Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently necessitating innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing demands for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized advancement. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently require breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use applications segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry cooperation and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference is expected to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the silver industry to new heights. Click to register immediately, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the principle and business philosophy of "products reflect character, quality is life, aligning with the world, and creating international brands," and has successively obtained 6 national invention patents and 31 utility model patents, passed ISO triple system certification, and is a Shanxi Province high-tech new-type enterprise, a "single champion in high-end foundry briquette coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) is a national " 12th Five-Year Plan" and "13th Five-Year Plan " encouraged project. This technology is a domestic first and world-leading, and fully aligns with the "Six New " strategy currently proposed by the state, serving as a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series products, which are "Jinwu Brand" high-end foundry briquette coal (briquette coke) produced with anthracite as the main raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises such as Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu Brand" foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu Brand " carburizer is produced using high-quality anthracite and petroleum coke as the main raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby improving the nucleation capacity of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

SMM News, May 21： Since mid-March, China's tungsten market has ended a year-long sharp rally and entered a high-level correction phase with prices trending steadily lower. Market sentiment has shifted from exuberance to caution, with periodic supply-demand adjustments and fading market mood becoming core drivers of price movements.

SMM May 22 update: Metals market: As of the midday close, domestic market base metals mostly fell. SHFE copper dropped 0.19%. SHFE aluminum fell 0.1%. SHFE lead rose 0.54%, and SHFE zinc edged up. SHFE tin gained 0.09%. SHFE nickel declined 0.59%. In addition, the most-traded foundry aluminum futures fell 0.11%, and the most-traded alumina contract rose 0.04%. The most-traded lithium carbonate contract dropped 1.28%. The most-traded silicon metal contract fell 0.59%. The most-traded polysilicon futures declined 1.38%. Ferrous metals mostly fell. Iron ore rose 0.19%, rebar dropped 0.38%, hot-rolled coil fell 0.76%, and stainless steel gained 0.4%. Coking coal and coke: the most-traded coking coal contract fell 3.07%, and the most-traded coke contract dropped 1.78%. Overseas market base metals: as of 11:41, LME metals mostly rose. LME copper dipped 0.06%. LME aluminum gained 0.15%, and LME lead edged up. LME zinc rose 0.35%. LME tin gained 0.34%. LME nickel rose 0.16%. Precious metals: as of 11:41, COMEX gold fell 0.43%, and COMEX silver dropped 0.33%. Domestic market precious metals: the most-traded SHFE gold contract fell 0.13%, and the most-traded SHFE silver contract rose 0.61%. In addition, as of the midday close, the most-traded platinum futures rose 0.34%, and the most-traded palladium futures gained 0.57%. As of the midday close, the most-traded Europe containerized freight index contract rose 4.51% to 3,032.5 points. As of 11:41 on May 22, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 210 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, down 25 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 70 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,570 yuan/mt, down 955 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,465 yuan/mt, down 950 yuan/mt from the previous trading day... Macro Front China: [NDRC: The supply-demand relationship is expected to further improve, and prices are expected to continue operating within a stable range] Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission (NDRC), stated that prices in April continued the mild rebound trend since H2 last year, releasing positive signals of improving supply-demand dynamics and optimized market order. Despite the continued uncertainty in international energy price trends, China has a solid foundation for maintaining overall price stability. As a series of macro policies are implemented in depth, the supply-demand relationship in the market is expected to further improve, and prices are projected to continue operating within a stable range. [NDRC: During the 15th Five-Year Plan period, investment of over 5 trillion yuan is expected for new-type power grid construction] The Political Bureau of the CPC Central Committee proposed strengthening the planning and construction of "six networks," including water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipe networks, and logistics networks. On May 22, the NDRC held a press conference. At the conference, Li Chao, Deputy Director of the Policy Research Office of the NDRC, stated that during the 15th Five-Year Plan period, investment of over 5 trillion yuan is expected to be allocated for the planning and construction of a number of power transmission corridors and inter-provincial power supply projects, optimizing ultra-high voltage and extra-high voltage AC networks by layer and zone, and implementing a number of urban distribution network renewal projects, power grid renovation projects in weak areas, and rural grid frequent outage remediation projects. Li Chao stated that based on comprehensive analysis, the national peak electricity load this summer is expected to reach approximately 1.6 billion kW , an increase of about 90 million kW over last year, equivalent to adding the electricity load of an entire Henan Province. [NDRC: Guiding domestic large models to intensify efforts in adapting to domestic computing chips] Li Chao, Deputy Director of the Policy Research Office of the NDRC, stated at a press conference on May 22 that core technologies and application demands in the artificial intelligence sector are both exhibiting rapid growth. We have consistently adhered to systematic planning, sector-specific policies, openness and sharing, and safe and controllable development, promoting the broad and deep integration of artificial intelligence with all industries and sectors of the economy and society, guiding domestic large models to intensify efforts in adapting to domestic computing chips, and ensuring independent controllability, development for good, and steady long-term progress while maintaining rapid development, so that all people can share the fruits of AI development. This is also a prominent characteristic of China's AI development. The PBOC conducted 153 billion yuan of 7-day reverse repo operations in the open market, with the operation rate at 1.40%, unchanged from the previous day. Today, 500 million yuan of reverse repos matured. US dollar: As of 11:41, the US dollar index rose 0.05% to 99.25. The White House stated that the swearing-in ceremony for new Fed Chairman Warsh will be held at 11:00 AM on May 22 (23:00 Beijing time). Fed's Barkin stated that the ability of enterprises and consumers to absorb the latest round of supply shocks will determine whether the US central bank can continue to "look through" higher inflation without choosing to raise interest rates. In remarks prepared for a speech in Raleigh, North Carolina on Thursday, Barkin stated: "After inflation has been above our 2% target for more than five consecutive years, we need to consider whether the cumulative effect of so many rounds of shocks could cause the 'anchor' of inflation expectations to loosen."He also stated: "For me, the key question is how much more pressure enterprises, consumers, and inflation expectations can withstand." Barkin also expressed growing concern that the US may have entered a "new phase" in which supply shocks will become more frequent. These shocks could stem from multiple factors, including escalating geopolitical tensions, fragmentation of the trade system, more extreme weather events, rising government debt, and other structural forces. He also noted that, for now, the US Fed's monetary policy stance is "in a good place" to address risks on both the employment and inflation fronts. According to the CME "FedWatch": the probability of the US Fed holding rates unchanged through June was 96.8%, with a 3.2% probability of a cumulative 25-basis-point rate hike. The probability of the US Fed holding rates unchanged through July was 85.4%, with a 14.2% probability of a cumulative 25-basis-point rate hike and a 0.4% probability of a cumulative 50-basis-point rate hike. In addition, Nomura Securities expects the US Fed to keep rates unchanged in 2026, having previously forecast interest rate cuts in September and December this year. (Jin10 Data) On the data front: Data to be released today include the US May University of Michigan Consumer Sentiment Index final reading, the US May one-year inflation expectations final reading, the US April Conference Board Leading Index month-over-month, the UK May GfK Consumer Confidence Index, UK April public sector net borrowing, UK April seasonally adjusted retail sales month-over-month, the Germany June GfK Consumer Confidence Index, Germany Q1 non-seasonally adjusted GDP year-over-year final reading, Germany May IFO Business Climate Index, Japan April core CPI year-over-year, and Canada March retail sales month-over-month. In addition, 2027 FOMC voter and Richmond Fed President Barkin will deliver a speech, and US Fed Governor Waller will deliver a speech. On crude oil: As of 11:41, oil prices in both markets rose, with WTI up 1.21% and Brent up 1.7%. Fluctuating US-Iran developments affected oil price movements, with market doubts over whether US-Iran negotiations could make progress supporting oil prices. Four sources said that seven major OPEC+ producing countries will most likely agree to a modest raise in the July production target when they meet on June 7, although supply from several of them remains disrupted by the Iran war. The sources said the monthly production target set by the seven core OPEC+ members is expected to be raised by approximately 188,000 barrels per day. In Q1 2026, OPEC+ maintained production unchanged, but since April, the group has raised its monthly production target despite the ongoing war. However, since the UAE's exit from the organization in May, the monthly production increase has been scaled back. Analysts and delegates believe that while the UAE's departure has weakened the organization's influence over the market, it may strengthen its internal cohesion. Additionally, sources said that two other OPEC+ meetings scheduled for June 7 are not expected to result in any policy adjustments. IEA Executive Director Birol said on Thursday that the arrival of the summer fuel demand peak, combined with the lack of new oil exports from the Middle East and continued inventory drawdowns, could push the oil market into a "danger zone" during July-August, though he did not elaborate further. In his speech, Birol said the world was in a state of oil surplus when the supply crisis triggered by the Iran war broke out, which helped cushion the impact, but inventories are now steadily declining. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

[Japan's Auto Exports to Middle East Plunged 90% in April] Data released by the Japanese government showed that Japan's auto exports to the Middle East in April plunged 90% in both volume and value compared to the same period last year, mainly due to the US-Israel war against Iran disrupting key shipping routes for automakers such as Toyota and Nissan. The data showed that the Middle East accounted for approximately 14% of Japan's global auto exports.

In April 2026, China imported 211,700 mt in physical content of copper scrap and shredded copper scrap, down 6.96% MoM and up 3.41% YoY. Cumulative imports from January to April 2026 reached 839,600 mt in physical content, up 8.05% YoY on a cumulative basis. (HS code: 74040000)

[Destocking Inflection Point Largely Confirmed; Aluminum Prices Continue LME Outperforms SHFE Pattern] On the macro front, the US and Iran plan to sign a letter of intent to formally end hostilities and launch 30-day negotiations, though the trajectory of geopolitical risks remains to be seen. The US Fed meeting minutes were far more hawkish than expectations, with most policymakers supporting policy tightening, and expectations of liquidity tightening are overall bearish for metal prices. Recently, the heads of state of the US and Russia have made concentrated visits to China, which is expected to yield preliminary outcomes in trade and economic areas. On the fundamentals side, the supply gap and low inventory outside China still provide bottom support, but elevated inventory levels in China remain the core factor suppressing significant price rallies. Coupled with weak trading performance in the spot market, this further limits the upside room for aluminum prices. In the short term, aluminum prices are expected to continue the LME outperforms SHFE pattern, fluctuating at highs.

SMM May 22 update: Metals market: Overnight, base metals generally fell across both domestic and overseas markets. LME lead led the gains with a 1.39% increase, SHFE lead rose 0.57%, and LME aluminum gained 0.29%. LME nickel and SHFE tin both fell over 1%, with LME nickel down 1.21% and SHFE tin down 1.03%. LME tin closed flat at $53,795/mt, while other metals declined less than 1%. The alumina main contract fell 0.37%, and the casting aluminum main contract dropped 0.26%. Overnight, ferrous metals collectively declined, with hot-rolled coil down 0.7%, rebar down 0.5%, and iron ore and stainless steel showing slight fluctuations. Coking coal and coke side, coking coal fell 2.86% and coke dropped 1.53%. Overnight, precious metals side, COMEX gold rose 0.2% and COMEX silver gained 1.09%. In China, SHFE gold rose 0.43% and SHFE silver gained 1.85%. Overnight closing prices as of 6:40 AM on May 22: Macro Front China: [NDRC: To improve policy measures on fair competition, investment and financing, promotion of technological innovation, and business regulation] Li Hui, Director of the Private Economy Development Bureau of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will better leverage its coordination function in promoting private economy development, organize and implement specific measures outlined in the rule-of-law action plan for safeguarding the private economy, and strengthen the implementation of the Private Economy Promotion Law. The NDRC will improve supporting systems, refine relevant policy measures on fair competition, investment and financing, promotion of technological innovation, and business regulation; continue to jointly release typical cases with relevant departments to demonstrate law interpretation through cases; implement policy effectiveness assessments, promote direct and swift delivery of enterprise-benefiting policies, and guide enterprises in enhancing governance capabilities. US dollar: As of the overnight close, the US dollar index rose 0.08% to 99.21. Last week, the number of Americans filing for unemployment benefits decreased, indicating a degree of resilience in the labour market and providing room for the US Fed to focus on addressing rising inflation. Data showed that initial jobless claims fell by 3,000 to a seasonally adjusted 209,000 for the week ending May 16. Although economists expect jobless claims to increase over the summer due to seasonal factors, the labour market currently remains in a holding pattern. Financial markets currently expect the US Fed to maintain the benchmark overnight rate in the 3.50%-3.75% range until next year. Jin Shi Data APP) US Fed's Barkin stated that the ability of enterprises and consumers to absorb the latest round of supply shocks will determine whether the US central bank can continue to "look through" higher inflation without raising interest rates. In remarks prepared for a speech in Raleigh, North Carolina on Thursday, Barkin said: "After inflation has been above our 2% target for more than five years, it's worth asking whether the cumulative effect of so many rounds of shocks might loosen the 'anchor' of inflation expectations." He also said: "For me, the key question is how much more pressure enterprises, consumers, and inflation expectations can bear." Barkin added that he is increasingly concerned that the US may have entered a "new phase" in which supply shocks will become more frequent. These shocks could stem from multiple factors, including heightened geopolitical tensions, fragmentation of the trading system, more extreme weather events, rising government debt, and other structural forces. He also noted that, for now, the US Fed's monetary policy stance is "in a good place" to address risks on both the employment and inflation fronts. (Jin Shi Data APP) According to CME "FedWatch": the probability of the US Fed maintaining rates unchanged through June was 96.8%, with a 3.2% probability of a cumulative 25 basis point rate hike. The probability of the US Fed maintaining rates unchanged through July was 85.4%, with a 14.2% probability of a cumulative 25 basis point rate hike and a 0.4% probability of a cumulative 50 basis point rate hike. (Jin Shi Data APP) On the data front: Data to be released today include the US May University of Michigan consumer sentiment index final reading, US May one-year inflation expectations final reading, US April Conference Board leading indicators MoM, UK May GfK consumer confidence index, UK April public sector net borrowing, UK April seasonally adjusted retail sales MoM, Germany June GfK consumer confidence index, Germany Q1 non-seasonally adjusted GDP YoY final reading, Germany May IFO business climate index, Japan April core CPI YoY, and Canada March retail sales MoM. In addition, 2027 FOMC voter and Richmond Fed President Barkin will deliver a speech, and US Fed Governor Waller will deliver a speech. On crude oil: As of the overnight close, oil prices on both markets fell together, with WTI down 0.26% and Brent down 0.1%. According to the Islamic Republic News Agency (IRNA) citing Al Arabiya, a final draft of the US-Iran agreement has been reached under Pakistan's mediation and is expected to be announced within the coming hours. Rapidan Energy Group stated that if the Strait of Hormuz closure persists through August, downside economic risks will increase, with severity potentially approaching that of the 2008 Great Recession. The consultancy's base-case scenario assumes the waterway will reopen in July, under which daily average oil demand would decline by 2.6 million barrels and the benchmark Brent crude oil spot price would peak near $130 per barrel during the summer. (Wallstreetcn) According to informed sources, seven major OPEC+ producing countries may agree to a modest raise in oil production for July when they meet on June 7. Despite the ongoing Iran war currently raging, actual crude delivery channels for several of these countries remain in a state of complete disruption. The monthly combined production target proposed by the seven core OPEC+ members is expected to increase by approximately 188,000 barrels per day. Official OPEC statistics showed that total global OPEC+ oil production plunged sharply from 42.77 million barrels per day in February this year to 33.19 million barrels per day in April. Of that, daily production from Gulf region producing countries alone collapsed by 9.9 million barrels. (Reuters) As the US-Iran conflict has resulted in the loss of millions of barrels of crude oil supply, demand slowdown will be forced to become the primary means of balancing the supply-demand gap. The market is increasingly inclined to believe that oil prices will peak near $100 per barrel over the next year. This was one of the conclusions from a Bloomberg Intelligence survey this month, which received 126 responses from asset managers and other energy market professionals. Amrita Sen, co-founder and head of research at Energy Aspects, stated that the oil market is currently in a state of severe undersupply but has not yet faced a major shortage. The market is currently drawing down inventory and strategic reserves, but Energy Aspects estimates that if the Strait of Hormuz remains closed, shortages could begin to emerge by the end of June. "We are really just barely getting by right now, drawing down those inventories. Global refiners' purchases are low, and if they start buying again, market prices could overshoot. There won't be a global tank-bottoming, but it will certainly happen in some regions — on the crude side, parts of Asia, while the US refined products market is currently heading rapidly in that direction." (Bloomberg)

Japan's Kobe Steel has announced plans to evaluate the installation of a new, large-scale scrap melting furnace at its flagship Kakogawa Works, aimed at accelerating its low-carbon transition. This project serves as a key initiative to meet its corporate climate target of reducing carbon emissions by 38% by 2030 (compared to 2013 levels). By combining this high-capacity scrap melting technology with existing blast furnace infrastructures, the mill expects to significantly increase its utilization rate of high-grade ferrous scrap, thereby reducing dependency on virgin hot metal and pig iron inputs.

Data published on the online customs statistics query platform showed that China's refined tin imports in April 2026 were 2,801.99 mt, down 14.77% MoM and up 148.41% YoY. China imported 2,308.09 mt of refined tin from Indonesia in April, up 6.39% MoM and up 124.43% YoY. China imported 200.07 mt of refined tin from Peru in April, down 61.93% MoM. Export side, China's refined tin exports in April 2026 were 2,109.01 mt, down 3.76% MoM and up 28.85% YoY. China exported 279.51 mt of refined tin to South Korea in April, down 1.96% MoM and down 20.42% YoY. Below is a breakdown of export data compiled from the General Administration of Customs website: Destination April 2026 (mt) MoM YoY Hong Kong, China 1,010.22 -18.14% 2,435.70% South Korea 279.51 -1.96% -20.42% India 199.52 - 59.85% Japan 149.45 3.34% -55.34% Vietnam 140.05 22.86% 168.67% Spain 75.28 - - Malaysia 69.69 -43.99% 12.04% Poland 49.95 - 99.29% Thailand 47.88 -46.62% -61.96% Singapore 41.25 65.94% 104.82% Taiwan, China 29.75 -80.78% -84.31% Nigeria 8.06 1.03% 0.60% Philippines 4.96 - -1.51% Tanzania 2 - - Ghana 1 - - Myanmar 0.38 - - Tunisia 0.04 - - US 0.03 -44.68% - Total 2,109.01 -3.76% 28.85% Data source: General Administration of Customs (Wenhua Comprehensive)

[Tightening Liquidity Expectations Strengthen, Aluminum Prices Under Pressure with Short-term Fluctuations] On the macro front, the US and Iran plan to sign a letter of intent to formally end hostilities and initiate 30-day negotiations, with geopolitical risk trends still remaining to be seen; the US Fed meeting minutes were far more hawkish than expectations, with most policymakers supporting policy tightening, and tightening liquidity expectations are overall bearish for metal prices. On the fundamentals side, supply gaps outside China and low inventory still provide bottom support, but inventory at high levels in China remains the core factor suppressing significant price rallies. Additionally, weak spot market transaction performance further limits upside room for aluminum prices. Aluminum prices are expected to continue the pattern of LME outperforms SHFE, fluctuating at highs in the short term.