[SMM Tin Futures Commentary: Tin markets in and outside China showed a V-shaped intraday trend, the most-traded SHFE tin contract tested a low of 375,000 and then fluctuated and rebounded]

Against the backdrop of global sustainable development, the recycled metal industry is gaining importance. As the conflict between resource shortages and growing demand intensifies, countries are increasing policy and technology investment in this sector to promote a green economy. Japan, as a key recycled resource hub in Asia, possesses advanced technologies (such as aluminum dross processing) and closed-loop recycling models, and plans to expand the scale of e-waste recycling. However, its domestic capacity to absorb secondary aluminum is limited, necessitating expansion into markets outside China; secondary copper capacity is also expanding simultaneously. Sino-US trade issues have also highlighted the necessity of supply chain stability. Against this backdrop, with the theme "Voice of Low Carbon, Global Resonance," the will be held in Tokyo, Japan, on May 11–12, 2026. At this conference, will participate as an attending company, with Chairman Javier Riba Mas and Asia Manager Jose Maria Lozoya Fontanals in attendance. Global sustainability highlights the importance of the recycled metal sector. With resource shortages intensifying, countries (notably Japan, Asia's recycling hub) are advancing tech and policies. Japan aims to expand e-waste recycling but needs markets outside China for secondary aluminum; secondary copper output is also growing. Sino-US trade tensions further emphasize supply chain stability. 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit (Theme: Voice of Low Carbon, Global Resonance ) is scheduled for May 11–12, 2026 , in Tokyo, Japan . At this conference, RIBA FARRE will attend, with Chairman Javier Riba Mas and Asia Manager Jose Maria Lozoya Fontanals in attendance. Your Trusted Global Partner in Non-Ferrous Metals Processor with more than 85 years experience Your Trusted Global Partner with Over 85 Years of Expertise in Non-Ferrous Metal Processing Comercial Riba Farré was established in 1940 and has long been deeply engaged in the non-ferrous metal recycling sector. Leveraging profound industry experience , the enterprise has firmly established itself in the Spanish domestic market while fully expanding into global markets. Drawing on years of accumulated expertise, we rigorously benchmark against London Metal Exchange quotations daily, updating purchase and sale prices in real time. Riba Farré firmly believes that long-term, sustainable business operations never rely on short-term arbitrage transactions, but rather on a solid corporate structure and persistent, dedicated operations. Our current industry standing is a powerful testament to this philosophy. Comercial Riba Farré se creó en 1940 y desde entonces ha desarrollado su actividad en el sector del reciclaje de metales no férricos. Nuestra EXPERIENCIA nos ha permitido consolidarnos dentro del mercado español y los mercados internacionales. Es la misma experiencia que nos permite garantizar la máxima actualización diaria de los precios de compra y venta de material según la Bolsa de Londres. En Riba Farré estamos convencidos que un NEGOCIO próspero no se basa en transacciones rápidas que ofrezcan beneficios inmediatos, sino en una estructura sólida y en el trabajo constante a lo largo de los años. Y nuestra posición actual confirma esa convicción. The outstanding development of an enterprise is inseparable from a professional, efficient, and motivated core team . The company continuously conducts skills training and implements people-oriented management to constantly enhance the team's overall capabilities. Meanwhile, it is equipped with industry-leading production equipment to fully ensure refined processing and sorting of non-ferrous metals. We consistently introduce cutting-edge intelligent equipment to achieve efficient operations with state-of-the-art capacity. Gran parte de este éxito se debe a la alta calificación, y a la motivación de nuestro EQUIPO . Dos aspectos que Riba Farré potencia cada día mediante la formación continua y el trato personalizado. Nuestro equipo está además plenamente respaldado por la mejor MAQUINARIA para el tratamiento y la clasificación de metales no férricos. Creemos que la máxima eficacia solo se consigue incorporando las máquinas más innovadoras en cada momento. In addition to the core metal recycling business, the group operates the RAEECICLA dedicated division, which specializes in the recycling and processing of e-waste and used electrical appliances. También, a parte de Riba Farré, contamos con RAEECICLA, la división de residuos informáticos y electrónicos. Main Products Productos principales Copper, aluminum, brass, lead, zinc Stainless steel, bronze, nickel, tin Cobre, aluminio, latón, plomo, zinc Acero inoxidable, bronce, níquel, estaño Our Advantages Nuestras ventajas Stable and controllable quality with fully standardized processing Flexible allocation tailored to various supply needs Long-term stable cooperation building reliable partnerships Global presence: Spain, Colombia, China, and India Calidad estable y controlada, procesamiento estandarizado en todo el ciclo. Suministro flexible adaptado a todo tipo de necesidades. Cooperación estable a largo plazo y alianzas comerciales fiables. Presencia global: España, Colombia, China e India. Key Reasons to Choose Riba Farré Por qué elegir Riba Farré Over 80 years of deep industry expertise Extensive global presence across international markets A hands-on producer, not merely a trade intermediary Committed to sustainable circular development Más de 80 años de experiencia consolidada en el sector. Fuerte presencia y expansión en mercados internacionales. Procesador industrial, no solo intermediario comercial. Compromiso firme con la economía circular y la sostenibilidad. Contact Information Contacto +34 932 643 630 INFO@RIBAFARRE.COM SMM Conference Contact Zhang Xiaoyao Mobile: +86 15729506965 Email:

According to SMM statistics, China's copper scrap imports reached 2.3427 million mt in physical content in 2025, up 4.1% YoY. Among copper ingot imports, copper ingot imports stood out significantly, reaching 459,000 mt in physical content, up 67.6% YoY.

Throughout the year, HRC prices experienced high volatility in Q1, a sharp decline and bottoming out in Q2, a strong rally driven by macro tailwinds such as "anti-involution" in Q3, followed by a retreat from highs, and finally ended with rangebound fluctuations in Q4.

[2025 Magnesium Market Sees Uneven Performance, Magnesium Ingot Under Pressure Coexists with Magnesium Alloy Shortage; Can Downstream Boom in 2026 Lead Entire Industry Chain to Stage a Comeback?] In 2025, the domestic magnesium industry exhibited a pronounced polarization trend. Upstream magnesium ingot was mired in oversupply and sluggishness, while downstream magnesium alloy experienced a surge in demand starting from September, quickly shifting to undersupply. Looking ahead to 2026, the resonance between magnesium alloy capacity expansion and demand growth is expected to gradually release its boosting effect on primary magnesium, potentially leveraging a reversal in the supply-demand balance across the entire industry chain.

[SMM Stainless Steel Daily Review: SS Futures Broke the Low Since June Again, Weak Stainless Steel Trading and Traders Offered Discounts] SMM November 13 - SS futures opened low and fluctuated with limited intraday volatility. While SHFE nickel futures were in the doldrums, SS futures remained weak and continued to bottom out, trading below 12,500 yuan/mt throughout the day and hitting a low since June at 12,445 yuan/mt. Spot market side, as SS futures continued to bottom out and with year-end off-season expectations, although stainless steel prices were already at low levels, recent low prices did not positively impact trading. However, under pressure to sell for cash flow, traders still offered discounts. In the afternoon, news emerged that an agent of a large steel mill offered a 50 yuan discount for 300-series hot-rolled orders. Social inventory increased slightly this week, up 0.71% WoW to 952,200 mt. The most-traded SS futures contract fluctuated at lows. At 10:30 am, SS2601 was quoted at 12,480 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 290-590 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price of cold-rolled trimmed 304/2B coil was 12,750 yuan/mt in Wuxi and 12,800 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil was 24,300 yuan/mt in Wuxi and 24,350 yuan/mt in Foshan...

[SMM Tin Midday Review: Supply-Demand Tight Balance and Macro Expectations Game, SHFE Tin Fluctuates at Highs to Hit a New Phase High]

[SMM Stainless Steel Daily Review: SS Broke Below 12,500 yuan/mt, Weak Spot Stainless Steel Transactions Hit Market Confidence] SMM November 12 - SS futures showed a further downward pullback. Driven by further declines in SHFE nickel and amid weak stainless steel fundamentals, SS futures continued to follow the downtrend today, breaking below 12,500 yuan/mt again, with the intraday low reaching 12,460 yuan/mt. In the spot market, the weakness in futures again dragged down spot prices. Additionally, stainless steel transactions remained sluggish recently, with traders holding pessimistic expectations for the year-end market and showing a mentality of selling off goods for cash collection. Meanwhile, prices of high-grade NPI, high-carbon ferrochrome, and stainless steel scrap have all been in the doldrums recently, pulling down the cost center of stainless steel, and daily offers saw another slight decrease. The most-traded SS futures contract pulled back. At 10:30 a.m., SS2601 was quoted at 12,485 yuan/mt, down 75 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 333-685 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price of cold-rolled mill edge 304/2B coil was 12,825 yuan/mt in Wuxi and 12,850 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil in Wuxi was 24,500 yuan/mt, and 24,550 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil in Wuxi was 23,800 yuan/mt; the price of cold-rolled 430/2B coil in both Wuxi and Foshan was 7,600 yuan...

[SMM Stainless Steel Daily Review: SS Futures Continue to Bottom Out, Limited Decline in Stainless Steel Spot Prices] SMM November 11 - SS futures showed a downward trend. With SHFE nickel and ferrous metals declining in sync, and stainless steel fundamentals remaining weak, SS futures weakened again, approaching 12,500 yuan/mt near the close. In the spot market, influenced by the weakness in SS futures, market sentiment turned bearish again, with some traders slightly lowering their offers. However, stainless steel prices are already at relatively low levels, and traders' previous purchase costs were high, limiting the price decline. The most-traded SS contract pulled back. At 10:30 a.m., SS2601 was quoted at 12,560 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premium/discount for 304/2B was in the range of 310-610 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; the average price for cold-rolled mill-edge 304/2B coil was 12,850 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 24,550 yuan/mt in Wuxi and 24,600 yuan/mt in Foshan; hot-rolled 316L/NO.1 coil was quoted at 23,800 yuan/mt in Wuxi; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan. Officially leaving behind the "September-October peak season," a traditional consumption off-season, and entering the year-end off-season. Downstream end-user confidence, already insufficient, was further impacted by the recent continuous decline in SS futures...

[SMM Aluminum Morning Meeting Minutes: Easing of China-U.S. Trade Frictions and Short-Term Macro Tailwinds Alleviate Downward Pressure] From a technical perspective, SHFE aluminum 2601 prices at night session closed at 21,675 yuan/mt. The MA5 (21,675) and MA60 (21,674) are close to the current price, but the MA10 (21,677) and MA20 (21,677.33) are slightly higher, forming short-term resistance. The MACD indicator is negative (DIF: -0.0843, DEA: 0.4607, MACD: -1.0900), indicating strengthening bearish momentum. The trading volume was 64,880 lots, with a daily increase in open interest of -2,613 lots, accompanying a slight drop in prices, suggesting weak and generally low market participation. Referencing recent highs and lows (night session high: 21,740, low: 21,655) and the previous settlement price of 21,650, the short-term resistance range is viewed at 21,720-21,740, while the support range is seen at 21,650-21,670. The overall trend is bearish, and it is necessary to monitor whether the support level can hold to avoid further declines.