, export management, and domestic market obligation since 2026. These efforts are guided by the goals of improving the regulatory system, enhancing industrial added value, and optimizing resource revenues, and have had a significant impact on the global metal supply chain and market dynamics. As Indonesia’s premier flagship event for the mineral industry, this conference focuses on supply chain security of critical minerals including nickel, cobalt and tin, and adopts a dual-driven model of mining and energy. It commits to promoting Indonesia’s industrial upgrading from raw material export to high-value industrial chain development, while providing solid resource support and practical cooperation paradigms for regional and global energy transition. 》Click to view the photo gallery of the conference June 3: Main Forum Opening Ceremony Adam Fan, Chairman, Shanghai Metals Market Nanan Soekarna, Chairman, APNI Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Sherly Tjoanda, Governor of North Maluku, North Maluku Government Todotua Pasaribu, Vice Minister, Ministry of Investement and Downstream Industry of Indonesia Drum Performance & Dance Show Opening Address Speaker: Adam Fan, Chairman of SMM Adam stated that this year marks the 4th year of the Indonesia Critical Minerals Conference. This flagship industry event is dedicated to building a global platform connecting Indonesia with the world. Empowering mineral resources through technology, the conference links producers and consumers to facilitate industrial chain and business cooperation. Boasting a record-high attendance, this year’s event gathers 3,500+ participants and 120+ speakers. The growing participation of global countries, enterprises and industry professionals demonstrates rising international trust and confidence in Indonesia’s critical mineral ecosystem. As cross-border collaboration is essential for building a robust global critical minerals supply chain, the conference strives to enhance supply chain transparency, interconnectivity and in-depth global industrial cooperation by pooling industry insights and resources. Speaker: Nanan Soekarna, Chairman of APNI Nanan Soekarna stated in his remarks that the 4th Indonesia Critical Minerals was the largest to date in terms of attendance, demonstrating the global industry’s full confidence in Indonesia’s minerals industry, cross-border cooperation models, and Indonesia’s roadmap for sustainable mining development, and he extended his sincere gratitude to all participating partners. He noted that the core of development in the critical minerals sector has shifted from a simple contest of resources and capacity to the transformation of the sustainable value of natural resources, balancing diverse economic, social, and environmental benefits. By deepening downstream industry chain expansion, Indonesia aims both to enhance industrial value-added and to build an international industrial brand and strengthen credibility in the global market. In the future, the core of global mining competition will not lie in resource reserves, but in transparent, responsible, and sustainable resource governance capabilities. Relying on global partners, Indonesia will uphold the philosophy of sustainable mining development and, through high-quality cooperation and shared value principles, work together to build the future of the critical minerals industry that balances ecology, benefits, and long-term development. Speaker: Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Arif Havas Oegroseno mentioned that critical minerals are increasingly becoming a focal point of global geopolitical competition, with elements such as energy, minerals, and trade and economic rules being instrumentalized from time to time. Leveraging its domestic resource endowments, Indonesia is vigorously advancing downstream deep processing of minerals; this strategy is not limited to industrial upgrading, but is also a comprehensive development initiative that boosts employment, consolidates science and technology innovation capabilities, enhances industry chain resilience, and delivers inclusive gains from green development. In response to procurement demands from multiple parties, Indonesia adheres to a diversified cooperation approach by expanding a diverse range of procurement partners and promoting deeper participation by resource countries in technology R&D and industry chain value-added, thereby avoiding the risks of dependence on a single partnership. He also noted that for the future governance of critical minerals, ESG should truly become a competitive advantage for enterprises rather than a trade barrier, with its original purpose being to optimize environmental management, improve social responsibility, and empower enterprises to enhance quality and efficiency. In the face of a new round of industrial transformation, critical minerals serve as the core raw materials for energy transition, the digital economy, and the development of high-tech industries. Based on its resource endowment, Indonesia is determined to transform from a mineral resource producer into a reliable partner in the global industry chain and a co-builder of industry rules. It invites global investors, industry chain producers, and resource-producing countries to join hands, uphold the spirit of partnership, reject unreasonable additional conditions, and jointly build a new global pattern for critical minerals that is inclusive and universally beneficial. Keynote Speech: Investing in Critical Minerals Downstreaming: Unlocking the Full Value of Indonesia's Resources Guest Speaker: Todotua Pasaribu, Vice Minister, Ministery of Investment and Downstream Industry of Indonesia Pasaribu Todotua stated that against the backdrop of climbing global demand for critical minerals and concentrated resource origins, the strategic attributes of this category continue to stand out. Indonesia, leveraging its resource endowment, vigorously promotes the downstream transformation of the entire industry chain, which is a core national policy to boost the economy and optimize supply chain structures. Under the president's policy deployment, Indonesia has designated mineral deep processing as a pillar of industrial upgrading. The authorities have delineated 28 categories of strategic minerals across eight major sectors and estimated potential investment in related tracks at approximately $618 billion, which is expected to create 3 million new jobs annually upon implementation. The country has set investment attraction targets from 2024 to 2029, accompanied by annual implementation plans. The 2026 target is clear, and investment implementation progress in the first quarter has been steady. In recent years, downstream industry investment has accounted for nearly 30% of national fixed asset investment, becoming a key driver to boost the economy and helping the country sprint toward the 8% economic growth target by 2029. He introduced that Indonesia has already established downstream layouts in multiple critical mineral tracks, including nickel, tin, aluminum, copper, PV raw materials, and semiconductor raw materials. The nickel industry has extended from stainless steel production to the entire power battery industry chain, while the tin, aluminum, and copper sectors continue to expand into deep processing, electronic materials, and other high-value-added categories, synchronously deploying supporting industry chains for PV and semiconductors. To solidify the conditions for industrial implementation, Indonesia has optimized the business environment in three aspects: accelerating approval processes, providing infrastructure support, and offering policy incentives. It has shortened project approval cycles, improved supporting facilities for hydropower, ports, and transportation, and implemented supportive measures such as tax reductions and tariff preferences, continuously attracting global capital and technological cooperation. This drives the country's transformation from a raw material exporter to a high-value-added product manufacturer, relying on multi-party collaboration to convert local mineral resources into sustainable industrial benefits. Guest Speaker: Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Zou Ciyong said global demand for critical minerals continues to rise along with the rapid development of clean energy and digital industries, and the role of resource countries in ensuring stable mineral supply is becoming increasingly critical. Indonesia's transformation path from raw material extraction to deep processing can provide reference for resource countries in the Global South. Currently, mining development still faces multiple challenges such as environmental protection, carbon emissions, and livelihood supporting facilities. Sustainable development has become an imperative for the industry, which needs to balance economic benefits, green development and social inclusion. Leveraging its multilateral platform advantages, UNIDO empowers its member states in multiple dimensions, including industrial policy, technology transfer, investment and financing, and capacity building, promotes the establishment of a Global Green Mining Cooperation Alliance, and has implemented a demonstration project of the Indonesia Nickel Industry Eco-Industrial Park, using the project as a model to explore a sustainable development path for global mining. He pointed out that the long-term development of the critical minerals industry cannot be separated from in-depth international cooperation, and it is necessary to establish transparent public-private partnerships, build resilient supply chains, and uniformly implement common industry standards. Indonesia intends to join forces with partners from all sectors to tap the development potential of the industry, while insisting on placing environmental protection and sustainability at the forefront of industrial development. In the future, UNIDO will continue to engage with governments, industries and capital from multiple parties, working together to achieve coordinated economic, social and environmental benefits from mineral resources. Keynote Speeches Keynote Speech: Beyond Volume: How North Maluku Can Lead Indonesia’s Next Phase of Sustainable Downstream Growth? Guest Speaker: Sherly Tjoanda, Governor of North Maluku Province Sherly Tjoanda elaborated on how North Maluku can lead Indonesia's next phase of sustainable downstream development from the perspectives of geographical location, transportation advantages, skilled talent reserves, and the fact that North Maluku's nickel ore is high-grade ore. Keynote Speech: Two Decades of Critical Minerals: 2016-2036 - How Supply Structures Shape Market Dynamics Guest Speaker: Shirley Wang, VP, Shanghai Metals Market The Rule —Why resource-rich nations must process, not just mine A 1931 Question: Mine Today, or Wait? Hotelling gave mining a theoretical anchor. It was elegant — and incomplete. A rational resource-based country should ensure the rate of price increase is exactly equal to the return on investment (Interest rate) Four Reasons the Real World Departs from the Formula Substitution, policy shifts, demand surprises, and costs — each bends the expected path The Quiet Force Behind All of This Ore grades decline everywhere. Building downstream is not ambition. It is adaptation. Shirley analyzed this by comparing ore grades for nickel, tin, copper, alumina, and others for the years 2016, 2026, and 2036. ► Strategic Insight: Why Low-Grade Ore Is Changing the Rules • Continuously declining grades are forcing industrial upgrading and iteration. Deteriorating raw ore quality is driving mines and smelters to optimize production, increasing the utilization of low-grade ore, the application of new processes, and the recycling of secondary resources. • Pricing power is gradually shifting from trading markets to resource-rich governments. As high-grade mineral deposits are depleted, the impact of short-term supply and demand on prices weakens, and the pace at which resource-rich nations release supply becomes the core variable. Industry Mainline: Commonalities in Two Decades of Development Across Five Metals Nickel: Where One Country Anchors the Market Indonesia influences marginal incremental nickel supply, and the commissioning pace of its domestic industry dominates global nickel price movements. The analysis incorporated the global distribution of nickel mine capacity. Cost Structures Are Moving Apart RKEF costs face the steepest climb. Scale mattered yesterday. Cost discipline matters tomorrow. The Ore Base Is Quietly Shifting Looking at changes in the global nickel production cost structure, the primary low-cost raw material was high-grade primary nickel ore before 2015. From 2016 to 2026, the share of low-grade ore and laterite nickel ore mining has been climbing steadily. Currently, laterite nickel ore stands as the most cost-competitive raw material. As laterite nickel ore grades decline, future nickel production based on sulphide ore may increase. Keynote Speech: Indonesia's Green Nickel: From Us To The Next Generation Guest Speaker: Joseph Hong, President Commissioner, Neo Energy Keynote Speech: AI is NOT optional! Guest Speaker: Adam Fan, Chairman of SMM Adam noted that AI has become an essential requirement for the digital upgrade of the commodity industry. Leveraging a new AI technology system, SMM integrates macro and micro data, market intelligence, and industrial information through full-process intelligent processing, and with human-machine collaboration automatically generates in-depth industry reports — surpassing traditional manual approaches comprehensively in terms of timeliness, coverage, personalization, and depth of analysis. SMM has now deployed a mature industry AI solution: leveraging SMM’s massive database and customized AI capabilities, enterprises can enable intelligent inquiries, interactive reviews, and dynamic strategy simulations, accurately serving transaction analysis, production planning, and inventory strategies for non-ferrous metals such as cobalt, nickel, and copper. SMM AI Data Services offer a three-tier progressive intelligent solution for the metals industry: Instant Inquiry → Xiao Jin (Metrix): access real-time price trends and market insights, with data sourced from a premium subscription-grade database and insights calibrated by senior analysts; In-depth Research → Deep Report: a chapter-by-chapter analysis by product and region, featuring traceable charts and citations, and continuously updated as market conditions evolve; System Integration → MCP Data Services: covering over 200,000 real-time data indicators and more than 60 products across the entire industry chain, a single integration embeds the service into the enterprise AI framework. Keynote Speech: Indonesia's Post-Election Economy: Can the Country Sustain 5–6% Growth Amid Fiscal Pressures, Weak Export Prices and Heavy Industrial Power Subsidies? Speaker: Andre Simangunsong, Head of Mandiri Institute, Office of Chief Economist, Bank Mandiri Andre Simangunsong said Indonesia’s GDP grew by 5.6% in Q1 2026, with a full-year baseline forecast of 5.2%. The strong Q1 growth was primarily driven by a low base effect from delayed fiscal spending in 2025 and the front-loading of this year’s fiscal disbursements. The full year faces uncertainties from rising crude oil prices, geopolitical fluctuations, and a widening fiscal deficit. The 2026 fiscal budget is approximately IDR 2,000 trillion, focusing on eight key areas such as education and food security; 19 major industrial projects have already commenced, with nickel smelting and industry chain parks accelerating establishment, propelling the mineral sector’s transformation from raw resource exports to high-value-added deep processing. Indonesia has revised nickel ore royalty rules, introducing progressive royalty rates, promoting the upgrade of nickel products from nickel pig iron (NPI) to MHP and nickel sulphate, and laying out hydrometallurgical processing for low-grade ores; the outlook for the tin industry is positive. The banking sector’s loan-to-deposit ratio remains stable at 85%, and Bank Mandiri is advancing digital transformation and ESG-compliant lending to empower downstream industry projects. By combining industrial, fiscal, and financial strengths, Indonesia is expected to maintain a growth range of 5%–6% in the medium and long term. CXO Panel: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges Moderator: Laksmi Kusumawati, Director of Downstream Planning and International Economic Cooperation, Ministry of National Development Planning/Bappenas Panelists: Bernardus Irmanto, President Director, PT Vale Indonesia Alex Sun, Chief Sustainability Officer and Vice President, Integrated Energy Service and Carbon Management, Envision Group Marvin R. Reinhart, Portfolio Management Department Head, Indonesia Battery Corporation Ilhamsyah Mahendra, Production & Commercial Director, PT Timah Tbk Keynote Speech: Breaking the Diesel Dependency: Reliable, Affordable Energy for Island Mines Speaker: Mr. Fred Ge, C&I BESS Technical Solution Manager in Asia-Pacific, Sungrow Panel Discussion: The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Moderator： MARCO KAMIYA， UNIDO Representative, Regional Office in Jakarta for Indonesia, Timor Leste and the Philippines UNIDO (United Nations Industrial Development Organization) Panelists: Ary Sudijanto, Deputy for Climate Change Control and Carbon Economic Value Governance, Ministry of Environment, Government of Indonesia Antti Koulumies, CEO, Terrafame Anna Stancher, Senior Project Manager, Responsible Minerals Initiative Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Lihui Sun, Vice President, Chief Sustainability Officer, Huayou Cobalt Cocktail Party We extend our sincere gratitude to the global logistics leader Access World for its exclusive sponsorship of the cocktail party at this conference. Founded in 1933, Access World has grown from a family business into an international logistics organization operating in 25 countries, with a strategically located network of ports and warehousing facilities in prime locations, ensuring the efficient daily handling and flow of goods. As an end-to-end logistics service provider, Access World has long been committed to simplifying global supply chains and enhancing the efficiency of commodity circulation. It is worth noting that this marks the second consecutive year Access World has generously sponsored the cocktail dinner at the Indonesia Mining Conference & Critical Minerals Conference. For this steadfast commitment and dedication to deeply cultivating the industry and continuously empowering industry exchanges, the organizing committee and all attendees express our deep respect and gratitude. Check-in & Networking

June 8, 2026 – Recently, Nantong officially introduced a dedicated support policy for the hydrogen energy industry, charting a course for high-quality development in the sector. Leveraging its local high-quality green electricity and green hydrogen resources and its advanced hydrogen energy manufacturing base, the city is making comprehensive arrangements to build the entire hydrogen energy industry chain. It is striving to become a benchmark for hydrogen energy equipment manufacturing and application demonstration in the Yangtze River Delta and a core regional hub for hydrogen energy supply. The Nantong Municipal Development and Reform Commission and the Municipal Bureau of Industry and Information Technology jointly issued the "Implementation Opinions on Supporting the High-Quality Development of the Hydrogen Energy Industry in Nantong." The document focuses on core industry chain links such as hydrogen production, storage and transportation, and refueling infrastructure, promoting clustered and scaled development of the industry, while continuously expanding the application of hydrogen energy in three key areas: transportation, energy, and industry, thereby systematically constructing a new pattern for the local hydrogen energy industry. The newly issued implementation opinions set a clear, phased development blueprint, defining industrial development goals for two key periods. By 2028 , Nantong will have largely perfected the institutional framework for hydrogen energy development and established a comprehensive "production, storage, transmission, and utilization" supply chain and industrial system. It aims to significantly enhance its industrial technological innovation capabilities, upgrade the quality of the entire industry chain, advance infrastructure construction in an orderly manner, and continuously diversify hydrogen energy application scenarios. By 2030 , the city will have preliminarily established a clean, low-carbon, safe, and efficient hydrogen energy supply and application system, making green hydrogen the primary source of new hydrogen supply, effectively reducing hydrogen usage costs, achieving scaled application of hydrogen energy in transportation, energy, and industry, and delivering substantial industrial development outcomes. To ensure the realization of these goals, the opinions introduce a comprehensive set of supporting measures across four dimensions—industrial innovation and upgrading, infrastructure development, application scenario expansion, and industrial environment optimization—to facilitate the scaled and high-quality development of the hydrogen energy industry. On industrial innovation, Nantong will rely on the "open competition mechanism to select the best candidates" to concentrate efforts on tackling key core technologies in hydrogen energy, accelerating R&D iterations and the market transformation of cutting-edge technologies. Concurrently, it will focus on supporting the construction of various industrial platforms such as provincial-level hydrogen energy innovation platforms and hydrogen energy equipment pilot-scale bases. Drawing on its strong foundation in the equipment manufacturing industry, Nantong will cultivate high-quality enterprises in hydrogen energy subsectors that are specialized and sophisticated SMEs capable of producing novel and unique products, comprehensively enhancing its R&D and manufacturing capabilities for equipment across the entire hydrogen energy chain. In infrastructure development, Nantong will leverage the resource endowments of areas like Rudong, Qidong, Haimen, and its development zones to deploy key projects for producing hydrogen from renewable energy and purifying industrial by-product hydrogen according to local conditions, thereby strengthening the regional hydrogen supply security system. The layout of hydrogen refueling facilities will be scientifically coordinated based on industrial development needs and practical application scenarios, prioritizing the construction of hydrogen refueling infrastructure in key areas such as expressway networks, port logistics hubs, and industrial parks. Furthermore, the city will model its management approach after natural gas refueling stations, creating tailored management standards for hydrogen refueling stations, simplifying construction and deployment procedures, and providing institutional support for the large-scale construction of hydrogen refueling infrastructure. In expanding hydrogen energy application scenarios, Nantong is building a multi-field, diversified application system. In transport, it will vigorously promote fuel cell vehicles, advance the construction of green hydrogen-powered ships, and proactively align with Shanghai's plans for an international shipping green fuel bunkering and trading center, integrating into the Yangtze River Delta's green shipping system. In the energy sector, it will actively explore new application models such as "wind and solar power generation + hydrogen energy storage" integration and hydrogen-heat-power coupling, creating a new type of integrated energy supply system. For industrial development, it will leverage its coastal advantages to build a green fuel industry base, promoting the synergistic development of hydrogen, ammonia, and methanol industries, and implementing pilot demonstration projects for producing green ammonia and green methanol from green electricity. In the industrial sector, it will actively promote green hydrogen metallurgy technology and steadily advance the substitution of green hydrogen, ammonia, and methanol to help high-energy-consuming industries like steel and chemicals achieve deep energy conservation and emission reduction. On industrial environment optimization, Nantong will seize multiple policy benefits from regional hydrogen energy pilots, hydrogen energy urban cluster pilots, and the Yangtze River Estuary Industrial Innovation and Green Development Collaborative Zone to deepen cross-regional industrial cooperation and create a regional hydrogen energy industry landscape characterized by complementary strengths and interconnected development. Meanwhile, it will integrate various financial tools and dedicated government funds to increase support for hydrogen energy projects and prioritize land supply for major hydrogen energy project construction. Additionally, by improving the industrial standards system, intensifying efforts to attract and cultivate hydrogen energy professionals, and strengthening organizational and coordination safeguards, the city will solidify the foundation for the high-quality development of the hydrogen energy industry in all respects.

Northern China is the core heartland of China’s cable industry. Leveraging its industrial foundation, full-chain supporting capabilities, and favorable Beijing-Tianjin-Hebei coordinated development policies, it has built a complete industrial cluster integrating raw material processing, cable manufacturing, new material R&D, and intelligent equipment manufacturing. The region’s annual cable output value has exceeded 100 billion yuan, with a solid industrial base and broad market potential. Benchmarking against the Yangtze River Delta and Pearl River Delta’s advantaged industrial agglomeration zones, Northern China’s cable industry still faces shortcomings such as dispersed industrial resources, relatively weak industry–academia–research linkage, and insufficient risk resilience across the industry chain. Breaking through collaboration barriers has become key to quality improvement in the industry. is scheduled to be held July 23-24, 2026 at Crowne Plaza Qingdao Jinshui, Qingdao, Shandong , focusing on three major themes: industrial collaboration, green intelligence, and globalization. SMM will join hands with the initiating organization—Shandong Wanhai Cable Co., Ltd. to invite customers from the entire industry chain to gather, explore industry opportunities in depth, and help drive quality improvement and upgrading of Northern China’s cable industry. Clickto attend; we look forward to meeting you at the conference. Shandong Wanhai Cable Co., Ltd. is located in the West Coast New Area, Qingdao, Shandong Province. As a wholly owned subsidiary of Zhejiang Wanma Co., Ltd. (controlled by a state-owned enterprise), Wanhai Cable has inherited the parent company’s outstanding quality and strong capabilities. Wanma Co., Ltd. is a high-tech enterprise prioritized for national development, with business broadly covering three core sectors: cables, new materials, and new energy. In 2020, Qingdao Haikong Group invested in Wanma Co., Ltd., and the company further clarified its “one body, two wings” strategic layout. With “north–south linkage” as its development engine, it has continuously strengthened its innovation and R&D capabilities and comprehensively advanced its enterprise transformation toward digitalization, informatization, and intelligentization. As an important part of this grand blueprint, Wanhai Cable is committed to providing comprehensive cable products, technical support, and customized solutions for national infrastructure construction, energy transmission, industrial development, and other fields. The company has introduced first-class key process equipment from in and outside China, and has implemented localisation supporting for major equipment, comprehensively enhancing its overall strength and market competitiveness. The company focuses on developing high-performance products such as environmentally friendly and new energy power cables, and high-end cables for agricultural machinery equipment. With outstanding insulation performance and environmental protection features such as plasticization and recyclable reuse, its products demonstrate significant advantages in cost reduction and efficiency improvement, green development, and environmental protection. SMM Conference Contact Zhang Guolei 166 0190 0190 zhangguolei@smm.cn

Against the backdrop of global energy transition and the accelerated development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound changes across its industry chain. On one hand, demand for silver from emerging fields such as PV, NEVs, and 5G communications continues to climb, driving the industry toward high value-added and green development. On the other hand, resource constraints, technological barriers, and market fluctuations are placing higher demands on industry chain resilience, making innovation-driven, coordinated development across the entire chain an urgent priority. Dual Policy and Market Drivers Under China’s “dual carbon” goals and the global wave of ESG investment, the silver industry faces urgent demands for green production, circular utilization, and low-carbon technologies. The National Development and Reform Commission (NDRC) “14th Five-Year Plan for Circular Economy Development” explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain self-sufficiency and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-users, address industry pain points, and steer the sector toward high-end, intelligent, and international development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Urgent breakthroughs are needed in silver purification processes, nano-silver material applications, and scrap recycling technologies to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information silos exist among the mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transition: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of cleaner production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: The application potential of silver in frontier fields such as hydrogen energy and quantum computing has yet to be fully tapped, calling for strengthened cross-industry cooperation and standard setting. Conference Objectives and Value With the theme “Silver Chain Innovation: Smart Future,” this conference convenes leading global silver industry chain enterprises, research institutions, financial organizations, and policymakers for in-depth dialogue on three core topics: technology R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to propel the silver industry’s transition from “resource dependence” to “technology leadership,” providing key material support for the global energy revolution and the digital economy. Kunshan Shangzeqi Chemical Technology Co., Ltd. will attend this grand event to explore industry development trends with peers and jointly advance the silver industry to new heights. Click to register now for the conference—witness and take part in this momentous, far-reaching industry event, and together create a brilliant new chapter! Kunshan Shangzeqi Chemical Technology Co., Ltd. completed development of its stirring-type dry gas seal software in 2022, which can be widely applied in semiconductors, new energy, small molecule, fine chemical, pharmaceutical, fermentation and other industries. It has already been applied in photoresist projects, new energy projects, and more. Its features include zero pollution, high purity, no contact, no temperature rise, long life, easy maintenance, and insensitivity to rotational speed. This structure provides comprehensive anti-contamination solutions, fully meeting the conditions of clients with high anti-pollution requirements. Kunshan Feihong Company primarily engages in the research, development, manufacturing and application of filtration and separation equipment, drying equipment, reaction equipment, crushing and mixing equipment, and more. The company is dedicated to developing and promoting clean production, safety and environmental protection, and energy-saving and consumption-reduction technologies in the pharmaceutical and chemical industries. Drawing on years of R&D and application experience in pharmaceutical and chemical equipment, combined with extensive client feedback and integrated multi-resource advantages, we can formulate complete and applicable technical solutions tailored to enterprise needs. With outstanding product design capabilities, innovative design and production processing strengths, Feihong Company delivers safe, stable and reliable products to sectors including biomedicine, fine chemicals, food, dyeing and printing, new energy, new materials, semiconductors, and resins. Founded in 2015, Kunshan Unaike Machinery Co., Ltd. specializes in the research and development of crushing and de-agglomeration equipment for “high-end pharmaceutical” or “precious metal” applications. By incorporating advanced Japanese and European technologies, the company continuously refines its products and processes to better serve the precious metal field. Its products have already earned cooperation and recognition from numerous R&D and production organizations in China's precious metal sector. Contact Information Yu Songlei 18914968197 Long press and scan to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

According to Arif Havas Oegroseno, Vice Minister of Indonesia's Ministry of Foreign Affairs, critical minerals have increasingly become a focal point of global geopolitical competition, with energy, minerals, trade rules, and other elements being weaponized from time to time. Indonesia has been vigorously advancing downstream processing of minerals. This strategy goes beyond industrial upgrading — it is a comprehensive development initiative that boosts employment, strengthens scientific and technological innovation capabilities, enhances industry chain resilience, and ensures the benefits of green development are broadly shared.

The global secondary copper industry is at a critical stage characterized by tightening resources, green transformation, and intensifying global competition. As environmental protection policies continue to tighten and the energy crisis deepens, secondary copper, with its significant environmental and economic advantages, plays an increasingly prominent role in alleviating tight supply of primary copper and promoting low-carbon development. Currently, the global copper industry chain faces multiple pressures including supply vulnerability, demand transformation, and low-carbon upgrading. Major economies have successively included copper in their critical minerals lists, and international competition over secondary copper resources is becoming increasingly fierce. Optimizing the industry chain structure, improving recycling efficiency, and harmonizing global standards have become urgent priorities for the industry. To help the industry gain a comprehensive understanding of global policy trends and market landscape, SMM and TOUCHI INTERNATIONAL CORP. have joined hands to produce the , focusing on industry development directions and conveying market insights, aiming to provide practitioners with an authoritative and professional industry distribution guide. (Click the link to get it for free:) TOUCHI INTERNATIONAL CORP. was founded in 2001. With 25 years of deep engagement in the recycled resources sector, it is a globally renowned non-ferrous metal processing and green supply chain service provider, with operations covering more than ten countries and regions including China, South Korea, Vietnam, the US, Australia, and the UAE. The company is headquartered in Akasaka, Minato-ku, Tokyo, Japan, and has a core production site in Kasumigaura City, Ibaraki Prefecture, with a factory area of 12,000 m², equipped with 8 dry and wet copper wire nodules processing lines. It has its own transportation team, achieving integrated operations of raw material recycling, transportation, and processing. Leveraging a professional multinational team and global coordination capabilities, it specializes in the processing and trading of secondary metal materials including bare bright copper wire nodules, bare bright wire, No. 2 copper, tin bronze, bare bright copper ingots, 6-series aluminum extrusions, tin ingots, and more . With stable quality and multiple quality certifications including ISO9001, CIC, and CQC, the company upholds the principles of green development, shared benefits, and people-oriented management, and is highly influential in Japan's secondary metals industry. TOUCHI INTERNATIONAL CORP. Contact: Ryu kokushi Contact Information (Japan): Tel: +81-3-5545-4065 Mobile: +81 9024352198 Email: long@to-chi.co.jp / ryu@to-chi.co.jp URL: https://www.to-chi.co.jp/ Contact: Huiming Yang Mobile: +86 13701160431 (China) Email: huiming@to-chi.co.jp Address (China): 201-03, 2nd Floor, Building 2, No. 52, Chunhe Road, Daxing District, Beijing Address (Headquarters): 3F, 3-6-4 Akasaka, Minato-ku, Tokyo 107-0052, Japan SMM Joint Production Contact Liu Mingkang 156 5309 0867 liumingkang@smm.cn

Leveraging the dual-carbon strategy and the momentum of circular economy development, China's recycled metal industry leads the world in scale, while also facing numerous development challenges. To help enterprises seize industry policy and market opportunities and address industry development issues, SMM will hold the 2026 SMM Recycled Metals Industry Summit Forum & Melting and Casting Technology Special Session in Ningbo, Zhejiang, July 16-17, 2026 . Wuhan Hongjin Metal Aluminum Co., Ltd. cordially invites you to join us in building an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of a global resource circular utilization system and driving the global green economic transition. Click the to register immediately. Booth No.: E6 Hongjin New Materials Group has been deeply engaged in the cast aluminum alloy sector for 30 years and is a leader with over 10 billion yuan in revenue, integrating R&D, production, and services. The Group has established 10 modern production sites and 2 provincial-level new materials research institutes worldwide, with green low-carbon aluminum alloy capacity exceeding 1.5 million mt in 2025. We are committed to providing aluminum alloy ingots, direct molten aluminum supply, and one-stop lightweight solutions. Our independently developed large-scale integrated die-casting heat-treatment-free aluminum alloy is ready for mass production. Our products are widely used in cutting-edge fields such as NEVs and 5G communications, and we are a designated supplier for top 100 automakers including Tesla, BYD, and BBA, as well as Google and Amazon. Hongjin New Materials is fully committed to green and low-carbon practices, "casting the future" together with global partners. I. Enterprise Strengths 1.5 million mt+ : Annual green low-carbon aluminum alloy capacity in 2025 10 billion+ : Annual revenue of the Group 10 major sites : Based in China (south China/central China/east China), with expansion outside China 2 major institutes : Two provincial-level new materials research institutes II. Core Products and Services Providing you with one-stop lightweight solutions from materials to processes: Core Services : Premium aluminum alloy ingot supply | Direct molten aluminum supply | Integrated melting and holding services Specialty Patented Materials : High thermal conductivity, high electrical conductivity, high strength and toughness, and high wear-resistant aluminum alloys Industry Frontier : Large-scale integrated die-casting heat-treatment-free aluminum alloy (Approved by OEMs, ready for mass production) Full Grade Coverage Standard Series : ADC12, A380, A356, ALSI10MNMG, and other mainstream grades. Exclusive Patented Series : HJ Series (HJ03-16), HCS09, HS330, and many other proprietary grades. III. World-Class Partner Network Products are widely used in core sectors including automotive, new energy, low-altitude economy, and 3C electronics. Globally Renowned Automakers : BMW, Mercedes-Benz, Audi, Volkswagen, General Motors, Toyota, Honda, Nissan New Energy Pioneers : Tesla, BYD, NIO, XPeng, Xiaomi, Geely Technology and Ecosystem Giants : CATL, DJI, Inovance ( Designated qualified supplier for Google and Amazon ) IV. Green, Low-Carbon Commitment and Quality Assurance Safeguarding your supply chain security with the highest international standards: System Certifications : IATF 16949, ISO 9001 / 14001 / 45001 / 50001:2018 Green Development : Completed carbon footprint and greenhouse gas verification, deeply engaged in advancing ESG and ASI initiatives. Contact Information Sales Center: South China Team - Sales Director - He Zhijia 138 2754 9148 Central China Team - Sales Director - Li Hongwei 136 1832 5655 East China Team - Sales Director - Han Yaobin 159 5327 5580 Hongbang Team - Sales Director - Yang Zhenjiang 139 2263 2929 Website: SMM Conference Contact Zhou Shiyang Mobile: 17278238856 Email:

Recently, Hunan Angzhu Environmental Protection Technology Co., Ltd. signed an APP advertising cooperation agreement with SMM (Shanghai Metals Market). This partnership aims to expand pragmatic cooperation and promote industry exchange, thereby achieving deepened collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its advantages as a leading non-ferrous metals industry service platform to provide Hunan Angzhu Environmental Protection Technology Co., Ltd. with a one-stop online marketing solution through comprehensive online display, forming a virtuous cycle between production and market, and realizing mutual value for both parties. Hunan Angzhu Environmental Protection Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City, Hunan Province. It is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. Hunan Angzhu Environmental Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City,Hunan Province. it is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. With pyrometallurgy #1 lead as its core product, the company has an annual capacity of 200,000 mt (based on pyrometallurgy #2 refined lead). It also engages in primary lead, lead-calcium alloy, lead-antimony alloy, secondary lead, and secondary refined lead businesses, building an entire industry chain service system from raw material procurement to finished product sales. Taking Pyrometallurgical Grade 1 Lead as its core product, the company has an annual production capacity of 200,000 tons (calculated by Pyrometallurgical Grade 2 Lead). It also engages in businesses such as electrolytic lead, lead-calcium alloy, lead-antimony alloy, recycled lead and recycled refined lead, and has built a full-industry-chain service system from raw material procurement to finished product sales. Core Strengths 1 Environmental Protection First Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to achieve the recycling of wastewater, waste gas, and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to realize the recycling of wastewater,waste gas and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. 2 Technology-Driven The core management team has 20 years of industry experience, has established a three-level quality inspection system, and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through intelligent equipment upgrades, production efficiency has increased by 40%, saving over 20 million yuan in annual production costs. The core management team has 20 years of industry experience, has established a three-level quality inspection system and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through the intelligent transformation of equipment, production efficiency has increased by 40%, saving more than 20 million yuan in annual production costs. 3 Social Responsibility The company has cumulatively created over 200 jobs and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City." It has established industry-university-research cooperation with Central South University and trained over 50 professional and technical talents. It has created more than 200 jobs cumulatively and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City".It has established industry-university-research cooperation with Central South University and trained more than 50 professional and technical talents. Business System • Raw Material Procurement: Crude lead, secondary crude lead • Main Products: Pyrometallurgy #1 lead (national standard GB/T 469-2023), primary lead, alloy lead • Trade Services: Providing value-added services such as warehousing and logistics, futures hedging, and supply chain finance Development Vision Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future," the company plans to establish a provincial-level technology center by 2026 and strives to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future", the company plans to establish a provincial-level technology center by 2026 and strive to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Contact Information Lin Yuancai 139757991777/18768272777 SMM Contact Cao Juanjuan caojuanjuan@ly10000.com 19521491689

On May 18, the Ministry of Industry and Information Technology released the "Implementation Measures for Capacity Replacement in the Steel Industry" (hereinafter referred to as the "Replacement Measures"). SMM conducted a comparative review and analysis of the relevant content...

SMM May 18 Update: Metals market: Last Friday's overnight session saw a broad sell-off across both domestic and overseas metals markets, with most declining over 1%. LME tin led the decline at 4.03%, LME copper fell 3.15%, LME aluminum and SHFE tin dropped over 2% (LME aluminum -2.36%, SHFE tin -2.84%). LME lead, LME zinc, LME nickel, SHFE copper, and SHFE nickel all fell over 1% (LME lead -1.39%, LME zinc -1.35%, LME nickel -1.9%, SHFE copper -1.29%, SHFE nickel -1.3%). SHFE lead and SHFE zinc fell less than 1% (SHFE lead -0.6%, SHFE zinc -0.44%). The alumina front-month contract fell 1.19%, and the foundry aluminum front-month contract fell 0.99%. Last Friday's overnight session saw broad declines in ferrous metals. Stainless steel fell 0.94%, and iron ore fell 0.8%. Hot-rolled coil and rebar dropped over 0.6% (hot-rolled coil -0.63%, rebar -0.62%). For coking coal and coke, coking coal fell 0.49% and coke fell 1.32%. Last Friday's overnight session for precious metals: COMEX gold fell 3.02% overnight, down 3.96% on the week; COMEX silver plunged 10.59%, down 5.65% on the week. In China, SHFE gold fell 1.13%, down 3.37% on the week; SHFE silver fell 6.79%, down 3.26% on the week. This was mainly driven by rising US Treasury yields and the strengthening of the US dollar with no resolution in sight, while the US-Iran conflict intensified inflation concerns, further reinforcing market expectations of interest rate hikes. As of 8:24 AM on May 16, last Friday's overnight closing prices: Macro Front Wang Yi briefed the media on the China-US summit and the consensus reached. Wang Yi stated that the two heads of state interacted for nearly 9 hours and agreed that building a "China-US Constructive Strategic Stability Relationship" was the most important political consensus. At the invitation of President Trump, President Xi Jinping will pay a state visit to the US this autumn. The economic and trade teams of both countries reached overall balanced and positive outcomes, including continuing to implement all consensus from previous negotiations, agreeing to establish a Trade Council and an Investment Council, addressing each other's concerns on agricultural product market access, and promoting the expansion of two-way trade under a reciprocal tariff reduction framework. China: The Ministry of Foreign Affairs provided consolidated responses on China-US economic and trade issues including semiconductors, rare earths, Boeing, and oil purchases. On May 15, Ministry of Foreign Affairs spokesperson Guo Jiakun hosted a regular press conference and provided consolidated responses on China-US economic and trade issues. Regarding rare earth supply, China is committed to maintaining the stability of global supply chains. Regarding purchases of US oil and Boeing aircraft, China expressed willingness to jointly safeguard energy security and supply chain stability, emphasizing the mutually beneficial nature of China-US economic and trade relations. Qiushi Journal published an important article by General Secretary Xi Jinping titled "Making the Real Economy Stronger, Better, and Bigger." The article pointed out that manufacturing is the foundation of the real economy, and high-quality development of manufacturing should be given a more prominent position, with unwavering commitment to building a manufacturing powerhouse. It called for implementing industrial foundation re-engineering projects and major technical equipment breakthrough projects, supporting the development of specialized, refined, distinctive, and innovative enterprises, and promoting high-end, intelligent, and green development of manufacturing. It also called for promoting the integrated cluster development of strategic emerging industries and building a batch of new growth engines in areas such as next-generation information technology, artificial intelligence, biotechnology, new energy, new materials, high-end equipment, and green environmental protection. US dollar: As of last Friday's overnight close, the US dollar index rose 0.41% to 99.28, up 1.45% on the week. Rising energy prices and prolonged shipping disruptions intensified inflationary pressures, pushing up market expectations that the US Fed would raise interest rates this year. US interest rate futures prices fell sharply on Friday, reflecting growing conviction among bond market investors that elevated inflation would force the US Fed to raise interest rates later this year or in early 2027. According to the CME FedWatch tool, the market priced in approximately a 60% probability of a 25-basis-point rate hike by the Federal Open Market Committee (FOMC) meeting next January, with a 50% probability of a rate hike in December. US April retail sales grew further, but part of the increase may have stemmed from rising inflation, as the Iran conflict pushed up energy and other commodity prices. Data released Thursday showed April retail sales rose 0.5%, in line with market expectations, while the March increase was revised down to 1.6%. The Iran conflict is driving up inflation; US Energy Information Administration data showed gasoline prices rose 12.3% in April. Despite surging oil prices, consumer spending had not yet noticeably shifted away from other areas due to larger tax refund amounts this year. IRS data showed that as of April 25, the average refund amount increased by $323 compared to the same period in 2025. However, this support is fading. Economists at PNC Financial Services Group stated that based on internal data analysis, "consumers are spending their tax refunds faster than last year, especially among lower-income households," adding that "the amount of refund money being used to pay off credit card and other debts is also declining." (Jin10 Data APP) The Fed Board of Governors said in a statement on Friday that it had appointed Jerome Powell as chair pro tempore until his successor Kevin Warsh is officially sworn in. The US Fed stated: "This interim step of appointing the current chair as chair pro tempore is consistent with the practice followed during previous chair transitions." In response, Fed Governors Bowman and Milan stated that they did not support the interim appointment. On May 15, Powell's term as Fed Chairman expired. (Wallstreetcn) Analysts at BofA Global Research: If strong global economic growth prevents the US Fed from cutting interest rates, emerging markets could perform well. However, under scenarios of asymmetric growth (favoring the US) or a global stagflation shock, emerging markets would be more vulnerable. On the currency front, even though the election trigger point is still months away, commodity outlook and monetary policy should continue to provide support for the Brazilian real. (Wallstreetcn) Data: This week, China will release data including April total retail sales of consumer goods YoY, April industrial value added of enterprises above designated size YoY, the one-year Loan Prime Rate as of May 20, and April Swift RMB share in global payments. The US will release data including initial jobless claims for the week ending May 16, weekly ADP employment change for the week ending May 2, April pending home sales index MoM, April annualized housing starts, April building permits, May Philadelphia Fed Manufacturing Index, continuing jobless claims for the week ending May 9, May S&P Global Manufacturing PMI preliminary, May S&P Global Services PMI preliminary, May University of Michigan Consumer Sentiment Index final, May NAHB Housing Market Index, May one-year inflation expectations final, and April Conference Board Leading Index MoM. The UK will release data including March three-month ILO unemployment rate, April unemployment rate, April claimant count, April CPI MoM, April Retail Price Index MoM, May Manufacturing PMI preliminary, May Services PMI preliminary, May CBI Industrial Orders balance, May GfK Consumer Confidence Index, April public sector net borrowing, and April seasonally adjusted retail sales MoM. Germany will release data including April PPI MoM, May Manufacturing PMI preliminary, June GfK Consumer Confidence Index, Q1 final non-seasonally adjusted GDP YoY, and May IFO Business Climate Index. The eurozone will release data including March seasonally adjusted trade balance, April CPI YoY final, April CPI MoM final, May Manufacturing PMI preliminary, March seasonally adjusted current account, and May Consumer Confidence Index preliminary. Canada will release data including April CPI MoM and March retail sales MoM. Japan's April core CPI YoY, France's May Manufacturing PMI preliminary, and Australia's April seasonally adjusted unemployment rate will also be released. In addition, in China, the National Bureau of Statistics (NBS) will release the monthly report on residential property prices in 70 large and medium-sized cities, the State Council Information Office will hold a press conference on the national economic performance, and a new round of domestic refined oil price adjustment window will open. At 2:00 AM on May 21, the US Fed will release the minutes of its monetary policy meeting. The Reserve Bank of Australia will release the minutes of its May monetary policy meeting. ECB Chief Economist Lane and Fed Governor Waller will speak at an ECB research conference. 2026 FOMC voter and Philadelphia Fed President Paulsen will deliver a speech. Crude oil: As of last Friday's overnight close, the US-Iran standoff over Strait of Hormuz passage remained unresolved, and both benchmarks rose. WTI gained 4.44% and Brent gained 3.55%. On the week, WTI rose 10.73% and Brent rose 8.08%. As the Iran conflict cut off energy supplies from the Persian Gulf, US refiners are ramping up fuel production to fill supply gaps in gasoline, diesel, and jet fuel. Analysts said this rapid growth trend is expected to keep many refineries operating at effective maximum capacity for at least the remainder of 2026. Reduced spare crude oil supply in Europe and other regions, combined with the difficulty of restoring post-conflict infrastructure in the Middle East in the short term, is pushing up crude oil refining margins. Analysts said this rapid growth trend is expected to keep many refineries operating at effective maximum capacity for at least the remainder of 2026. Data from the US Energy Information Administration showed that the so-called "capacity utilization rate" has climbed for three consecutive weeks and is now approaching 92%. In recent weeks, gasoline production hit a nine-month high, while jet fuel production reached its highest level since the summer of 2024. (Jin10 Data APP) US Energy Secretary Wright said at an event in Sabine Pass, Texas on Friday that the US will replenish every barrel of crude oil released from the Strategic Petroleum Reserve (SPR). He said: "We are releasing oil now, and for every barrel released, we will put back at least 1.2 barrels into the reserve. Ultimately, we will make the reserve larger than when we started." (Jin10 Data APP) According to US media reports, the Trump administration plans to streamline the permitting process for oil projects within the National Petroleum Reserve-Alaska to boost crude oil production in the US Arctic region. The Interior Department's move aims to establish a new permitting framework for the construction and operation of oil production facilities and related infrastructure. Under the plan, eligible projects could receive analysis and authorization more quickly, potentially within just 30 days. This initiative could benefit companies holding leases in the reserve, such as ConocoPhillips, Santos, and Repsol, and accelerate government review of projects like ConocoPhillips' Willow project, which had drawn strong opposition from climate activists. During the Iran conflict, with approximately 20% of global supply trapped in the Persian Gulf, the Trump administration has stepped up calls for US oil companies to increase production. (Jin10 Data APP) US import and export prices surged in April, posting the largest increases in over four years, driven by oil market pressures related to the Iran conflict, further signaling rising inflation in the world's largest economy. Data released Thursday by the Bureau of Labor Statistics showed the import price index rose 1.9% MoM, the largest increase since March 2022, with petroleum costs surging 19%. Export prices rose 3.3% MoM, also the largest increase in over four years. (Wallstreetcn)