Grupo México expects the global copper market to remain in a slight deficit in 2026, supported by a resilient US economy and accelerating demand across decarbonization technologies, artificial intelligence, and electric vehicles. Speaking during an analyst call on Wednesday, Leonardo Contreras, head of the company's mining unit, emphasized that current supply and demand dynamics lean toward a tight global market. The constructive market outlook follows the conglomerate's quarterly financial results released on Tuesday, which revealed a 79% jump in net profit fueled by higher benchmark copper prices. Rapid expansion in energy transition initiatives, EV production, and power-intensive AI data center infrastructure continues to absorb refined copper supply at a robust pace. Simultaneously, steady industrial activity in the United States provides a solid macro floor for physical consumption. Given the extended lead times and operational hurdles involved in bringing new mine capacity online, fundamental demand growth is set to outpace mine supply additions heading into 2026.

On July 19, the groundbreaking ceremony for the Kangqian Intelligent UHV flexible new-type power grid intelligent aluminum alloy precision components project was held in the Hailing High-tech Zone. The project plans to invest a total of 500 million yuan to construct 2 GIS aluminum alloy component machining production lines. Upon completion and operation, annual sales are expected to increase by 600 million yuan.

On July 18, the roasting process of Guangxi Investment Group Qiangqiang Carbon-based New Materials' annual 600,000 mt carbon-based new material project, under Guangxi Aluminum Group, completed start-production operations, marking the project's official entry into the trial production phase. As the core step of prebaked anode production, the roasting process is mainly responsible for the high-temperature binder coking of carbon blocks. The project is equipped with two 60-chamber roasting furnaces, overhead traveling cranes, carbon block cleaning robots, and other key equipment, along with an integrated management and control platform covering logistics, automatic temperature regulation, and carbon block detection. Through highly automated and intelligent operation modes, it ensures the stable output of high-quality prebaked anodes.

Sprott Asset Management’s research suggests that Western countries are investing billions of dollars to restructure supply chains to meet rare earth demand from national defense and clean energy, but artificial intelligence (AI) is unexpectedly becoming a new driver of rare earth demand growth. The Toronto-based investment management firm said AI has now joined national defense and electrification as the third driver of rare earth demand growth, with the world’s top five hyperscale data center operators alone having pledged to invest $400 billion in 2025.

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

In response to a question at a regular press conference on the 24th about reports that US President Trump said the leaders of China and the US would discuss AI-related topics, Foreign Ministry Spokesperson Lin Jian stated that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-US relations. China is willing to work with the US side to well implement the important consensus of the two heads of state in the field of artificial intelligence.

This week, the ex-China rare earth market saw mediocre trading, with prices generally stable. Trading volume pulled back due to the summer break and export approvals. Geopolitically, the Malaysian parliament was reviewing the supply agreement between Lynas and the US Department of Defense, stirring domestic controversy. On the supply side, Lynas’ Q2 production rose 8%, but Pr-Nd output was cut and heavy rare earth production commenced for the first time; exploration projects in Namibia and California made progress. On the demand side, an institutional report noted that AI is becoming the third major growth driver for rare earths, after defense and electrification, and is expected to account for 3% of magnet consumption by 2030.

SMM July 24 News: Metal Market: As of midday, domestic base metals fell broadly. SHFE copper fell 1.21%, SHFE aluminum and SHFE zinc both fell within 0.5%. SHFE lead fell 0.82%. SHFE tin fell 1.59%. SHFE nickel rose 0.2%. Additionally, casting aluminum most-traded futures fell 0.58%, alumina most-traded rose 0.37%. Lithium carbonate most-traded fell 0.74%. Silicon metal most-traded edged down. Polysilicon most-traded futures fell 1.67%. Ferrous metals mostly fell. Iron ore fell 0.8%, rebar fell 0.68%, HRC fell 0.3%. Stainless steel fell 0.91%. Coking coal and coke: coking coal most-traded contract was flat at 1,282 yuan/mt, coke most-traded contract edged up 0.05%. Overseas base metals, as of 11:40, LME metals fell across the board. LME copper rose 0.43%, LME aluminum, LME tin, and LME nickel all fell within 0.5%. LME lead was flat at $1,887/mt. Precious metals, as of 11:40, COMEX gold fell 0.44%, COMEX silver fell 0.88%. Domestic precious metals: SHFE gold fell 2.65%; SHFE silver most-traded fell 4.82%. Additionally, as of midday, platinum most-traded futures fell 4.94%, palladium most-traded futures fell 5.68%. As of midday, the most-traded Europe container shipping futures fell 1.65% to 2,807.5 points. As of 11:40 on July 24, some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 140 yuan/mt, flat from the previous trading day; SX-EW copper quoted at a premium of 80 yuan/mt, flat from the previous trading day. The average price of Guangdong #1 copper cathode was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt from the previous trading day... Macro front Domestic side: [State Grid's fixed-asset investment in H1 up 12.6% YoY] Today, we learned from State Grid Corporation of China that in H1, State Grid completed fixed-asset investment of over 310 billion yuan, up 12.6% YoY. Among them, construction of 15 ultra-high-voltage (UHV) projects and 37 pumped-storage power stations is accelerating. Meanwhile, investment in new energy grid connection projects continues to increase. As of end-June, the new energy grid-connected installed capacity in State Grid's operating area reached 1.55 billion kW. (CCTV) [PBOC net withdrawal of 361.5 billion yuan from the open market today] The PBOC conducted 89 billion yuan of 7-day reverse repo operations today at an interest rate of 1.40%. A total of 450.5 billion yuan of reverse repos matured today. On the dollar front: As of 11:40, the US dollar index fell 0.02 to 101.42. As the threat of escalating war in Iran drove up oil prices, US Treasury yields rose to their highest levels of the year, and markets expected the Fed could raise rates as soon as next week. The two-year Treasury yield, most sensitive to Fed policy expectations, rose about 4 basis points on Thursday to around 4.34%, its highest since early 2025. The 10-year Treasury yield hit a year-to-date high, while the 30-year yield rose to 5.19%, just below its highest level since 2007. As Houthi rebels claimed to have attacked a commercial vessel for the first time in months, Brent crude oil has been slowly rebounding toward $100 per barrel. This rise continues to pressure the US Treasury market and has led traders to increasingly believe that the Fed under Warsh will raise rates soon this year. (Jinshi Data APP) According to the CME FedWatch Tool, the probability that the Fed keeps rates unchanged in July is 65.3%, while the cumulative probability of a 25bp hike is 34.7%. For September, the probability of rates remaining unchanged is 17.6%, the cumulative probability of a 25bp hike is 57%, and the cumulative probability of a 50bp hike is 25.4%. Meanwhile, initial jobless claims in the US fell sharply last week, indicating that the labour market remains stable and that Fed officials need to continue focusing on curbing inflation. The US Labor Department said on Thursday that initial claims for the week ending July 18 fell by 22,000 to 187,000, compared with expectations of 212,000. Thursday's report was the latest signal of sustained stability in the labour market. The unemployment rate unexpectedly fell to 4.2% in June, a one-year low, but the decline was more due to a shrinking labour force rather than job growth. The US labour market is exhibiting an unusual balance: limited labour supply, slow job creation, and limited layoffs have kept the unemployment rate at historically low levels. This situation has led a growing number of Fed policymakers to focus more on inflation, which remains well above the 2% target, rather than express greater concern about the strong labour market. (Jinshi Data APP) Data wise: Today’s data releases include Germany's August GfK Consumer Confidence Index, UK June seasonally adjusted retail sales m/m, France July Flash Manufacturing PMI, Germany July Flash Manufacturing PMI, Eurozone July Flash Manufacturing PMI, UK July Flash Manufacturing PMI, UK July Flash Services PMI, US July S&P Global Flash Manufacturing PMI, US July S&P Global Flash Services PMI, and US June New Home Sales Annualized Total. Also worth watching: the AMD Advancing AI conference was held in San Francisco on July 22-23; Intel’s Q2 earnings were released after the US stock market close on July 23. Crude oil: As of 11:40, oil prices in both markets moved sideways, with WTI up 0.01% and Brent down 0.07%. The US-Iran geopolitical conflict continued to intensify. The Houthis announced this week that they had attacked a Saudi oil tanker, formally turning the Bab el-Mandeb Strait at the southern end of the Red Sea into a new frontline of conflict, putting global oil supply into a “dual chokepoint” predicament. Market analysts warned that if the Strait of Hormuz remained obstructed and a blockade of the Bab el-Mandeb Strait became reality, oil prices risked further surging to $120 or even higher. Rapidan Energy Group President and former White House official Bob McNally said, “The scale of the second round of military conflict will exceed the first, posing enormous risks to shipping and energy infrastructure.” (Wallstreetcn) ANZ: It maintained its forecast of $92/barrel for Brent crude at end-Q3 2026, reflecting an uneven rebound in Persian Gulf oil flows. If regional supply disruptions intensify and market buffers weaken, Brent crude prices could rise to $120/barrel. (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

According to the Department of Industry and Information Technology of the autonomous region, the Ministry of Industry and Information Technology (MIIT) recently released a list of smart PV typical cases. The "Honyuan New Materials Smart PV Typical Case" from Honyuan New Materials (Baotou) Co., Ltd. was successfully selected, making it the only selected project in the region. With "N-type entire industry chain + digital intelligence empowerment" at its core, the case builds a fully digital system across the chain of "smart production—data hub—scenario application—smart O&M," creating a smart PV ecosystem that integrates green manufacturing, smart energy, and intelligent services. It achieves a full life-cycle closed loop from product manufacturing to energy services, providing a replicable and scalable demonstration model for the digital, intelligent, and high-quality development of the industry. Reportedly, the selection of these smart PV typical cases was jointly organized by MIIT, together with the Ministry of Housing and Urban-Rural Development, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs, and the National Energy Administration—five departments in total—aiming to identify a group of smart PV typical cases featuring advanced technology, mature models, remarkable results, and value for nationwide replication and promotion. These cases represent the advanced level in China's smart PV, PV+ESS integration, and green and low-carbon application fields. Going forward, the Department of Industry and Information Technology of the autonomous region will strengthen the promotion and dissemination of the typical cases, accelerate the application of smart PV technologies, promote the deep integration of energy technologies with artificial intelligence, new materials, and advanced manufacturing technologies, and support the autonomous region's PV industry in quality improvement and upgrading.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point, with traditional cyclical logic completely disrupted and strategic value fully highlighted. The tin market in 2026 is exhibiting an unprecedentedly complex landscape and profound transformation: 1. Profound Restructuring of the Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes Global tin reserves have a static reserve-to-production ratio of just 14 years, underscoring growing scarcity. The supply side faces "threefold pressure": repeated setbacks in Myanmar’s production resumption, continuously tightening policies in Indonesia, and elevated geopolitical risk in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, making tin a strategic resource that bridges traditional manufacturing and the digital future. 2. A Historic Breakthrough in the Price System, Industry Ecology Facing a Remaking In early 2026, the SHFE tin price broke through 470,000 yuan/mt, hitting a record high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods urgently require breakthrough innovations. 3. Technology-Driven and Green Transition Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition calls for the tin industry to upgrade toward a low-carbon, circular economy, with recycled tin recovery and green smelting processes becoming the necessary path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites to jointly explore. Jiangxi Zili Environmental Protection Technology Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and join hands to drive the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and jointly write a brilliant new chapter! Jiangxi Zili Environmental Protection Technology Co., Ltd. is a wholly-owned subsidiary of Zhejiang Shenlian Environmental Protection Group Co., Ltd. , extracting non-ferrous and precious metals from non-ferrous metal hazardous waste, solid waste, and other recycled materials. With an annual production capacity of 120 kt of copper cathode, 10 kt of electrolytic tin, 20 kt of electrolytic zinc, 10 kt of lead-antimony alloy, and 50 kt of battery-grade nickel sulphate, it comprehensively recovers precious and rare metals such as gold, silver, platinum, palladium, ruthenium, rhodium, and iridium. In 2025, it achieved sales revenue of 12 billion yuan. The company is dedicated to the noble cause of resource regeneration, circular economy, and environmental protection, with a deep focus on the non-ferrous metal hazardous waste treatment sector. It strives to become the largest environmental protection technology enterprise in China specializing in non-ferrous metal hazardous waste treatment, resource recycling, and circular economy development. Our company makes large-scale, year-round purchases of raw materials containing tin, copper, and precious metals. Leaders at all levels and clients are welcome to call or visit our company to discuss business. Contact Information Product Sales Contact: Pan Guowei 13868171169 Fang Wujun 13607949805 Raw Material Procurement Contact: Pan Guowei 13868171169 Dong Junlin 13868184456 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference