Rio Tinto released its production results for the second quarter of 2026. According to the report, Rio Tinto’s lithium production in Q2 stood at 14,600 tonnes of lithium carbonate equivalent (LCE), up 20% year-on-year and 15% quarter-on-quarter. By product, lithium carbonate output reached 13,900 tonnes, lithium hydroxide output was 5,300 tonnes, and other specialty lithium products stood at 1,100 tonnes on an LCE basis. Rio Tinto noted in the announcement that, as its lithium business is vertically integrated, the production volumes of different lithium products should not be directly added together. In terms of production changes, Rio Tinto’s Q2 lithium output growth was mainly driven by the ramp-up of the Rincón starter plant in Argentina, as well as the earlier-than-scheduled first production from the Sal de Vida and Fénix 1B projects. The Rincón starter plant produced 385 tonnes of LCE in the second quarter. Year to date, Rio Tinto’s lithium production declined 7% year-on-year, mainly due to the Mt Cattlin mine being placed on care and maintenance at the end of March 2025, which weighed on hard-rock lithium output. On project progress, construction of the full-scale Rincón lithium plant is advancing and remains in the early execution stage. Current work is focused on key infrastructure, including camp facilities, utilities and pipelines, while site earthworks, early preparation works and supporting infrastructure construction are also underway. The Sal de Vida project achieved first production ahead of schedule in Q2 and is currently in the commissioning stage. The Fénix 1B expansion project also delivered first production ahead of schedule in Q2 and has entered commissioning. Rio Tinto previously disclosed that Sal de Vida has a planned capacity of 15,000 tonnes of LCE per year, while the Fénix 1B expansion has a planned capacity of 10,000 tonnes of LCE per year. In terms of prices, the average CIF China, Japan and Korea price stood at US$22,043/tonne in the second quarter of 2026. Meanwhile, Rio Tinto’s average realised lithium product price in the first half of 2026 was US$18,960/tonne LCE. In addition, the Nemaska Lithium project is planned to deliver first production in 2028. Following an in-depth review initiated in the first quarter, the construction pace of its Bécancour processing plant will slow in 2026. The plant is currently more than 70% complete. Necessary activities such as asset preservation and site integrity works will continue, while other activities will be paused or deferred and the contractor workforce will be temporarily reduced. Rio Tinto previously disclosed that the Nemaska Lithium project is located in Quebec, Canada, with Rio Tinto holding a 50% interest. The project has a planned capacity of 28,000 tonnes of LCE per year, producing integrated lithium hydroxide. SMM believes Rio Tinto’s year-on-year and quarter-on-quarter growth in Q2 lithium output mainly reflects the gradual production ramp-up of its Argentine brine assets, particularly as Sal de Vida and Fénix 1B achieved first production ahead of schedule. This indicates that the execution progress of the company’s brine lithium project portfolio is slightly ahead of previous expectations. In the short term, as these new projects remain in the commissioning and ramp-up stages, their actual contribution to global lithium supply still requires further observation. In the medium to long term, as Rincón, Sal de Vida and the Fénix expansion continue to advance, Rio Tinto’s capacity weighting in South American brine lithium resources is expected to increase further. However, the care and maintenance status of Mt Cattlin and the slower construction pace at Nemaska also suggest that, under the current lithium price environment, mining companies are continuing to adjust development priorities across different assets based on project economics and capital expenditure pressure.

SMM, July 14: Metals Market: Overnight, base metals on overseas and domestic markets showed mixed performance. LME tin led the decline with a drop of 2.47%, while LME lead, LME zinc, and SHFE tin all fell over 1%—LME lead (-1.32%), LME zinc (-1.23%), and SHFE tin (-1.27%)—with the rest of the metals seeing relatively small changes. Alumina main contract edged up 0.15%, while cast aluminum main contract edged down 0.22%. Overnight, ferrous metals generally fell, with only iron ore and stainless steel rising—stainless steel gained 1.85% and iron ore rose 0.47%. Hot-rolled coil and rebar both edged down. For coking coal and coke, coking coal fell 0.04% and coke dropped 1.04%. In precious metals overnight, COMEX gold fell 2.55%, briefly dipping below the $4,000/oz psychological level again during the session, while COMEX silver dropped 3.63%. In China, SHFE gold fell 2.12% and SHFE silver declined 2.84%, mainly as escalating Middle East tensions fueled rate-hike expectations. As of 6:44 a.m. July 14, overnight closing prices: Macro Front China: [State Council: Target total retail sales of consumer goods to reach around 60 trillion yuan by 2030] The State Council approved the “Expanding Consumption” 15th Five-Year Plan, aiming for the consumer market to keep expanding in scale by 2030, with the household consumption rate rising notably and total consumption of goods and services growing rapidly; total retail sales of consumer goods are to reach around 60 trillion yuan, providing a stronger boost to economic growth. The consumption structure will be further optimized, with the share of per capita service consumption expenditure in per capita consumption expenditure steadily increasing, development-oriented and improvement-oriented consumption continuing to grow, digital consumption scale constantly expanding, and urban-rural, regional, and group consumption gaps gradually narrowing. Consumption capacity will keep improving, high-quality full employment will make new progress, household income will grow in step with the economy, the social security system will be more optimized and sustainable, and consumers will have stronger spending power, more stable expectations, and greater confidence. [State Council: Launch access and on-road pilot programs for intelligent connected vehicles] The State Council approved the “Expanding Consumption” 15th Five-Year Plan, which notes that high-quality development of digital consumption will be promoted, “AI + consumption” will be deepened, and a digital consumption upgrade campaign will be implemented. The plan calls for expanding digital product consumption, increasing effective supply of new-generation intelligent end-use products such as AI phones and computers, smart wearables, intelligent robots, and desktop 3D printing equipment, accelerating R&D and interconnection of smart security and video care systems, and launching access and on-road pilot programs for intelligent connected vehicles. Digital service consumption will be upgraded by leveraging AI, virtual reality, and other technologies to empower lifestyle services, scenic spots, and neighborhoods, promoting integrated applications of AI with education, healthcare, culture, tourism, sports, and other sectors, and expanding agent application scenarios. Digital content consumption will be innovated by launching more high-quality digital cultural and museum products, strengthening the supply of ultra-high-definition radio, TV, and online audio-visual content, and developing new film formats such as virtual reality movies and LED digital cinemas. US Dollar: The US dollar index gained 0.35% overnight to 101.31, as Fed Governor Waller sent hawkish signals, while the market awaited the US CPI data and remarks by Warsh later today. Fed Governor Waller said on Monday that if future data show inflation remains well above the 2% target, the Fed may need to raise rates “in the near term.” He described current monetary policy as being at a “crossroads,” adding that the direction will be determined by new information such as the CPI report due Tuesday, and that if data take an unfavorable turn, the Fed is at a stage where it must not be “complacent.” Waller stated: “At current policy levels, inflation could still gradually return to the 2% target. But I am equally concerned about the alternative scenario that data in the coming weeks will show inflation staying elevated or even rising further, which would require tighter policy in the near term.” He specifically noted he worries that recent inflation reports suggest price pressures appear to be broadening across the economy, extending beyond the effects of last year’s tariff hikes or recent energy cost increases, possibly reflecting broader, systemic inflation that would demand tighter monetary policy. Waller said, “If core inflation comes in hot again this week, the FOMC will have to consider tightening in the near term. We need to see sustained declines in inflation data over several months to believe that inflation is moving in the right direction.” (Jin10 Data App) Market pricing showed that expectations for at least one rate hike by September had been almost fully priced in, and two hikes by end-March next year had been fully priced. Earlier, Trump announced on social media that the US had reinstated a blockade on Iran and planned to impose a 20% fee on any cargo passing through the Strait of Hormuz. (Jin10 Data App) According to CME FedWatch: the probability of the Fed keeping rates unchanged in July was 58.3%, while the probability of a cumulative 25bp hike stood at 41.7%. For September, the probability of rates staying on hold was 24.9%, a cumulative 25bp hike 51.2%, and a cumulative 50bp hike 23.9%. (Jin10 Data App) Macro Side: Today, data releases will include China’s June trade balance, June import/export y/y growth rates, the US June unadjusted CPI y/y, June seasonally adjusted CPI m/m, June seasonally adjusted core CPI m/m, June unadjusted core CPI y/y, June NFIB Small Business Optimism Index, and the weekly change in ADP employment for the week ended June 27. Crude Oil: At the overnight close, both benchmarks surged sharply—WTI crude jumped 9.23% and Brent crude soared 9.62%, as the US-Iran geopolitical conflict escalated after Trump announced a blockade of the Strait of Hormuz, triggering supply disruption fears. According to CCTV News, Trump said on his social media platform on Monday that the US will impose a 20% fee on all cargo shipped through the Strait of Hormuz, with related procedures and deployment to begin immediately. During the US stock market afternoon session, US Central Command confirmed that US forces will restart the maritime blockade on Iran starting at 4:00 p.m. Eastern Time on Tuesday (4:00 a.m. Beijing time on Wednesday), and international crude gains briefly widened to nearly 10%. Goldman Sachs’s base case forecasts Brent to move sideways in a $75–85 range, based on the logic that Iran effectively controls transit while the US tacitly accepts this reality, with traffic gradually resuming. A move above $100 would require direct strikes on regional energy infrastructure—such as an offshore platform hit over the weekend—or a simultaneous disruption of both the Strait of Hormuz and Bab el-Mandeb. Chris Hussey of Goldman Sachs added a long-term perspective, projecting that by 2028 over half of the crude oil originally shipped through the Strait of Hormuz will find alternative pipeline routes, noting that history shows a single-country pipeline in the Middle East can be built in as little as two and a half years, with seven pipelines already under construction. (Wallstreetcn) Russia’s June crude output fell to the lowest level in at least two and a half years, as Ukraine attacked Russian oil infrastructure on an almost daily basis. According to the OPEC monthly report, Russian producers pumped 8.928 million barrels per day (bpd) of crude in June. These figures underscore the enormous pressure on Russia’s oil sector: refiners were forced to cut runs because of Ukrainian drone strikes, leaving Russia to export large volumes of crude. OPEC data based on secondary sources showed that Russia’s June output was 834,000 bpd below its OPEC+ target and 61,000 bpd below the slightly revised May figure. (From the Wallstreetcn App)

The Eurasian Economic Commission has extended anti-dumping duties on seamless corrosion-resistant (stainless) steel pipes from Ukraine until April 29, 2027, following a review initiated on April 30, 2026. The measures were originally set to expire on September 6, 2026. The review was requested by local pipe manufacturers TMK, TMK-Inox LLC, and Kiberstal, backed by Kazan Pipe Rolling Plant LLC. Ongoing duty rates range from 4.32% to 18.96% depending on the manufacturer, covering products under HS codes 7304 41 and 7304 90 series.

[Baosteel Announcement on the Adjustment of Domestic Futures Selling Prices for Sheets & Plates in August 2026] After study and decision, Baosteel’s domestic sales price adjustment for August 2026 based on July 2026 is announced as follows (unless otherwise specified, all prices below are tax-exclusive): 1. Hot-rolled products: raised by 50 yuan/mt. 2. Heavy plates: raised by 50 yuan/mt. 3. Pickling: raised by 50 yuan/mt. 4. Common cold-rolled: raised by 50 yuan/mt. 5. Hot-dip galvanizing: raised by 50 yuan/mt. 6. Electrogalvanization: raised by 50 yuan/mt. 7. Medium aluminum zinc-aluminum-magnesium: raised by 50 yuan/mt. 8. High aluminum zinc-aluminum-magnesium: raised by 50 yuan/mt. 9. Galvalume: raised by 50 yuan/mt. 10. Color coating: raised by 50 yuan/mt. 11. Non-oriented silicon steel: raised by 50 yuan/mt. 12. Grain-oriented silicon steel: raised by 50 yuan/mt. 13. Seamless pipes: raised by 50 yuan/mt. 14. Welded pipes: raised by 50 yuan/mt. 15. Wire rods: raised by 50 yuan/mt. 16. Bars: raised by 50 yuan/mt. 17. For adjustments to alloy surcharges and coating/plating surcharges, please refer to the August 2026 price list. 18. The above price adjustment notice takes effect from the date of announcement. 19. The right of interpretation of this price adjustment notice belongs to the Marketing Center of Baoshan Iron & Steel Co., Ltd. (Baosteel International). Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) July 10, 2026

In H1 2026, the MHP market generally followed a logic of “continuously tightening supply and nickel and cobalt payables consolidating higher.” Nickel and cobalt payables rose steadily, only pulling back this month.

India has extended AD duties on seamless tubes, pipes, and hollow profiles of iron, alloy or non-alloy steel from China until January 27, 2027. The extension gives the DGTR time to complete the sunset review initiated in March to assess whether terminating measures would renew dumping and harm domestic industries. Local producers Jindal Saw, Kirloskar Ferrous, and Maharashtra Seamless requested the continuation, arguing Chinese dumped imports persist and seeking higher duties, but proposed excluding OCTG from the probe. The duties were first imposed in 2017 and extended in 2021, originally set to expire on October 27, 2026. The review covers products under tariff heading 7304 with outer diameter not exceeding 355.6 mm.

Brazil's SECEX has initiated an AD investigation into welded carbon steel pipes from China, requested by local producer Confab Industrial S.A. (Tenaris Confab). The products are circular welded pipes with outside diameter ≥14 inches (355.6 mm) and ≤48 inches (1,219.2 mm) and yield strength below 60 ksi, under NCM codes 7305.11.00, etc. The dumping investigation covers July 2024 to June 2025, with injury analysis from July 2020 to June 2025.

1. Procurement Conditions This procurement of stainless steel pipes (BGAGSKHGXHD260708302584) is conducted by Ansteel Digital Intelligence Technology (Liaoning) Co., Ltd. The procurement funds are self-raised, and the project has met the conditions for procurement. An open inquiry is now underway. 2. Project Overview and Procurement Scope 2.1 Project Name: Stainless Steel Pipes 2.2 Procurement Failure Conversion to Other Procurement Methods: Not Applicable 2.3 Refer to the attachment "Bill of Materials Attachment.pdf" for details on the procurement content, scope, and scale of this project. 3. Bidder Qualification Requirements 3.1 Consortium bidding is not permitted for this procurement. 3.2 Bidders must meet the following qualification requirements: See attachments (if any) 3.3 Bidders must satisfy the following registered capital requirements: Production-oriented registered capital: 200,000 yuan or above Distribution-oriented registered capital: 200,000 yuan or above 3.4 Bidders must meet the following performance requirements: See procurement plan attachments 3.5 Bidders must possess the following capability, financial, and other requirements: Financial requirements: See attachments (if any) Capability requirements: See attachments (if any) Other requirements: See procurement plan attachments 3.6 For projects legally required to undergo tendering, bids from dishonest persons subject to enforcement shall be invalid. 4. Obtaining Procurement Documents 4.1 Any bidder intending to participate in the bidding should log in to the Ansteel Smart Tendering Platform at http://bid.ansteel.cn to download the electronic procurement documents from 13:00 on July 9, 2026 to 13:00 on July 17, 2026 (Beijing time, the same hereinafter). Click to view tender details:

In H1 2026, the galvanizing industry generally showed characteristics of "slow recovery in Q1 and underperformance in the peak season in Q2," with the overall operating rate weaker than the same period last year.

[2026 Galvanizing Half-Year Review: Weak Peak-Season Performance, H2 Demand Expected to See Marginal Improvement] In H1 2026, the galvanizing industry as a whole exhibited a pattern of “slow recovery in Q1 and Q2 peak-season underperformance,” with the overall operating rate weaker than the same period last year.