In H1, the industry showed distinct characteristics: upstream raw material imports experienced a mix of hot and cold trends, while mid-and downstream aluminum processing product exports saw explosive growth. Diverging domestic and overseas demand, shifting overseas manufacturing orders, and changes in the overseas raw material supply landscape are jointly reshaping the trade pattern of China's aluminum industry chain.

[SMM Flash News] SHFE data showed that on July 21, the total registered cast aluminum alloy warrants amounted to 18,455 mt, a decrease of 243 mt from the previous trading day. Among them, Shanghai registered 1,595 mt (a decrease of 0 mt), Guangdong 2,088 mt (a decrease of 30 mt), Jiangsu 4,227 mt (a decrease of 213 mt), Zhejiang 6,517 mt (a decrease of 0 mt), Chongqing 3,243 mt (a decrease of 0 mt), and Sichuan 785 mt (a decrease of 0 mt).

SMM Morning Meeting Minutes: Overnight LME copper opened at $13,604/mt, and amid wild swings at the beginning of the session, it dipped to a low of $13,590/mt. It then continued to swing wildly, rising to a high of $13,645/mt near the end of the session, and eventually closed at $13,644.5/mt, up 0.86%. Trading volume reached 15,600 lots, and open interest stood at 244,000 lots, down 1,039 lots from the previous trading day, indicating a reduction in bearish positions. Overnight the most-traded SHFE copper 2609 contract opened at 104,490 yuan/mt, and initially dipped to a low of 104,240 yuan/mt. It then drifted higher to touch a high of 104,680 yuan/mt, afterwards moving sideways, and finally settled at 104,480 yuan/mt, up 0.69%. Trading volume reached 33,800 lots, and open interest stood at 192,000 lots, up 1,706 lots from the previous trading day, indicating an increase in bullish positions.

On July 16, SVOLT Energy Technology held its 2026 Global Partner Summit in Changzhou, Jiangsu Province, where it unveiled four major "killer moves": the fully upgraded SVOLT Short Blade 3, the hybrid solid-liquid battery ready for launch, a dual push into energy storage and emerging markets, and the within-year mass production of Fly Stacking 4 — cementing its role as a trailblazer from the "stacking era".

[SMM Flash] Data from SHFE showed that on July 20, total registered warrants for cast aluminum alloy reached 18,698 mt, down 2,107 mt from the previous trading day. By region: Shanghai 1,595 mt (down 629 mt); Guangdong 2,118 mt (down 152 mt); Jiangsu 4,440 mt (down 89 mt); Zhejiang 6,517 mt (down 363 mt); Chongqing 3,243 mt (down 874 mt); Sichuan 785 mt (unchanged).

Shanghai Relun New Material Technology Co., Ltd. operates multiple production lines, including precision casting, centrifugal casting, sand casting, wax casting, and vacuum negative-pressure casting. With strong technical expertise, advanced production processes, and comprehensive physical and chemical testing capabilities, we welcome insightful individuals in and outside China to visit, offer guidance, discuss business, pursue mutual development, and create greater brilliance together.

[SMM Analysis: China's Phosphate Ore Imports Increased MoM in June; Egypt's Share Plunged as Substitute Supplies from Jordan, Morocco, etc. Surged] July 20, 2026, sourced from customs data. In June 2026, China's phosphate ore imports were 137,000 mt, edging up 4.5% MoM from 131,000 mt in May. Total import value was $12.567 million, up 2.8% MoM. The average import unit price was $91.5/mt, edging down 1.7% from $93.0/mt in May.

As the first year of the "15th Five-Year Plan," 2026 marks a critical stage for the global copper industry, characterized by supply-demand restructuring, technological innovation, and green transformation. Constrained by resources, costs, and geopolitics, copper supply growth remains limited. Meanwhile, new energy, new-type power grids, and AI computing power are driving substantial copper demand, widening the supply-demand gap and heightening copper's strategic value. Leveraging the "Implementation Plan for High-Quality Development of the Copper Industry (2025–2027)," China's domestic copper industry is accelerating its high-end, intelligent, and green transformation. Against this backdrop, , will be held on October 28-30 at the Shangri-La Hotel, Nanchang, Jiangxi . Shanghai Metals Market (SMM) , together with Jiangsu Hongbo Gas Equipment Technology Group Co., Ltd. , invites you to attend . The conference focuses on the high-quality development of the copper industry, bringing together stakeholders from industry, research, and finance to discuss technological innovation and resource synergy, thereby shifting China's copper industry from scale advantage to dual leadership in technology and value. Click the to register now; we look forward to meeting you at the conference. Application of Nitrogen Generators in the Entire Copper Processing Industry Chain (Primarily PSA Nitrogen Generation, with Purification Units and Hydrogen-Nitrogen Ratio Control) Copper easily oxidizes, blackens, rusts, and forms scale at high temperatures. Nitrogen, as an inert protective gas, isolates oxygen and moisture and is an essential gas source for melting and casting, wire drawing, annealing, copper pipe & tube and strip, electronic copper foil, and furnace purging. On-site nitrogen generation replaces liquid nitrogen/nitrogen cylinders, significantly lowering gas costs. Product Introduction Fully Automatic PSA Nitrogen Generator Nitrogen purity adjustable 99.5%–99.999% Flow rate 5–1,000 Nm³/h PSA Nitrogen Generator + Carbon Deoxidation Purification Unit Nitrogen oxygen content 1–10 ppm Flow rate 30–1,000 Nm³/h Nitrogen dew point ≤ -60°C PSA Nitrogen Generator + Hydrogenation Deoxidation Purification Unit Nitrogen oxygen content 0.3–10 ppm Flow rate 30–1,000 Nm³/h Nitrogen dew point ≤ -60°C Ammonia Decomposition Hydrogen Generation and Fully Automatic Hydrogen-Nitrogen Ratio Control Unit Hydrogen content optionally adjustable Ratio precision ≤ ±0.5% Flow rate 5–350 Nm³/h Advantages of the Nitrogen Generator Solution (Compared with Externally Purchased Liquid Nitrogen) 1. Continuous and stable gas supply, eliminating the risk of production halts due to gas interruptions; 2. Long-term operating cost only 1/3 to 1/4 of liquid nitrogen; 3. Pressure, purity, and flow rate automatically adjustable, matching the operating conditions of annealing furnaces/melting furnaces; 4. Skid-mounted integrated design, adapted to the dusty and high-temperature environment of copper plants, supporting 24-hour unattended operation. I. Melting and Casting Process (Upward-drawing copper rod, continuous casting, medium-frequency melting) 1. Liquid surface sealing protection for melting furnace 2. Furnace body replacement, furnace washing, purging 3. Nitrogen protection specifically for upward-drawing bare bright copper rod II. Bright Annealing (The largest gas-consuming station in the copper industry) After cold working, copper wire, copper strip, copper pipe & tube, copper busbar, brass/phosphor bronze harden; annealing at 400–650℃ to relieve stress. Without nitrogen protection, the surface becomes black and scale forms. III. Wire Drawing, Copper Foil, and Precision Copper Semis Production 1. Intermediate annealing for heavy/medium/micro drawing 2. Electronic copper foil, ultra-thin copper strip 3. Hollow copper pipe & tube, precision alloy copper IV. Other Supporting Process Applications 1. Sintering of powder metallurgy copper parts 2. Finished product packaging, anti-oxidation storage 3. Hydraulic/pneumatic purging, leak detection Contact Information Li Lili 189 1264 4498 Scan to Register SMM Conference Contact Liu Mingkang 156 5309 0867 liumingkang@smm.cn

[July 2026 Lithium Battery Recycling Project Commissioning Summary] In July 2026, China experienced a concentrated window for commissioning lithium battery recycling projects. Multiple leading and regionally distinctive enterprises intensively commissioned new production lines, while multiple approaches—including hydrometallurgy, pyrometallurgy, cross-border dismantling, and second-life applications—were simultaneously deployed. New compliant processing capacity expanded significantly, and the industry officially entered the large-scale implementation stage. Details of the key commissioning enterprises and projects are as follows:

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM recorded social inventory in Shanghai at 66,100 mt, down 10,400 mt WoW from last Thursday, while Jiangsu recorded 19,600 mt, up 100 mt WoW from last Thursday. Available spot supply remains tight, hovering at a low for the year, with the destocking trend unchanged, pushing the center of spot premiums higher and hitting a new high for the year. Meanwhile, the spot price spread between Shanghai and Guangdong widened further, opening the window for cross-regional shipments. According to SMM, some suppliers have already initiated cargo transfers from Guangdong to Shanghai, with the shipped copper cathode expected to arrive in the Shanghai market this week. If arrivals are substantial, this could provide marginal relief to the current tight spot market. However, given the limited scale of near-term arrivals and the fact that absolute inventory levels remain low, the downward pressure on premiums is expected to be relatively limited. On balance, with tightness in available supply persisting in the near term, spot prices against the SHFE copper 2608 contract are expected to remain at a premium tomorrow.