Driven by robust demand for AI, the price hikes in the PCB circuit board industry chain continue. According to reports, Japanese semiconductor material giant Resonac has raised the prices of CCL copper clad laminate and adhesive films by 30% starting from March 1. The industry expects that Resonac's price increase will be passed on to high-end manufacturing processes such as MLCC, HDI boards, IC substrates, and high-frequency high-speed PCBs. Moreover, the PCB sector may see a super catalyst – Nvidia's LPU inference chip. The market believes that with the implementation and rapid growth of AI applications, the market for specialized AI inference chips will expand rapidly, bringing about a significant impact on the PCB industry including increased volume and prices, process upgrades, material innovations, and higher concentration. This will enhance the value and importance of PCBs in AI chips, opening up new market size opportunities for the PCB industry.

February 2026 proved to be a pivotal month of challenge and adjustment for the global stainless steel market. Driven by the compounding pressures of the Carbon Border Adjustment Mechanism (CBAM), intensifying geopolitical trade friction, significantly tightened raw material quotas, and sudden supply chain disruptions, the market navigated a complex landscape.

According to TISCO (Shanxi Taigang), its independently developed SUS630 precipitation-hardening stainless steel cold-rolled plates are now being supplied steadily to domestic Printed Circuit Board (PCB) manufacturers. Throughout the recent holiday period, the company's R&D and production teams maintained strict quality control to ensure the material meets the rigorous standards required for 5G communications, automotive electronics, and medical devices. As a core material for the hot lamination process in PCB manufacturing, SUS630 was long dependent on foreign imports; however, TISCO has now become the only stable domestic supplier, successfully breaking the technical blockade.

At the 2025 SMM (2nd) Global Recycled Metal Industry Chain Summit - Main Forum hosted by SMM Information & Technology Co., Ltd., Dr. Somthai Wongcharoen, Secretary General of the ASEAN Institution of Recycling (AIR), shared insights on the topic of "Green Transformation and Sustainable Development Prospect of Thailand's Recycled Metals Industry."

Macro News 1. The spokesperson of the Ministry of Foreign Affairs announced that, at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan, President Xi Jinping will attend the second China-Central Asia Summit in Astana, Kazakhstan, from June 16 to 18. 2. Li Qiang chaired a State Council executive meeting to deploy the replication and promotion of pilot measures in the China (Shanghai) Pilot Free Trade Zone, hear reports on the construction of a new model for real estate development and the promotion of high-quality housing, and study measures to optimize the centralised procurement of pharmaceuticals and medical consumables. 3. According to data from the People's Bank of China, at the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. The increase in aggregate social financing in January-May was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. 4. On June 13, the People's Bank of China announced again that it would conduct 400 billion yuan of outright reverse repo operations on June 16 with a term of six months (182 days), indicating that the central bank would achieve a net injection for the entire month. 5. The World Trade Organization held the second annual meeting of the Council for Trade in Services in Geneva, Switzerland, on June 13. China pointed out the misleading narrative and erroneous logic of the US's "reciprocal tariff" and urged the US to comply with WTO rules, resolve differences through multilateral cooperation rather than unilateral measures, and jointly maintain the stability of the global trading system with all parties. 6. The New Zealand government's official website announced that starting from November 2025, Chinese passport holders entering New Zealand from Australia with valid Australian tourist, work, student, or family visas will be exempt from visa requirements for stays of up to three months. Industry News 1. Eight departments, including the Ministry of Industry and Information Technology, are soliciting public comments on the "Guidelines for the Security of Outbound Automobile Data (2025 Edition)". Automobile data processors shall declare a security assessment for outbound data if they provide automobile data overseas under any of the following circumstances: (1) providing important data overseas; (2) cumulatively providing personal information (excluding sensitive personal information) of more than 1 million individuals overseas since January 1 of the current year; (3) cumulatively providing sensitive personal information of more than 10,000 individuals overseas since January 1 of the current year; (4) operators of critical information infrastructure providing personal information overseas; (5) other circumstances requiring a security assessment for outbound data as specified by relevant state regulations. 2. On the 15th, the official WeChat account of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCCK) published an article by He Jie, Chairman of the Shenzhen Municipal Committee of the RCCCK, discussing Shenzhen's new mission in comprehensive reform. He Jie stated that relevant departments in Shenzhen are currently formulating relevant listing rules, with the expectation of piloting the secondary listing of red-chip stocks, which will provide more convenient and efficient listing channels for science and technology innovation enterprises. He Jie emphasized that the blueprint for comprehensive reform "2.0" has already been drawn up, and the key lies in effective implementation. Many reforms are still framework-based and directional in nature, requiring integration with practical needs, particularly achieving an organic combination of "top-level design and local initiatives." 3. According to statistics from Choice, as of June 14th, 105 public offering products (with multiple share classes combined) have been liquidated since the beginning of this year. In terms of termination reasons, 83 products were terminated due to the net asset value of the fund falling below contractual limits, 21 products were terminated with the consent of the fund holders' meeting, and 1 product was terminated due to contract expiration. Among these, equity liquidations accounted for 70%, with industry-themed funds in sectors such as new energy, pharmaceuticals, and consumption becoming the "hardest-hit areas." 4. The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. During the period in question, the account group controlled by Tu Wenbin had significant capital advantages, manipulating the prices of multiple stocks through continuous trading, driving up stock prices, large-volume limit-up orders, and false order placements and cancellations. The CSRC decided to impose penalties, with the total amount of fines and confiscations reaching nearly 77 million yuan. 5. On June 15th, a reporter learned from China National Nuclear Corporation (CNNC) that yttrium-90 glass microspheres irradiated by Qinshan Nuclear Power's "Hefu No. 1" reactor were successfully removed from the reactor and passed relevant detections, marking China's successful mastery of the technology for producing yttrium-90 in commercial reactors, enabling mass production. 6. The opening forum of the Golden Goblet Film Forum at the 27th Shanghai International Film Festival was held on June 15th. Participants unanimously agreed that the current film market has reached a moment for a fresh start. Facing industry challenges, chairmen and executives of multiple listed film companies discussed solutions, with directions such as increasing non-ticket revenue, reducing the number of films produced, and lowering production costs emerging as potential solutions. Corporate News 1. Kweichow Moutai announced an adjustment to its 2024 annual profit distribution plan, increasing the dividend per share to 27.673 yuan/share. 2. On June 14th, POP MART Korea issued an announcement stating that due to concerns about potential safety accidents at recent offline sales venues, the company has decided to temporarily suspend offline sales of the entire LABUBU plush toy and LABUBU plush keychain series. 3. GAC Group issued a commitment announcement, stating that it will ensure the fulfillment of dealer rebates within two months from today. 4. Guotai Haitong Securities announced that it has received an administrative licensing decision from the People's Bank of China (PBOC) for the issuance of 15 billion yuan in science and technology innovation bonds. 5. Yong'an Pharmaceutical announced that the company's stock price has risen significantly in the short term, severely deviating from the overall market trend, and there is a high risk of speculation. 6. *ST Tongzhou announced that the company's stock will be suspended for one day on June 16, and starting from June 17, the delisting risk warning and other risk warnings will be revoked, with the stock abbreviation changing to Tongzhou Electronics. 7. Haimo Technologies announced that the controlling shareholder and actual controller are proposed to be changed to Fan Zhonghua, and the stock will resume trading from June 16. 8. *ST Haiyue announced that it will repurchase company shares worth 30 million to 50 million yuan during the delisting consolidation period. 9. Huayang New Materials issued a stock trading risk warning announcement, stating that the company does not possess the attributes of rare earth permanent magnets. 10. Honghui Fruits & Vegetables announced that the controlling shareholder is proposed to be changed to Shenze Ruitai, and the company's stock and convertible bonds will resume trading from the opening of the market on June 16. 11. Ruifeng Gaocai issued an announcement in response to rumors about the board secretary being placed under investigation, stating that the investigation does not involve the company's stock trading and that current production and operations are normal. 12. Haers stated on an interactive platform that its past cooperation with POP MART has been terminated, and the scope of the previous cooperation did not include Labubu. Global Markets 3. According to CCTV News, US President Trump stated on social media in the early hours of the 15th (Eastern Time) that "the United States has nothing to do with tonight's attacks on Iran" and warned that if Iran attacks the US in any form, the US armed forces will "respond with full force on an unprecedented scale." In addition, Trump claimed that the US could "easily facilitate an agreement to end this bloody conflict," but did not elaborate on how the agreement would be reached. 4. On Friday last week, US stocks opened lower and continued to decline, with all three major indices falling more than 1%. The Dow Jones Industrial Average fell 1.32% for the week; the Nasdaq Composite fell 0.63% for the week; and the S&P 500 index fell 0.39% for the week. Most large-cap tech stocks declined, with Intel falling more than 3% and Nvidia falling more than 2%; Tesla rose approximately 2%. The energy sector bucked the trend and surged, with Houston Energy rising more than 119% and US Energy rising more than 55%. Drone manufacturer Airo's US IPO closed up 140% on its first day. Oracle rose more than 7% for the week, nearly 24%, marking its best weekly performance since 2001. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 2.74%. Fangdd Network fell more than 9%, WeRide fell more than 7%, Kingsoft Cloud fell more than 6%, XPeng Motors fell more than 5%, Alibaba, Bilibili, and Li Auto all fell more than 3%, and JD.com, Pinduoduo, and Baidu all fell more than 2%. Investment Opportunities Reference 1. Xiaomi Auto unveils solid-state battery patent; institutions say eVTOL + humanoid robots open up incremental space for solid-state batteries Intellectual property information from Tianyancha shows that recently, Xiaomi Auto Technology Co., Ltd. applied for a patent titled "Solid-state battery composite electrode, preparation method, and solid-state battery comprising the composite electrode," which has been made public. The abstract indicates that the solid-state battery composite electrode disclosed in the patent effectively shortens the transmission path of metal ions in thick electrodes and accelerates the transmission rate of metal ions between electrodes, featuring high electrode loading and C-rate performance. Dongxing Securities stated that with the gradual entry of fields such as eVTOL and humanoid robots into a phase of rapid growth, along with the release of technological solutions and industrialisation application timelines for all-solid-state batteries by various enterprises, driven by sustained new demand, the application and implementation of solid-state battery technology is expected to accelerate, with the industrialisation process already showing an accelerating trend. Battery enterprises with a first-mover advantage in solid-state battery technology and leading application deployment will primarily benefit. Sihan Industry Research Institute believes that AI is empowering industrial transformation, with eVTOL and humanoid robots opening up incremental space for solid-state batteries. 2. AI inference demand is accelerating, and this solution has become a focus for self-development among major cloud providers According to media reports, while GPUs have advantages in general-purpose accelerated computing scenarios, they face challenges such as high costs and power consumption in specific scenarios, prompting buyers to seek alternative types of chips for support. Customised ASIC chips have become a focal point of attention. Recently, NVIDIA introduced NVLink Fusion, directly targeting Broadcom's high-growth market: AI custom chips. This also means there are new entrants in the ASIC chip market. As AI models become increasingly powerful, the demand for AI inference is accelerating, with ASIC customised solutions offering better energy efficiency and cost advantages becoming a focus for self-development among major cloud providers, with upgraded versions typically released every 1-2 years. Guojin Securities believes that compared to GPUs, ASICs can be custom-developed for specific business scenarios, and the substantial demand for inference computing power and cost reduction will effectively drive the growth of ASIC demand. They are optimistic about ASIC design service companies, Ethernet white-box switch producers, Ethernet switching chip producers, AEC producers, and PCB producers. 3. Against the backdrop of strong supply constraints and a concentrated industry structure, these chemicals are currently in a price upcycle Institutions have pointed out that as temperatures rise, the demand for refrigerant maintenance is gradually becoming robust, with genuine sales boosting channel price confidence. Downstream air conditioner production schedules from June to August remain high on a YoY basis, with the demand side continuing to provide positive feedback. The long-term bullish trend for refrigerants remains unchanged. Against the backdrop of equal domestic and international trade quotes for mainstream refrigerants, the performance release certainty of refrigerant-related producers has strengthened. Founder Securities pointed out that refrigerants are one of the largest and most widely applied segments in the fluorochemical industry. The Montreal Protocol has driven the generational transition of refrigerants. Currently, the refrigerant industry is in a phase of accelerated reduction of second-generation refrigerants, quota freezing of third-generation refrigerants, and patent protection for fourth-generation refrigerants. Against the backdrop of strong supply constraints and a concentrated industry structure, second- and third-generation refrigerants are currently in a price upcycle. The downstream air conditioning and automotive industries are expected to maintain growth trends, with third-generation refrigerants expected to see both volume and price increases. In addition, fluorine-containing fine chemicals are a niche but high-quality segment within the fluorine chemical industry, characterized by high product barriers and added value, with significant growth in market demand in recent years. With the development of emerging industries such as new energy and electronics, their market size continues to expand. 4. Institutions Say Defense and Military Demand Expected to Recover, with Long-Term Growth Certainty in Relevant Sectors Research reports from institutions indicate that, as 2025 marks the final year of the "14th Five-Year Plan" and the planning year for the "15th Five-Year Plan," demand in the defense and military sector is expected to recover. Research reports from Northeast Securities point out that, at the current juncture, as the "14th Five-Year Plan" enters its final year, disruptive factors in the military industry have largely been eliminated, and downstream demand is showing restorative growth. Meanwhile, with the impending 2027 construction target, medium and long-term goals also provide clear guidance for the industry's development: to basically achieve the modernization of national defense and the military by 2035, and to comprehensively build the People's Liberation Army into a world-class military by 2050. Along with the recovery in demand and the gradual optimization of capacity structure, the defense and military sector is expected to see significant improvement, with high safety margins and long-term growth certainty.

On June 13, the 2025 SMM (2nd) Global Secondary Metals Industry Summit Forum , hosted by SMM, successfully concluded at the Hyatt Regency Bangkok Sukhumvit! The event brought together industry representatives and experts from multiple regions and countries, including India, the Middle East, Southeast Asia, Europe, and Africa. They engaged in brainstorming sessions on hot topics such as changes in the global supply-demand pattern of the secondary metals industry, global secondary metals industry development trends and challenges from a Middle Eastern perspective, in-depth analysis of the strengths and challenges in India, the Middle East, Europe, and Southeast Asia, the battery resource market in Southeast Asia: supply chain dynamics, the current situation and future challenges of the secondary lead industry in Southeast Asia, the development of the global secondary metals supply-demand pattern from an Indian perspective, and secondary copper and aluminum scrap yards: innovative recycling and sorting technologies to support the industry's green and carbon-reduction journey. Cui Suoye, Director of SMM Nonferrous Consulting, shared insights on the topic of "changes in the global supply-demand pattern of the secondary metals industry." Regarding secondary aluminum, he stated that over the past decade, the proportion of secondary aluminum production in developed countries such as North America, South America, Europe, and Japan has been significantly higher than that in developing countries. As developing countries benchmark against developed countries, their future potential for aluminum scrap demand will be even more substantial. From 2022 to 2042, SMM expects the compound annual growth rate (CAGR) of extruded aluminum scrap to reach approximately 5%. By 2042, extruded aluminum scrap is projected to account for about 33% of total aluminum scrap. Regarding secondary copper, he mentioned that SMM forecasts the global copper scrap market size to grow at a CAGR of 4.2% from 2024 to 2030. Wu Xiaoyun, Chairman of the Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance, shared his views on "the current situation and transformation path of the secondary lead industry in Southeast Asia." He emphasized that the construction of a recycling system is closely linked to the healthy development of the secondary lead industry. The healthy development of the secondary lead industry relies on mutual support across the industry chain, rational government planning and policy support, as well as industry self-discipline and self-regulation. Xie Xiaoying, Director of Sustainable Development Business at Shanghai Lvran Environmental Information Technology Co., Ltd., introduced the topic of "the development path of the global secondary metals industry driven by the ESG context." She pointed out that despite the numerous challenges faced by the secondary metals industry, investing in advanced technologies can effectively handle various complex materials while reducing processing costs. To ensure supply chain reliability, manufacturers may adopt vertical integration strategies in key markets, which, however, will increase operational costs. In addition, the price of scrap metal is usually referenced against the market price of the relevant primary metal. Carbon pricing and the Carbon Border Adjustment Mechanism (CBAM) can help enhance the economic benefits of underutilized scrap metal resources. 》Click to view the live photo stream link 》Click to view the special coverage of this conference Opening Remarks Speakers: Fan Xin, Chairman of SMM Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Award Ceremony Main Forum Guest Speeches Speech Topic: Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Guest Speaker: Secretary General of ASEAN Institution of Recycling (AIR) Dr. Somthai Wongcharoen The Thailand Recyclers Trade Association is composed of major recycling enterprises in Thailand, including smelting companies, wholesale collection enterprises, and import-export companies. In terms of metal scrap, association members handle high-value metals such as copper, primary aluminum, lead, as well as lead-acid batteries and EV batteries. Additionally, they also recycle electronic waste, such as PCB boards, extracting precious metals like gold, palladium, and copper. Enterprises within the association recognize the importance of the recycled metal industry to Thailand's future development, making metal recycling models very popular domestically. By relying on renewable resources, Thailand is expected to effectively address the challenges posed by climate change. 》Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Speech Topic: Strengthening International Exchanges to Promote Green Development of China's Non-Ferrous Recycled Metals Guest Speaker: Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Interview with Top Entrepreneurs in the Recycled Metal Industry Moderator: Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Guests: Zhu Zhanhong, HR and Administrative Director of Daizheng Daji Metal (Thailand) Co., Ltd. Zhang Junbing, Global Procurement Director of Hailiang Group Co., Ltd. Qin Xinghong, General Manager of P.C. WOOD PRODUCTS CO., LTD. Liu Qingcheng, Deputy General Manager and Director of Thai-Chinese Non-Ferrous Metals International Co., Ltd. Speech Topic: The Path to Global Development of the Recycled Metal Industry Driven by the ESG Context Guest Speaker: Xie Xiaoying, Director of Sustainability Business at Shanghai Lvran Environmental Information Technology Co., Ltd. Key ESG Risks Environment: Heavy metal pollution, water scarcity, climate impacts, waste. Social: Land/resettlement conflicts, labor rights, community health and safety. Governance: Compliance gaps, ethics, weak grievance mechanisms. ESG Accelerator Highlights the factors driving ESG compliance and sustainability (investors, regulations, and supply chains). Recycled Metals Emphasizes the role of recycled metals as a core ESG solution. Remaining Challenges Obstacles still hinder the full implementation of ESG, such as gaps in metal recycling technology, supply stability issues, and the lack of pricing mechanisms to calculate ESG value. The Path to Global Secondary Metals Industry Development Driven by the ESG Context Speech Topic: Changes in the Global Supply-Demand Pattern of the Secondary Metals Industry Guest Speaker: Cui Suoye, Director of SMM Nonferrous Consulting Cui Suoye, Director of SMM Nonferrous Consulting, shared insights on the topic of "Changes in the Global Supply-Demand Pattern of the Secondary Metals Industry." Regarding secondary aluminum, he stated that over the past decade, the proportion of secondary aluminum production in developed countries such as North America, South America, Europe, and Japan has been significantly higher than that in developing countries. For developing countries, benchmarking against developed countries, the future potential for aluminum scrap demand will be even more substantial. From 2022 to 2042, SMM expects the compound annual growth rate (CAGR) of extruded aluminum scrap to reach approximately 5%. By 2042, extruded aluminum scrap is expected to account for about 33% of total aluminum scrap. Regarding secondary copper, he mentioned that SMM forecasts the global copper scrap market size to grow at a CAGR of 4.2% from 2024 to 2030. Secondary Aluminum Over the past decade, the proportion of secondary aluminum production in developed countries such as North America, South America, Europe, and Japan has been significantly higher than that in developing countries. Similarly, for developing countries, benchmarking against developed countries, the future potential for aluminum scrap demand will be even more substantial. According to SMM, China, the US, Europe, and India are the major aluminum scrap-producing regions, accounting for approximately 80% of the total. Benefiting from global carbon reduction policies, recycling systems in various countries are continuously improving. In the future, aluminum scrap production will continue to grow. According to SMM data, in 2022, the production of rolled aluminum scrap exceeded that of extruded and cast aluminum scrap, becoming the highest among the three types of aluminum scrap. However, it is expected that extruded aluminum scrap will grow at the fastest rate in the future. From 2022 to 2042, SMM expects the CAGR of extruded aluminum scrap to reach approximately 5%. By 2042, extruded aluminum scrap is expected to account for about 33% of total aluminum scrap. SMM: Analysis of the Global Supply-Demand Pattern of the Secondary Metals Industry - The Market Size of Secondary Copper and Aluminum Will Continue to Rise Speech Topic: Global Secondary Metals Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Financial Controller and Executive Committee Member of the Middle East Recycling Bureau Exploring the Global Secondary Metals Market: An In-depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Fan Xin, Chairman of SMM Guests: Metalcom Ltd. General Manager Mr. Kittipot Thanalertlap CEO of Dr. Recycling, Tan Tian Director of DIMEXA HOLDINGS PTE. LTD., WENCESLAO MANZ Financial Controller and Executive Committee Member of the Middle East Recycling Bureau, Sanjeev Phadke June 13 Battery Recycling Forum Southeast Asian Battery Resource Market: Supply Chain Dynamics Moderator: Cui Suoye, Director of SMM Nonferrous Consulting Guests: Sujin Kim, Global Business Development Director of BatX Energies Wu Xiaoyun, Chairman of the Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance Zhao Bin, President of the Thai-Chinese Rayong Industrial Zone Chen Wenkai, Chairman of the Malaysia Nonferrous Metals Association (MNMA) Shen Juan, Purchasing Director of Jingjiu Group Speech Topic: Current Status and Future Challenges of the Southeast Asian Secondary Lead Industry Guest Speaker: Wu Xiaoyun, Chairman of the Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance I. Overview of the Current Status of the Southeast Asian Secondary Lead Industry I. Current Status of the Southeast Asian Secondary Lead Industry 1. Severe Imbalance in Supply and Demand Demand Side: Demand for lead-acid batteries: starting batteries (with an ownership of over 40 million units) and motorcycle power batteries (with an ownership of 250 million units), as well as demand for backup power supplies for 5G base station construction (ESS batteries). Supply Side: The local secondary lead production capacity is severely insufficient, with an annual shortfall of 150,000 mt in Vietnam (self-sufficiency rate of only 42%) and 80,000 mt in Indonesia (self-sufficiency rate of 65%), relying on imported lead ingots to fill the gap. Raw Material Bottleneck: Scrap lead-acid batteries are difficult to recycle across borders due to restrictions under the Basel Convention, resulting in an annual loss of approximately 600,000 mt of lead. The utilization rate of secondary lead production capacity is only 50%. 2. Environmental Protection and Technological Challenges ESG compliance costs in Malaysia have increased by 30%, with small and medium-sized factories investing over $5 million annually in environmental protection. Thailand/Indonesia will ban the import of lead-containing plastic residues in 2025, exacerbating the shortage of raw materials. A high proportion of low-purity secondary lead (60% of inventory in Malaysia has a purity of 3. Intensified Regional Competition Chinese battery companies have deployed a production capacity of 1 million mt, driving up the local scrap battery acquisition premium to 120% of the Chinese market price. 》Wu Xiaoyun: Current Status and Path to Transformation of the Southeast Asian Secondary Lead Industry Speech Topic: Improving the Battery Recycling System Driven by the Market Growth of EVs in Southeast Asia Guest Speaker: Luo Tieying, President of Jinchi Industrial Park Speech Topic: Exploring Africa: Opportunities for Sustainable Expansion and Raw Material Investment Guest Speaker: Yousef Al Sharif, Director of the African Recycled Metals Association/Al Sharif Metal Secondary Copper and Aluminum Forum Speech Topic: Global Impact of Changing Trade and Tariff Policies in the US Guest Speaker: Adam Shaffer, VP of the Institute of Scrap Recycling Industries (ISRI) Speech Topic: SMM Serving the Global Secondary Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of SMM Recycling Conference Speech Topic: Global Supply-Demand Pattern Development of Secondary Metals from an Indian Perspective Guest Speaker: Amar Singh, Secretary General of the Material Recycling Association of India Speech Topic: Building a New Cambodia-China Metal Hub - Inviting You to Co-Construct an Overseas Demonstration Industrial Park for Recycling Nonferrous Metals Processing Guest Speaker: Cao Zhuo, General Manager of International Business for the Americas Region of the Cambodia-China Metal Materials Industrial Park Secondary Copper and Aluminum Yard: Innovative Recycling and Sorting Technologies Paving the Way for Green and Carbon-Reducing Industry Moderator: Zhou Bo, Executive Vice President of SMM Guests: Liang Jiali, Deputy General Manager of Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Li Zhiqiang, General Manager of Henan Recycling Technology Co., Ltd. Ye Hangyu, Director of the Foreign Trade Department of Hefei Anjinglong Electronics Co., Ltd. Sun Bolin, Sales Director of Liaoning Pinuo Environmental Protection Technology Co., Ltd. Recommendations for Copper, Aluminum - High-Quality Overseas Yards and Trustworthy Traders, and Batteries - High-Quality Equipment Enterprises Sidelights from the Venue 》Click to View More Sidelights With this, the 2025 SMM (2nd) Global Secondary Metals Industry Summit has come to a successful conclusion. See you next year! 》Click to view the special report on the 2025 SMM (2nd) Global Recycled Metals Industry Summit Forum

[SMM Spot Copper] Looking ahead to next week, as contract rollover approaches, there is still a gap between the current open interest and the existing warrants. With a back-month BACK price spread between futures contracts of only 100 yuan/mt and smelters having the intention to export, the deliverable supply that can be organized in the market next week will be limited. Be vigilant about the risk of the price spread between futures contracts widening again.

★Macro★ 01 ★★★ PBOC Conducts CNY500 Billion MLF Operation on May 23 with a One-Year Tenor The People's Bank of China (PBOC) announced that, to maintain ample liquidity in the banking system, it would conduct a CNY500 billion Medium-term Lending Facility (MLF) operation on May 23, 2025 (Friday), with a one-year tenor, through fixed-quantity, interest-rate tendering, and multiple-price bidding. 02 ★★★ US Initial Jobless Claims Fall to 227,000 Last Week The number of Americans filing new claims for unemployment benefits fell to 227,000 last week, the lowest level since the week ending April 19. Economists had forecast 230,000 claims, compared with 229,000 in the prior week. 03 ★★★ Global Crude Steel Production Down 0.3% YoY in April 2025: World Steel Association Global crude steel production fell 0.3% YoY to 155.7 million mt in April 2025, according to data from the World Steel Association. ★Industry and Downstream Sectors★ 01 SMM Inventories of Ten Ports According to an SMM survey, the total inventories at 10 ports tracked by SMM stood at 104.28 million mt on May 22, down 1.19 million mt WoW. Destocking was more pronounced for coarse fines and lump ore, while there was a slight inventory buildup for concentrate fines and pellets. 02 [SMM Weekly HRC Balance] Production Declines Again, HRC Inventory Drawdown Accelerates This Week This week, maintenance at some steel mills in north and east China affected production. HRC production declined slightly. According to SMM's statistics this week, the social inventory of HRC at 86 warehouses (large sample) nationwide was 3.1196 million mt, down 176,600 mt WoW (-5.36% WoW, -22.31% YoY). The nationwide social inventory continued to decline this week, with the rate of decline expanding. By region, destocking was more pronounced in the east and north China markets than in the south and central China markets, as well as in north-east China. 03 SMM Summary of Construction Steel Inventories Nationwide On May 22, SMM's nationwide total rebar inventory was 5.6865 million mt, down 141,900 mt WoW (-2.43% WoW, -21.16% YoY). The nationwide total wire rod inventory was 1.1285 million mt, down 125,000 mt WoW (-9.97% WoW, -31.07% YoY). 04 China's Cumulative Installed Power Generation Capacity Nears 3.5 Billion kW in First Four Months Statistics released by the National Energy Administration show that as of the end of April, China's cumulative installed power generation capacity reached 3.49 billion kW, up 15.9% YoY. Among them, the installed power generation capacity of solar energy was 990 million kW, up 47.7% YoY; the installed capacity of wind power was 540 million kW, up 18.2% YoY. From January to April this year, the investment completed in power supply projects by major power generation enterprises nationwide was 193.3 billion yuan, up 1.6% YoY; the investment completed in power grid projects was 140.8 billion yuan, up 14.6% YoY. 05 The number of land plots proposed to be acquired using special bonds announced by various regions approached 3,000 The pace of announcing the use of special bonds for land acquisition has significantly accelerated across regions. According to incomplete statistics from China Index Academy, as of May 20, the number of idle land plots proposed to be acquired using special bonds announced nationwide approached 3,000, with a total area exceeding 133 million m² and a total amount exceeding 350 billion yuan. ★Other Hot Topics★ ⭕ UK's 30-year Treasury bond yield rose to its highest level since April 9, reaching 5.579%, up 6 basis points on the day. ⭕US Fed Governor Waller stated that if tariffs decrease, the US Fed is expected to cut interest rates in the second half of 2025. ⭕ [Han Zheng Attends and Delivers a Speech at the Opening Ceremony of the 2025 Global Trade and Investment Promotion Summit] Vice President Han Zheng attended and delivered a speech at the opening ceremony of the 2025 Global Trade and Investment Promotion Summit in Beijing. Han Zheng stated that President Xi Jinping has pointed out the need to actively promote the deep integration of the internet, big data, artificial intelligence, and the real economy, accelerate the development of new quality productive forces, and provide new momentum for high-quality development. Currently, a new round of technological revolution and industrial transformation is advancing, with the widespread application of new industries and technologies represented by the digital economy and artificial intelligence, which are changing the global trade and investment landscape and presenting significant development opportunities and broad prospects. As the era of digital intelligence accelerates, we must work together to actively promote global trade and investment transformation and foster common development. ⭕[Anhui Initiates Level IV Flood Control Emergency Response in Eight Cities] According to forecasts from Anhui province's meteorological department, from May 22 to 23, there will be heavy rain in Hefei, Lu'an, Wuhu, Xuancheng, Tongling, Chizhou, Anqing, Huangshan, and other cities, with torrential rain in some areas of Lu'an, Chizhou, Anqing, and Huangshan, accompanied by short-term heavy rainfall, thunderstorms, and gales. In accordance with the provisions of the "Anhui Provincial Flood Control and Drought Relief Emergency Plan," the provincial flood control headquarters decided to initiate a Level IV flood control emergency response in Hefei, Lu'an, Wuhu, Xuancheng, Tongling, Chizhou, Anqing, and Huangshan at 16:00 on May 22. ⭕[Jiangxi Initiates Flood Warning Response and Level IV Emergency Response for Major Meteorological Disasters] The Jiangxi Provincial Meteorological Service initiated a Level IV emergency response for major meteorological disasters in response to the heavy rainfall weather process. From the daytime of May 22 to 23, Jiangxi Province experienced a significant convective precipitation weather process from north to south. Heavy rainfall occurred in parts of the central and northern regions, with torrential rain in localized areas. Some regions were also accompanied by strong thunder and lightning, thunderstorm gales of level 8 to 10, and short-term heavy rainfall. The accumulated rainfall was 40 to 70 millimeters in northern and central-northern Jiangxi, exceeding 120 millimeters in localized areas; it was 10 to 30 millimeters in southern central Jiangxi and southern Jiangxi, with 40 millimeters in localized areas. At 10:00 on May 22, the Jiangxi Provincial Meteorological Observatory issued a blue alert for heavy rainfall. ⭕[AmCham China President: US Companies Will Continue to Invest in China] The 2025 Global Trade and Investment Promotion Summit was held in Beijing. Michael Hart, President of the American Chamber of Commerce in China (AmCham China), stated that China, as the world's second-largest economy, still has significant room for economic growth in the next decade and will continue to focus on innovation. US companies will continue to invest in China and participate in its economic growth and innovation. Regarding tariff issues, Hart mentioned that the new US administration's tariff policies have attracted global attention. However, the tariff war is like a "test of facts," proving that China is an important commodity market for the US and a crucial supply source for US goods. Maintaining supply chain resilience will benefit both countries. ⭕ [TISCO Group and Pingmei Shenma Group Sign Strategic Cooperation Agreement] On May 19, TISCO Group and Pingmei Shenma Group held a signing ceremony for a strategic cooperation agreement. Wu Xiaodi, Secretary of the Party Committee and Chairman of TISCO Group, Gao Feng, Member of the Party Committee Standing Committee and Deputy General Manager of TISCO Group, Li Yanhe, General Manager of Pingmei Shenma Group, and Wang Anle, Deputy General Manager of Pingmei Shenma Group, along with relevant department and unit leaders from both sides, attended the ceremony. ⭕ [Ansteel Group Mining Company Controls 8.8 Billion Tons of Iron Ore Resources] Recently, Ansteel Steel stated in an investor relations activity that, facing the severe situation of a weak and fluctuating decline in the steel market, the company has worked hard to expand the market, continuously adjusted product mix to enhance efficiency, tapped into internal potential, significantly improved its sales profit margin, substantially reduced losses across all units in the steel segment, and significantly enhanced production line efficiency and market competitiveness. By implementing the concept of "accounting-based operations" and through measures such as strengthening benchmarking and potential tapping, as well as improving operational efficiency, the company reduced the cost per ton of steel across the entire process by 102 yuan compared to the previous year, reduced the cost of externally purchased energy per ton of steel by 10%, and reduced the cost of pig iron by 12% compared to the previous year. On the procurement side, the company deepened cost-effective and collaborative procurement, continuously reducing the consumption cost of materials per ton of steel. In the first quarter of 2025, the company's net profit attributable to shareholders was -554 million yuan, a year-on-year increase of 66.55%. ⭕ [Shuohuang Railway Marks 25th Anniversary of Operation with Cumulative Freight Volume Exceeding 5.21 Billion Tons] As of May 18, the Shuohuang Railway marked its 25th anniversary of operation, having completed 50,469,820,000 mt of coal transportation and 1,626,740,000 mt of non-coal transportation, with a cumulative cargo transportation volume exceeding 5.21 billion tons, achieving 9,131 consecutive days of safe production and operation. ⭕ [Angang Lianzhong Obtains "Pass" to Japan's High-end Market] Recently, Angang Lianzhong successfully passed the JIS certification, marking the company's acquisition of the "pass" to Japan's high-end market and laying a solid foundation for further enhancing the international competitiveness of its products. ⭕ [Chongqing Iron & Steel Achieves Successful Trial Run of Full-Length Rolling Process for Heavy Plate Production Line] Recently, Chongqing Iron & Steel successfully completed the first trial run of the full-length rolling process for its heavy plate production line, achieving a one-time successful trial run of 30mm-thick sheets & plates! This represents a significant breakthrough for Chongqing Iron & Steel in the field of medium-thickness plate production technology, injecting strong momentum into the company's efforts to explore the high-end product market and enhance its core competitiveness! ⭕[Successful Commissioning of the Upgrade Project for the Electric Control System of the No. 3 Flying Shear at Nanchang Fangda High-speed Wire Rod Mill] Recently, the upgrade project for the electric control system of the No. 3 flying shear at Nanchang Fangda High-speed Wire Rod Mill, designed, supplied, and commissioned by Jingcheng Digital Technology Co., Ltd., was officially commissioned. Through independent technological innovation, the project successfully resolved technical challenges that had plagued the production line for over a decade, helping the enterprise achieve new breakthroughs in cost reduction and efficiency enhancement. ⭕ [Shagang's HRC Reheating Furnace Upgrade Project Starts Production] On May 17, the No. 2 reheating furnace of the HRC reheating furnace upgrade project for Workshop 1 at Shagang, implemented by WISDRI Southern (Hubei) Heavy Industries Engineering Co., Ltd. (WISDRI Southern Refractory & Thermal Engineering Co., Ltd.) on an EPC basis, was successfully ignited, marking the beginning of the furnace drying stage.

On May 20, the winning candidates for the PC General Contracting Project of the Photovoltaic (PV) Field Area for the 200,000 kW Integrated PV Sand Control and Desertification Combating Project of Longyuan Power Inner Mongolia Longyuan Mengdong New Energy Co., Ltd. in Wengniute Banner and Aohan Banner were announced. The shortlisted enterprises include China Construction Second Engineering Bureau Ltd., WISDRI Engineering & Research Incorporation Limited, and China Post & Telecommunications Construction Co., Ltd. The average price reached 1.54 yuan/W. The tender announcement indicated that the open tender for the PC General Contracting Project of the PV Field Area for the 200,000 kW Integrated PV Sand Control and Desertification Combating Project of Longyuan Power Inner Mongolia Longyuan Mengdong New Energy Co., Ltd. in Wengniute Banner and Aohan Banner was divided into two sections: Section 1: PC General Contracting Project of the PV Field Area for the 100,000 kW Integrated PV Sand Control and Desertification Combating Project of Longyuan Power in Chifeng Aohan Banner, Inner Mongolia. The project is located approximately 2.1 km west of Aorunsumu Sumu, Aohan Banner, Chifeng City, with convenient transportation. The proposed installed capacity on the AC side is 99.84 MW (with a total installed capacity on the DC side of 108.3264 MWp). It adopts monocrystalline silicon N-type 620 Wp bifacial modules, comprising a total of 33 PV power generation units. Fixed-type supports are proposed to be used, along with 320 kW string inverters. The box-type transformers are proposed to include 27 units of 3,200 kVA, 2 units of 2,560 kVA, 3 units of 2,240 kVA, and 1 unit of 1,600 kVA. Section 2: PC General Contracting Project of the PV Field Area for the 100,000 kW Integrated PV Sand Control and Desertification Combating Project of Longyuan Power in Chifeng Wengniute Banner, Inner Mongolia. The project is located in the eastern desert area of Wengniute Banner, Chifeng City, south of the Baxin Railway and east of National Highway 305, with relatively convenient transportation. The proposed installed capacity on the AC side is 100 MW (with a total installed capacity on the DC side of 117.57928 MWp). It adopts a fixed-type support + string inverter operation mode, using N-type 620 monocrystalline bifacial modules, comprising a total of 31 PV power generation units. The box-type transformers are proposed to include 29 units of 3,200 kVA and 2 units of 3,600 kVA. The scope of tender includes, but is not limited to, equipment procurement, construction, installation, etc. Construction of the PV field area: 1) procurement of all equipment for the PV field area (including modules, inverters, supports, cables, optical cables, video surveillance, communication boxes, fences, and related accessories); 2) all civil engineering construction for the PV field area, including all road works, pile foundations, 35 kV collector cable line foundations, box-type transformer foundations, and fences within the area; 3) all installation works for the PV field area; 4) pile testing, all post-completion pile foundation tests, pile foundation construction, installation, commissioning, and various inspections of all equipment within the PV field area. In terms of the planned construction period, each section is expected to take 90 days.

On May 13, iMotion Technology's wholly-owned Singapore subsidiary, iMotion Automotive Technology (Singapore) Pte. Ltd., signed two joint venture agreements with Malaysian automotive components leader ...