Recently, the steel-coke integrated clean energy project of CIMC Enric in Liupanshui City, Guizhou Province, officially went into operation. Relying on local steel industry resources, the project has achieved efficient and resource-based utilization of coke oven gas, producing fuel cell-grade high-purity hydrogen and clean energy LNG on a large scale, injecting new momentum into the expansion of the hydrogen energy industry and the development of comprehensive clean energy utilization in south-west China. The project, controlled by CIMC Enric and solely invested and constructed by its subsidiary CIMC New Energy (Liupanshui) Technology Co., Ltd., relies on the industrial coke oven gas from Shougang Shuicheng Steel (Group) Co., Ltd. as the core production raw material to specially produce blue LNG and 99.999% high-purity blue hydrogen , achieving green and high-value-added conversion of industrial tail gas. The overall project total investment of 808 million yuan , with a construction period of 12 months and a planned site area of 248 mu. After reaching full production, it is expected to achieve an annual output of approximately 140,000 mt of LNG and annual production of 24 million Nm³ of high-purity hydrogen , with considerable capacity scale and outstanding industrial benefits. It is reported that this project is an important piece in CIMC Enric's integrated steel-coke industry layout. Currently, the enterprise already has two similar projects, at Ansteel Bayuquan and Lingsteel, operating stably. Meanwhile, three new projects are in the early preparation stage. The industry layout covers domestic provinces such as Liaoning, Guizhou, and Sichuan, and extends to overseas markets in Southeast Asia. As of now, the company's total operating integrated steel-coke projects are expected to achieve an annual production capacity of 48 million Nm³ of hydrogen, 420,000 mt of LNG, and 80,000 mt of liquid ammonia, with the advantages of large-scale industrial clusters gradually becoming prominent. The Liupanshui project was implemented entirely relying on CIMC Enric's proprietary core technologies and complete equipment systems. Throughout the entire process of production, liquefaction, storage and transportation, distribution, and end-use applications, it is equipped with the enterprise's self-developed LNG storage tanks, cryogenic liquefaction equipment, hydrogen compression units, and a plant-wide DCS intelligent control system, achieving digitalized and refined control over the entire production chain. Meanwhile, the project received integrated comprehensive construction services from CIMC Enric Engineering Technology Co., Ltd., fully leveraging the company's technical barrier advantages in core processes and key equipment, to create a high-quality, innovative clean energy comprehensive demonstration project, precisely aligning with Guizhou Province's "Rich Ore Refined Development" policy and helping to upgrade and expand the regional clean energy industry. The high-purity hydrogen produced by this project fully meets fuel cell-grade application standards , with significant industrial empowerment value. On the one hand, it can steadily provide low-cost, high-quality hydrogen sources for industrial enterprises in the region such as precious metal processing and semiconductor manufacturing, ensuring the hydrogen demand of local high-end manufacturing industries. On the other hand, it will strongly support the construction of Liupanshui as a hydrogen energy demonstration city, helping to deploy new application scenarios such as gas-hydrogen-electricity integrated energy service stations and hydrogen combined heat and power. The project will also become a core hydrogen supply node in the "Yu-Qian-Gui" Hydrogen Corridor , improving China's industrial by-product hydrogen purification and hydrogen source supply system, and laying a solid foundation for building a cross-regional supply and sales framework of "Guizhou Hydrogen, Guangdong Sales" and establishing channels for the entire hydrogen energy industry chain in the future. Currently, Liupanshui City has built a diversified, multi-scenario hydrogen downstream consumption system, with remarkable results in the commercialization and application of hydrogen energy. Since 2025, 100 49-mt-class hydrogen heavy-duty trucks and 4 8.6-metre hydrogen fuel cell buses have been put into use locally. At the same time, the first hydrogen fuel cell locomotive in south-west China has been deployed and completed trial operation, filling the industrial gap in hydrogen railway freight in south-west China. At this stage, Liupanshui continues to broaden the application boundaries of hydrogen energy, covering heavy-duty truck transport, sanitation operations, cold chain logistics, and railway freight—various livelihood and industrial sectors—while actively exploring cutting-edge application tracks such as hydrogen metallurgy and hydrogen-based chemicals, striving to build a comprehensive and multi-level hydrogen industry ecosystem.

Indian rebar producer VMS TMT has approved a merger with Aditya Ultra Steel to build a more integrated manufacturing base and improve operational efficiency. The deal remains subject to statutory approval. The merged entity will consolidate its Gujarat operations and “Kamdhenu”-branded rebar ecosystem, with combined annual capacity of around 300,000 tonnes and a dealer network of about 300, supporting procurement, production, logistics and distribution synergies.

SMM News on July 1: Metals market: As of midday close, domestic base metals mostly fell. SHFE copper fell 0.44%, SHFE aluminum fell 0.86%. SHFE lead fell 1.46%. SHFE zinc rose 1.01%. SHFE tin rose 0.93%. SHFE nickel fell 0.61%. Additionally, the most-traded casting aluminum futures fell 0.64%, the most-traded alumina futures rose 0.11%. The most-traded lithium carbonate futures rose 5.65%. The most-traded silicon metal futures rose 0.6%. The most-traded polysilicon futures rose 3.08%. Ferrous metals all fell. Iron ore fell 1.81%, HRC fell 0.52%. Rebar fell 0.79%, stainless steel fell 0.14%. Coking coal and coke: the most-traded coking coal contract fell 2%, the most-traded coke contract fell 2.33%. Overseas base metals market, as of 11:36, LME metals all fell. LME copper fell 0.91%, LME aluminum fell 1.18%, LME lead fell 0.69%. LME zinc fell 0.69%, LME tin fell 1.53%. LME nickel fell 0.37%. Precious metals, as of 11:36, COMEX gold fell 1.09%, COMEX silver fell 2.74%. Domestic precious metals: SHFE gold fell 0.37%; the most-traded SHFE silver futures rose 0.5%. Additionally, as of midday close, the most-traded platinum futures fell 1.91%, and the most-traded palladium futures fell 1.03%. As of midday close, the most-traded European container shipping futures fell 9.81% to 2,560 points. As of 11:36 on July 1, midday futures quotes for some contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper reported at a premium of 50 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper reported at parity, up 90 yuan/mt from the previous trading day; SX-EW copper reported at a discount of 60 yuan/mt, up 90 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,220 yuan/mt, up 140 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,135 yuan/mt, up 160 yuan/mt... Macro front China: [The PBOC net withdrew 1,162.5 billion yuan from the open market today.] The PBOC conducted 100 billion yuan in 7-day reverse repo operations today at an unchanged interest rate of 1.4%. Today, 662.5 billion yuan in 7-day and 600 billion yuan in overnight reverse repos matured. [Shenzhen's June housing transactions hit a near 6-year high.] According to data released by Shenzhen Centaline Research Center today, Shenzhen's new and secondhand home transactions totaled 8,878 units in June, down 11.9% MoM but up 14.2% YoY. The combined new and secondhand home transaction volume hit a new high for the same period since 2021. Among them, first-hand residential (presale + existing) online signings totaled 3,785 units, down 16.7% MoM but up 15.6% YoY; second-hand residential transfers reached 5,093 units, down 8% MoM but up 13.1% YoY. (Jin10 Data APP) US dollar aspect: As of 11:36, the US dollar index rose 0.16% to 101.33. Fed’s Hammack said: The labour market is near full employment, with good growth prospects. Inflation remains too high, and the Fed may need to consider rate hikes. Jason Pride, Chief of Investment Strategy at private wealth management and investment firm Glenmede, and Michael Reynolds, Vice President of Investment Strategy, said investors should expect the US June unemployment rate to remain unchanged at 4.3%, with non-farm payrolls increasing by about 87,000. While this represents a pullback from May’s 172,000, in the current labour market environment of “low hiring, low layoffs,” it still counts as a solid outcome. Although employment fundamentals remain largely intact, the Fed’s focus has shifted to inflation, meaning that the timing of any future easing measures will depend more on inflation pressures than on job growth itself. According to CME’s “FedWatch”: The probability of the Fed keeping rates unchanged in July is 66.3%, and the chance of a cumulative 25bp rate hike is 33.7%. For September, the probability of the Fed keeping rates unchanged is 33.1%, the chance of a cumulative 25bp hike is 50.0%, and the chance of a cumulative 50bp hike is 16.9%. (Jin10 Data APP) Data highlights: Today will see the release of US June Challenger Job Cuts, US June ADP Employment Change, US June S&P Global Manufacturing PMI (final), US June ISM Manufacturing PMI, US May Construction Spending MoM, UK June Nationwide House Price Index MoM, UK June Manufacturing PMI (final), Switzerland May Real Retail Sales YoY, France June Manufacturing PMI (final), Germany June Manufacturing PMI (final), Eurozone June Manufacturing PMI (final), Eurozone June CPI YoY (preliminary), and Eurozone June CPI MoM (preliminary), among others. In addition, Fed Chairman Warsh, ECB President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem spoke at the “Policy Panel” session of the ECB’s Global Central Bank Forum. The Davos Technology Summit is held from July 1 to 4, with the theme “Physical AI and Robotics.” It is worth noting that on July 1, the Hong Kong Stock Exchange (China) was closed for the Hong Kong Special Administrative Region Establishment Day, with both northbound and southbound trading suspended. The Toronto Stock Exchange in Canada was closed for Canada Day. Crude oil: As of 11:36, oil prices on both benchmarks edged up, with WTI up 0.42% and Brent up 0.41%. Preliminary vessel tracking data from Kpler and Vortexa showed the UAE lifted exports of crude oil and condensate to a record high in June, shortly after leaving OPEC. Rauball, a senior oil analyst at Kpler, said UAE exports of crude and condensate averaged about 3.7 million barrels per day this month, a record high and well above the pre-Middle East conflict level of 3.1 million to 3.3 million barrels per day. The UAE's previous export peak was 3.44 million barrels per day in April 2020, when Saudi Arabia and Russia triggered a brief oil price war. Emma Li, a senior oil analyst at Vortexa, said crude loadings from Abu Dhabi hit 4 million barrels per day between June 1 and 29, surpassing the pre-conflict level of 3.4 million barrels per day. Exports also rose to a record 3.7 million barrels per day, compared with 3.3 million barrels per day in the first two months of this year. (Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

Today, platinum prices continued their weak trend. The market is currently focusing on the US June non-farm payrolls report, manufacturing PMI, and ADP employment data this week. Precious metals futures may continue to swing wildly, with limited upside room. During the morning session, the most-traded GFEX platinum contract PT2608 closed at 382.75 yuan/g, down 1.91%. The inverted spread between the SGE platinum 9995 ask price and GFEX PT2608 widened to around 6 yuan/g. In the spot market, mainstream quotations for platinum were at a discount of 0.5 yuan/g to a premium of 0.5 yuan/g against the PT2608 contract. The discount in mainstream quotations was basically flat compared with the previous trading day. The majority of traders quoted at parity against the most-traded contract. Most upstream enterprises had a low willingness to sell due to low absolute prices. Downstream demand was limited, with most enterprises staying on the sidelines, and some making just-in-time procurements. Overall, platinum trading was light today.

[SMM Tin Midday Commentary: The Most-Traded SHFE Tin Contract Pulled Back After Hitting Highs, Consolidating Around 390,000 This Morning]

Steel production in North Rhine-Westphalia (NRW), Germany's industrial heartland, fell to 45.8 million tonnes in 2025, marking a 20.1% decline from 2015 levels and a 6.4% drop compared to 2024. The reported tonnage includes crude steel, semi-finished, rolled, and finished products, containing multiple instances of double counting along the value chain. Despite the sharp volume decline, the average selling value of steel reached €786/tonne ($896/tonne) in 2025, which is 46.5% higher than in 2015 but 4.7% lower than the 2024 average. This steep decade-long volume contraction, juxtaposed with inflated nominal prices, underscores the severe deindustrialization and structural demand loss plaguing Germany's heavy manufacturing sectors.

[SMM Aluminum Express News] Ghana Integrated Aluminium Development Corporation (GIADEC) has signed an MoU with Danieli & C. Officine Meccaniche for a €300 million investment to develop an aluminum foil plant and a Centre of Excellence in Ghana’s Tema Integrated Industrial Park. The proposed aluminum foil rolling plant will have capacity of 40,000–45,000 tpy across ten value-added foil product categories serving packaging, pharmaceutical, food service, and industrial markets. The project aims to strengthen Ghana’s integrated aluminum value chain by leveraging proximity to VALCO’s smelting operations and Tema Port while promoting technology transfer, skills development, and export-oriented manufacturing.

[SMM Precious Metal Express] Data from the National Bureau of Statistics showed that June manufacturing PMI came in at 50.3%, up 0.3 percentage points from the previous month, returning to expansion territory.

Futures: Overnight, the LME lead 3M contract opened at $1,890.5/mt. In initial trading, prices consolidated repeatedly, hitting an intraday high of $1,898/mt. Subsequently, the bulls’ upward momentum faded, and prices drifted lower. During the European session, the decline accelerated, with prices touching a low of $1,871/mt. Towards the end of the session, prices stabilized slightly and rebounded, eventually settling at $1,872/mt, forming a bearish candlestick, down $20.5/mt, a decline of 1.08%. Overnight, the SHFE lead 2608 contract opened slightly lower at 16,040 yuan/mt. After briefly rising to 16,065 yuan/mt in early trading, the bulls lacked momentum, and bears entered to push prices lower. The price continued to pull back, hitting a low of 15,950 yuan/mt. At the low, some buying support led to a minor rebound, and it eventually settled at 15,975 yuan/mt, down 75 yuan/mt, a decline of 0.47%. Trading volume expanded, and open interest saw a slight increase of 238 lots. The trend was a retreat after a rapid rise, showing overall weakness. On the macro front: Trump disclosed a 927-page fundraising financial report exceeding $1 billion. The US Fed’s Hammack: Inflation is still too high and may require considering interest rate hikes. Japan stated that no intervention was made in the foreign exchange market from April 28 to May 27. US Treasury Secretary Bessent: I would not be surprised if the June employment data is very strong. An MIIT official: Step up efforts in tackling key materials such as lithium-rich manganese-based cathodes, silicon-based anodes, and solid-state electrolytes. The National Bureau of Statistics: In June, the manufacturing PMI returned to expansion territory. Spot fundamentals: The SHFE lead center shifted further downward, and in early trading it once briefly broke below the 16,000 yuan/mt level. Suppliers showed widening divergence in selling, with some raising their offer premiums, while others kept selling at parity. Meanwhile, EXW cargo quotations from primary lead smelters also diverged, with regional price spreads narrowing. Mainstream production area quotations against the SMM #1 lead average price were at discounts of 25 yuan/mt to premiums of 25 yuan/mt. In the secondary lead sector, smelters showed strong reluctance to sell at low prices, and quotations were scarce. Some secondary refined lead was quoted at premiums of 0-50 yuan/mt against SMM #1 lead ex-works, with a few at premiums of 100 yuan/mt, but there were also some discounted cargoes. Today was the last trading day of end-June, and downstream enterprises showed pronounced risk-averse wait-and-see sentiment. Some were looking to buy at lower prices on demand, and trading activity in the spot order market improved slightly. Inventory: As of June 30, LME lead inventory increased by 375 mt to 297,375 mt. As of June 29, SMM statistics showed that total social inventory of lead ingots across five regions in China climbed to 71,200 mt, hitting a stage high since June, with visible inventory buildup pressure continuing to manifest. As of June 29, SMM statistics showed that total social inventory of lead ingots across five regions in China climbed to 71,200 mt, hitting a stage high since June, with visible inventory buildup pressure continuing to manifest. Lead Price Forecast Today: Expectations for US Fed interest rate hikes continued to weigh on lead prices from a macro perspective; although LME inventory pulled back slightly, the Q2 consumption off-season outside China brought demand-side bearishness. China's primary smelters cut production slightly due to ore supply constraints, while secondary smelters' operating rates declined, dragged by losses and scrap battery raw material shortages, resulting in a market with weak supply and demand. Downstream maintained a wait-and-see sentiment, only making on-demand purchases and buying the dip. In the short term, lead prices are expected to consolidate largely in the doldrums.

[SMM Morning Meeting Note: LME Zinc Sees a Large Bullish Candlestick, Daily Candlestick Center Rises] Last night, LME zinc recorded a large bullish candlestick, with the lower Bollinger Band providing support. The US dollar index first rose then fell, and inventories outside China continued to decline, supporting LME zinc's center to edge up. Last night, SHFE zinc recorded a bullish candlestick, with the lower Bollinger Band providing support from below and the middle band acting as resistance. Currently, domestic TC is low, and China's zinc ingot production in July is expected to continue to decline, supporting SHFE zinc to rise. However, end-use consumption limits the upside of prices.