Raw material side, lithium carbonate prices rose somewhat this week, while nickel sulphate and cobalt sulphate prices fell steadily.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. Traditional cyclical logic has been completely disrupted, and its strategic value is being fully highlighted. In 2026, the tin market is presenting an unprecedentedly complex pattern and profound transformation: I. Deep Restructuring of Supply-Demand Patterns with Unprecedented Strategic Importance The global static reserve-to-production ratio for tin resources stands at only 14 years, underscoring growing scarcity. The supply side faces "triple pressure": repeated setbacks in Myanmar’s production resumptions, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC—resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, with tin now a strategic resource bridging traditional manufacturing and the digital future. II. Price Systems Breaking Historical Records and the Industrial Ecosystem Facing Reshaping In early 2026, SHFE tin prices surpassed 470,000 yuan/mt, reaching an all-time high. This price breakthrough not only reflects supply-demand imbalances but also signals a revaluation of the tin industry. Traditional trading models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transition Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain, while the global green transition demands a shift toward low-carbon practices and a circular economy. Recycled tin recovery and green smelting processes have become essential paths. All segments of the industry chain must move 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 for in-depth discussions. Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. will attend this grand event, engaging with industry peers to explore development trends and jointly propel the tin industry to new heights. Click the registration form to sign up now and join us in witnessing and participating in this landmark, far-reaching industry gathering. Together, let us create a brilliant new chapter! Founded in 2005, Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. is located in Huogudu, Zhadian Town, Gejiu City, Honghe Prefecture, Yunnan Province. With a registered capital of 150 million yuan and over 450 employees, its business scope covers nonferrous metal tin smelting, processing, and sales. The company is equipped with electric furnace crude smelting, bimetallic electrolytic wet process, vacuum furnace, and electric heating continuous melting crystallizer pyrometallurgy refining tin processes, with an annual refined tin (Sn99.95%) production capacity of 6,000 mt. Its "Yunxiang" brand tin ingot is a delivery brand on the Shanghai Futures Exchange. The company holds 46 patents and has been honored with titles such as “National Demonstration Base for Employment of Persons with Disabilities,” “Yunnan Province Specialized, Sophisticated, Distinctive, and Innovative Enterprise,” “Yunnan Province High-Tech Enterprise,” “Yunnan Province Innovative Enterprise,” and “Gejiu City Top 50 Enterprise.” Its corporate bank credit rating is AAA, and it is designated as a price submitter for tin ingot prices by SMM and the International Tin Association. The company ranks among the top ten enterprises in China’s tin smelting industry, with high product recognition, strong social credibility, and significant market share. Established in 2005 and located in Huogudu, Zadian Town, Gejiu City, Honghe Prefecture, Yunnan Province, Gejiu Yunxin Nonferrous Electrolysis Co., Ltd. boasts a registered capital of RMB 150 million and has over 450 employees. The company specializes in the smelting, processing, and sales of nonferrous metal tin. Its production facilities include electric furnace smelting, bimetallic electrolysis hydrometallurgical processes, vacuum furnaces, and electrothermal continuous melting and crystallization machines for pyrometallurgical refining of tin. With an annual production capacity of 6,000 mt of refined tin (Sn99.95%), the company’s "Yunxiang" brand tin ingots are listed as a deliverable brand on the Shanghai Futures Exchange. Gejiu Yunxin holds 46 patents and has been recognized with numerous honors, including the "National Demonstration Base for Employment of Persons with Disabilities," "Yunnan Province Specialized, Sophisticated, Distinctive, and Innovative Enterprise," "Yunnan Province High-Tech Enterprise," "Yunnan Province Innovative Enterprise," and "Gejiu City Top 50 Enterprise." Its corporate bank credit rating is AAA, and it is designated as a price submitter for tin ingot prices by SMM and the International Tin Association. The company ranks among the top ten enterprises in the domestic tin smelting industry, with high product recognition, strong social credibility, and significant market share. Contact Shen Yongji 18608779826 Long press to scan and register now 2026 SMM (16th) Tin Industry Chain Conference

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.

Following intensive project announcements in seven provinces and regions including Ningxia and Jiangxi, a new wave of lithium battery recycling projects has seen concentrated implementation in Hunan, Zhejiang, Yunnan, Hubei, Anhui, Shandong, and other areas. This batch of eight projects covers Huzhou, Wenzhou, and Changxing in Zhejiang, Taihe in Anhui (two sites), Lixian in Hunan, Yongping in Yunnan, Hanchuan in Hubei, and Linyi in Shandong. The planned annual processing capacity totals over 270,000 mt (excluding second-life applications and PV modules), with total investment exceeding 2.5 billion yuan. The categories cover end-of-life lithium battery packs, scrap electrodes, and second-life application production lines, further expanding the lithium battery recycling capacity footprint into the central-western and Yangtze River Delta hinterlands.

The supporting implementation rules for Ministry of Industry and Information Technology (MIIT) Order No. 73 have been fully rolled out. The cost ceiling for repairing or replacing LFP batteries is set at 150 yuan/kWh, and for ternary lithium batteries at 180 yuan/kWh—meaning the once-common practice of "replacement instead of repair" costing tens of thousands of yuan has become a thing of the past. For the chemical and materials industry, however, a far more significant signal than the repair price cuts lies buried in another detailed rule: the residual value of end-of-life batteries belongs to the vehicle owner and can be transparently deducted from repair costs. What appears to be a consumer-friendly policy designed to benefit vehicle owners in fact installs a "compliant raw material engine" for the entire rare and precious metal recycling industry chain. In the past, large volumes of end-of-life batteries flowed into the black market due to opaque repair practices, causing valuable lithium, cobalt, and nickel resources to be lost in crude smelting processes. Now, for the first time, the ore veins of this "urban mine" are being systematically channeled through formal repair channels to compliant chemical recycling enterprises. From a resource strategy perspective, the improvement of the power battery repair and recycling system is essentially the construction of a flowing "urban mine." According to MIIT data, in 2024, China's comprehensive utilization of power batteries reached 301,000 mt, from which 2,000 mt of lithium metal, 2,000 mt of cobalt, and 5,000 mt of nickel were extracted, equivalent to 4%–7% of the resources required for power battery production during the same period. This proportion may appear modest, but the growth curve is extremely steep. The State Administration for Market Regulation estimates that by 2030, the market size of power battery recycling in China will surpass 100 billion yuan, at which point recycled metals will account for a substantially higher share of power battery raw material supply. Compared with the long process of ore mining, beneficiation, and smelting, battery regeneration and extraction technologies consume significantly less energy, generate markedly lower carbon emissions, and reduce dependence on imported ore resources. It is worth noting that the large-scale recycling of end-of-life LFP batteries is also accelerating. Although the LFP chemistry contains no high-value metals such as cobalt or nickel, the recovery value of the lithium element is becoming increasingly prominent. Institutions including the Guangzhou Institute of Energy Conversion under the Chinese Academy of Sciences have developed a Joule-heating shock-activated water leaching technology that has achieved a lithium leaching rate exceeding 99%, while the leaching tailings can be synergistically upgraded to produce high-energy-density cathode materials, further improving resource utilization efficiency across the entire system. Overall, this new maintenance regulation is not an isolated consumer-side policy but a critical link in the entire power battery recycling industry chain — front-end maintenance standardizes the export of end-of-life batteries, mid-end recycling ensures the collection of rare and precious metals, and back-end metallurgy achieves closed-loop resource regeneration. As compliance across the entire chain deepens, China’s circular supply capacity for rare and precious metals will continue to be released.

Guangdong is a core hub of China’s wire and cable industry cluster, with a well-established industry chain, distinct locational advantages, and market reach extending across South China, Hong Kong, Macau, and Southeast Asia. The sector currently faces both opportunities and challenges: new energy and infrastructure markets outside China are expanding the space for going global, yet fluctuations in copper and aluminum raw materials, capacity homogenization, and low-price involution are squeezing corporate profits. Digital and intelligent upgrading has thus become the key to breaking through. will be held from July 14 to 15, 2026 at the Wyndham Hotel in the Guangzhou Design Capital, Guangdong . SMM , in partnership with Luoyang Sanwu Cable Group Co., Ltd. , invites you to attend. Leveraging entire industry chain data and in and outside China resources, the summit will focus on market analysis, transformation and upgrading, supply-demand matchmaking, and empowerment for going global, helping local enterprises enhance quality and expand markets while driving high-quality, internationalized development in the regional wire and cable industry. Click to . We look forward to meeting you at the summit. Sanwu Cables Reach Across the Seas Conductors and Wires Connect the Continents Luoyang Sanwu Cable Group Co., Ltd. (“Sanwu Group” for short, formerly Luoyang Sanwu Cable Co., Ltd.) was established in 2016 and now has over 600 employees. It is a mixed-ownership group enterprise integrating science, industry, and trade, headquartered in the Guobao Building in Luoyang, with three manufacturing entities and one trading company under its umbrella. Its production site is in the East Park of the Yichuan Advanced Manufacturing Development Zone, covering over 300 mu of land, with workshop space exceeding 150,000 m² and total annual capacity of more than 700 kt. Sanwu Group pursues a diversified development strategy rooted in specialization. Its main products include electrical round aluminum rod series, overhead conductor series, cable series, and deoxidized aluminum products series. These four product lines are mutually reinforcing, forming a solid business ecosystem. Sanwu products are widely used in electric power, transportation, new energy, metallurgy, petrochemicals, national defense, and urban construction. Its domestic clients include over 30 state-owned enterprises, central state-owned enterprises, and publicly listed firms, while its export markets have expanded to 37 countries and regions, 15 of which—including the Philippines, Singapore, Australia, Chile, and Kazakhstan—lie along the Belt and Road route. Sanwu Group’s subsidiaries have successively passed the “three-system” certification. All product series comply with IEC, ASTM, BS, and other international electrotechnical standards and authoritative detection requirements. The group has been recognized as a National High-Tech Enterprise, a Green Factory, a technology-based small and medium-sized enterprise, a provincial-level specialized and sophisticated small and medium-sized enterprise, and a Gazelle Enterprise. Its detection center collaborates deeply with Longmen Laboratory and has been accredited as a provincial engineering technology center and enterprise technology center. The group currently holds 10 inventions, 39 utility model patents, and 12 software copyrights, has contributed to the formulation of national standards, and has received a scientific and technological achievement evaluation report rating as domestically leading. It serves as the honorary chair organization of the Henan Electrical Industry Association and is an industry-academia-research base for Henan University of Science and Technology, Henan Institute of Technology, and Luoyang Institute of Science and Technology. Since 2023, it has been consistently listed among the top 100 enterprises in Luoyang, and in 2025, it was listed among the top 100 enterprises in Henan. Contact Information SMM Conference Contact Chen Bo 183 7089 1981 chenbo@smm.cn

In order to adapt to the reshaping of global trade patterns and the commodity super cycle triggered by new quality productive forces, accelerate the implementation of Shanghai's deployment for building a commodity resource allocation hub in the opening year of the "15th Five-Year Plan", and further promote the "Action Plan for Strengthening Spot-Futures Linkage and Enhancing the Level of Non-ferrous Metal Commodities" (18 measures), elevating the "Shanghai Price" from a regional indicator to an international benchmark, SMM will host the "2026 Shanghai Metals Expo" (SME) from 16-19 November 2026. Against this backdrop, the 2026 Shanghai Metals Expo will be held from 16-19 November in Shanghai with great grandeur, SMM in collaboration with Shandong Humon Smelting Co., Ltd. invites you to participate in the conference , which, under the theme "Cycle Reshaping and Pricing the Future," will focus on core variables such as global macro policy shifts, geopolitical supply chain restructuring, and the metal super cycle. It aims to create an annual gathering that serves as an "information hub, pricing benchmark, trading platform, and networking circle" for the metal and related industries, empowering the industry to shift from passively experiencing cycles to actively engaging in pricing. Click to register for the conference immediately. We look forward to meeting you at the event. Shandong Humon Smelting Co., Ltd. (abbreviated as "Shandong Humon Smelting") was established in 1988, dedicated to becoming a world-class precious metal smelter with happy employees, satisfied clients, and harmonious environment. It was listed on the Shenzhen Stock Exchange on May 20, 2008 (stock code: 002237). In 2019, Jiangxi Copper Corporation became its controlling shareholder. Riding the wave of reform and opening-up and leveraging its expertise in technological innovation, the company has steadfastly pursued a market-oriented and international operation path. Through over 30 years of relentless entrepreneurship, it has held the position of China's largest gold smelter for 12 consecutive years. In 2025, it achieved operating revenue of 110 billion yuan and produced 100 mt of gold. As a pioneer and leader in pyrometallurgy, the company uses fire as its foundation, integrating the entire chain. It has established a comprehensive "cyanide-free pyrometallurgical environmental protection technology system," which has been recognized with two National Science and Technology Progress Awards (Second Prize) and twelve Provincial and Ministerial Science and Technology Progress Awards (First Prize). Focusing on the transformation and upgrading of gold ore smelting, the company has proposed the strategic vision of "developing unlimited value from finite resources and leading the green development of gold ore smelting." While developing gold and silver products, it simultaneously achieves the comprehensive extraction of metals such as copper, lead, zinc, antimony, selenium, tellurium, and platinum. This has formed a diversified development pattern encompassing gold mines, metal smelting, international trade, and high-purity materials. Looking ahead, guided by the Party and the state’s line, principles, and policies, the company will integrate global mineral resources, create wealth for China in the new era, embark on a new journey of high-quality and leapfrog development, and strive tirelessly to become a world-class precious metals mining and metallurgy enterprise. Contact: Wang Lu 0535-4631040 Email: manage@hbyl.cn Address: No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City SMM Conference Contact Ma Yao 18321395342 mayao@smm.cn

On June 26, at the hosted by SMM Information & Technology Co., Ltd. (SMM) with title sponsorship from Guangxi Yusheng Germanium High-Tech Co., Ltd., Ou Haiguang, Chairman of Lianzhou Tuosheng New Energy Co., Ltd., Qingyuan, Guangdong, shared “The Development and Application of Selenium.” I. Global Selenium Market Overview The global selenium market exhibits a combination of steady overall growth and rapid structural upgrading. Global Selenium Market Characteristics The global selenium market presents the dual characteristic of “steady overall volume and structural upgrading.” Growth in traditional sectors is slowing, while high-value-added niche segments show strong potential. ► Overall Market: Moderate Growth It introduced the global selenium market size in 2025 and future compound annual growth rate, among other aspects. ► High-End Market: Rapid Expansion High-purity selenium used in electronics, semiconductors, and solid-state batteries is the core growth driver. The global high-purity selenium market reached $1.8 billion in 2023 and is expected to exceed $3.5 billion by 2030, with a strong CAGR of 10%. Selenium is a key material supporting the development of high-tech industries It is a fundamental material for developing new materials, new devices, and new consumer goods (pharmaceuticals, agriculture, food). Demand for selenium from military, new energy, and medical & health sectors is increasing daily. Ultra-high-purity rare and scattered metals have been designated as key national strategic emerging industries under the “Strategic Research on New Materials Powering the Nation by 2035” (2020). High-purity selenium was included by the National Development and Reform Commission (NDRC) in the “Catalogue for the Guidance of Key Products and Services in Strategic Emerging Industries” issued in Announcement No. 1 (2017). The EU identified selenium as a critical raw material for strategic low-carbon energy technologies (2020). Price Trend Review and Forecast First, it reviewed the selenium price trend in recent years. ► Future Trend Forecast, 2026-2027 The global economic slowdown is weighing on the profitability and operating rates of traditional selenium-consuming industries such as glass, ceramics, and pigments, causing prices of ordinary industrial-grade selenium products to continue falling under pressure. However, high-purity, customized high-end selenium products used in PV, electronics, and other sectors are seeing price support due to high technical barriers and scarce supply, with the market showing a clear divergence in price trends. ► Market Insight: Supply-Demand Pattern Driving Divergence As demand growth in traditional sectors such as PV glass slows, prices of basic products are heavily influenced by capacity. However, the technological barriers in high-value-added fields such as infrared, electronics, and solid-state batteries will support the price resilience of high-end selenium products, making them the core growth driver for future corporate profits. II. In-Depth Analysis of China’s Selenium Industry China is the global center for selenium production and supply, and its industry development trends have a decisive impact on the global market. Production and Supply: The World’s Core Producing Region China is the global center for selenium production and supply, accounting for nearly half of the world’s output, which continues to grow steadily. ► Production Scale and Growth: In 2025, China’s primary selenium production reached 2,030 mt (up 12% YoY), accounting for nearly half of the global total. The growth momentum came from the expansion of domestic copper smelters and their increased focus on the comprehensive recovery of rare and precious metals. ► Core Producing Region Distribution: Influenced by the layout of the copper smelting industry, China’s selenium is primarily produced in four provinces: Yunnan, Jiangxi, Anhui, and Hubei. The high degree of synergy between resources and the processing industry has formed a stable supply chain cluster. ► Industry Leader Landscape: Top-tier players such as Jiangxi Copper Corporation, Tongling Nonferrous Metals, Yunnan Copper, and China Daye Non-Ferrous Metals dominate production and are actively extending their reach into downstream deep processing, continuously refining their industry chain layout. ► Future Production Forecast: Production is expected to maintain an upward trend: it is projected to reach 2,165 mt in 2026 and further increase to 2,340 mt in 2027, continuously solidifying its core global supply position. Consumption Structure and Trends: Replacing Old Growth Drivers with New Ones ► Changes in China’s selenium consumption structure are a microcosm of global trends, with emerging applications rapidly on the rise. ● Metallurgy (32%): A traditional mainstay field, with relatively stable demand. ● Flat Glass (24%): Driven directly by the rapid development of the PV industry, maintaining solid growth. ● Agricultural and Livestock Health (21%): A beneficiary of the upgrade in health consumption, it has become an important growth point. ● Ceramics and Chemicals (13%): A traditional, low-end application affected by environmental protection policies and alternative technologies, with demand continuing to shrink. ★ Electronics, Infrared, and PV (8%): The fastest-growing segment and the core new momentum driving the industry’s long-term development. Trade Pattern: From Net Importer to Near-Balance China’s selenium trade pattern has undergone a historic transformation, gradually achieving self-sufficiency and control over its resource supply and demand. ► Historic Transformation: Reshaping the Supply-Demand Pattern In the past, as the world’s major selenium consumer, China was in a state of net imports for a long time. In recent years, thanks to the steady growth of domestic primary selenium smelting capacity and significant advances in recovery technologies for secondary resources like copper and selenium scrap, China’s reliance on selenium from outside China has dropped sharply, achieving a fundamental optimization of its trade structure. ► Key Milestone: 2025 Trade Data In 2025, China's selenium trade achieved a historic breakthrough: both imports and exports totaled 728 mt, remaining basically flat. This data marks China's successful shift away from a passive "resource-importing" model, achieving basic self-sufficiency in selenium supply and demonstrating strong risk resilience. ► Future Trend: Moving Toward Net Exporter Status Driven by both production growth and technological strengths, China is expected to continue expanding its selenium resource production scale and technology exports in the coming years. Leveraging its complete industry chain support and cost advantages, China is poised to gradually complete its transformation from a "net importer" to a "net exporter," further enhancing its discourse power in global selenium trade. ► Policy Support: Export Promotion, Brand Certification & Subsidies To support domestic superior resource products in international competition, the nation continues to implement industrial support policies. 1. High-purity selenium and selenium compound targets are included in the new materials export credit insurance support categories. 2. Key equipment imports for high-purity selenium compound synthesis and monocrystalline production are exempted from customs duties and import-stage VAT. This policy effectively strengthens the competitiveness of Chinese selenium products in the international market, providing strong policy support for the industry's "going global" strategy. III. High-Growth Track Analysis Amid broadly steady market growth, which sub-sectors are experiencing explosive expansion? This chapter focuses on three high-growth tracks: nano-selenium, high-purity selenium, and indium selenide. ► Track 1: Nano-Selenium Biomedicine and Healthy Agriculture — One of the fastest-growing sectors in the selenium industry Core Strengths: High bioavailability | Low toxicity It addresses the pain point of balancing effectiveness and safety in traditional selenium agents, offering dual value in nutrition and pharmaceuticals. Sharing also included market size forecasts, diverse application scenarios, and national policy support. ► Track 2: High-Purity Selenium (Semiconductors and PV) • Positioning as a critical basic material: High-purity selenium (purity ≥5N) is a strategic critical material underpinning the development of semiconductor chip manufacturing and PV solar cell industries, holding an irreplaceable position in the advanced manufacturing supply chain. Current Industry Status: Overall market demand is growing rapidly, but exhibits a significant "structural supply-demand mismatch," characterized by low-end overcapacity coexisting with a shortage of high-end products. • Market Demand and Structural Issues Demand Growth: China's total market demand is projected to maintain a 16.8% average annual compound growth rate from 2026 to 2030, indicating enormous potential. Polarization: Relatively surplus capacity in 5N low-end products; severe shortage of 6N and above high-end products, with import dependency reaching as high as 71%. • Technology Barriers and Localisation Substitution Opportunities Core Barriers: The preparation of 6N high-purity selenium involves complex processes, primarily relying on "zone melting" and "chemical vapor transport (CVT)" technologies, posing extremely high technical thresholds. Policy Driver: The National IC Fund has provided targeted capital injection to support breakthroughs, with a clear industrial goal of achieving over 60% localisation rate for high-end high-purity selenium by 2027. ► Track 3: Indium Selenide (Infrared Detection and Advanced Optoelectronics) • Material Overview Indium selenide (In₂Se₃) is a new-type layered semiconductor material with excellent optoelectronic properties. With its unique band structure, high carrier mobility, and good flexibility, it holds tremendous application potential in cutting-edge fields such as infrared detection, flexible optoelectronic devices, and new-type PV, making it a current hot topic in semiconductor material R&D. • Market Size Forecast Chinese market size in 2025: 382 million yuan; expected to reach 429 million yuan in 2026; up 12.3% YoY. • Competitive Landscape: Highly Concentrated Industry barriers are high, with a prominent head effect: the top three enterprises command approximately 68.3% market share. • Core Application Scenarios 01 Infrared focal plane detectors, widely used in security surveillance and industrial temperature measurement, represent the primary downstream demand. 02 Energy and new energy: Used as a buffer layer in CIGS (copper indium gallium selenide) thin-film solar cells, serving as an important raw material for the PV industry. 03 Flexible electronic devices: Leveraging advantages of layered structure, high-performance flexible displays and wearable device sensors can be developed. IV. Cutting-Edge Technologies and Future Trends Technological innovation is the fundamental driving force behind industrial development. Breakthroughs in Cutting-Edge Technologies: Antimony Selenide Sulfide Solar Cells Core Technical Advantages: The material combines excellent photoelectric conversion properties with outstanding chemical stability, featuring low production costs and strong process compatibility, thereby solving the trade-off between performance and stability in traditional PV materials. Industrial Application Prospects: Viewed as a highly promising next-generation PV technology direction, it not only broadens the selection of PV materials but also opens up a completely new path for high-value application of "selenium" resources in the new energy field. Industrial Development Trends 01. Technology-driven high value-addition | The core of industrial competition is shifting from resource acquisition to technological innovation, where technical barriers will become the fundamental foundation for enterprises to thrive. 2. Deep Localisation Substitution | Driven by national strategic support and market demand, the localisation process of key materials will continue to accelerate. 3. The "Materials-as-a-Service" Model Emerges | Upstream producers are no longer limited to mere product supply but are deeply integrated with downstream clients, providing customised solutions. 4. Green, Low-carbon, and Circular Economy | Stricter environmental protection policies are forcing industry upgrades, and green production processes and efficient resource recycling technologies will become increasingly important. 5. Strategic Recommendations Based on the above analysis, it provides some specific strategic recommendations for industry participants and investors. Whether enterprises or investors, in the current complex and volatile market environment, all need clear strategic guidance to seize opportunities and avoid risks. ► Recommendations for Enterprises 1. Focus on High-Growth Sectors: Decisively allocate resources toward high-value-added areas such as nano-selenium and 6N high-purity selenium, and avoid homogeneous competition with low profits. 2. Strengthen Technology R&D and Cooperation: Establish an independent R&D system to maintain core competitiveness, while actively engaging in industry-university-research cooperation with universities and research institutes. 3. Build Industry Chain Synergy: Extend toward upstream raw material sources to ensure stable supply, and expand toward downstream application ends to deeply integrate core clients, enhancing risk resistance capabilities. 4. Enhance Quality and Brand: Establish and strictly enforce a high-standard quality control system, cultivate a high-end, professional brand image, and compete with premium quality and pricing. ► Recommendations for Investors 1. Focus on Technologically Leading Enterprises: Prioritize investment in enterprises with independent intellectual property rights in core technologies to build competitive barriers. 2. Seek Enterprises with Strong Downstream Integration: Choose enterprises that have established long-term and stable cooperation with downstream key clients to ensure robust operational performance. 3. Allocate to Entire Industry Chain Enterprises: Focus on enterprises with a complete industry chain layout from mineral resources to end-use applications to enhance risk resistance capabilities. 4. Beware of Market Fluctuation Risks: Fully assess the impact of periodic selenium price fluctuations on enterprise costs and profits, and implement risk hedging. Furthermore, it also provides an introduction to Lianzhou Tuosheng New Energy Co., Ltd.

SMM, June 26: Against the backdrop of sluggish downstream demand, product prices across the cobalt industry chain showed a downward trend under pressure. Cobalt sulphate and cobalt chloride recorded five consecutive declines this week, while refined cobalt spot quotations also fell below the round-number level of 380,000 yuan/mt during the week... SMM compiled the quotation changes for cobalt products this week as follows: : According to SMM spot quotations, although refined cobalt spot prices rose 2,500 yuan/mt on the last trading day, they still showed an overall decline this week. As of June 26, refined cobalt spot quotations were in the range of 374,000~385,000 yuan/mt, with an average of 379,500 yuan/mt, down 4,000 yuan/mt from June 18, a decline of 1.04%. Supply and demand side, on the supply front, mainstream smelters lowered their ex-factory quotations to 385,000 yuan/mt. After the deep price slump, most traders suspended market offerings, and wait-and-see sentiment dominated. On the demand side, the rush-to-buy-amid-continuous-price-rise and hold-back-amid-price-downturn mentality continued to curb the downstream procurement pace. Alloy-type enterprises remained on the sidelines and postponed restocking, while some magnetic material enterprises released small procurement demand near 380,000 yuan/mt, making selective restocking. In the short term, futures still face choppy pressure. A stabilization in refined cobalt prices requires two conditions: first, an easing of market funding pressure and a reduction in low-price sell-offs; second, that prices of related products such as cobalt salts stop falling and stabilize, forming support for market confidence. Cobalt intermediate product prices, according to SMM spot quotations, as of June 26, cobalt intermediate product (CIF China) spot prices remained stable earlier, then edged down $0.025/lb on the last trading day of the week. Quotations stayed in the range of $24.75-25.5/lb, with an average of $25.125/lb. The overall price center changed little. According to SMM, on the supply side of cobalt intermediate products, mainstream miners and traders maintained their offers near $25.5/lb, while downstream smelters remained conservative in procurement, with intended purchase prices generally below $25/lb. Some smelters even planned to sell their intermediate products at $24.8-24.9/lb, turning to procure low-priced recycled black mass to control production costs. On the logistics side, since May, some Chinese-invested miners have gradually increased chartered shipping volumes, and some leading miners have gradually resumed shipments since June. Port arrivals of intermediate products are expected to trend slowly upward in the following months, potentially forming concentrated batch arrivals after August. In the short term, end-use demand support is insufficient, and cobalt intermediate product prices will most likely continue to move sideways. Should prices strengthen going forward, a recovery in downstream operating rates and a repair of cobalt salt prices must form a resonance. Cobalt salt side ( and ): : According to SMM spot price data, cobalt sulphate spot prices continued to show persistent weakness this week. After five consecutive declines, spot cobalt sulphate prices dropped to 85,000-87,300 yuan/mt, with the average price reported at 86,150 yuan/mt, down 2,350 yuan/mt from 88,500 yuan/mt on June 18, a decline of 2.66%. According to SMM, the trading atmosphere in the cobalt sulphate market remained sluggish this week, with the spot price center slowly moving lower. Supply side performance continued to diverge: offers from primary smelters were relatively firm, with mainstream producers maintaining their minimum selling intention price above 85,000 yuan/mt; some recycling smelters and traders, under cash flow pressure, lowered offers further to 80,000-81,000 yuan/mt. Demand side, the continuous price erosion dampened downstream stockpiling confidence, with enterprises’ psychological price levels largely concentrated at 79,000-80,000 yuan/mt. Although some downstream purchase intention prices have converged with the lowest seller offers in the market, bulk transactions remained limited as the low-priced supply did not fully match downstream requirements in commercial terms and product quality. In the short term, the weak pattern of cobalt sulphate prices is hard to fundamentally reverse, and stabilization and rebound still await the material realization of downstream concentrated restocking demand. side: According to SMM spot price data, spot cobalt chloride prices also recorded five consecutive declines this week. As of June 26, spot cobalt chloride prices dropped to 104,000-106,500 yuan/mt, with the average price reported at 105,250 yuan/mt, down 3,750 yuan/mt from 109,000 yuan/mt on June 18, a decline of 3.44%. From a fundamental perspective, the cobalt chloride market continued to be extremely sluggish this week, with scarce actual transactions and spot liquidity almost drying up. Supply side, most smelters remained suspended from quoting, and sporadic offers more reflected cost bottom lines and psychological expectations. Against the backdrop of difficulty in achieving sales without substantial price concessions, their guiding significance for transactions has been quite limited. Demand side, downstream producers still held some raw material inventory to maintain turnover. In an environment of weak end-use demand and continuous price erosion, the “rush to buy amid continuous price rise and hold back amid price downturn” mentality combined with pessimistic expectations for the future further suppressed purchase willingness. Overall, although the pessimistic atmosphere in the cobalt chloride market was still spreading and the divergence between bulls and bears not fully resolved, a relatively positive signal emerged this week: current transactions could no longer factor in the semi-annual report performance window of various companies, and upstream offers in the market have stabilized after stopping falling, injecting a glimmer of hope into the overall pessimistic market sentiment. However, the direction for H2 remains unclear, and the guiding value of the July price trend remains prominent and warrants close attention. : According to SMM spot price assessments, spot Co3O4 quotes drifted lower this week. As of June 26, spot Co3O4 quotes fell to 329,000-341,000 yuan/mt, with an average price of 335,000 yuan/mt, down 3,500 yuan/mt from 338,500 yuan/mt on June 18, a decline of 1.03%. According to SMM, the Co3O4 market also remained extremely sluggish this week, with very few actual transactions. On the supply side, upstream producers still held divergent views on the market outlook, but given that this week's deals could no longer be settled before the semi-annual report deadline, most previously bearish enterprises had largely completed their shipments, releasing price pressure in stages, and offers began to stabilize this week. On the demand side, although June is a traditional negotiation window, against the backdrop of persistently falling Co3O4 prices, downstream cathode material plants generally adopted a wait-and-see approach; even when they had purchasing intentions, they mainly pushed for significantly lower prices, and the continued price decline in turn further weakened upstream shipment motivation. Overall, the subsequent trend of Co3O4 will still depend on the price direction of cobalt salts. On the news front, recently, the May cobalt product import and export data were released. According to customs data, China's imports of unwrought cobalt in May 2026 were approximately 673 mt, down 50% MoM but up 3% YoY. By source, the top three regions for refined cobalt imports in May were Indonesia (211 mt), Madagascar (93 mt), and Canada (85 mt). The sharp drop in imports this month was mainly because previously accumulated overseas low-priced cobalt raw materials had been consumed, and the prices of newly imported cobalt plates and cobalt beans were higher than other domestic cobalt raw materials, leading to reduced willingness of smelters to purchase for remelting. On the import price side, the average import price of China's unwrought cobalt in May 2026 was $54,557/mt, up 3.48% MoM. Cumulative imports from January to May 2026 reached 6,589 mt, up 120% YoY. On the export side, China's unwrought cobalt exports in May 2026 were approximately 370 mt, up 70% MoM but down 88% YoY. By destination, China's exports to the Netherlands surged significantly, with May exports reaching 205 mt, up 791% MoM. On the export price side, the average export price of China's unwrought cobalt in May 2026 was $53,403/mt, down 2.17% MoM. Cumulative exports from January to May 2026 totaled 2,161 mt, down 79% YoY. Cobalt hydrometallurgy intermediate products, China's imports of cobalt hydrometallurgy intermediate products in May 2026 were approximately 2,584 mt in physical content, up 107% MoM and down 95% YoY, of which imports from the DRC were approximately 2,066 mt in physical content, up 119% MoM and down 96% YoY. The average import price of cobalt hydrometallurgy intermediate products in May 2026 was $16,607/mt in physical content, down 3.37% MoM. It is reported that since May, some Chinese miners have been increasing shipment bookings, and some leading miners have gradually resumed shipments from June. Port arrivals of intermediate products are expected to slowly increase in the coming months, and bulk arrivals are expected after August.

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