Xinjinlu Group announced in June a planned investment of RMB 496 million to implement integrated mining, dressing, and metallurgical upgrades at its Guangxi Limu Mining subsidiary. The project includes upgrading mining operations to 600,000 tons/year, constructing a 1.5 million tons/year dressing line, building a tantalum-niobium hydrometallurgical workshop, and recovering associated metals like rubidium from tailings. Upon completion, it will form a complete industrial chain for tantalum, niobium, tin, and tungsten, yielding approximately 840 tons of tantalum oxide and 867 tons of niobium oxide annually.

[SMM Tantalum Flash] Ningxia Orient Tantalum Industry disclosed the progress of its private placement projects in June. Installation and commissioning are underway for pyrometallurgical smelting and high-end product lines, while construction of the hydrometallurgical digital plant is accelerating. Concurrently, the smart production line for niobium superconducting cavities is advancing on schedule, with full operational status targeted for June 30. Strategically, the firm will invest RMB 100 million to establish a wholly-owned subsidiary, Ningxia CNMC Key Metal Materials Co., Ltd., dedicated to hydrometallurgical operations to bolster self-sufficiency in upstream raw materials.

[SMM Titanium Flash] Baoji Yesheng Titanium Industry's "Advanced Preparation Process Production Line for High-Performance Titanium, Hafnium, Niobium, and Tantalum Metal Materials" entered the public notice phase for EIA approval on June 12. The greenfield project involves a total investment of RMB 36 million and will procure key equipment, including vacuum consumable arc furnaces and electron beam melting furnaces. Upon commissioning, the facility will achieve an annual production capacity of 4,000 tons of titanium, hafnium, niobium, and tantalum ingots, along with 158.3 tons of titanium machined parts, further optimizing the high-end refractory metals processing landscape.

[Tungsten News Flash] SMM June 5: On May 29 local time, the DRC Council of Ministers reviewed and approved a special decree, officially incorporating six mineral categories—lithium, tantalum, niobium, tungsten, uranium, and rare earths—into the national strategic minerals list. According to the relevant provisions of the DRC's current Mining Code, strategic minerals are subject to a royalty rate of 10%, while the base royalty rate for ordinary non-ferrous metals is 3.5%. After the new policy takes effect, the royalty costs for local mining enterprises involved in newly designated strategic minerals such as lithium and tungsten will increase to nearly three times the original level. This expansion of the catalog is a significant implementation measure by the country to optimize critical minerals revenue distribution and strengthen control over domestic strategic resources. The policy will be officially implemented through a cabinet enforcement decree.

Leveraging the dual-carbon strategy and the momentum of circular economy development, China's recycled metal industry leads the world in scale, while also facing numerous development challenges. To help enterprises seize industry policy and market opportunities and address industry development issues, SMM will hold the 2026 SMM Recycled Metals Industry Summit Forum & Melting and Casting Technology Special Session in Ningbo, Zhejiang, July 16-17, 2026 . Wuhan Hongjin Metal Aluminum Co., Ltd. cordially invites you to join us in building an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of a global resource circular utilization system and driving the global green economic transition. Click the to register immediately. Booth No.: E6 Hongjin New Materials Group has been deeply engaged in the cast aluminum alloy sector for 30 years and is a leader with over 10 billion yuan in revenue, integrating R&D, production, and services. The Group has established 10 modern production sites and 2 provincial-level new materials research institutes worldwide, with green low-carbon aluminum alloy capacity exceeding 1.5 million mt in 2025. We are committed to providing aluminum alloy ingots, direct molten aluminum supply, and one-stop lightweight solutions. Our independently developed large-scale integrated die-casting heat-treatment-free aluminum alloy is ready for mass production. Our products are widely used in cutting-edge fields such as NEVs and 5G communications, and we are a designated supplier for top 100 automakers including Tesla, BYD, and BBA, as well as Google and Amazon. Hongjin New Materials is fully committed to green and low-carbon practices, "casting the future" together with global partners. I. Enterprise Strengths 1.5 million mt+ : Annual green low-carbon aluminum alloy capacity in 2025 10 billion+ : Annual revenue of the Group 10 major sites : Based in China (south China/central China/east China), with expansion outside China 2 major institutes : Two provincial-level new materials research institutes II. Core Products and Services Providing you with one-stop lightweight solutions from materials to processes: Core Services : Premium aluminum alloy ingot supply | Direct molten aluminum supply | Integrated melting and holding services Specialty Patented Materials : High thermal conductivity, high electrical conductivity, high strength and toughness, and high wear-resistant aluminum alloys Industry Frontier : Large-scale integrated die-casting heat-treatment-free aluminum alloy (Approved by OEMs, ready for mass production) Full Grade Coverage Standard Series : ADC12, A380, A356, ALSI10MNMG, and other mainstream grades. Exclusive Patented Series : HJ Series (HJ03-16), HCS09, HS330, and many other proprietary grades. III. World-Class Partner Network Products are widely used in core sectors including automotive, new energy, low-altitude economy, and 3C electronics. Globally Renowned Automakers : BMW, Mercedes-Benz, Audi, Volkswagen, General Motors, Toyota, Honda, Nissan New Energy Pioneers : Tesla, BYD, NIO, XPeng, Xiaomi, Geely Technology and Ecosystem Giants : CATL, DJI, Inovance ( Designated qualified supplier for Google and Amazon ) IV. Green, Low-Carbon Commitment and Quality Assurance Safeguarding your supply chain security with the highest international standards: System Certifications : IATF 16949, ISO 9001 / 14001 / 45001 / 50001:2018 Green Development : Completed carbon footprint and greenhouse gas verification, deeply engaged in advancing ESG and ASI initiatives. Contact Information Sales Center: South China Team - Sales Director - He Zhijia 138 2754 9148 Central China Team - Sales Director - Li Hongwei 136 1832 5655 East China Team - Sales Director - Han Yaobin 159 5327 5580 Hongbang Team - Sales Director - Yang Zhenjiang 139 2263 2929 Website: SMM Conference Contact Zhou Shiyang Mobile: 17278238856 Email:

[SMM Tantalum and Niobium Express] The annual 3,000-ton high-performance tantalum and niobium oxide green manufacturing project of Ximei Resources in Leizhou has now seen all production equipment arrive on site. The project is scheduled to start trial production by the end of May, and after going into operation, it will quickly achieve mass supply, further expanding the production capacity of high-end tantalum and niobium oxides.

[SMM Tantalum Flash News] The first phase of Youyan New Materials' Dezhou Base has an annual production capacity of 73,000 tantalum targets, with 12-inch targets accounting for over 60%. The second phase is expected to reach full production by the end of 2026, and at the same time, it has received a 300 million yuan capital increase from the second phase of the Big Fund, which will help expand the production capacity of high-end semiconductor targets and promote domestic substitution.

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:

SMM May 21 News: Spot prices of tin, tantalum, and Pr-Nd oxide rose, and high molybdenum prices helped drive the minor metal sector higher. As of 10:22 on May 21, the minor metal sector was up 2.41%. In terms of individual stocks: Eastern Tantalum and China Tungsten High-Tech gained over 6%, while Haotong Technology, Tin Industry Co., Eastern Zirconium, Jinduicheng Molybdenum, and Huaxi Nonferrous led the gains. This rally was directly driven by improving spot market fundamentals, compounded by a weakening US dollar, strengthening strategic resource attributes, and emerging demand (AI, semiconductors, PV), which continued to fuel market expectations of a tight supply-demand balance in minor metals. Some market capital showed increased willingness to flow in, driving a rebound in the minor metal sector. Spot Market Tantalum The quoted price of tantalum ingot (Ta≥99.95%) on May 20 was 6,600-6,700 yuan/kg, with an average price of 6,650 yuan/kg, up 1.53% from the previous trading day. Recently, the tantalum market reached a turning point, with tantalum prices successfully hitting bottom, stabilizing, and initiating a rebound, with the industry's upward trend gradually becoming clearer. Currently, low-priced supplies within the industry chain are being circulated and cleared at an accelerated pace, quoted prices across all product categories are rising in tandem, and the overall market is steadily improving. Driven by expectations of positive news, some smelters proactively tightened their shipment pace and suspended external quotations. Available low-priced supplies in the market were essentially exhausted, and bullish sentiment among traders and suppliers continued to intensify. Combined with steadily rising upstream tantalum ore raw material costs providing strong support, tantalum oxide and tantalum ingot prices are expected to continue their steady rise going forward. Tin On May 21, the average price of SMM 1# tin rose 3.82% from the previous trading day. As tin prices rose, wait-and-see sentiment in the market intensified, and market transactions were sluggish. Currently, from a fundamental perspective: Supply side, most smelters maintained stable production as their main focus in May; Demand side, downstream purchasing remained cautious, with most purchases made according to order requirements. Rare Earth Spot market, on May 21, supported by demand from major manufacturers' procurement, the average price of Pr-Nd oxide rose 1.81% from the previous trading day. Yesterday afternoon, inquiry and procurement activities from magnetic material enterprises increased significantly, which directly boosted market trading activity. Affected by this, Pr-Nd oxide futures prices stopped falling and recovered today, and some Pr-Nd oxide traders chose to hold back from selling, which in turn pushed up Pr-Nd oxide spot prices as well. However, as downstream inquiry prices were relatively low, actual transaction performance was mediocre. In the short term, driven by the continued increase in downstream inquiry and procurement activities, Pr-Nd product prices are expected to move sideways and hold up well. Institutional Views Guojin Securities pointed out in a research report on May 18: Rare earths: From the beginning of the year to date, the price center has been continuously raised, which we believe is likely highly correlated with supply-side policy documents released from 2024 to 2025, as industry supply-side reform continues to advance. Full-year exports in 2025 were down 1% YoY, while exports since the beginning of 2026 have increased significantly, indicating that ex-China restocking demand remains substantial. The rare earth sector will continue to see dual upgrades in valuation and earnings, and 2026 is also a critical year for key targets to resolve horizontal competition issues. Tin: Guojin Securities believes that tin ingot invisible inventory is gradually drying up, and therefore tin prices are expected to strengthen amid macro liquidity replenishment or technology sector spillover effects. The tin supply-demand pattern is expected to improve over the long term. Molybdenum: Molybdenum concentrates were priced at 5,210 yuan/mtu this period, up 10.50% MoM; ferromolybdenum was priced at 324,000 yuan/mt this period, up 9.46% MoM. Imported ore has been drawn down to a significant extent, and domestic molybdenum prices have stabilized and rebounded. Steel bidding volumes remained robust, with destocking across the industry chain, gradually breaking the deadlock of "volume without price" in molybdenum, and the upward channel has become further confirmed. Molybdenum is also a defense metal, with inventory persistently low, and increased ex-China national defense spending may further boost molybdenum prices. Tantalum: The tantalum industry is expected to benefit from the upward cycle driven by high-end demand boost. Related targets: Eastern Tantalum, Xinjinlu, Jiangwu Equipment. CITIC Securities issued a research report on May 13, stating that in Q1 2025 and Q1 2026, earnings growth in the metals sector generally accelerated, with tungsten, lithium, lead-zinc, and rare earth magnetic materials leading the gains, while aluminum, copper (copper: BK1615 3,885.79, 0.58%), nickel-cobalt-tin-antimony, and gold have performed relatively weakly since the beginning of the year. Current metals sector valuations remain at reasonable levels, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and valuation rebounds remain promising. Industry dividends pulled back slightly, but projected dividend yields for some individual stocks still exceed 5%. Looking ahead to 2026, with liquidity shocks easing, supply disruptions occurring frequently, and select downstream sectors sustaining relatively high prosperity, it is recommended to continue focusing on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold sectors. Guotai Haitong Securities believes that rare earth prices have been gradually consolidating at lows since 2024, with the slowdown in domestic quota allocation continuing, and while expectations for ex-China rare earth development have been fermenting, actual progress may fall short of expectations. On the demand side, NEVs, home appliances, wind power, and other sectors have maintained the fundamental demand base, while humanoid robots represent a long-term upside option, and the curtain on a supply-demand reversal has already been gradually rising. As a strategic commodity in China, rare earth is expected to see a double boost in both earnings and valuation. Recommended reading:

Recently, the tantalum market reached an inflection point, with prices successfully hitting bottom and stabilizing before embarking on a rebound, and the industry's upward trend gradually becoming clear.