[SMM Silicon-Based PV Morning Meeting Summary: Wafer Transaction Range Convergence, Solar Cell Price Increase] Market wafer prices were 18X (0.799–0.824 yuan/piece), 210RN (0.897–0.915 yuan/piece), and 210N (1.097–1.113 yuan/piece). Wafer range prices were slightly raised, a leading integrated enterprise suspended quoting and shipments, while other enterprises are currently maintaining their quotes, but most of them have controlled shipments, and the transaction range has significantly converged, with low-price orders definitely disappearing.

Today, the most-traded HRC contract briefly shot up before pulling back, closing at 3,235, down 0.12% day-on-day. Supply side, new hot rolling maintenance cases decreased this week, and some earlier maintenance resumed production during the period, causing overall HRC production to edge up, though it remained at a relatively low level. Demand side, the off-season effect was still pronounced, with some demand released only at low prices, but the sustainability was poor. Raw material side, iron ore fundamentals were weak and support remained insufficient. Today, two government departments issued a notice on coordinating coal mine closures and exits with regional supply security, promoting the orderly exit of outdated capacity coal mines, which may provide some short-term sentiment boost. Overall, cost support was relatively stable. Going forward, since sheets & plates remain in the off-season, this will limit the rebound upside, while cost support below provides a floor, so they are likely to continue moving sideways in the short term.

[SMM Daily Coking Coal and Coke Briefing] Coking Coal Market: Linfen low-sulphur coking coal was quoted at 2,000 yuan/mt. For coking coal, mine production pace was disrupted by safety inspections, slowing supply release. Moreover, the third round of coke price cuts took effect, causing most coke producers to fall into significant losses, strengthening their resistance to high-priced coal types. However, recently some coke producers restocked some oversold high-quality coal types, which led to a slight recovery in market trading sentiment. In the short term, the coking coal market may consolidate on a strong note. Coke Market: The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 1,925 yuan/mt. On the supply side, most coke producers were loss-making, which dampened their production enthusiasm. Moreover, sluggish coke sales led to continuous inventory accumulation at plants. On the demand side, the end-user steel market remained in the traditional off-season, and most steel mills were not profitable, leaving room for further decline in blast furnace hot metal output. This weakened the rigid demand support for coke, and steel mills lacked the motivation for proactive restocking. All in all, the supply-demand fundamentals were weak on both sides, while cost support persisted. In the short term, the coke market may be in the doldrums. The fourth round of price cuts faces considerable difficulty and may be postponed to next week.[SMM Steel]

[SMM Stainless Steel Daily Commentary] SS Futures Consolidate on a Subdued Note, Spot Stainless Steel Largely Stable; Trading Remained Sluggish Amid Off-Season and Typhoon Impact According to SMM on August 10, SS futures pulled back slightly. The night session on Friday saw SS decline, but after opening on Monday, it largely maintained a consolidation pattern. As of the close, the most-traded SS contract settled at 14,615 yuan/mt. In the spot market, the fluctuation range of SS futures was limited, and traders' spot quotations were largely stable. However, as the market remains in the demand off-season, compounded by the impact of typhoon weather, trading remained sluggish. SS futures most-traded contract. As of 10:15 a.m., SS2610 was at 14,655 yuan/mt, up 85 yuan/mt from the previous trading day. Spot premiums for Wuxi 304/2B were in the range from 315 to 665 yuan/mt. In the spot market, the average price of Wuxi cold-rolled 201/2B coil was stable; the average price of cold-rolled 304/2B coil, trimmed edge, was flat in Wuxi and flat in Foshan; the price of cold-rolled 316L/2B coil in the Wuxi area was flat; the quotation for hot-rolled 316L/NO.1 coil in Wuxi was flat; and cold-rolled 430/2B coil in both Wuxi and Foshan was flat. This week, stainless steel futures were disturbed by both industry news and capital flows, showing a pattern of wild swings overall, with an intense tug-of-war between bulls and bears. During the week, news on additional nickel ore quotas from Indonesia's RKAB repeatedly stirred market expectations, coupled with shifts in capital flows in the futures market, leading SS futures to rise initially before falling. Mid-week, prices briefly tested the 15,100 yuan/mt level, but subsequently, as expectations for nickel ore quota growth heated up, the confidence of bulls faded, and the futures...

[Divergence over Middle East situation persists, short-term aluminum prices to hold up well] Overall forecast, divergence over the Middle East situation persists, the US Fed did not raise interest rates in July, but its overall stance remains hawkish, the fundamental deficit continues, aluminum ingot inventory keeps destocking, and short-term aluminum prices are expected to consolidate on a strong note.

[SMM cast aluminum alloy morning comment: quotes consolidate on a strong note, cost and demand tug-of-war persists] Last Friday, ADC12 market quotes overall mainly consolidated on a strong note, with SMM ADC12 price edging up 50 yuan/mt. Currently, primary aluminum prices still provide cost support, and enterprises remain willing to hold prices firm. However, end-use demand remains persistently weak, downstream procurement pace is relatively cautious, and market transactions have seen limited improvement. Downward price adjustments lack momentum, while upward pass-through is also constrained by demand. In the short term, the ADC12 market is expected to maintain a consolidation pattern where cost support and demand pressure coexist.

[SMM Spot Titanium Flash: Titanium Concentrates Market Remains Weak, Raw Material Weakness Puts Titanium Dioxide at Further Downside Risk] SMM, August 7 –

This week, multiple news items on the raw material front successively boosted market sentiment, with finished steel prices rebounding from lows in phases and generally showing a bottoming-out trend. At the start of the week, the weak fundamentals of finished steel were hard to change, and ferrous metals prices had overshot to the bottom. Subsequently, however, coal mines in Shanxi were affected by rainfall, and circuit failures led to production suspensions at some mines, sentimentally driving ferrous metals prices to bottom out. Mid-week, there were rumors of a 48-hour strike at BHP, with limited short-term tangible impact, but sentiment...

Non-Oriented Silicon Steel Price Dynamics Shanghai B50A800 grade: 4,350-4,350 yuan/mt Guangzhou B50A800 grade: 4,150-4,150 yuan/mt Wuhan 50WW800 grade: 4,200-4,200 yuan/mt Shanghai market: This week, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market were in the doldrums, with most grades falling by 30-100 yuan/mt and overall transaction performance was poor. Market feedback indicated that ferrous metals futures were weak at first then strengthened later, leading to heavy wait-and-see sentiment. Currently still in the off-season, downstream motor enterprises mainly made just-in-time procurement, traders were cautious in ordering and maintained low inventory strategies, and overall market inventory remained at low levels. Overall, spot prices of cold-rolled non-oriented silicon steel in the Shanghai market are expected to be in the doldrums next week. Guangzhou market: This week, the cold-rolled non-oriented silicon steel market in Guangzhou was in the doldrums, with most grades falling by 30-50 yuan/mt and transactions being sluggish. Market feedback indicated that HRC futures were first down then up, slightly restoring market confidence, but the industry is currently in the traditional consumption off-season. Downstream end-users such as motor and appliance enterprises maintained low operating rates, and their procurement sentiment was cautious and conservative, continuing to purchase as needed, with overall stockpiling willingness remaining low. Overall, spot prices of cold-rolled non-oriented silicon steel in the Guangzhou market are expected to be in the doldrums next week. Wuhan market: This week, cold-rolled non-oriented silicon steel prices in Wuhan were in the doldrums, with most grades falling by 50-80 yuan/mt and transaction performance was poor. Market feedback indicated that the current market resource circulation was limited, and cost support remained, leading to some recovery in market expectations, but traders were cautious about future market trends and continued to control inventory levels. Overall, spot prices of cold-rolled non-oriented silicon steel in Wuhan are expected to be in the doldrums next week. Data Source Statement: (All data in this report, except for public information, are based on public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics (NBS) data, customs import and export data, and various data released by major associations and institutions), market communication, and rely on SMM's internal database models, and are comprehensively analyzed and reasonably inferred by the research team. They are for reference only and do not constitute investment advice. SMM reserves the right of final interpretation of this statement and the right to adjust and modify the statement content according to actual circumstances.

SMM, August 3 According to SMM data, the average tax-inclusive full cost of the domestic electrolytic aluminum industry rose 0.9% month-on-month in July 2026, while falling 1.7% year-on-year, mainly driven by slight increases in the monthly average price of alumina, prebaked anode prices, and electricity prices during the period. The monthly average SMM A00 spot price in July (June 26 – July 25) stood at RMB 22,977 per tonne, down 4.2% month-on-month. Electrolytic aluminum profit margins narrowed by RMB 1,146 per tonne to RMB 6,999 per tonne, with average profitability up 56.8% year-on-year. Measured by the monthly average price, 100% of domestic operating electrolytic aluminum capacity was in profit in July. By cost component: Alumina: According to SMM data, the monthly average SMM Alumina Index in July (June 26 – July 25) was RMB 2,745 per tonne, up 1.6% month-on-month. Alumina prices fluctuated within a range through the month as inventories continued to accumulate; overseas alumina prices, however, rose on restocking ahead of production restarts and new capacity ramp-ups. Entering August, the alumina market is expected to maintain its current supply structure. Against a backdrop of net imports, there is no sign of an inflection point toward inventory drawdown, but cost support has lifted Guinean sellers' asking prices, lending upward momentum to alumina costs. In the near term, the tug-of-war between cost support and loose supply in the spot alumina market is set to continue. With prices relatively low at the start of the month, the August average price is expected to edge down slightly. Auxiliary materials: In July, rigid demand from electrolytic aluminum underpinned domestic anode consumption, while export demand from Southeast Asia offset reductions in the Middle East, leaving the prebaked anode market relatively steady. Long-term contract procurement prices rose marginally by RMB 30 per tonne month-on-month. In the fluoride salt market, downstream buyers maintained rigid procurement and held off on purchases to push prices lower, leading to declines in procurement prices at major producers. Entering August, with cost support softening and supply continuing to expand, prebaked anode prices are expected to edge down slightly; fluoride salt prices, by contrast, are projected to rise on the back of rigid cost support combined with low operating rates. Overall, auxiliary material costs for electrolytic aluminum are expected to decline slightly in August. Electricity prices: Electricity prices rose modestly month-on-month in July. Entering August, electricity prices are expected to remain broadly stable, and overall power costs for electrolytic aluminum are projected to hold steady. In summary, the weighted average tax-inclusive full cost of SMM's domestic electrolytic aluminum industry rose slightly in July 2026; electrolytic aluminum costs are expected to decline modestly in August, with the average hovering around RMB 15,700–16,100 per tonne.