[Market Slump Drives Production Cuts; August Silicon Metal Output Expected to Fall] According to SMM data, silicon metal production in July stood at 388,000 mt, up 8.3% MoM and up 14.7% YoY. Cumulative silicon metal output from January to July 2026 reached 2.3783 million mt, up 8% YoY.

[Tungsten Express] SMM August 5 News: Today, the tungsten concentrate market remained stable, as the market re-evaluated the impact of the "Opinions of the National Mine Safety Administration on Regulating Excavation (Stripping) Construction Teams for Metal and Non-metal Production Mines" on the non-coal mining industry. The document requires that underground mines, by May 1, 2027, and open-pit mines, by May 1, 2028, choose one of two options: ① establish an in-house excavation team; ② outsource to a compliant integrated contractor; prohibit fragmented subcontracting and multi-level subcontracting; ban labor dispatch underground; and mines that fail to complete rectification by the deadline will be ordered to suspend production for rectification. China's tungsten mines are primarily underground (most wolframite mines are underground, while some scheelite mines are open-pit or underground). The main producing regions of Jiangxi and Hunan have a large number of small and medium-sized tungsten mines that have long heavily relied on external excavation subcontracting teams, imposing substantial constraints on the supply side, cost side, and the survival of small and medium-sized mines. Meanwhile, in the past two days, trading in the tungsten concentrate spot market began to turn active, with traders entering actively. Yesterday, a mine in Guangdong auctioned low-grade ore, and all 156 standard tonnes were sold. Downstream smelters remained cautious, awaiting guidance from today's long-term contract prices. Overall, the market was stimulated by frequent mining policies and intensive safety inspections in Yunnan, Jiangxi, Henan, and other regions, easing market sentiment, while supply-side disruptions intensified. If demand enters the market moderately, the tungsten market will see a turnaround.

[SMM Silicon-based PV Morning Meeting Minutes] Silicon metal: Yesterday, SMM east China oxygen-blown #553 silicon was around 9,000-9,100 yuan/mt, and #441 silicon was near 9,200-9,300 yuan/mt. The most-traded futures contract was disturbed by supply-side production cut news and PV anti-involution bullish sentiment, causing the most-traded silicon metal futures contract to trend stronger. Silicon enterprises' quotes were generally stable, with a strong willingness to sell. Watch for the impact of variables on short-term price spikes, with resistance above focused on silicon enterprises' willingness to sell. Polysilicon: N-type recharging polysilicon was quoted at 31.6-33.5 yuan/kg. Currently, most manufacturers continue to hold back from selling, market transactions are very few, but expectations for price hikes are relatively common. Some forward traders received higher quotes, with some prices even exceeding 40 yuan. However, this is limited to forward traders. Spot trading is currently basically at a standstill, awaiting the outcome of today's meeting.

[SMM Tin Morning Update: Dollar Pullback Hedges Pre-NFP Rate Hike Pricing, Battle for the 430,000 Mark Begins]

[SMM Tin Morning Brief: ISM 55.6 Strengthens September Rate Hike, Intensifying Tug-of-War in SHFE Tin Prices at High Levels]

On July 31, a supplementary allocation notice for the public selection of investment and development entities for the second batch of 2025 new energy projects in Qiubei County, Wenshan Prefecture, Yunnan Province was released. The second batch of 2025 new energy projects for which investment and development entities were selected this time included 4 projects, with a total installed capacity of 290 MW, set as one section. Among them, there were 3 PV projects with a combined capacity of 230 MW and 1 wind power project with a capacity of 60 MW.

"Tin" Leads the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point. Traditional cyclical logic has been completely shattered, and strategic value has been fully highlighted. The tin market in 2026 is exhibiting an unprecedented complex pattern and profound transformation: I. Deep Reconstruction of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressure": the repeated delays in production resumptions in Myanmar, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. Price System Breaks Historical Records, Industry Ecology Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, reaching a historical high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovation and breakthroughs. III. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digitalization and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming the inevitable path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for joint discussions. Shanghai Jiushi Metal Materials Co., Ltd. will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now and attend the conference, to witness and participate in this extraordinary and far-reaching industry event, and to jointly create a brilliant new chapter! Founded in 2008 with a registered capital of 100 million yuan, Shanghai Jiushi Metal Materials Co., Ltd. is a comprehensive enterprise specializing in non-ferrous metal raw material trading and integrating domestic and international trade resources. For over a decade, the company has deeply cultivated its main business in non-ferrous metals, consistently adhering to a philosophy of steady operation and professional service capabilities, steadily consolidating its brand and market foundation. It has accumulated a solid cooperation foundation and a good market reputation within the industry. The company primarily deals in electrolytic tin ingots, #1 electrolytic lead ingots, silver, nickel plates, zinc ingots, lead concentrates, and other non-ferrous metal products. It has formed a multi-category, full-chain supply chain service system, with a processing capacity of 30,000 mt of alloys, capable of meeting clients' diversified and integrated procurement and processing needs. After years of prudent strategic planning, the company has maintained a steady trade scale with ample supply reserves. Its current annual sales include 15,000 mt of tin ingots, 2,000 mt of silver, 200,000 mt of No.1 primary lead ingots, 300,000 mt of zinc ingots, 20,000 mt in metal content of lead concentrates, and 50,000 mt of nickel plates. Its total trade volume exceeded 10 billion yuan in 2025, demonstrating large-scale, regular, and sustainable stable supply capabilities. The company has always adhered to the business philosophy of "integrity and quality assurance, customer first, mutual benefit and symbiosis, and win-win cooperation," deeply cultivating the upstream and downstream of the industry chain and establishing a mature and stable supply-demand cooperation system. Upstream, it has long connected with large smelters in core production areas such as Yunnan, Guangxi, Zhejiang, Jiangxi, and Inner Mongolia, maintaining long-term stable strategic cooperation to control purity and quality at the source, ensuring sufficient supply and stable quality of tin ingots and various non-ferrous metal raw materials. Downstream, with Shanghai and Guangdong as core hubs, it has built a nationwide sales and service network covering east China, south China, and north China, offering rapid service response and stable, efficient delivery. With tin ingot trade as its core business, the company relies on ample spot reserves, stable source supply, and large-scale supply advantages to precisely connect with various downstream end-users, mainly serving clients in manufacturing fields such as electronics, PV, new energy, alloys, and chemicals. It can continuously and stably supply high-purity tin ingots and supporting non-ferrous metal raw materials according to different customers' production standards and material requirements. With service advantages of precise matching, controllable quality, and timely delivery, it has served a wide range of partners over the long term, accumulating a solid customer base and a strong industry reputation. In terms of operations and management, the company has established a standardized internal management system and a rigorous risk control and compliance system, strictly adhering to compliance bottom lines and tightly controlling operational risks to ensure long-term stable business operations. At the same time, leveraging deep industry expertise and market insights, it continuously optimizes its trade service models, flexibly uses diversified financial and trade financing tools, and customizes suitable cooperation plans based on actual customer needs, achieving mutual benefit and win-win outcomes for both sellers and buyers under the premise of sound risk control. Looking ahead, Shanghai Nine Stone Metal will continue to uphold the development concept of pragmatism, innovation, and steady progress, continuously optimizing its risk control system and enhancing the professional capabilities of its team. It will further improve the entire industry chain layout of non-ferrous metals, consolidate its core advantages in tin materials, steadily expand downstream markets and emerging application fields, and continuously advance high-quality and stable development. The company will join hands with industry peers and clients to cooperate and create mutual success. Founded in 2008 with a registered capital of RMB 100 million, Shanghai Nine Stone Metal Materials Co., Ltd. is a professional integrated enterprise engaged in non-ferrous metal commodity trading and global supply chain resource integration. With more than ten years of focused cultivation in the non-ferrous metal sector, the company has upheld a conservative operational strategy and premium service norms, steadily strengthened its brand equity and market foothold, and fostered stable cooperative relationships and a prestigious market standing within the industry. The company’s mainstream product lineup comprises electrolytic tin ingots, 1# standard electrolytic lead ingots, fine silver, nickel cathode plates, zinc ingots and lead concentrates, covering a full range of mainstream non-ferrous metal commodities. It has built a one-stop diversified supply chain service system, paired with an annual alloy processing capacity of 30,000 tons, to satisfy clients’ comprehensive customized procurement and processing demands. Supported by long-term strategic market deployment, the company boasts sustainable trading scale and adequate spot inventory. Its annual trading volume stands at 15,000 tons of tin ingots, 2,000 tons of fine silver, 200,000 tons of 1# standard electrolytic lead ingots, 300,000 tons of zinc ingots, 20,000 metal tons of lead concentrates and 50,000 tons of nickel plates. The company’s total trading turnover exceeded RMB 10 billion in 2025, enabling large-scale, standardized and enduring bulk commodity supply capacity. Adhering to the corporate principle of Integrity and Quality Priority, Customer Centricity, Mutual Benefit and Win-Win Partnership, the company has deeply penetrated the upstream and downstream segments of the industrial chain and established a mature and stable supply-demand collaboration system. Upstream, it maintains long-term strategic cooperative partnerships with benchmark smelting enterprises in core producing areas including Yunnan, Guangxi, Zhejiang, Jiangxi and Inner Mongolia. Through strict source quality control over product purity and specifications, the company guarantees stable supply and consistent quality uniformity of tin ingots and all non-ferrous metal commodities. Downstream, with Shanghai and Guangdong as core regional hubs, it has established a nationwide sales and after-sales service network covering East, South and North China, featuring rapid response and reliable full-cycle delivery efficiency. Centering on tin ingot bulk trading as its core pillar business, the company serves terminal manufacturing enterprises across electronics, photovoltaic, new energy, alloy manufacturing and fine chemical industries, relying on sufficient spot stock reserves, stable upstream resource channels and large-scale bulk supply advantages. It is capable of supplying high-purity tin ingots and supporting non-ferrous metal materials in a sustained manner in compliance with clients’ customized production criteria and material technical requirements. Driven by precise commodity matching, standardized quality control and on-time delivery assurance, the company has served a large number of long-term strategic partners and accumulated solid customer resources and superior industrial credibility. In corporate governance and operational management, the company has implemented standardized internal management mechanisms and established a rigorous compliance and risk management & control (RMC) system. It strictly abides by industrial specifications and regulatory policies, effectively mitigates operational risks, and ensures the long-term stable and compliant operation of all trading businesses. Drawing on profound industrial experience and forward-looking market insight, the company continuously optimizes its trading service model, flexibly applies diversified trade financing and financial instruments, and develops personalized cooperation solutions tailored to clients’ actual operational needs, realizing sustainable mutual benefit and win-win development for both supply and demand parties under standardized risk control. Looking forward, Shanghai Nine Stone Metal will continue to uphold the development tenet of pragmatism, innovation and steady progression. The company will further iterate and upgrade its risk control system, improve the professional competency of its core team, optimize the full industry chain layout of non-ferrous metal commodities, and consolidate its leading edge in tin material trading. It will steadily expand downstream market coverage and emerging industry application scenarios, promote high-quality and sustainable corporate development, and join hands with industrial peers and global clients to deepen strategic cooperation and create shared industrial value. Contact Information Zhou Long 15821697119 Wang Lin 18616349359 Long press to scan the code for immediate registration 2026 SMM (16th) Tin Industry Chain Conference

[SMM Tin Morning Update: Yinman Accident Adds Supply Weight, the Most-Traded SHFE Tin Contract Maintains 427,000 Consolidating at Highs]

Since entering Q2 2026, the silicon manganese alloy market has remained under sustained pressure. Prices of upstream raw materials—including manganese ore and coke—have stayed elevated, while downstream steel consumption remains sluggish amid strong price-suppression efforts from mills. The industry is caught in a dual squeeze of “high costs and weak demand,” with losses spreading rapidly from isolated cases to a widespread trend.

SMM, July 31 – Sentiment on A-share semiconductor industry chain futures recovered, and the improved industry chain prosperity transmitted upstream, driving a sharp rally in the strategic minor metal sector. As of the close on July 31, the minor metal sector had risen 2.96%. Among individual stocks, Yunnan Tin and Yunnan Germanium both surged over 8%, while Orient Tantalum, Zhongxi Nonferrous, Xiamen Tungsten, Haotong Technology, Western Metal Materials, Zhangyuan Tungsten, Huaxi Nonferrous, and Shenghe Resources led the gains. This round of minor metal strength was driven by the resonance of multiple industrial dynamics. On one hand, the semiconductor and AI computing track regained heat, with expectations for demand expansion in high-speed optical modules, AI servers, and other fields improving. Germanium and tantalum, as core raw materials for semiconductor optoelectronic devices and high-end tantalum capacitors, are seeing steadily strengthened demand support from downstream emerging industries. On the other hand, germanium and tantalum are strategic dispersed metals with concentrated global supply. Coupled with overseas geopolitical disruptions and expectations of supply tightening from domestic resource controls, while the ongoing localisation of related high-end semiconductor materials continued to advance, this further boosted market allocation sentiment and pushed the sector higher. News [Yunnan Germanium: Subsidiary Signs Major Indium Phosphide Wafer Supply Order Worth RMB 570–855 Million, H1 Net Profit Expected to Increase YoY] Yunnan Germanium announced on July 24 that its controlled subsidiary Yunnan Xinyao recently signed a supply agreement with a client for the sale of indium phosphide wafers (substrates). The total estimated contract value ranges from RMB 570.08 million to RMB 855.12 million (tax inclusive), accounting for 53.48% to 80.23% of the company’s audited revenue for 2025. The contract term runs from August 1, 2026, to December 31, 2027. Regarding the contract’s impact on the listed company, Yunnan Germanium stated that if the contract is fulfilled smoothly, it is expected to have a positive impact on the company’s operating results for the performance years. The specific amount and reporting periods affected will depend on the actual performance of the contract and will be based on the company’s audited revenue. [Orient Tantalum: Domestic Demand for High-Value-Added Products Such as Superalloys and Semiconductor Tantalum Targets Is Gradually Rising] Orient Tantalum stated during an institutional survey on July 23 that, with the continuous development of China’s high-tech and new infrastructure sectors, domestic demand for high-value-added products such as superalloys, semiconductor tantalum targets, and high-purity niobium materials is gradually rising. In recent years, the company has vigorously promoted technical transformation and capacity expansion projects, organized production rationally, and gradually released new capacity. Under the guidance of the strategy for autonomous and controllable industry chains, the localisation substitution process has evolved from breakthroughs in individual products to systematic solutions, laying a solid foundation for the growth of tantalum, niobium, and their alloy products. [Yunnan Tin: Expects H1 2026 Net Profit of 1.47–1.57 Billion Yuan, Up 38.43%–47.85% YoY] Yunnan Tin disclosed an earnings forecast on the evening of July 14, expecting attributable net profit in H1 2026 to be 1.47 billion to 1.57 billion yuan, up 38.43%–47.85% YoY; and recurring net profit is expected to be 1.88 billion to 1.98 billion yuan, up 44.23%–51.91% YoY. Spot Market Tin Overnight, some US chip stocks rebounded, and the Philadelphia Semiconductor Index surged, boosting the performance of tin, known as the “computing metal.” SHFE tin opened higher on July 31, lifting spot prices. In the tin spot market: On July 31, the average price of SMM 1# tin was 425,850 yuan/mt, up 1.51% from the previous trading day. As tin prices rose, spot market trading was sluggish. Fundamentals: (1) Supply: Tight ore and ingot supply, low inventory, amplifying elasticity. Myanmar’s rainy season extends through end-August, with mine flooding and logistics disruptions; Wa State’s June tin ore output was only 6,392 mt in physical content. China’s tin ore imports in July are expected to be basically flat MoM. The slow pace of production resumptions in Wa State has been priced in ahead of time, with no major shutdowns in the near term, but supply contraction expectations during the rainy season have yet to fully materialize. Indonesia’s tin ingot imports in July are expected to show some recovery MoM. (2) Demand: Improved solder operating rates, but acceptance of high prices needs to be tested. The operating rate at solder enterprises was 78.8% in June, up 4.6 percentage points from May; however, after the sharp spot price rally on July 30, downstream users were cautious and stayed on the sidelines, and whether high-priced spot cargoes can be absorbed still requires verification. Stockpiling for new Apple/Huawei models in late August is the next demand trigger point. Institutional Views A research report from Minmetals Securities points out: Germanium accounts for 60% of applications in optical communication and satellite PV fields, making it a metal for “AI computing power + space energy.” With its excellent refractive index tuning capability and radiation resistance, germanium has become a key material for AI data center optical interconnects and low-earth-orbit satellite PV systems. Looking at changes in demand structure, from 2020 to 2026, downstream germanium consumption grew from 160 mt to 240 mt, with optical communication’s share rising to 40% and satellite PV’s share to 20%, together accounting for 60% of total downstream demand. It expects that 90% of the demand growth in 2027 will come from two high-growth sectors: AI hardware and satellite PV. A research report from Caitong Securities shows: As AI computing power demand explodes, the market size of indium phosphide, used as a chip substrate material, will continue to expand. Indium resources are scarce and subject to policy restrictions, and product prices are entering an uptrend. High-purity red phosphorus is a very important semiconductor base material, with high purification technology barriers. Against the backdrop of accelerated AI application deployment driving related infrastructure construction, the indium phosphide substrate industry chain is expected to see dual opportunities from demand growth and domestic substitution. It is recommended to focus on enterprises with resource and technological advantages in the links of indium phosphide, indium, and high-purity red phosphorus. A research report from Datong Securities shows that minor metals have staged an independent rally, with tightened supply combined with strategic attributes leading to a value revaluation. The rare earth sector is preemptively pricing in new regulatory controls, with Myanmar ore imports disrupted, tight spot supply of Pr-Nd oxide driving prices sharply higher; tungsten and antimony ore grades are declining along with environmental protection-driven production restrictions, widening the supply gap, while PV and hard alloy demand remains firm during the off-season, and inventories are at low levels. AI computing power and communications sectors are boosting demand for gallium and germanium, and coupled with export control policies, concentrated stockpiling outside China is widening the price spread between Chinese and overseas markets. Scarce resources are resonating with financial attributes, and the sector continues to be favoured by capital. Recommended Reads: