On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

【SMM Steel】On Mar 11, 2026, the USDOC finalized AD and CVD duties on temporary steel fencing from China, concluding a Feb 2025 probe. China exporters face a 129.70% AD margin; nationwide rate 184.27%. CVD: Hebei Minmetals 49.19%, others 178.97%. Products mostly under HTSUS 7308.90.9590. Cash deposit rates after offsets: 129.68% to 184.25%.

[SMM Magnesium News] Gansu lists magnesium-based new materials as a strategic emerging industry. Its government work report proposes building a processing base for strategic mineral resources like magnesium, accelerating full-chain development of Pingliang’s 700-million-ton magnesite dolomite and boosting industry with new energy advantages. Pingliang actively responds, planning a 10-billion-yuan magnesium-based new materials cluster. In 2026, it will speed up transfer of magnesite dolomite exploration rights and pilot project construction. Kongtong District, with rich resources, closely cooperates with China Minmetals to promote magnesium smelting and alloy projects. Currently, its explored magnesite dolomite resources exceed 700 million tons.

On the afternoon of February 6th Beijing time, the groundbreaking ceremony for the Komakao Copper Mine expansion project in Botswana was grandly held in Maun, Botswana. This project is the first major investment initiative launched by China Minmetals in the "15th Five-Year Plan" period, as well as the first significant resource expansion project. SMM anticipates that the first production of concentrate will occur in 2028. The copper output target for 2029 has been revised from the previous 40,000 metal tons to 100,000 metal tons, while the target for 2030 has been adjusted from 40,000 metal tons to 130,000 metal tons.

At 2 p.m. on February 6, Beijing time, the launch ceremony of the Komakao copper mine expansion project in Botswana was held in Maun, Botswana. The project is the first major investment project launched by China Minmetals Corporation during the 15th Five-Year Plan period and also the first major resource expansion project.

On May 28, the intelligent production line for ultra-fine tungsten carbide powder, invested and constructed by Zhuzhou Cemented Carbide Group Co., Ltd. (hereinafter referred to as "Zhuzhou Cemented Carbide Group") and undertaken by Minmetals 23rd Construction Co., Ltd., achieved full-line operation. This project is one of the 102 major projects under China's "14th Five-Year Plan" and a "Top 100 Projects" in strategic emerging industries. Approved in June 2023, it took two years to build an intelligent production line with an annual capacity of 3,000 mt of high-quality ultra-fine tungsten carbide powder. The project selected a batch of domestically pioneered, efficient, and low-consumption fully automatic powder production equipment, significantly improving production efficiency and product quality. Production efficiency increased nearly fourfold, and processing costs decreased by over 30% YoY. The project pioneered a special docking control technology, effectively solving the challenge of automatic discharging of materials with extremely poor liquidity. It innovatively established a three-dimensional logistics system, enabling cross-floor material turnover with the help of the MES system, AGV intelligent handling equipment, and an automated storage and retrieval system (AS/RS). It vigorously promoted the application of energy-saving and low-carbon technologies such as waste heat recovery and reactive power compensation, reducing carbon dioxide emissions by approximately 1,750 mt annually. This sets a benchmark for "green intelligent manufacturing" in the industry and contributes to the realization of the "dual carbon" goals. The successful operation of this project not only addresses the "chokepoint" issue of high-end cemented carbide materials, achieving localisation substitution of high-performance ultra-fine tungsten carbide powder and ensuring the autonomy and controllability of the entire industry chain of cemented carbide, but also further promotes the transformation and upgrading of China's cemented carbide industry towards high-end, intelligent, and green directions. It supports the high-quality development of China's new materials sector and injects strong momentum into China Tungsten and High Technology Materials Co., Ltd.'s efforts to build a world-class tungsten industry group with global competitiveness.

[SMM Flash News: 8834! SHFE Silver Hits New High Since Listing! Precious Metals Sector Rises Over 3%, Hunan Silver Hits Daily Limit] Recently, the US economic data for May has been underperforming, with initial jobless claims rising to the highest level in seven months, a significant MoM decline in the US ADP employment data, and the ISM non-manufacturing index falling below the 50 mark, exceeding expectations. Concerns over a slowdown in US economic growth have intensified, leading to heightened expectations for US Fed interest rate cuts. The European Central Bank (ECB) cut interest rates by 25 basis points as expected. Renewed concerns over geopolitical conflicts have also triggered a flight to safety for funds. On the fundamentals side, low silver inventory levels have provided inventory-related support for silver prices. A series of factors, including the current historically high gold-silver ratio, the need for the ratio to correct, and the influx of bullish funds into the market, have all supported the rise in silver prices. As of around 11:02 on June 6, COMEX gold rose 0.38% to $3,387.8 per ounce; COMEX silver rose 1.236% to $36.245 per ounce, with COMEX silver hitting a new historical high of $36.27 per ounce since September 2011 on June 5; the main SHFE gold contract fell 0.22% to 782.62 yuan/g; the main SHFE silver contract rose 3.93% to 8,803 yuan/kg, hitting a new historical high since listing of 8,834 yuan/kg; silver T+D rose 3.89% to 8,776 yuan/kg.

According to SMM, the Peruvian government has acknowledged for the first time the existence of large-scale informal copper ore mining, and warned that high prices could lead to an increase in such activities in the near future. Energy and Mines Minister Jorge Montero told foreign media in Lima on Tuesday that the government remains vigilant about large-scale informal copper ore mining, particularly in the area where the mining rights belong to the Las Bambas copper mine operated by China's Minmetals Resources. "This is the largest informal copper ore mining activity we have discovered so far," Montero said. "It is worth noting that we already have large-scale copper ore mining operations in that area.

On June 3, the Shenzhen Stock Exchange (hereinafter referred to as "SZSE") issued the "Announcement on Adjusting the Sample Stocks of the Shenzhen Component Index, ChiNext Index, Shenzhen 100 Index, and Other Indices." The announcement indicated that, starting from June 16, the SZSE would adjust the sample stocks of the Shenzhen Component Index in accordance with the index compilation rules, with China Minmetals' subsidiary China Tungsten and High-Tech Materials Co., Ltd. (hereinafter referred to as "China Tungsten") being selected for the first time since its listing in 1996. The Shenzhen Component Index selects 500 companies with large market capitalizations and good liquidity from the SZSE market as samples to reflect the overall performance of the Shenzhen stock market. Along with the Shanghai Composite Index, it is one of the two most important benchmark indices in China's securities market. China Tungsten's inclusion in the Shenzhen Component Index represents full recognition by the capital market and securities regulatory authorities of its industry position, profitability, investment value, and governance standards, which is conducive to further enhancing its brand image in the capital market. In the future, China Minmetals will promote China Tungsten to continuously improve its corporate governance, strengthen capital operations, enhance market capitalization management, fully leverage its platform functions, and help build it into a world-class publicly listed firm in the tungsten industry.

On June 3, the Shenzhen Stock Exchange (hereinafter referred to as "SZSE") issued the "Announcement on Adjusting the Sample Stocks of the Shenzhen Component Index, ChiNext Index, Shenzhen 100 Index, and Other Indices." The announcement indicated that the SZSE would adjust the sample stocks of the Shenzhen Component Index in accordance with the index compilation rules starting from June 16, and China Minmetals' subsidiary China Tungsten and High-Tech Materials Co., Ltd. would be included for the first time since its listing in 1996.