[SMM Stainless Steel Daily Review] SHFE Nickel Under Sustained Pressure, SS Futures Prices in the Doldrums; Spot Stainless Steel Falls, Off-Season Transactions Hard to Improve According to SMM on July 2, SS futures showed an overall pattern of volatile declines. Dragged by consecutive drops in SHFE nickel, SS futures prices remained in the doldrums, but support at the 14,500 yuan/mt level held firm. As of the midday close, the most-traded SS contract settled at 14,545 yuan/mt. On the spot market side, dragged by the weaker SS futures, sentiment in the spot stainless steel market softened further. Traders increasingly offered discounts to sell, and quotes were broadly lowered. However, amid the off-season for consumption and strong wait-and-see sentiment among market entities, overall transactions stayed persistently weak. The most-traded SS futures contract. At 10:15 a.m., SS2608 was quoted at 14,580 yuan/mt, up 30 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 390-940 yuan/mt range. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; for cold-rolled 304/2B coil (raw edge), the Wuxi average fell by 50 yuan/mt and the Foshan average fell by 50 yuan/mt; the price for cold-rolled 316L/2B coil in Wuxi rose by 50 yuan/mt; for hot-rolled 316L/NO.1 coil, the Wuxi quote was flat; cold-rolled 430/2B coil prices in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices consolidated in the doldrums. Ex-China macro headwinds, combined with industry sentiment disruptions, fueled rising market pessimism, and off-season fundamentals were fully exposed. Overall, the market exhibited macro pressure on futures, weakening off-season demand, and traders cutting prices to reduce inventories...

"Tin" Leading the Future: Industry Transformation and Value Reshaping in the New Cycle – Meeting Background: Currently, the global tin industry is at a historic turning point, with traditional cycle logic completely shattered and strategic value comprehensively highlighted. The tin market in 2026 presents an unprecedented complex pattern and profound changes: 1. Deep Restructuring of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes The global static reserve-production ratio of tin resources stands at only 14 years, highlighting increasingly prominent scarcity. The supply side faces "triple pressures": repeated production resumptions in Myanmar, continuously 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. 2. Price System Breaks Through History, Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices surpassed 470,000 yuan/mt, setting a new record high. This price breakthrough reflects not only the supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trading models, risk management systems, and supply chain collaboration methods are in urgent need of innovative breakthroughs. 3. Technology-Driven and Green Transition Fosters a Symbiotic New Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade towards low-carbon and circular economy practices, with recycled tin recovery and green smelting processes becoming essential pathways. All segments of the industry chain must move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Beijing Ruidike Pneumatic Conveying Technology Co., Ltd. will attend this grand event, joining industry peers in exploring industry development trends and jointly promoting the tin industry to new heights. Click to register now and join us in witnessing and participating in this extraordinary and far-reaching industry event, together creating a brilliant new chapter! Ruidike focuses on R&D, production, installation, and after-sales service for solid material pneumatic conveying and injection systems. Its products are applied in industries such as steel, non-ferrous metals, coal chemicals, petrochemicals, food, new energy, and lime kilns. The company is recognized as a National / Zhongguancun High-Tech Enterprise, a Specialized and Sophisticated Enterprise, and an Integration of Informatization and Industrialization Enterprise. It has been awarded titles such as Henan Green Factory, Intelligent Workshop, and Service-Oriented Manufacturing Enterprise, and won provincial-level scientific and technological achievement awards in both 2023 and 2025. In 2018, it established a wholly-owned subsidiary, Henan Ruidike, which specializes in intelligent production and remote operation and maintenance of core components, and houses technical platforms including a powder comprehensive experiment facility, detection center, and digital exhibition hall. It is a provincial-level big data benchmark unit and owns a provincial-level engineering technology research center for gas conveying and injection. Our pulverized coal injection equipment for fuming furnaces, side-blown furnaces, etc., serves numerous leading non-ferrous smelting enterprises including CNGR, Huayou, Jinchuan Group, and Shengtun, with hundreds of complete sets of projects successfully delivered. We sincerely invite clients in and outside China to visit us for field trips and cooperation, for mutual benefit and win-win development! REDC integrates R&D, manufacturing and full lifecycle service of solid material pneumatic conveying & injection systems, serving steel, non-ferrous metals, new energy and other industries. As a national & Zhongguancun high-tech, SRUI enterprise, we hold multiple provincial honors and won major sci-tech awards in 2023 & 2025. Our subsidiary delivers intelligent core parts and remote O&M. We run a provincial-level engineering research center and complete powder testing & R&D platforms, recognized as a Henan big data benchmark. Our coal injection equipment for fuming/side-blown furnaces has hundreds of successful projects with top metallurgical clients including CNGR, Huayou and Jinchuan Group. Welcome global partners for win-win cooperation! Contact Information Address: 8th Floor, Building A2, Zhongguancun No.1, Fengxiu East Road, Yongfeng Industrial Park, Haidian District, Beijing Contact: Mao Qingyang 13811750062 WeChat QR Code Douyin QR Code Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

[SMM Stainless Steel Daily Review] SS Futures Prices Pull Back on Macro Headwinds, Stainless Steel Spot Transactions Weaken According to SMM on July 1, SS futures moved in a downward, consolidating trend. Pressured by rising expectations for US Fed interest rate hikes and the continued decline in SHFE nickel, SS futures fell in tandem. By the midday close, the most-traded SS contract had settled at 14,590 yuan/mt. In the spot market, the generally cautious market sentiment was driven by both the weakness in SS futures and the disturbance from Indonesian policies. Although traders showed a strong willingness to sell, the sluggish transaction scenario remained unchanged. The most-traded SS futures contract: At 10:15 AM, SS2608 was quoted at 14,550 yuan/mt, up 10 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi stood in the range of 470-970 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was flat; the average prices for cold-rolled unedged 304/2B coil were flat in both Wuxi and Foshan; the price for cold-rolled 316L/2B coil in Wuxi was flat; quotations for hot-rolled 316L/NO.1 coil in Wuxi were also flat; and the average prices for cold-rolled 430/2B coil in both Wuxi and Foshan were flat. This week, stainless steel futures and spot prices were in the doldrums. Macro headwinds outside China, coupled with industrial sentiment disturbance, intensified market pessimism, fully highlighting the off-season fundamentals. The overall picture showed that macro factors suppressed the futures, off-season demand weakened, traders cut prices to reduce inventory, supply contraction provided some support to inventory levels, and steel mill profits shrank. Futures were dragged lower by monetary policies and raw material rumors. Spots maintained resilience relying on steel mills holding prices firm, but terminal transactions were sluggish, and the overall market …

Leveraging the dual-carbon strategy and the development momentum of the circular economy, China's recycled metal industry has achieved a globally leading scale while simultaneously facing numerous developmental challenges. To assist enterprises in seizing policy and market opportunities and addressing industry challenges, SMM will host the 2026 SMM Recycled Metals Industry Summit Forum and Special Session on Casting Technology in Ningbo, Zhejiang Province, from August 17 to 18, 2026 . Youki Co., Ltd. cordially invites you to witness and participate in building an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of a global resource recycling system and supporting the transition to a green economy. Click to register immediately. Youki Co., Ltd. was established in 2012, with its headquarters located in Saitama Prefecture, Japan, and branches in Kanagawa Prefecture, Hokkaido, and other regions. The company is currently engaged in the import and export trade of non-ferrous metals and H-section steel. The company has established long-term, stable partnerships with multiple publicly listed firms, and its exports have been growing steadily year by year. With over a decade of experience in import and export trade, the company adheres to the principles of integrity, fairness, and a proactive attitude, striving relentlessly to secure a prominent position in the recycling industry. Amid intense competition in and outside China, we seize the best opportunities while embracing the greatest challenges. As the company's business and scale continue to expand, we have established another metal sorting and processing plant in Joso City, Ibaraki Prefecture, enhancing our team's capabilities while maximizing our contribution to society. Finally, we take this opportunity to "recruit new talent" and inject fresh vitality into the industry. We sincerely welcome motivated individuals to join the Youki family, fostering mutual development, progress, and the realization of social value. Contact Information Headquarters 〒343-0011 2-129 Masubayashi, Koshigaya City, Saitama Prefecture TEL: 048-961-8621 FAX: 048-971-8622 Yokohama Branch 〒245-0066 896-1 Matanocho, Totsuka Ward, Yokohama City TEL: 045-719-0868 Mobile: 080-4926-8688 FAX: 045-438-9686 Ibaraki Factory 〒303-0041 3546-1 Otsu Toyokacho, Joso City, Ibaraki Prefecture TEL: 0297-38-8899 FAX: 0297-38-8898 E-mail: Website: WeChat: 1430611173 SMM Conference Contact Zhang Xiaoyao Mobile: +86 15729506965 Email:

[SMM Tin Midday Commentary: The Most-Traded SHFE Tin Contract Pulled Back After Hitting Highs, Consolidating Around 390,000 This Morning]

"Tin" Leads the Future: Industrial Transformation and Value Reconstruction in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely shattered and strategic value has become fully prominent. The tin market in 2026 exhibits an unprecedentedly complex landscape and profound changes: I. Profound Reconstruction of Supply-Demand Patterns, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity increasingly evident. The supply side faces "triple pressures": repeated setbacks in Myanmar’s production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC, making resource constraints a new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource bridging traditional manufacturing and the digital future. II. Price System Breaks Historical Records, Industry Ecosystem Faces Restructuring In early 2026, SHFE tin price exceeded 470,000 yuan/mt, reaching an all-time high. This price breakthrough is not only a manifestation of supply-demand imbalance but also a marker of the revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transition Fostering a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition demands that the tin industry upgrade toward low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming necessary paths. Every link in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, from August 19 to 21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Greentech Technology International Limited will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and together create a brilliant new chapter! Greentech Technology International Limited ("Greentech Technology", stock code: 00195) is a company listed on The Stock Exchange of Hong Kong Limited. On March 4, 2011, the company successfully acquired all equity interests in Baisong Mineral Resources Global Limited ("Baisong Mineral"), becoming a non-ferrous metal resources enterprise primarily engaged in tin ore mining and sales. Since the sale of its insulation materials business on February 29, 2011, the company has focused on the development of non-ferrous metal businesses. Greentech Technology International Limited is listed on The Stock Exchange of Hong Kong Limited. On 4 March 2011, the Company successfully acquired the entire interests of Parksong Mining and Resource Recycling Limited, thereby venturing into the min. Parksong Mining is an investment holding company that conducts tin mining in Tasmania, Australia, through a joint venture, holding a 50% interest in the Renison Mine, the Mount Bischoff open-cut tin project, and the Rentails tailings retreatment project. Among these, the Renison Mine has long been one of the world's major hard-rock tin mines and is also Australia's largest tin-producing mine. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is China's largest tin producer. With its extensive industry experience, Yunnan Tin Group provides strong support in the sale of tin and the production management of the Tasmania tin mines. Parksong Mining is an investment holding company which launches tin mining through a joint venture in Tasmania, Australia. It holds a 50% interest of the Renison quarry, the Mount Bischoff open cut tin project and the Rentails tailings retreatment project. The Renison tin deposit has always been one of the largest hard rock tin deposits in the world and the largest tin mine in Australia. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is the largest tin producer in China. With its extensive tin mining experience, Yunnan Tin Group will provide potent support to our metal tin sale and the production management of the Tasmania mines. Upon the acquisition of the tin mine, the company also strengthened its management and technical teams. With the addition of new management, it assembled a group of experts with unique achievements in geological exploration, mining, mineral processing, and smelting, and recruited a number of professionally trained and experienced engineering and technical personnel from Australia and mainland China to enhance frontline production management. The company believes that the experienced management team can provide valuable advice for its future development in the non-ferrous metals industry, helping to lay a solid foundation for long-term growth and seize industry opportunities as they arise. Along the acquisition of the tin mine, our management and technical teams have also been strengthened. In addition to the joining of new management members, the company was set up as a congregation of professionals with unique contributions in geological exploration, mining, processing, smelting and refining. A batch of technical staff with expertise and practical experience has also been recruited from Australia and mainland China to enhance the management of front-line production. The Company believes that an experienced management team can provide valuable advice on its future development in the non-ferrous metal industry, and will be conducive to building a strong foundation for long-term development and to grasping industrial opportunities. Greentech possesses high-quality and promising projects, strong resource advantages, advanced tin mining technology, and an experienced management team. The Company will focus on the non-ferrous metal industry, seize market opportunities, accelerate its development pace, strive to enhance corporate value, achieve steady growth in revenue and profit, and maximize shareholder returns. Greentech has high quality and promising projects, strong resource advantages, advanced tin mining technologies and an experienced management team. Focusing on the non-ferrous metal industry, the Company will seize business opportunities, step up the pace of development and enhance the value of the Company so as to realize stable growths in revenues and profits and maximize returns to shareholders. Contact Yao Huixing +86 13077486850 Liu Yidi +86 16621280621 Long Press to Scan and Register Now 2026 SMM (16th) Tin Industry Chain Conference

As of June 30, the most-traded SHFE zinc contract closed at 24,350 yuan/mt, down 615 yuan/mt for the month, a decline of 2.46%. June saw SHFE zinc retreat from highs, touching a high of 25,355 yuan/mt early in the month and a low of 23,720 yuan/mt at month-end, with the overall price center pulling back. Entering July, the ore tightness situation in China persists; how will zinc prices perform?

On June 30, the SMM battery-grade nickel sulphate average price edged lower.

On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

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