Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently necessitating innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy 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-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently require breakthroughs 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 barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry cooperation and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference is expected to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the silver industry to new heights. Click to register immediately, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the principle and business philosophy of "products reflect character, quality is life, aligning with the world, and creating international brands," and has successively obtained 6 national invention patents and 31 utility model patents, passed ISO triple system certification, and is a Shanxi Province high-tech new-type enterprise, a "single champion in high-end foundry briquette coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) is a national " 12th Five-Year Plan" and "13th Five-Year Plan " encouraged project. This technology is a domestic first and world-leading, and fully aligns with the "Six New " strategy currently proposed by the state, serving as a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series products, which are "Jinwu Brand" high-end foundry briquette coal (briquette coke) produced with anthracite as the main raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises such as Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu Brand" foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu Brand " carburizer is produced using high-quality anthracite and petroleum coke as the main raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby improving the nucleation capacity of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

[SMM Express] SHFE data showed that on May 21, the total registered cast aluminum alloy warrants stood at 39,042 mt, an increase of 641 mt from the previous trading day. By region, Shanghai registered 2,515 mt (unchanged), Guangdong 10,888 mt (up 460 mt), Jiangsu 7,532 mt (unchanged), Zhejiang 11,973 mt (up 31 mt), Chongqing 5,139 mt (up 150 mt), and Sichuan 995 mt (unchanged) from the previous trading day.

SMM May 21 News: Data Brief: As of Thursday, May 21, SMM copper inventories in mainstream regions nationwide increased by 500 mt WoW to 243,800 mt, up 103,900 mt compared to the same period last year (139,900 mt). Specifically, arrivals of both imported copper and domestic copper in Shanghai were relatively low, and elevated copper prices dampened downstream trading activity, making transactions sluggish. Tight supply drove a slight inventory drawdown. In Jiangsu, inventory changes within the week were relatively small, with a steady pace of inflows and outflows, resulting in only a slight inventory buildup. In Guangdong, domestic copper arrivals increased notably, while high copper prices suppressed enterprise production and procurement, and end-use demand remained weak, leading to continued inventory buildup in the region. Looking ahead, supply side, imported copper arrivals are expected to remain low in the short term, and domestic copper supply will also stay at low levels. Demand side, persistently high copper prices continue to dampen downstream stocking enthusiasm, with overall market demand remaining weak. The current market presents a pattern of tight supply and lackluster demand, and China's copper social inventory is expected to continue its inventory buildup trend next week.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, Haozheng Hydrogen Energy successfully completed all tests on an alkaline hydrogen production electrolyzer, with all performance indicators meeting standards, and it was officially shipped to the client's project site. Eve Hydrogen Energy reached an important delivery period, as its 100 Nm³/h centralized hydrogen production system successfully passed all factory detection tests and was officially dispatched to Shandong. Project-related developments: Guangdong Qingneng New Energy Technology Co., Ltd.: The fuel cell and electrolysis hydrogen production system project completed filing. The project is located at Building D3, No. 1 Xiangda Road, Dancao Logistics Center, Dancao Town, Nanhai District, Foshan City, with a total investment of 200 million yuan, to be constructed by Guangdong Qingneng New Energy Technology Co., Ltd. as the construction entity. On one hand, the project advances the expansion of fuel cell-related businesses at the headquarters base, deploying multiple production lines for new-type compression-molded graphite plates, supporting stacks, and air-cooled fuel cells. On the other hand, it simultaneously builds AEM electrolysis hydrogen production lines, developing core material capacity for membrane electrode assemblies, bipolar plates, and other components. State Administration for Market Regulation: A re-tender announcement was issued for the research project on safety-critical standards for hydrogen refueling station infrastructure, with a project budget and maximum price cap both set at 1.1 million yuan (China Government Procurement Network). This procurement will focus on developing two national standards: liquid hydrogen vehicle refueling protocols and rubber O-rings for high-pressure hydrogen equipment, and plans to produce draft versions for public comment or approval (China Government Procurement Network). The project performance period runs until December 31, 2026, and consortium bids are not accepted (China Government Procurement Network). This initiative will fill the gaps in relevant standards in China, strengthen the intrinsic safety assurance of hydrogen refueling stations, and facilitate the standardized and orderly development of the hydrogen energy industry. China Risun Group Limited: China's first domestically developed 5 mt/day hydrogen expansion refrigeration hydrogen liquefaction project was successfully completed and put into operation at Risun Group's Dingzhou Park. The equipment used in this project is China's first large-scale liquefaction equipment adopting the hydrogen Claude cycle process with 100% localisation of core components. It successfully overcame multiple key industry technologies, with overall performance benchmarked against international first-class standards. The unit energy consumption of the core liquefaction system was as low as 11.84 kWh/kg, representing a reduction of over 40% compared to traditional processes, effectively lowering liquid hydrogen production costs and supporting the autonomous development of China's hydrogen energy industry. Heilongjiang Coal Chemical Industry (Group) Co., Ltd. : Zhongmei Longhua held discussions with the government of Ar Horqin Banner, Chifeng City. Both parties focused on existing new energy cooperation projects, advancing computing power industry deployment and coordinating the construction of green energy transmission corridors. Previously, the two parties had signed a 12.8 billion yuan agreement for a 2GW new energy base and an annual 500,000 mt biomass pellet project, covering 1.8GW wind power and 0.2GW PV. During this round of discussions, they finalised an additional computing power synergy project, planning to build a thousand-P-level intelligent computing power centre leveraging a green electricity direct supply model to revitalise clean energy resources. In addition, the two parties will also fully align with the Chifeng-to-Jinzhou hydrogen-ammonia-methanol transmission pipeline, deploying green hydrogen, green ammonia, and green methanol capacity to build an integrated green energy industry chain encompassing green electricity production, energy conversion, and cross-provincial transmission. Jiyuan (Siping) Green Energy Co., Ltd. : The results of SPIC's 87th batch of centralised tenders for 2025 were announced. Sungrow Hydrogen Energy Technology Co., Ltd. won the bid for the alkaline water electrolysis hydrogen production equipment for the Jidian Co., Ltd. Lishu Wind and Solar Power Green Hydrogen Production Coupled with Biomass Green Methanol Project (Section II). Located in Siping, Jilin, the project has a hydrogen production capacity of 30,000 Nm³/h and plans to commence construction in August 2025, with a total construction period of 22 months, implemented in two sections. Upon completion, the project will promote the commercialisation of green hydrogen coupled with biomass for green methanol production, facilitating the integrated development of new energy and chemical industries. China Coal Ordos Energy Chemical Co., Ltd.: The 3,000 Nm³/h electrolysis hydrogen production unit for China Coal Ordos Energy Chemical's 100,000 mt "Liquid Sunshine" project, manufactured by China First Heavy Industries Nuclear Power and Petrochemical, was successfully shipped from the Dalian Mianhua Island nuclear power equipment manufacturing base, advancing the "Liquid Sunshine" project and empowering the integrated development of hydrogen energy and new energy. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: The completion ceremony of the green electricity hydrogen production and natural gas hydrogen blending comprehensive testing platform was held at Guofu Hydrogen Energy's Zhangjiagang base. Jointly developed by Guofu Hydrogen Energy and Towngas Group, the platform conducts green electricity hydrogen production utilising local 52,000 m² rooftop distributed PV and alkaline electrolysers. Employing a follow-up flow gas mixing process, it can achieve precise natural gas hydrogen blending at ratios from 0% to 30%, with a maximum hydrogen blending volume of 100 standard m³ per hour. The platform integrates four modules — hydrogen production, gas mixing, combustion, and data acquisition — focusing on hydrogen blending condition verification, energy efficiency assessment, and cost estimation research. With significant environmental protection benefits, it can reduce CO₂ emissions by 1,144 mt in the first year. The project is expected to consume 2.16 million kWh of green electricity over its full lifecycle, facilitating clean energy integration and low-carbon development. SPIC: The announcement of candidate winners for the 23rd batch of centralised tenders for 2026 — the EPC general contracting for the SPIC Green Energy Da'an Gaseous Hydrogen Storage Technical Renovation Project — was released. According to the announcement, the first candidate winner was China Wuhuan Engineering Co., Ltd. with a bid price of 55.2 million yuan, and the second candidate winner was China Petroleum and Natural Gas First Construction Co., Ltd. with a bid price of 71.39 million yuan. The project is located in the Jilin Western (Da'an) Clean Energy Chemical Industry Park in Liangjiazi Town, Da'an City, Baicheng City, Jilin Province. It involves the construction of 6 units of 1850m³ spherical tanks and 1 unit of 8000Nm³/h compressor, with a total hydrogen storage capacity of 177,600Nm³ and an effective hydrogen storage capacity of 144,300Nm³. The tender scope covers the design, supply, construction, commissioning, and all work within the warranty period for the gaseous hydrogen storage complete equipment and auxiliary facilities. Upon completion, it will enhance local green hydrogen storage and supply capability, facilitating the large-scale development of the hydrogen energy industry. Hainan Shenneng Materials Co., Ltd. : The announcement of successful bid candidates for the commissioning, trial operation, and demonstration operation services of the Hainan New Energy Offshore Wind Power Hydrogen Production Comprehensive Utilization Key Technology R&D and Engineering Demonstration Project was released. The bid inviter is Hainan Shenneng Materials Co., Ltd. The announcement shows that the first successful bid candidate is Sinochem Second Construction Group Co., Ltd., with a bid price of 5.83 million yuan; the second successful bid candidate is China Petrochemical Engineering Construction Co., Ltd., with a bid price of 5.875 million yuan. The project aims to implement the construction requirements of Hainan's clean energy priority development demonstration zone, focusing on offshore wind power hydrogen production and comprehensive utilization technology research. It will achieve breakthroughs in key technologies such as floating platform hydrogen production, hydrogen storage and transportation, and hydrogen-to-ammonia/methanol, develop core equipment and an offshore wind power hydrogen production comprehensive utilization floating platform, providing technical and engineering support for Hainan's clean energy island construction and large-scale offshore hydrogen production. Policy Review 1. Notice of the National Development and Reform Commission (NDRC) and the National Energy Administration on Matters Related to the Orderly Promotion of Multi-user Green Electricity Direct Connection Development. The document states that support is given to new energy power generation projects that have not yet commenced power grid connection engineering construction, as well as new energy power generation projects that cannot be connected to grid due to reasons such as new energy consumption constraints, to carry out multi-user green electricity direct connection after completing the corresponding change procedures. Distributed PV may participate in multi-user green electricity direct connection through centralized current collection. Priority support is given to computing facilities, green hydrogen-ammonia-methanol and other emerging industries and future industries to carry out green electricity direct connection. Projects shall meet national industrial policy requirements, and enterprises are strictly prohibited from conducting illegal activities through green electricity direct connection. 2. Notice of the Hubei Provincial Department of Transportation on Implementing Toll Subsidy Policies for Hydrogen Energy Vehicles Traveling on Hubei Provincial Expressways. The document states that hydrogen energy vehicles (with hydrogen fuel cell as the sole power source) that legally transport cargo, are equipped with and normally use ETC, and travel on expressways within Hubei Province (with entry and exit records and inter-station travel routes all within Hubei Province) shall be exempted from expressway tolls. The tolls exempted by relevant expressway operation and management entities shall be fully subsidized by provincial fiscal funds. 3. The Ministry of Industry and Information Technology issued the "Notice of the General Office of the Ministry of Industry and Information Technology on Organizing and Carrying Out Industrial Energy Conservation Supervision Work in 2026." It mentioned that energy efficiency supervision will be conducted in key industry sectors. In accordance with mandatory energy consumption quota standards for relevant industries, as well as requirements such as energy efficiency benchmark and baseline levels, energy conservation supervision will be carried out on enterprises in industries including steel, synthetic ammonia, oil refining, ethylene, caustic soda, soda ash, and methanol, with the principle of achieving full coverage of energy conservation supervision for enterprises in the above industries within the region during 2026–2027 (full coverage of calcium carbide-based PVC producers shall be achieved in 2026). Energy efficiency supervision of key industry chains will also be conducted. In accordance with mandatory energy consumption quota standards for relevant industries, mandatory energy efficiency standards for products and equipment, and other requirements, focusing on key industry chains such as PV modules, wind turbines, EV and ESS batteries, and water electrolysis hydrogen production equipment, special energy conservation supervision will be carried out on key enterprises in segments including raw materials, production and manufacturing, and terminal assembly, with a focus on verifying enterprise energy consumption in production processes and energy efficiency of major products. Enterprise Updates Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd. : China's first inland 64-TEU hydrogen fuel cell-powered container ship "Dongfang Hydrogen Port" set sail from Zhapu Port Area of Jiaxing Port and was officially put into operation. It is reported that Guohong Hydrogen Energy provided two sets of independently developed Honghan C240 marine hydrogen fuel cell systems. This is currently the highest-power hydrogen fuel cell system in China and the first to be applied to ships (single-unit rated power of 240 kW). Yuchai Xinlan (Jiangsu) Hydrogen Energy Technology Co., Ltd. : Yuchai Hydrogen Energy General Manager Lu Guoquan and Zhongyuan Electric Laboratory Deputy Director Zhang Xueshen signed a strategic cooperation agreement on behalf of their respective parties. According to the agreement, both parties will leverage their respective technological advantages and resources to establish a long-term, stable, and in-depth strategic partnership, focusing on comprehensive cooperation in four core areas: water electrolysis for hydrogen production, hydrogen fuel internal combustion engines, green energy management, and hydrogen energy demonstration projects. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Joining hands with Three Gorges Zhongyi, Jiaosheng New Energy, and other shipping industry chain partners, the company held the "Zero-Carbon Yangtze, Green Shipping" industrial ecosystem strategy launch conference. At the conference, Guofu Hydrogen Energy officially released its "River-Sea Strategy Plan" and held the rollout ceremony of its first 80-cubic-meter marine LNG storage tank, marking its official entry from the land-based hydrogen energy equipment sector into the green shipping track. According to the plan, Guofu Hydrogen Energy will promote the improvement of the shipping ecosystem closed loop, attract industry partners to co-build the ecosystem, and plans to complete the leap from product finalization and demonstration applications to ecosystem formation within three years, facilitating the zero-carbon transformation of Yangtze River shipping. Haida Qingneng Ship (Dalian) Co., Ltd. : China's first inland waterway 64-TEU hydrogen fuel cell-powered container ship, the "Dongfang Hydrogen Port," successfully set sail from Jiaxing Port and was put into operation on a designated route, achieving a new breakthrough in the application of hydrogen fuel cell vessels on inland waterways. Designed by Haida Qingneng Ship with a full set of hydrogen power systems, the vessel has a cargo capacity of approximately 1,450 mt and a driving range of 380 kilometers. It is equipped with a large power hydrogen fuel cell system, achieving zero carbon emissions throughout the entire voyage, and has also completed the integrated integration of large-capacity hydrogen storage and control systems. The core technologies were jointly developed by the enterprise and Dalian Maritime University. This commissioning also fully demonstrated that hydrogen-powered vessel propulsion systems are mature and reliable, promoting the green and low-carbon transformation of inland waterway shipping. PetroChina Company Limited Shenzhen New Energy Research Institute : PetroChina's first 2,000 Nm³/h alkaline electrolysis water-to-hydrogen system successfully completed its initial test run, with all parameters meeting design requirements. The overall technical level ranks among the industry's best, and the hydrogen produced has a purity as high as 99.9995%. The system was led by PetroChina Shenzhen Institute and jointly developed by multiple enterprises, integrating large-capacity electrolyzers with high-efficiency separation and purification equipment. Actual testing showed that the high-grade hydrogen can meet the usage requirements of multiple industries. The system will subsequently be connected to the Dushanzi Petrochemical hydrogen pipeline network for production application, helping the petrochemical industry accelerate its green and low-carbon transformation. China Huadian Engineering Corporation Limited : Its top ten new technologies and new products of 2026 were unveiled in Beijing, accelerating the expansion of its technological achievement portfolio and boosting the development of new quality productive forces. Among them, the independently developed "Hua'an" U1000 skid-mounted green ammonia synthesis unit was officially launched, overcoming key technologies for distributed green ammonia production. The unit focuses on compact skid-mounted and modular design, addressing the pain points of traditional ammonia synthesis units such as high investment, long construction cycles, and difficulty in adapting to wind and solar power fluctuations. It features four major advantages: low temperature and low pressure, flexible adaptation, intelligent integration, and rapid deployment, filling the technological gap in small-scale green ammonia equipment in China. It integrates multiple innovations: equipped with a low-temperature and low-pressure catalyst jointly developed with the Institute of Process Engineering of the Chinese Academy of Sciences, adopting a proprietary patented dual-tower reactor, and equipped with self-developed "source-grid-hydrogen-ammonia" full-chain flexible control technology, enabling wide-load regulation and adaptation to wind and solar power fluctuations. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1 The team led by Academician Chen Zhongwei and Associate Researcher Zhang Meng from the National Key Laboratory of Catalysis for Energy Conversion at the Dalian Institute of Chemical Physics developed a high specific power cathode-closed air-cooled stack technology, which passed the scientific and technological achievement evaluation by the China Petroleum and Chemical Industry Federation. This technology effectively resolves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, addressing technical challenges such as low-humidity performance degradation, carbon corrosion, membrane drying and flooding, and high-power thermal management. 2 Two group standards on hydrogen production by water electrolysis were officially released and implemented, namely the "Safety Technical Specification for Hydrogen Production by Water Electrolysis" and the "Calculation Method for Economic Operation Indicators of Hydrogen Production by Water Electrolysis." 3 Petronor collaborated with H2SITE to advance membrane technology for hydrogen production, improving high-purity hydrogen supply and low-carbon efficiency in refining. 4 Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure that maintains the asymmetry of electron distribution. 5 A research team from the School of Electrical Engineering and the National Key Laboratory of Electrical Materials and Electrical Insulation at Xi'an Jiaotong University successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis.

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Scrap and Alloy Imports Both Dropped Sharply, Alloy Exports Hit Single-Month Record High] Imports of unwrought aluminum alloy were 73,500 mt, down 15.4% YoY and down 12.9% MoM; cumulative imports from January to April were 313,900 mt, down 14.6% YoY. Exports side, April unwrought aluminum alloy exports reached 46,300 mt, hitting a single-month export record high, up 179.7% YoY and up 68.9% MoM; cumulative exports from January to April were 111,200 mt, up 58.1% YoY. Since March, affected by Middle East geopolitical conflicts and ex-China supply disruptions, overseas aluminum alloy ingot prices continued to rise, with the price spread between domestic and overseas markets becoming increasingly inverted.

Overall outlook: Through the strategic shift of order focus toward Southeast Asia and Europe, China's prebaked anode exports are expected to effectively mitigate the downside risks from the Middle Eastern market, with the market structure's risk resilience continuing to strengthen. Full-year exports in 2026 are expected to maintain robust growth, and regional diversification is expected to deepen further.

[SMM Analysis] Regional price gaps stay high. Why have the high-price and low-price regions of sulfuric acid shifted?

[SMM Update] SHFE data showed that on May 20, the total registered cast aluminum alloy warrants were 38,401 mt, a decrease of 303 mt from the previous trading day. Specifically, Shanghai (2,515 mt, no change), Guangdong (10,428 mt, decrease of 241 mt), Jiangsu (7,532 mt, increase of 300 mt), Zhejiang (11,942 mt, decrease of 212 mt), Chongqing (4,989 mt, decrease of 150 mt), and Sichuan (995 mt, no change) compared with the previous trading day.

On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Conference Background Driven by global sustainable development and circular economy initiatives, recycled metals and battery recycling have gained growing strategic importance. Facing rising metal demand and dwindling natural resources, recycling stands out as an eco-friendly and cost-effective alternative, backed by supportive policies and investment worldwide. As a major Asian recycling powerhouse, Japan boasts robust secondary metal output and sophisticated recycling technologies. It has also rolled out massive funding plans to expand e-waste recycling infrastructure and scale up relevant processing capacity. Centered on the theme "Low Carbon, Global Echoes", the 2026 GRMI gathered worldwide enterprises, experts and officials to exchange insights on circular economy trends, technological breakthroughs and industry policies. This event comprises three forums ( Main Forum, Recycling Forum, and Renewable Resources Equipment Forum ) and multiple panel sessions. Key Highlights Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Click to view photo gallery Main Forum Opening Remarks Adam Fan, Chairman, SMM Hao Qi Chairman, KINKI SANGYO CO.LTD. May 11 Main Forum Keynote Speeches [Keynote Speech] - Global Recycled Metals Industry Market Analysis: Policy Instruments, Corporate Responses, and Future Challenges Speaker: Rock Ding, Consulting Project Manager, SMM Rock expects that aluminum scrap production will continue to grow in the future, and global aluminum scrap supply and demand will maintain a tight balance before 2030. Regarding the copper scrap market, SMM expects that from 2026 to 2030, global copper scrap market supply and demand will continue to grow, and the market will remain in a state of persistently tight supply. The global recycling industry faces challenges including shortages of recycled raw materials supply, rising resource protectionism, cross-border logistics and transportation restrictions, lack of unified global governance, bottlenecks in recycling technology, and incomplete recycling system development. [Keynote Speech] - From India to the World: Sustainable Growth and Responsibility of a Leading Recycler Speaker: Sanchit Jain, Executive Director, Jain Resource Recycling Limited Developed markets (North America, Europe) generate over 70% of the world's scrap; North America has a recycling input rate of 57%, and Europe's aluminum recycling rate reaches 81% — yet their demand growth has slowed down, with scrap becoming a surplus resource exported abroad; Developing countries are where demand is surging — yet collection rates remain below 5%, dominated by informal operators lacking traceability; Globally, policies and market initiatives promoting traceability of recycled resources and ESG disclosure are accelerating at an increasing pace. Scrap generation and consumption exhibit a regional mismatch, with the resource gap formed by supply-demand misalignment increasingly demonstrating strategic significance; Scrap is no longer simply surplus off-cuts, but a core strategic resource reshaping the global recycled resource trade landscape. Recycling Has Become a Core Pillar for Industrial Incremental Growth Why Does the Recycling Industry Hold Critical Strategic Value Today? Secondary resource supply can cover over 40% of future incremental metal demand; reducing dependence on highly volatile primary ore resources. Recycling is the optimal viable pathway for the industry to achieve sustainable and scalable development. [Keynote Speech] - URBAN MINING India's Non-Ferrous Recycling Decade Opportunities & Challenges from a Smelter's Perspective speaker: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Four Core Drivers in Resonance, Continuously Driving Steady Expansion of India's Non-Ferrous Metal Demand 1. Energy Transition Acceleration India has set a clear target of achieving 500GW of non-fossil energy installed capacity by 2030. Power grid expansion, power transmission line construction, and renewable energy integration infrastructure are advancing comprehensively—all of which are high-consumption areas for copper and aluminum, directly boosting rigid demand for both metals. 2. Accelerating EV Penetration India has set a development target of 30% new energy vehicle penetration rate by 2030. A single EV uses approximately 3–4 times the amount of copper compared to traditional internal combustion engine vehicles. Meanwhile, the development of the power battery industry will give rise to an independent scrap recycling system, further opening up incremental space for non-ferrous metals. 3. Large-Scale Infrastructure Investment Implementation Leveraging the 11.1 billion rupee National Infrastructure Pipeline plan, projects including galvanized steel, power infrastructure, and urban rail transit will continue to be implemented over the next decade, providing sustained long-term support for zinc, copper, and aluminum market demand. 4. Manufacturing PLI Policy Empowerment India's Production Linked Incentive (PLI) scheme covers 14 key industries, focusing on metal-intensive sectors such as electronics, automotive, power battery, and capital goods. With policy support, the share of domestic manufacturing continues to rise, driving steady growth in non-ferrous metal consumption. Panel Discussion: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Moderator: Adam Fan, Chairman, SMM Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, Founder and CEO, Al Qaryan International DMCC Recycling Forum Ketnoye Speech: Key Issues and Challenges Affecting the US Secondary Metals Industry Speaker: Adam Shaffer, Vice President of International Trade and Global Affairs, REMA Panel Discussion Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Eric Tan, President, Malaysia Nonferrous Metals Association Achirawat Thanasethatokul, Managing Director, Mahanakorn Metalscrap Co., Ltd. Jimin Choi, CEO/Founder, ETREE PTE LTD Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence [Keynote Speech] - Analysis of Japan's Recycled Copper Market Speaker: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM AW YONG YI CHEONG noted that the current Japanese copper scrap market is gradually transitioning toward a highly competitive "seller ecosystem." Trading models that rely solely on spot cargo procurement are increasingly exposed to the risk of supply disruptions. To secure long-term resource supply, enterprises purchasing externally from outside China need to move beyond traditional spot trading mindsets and establish structural cooperative relationships through deep-binding approaches such as signing long-term contracts and equity partnerships, in order to adapt to the persistently tight market landscape. Panel Discussion Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Eric Tan, President, Malaysia Nonferrous Metals Association Panel Discussion Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Moderator: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM Panelists: Allan Zhang, Head of the Recycled Copper Business Unit, Hailiang Group Co., Ltd. Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC WENCESLAO MANZANO HERNANDEZ, Director, DIMEXA HOLDINGS PTE. LTD. Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Yoshimichi Murakami, Executive Director, Wakoh Metal Co., Ltd. [Keynote Speech] - Current Status of Lead-Acid Battery in Japan Speaker: Yuji Tanamachi, CEO, IRUNIVERSE The volume of lead-acid battery scrap generated in Japan continues to decline. The reason is the sharp decrease in the number of end-of-life vehicles (ELVs) retired in China. Over a decade ago, the number of ELVs generated in Japan exceeded 5 million units, but now it is approximately 2.7 million units, nearly halved. The chart on the right shows the increase in the average service life of passenger vehicles. The significant decline in ELV numbers was mainly driven by two factors: first, continued decline in new car sales in Japan, directly driven by population decline; second, the climbing scale of used car exports. Since the auction model was popularized in Japan a decade ago, not only ordinary used cars but even retired vehicles could be traded through auctions. Logically, a decrease in total ELV numbers should lead to a corresponding reduction in the number of dismantling enterprises. However, the reality was quite the opposite: the number of dismantling enterprises backed by ex-China capital from Iran, Saudi Arabia, Syria, the Kurdish region, and China continued to grow. Award Ceremony SMM Recycled Metals Industry Premium Scrap Yards SMM Recycled Metals Industry Premium Traders SMM Recycled Metals Industry Premium Equipment Enterprises May 12 Renewable Resources Equipment Forum Panel Discussion Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Moderator: Bo Zhou, EVP, SMM Panelists: Owen Liang, Deputy General Manager, Foshan GreenField Environmental Protection Machinery Equipment Co., Ltd. Xian Lu, Chairman, Shandong Luyou renewable resources equipment Co., Ltd. Haihua Cheng, International Trade Minister, Jiangsu Huahong Technology Stock Co.,Ltd. [Keynote Speech] - Volatility Eats Margins for Breakfast Managing Risk Now That Tariffs, Geopolitics, And Supply Shocks Have Driven Base Metal Prices to Multi-year Extremes Speaker: Harsha Ramesh, CEO & Co-founder, Pillar Hedge Aluminum—Supply Shock From February to April 2026, aluminum prices surged by over 20% at their peak within just two months, driven by the following key factors: Strait of Hormuz Disruption: Iran conflict closes shipping lanes; approximately 9% of global supply at risk Gulf Production Hit: EGA flagship plant shut down for up to one year; Bahrain's ALBA halted Compounding Tariff Impact: US Midwest premiums widened significantly, tariffs reshaped physical trade flows Keynote Speech: Precision Sorting Green Future Speaker: Jianan Li, Overseas Sale, Zhejiang Tianli Equipment Technology Co., Ltd. [Panel Discussion] - Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Networking among medium-to-large-scale scrap yards/traders Conference Check-in The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum has now come to a successful conclusion. We sincerely appreciate the strong support from all industry participants and partners. Looking forward to meeting you again next year!

On May 19, Xin Changxing, Secretary of the Jiangsu Provincial Party Committee, met with Lisa Su, Chair of the Board and Chief Executive Officer of US Chilwee Semiconductor. Xin Changxing said that Jiangsu is currently thoroughly implementing the spirit of President Xi Jinping’s important instructions, fully advancing the “AI+” initiative, promoting the deep integration of scientific and technological innovation with industrial innovation, and striving to build an important hub for developing new quality productive forces. He expressed the hope that Chilwee Semiconductor will strengthen its confidence in developing in China and in Jiangsu, deepen industrial cooperation, increase investment and strategic deployment, and work together to achieve higher-level mutual benefit and win-win outcomes. He added that Jiangsu will continue to foster a first-class business environment that is market-oriented, law-based, and internationalized, and provide better services and support for enterprise development. Lisa Su said that Jiangsu’s advantages in industrial foundations, talent resources, and application scenarios are evident, and that cooperation between Chilwee Semiconductor and Jiangsu has delivered positive results. She noted that they are very optimistic about China’s development prospects and will further expand mutually beneficial cooperation with Jiangsu to achieve win-win development.