19 August, 2026 Highlights International and domestic gold prices 1 gained ground in August, partially reversing June’s sharp correction after a period of stability in July Jewellery demand reportedly strengthened: consumers responded to lower and more stable prices, while retailers and manufacturers replenished inventories ahead of the festive season Investment demand remained steady; gold ETFs continue to attract inflows, bar and coin demand held up, albeit softer than the heightened levels seen earlier in the year Activity in the futures market picked up in July, lifting trading volumes and turnover Gold imports rebounded in July, signalling firmer demand conditions. Looking ahead Demand conditions are improving, raising expectations of a stronger festive season. While elevated prices may continue to influence jewellery purchases, investment demand remains supportive. Correction gives way to recovery Following a sharp price correction in June, gold prices stabilised during July before recovering in early August, reaching their highest levels in over two months. International gold price (LBMA Gold PM) rose 9% in the first two weeks of August to US$4,391/oz, while domestic prices gained nearly 7% to INR151,744/10g. 2 The appreciation of the INR against the US dollar partially offset the rise in the international price, limiting gains in domestic prices. Shifting monetary policy expectations, a weaker US dollar, and renewed inflows into gold ETFs supported gold prices, contributing to the recent recovery in the gold market. Chart 1: Gold regains ground Month-end LBMA Gold Price PM and MCX spot gold price changes and movement* *As of 14 August, 2026. Source: Bloomberg, World Gold Council Domestic gold prices remain below import parity, 3 indicating local supply availability. Market feedback suggests that the exchange of old gold for new jewellery has increased market supply and kept prices at a discount to the landed cost. While discounts narrowed meaningfully, from around US$100/oz in mid-May and early June, to about US$45/oz in mid-August, they remained above July’s average US$34/oz. Chart 2: Improving market balance trims discounts NCDEX gold premium/discount relative to the official domestic price* *As of 14 August 2026. Source: NCDEX, World Gold Council Buyers return Jewellery demand has reportedly strengthened, as consumers viewed recent price action as a buying opportunity. Industry feedback suggests that deferred purchases returned to the market, resulting in higher footfall and a recovery in demand beyond essential wedding-related purchases. Manufacturers have reportedly begun receiving higher order flows, and inventory replenishment by jewellers has picked up ahead of the festive season, suggesting growing confidence in seasonal demand. Old gold exchange remains elevated and continues to play an important role in facilitating purchases. Physical investment demand, while moderating from earlier highs, remained supportive during the period of price correction. Lower prices continued to attract investors seeking strategic exposure to gold, while the recent rebound appears to have revived interest. Continued inflows into gold ETFs Indian gold ETFs continued to attract investor interest in July, albeit at a slower pace than in June. As per data from the Association of Mutual Funds of India (AMFI), net inflows totalled INR15.6bn (US$163mn) during the month, 55% lower m/m, while holdings increased by 1t to 120t, in line with our initial estimate . Total assets under management (AUM) rose 2% m/m to INR1,733bn(US$18.1bn). And positive flows are continuing; the first two weeks of August saw an estimated net inflow of INR11.79bn(US$124mn). Investor participation also grew; a further 57k new folios (accounts) were added during July, taking the total number of accounts to 12.53mn. Chart 3: Steady ETF demand Gold ETF flows in INRbn, and total holdings in tonnes* *As of end July 2026. Source: AMFI, ICRA Analytics, CMIE, World Gold Council Futures activity picks up Following a softer April-June period, gold futures trading picked up in July, indicating greater trader participation and hedging activity as gold prices stabilised and began to recover. Average daily trading volumes on the Multi Commodity Exchange of India (MCX India) rose to 14.9t, up from an average 13.5t over the previous three months, while average daily turnover increased 9% m/m to INR214bn(US$2.2bn). Despite the improvement, activity remained below the earlier elevated levels: average daily trading volumes were 59% lower than January’s peak and 8% below July 2025 levels. Turnover, however, was 35% higher y/y, reflecting the impact of higher gold prices on traded value. Chart 4: Futures trading edges higher Gold futures trading on MCX; volume and turnover Source: MCX India, World Gold Council Imports rebound Gold imports rebounded in July after two consecutive months of weakness, suggesting an improvement in demand and inventory replenishment by manufacturers and retailers ahead of the festive season. Import value rose to US$4.16bn, more than double June’s US$1.97bn, while import volumes are estimated to have increased to 40-45t, up from 20t in June. While recycled gold – primarily from the exchange of old gold jewellery for new – continues to supplement supply, the recovery in imports points to stronger physical demand compared with recent months. Despite the increase, gold's share of total merchandise imports remained relatively modest at 5%, compared with the average 11% during January-March. Chart 5: Imports rise Monthly gold imports in tonnes and US$bn* *Includes World Gold Council estimates. Source: Ministry of Commerce and Industry, CMIE, World Gold Council Footnotes 1 LBMA Gold Price PM and MCX spot gold price as of 14 August 2026. 2 LBMA Gold Price PM and MCX spot gold price as of 14 August 2026. 3 Import parity or landed price is the international gold price (LBMA Gold Price AM) adjusted for import tax. Source： https://www.gold.org/goldhub/gold-focus/2026/08/india-gold-market-update-recovery-taking-shape

As the global green transition and the "dual carbon" goals advance steadily, the non-ferrous metals industry is accelerating its upgrade toward low-carbon, intelligent, and high-end development. South China, as a core industrial hub, boasts a complete industry chain, outstanding resource endowments, and strong policy support, generating robust development momentum. Organized by SMM, the will be held from September 9 to 11 in Nanning, Guangxi. Centered on five key themes—price trends, market outlook, trade environment, policy direction, and low-carbon technology—the conference aims to create a premier platform for industry exchange and collaboration. Henan Recycling Technology Co., Ltd. cordially invites industry peers from all sectors to gather in Nanning for this grand event, jointly promoting technological innovation and digital intelligent transformation, helping enterprises seize opportunities and tackle challenges, and advancing the high-quality development of the non-ferrous metals industry. Click the to sign up now! Booth Number: B29 Henan Recycling Technology Co., Ltd. was established in 2012 and is a professional manufacturer in the field of resource recycling equipment. For over a decade, the company has been dedicated to providing clients with efficient and sustainable resource recycling solutions. Leveraging its strong technical expertise and comprehensive equipment portfolio, it has built a complete industry chain spanning shearing, baling, shredding, and sorting , positioning itself as a benchmark enterprise in the recycling equipment sector. Main Products: Metal Crushers, Shredders, Large-Scale Resource Recycling Shredding Lines, and Supporting Sorting Equipment The company focuses on the needs of the aluminum recycling industry, accurately identifying the pain points of industrial upgrading. The recycling equipment it develops and manufactures is compatible with the entire process of aluminum scrap collection and processing , significantly improving resource recovery efficiency and recycled material quality, helping enterprises reduce production costs and achieve green, compliant production. Recycling Technology has earned widespread recognition from industry peers for its stable product quality, professional technical support, and attentive after-sales service . Relying on its complete industry chain advantages, the company provides clients with one-stop services from equipment selection and installation to commissioning and post-operation maintenance , fully meeting the diverse and customized recycling equipment needs of clients and achieving synergistic development with them. Contact Information Wang Feng 18639183155 SMM Conference Contact Ding Weiquan 18029344837

[Pr-Nd Oxide Quotes Temporarily Stable, Trading Sluggish; Dysprosium Oxide Active and Rising, Low-Priced Supplies Tightened; Magnetic Material Orders Average] Yesterday, Pr-Nd oxide market quotes were temporarily stable, with few sellers offering low-priced shipments, metal plants' purchase willingness remaining low, and market trading sluggish. In the medium-heavy rare earth sector, inquiries and purchases for dysprosium oxide were relatively active, prices showed an upward trend, and low-priced supplies tightened rapidly, while the terbium oxide market remained stable.

[SMM Analysis: From Aurubis to Nexans and Wieland: Why Are European and US Copper Companies Expanding Recycling Capacity?]European and US copper companies have accelerated investment in recycled raw materials. Copper scrap is therefore becoming more than a supplement to primary copper. It is increasingly viewed as a strategic resource that can improve raw material security, diversify earnings and reduce product carbon footprints.

[SMM Analysis: From Aurubis to Nexans and Wieland, Why Are European and American Copper Companies Collectively Ramping Up Recycled Raw Materials?] In recent years, the copper industry in Europe and the United States has significantly accelerated its push into recycled raw materials, and participants are no longer limited to traditional secondary copper smelters. From integrated smelters such as Aurubis, Boliden, and Glencore to wire-and-cable and copper-processing enterprises such as Nexans and Wieland, different segments of the industry are simultaneously strengthening their capabilities in copper scrap recycling, pretreatment, smelting, and internal recycling. This means the logic behind the development of the secondary copper industry in Europe and the United States is shifting: recycled raw materials are no longer merely a supplement to primary copper supply, but are gradually becoming an important strategic resource for companies to ensure raw material security, stabilize profit sources, and reduce the carbon footprint of their products.

SMM, August 18: Today, offers from smelters and the recycling side in the waste lead-acid battery market held steady. A few smelters raised their purchase offers slightly, but overall price adjustments were limited and the market remained basically stable. Smelter raw material arrivals showed no significant change for the time being but displayed notable regional divergence, with relatively better arrivals in regions with higher purchase prices. Limited by the current thin supply of scrap batteries in circulation, a recycler in North China reported a notable contraction in average daily purchases, from 20-30 mt/day previously to about 7-10 mt/day currently, and the arrival pace was unstable. After lead prices rebounded, the pullback was relatively limited. Downstream wait-and-see sentiment improved slightly from earlier, while rigid demand consumption remained stable but the overall improvement was still limited. Scrap battery prices are expected to move sideways in the short term. Attention will focus on smelters' price adjustment pace and the impact of supply releases from retail outlets on circulation volume.

[Pr-Nd Oxide Retreats After Rapid Rise, Falling Below 720,000/mt; Metal Prices Follow Suit With Stalemated Transactions; Limited Recovery in Magnetic Material Orders] Yesterday, Pr-Nd alloy prices pulled back slightly, mainly affected by the pullback in Pr-Nd oxide prices and sluggish downstream inquiries. Metal enterprises lowered their quoted prices, but their quotes remained firm, and actual transactions were stalemated. In the medium-heavy rare earth market, although inquiry activity was relatively low, terbium metal quotes and dysprosium-iron alloy prices saw no significant adjustments, and the overall market operated steadily.

This week, operations across the industry chain continued to diverge. The lithium segment remained relatively strong: an upward shift in the price center of lithium carbonate drove ore prices and lithium hydroxide higher, but salt plants became less willing to accept high-priced ore, and further gains were still constrained by margins. Lithium carbonate futures retreated from highs, while spot inquiries and transactions improved somewhat; downstream demand was still dominated by just-in-time procurement. Some metal salts and intermediate product markets remained weak, with more low-priced supply and muted actual transactions; nickel sulphate held steady, but spot orders were under pressure. Ternary cathode precursor prices were weak due to softer raw materials, while ternary cathode material continued to rebound, supported by a rebound in lithium chemicals and stockpiling ahead of the peak season. LFP supply and demand remained in a tight balance; tight raw materials, declining inventory, and rising processing fees strengthened cathode enterprises’ bargaining power. The anode, separator, and electrolyte segments were broadly stable, while supply bottlenecks persisted in parts of the sodium-ion battery chain. On the recycling side, demand for LFP electrode was active, while transactions in high-metal-content black mass were cautious; going forward, focus will be on whether peak-season demand materializes and how raw material price pass-through evolves.

At the beginning of the week, the industry chain as a whole continued a weak and divergent pattern. Trading in upstream raw materials and lithium chemicals remained sluggish, with a wide psychological price spread between sellers and buyers. Some low-priced supply continued to be released, and the price center remained under pressure. The electrolysis products, intermediate products, and powder markets all lacked clear demand support. Downstream players mainly relied on just-in-time procurement and cargo pick-up under long-term contracts, with limited spot order activity. The precursor market stayed in the doldrums, affected by declines in some raw material prices. Top-tier players saw some recovery in export orders and production schedules in China, but small and medium-sized enterprises were still constrained by the off-season. Cathode material prices edged up, driven by a rebound in lithium chemicals prices and stockpiling ahead of the traditional peak season, while demand from the European auto market also provided some support. The consumer electronics-related materials market delivered mediocre performance, and price cuts have not yet materially improved shipments. At the industry level, lithium-ion battery production in January–July rose 40.2% YoY. Meanwhile, “anti-involution” governance in key industries continued to advance, and improvements in the supply-demand structure and price order remain worth watching.

India's stainless steel producer JSL will invest INR 900 crore to expand cold rolling capacity from 2.05 million MTPA to 2.67 MTPA by FY28, covering expansions at Hisar and Kharagpur alongside new hot rolled annealing and pickling and cold rolling facilities at Jajpur. The investment targets rising demand from automotive, appliances, food processing, and industrial sectors for high-quality cold rolled stainless steel. JSL's strong FY26 performance supports the expansion: consolidated revenue of INR 42,955 crore, EBITDA up 19.2% YoY to INR 5,560 crore, PAT up 27.4% YoY to INR 3,185 crore, record finished goods sales of 2.57 million tonnes, and a net debt-to-equity ratio of just 0.15x. JSL is also advancing site identification in Maharashtra for its proposed INR 40,000 crore greenfield facility targeting specialized grades for hydrogen, nuclear, defense, and infrastructure sectors, with the first phase targeted within four years. On sustainability, renewable energy accounted for nearly 47% of electricity consumption at Hisar and Jajpur in FY26, with recycled scrap representing ~70% of EAF-based production; JSL targets a 50% reduction in Scope 1 and 2 emissions by 2035 and net-zero by 2050.