Recently, Hunan Angzhu Environmental Protection Technology Co., Ltd. signed an APP advertising cooperation agreement with SMM (Shanghai Metals Market). This partnership aims to expand pragmatic cooperation and promote industry exchange, thereby achieving deepened collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its advantages as a leading non-ferrous metals industry service platform to provide Hunan Angzhu Environmental Protection Technology Co., Ltd. with a one-stop online marketing solution through comprehensive online display, forming a virtuous cycle between production and market, and realizing mutual value for both parties. Hunan Angzhu Environmental Protection Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City, Hunan Province. It is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. Hunan Angzhu Environmental Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City,Hunan Province. it is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. With pyrometallurgy #1 lead as its core product, the company has an annual capacity of 200,000 mt (based on pyrometallurgy #2 refined lead). It also engages in primary lead, lead-calcium alloy, lead-antimony alloy, secondary lead, and secondary refined lead businesses, building an entire industry chain service system from raw material procurement to finished product sales. Taking Pyrometallurgical Grade 1 Lead as its core product, the company has an annual production capacity of 200,000 tons (calculated by Pyrometallurgical Grade 2 Lead). It also engages in businesses such as electrolytic lead, lead-calcium alloy, lead-antimony alloy, recycled lead and recycled refined lead, and has built a full-industry-chain service system from raw material procurement to finished product sales. Core Strengths 1 Environmental Protection First Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to achieve the recycling of wastewater, waste gas, and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to realize the recycling of wastewater,waste gas and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. 2 Technology-Driven The core management team has 20 years of industry experience, has established a three-level quality inspection system, and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through intelligent equipment upgrades, production efficiency has increased by 40%, saving over 20 million yuan in annual production costs. The core management team has 20 years of industry experience, has established a three-level quality inspection system and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through the intelligent transformation of equipment, production efficiency has increased by 40%, saving more than 20 million yuan in annual production costs. 3 Social Responsibility The company has cumulatively created over 200 jobs and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City." It has established industry-university-research cooperation with Central South University and trained over 50 professional and technical talents. It has created more than 200 jobs cumulatively and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City".It has established industry-university-research cooperation with Central South University and trained more than 50 professional and technical talents. Business System • Raw Material Procurement: Crude lead, secondary crude lead • Main Products: Pyrometallurgy #1 lead (national standard GB/T 469-2023), primary lead, alloy lead • Trade Services: Providing value-added services such as warehousing and logistics, futures hedging, and supply chain finance Development Vision Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future," the company plans to establish a provincial-level technology center by 2026 and strives to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future", the company plans to establish a provincial-level technology center by 2026 and strive to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Contact Information Lin Yuancai 139757991777/18768272777 SMM Contact Cao Juanjuan caojuanjuan@ly10000.com 19521491689

According to Qichacha APP, Xiamen Minfa Global Aluminum Co., Ltd. was recently established, with a business scope including: sales of high-performance non-ferrous metals and alloy materials; sales of non-ferrous metal alloys; sales of metal materials; and sales of new functional metal materials. Qichacha's equity penetration analysis shows that the company is wholly owned by Minfa Aluminum (002578).

Today, SMM battery-grade lithium carbonate spot prices declined with fluctuations compared to the previous working day. Futures side, the lithium carbonate 2609 contract opened lower today at 190,000 yuan/mt, briefly dipping to an intraday low of 186,800 yuan/mt after the opening before rebounding. During the morning session, it moved sideways within the range of 191,000-194,000 yuan/mt. Around midday, it briefly surged to 194,900 yuan/mt but failed to hold, then quickly pulled back below the average price line. It weakened further toward the close, ultimately settling down 3.57% at 188,800 yuan/mt, with open interest decreasing by 18,931 lots. In the spot market, as prices continued to decline, downstream purchase activities increased, though some enterprises maintained a cautious wait-and-see attitude, with most transactions being spot order restocking driven by rigid demand. Upstream lithium chemical plants showed growing sentiment to hold prices firm and hold back from selling, with some enterprises maintaining their willingness to sell on spot orders at prices above 200,000 yuan/mt. Overall, market inquiries and actual transactions remained active. Lithium carbonate prices continued their downward trend today. Macro perspective, overnight silver futures plunged 4.52%, with the precious metals and non-ferrous metals sectors under overall pressure. Market risk appetite declined significantly, and capital withdrew from the commodity sector, with lithium carbonate futures falling in tandem. Meanwhile, on the lithium carbonate supply side, previously concerning disruptions to lithium ore exports from Zimbabwe showed signs of easing. Yahua Group confirmed on May 13 that its Zimbabwe lithium concentrates export procedures had been completed and shipments had commenced. Sinomine Resource Group also indicated that lithium concentrates from its Zimbabwe mine had been progressively shipped from the mine. The improved expectations for ex-China lithium concentrates supply alleviated short-term tight supply expectations for lithium concentrates to some extent. Overall, under the dual pressure of weakening macro sentiment and improved supply-side expectations, although market inquiries and actual transactions remained active, the tug-of-war between upstream and downstream persisted, and prices may still face adjustment pressure in the short term.

SMM, May 15: The most-traded SHFE lead 2606 contract opened at 16,530 yuan/mt during the session. Initially, SHFE lead prices moved sideways within the 16,500-16,550 yuan/mt range, then weakened slightly, dragged down by the overall bearish sentiment across non-ferrous metals, dipping to a low of 16,470 yuan/mt. Prices rebounded slightly toward the close, but upward momentum remained weak, ultimately settling at 16,510 yuan/mt, posting a bearish candlestick with a decline of 80 yuan/mt, or 0.48%. Currently, production cuts, shutdowns, and production resumptions coexist among secondary lead smelters, with bullish and bearish factors intertwined on the supply side. Outside China, the lead ingot import window has closed, and coupled with the widening supply gap for high-grade lead ingots in Southeast Asia, the inflow of imported lead cargoes has pulled back. On the sentiment front, the market going forward should focus on expectations for US Fed interest rate hikes, as well as whether policy benefits released from related visits to China will impact lead price trends. During the session, the SHFE lead current-month 2605 contract closed at 16,310 yuan/mt, with a settlement price of 16,510 yuan/mt, open interest of 4,790 lots, delivery volume of 23,950 mt, and warrant inventory of 67,325 mt. The SHFE lead 2605 contract achieved a smooth delivery. Data source disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM. It is for reference only and does not constitute decision-making advice.

[Continuous Overseas Supply Disruptions Drive SHFE and LME Zinc Prices Higher] At the beginning of the week, LME zinc continued the fluctuating trend from last week; subsequently, zinc prices edged down as the U.S.-Iran peace agreement was not reached; however, the ongoing fermentation of Peru's energy emergency decree drove a broad rally in non-ferrous metals, and LME zinc rebounded; immediately after, Zazzinc's lead-zinc mine in Kazakhstan reduced its operating load following an accident, and LME zinc continued to surge......

Supply Contraction Expectations Persisted, MHP and High-Grade Nickel Matte Payable Indicators Fluctuated at Highs This Week

Trading Sentiment Cooled Down, Nickel Salt Prices Remained Stable

On May 12, 2026, Shirley Wang, SMM's Vice President, attended Cobalt Institute's Annual Conference held in Madrid, Spain. At this annual conference, SMM and the Cobalt Institute jointly hosted a sub-forum titled "China's ESG Landscape — Practical Insights for the Cobalt Value Chain ." Shirley delivered a keynote speech in the opening session on the current status and outlook of China's cobalt market, sharing insights on China's cobalt market supply-demand pattern and price trends, with a systematic analysis from three perspectives: supply structure changes, production outlook, and end-use demand. As a member of the Cobalt Institute, SMM has always been committed to working with international cobalt industry organizations, enterprises, and standard setters to build a more efficient and comprehensive cobalt industry value chain and market information system. s one of China's largest non-ferrous metals information service providers, SMM has fully leveraged its global advantages to establish a full-ecosystem value information system centered on China, covering upstream mining (DRC + Indonesia), midstream processing, downstream battery materials and trading, battery cell and battery manufacturing, and end-user new energy and consumer electronics applications. SMM has participated in the Cobalt Institute conference and delivered keynote speeches for three consecutive years. I. Market Supply Analysis 1.1 China's Total Supply and Raw Material Structure Changes Since Q2 last year, the effective supply of crude cobalt hydroxide has declined significantly . In the short term, MHP, black mass, and other raw materials are squeezing the market share of cobalt hydroxide, a trend that warrants continued attention. In terms of the raw material structure of cobalt products, in Q1 this year, cobalt hydroxide accounted for only about 10% of the raw material mix, MHP imports rose to over 15% , and recycled raw materials climbed to over 30% . Specifically, in the raw material composition of cobalt sulphate, the proportion of recycled raw materials increased significantly , with cobalt intermediate products falling to below 40% , and high-cobalt black mass reaching 30% . This structural shift reflects a profound adjustment underway in China's cobalt raw material supply. 1.2 Production Outlook China's recycled cobalt products production was approximately 24,000 mt in 2025, and is expected to approach 30,000 mt in 2026, maintaining a trend of edging up over the medium and long-term. In terms of supply of MHP, production this month was constrained by sulfur shortages , but in the long term, cobalt supply from MHP sources is expected to continue increasing. II. End-Use Demand Analysis 2.1 NEV Market Ternary market share continued to be squeezed by LFP, with overall growth limited. Meanwhile, affected by high cobalt prices and tight supply , cobalt consumption per mt of precursor declined. In Q1 this year, the weighted cobalt consumption per mt of precursor fell below 0.06 mt in metal content . Nevertheless, total cobalt demand from the NEV market continued to grow, but the growth rate was lower than previous expectations . 2.2 3C Products Market The 3C products market also faced significant pressure. Since the end of last year, sharp increases in chip prices drove up 3C product prices. In addition, to cope with cost pressure, some enterprises reduced cobalt usage in cathode materials by blending NCM , and 3C cobalt demand is expected to decline this year . However, in the medium and long-term, cobalt demand from 3C products still has room for growth. III. Price Trends and Outlook Regarding cobalt price trends, theoretical calculations suggest that in Q2 to Q3 2026, concentrated arrivals of previously backlogged cobalt intermediate products at ports will cause the cobalt raw material supply-demand balance to temporarily reverse into an inventory buildup state, putting downward pressure on cobalt prices. However, constrained by inventory levels and market sales pace , available cobalt intermediate products in the market are limited, providing strong support for cobalt prices. Prices are expected to edge up in the coming months, but there is a clear upside ceiling . She also pointed out that raw material inventory levels, other raw material supply (such as MHP, refined cobalt, etc.), and the shipments pace of cobalt intermediate products were the biggest uncertainties affecting price trends.

On May 12, 2026, SMM Vice President Wang Cong ( Shirley Wang) attended the Cobalt Institute Annual Conference held in Madrid, Spain. At this Cobalt Institute annual conference, SMM and the Cobalt Institute jointly hosted a sub-forum titled "China's ESG Landscape — Practical Insights for the Cobalt Value Chain." SMM delivered a keynote speech in the opening session on the current status and outlook of China's cobalt market, sharing insights on China's cobalt market supply-demand pattern and price trends , with a systematic analysis from three dimensions: supply structure changes, production outlook, and end-use demand. As a member of the Cobalt Institute, SMM has always been committed to working with international cobalt industry organizations, enterprises, and standard-setters to build a more efficient and comprehensive cobalt industry value chain and market information system. As one of China's largest non-ferrous metals information service providers, SMM has fully leveraged its global advantages to establish a full-ecosystem value information system centered on China, covering upstream mining (DRC + Indonesia), midstream processing, downstream battery materials and trading, battery cell and battery manufacturing, and terminal new energy and consumer electronics applications. SMM has participated in the Cobalt Institute conference and delivered keynote speeches for three consecutive years. I. Market Supply Analysis 1.1 China's Total Supply and Raw Material Structure Changes Since Q2 last year, the effective supply of crude cobalt hydroxide has declined significantly . In the short term, MHP, black mass, and other raw materials are squeezing the market share of cobalt hydroxide, a trend that warrants continued attention. In terms of the raw material structure of cobalt products, in Q1 this year, cobalt hydroxide accounted for only about 10% of the raw material structure, MHP imports rose to over 15% , and recycled raw materials climbed to over 30% . Among them, in the raw material composition of cobalt sulphate, the proportion of recycled raw materials increased significantly , with cobalt intermediate products falling to below 40% , and high-cobalt black mass reaching 30% . This structural change reflects a profound adjustment underway in China's cobalt raw material supply. 1.2 Production Outlook China's recycled cobalt products production was approximately 24,000 mt in 2025, and is expected to approach 30,000 mt in 2026, with a medium and long-term trend of edging up. In terms of MHP supply, production this month was somewhat affected by sulfur shortages in the short term, but in the long term, cobalt supply sourced from MHP is expected to continue increasing. II. End-Use Demand Analysis 2.1 NEV Market The ternary market share continued to be eroded by LFP, limiting overall growth. Meanwhile, affected by high cobalt prices and tight supply , cobalt consumption per mt of precursor declined. In Q1 this year, the weighted cobalt consumption per mt of precursor fell below 0.06 mt in metal content . Nevertheless, total cobalt demand from the NEV market continued to grow, but the growth rate was lower than previously expected . 2.2 3C Product Market The 3C product market also faced significant pressure. Since the end of last year, the sharp rise in chip prices drove up 3C product prices. In addition, to cope with cost pressure, some enterprises reduced cobalt usage in cathode materials by blending NCM , and cobalt demand for 3C applications is expected to decline this year . However, in the medium and long term, cobalt demand from 3C products still has room for growth. III. Price Trends and Outlook Regarding cobalt price trends, although theoretical calculations suggest that in Q2 to Q3 2026, concentrated arrivals of previously backlogged cobalt intermediate products at ports will cause the cobalt raw material supply-demand balance to temporarily shift to an inventory buildup state, putting downward pressure on cobalt prices, the limited amount of available cobalt intermediate products in the market, constrained by inventory levels and market sales pace , will provide strong support for cobalt prices. Prices are expected to edge up in the coming months, but there is a clear upside ceiling . She also noted that raw material inventory levels, other raw material supply (such as MHP and refined cobalt), and the shipment pace of cobalt intermediate products are the biggest uncertainties affecting price trends.

[SMM Analysis: Stripping Away Macro Noise: Analysis of the Substantive Impact of Peru's Emergency Decree on Tin Supply]