Recently, the first coils were successfully rolled off the pickling line and hot-dip galvanizing line of the cold-rolling project of Anhui Panhua New Materials Co., Ltd., for which China National Heavy Machinery Research Institute Co., Ltd., a subsidiary of SINOMACH Heavy Equipment Group, served as the EPC contractor, marking the successful commissioning of the project.

Following review and deliberation, Baosteel hereby announces the adjustments to its domestic sales prices for April 2026 based on March 2026 (unless otherwise specified, all prices are tax-exclusive), as follows: I. Hot-rolled: Base price raised by 200 yuan/mt. II. Plate: Base price raised by 200 yuan/mt. III. Pickling: Base price raised by 200 yuan/mt. IV. Cold-rolled: Base price raised by 200 yuan/mt. V. Hot-dip galvanizing: Base price raised by 200 yuan/mt. VI. Electrogalvanization: Base price raised by 200 yuan/mt. VII. Al-Zn-Al-Mg (medium aluminum): Base price raised by 200 yuan/mt. VIII. Al-Zn-Al-Mg (high aluminum): Base price raised by 200 yuan/mt. IX. Aluzinc: Base price raised by 200 yuan/mt. X. Color-coated: Base price raised by 200 yuan/mt. XI. Non-oriented silicon steel: Base price raised by 200 yuan/mt. XII. Grain-oriented silicon steel: Unchanged. XIII. Seamless pipe: Base price raised by 200 yuan/mt. XIV. Welded pipe: Base price raised by 200 yuan/mt. XV. Wire rod: Base price raised by 200 yuan/mt. XVI. Bar: Base price raised by 200 yuan/mt. XVII. For adjustments to alloy surcharges as well as coating and plating surcharges, please refer to the April 2026 price list. XVIII. The above price adjustment notice shall take effect from the date of publication. XIX. The Marketing Center (Baosteel International) of Baoshan Iron & Steel Co., Ltd. reserves the right of final interpretation of this price adjustment notice. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) March 9, 2026

After research and deliberation, Baosteel announces the following adjustments to the domestic sales prices of sheets & plates for July 2025, based on the prices in June 2025 (all prices are exclusive of tax unless otherwise specified): 1. Hot-rolled: Base price remains unchanged. 2. Heavy plate: Base price remains unchanged. 3. Pickled: Base price remains unchanged. 4. Cold-rolled: Base price remains unchanged. 5. Hot-dip galvanizing: Base price remains unchanged. 6. Electro-galvanizing: Base price remains unchanged. 7. Chalco Zn-Al-Mg: Base price remains unchanged. 8. High-Al Zn-Al-Mg: Base price remains unchanged. 9. Aluminum-zinc alloy-coated: Base price remains unchanged. 10. Color-coated: Base price remains unchanged. 11. Non-oriented silicon steel: Base price remains unchanged. 12. Oriented silicon steel: Base price remains unchanged. 13. For details on adjustments to alloy premiums and coating/plating premiums, please refer to the price list for July 2025. 14. This price adjustment notice shall come into effect from the date of announcement. 15. The Marketing Center (Baosteel International) of Baoshan Iron & Steel Co., Ltd. reserves the right to interpret this price adjustment notice. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) June 9, 2025

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a vital pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are emerging as strategic pivots to reshape the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & 7th Hot-dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Zinc Secondary Resources Development Forum, will be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrades, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! As the title sponsor of the sub-forum, Henan Feima Hoisting Machinery Group Co., Ltd. extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Henan Feima Hoisting Machinery Group Co., Ltd. is a professional manufacturer specializing in the production of bridge and gantry cranes, wire rope electric hoists, construction machinery, and hoisting accessories. It is a member unit of the Bridge and Gantry Crane Branch of the China Heavy Machinery Industry Association and a governing unit of the Hoist Branch. It is one of the first hoisting manufacturers in the industry to pass ISO quality system certification, and its products are insured by China United Property Insurance Company and China Pacific Insurance Company. Founded in 1992, Feima Group covers an area of 200,000 m², employs over 810 staff, and possesses 226 sets of various production and inspection equipment. With strong technical capabilities, it has accumulated rich technical and management experience, possesses comprehensive production and manufacturing capabilities, and its technical strength, equipment, processes, and inspection methods are all at a domestically advanced level. Pegasus Group is a high-tech enterprise, a specialized, sophisticated, unique, and innovative enterprise, a China Quality and Integrity Enterprise, a science and technology enterprise in Henan Province, and a first-level enterprise in work safety standardization. It has been honored with numerous titles, including "Quality Management Compliance Enterprise", "Advanced Unit in Metrology Work", "Certificate of Conformity for Enterprise Quality Inspection Organization", "Contract-Abiding and Trustworthy Enterprise", "Advanced Unit in Corporate Tax Payment", "Export Product Quality License", and more, awarded by ministries, provinces, and municipalities. The leading products of Pegasus Group are widely used in industries such as machinery, hot-dip galvanizing, metallurgy, mining, electric power, railway, aerospace, port, petroleum, and chemical engineering. It serves as a qualified lifting machinery supplier and partner for central state-owned enterprises like China Railway, China Water Resources, China National Nuclear Corporation, State Power Investment Corporation, and private enterprises such as HBIS. Its products are also exported to over 130 countries and regions, including the UAE, France, the US, and Russia. Our company adheres to the principle of superior quality, strives for continuous improvement, meets societal needs, and ensures customer satisfaction. Pegasus aims to target the cutting-edge international technology of cranes. Innovation knows no bounds, and reputation lasts forever. We let our friends experience "Pegasus Lifting: Ensuring Your Safety and Ease" and feel "With a Global Perspective, Pegasus Gallops Ahead". ​​​​​​​ ◆ Contact Information ◆ Han Junqiang 13839086999 Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a vital pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the recycling technology of secondary zinc resources and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrades, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Jurong Ruixin Environmental Protection Materials Co., Ltd. hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Jurong Ruixin • Pioneer of New Hot-Dip Galvanizing Processes Jurong Ruixin Environmental Protection Materials Co., Ltd. was established in September 2015. The company is located at the foot of Maoshan Mountain, a Taoist holy site, adjacent to Nanjing in the west and Suzhou, Wuxi, and Changzhou in the east, at the core of the Yangtze River Delta economic circle. Our products are widely applied in surface treatment technology services for industrial cleaning and coating, electrophoresis, and hot-dip galvanizing processes. Since 2018, our technical personnel have developed a series of new processes for the hot-dip galvanizing industry, targeting the current status of hot-dip galvanizing processes, to reduce production costs for hot-dip galvanizing enterprises, make hot-dip galvanizing processing more environmentally friendly, and have gained widespread application and market recognition. The following products are launched to meet the diverse process needs of customers: Ammonium-free flux aid, Zinc fume inhibitor, Zinc ash reduction and leakage prevention agent, High-aluminum leakage-proof plating agent, Flux-aiding ammonium agent, Zinc ash reduction and explosion-proof agent, Mist suppression and degreasing agent, Pickling inhibitor Dedicated to solving issues of plating leakage, zinc consumption reduction, and zinc ash reduction in hot-dip galvanizing Our company adheres to the principles of customer first, environmental protection first, quality first, and service first!We look forward to collaborating with you to create a brilliant future together! I. Product Introduction 1. This product is a composite of polymer nano-modified materials and proprietary solvents, an environmentally friendly material that contains no cadmium, lead, mercury, fluorine, bismuth, or hexavalent chromium. After using this product, hot-dip galvanizing can achieve "0" ammonium chloride operation for the fluxing agent and "0" ammonia water for iron removal, truly realizing an ammonium-free fluxing process. On this basis, it will significantly reduce zinc fumes generated during the galvanizing process, improve zinc utilization, reduce the environmental protection pressure on galvanizing enterprises, and lower galvanizing costs. 2. This product also possesses excellent anti-explosion properties. After using this product, there is no need to add anti-explosion agents or other similar products to the fluxing agent, thereby reducing usage costs. II. Usage Instructions 1. When using this product, add the smokeless fluxing agent to the fluxing tank at a 2% dosing ratio. The ammonium chloride content in the fluxing agent should be reduced to 0 g/l, with zinc chloride at 120-150 g/l, and the pH should not exceed 3.5. After adding and thoroughly mixing, it can be used. The temperature of the fluxing agent should generally not be lower than 55°C. 2. After using this product, the original ammonia water/hydrogen peroxide iron removal process in the fluxing tank will no longer be used. Instead, a special iron removal agent (compatible with our company's smokeless fluxing agent) should be added during the iron removal process (online iron removal equipment already installed in galvanizing plants can still be used) to ensure "0" ammonium introduction during the iron removal process and "0" ammonium operation of the smokeless fluxing process. 3. This product is a consumable, and its consumption rate is directly related to production. Generally, for every 200-250 mt of galvanized parts produced, 25-30 kg of this product needs to be replenished. 4. During the production process, when water needs to be replenished to the process tank due to water level drop, this product should be added to the process tank at a 1% ratio of the replenished water volume to ensure concentration balance. 5. Comparison of fluxing process parameters before and after using this product Item Conventional Fluxing Agent Smokeless Fluxing Agent Ammonium Chloride ≥150 g/l 0 g/l Zinc Chloride ≥100 g/l 120-150 g/l pH Value/Temperature 4-5/55-70°C 2-3.5/55-70°C Fume Production - Reduced by 70-80% Zinc Ash Production - Reduced by 15-20% Anti-Explosion Performance Anti-explosion agent required No anti-explosion agent required Iron Removal Process Ammonia water/hydrogen peroxide Special iron removal agent, "0" ammonium introduction 6. For the use of the accompanying special iron removal agent, production lines with online iron removal equipment already installed can be configured with liquid packaging (1 mt drums) to perfectly adapt to the existing online iron removal equipment. Production lines without online iron removal equipment can be configured with solid packaging (25 kg/bag), and centralized tank dumping for iron removal can be carried out based on the actual iron content of the fluxing agent to achieve fluxing agent cleaning, reduce zinc slag production, and thus lower production costs. III. Packaging and Storage 1. This product is packaged in 25L plastic drums or mt drums and stored in a dry and cool place. ◆ Contact Information ◆ Mr. Ding 13218815922 Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a vital pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference, the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrades, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Shanghai LIQUADE Fluid Equipment Co., Ltd. hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! LIOUADE® (LIQUADE) is an innovative equipment manufacturer dedicated to fluid equipment manufacturing and comprehensive fluid solutions. LIQUADE's main products include pneumatic diaphragm pumps, food-grade sanitary centrifugal pumps, filtration equipment, valves, etc. Over the past decades, through continuous R&D, innovation, and promotion, the LIQUADE® brand has gained customer recognition in industries such as food, pharmaceuticals, daily chemicals, chemicals, ceramics, electronics, and shipping. It has also established a robust sales network in multiple countries worldwide, achieving excellent sales performance. Since entering the Chinese market in 2018 and establishing a production site in Shanghai to serve the Chinese and Asian markets, LIQUADE has simultaneously built a comprehensive sales network in major cities, aiming to meet the needs of local enterprises with high-quality products and prompt services. ◆ Contact Information ◆ Wang Peng 18624082966 Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a crucial pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrading, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes with technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Weifang Aolong Zinc Industry Co., Ltd., as the title sponsor of the sub-forum, hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! ◆ About Us ◆ Weifang Aolong Zinc Industry Co., Ltd., located in Beihai Industrial Park, Hanting District, Weifang City, Shandong Province, has a registered capital of 150 million yuan. Its main business scope is the production and sales of zinc oxide by the indirect method, with an annual production capacity of 100,000 mt. ◆ Production Equipment ◆ After years of accumulation, the Aolong Zinc Industry team boasts leading technical strength and outstanding industry contributions. The company consistently adheres to leading industry development through technological progress, continuously updating and upgrading product technologies, and emphasizing clean production, energy conservation, and environmental protection in its process equipment. Its main process technology indicators have reached the advanced international industry standards. ◆ Quality Assurance ◆ The company has a comprehensive management and guarantee system for quality, environmental protection, safety, and health. It has established laboratories at the advanced industry level, equipped with advanced detection and testing equipment, ensuring the reliability of technical testing and product detection data. ◆ Product Series ◆ The zinc oxide products of Aolong Zinc Industry cover a wide range of fields, including rubber tires, zinc salts, surface treatment, glass fiber, soft magnetic materials, surge arresters, varistors, ceramics, paints and coatings, cosmetics, feed, and compound fertilizers. The company regards quality as the lifeblood of its products and integrity as the foundation of its business, forging a corporate image of "professionalism, focus, integrity, and action." Aolong Zinc Industry will continue to promote industry self-regulation and market standardization from a new height, providing customers with continuously improved excellent products and services. ◆ Contact Information ◆ Sales Hotline: Wang Chao 13455619491 Fax: 0536-7572710 Website: www.orlon.cn Email: orlon@orlon.cn Address: No. 00008, Zhujiangnan Street, Beihai Industrial Park, Hanting District, Weifang City, Shandong Province Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

[Bensteel Group Successfully Produces Large Spangle Products] Recently, the No. 1 hot-dip galvanizing line at the Cold Rolling Plant of Bensteel Sheets & Plates successfully produced G450/G550 large spangle products. The specific properties and surface quality of the products fully met the requirements, and the plant now has the capacity for mass production. The successful rolling of these products marks Bensteel Group's ability to produce high-performance galvanized products, further enriching its range of galvanized products and enhancing the market competitiveness of Bensteel's products. G450/G550 large spangle products possess high yield strength and tensile strength, enabling them to withstand significant external forces and loads, making them ideal materials for exterior building panels and high-strength structural components. Meanwhile, they exhibit excellent corrosion resistance and decorative properties, as well as a long service life and low maintenance costs, indicating broad market prospects.

SMM May 23 News: Recently, Zhuzhou Smelter Group Co., Ltd. released its performance announcements for Q1 2025 and the full year of 2024. In Q1 2025, the company achieved a total revenue of 4.803 billion yuan, up 8.5% YoY. Net profit attributable to shareholders of the publicly listed firm reached 277 million yuan, up 74.07% YoY. Regarding the reasons for the YoY increase in Q1 performance, Zhuzhou Smelter Group stated that precious metals, represented by gold, fluctuated at highs and continuously hit new highs in Q1 this year, bringing a profit-boosting effect to the company. Currently, the global precious metals market is influenced by expectations of interest rate cuts in developed economies, geopolitical risks, and growth in industrial demand, leading to a sustained upward trend in the prices of gold, silver, and other precious metals. The company significantly improved its unit output value and profit contribution by extracting precious metals through mining and refining externally purchased raw materials. According to public information, Zhuzhou Smelter Group is mainly engaged in the smelting, processing, and sales of zinc, lead, and their alloys, while also involved in comprehensive recovery of rare and precious metals, R&D of new materials, and other fields. The company's main smelting products include zinc ingots, hot-dip galvanizing alloys, foundry zinc alloys, lead ingots, lead-based alloys, gold, silver, etc. By-products include sulphuric acid, copper matte, antimony white powder, etc. Mineral products include copper concentrates and gold-sulfur concentrates, as well as minor products such as bismuth ingots, tellurium ingots, cadmium ingots, and indium ingots. On the evening of April 10, Zhuzhou Smelter Group released its 2024 annual report. According to the announcement, in 2024, the company achieved a total operating revenue of approximately 19.759 billion yuan, up 1.82% YoY. Net profit attributable to shareholders of the publicly listed firm, excluding non-recurring gains and losses, reached approximately 730 million yuan, up 29.71% YoY. The net cash flow generated from operating activities was 1.107 billion yuan, up 60.32% YoY, indicating high operational quality. Zhuzhou Smelter Group stated that the company's operating performance demonstrated strong resilience. Despite the continued sluggishness of processing fees in the market, the smelting segment achieved the annual profit target, while the mining segment achieved increased profits and revenue. Production volumes of copper, lead, and zinc concentrates, gold, and other products all reached new highs, with significant growth in total annual profit and net profit. According to the annual report data, in 2024, Zhuzhou Smelter Group produced approximately 640,000 mt of zinc and zinc alloys and approximately 640,000 mt of sulphuric acid, and completed the production of approximately 100,000 mt of lead and lead alloys, remaining in the first tier of domestic lead and zinc production. Meanwhile, the company achieved a gold production of 3,710.30 kg, up 8.05% YoY, and gold sales of 4,074.96 kg, up 36.42% YoY. Taking the lead and zinc industry as an example, reviewing the market situation over the past year, the supply of lead and zinc concentrates was tight in 2024, with processing fees for lead and zinc concentrates falling repeatedly throughout the year, all dropping below historical lows. According to SMM historical price data, domestic zinc concentrate TCs plummeted to 1,450 yuan/mt (metal content) on August 2, 2024, while imported zinc concentrate TCs fell to -$40/dmt on August 16, 2024, both hitting record lows. In 2024, due to ore shortages and narrowing profit margins, domestic smelters even called for "joint production cuts." Regarding lead concentrate TCs, they also continued to decline amid tight lead concentrate supply in the market. On July 26, 2024, the average domestic lead concentrate TC fell to 550 yuan/mt (metal content), hitting a record low. The lowest imported lead concentrate TC reached -$50/dmt on the same day, also marking a historic low for negative TCs. Even in July 2024, due to insufficient lead concentrate supply, scrap batteries temporarily became a common raw material for secondary lead smelters and some primary lead smelters. The lead paste extracted from dismantled scrap batteries by primary lead smelters became a major source of raw material supplementation. Against this backdrop, Zhuzhou Smelter Group still achieved its annual profit targets on the smelting side, increased profits and revenue on the mining side, and set new production records for copper, lead, and zinc concentrates, as well as gold. Its risk-resistance capabilities are beyond doubt. As a byproduct of lead-zinc ore smelting, gold performed exceptionally well in 2024, with precious metal prices surging strongly throughout the year. International gold and silver prices repeatedly hit record highs. Driven by stronger-than-expected US economic performance and the market's "Trump trade," the US dollar index surged after Trump's election victory, while the RMB depreciated sharply against the US dollar amid potential tariff pressures. Overall, gold and silver prices underperformed overseas markets during the year, with SHFE gold rising approximately 30% and SHFE silver increasing around 32%. However, after entering 2025, the tight supply of zinc concentrates has significantly eased. As of May 16, domestic zinc concentrate TCs have rebounded to 3,300-3,700 yuan/mt (metal content), with an average price of 3,500 yuan/mt (metal content). This represents a 2,050 yuan/mt (metal content) increase from the previous historic low of 1,450 yuan/mt (metal content), marking a 141.38% surge. 》Click to view SMM spot quotes for zinc products In fact, as early as October 2024, with the rebound in SMM's seven-port inventory and a slight increase in domestic imported ore circulation, domestic zinc concentrate supply received some supplementation. Moreover, zinc prices remained high in October, driving up mine profits. Coupled with gradual improvements in raw material inventories at some domestic smelters, the market sentiment was strongly bullish. Based on these factors, some smelters negotiated with mines to raise domestic TCs, leading to a slight rebound in TCs across multiple regions in China in October. After that, domestic smelters continued to operate at low capacity utilization rates, and the days of raw material inventories at smelters continued to recover. In December, domestic zinc concentrate TCs increased slightly on a MoM basis, reversing the previous trend of consecutive declines. In January 2025, the pressure on smelters' raw materials continued to ease. Coupled with the sustained high zinc prices in Q4 2024, smelters were able to negotiate with mines to increase zinc concentrate TCs, leading to a significant increase in domestic zinc concentrate TCs in January. While domestic TCs were rising, smelters showed low purchase willingness for imported zinc ore TCs, which also prompted a noticeable rebound in imported zinc ore TCs. In February, domestic zinc concentrate TCs continued to rise, mainly due to the Chinese New Year holiday, during which some enterprises conducted maintenance and took holidays, leading to a decrease in overall production. This boosted the continuous rebound in both domestic and imported TCs. Additionally, smelters continued to refuse to budge on prices to achieve profitability. The days of raw material inventories at domestic smelters remained at around 28 days, indicating a relatively high level of raw material stocking. Coupled with the intermittent opening of the import window, the port arrivals of zinc concentrates increased, and port inventories once surged to over 400,000 mt, replenishing smelters' raw material inventories and maintaining them at a high level overall. Under the combined influence of these factors, the supply of zinc concentrates in February was loose, and TCs continued to rise. Entering March, driven by the supplement of imported ore and the expectation of the gradual resumption of production at domestic mines, domestic smelters continued to raise their TCs quotes. As of March 28, domestic zinc concentrate TCs increased to 3,400 yuan/mt (metal content). In the past two months, the increase in domestic zinc concentrate TCs has significantly slowed down. SMM learned that although some smelters will conduct maintenance in May and smelters continue to refuse to budge on prices, considering profit factors, miners have a strong willingness to keep zinc concentrate TCs flat in May. Under continuous negotiations between the two parties, the increase in zinc concentrate TCs in May compared to April is limited. Looking ahead, despite the significant increase in overseas zinc mine output this year, there is no obvious increase in domestic zinc mine output except for Huoshaoyun. Moreover, with improved profits, smelters are highly motivated to produce, and new smelters put into operation in Q2 in China are also gradually ramping up production. With both supply and demand increasing, there may be limited room for future increases in domestic zinc concentrate TCs, and it is necessary to continuously monitor the subsequent inflow of imported zinc ore. In addition, the announcement also mentioned that the company has a lead-zinc-copper mining and beneficiation capacity of 860,000 mt, with relatively high lead-zinc geological grades, making it a well-endowed mine in China with a certain advantageous position. From the perspective of resource value, lead-zinc mines are rich in gold and silver, with high value per ton of ore. According to the data from the annual reserve report of the Shuikoushan Lead-Zinc Mine mining right, the Kangjiawan mining area under the Shuikoushan Lead-Zinc Mine mining right has a reserved resource volume of 11.807 million mt and a reserve volume of 4.953 million mt, placing its overall mine value among the top in the country. The company has a production capacity of 860,000 mt for lead-zinc-copper mining and beneficiation, 680,000 mt for zinc products, and 100,000 mt for lead products. It also comprehensively recovers various rare and precious metals such as copper, gold, silver, bismuth, indium, cadmium, and tellurium. Relying on the copper-lead-zinc industrial base, it has significant industrial synergy advantages. In 2025, the company aims to produce 643,000 mt of zinc and zinc alloy products, 103,500 mt of lead and lead alloy products, 860,000 mt of raw ore from mines, 3.8 mt of gold, and 295 mt of silver. In terms of mines, the company holds the mining rights for the Shuikoushan Lead-Zinc Mine and the Baifang Copper Mine, operating three mines (the Kangjiawan Mine and the Lead-Zinc Mine both fall under the Shuikoushan Lead-Zinc Mine mining rights) and one beneficiation plant, with an annual raw ore mining and beneficiation capacity of 860,000 mt. In zinc smelting, it has a zinc smelting capacity of 300,000 mt, a deep-processing capacity of 380,000 mt for zinc-based alloys, and a total zinc product capacity of 680,000 mt, ranking among the top in the country. In lead smelting, it operates two lead and precious metal smelters, with a production capacity of 100,000 mt for lead smelting, 4,500 kg of gold, and 470 mt of silver.

Tokyo Steel held a board meeting and approved an investment and renovation plan totaling JPY 10 billion (approximately US$74 million) to transform the existing hot-dip galvanizing line at its Okayama plant into a dual-purpose line for hot-dip galvanizing and continuous annealing. After the renovation, the company's total capacity for cold-rolled and galvanized products will reach 250,000 mt/year, and it is expected to commence production in early 2027.