1 Procurement Conditions The procurement project, Panchangte June 2026 Second Batch Molybdenum Bar Open Inquiry and Comparison (PGWZMYHGXHD260603293266), is procured by the Materials Division of Pangang Group Materials Trading Co., Ltd. The project funds are self-raised. The project has met the procurement conditions, and an open inquiry and comparison is now being conducted. 2 Project Overview and Procurement Scope 2.1 Project Name: Panchangte June 2026 Second Batch Molybdenum Bar Open Inquiry and Comparison 2.2 Alternative procurement method upon procurement failure: Negotiated procurement 2.3 The procurement content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf." 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted for this procurement. 3.2 Bidders for this procurement shall possess the following qualification requirements: (1) Manufacturing-type business license 3.3 Bidders for this procurement shall meet the following registered capital requirements: Registered capital for manufacturing-type enterprises: 5 million yuan (10,000 yuan) and above 3.4 Bidders for this procurement shall meet the following performance requirements: When submitting bids, bidders shall provide performance evidence (scanned copies of invoices) for similar products from January 1, 2023 to the bid submission deadline. 3.5 Bidders for this procurement shall meet the following capability requirements, financial requirements, and other requirements: Financial requirements: Registered capital of no less than 5 million yuan Capability requirements: Provide valid enterprise qualification certificates: scanned copies of the original or duplicate business license. Other requirements: See attachments for details (if applicable) 3.6 For projects subject to mandatory tendering by law, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining Procurement Documents 4.1 All interested bidders shall log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic procurement documents from 10:00 on June 4, 2026 to 10:00 on June 11, 2026 (Beijing time, the same hereinafter). Click to view tender details:

Chinese Taiwan's upstream stainless steel mills raised June domestic prices, marking a seventh consecutive monthly increase. Benchmark 304 hot-rolled and cold-rolled coils rose NT$2000/ton, bringing the cumulative seven-month gain to NT$25,500/ton. The adjustment was driven by rising raw material costs and upcoming summer electricity rates, with higher molybdenum prices and a firmer May LME nickel average offsetting slight declines in Chinese ferrochrome and ferronickel. Asian cold-rolled coil export prices also rose USD120/ton over the past month, providing additional support. Despite cautious, need-based downstream procurement, markets expect stable to slightly higher near-term prices amid firm global markets and supply reductions in China.

[Molybdenum News Flash] SMM June 3: Yesterday, molybdenum concentrate mines in Henan and Jiangxi auctioned off shipments, with high transaction prices, driving the spot order market to follow the upward trend. Today, SMM 45% molybdenum concentrates closed at 5,130-5,160 yuan/mtu, up 130 yuan/mtu from yesterday. Some mines adopted a wait-and-see approach with limited selling. The ferromolybdenum market saw strong cost support, with ferro plants passively following the price increases, and some enterprises temporarily suspending quotations. Recently, the steel mill tender price center shifted up to around 313,000 yuan/mt, with steady demand. Today, SMM ferromolybdenum closed at 315,000-325,000 yuan/mt, raised 6,000 yuan/mt from yesterday.

[Molybdenum News Flash] SMM reported on June 2: A mine in Jiangxi sold 128 mt of molybdenum concentrates with 40%-45% grade (average copper 2.175%, average phosphorus 0.084%). The auction transaction price was 5,130 yuan/mtu, with a reserve price of 5,000 yuan/mtu, settled at 35% cash and 65% bank acceptance.

[Molybdenum News Flash] SMM reported on June 2: A mine in Henan issued a tender to sell 132 mt of molybdenum concentrates with a grade of 45%-50%, with a minimum bid price of 5,050 yuan/mtu.

[Ferromolybdenum Tender Information] SMM reported on June 1: Xinyu Steel's tender plan on June 1: ferromolybdenum 60 mt, bid closing time: June 4, 2026, 14:20, delivery date: June 19, 2026. Longteng Special Steel's tender plan on June 1: ferromolybdenum 64 mt, bid closing time: June 2, 2026, 10:00, delivery date: June 20, 2026. Fushun's tender plan on June 1: ferromolybdenum 60 mt, delivery date: June 15, 2026.

[Molybdenum News Brief] According to customs data, molybdenum concentrates imports in April 2026 totaled 8,859.77 mt, up 33.31% MoM and 62.17% YoY. Cumulative molybdenum concentrates imports from January to April 2026 reached 24,735.76 mt. Molybdenum concentrates exports in April 2026 totaled 1,167.11 mt, up 111.48% MoM and 5.45% YoY. Cumulative molybdenum concentrates exports from January to April 2026 reached 2,490.94 mt.

[Molybdenum Brief] According to customs data, ferromolybdenum exports in April 2026 were 527.8 mt, up 81.69% MoM and down 10.31% YoY. Cumulative ferromolybdenum exports from January to April 2026 totalled 1,736.80 mt. Ferromolybdenum imports in April 2026 were 422.01 mt, up 9.90% MoM and down 40.16% YoY. Cumulative ferromolybdenum imports from January to April 2026 totalled 1,333.01 mt.

[SMM Tungsten Express] Largo, the world's largest primary vanadium producer, announced it will evaluate strategic alternatives for its 100%-owned Northern Dancer tungsten-molybdenum project in Yukon, Canada, and its Currais Novos tungsten project in Brazil, including partnerships, asset financing, sale or spin-out opportunities. Northern Dancer is one of the world's largest undeveloped tungsten deposits, while Currais Novos involves reprocessing historical tailings. The company has received unsolicited interest in these assets.

SMM May 28 update: The minor metal sector strengthened on May 28. As of the close on May 28, the minor metal sector rose 3.44%. In terms of individual stocks: Sino-Platinum Metals, Yunnan Germanium Industry, and China Molybdenum hit the daily limit, while China Minmetals Rare Earth, China Tungsten And Hightech, China Northern Rare Earth, and China Rare Earth led the gains. On the news front: According to authoritative local media in Zimbabwe and Xinhua News Agency, the Zimbabwean government recently issued the Mineral Classification and Declaration, explicitly listing lithium and other high-value minerals as "critical minerals" subject to equity and export controls. The critical minerals involved include 14 types: lithium, nickel, cobalt, graphite, copper, rare earth elements, chromium, platinum group metals (PGMs), manganese, antimony, uranium, ruthenium, tungsten, and niobium. The market is focused on the impact of tightening resource-country policies on global supply chains, with sentiment warming for minor metal varieties such as antimony and tungsten. Spot market Tungsten According to SMM pricing, on May 28, the average price of wolframite concentrates (≥65%) was 415,500 yuan/standard tonne (65%WO3 basis), up 1.22% from the previous trading day. Notably, after wolframite concentrates previously experienced a 61.88% decline over more than two months, driven by increased purchasing demand in the tungsten market, tungsten prices saw a rebound over two trading days. Currently, transactions in the tungsten concentrates market have improved, suppliers are bullish and hold back from selling, high-grade ore sees an upward shift in transaction center, while medium and low-grade ore circulates more but price increases appear lackluster. Downstream APT industry operating rates have slightly improved, but with limited new orders in the industry, smelters are cautious in restocking, with only small volumes of spot orders and large orders transacted in the market. Regarding the tungsten outlook, in the short term, driven by orderly inventory destocking, the return of downstream rigid demand, and the formation of pricing consensus among industry leaders, the tungsten market has overall entered a consolidation-at-lows and recovery phase. Going forward, key attention should be paid to the execution of long-term contracts and the pace of end-use demand recovery. According to SMM surveys, downstream cemented carbide alloy enterprises have seen inventory drop to low levels, with expectations of rigid restocking demand, but influenced by the market not yet being fully stabilized, enterprises remain cautious in procurement, generally adopting a small-order purchasing model. If upstream raw material inventory continues to be cleared and supply-demand imbalances are alleviated, tungsten prices are expected to enter a stabilization and consolidation phase in June-July. In the medium and long-term, the gap in Q3 mining quota transitions may lead to a contraction in market supply, coupled with expectations of the traditional September-October peak season, the industrial supply-demand structure will continue to optimize, thereby providing bullish support for tungsten prices. Rare Earths After the rally on May 27, the average price of Pr-Nd oxide on May 28 fell 1.79% from the previous trading day, and inquiries in the rare earth oxide market were sluggish on the 28th. Affected by futures price fluctuations combined with periodic restocking by some major producers, Pr-Nd oxide prices fluctuated frequently this week. Upstream and downstream players continued their stalemate, with suppliers maintaining relatively firm offers overall, while downstream metal producers maintained a strong wait-and-see sentiment and showed low purchase willingness at high prices. Absent other news-driven factors, Pr-Nd oxide is expected to remain in the doldrums in the short term before any significant change in the supply-demand relationship. Institutional Views Huafu Securities noted in its research report dated May 24, when commenting on other minor metals: rare earths performed weakly, while tantalum pentoxide surged during the week. In the rare earth market, end-use demand from downstream magnetic material sectors remained weak, with no large-scale concentrated restocking observed — only sporadic rigid-demand small orders were transacted, and the demand side consistently failed to provide effective support for the market. Market sentiment fluctuated significantly, with frequent tug-of-war between longs and shorts. Overall industry confidence was insufficient, with a notable stalemate between upstream and downstream on offer and bid prices, and significant divergence within the industry regarding the outlook for subsequent market trends. On Friday, the market maintained a wait-and-see attitude, awaiting changes in the magnetic material restocking pace and a recovery in downstream demand. Individual stocks: for antimony, Hunan Gold, Huaxi Nonferrous, and Huayu Mining are recommended; for molybdenum, China Moly, China Gold, and CMOC; for tungsten, Jiaxin International Resources, China Tungsten High-Tech, Xiamen Tungsten, and Zhangyuan Tungsten; for rare earths, China Rare Earth, China Northern Rare Earth, JL MAG Rare-Earth, and Xiamen Tungsten. Kaiyuan Securities' mid-year 2026 investment strategy for the metals sector indicated: Copper: Supply side, most ex-China miners continued to face declining ore grades and recovery rates, with disruption factors persisting (Ivanhoe's Kamoa-Kakula copper mine, Codelco's El Teniente copper mine). Although China's domestic enterprises added incremental capacity, the overall increase was limited. Under optimistic assumptions, global supply growth from 2026 to 2027 may fall below 2%. Demand side, power demand in both China and the U.S. maintained high growth rates in H1, which is expected to contribute marginal incremental copper demand. Kaiyuan Securities believes that the supply-demand structural imbalance for copper will become more pronounced in 2026, supporting a rise in the copper price center. Lithium: Supply side, capital expenditure in the lithium industry contracted and supply discipline gradually took shape. Combined with frequent disruptions, supply elasticity in the lithium industry has declined notably compared to before. Meanwhile, energy storage demand sustained high prosperity, driving gradual improvement in the lithium demand structure and marginal easing of inventory pressure. Lithium prices are expected to see a phased recovery. Lithium enterprises with resource security, low-cost advantages, and integrated layouts are expected to see earnings recovery elasticity outperforming the industry average. Lithium mine and lithium chemicals companies with high resource self-sufficiency rates and strong cost control capabilities are worth watching. Tungsten: As a strategic metal where China holds a dominant position, tungsten ore supply is constrained by resource depletion, environmental protection, and other factors. Combined with the government's total volume control on tungsten ore mining, tungsten ore production release remains limited. Demand side, emerging sectors are boosting tungsten demand, which is expected to provide long-term support for tungsten prices. According to a CITIC Securities research report, the current metals sector valuation remains at a reasonable level, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and a valuation rebound is still anticipated. Sector dividends have pulled back slightly, but the projected dividend yields of some individual stocks still exceed 5%. Looking ahead to 2026, liquidity shocks are expected to ease, supply disruptions are expected to occur frequently, and certain downstream sectors are expected to sustain relatively high prosperity. It is recommended to maintain a focus on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold sectors. Recommended Reading: