The Capacity Replacement Scheme for the Aluminum Electrolysis Construction Project of Yunnan Hongtai New-type Materials Co., Ltd. (Announcement No. 18 of 2019 by the Department of Industry and Information Technology of Yunnan Province) was publicly announced on December 26, 2019. The construction project planned to build six potlines, A, B, C, D, E, and F, to be constructed in phases and commissioned in sections. On January 25, 2021, two cells in Potline C (cell numbers 3344# and 3444#) passed the verification and acceptance conducted by experts organized by the provincial, prefectural, and county industry and information technology authorities, and were found to comply with the requirements of the Capacity Replacement Scheme for the Aluminum Electrolysis Construction Project of Yunnan Hongtai New-type Materials Co., Ltd. However, because they were located at the end of the second section and too close to the short-circuit busbar of the three-way corridor, the electromagnetic field stability was extremely poor. After the capacity replacement and verification in January 2021, they were not operated. The two cells in Potline D and the two cells in Potline C are all NEUI440kA electrolysis cells, each with a capacity of 2,405 mt, consistent with the construction content specified in the scheme. The Wenshan Prefecture Bureau of Industry and Information Technology, jointly with Yanshan County, conducted a verification and acceptance of the implementation of the capacity replacement scheme for the Aluminum Electrolysis Construction Project of Yunnan Hongtai New-type Materials Co., Ltd. (involving two units in the second section of Potline D). We hereby publicize the changes in the implementation of the capacity replacement scheme. The publicity period is from June 3 to June 7, 2026. During the publicity period, if there are any objections, please report them to the Wenshan Prefecture Bureau of Industry and Information Technology. Public supervision is welcomed.

On June 3, it was reported that Hong Kong's first large-scale recycling facility for decommissioned electric vehicle batteries will officially commence production in June 2026. The facility will process waste power batteries into regenerated black mass, achieving the resourceful reuse of waste materials. According to estimates from the Environmental Protection Department, the quantity of decommissioned electric vehicle batteries generated in Hong Kong will increase year by year, growing from approximately 1,300 metric tons in 2026 to 6,700 metric tons by 2030. The locally planned producer responsibility scheme for electric vehicle batteries is evaluated to generate an annual economic added value of approximately 66 million Hong Kong dollars and create over 100 full-time jobs in the local solid waste recycling sector. Currently, there are five licensed enterprises in Hong Kong qualified to dispose of automotive lithium batteries.

The Aluminum Packaging Recycling Organisation (Alupro) has released a new industry manifesto calling for stronger government support to improve aluminium packaging recycling and increase recycled material availability in the UK. The report said rising costs and stricter regulations are pressuring industry competitiveness. Alupro proposed measures including improvements to the Extended Producer Responsibility (EPR) system, prioritising “can-to-can” recycling under the Deposit Return Scheme (DRS), and encouraging higher recycled aluminium usage in packaging. Markets believe the UK and Europe are continuing to strengthen policy support for recycled aluminium and low-carbon packaging to improve domestic supply-chain resilience.

In the first quarter of 2026, global energy storage system shipments reached 100.0 GWh, a 96.5% increase from 50.9 GWh in the same period of 2025, bringing quarterly shipments to an entirely new scale.

22 May, 2026 Highlights Gold import duty was raised sharply by 9%– from 6% to 15%, the steepest increase on record – alongside broader regulatory tightening Domestic gold prices have not yet fully reflected the duty hike amid weak demand and ample supply; local markets are currently in deep discount from the landed price 1 Past trends indicate that higher duty increases unofficial inflows, although official imports remain relatively resilient Gold demand is expected to moderate in 2026, with jewellery and bar and coin demand projected to decline by 50–60t (~10% y/y) on account of the import duty hike. Policy actions on gold imports Since early April the government has adopted a series of measures aimed at moderating gold imports. These have been part of a broader push to conserve foreign exchange reserves amid geopolitical uncertainty and mounting pressure on the INR, which has depreciated by more than 7% y-t-d. These measures include price-based actions, administrative and regulatory tightening, and consumer-directed messaging. While noteworthy, they are not unprecedented; gold is among the top five imports for India, accounting for 8% of the country’s merchandise imports in 2025, and similar measures have been utilised in the past. On the price front, the gold import duty was raised sharply from 6% to 15%, making it the single largest increase on record and fully reversing the duty cut of July 2024 ( Chart 1 ). Rules were also tightened for gold imports linked to exports (under the advance authorisation scheme) 2 and the Prime Minister has directly appealed to consumers, urging them to avoid buying gold for a year. 3 Chart 1: Import duty reverses course Customs duty on gold (%)* *As of 13 May 2026 Source: CBIC, World Gold Council. These measures followed a series of policy actions that were seen as efforts to slow the import of gold, including the delay in issuing annual licenses for bullion imports to banks, 4 restrictions on the import of all forms of gold, silver and platinum jewellery and platinum alloys; 5 and continued delay in issuance of notification exempting banks from the Integrated Goods and Service Tax (IGST), 6 which led to the banks pausing bullion imports for over a month. 7 The pattern of gold import duty revisions To date, India’s gold import duty revisions have been infrequent, with long periods of stability between policy revisions. Gold imports were subject to a flat duty (a fixed rupee amount per 10g) prior to 2012, but this was subsequently replaced by a value-based duty structure. Between 2012 and 2013 duties were raised repeatedly through a series of 2% hikes, up to 10%. This was followed by a prolonged gap of nearly six years before a further 2.5% hike in July 2019. Since then, revisions have become larger and more frequent, including duty cuts in 2021 and 2024 and sharp hikes in 2022 and 2026, reflecting a more active use of import duties to manage trade dynamics. Table 1: India’s gold import duty cycle Source: CBIC, World Gold Council Price adjustment – the tariff lag effect As expected, the import duty hike led to an immediate increase in domestic gold prices. However, the rise in prices was lower than the 9% increase in duty. Physical market prices, proxied by the MCX spot gold price, have risen in the range of 4% to 6% since the change in duty. While the duty hike mechanically raises the official domestic or landed price, 8 physical market prices do not fully or immediately mirror the increase in duty – rather they adjust to it with a lag, particularly when the change is as steep as the current 9%. Moreover, the increase came at a time of seasonally weak demand – summer wedding purchases are largely over, and the period from mid-May to mid-June is considered inauspicious for buying gold – thus limiting the full pass-through of the duty hike. Market feedback indicates that there is ample supply from the exchange of old gold jewellery for new, and the likely front-loading of imports, further limiting the rise in price. Chart 2: Prices have risen less than the duty hike Landed price and MCX spot gold price in USD per ounce* *As of 18 May 2026. Landed price is the international prices (LBMA Gold Price AM) adjusted for import taxes. Source: Bloomberg, CBIC World Gold Council. Domestic gold prices trade at a deep discount post duty revision In the immediate aftermath of the import duty hike, domestic gold prices traded at a steep discount to official prices, 9 widening from an average of US$14/oz the week prior to the duty hike to nearly US$150/oz ( Chart 3 ). The rise in domestic prices post the duty hike triggered profit-taking by investors, boosting supply even as physical buying weakened, and bullion dealers likely offloaded inventory imported at lower duty rates, adding to market supply. Chart 3: Discounts widened sharply NCDEX gold premium/discount relative to the official domestic price* *As of 15 May 2026. Source: NCDEX, World Gold Council. Previous import duty hikes in 2019 and 2022 also resulted in discounts in the domestic market, but this episode has been significantly more pronounced due to the scale of the increase ( Table 2 ). Table 2: Post-duty hike movement in domestic gold price discounts (US$/oz) Source: NCDEX, World Gold Council Market and trade reaction and expectations Share prices of listed jewellers fell by ~2%–17% following the duty hike, reflecting expectations of weaker discretionary demand. Market feedback and trade interactions suggest a varied impact across segments, with many retailers indicating a likely pause in procurement. Large chain stores saw a brief period of panic buying after the announcement, driven by expectations of further measures, and while they expect a slowdown in sales, they remain relatively resilient given inventory buffers and continued support from bridal demand. Mid-sized and regional players continue to see buying from affluent customers but are expecting to rely more on exchange programmes and tighter inventory cycles going forward. Smaller retailers appear the most vulnerable: already stretched by persistently high prices, they now face added pressure from sales volumes and profit margins. Import duties and smuggling Import data points to a consistent relationship between higher import duties and the inflow of unofficial gold. Between 2013 and 2026 increases in import duty were mostly followed by higher levels of unofficial or smuggled gold, while duty reductions coincided with sharp declines in such inflows. Excluding the COVID years of 2020–21, the correlation between import duty and unofficial imports is positive at 0.52, indicating a meaningful link between higher duties and smuggling activity. Following the 4% duty hike in 2013, unofficial imports increased sharply from around 10t in Q1 of that year to 70t by Q1 2014, a seven-fold increase in under a year. Even when duties were steady at 10% through the second half of 2013 until Q2 2019 unofficial inflows remained elevated, averaging 34t per quarter. This suggests that once smuggling networks are established they are difficult to unravel. A similar pattern was observed after duty was hiked from 10.75% to 15% in July 2022. Unofficial imports rose from 17t in Q2 2022 to nearly 50t by late that year and stayed elevated through much of 2023. In contrast, after duty was cut to 6% in July 2024, unofficial imports fell almost immediately to near zero. There was a temporary drop in unofficial imports during 2020–21, which can be attributed to COVID-related disruptions. The evidence suggests that higher import duties widen the domestic–international price gap and increase the incentive for smuggling, while lower duties reduce its attractiveness. Chart 4: Import duty driven shifts Source: Metal Focus, World Gold Council. Limited duty sensitivity of imports Our analysis suggests that import duty changes have had a limited influence on official import volumes over the past 13 years. 10 Across duty regimes ranging from 6% to 15% official imports remained relatively resilient, between 175t and 236t per quarter in most periods, excluding the COVID period in 2020. The highest quarterly imports were recorded under the 10.75% duty regime (236.2t), while imports also remained stable at the higher 15% duty rate (174.5t). Statistically, the overall correlation between duty rates and official imports is negative 0.17, indicating a weak relationship between the two. This suggests that duty changes are not a key driver of imports; rather, broader demand conditions play a greater role. Chart 5: Steady imports through duty cycles Average quarterly official imports at various import duty levels* *As of 18 May 2026. Source: DGCIS, CBIC, World Gold Council Recent data also highlights import resilience: April imports rose to US$5.6bn, up more than 80% on an annual as well as a sequential basis. This was despite banks pausing gold imports as they awaited the renewal notification that exempt them from the integrated goods and services tax (IGST). This suggests that the imports were likely driven by refiners, who increased their intake of gold doré around the key demand period of Akshaya Tritiya (19-20 April) further supported by gold price moderation. At the same time, some degree of front loading of imports – in anticipation of curbs amid the prolonged Iran-US conflict, elevated oil prices, and the INR vulnerability to a high import bill – cannot be ruled out based on anecdotal evidence. In volume terms, we estimate imports in April were in the range of 48-55t. Chart 6: Imports rise despite disruptions Monthly gold imports in tonnes and US$bn* *Includes World Gold Council estimates. Source: Ministry of Commerce and Industry, CMIE, World Gold Council Gold ETFs: flows slow Indian gold ETFs continued to attract inflows in April 2026, marking the 12th consecutive month of positive flows. Net inflows stood at INR30.4bn (US$325mn), broadly in line with our estimates . 11 While inflows were modestly higher sequentially (up 3% m/m), they remained well below January’s peak, at about 13% of the INR240bn (US$2.6bn) recorded at that time, signalling a moderation in demand after a very strong start to the year. Redemptions stayed elevated in April at INR20.5bn (US$220mn), reflecting ongoing profit-taking, a trend seen since February. Cumulative holdings rose by 1.1t to 116.7t, while AUM stood at INR1,781bn (US$19bn), a modest 3% decline from January, largely due to softer gold prices (down ~9% in INR terms). Investor participation remained healthy, with folios (or accounts) reaching 12.5mn, although growth slowed in April, with folio additions of 77,413 – the lowest since September 2024. Gold ETFs experienced outflows following the import duty hike, with redemptions from 13-18 May largely reversing earlier gains. On a month-to-day basis, however, demand remains marginally positive at around INR1bn (~US$12mn). Chart 7: Gold ETF momentum softens Gold ETF flows in INRbn, and total holdings in tonnes* *As of end April 2026. Source: AMFI, ICRA Analytics, CMIE, World Gold Council Demand moderation Gold demand trends across different duty regimes indicates that while import duties influence consumption, other key factors such as gold prices, income growth and inflation, simultaneously impact demand. Periods of high import duties have generally coincided with a moderation in demand, particularly for bars and coins. Average quarterly demand remained relatively subdued during the extended 10% duty period of 2013-19 ( Chart 8 ) as well as during the period of 12.5% duty (2019-20), although the latter was also affected by COVID. Chart 8: Tariffs temper demand Average jewellery and bar and coin demand at various import duty levels* Source: Source: Metal Focus, CBIC, World Gold Council Our econometric models 12 suggest that changes in import duties tend to impact gold demand in both the short and long term, although the impact differs across jewellery and investment products such as bars and coins. Investment demand appears more sensitive to duty changes, while jewellery demand has shown greater resilience. Jewellery consumption is influenced more by prices and inflation and import duties have less of an impact. This is likely because jewellery purchases often tend to be a requirement, particularly for weddings and social occasions. Investment demand on the other hand is linked to income levels and import duties, with higher duties and restrictions tending to weigh on demand. In the short term, factors such as inflation and rainfall also influence investment demand alongside taxes. Looking at 2026 as a whole, we estimate that combined jewellery and bar and coin demand could decline by around 50-60t, around 10% lower than the previous year due to the impact of the import duty hike. Other factors, such as the gold price, changes to income levels, inflation, or effects from the monsoon would further influence annual demand. Footnotes 1 Landed price is the international price (LBMA Gold Price AA) adjusted for import taxes. Prices as of 18 May 2026. 2 Centre further tightens gold import rules, caps advance authorization at 100 kg, The Tribune, 20 May 2026. 3 Why PM Modi asked Indian families not to buy gold for a year, India Today, 11 May 2026. 4 After delay, DGFT authorises 17 banks to import bullion for 3 years, Indian Express,17 April 2026 5 India imposes immediate restrictions on gold, silver and platinum jewellery imports to curb FTA misuse, NDTV Profit, 1 April 2026. 6 IGST is a tax on the supply of goods and services between states in India. 7 India's gold import crisis: Why banks halted shipments for a month and what it took to start again, Money Control, 12 May 2026. 8 Landed price is the international price (LBMA Gold Price AM) adjusted for import taxes. 9 Official domestic price is the landed prices which is the international price adjusted for import taxes. 10 Q3 2013 to Q1 2026. 11 Based on partial information 12 Reference page 128-132. Source： https://www.gold.org/goldhub/gold-focus/2026/05/india-gold-market-update-import-tightening

Indonesian Coordinating Minister for Economic Affairs, Airlangga Hartarto, explicitly denied rumors of a delay regarding the one-door export scheme for strategic commodities under PT Danantara Sumber Daya Indonesia (DSI), firmly stating that the policy will take effect as scheduled on June 1, 2026. Speaking at the Jakarta Presidential Palace Complex on Friday (May 22), Airlangga emphasized that there is no delay, explaining instead that the implementation will roll out in clear, phased intervals, detailing specific milestones for the first and second three-month periods leading up to full operational execution by January 1, 2027.

Italian energy agency GSE said upcoming FerX renewable energy auctions planned for 2026 and 2027 will allocate 10GW of PV capacity and 16GW of wind power. The goal is to hold one auction by the end of this year and two more in 2027, pending final EU approval. The first FerX auction awarded 7.7GW of PV capacity at an average price of EUR 0.05682/kWh, while the second solar auction allocated 1.1GW and was the first to apply NZIA resilience criteria, excluding Chinese modules, cells and inverters for PV projects above 1MW. SMM believes Italy’s FerX scheme is supporting renewable deployment while strengthening Europe’s push for localized and diversified clean energy supply chains.

On May 12, the 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum , organized by Shanghai Metals Market (SMM), drew to a successful close at the Sheraton Grande Tokyo Bay Hotel in Tokyo, Japan! Conference Background Driven by global sustainable development and circular economy initiatives, recycled metals and battery recycling have gained growing strategic importance. Facing rising metal demand and dwindling natural resources, recycling stands out as an eco-friendly and cost-effective alternative, backed by supportive policies and investment worldwide. As a major Asian recycling powerhouse, Japan boasts robust secondary metal output and sophisticated recycling technologies. It has also rolled out massive funding plans to expand e-waste recycling infrastructure and scale up relevant processing capacity. Centered on the theme "Low Carbon, Global Echoes", the 2026 GRMI gathered worldwide enterprises, experts and officials to exchange insights on circular economy trends, technological breakthroughs and industry policies. This event comprises three forums ( Main Forum, Recycling Forum, and Renewable Resources Equipment Forum ) and multiple panel sessions. Key Highlights Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Click to view photo gallery Main Forum Opening Remarks Adam Fan, Chairman, SMM Hao Qi Chairman, KINKI SANGYO CO.LTD. May 11 Main Forum Keynote Speeches [Keynote Speech] - Global Recycled Metals Industry Market Analysis: Policy Instruments, Corporate Responses, and Future Challenges Speaker: Rock Ding, Consulting Project Manager, SMM Rock expects that aluminum scrap production will continue to grow in the future, and global aluminum scrap supply and demand will maintain a tight balance before 2030. Regarding the copper scrap market, SMM expects that from 2026 to 2030, global copper scrap market supply and demand will continue to grow, and the market will remain in a state of persistently tight supply. The global recycling industry faces challenges including shortages of recycled raw materials supply, rising resource protectionism, cross-border logistics and transportation restrictions, lack of unified global governance, bottlenecks in recycling technology, and incomplete recycling system development. [Keynote Speech] - From India to the World: Sustainable Growth and Responsibility of a Leading Recycler Speaker: Sanchit Jain, Executive Director, Jain Resource Recycling Limited Developed markets (North America, Europe) generate over 70% of the world's scrap; North America has a recycling input rate of 57%, and Europe's aluminum recycling rate reaches 81% — yet their demand growth has slowed down, with scrap becoming a surplus resource exported abroad; Developing countries are where demand is surging — yet collection rates remain below 5%, dominated by informal operators lacking traceability; Globally, policies and market initiatives promoting traceability of recycled resources and ESG disclosure are accelerating at an increasing pace. Scrap generation and consumption exhibit a regional mismatch, with the resource gap formed by supply-demand misalignment increasingly demonstrating strategic significance; Scrap is no longer simply surplus off-cuts, but a core strategic resource reshaping the global recycled resource trade landscape. Recycling Has Become a Core Pillar for Industrial Incremental Growth Why Does the Recycling Industry Hold Critical Strategic Value Today? Secondary resource supply can cover over 40% of future incremental metal demand; reducing dependence on highly volatile primary ore resources. Recycling is the optimal viable pathway for the industry to achieve sustainable and scalable development. [Keynote Speech] - URBAN MINING India's Non-Ferrous Recycling Decade Opportunities & Challenges from a Smelter's Perspective speaker: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Four Core Drivers in Resonance, Continuously Driving Steady Expansion of India's Non-Ferrous Metal Demand 1. Energy Transition Acceleration India has set a clear target of achieving 500GW of non-fossil energy installed capacity by 2030. Power grid expansion, power transmission line construction, and renewable energy integration infrastructure are advancing comprehensively—all of which are high-consumption areas for copper and aluminum, directly boosting rigid demand for both metals. 2. Accelerating EV Penetration India has set a development target of 30% new energy vehicle penetration rate by 2030. A single EV uses approximately 3–4 times the amount of copper compared to traditional internal combustion engine vehicles. Meanwhile, the development of the power battery industry will give rise to an independent scrap recycling system, further opening up incremental space for non-ferrous metals. 3. Large-Scale Infrastructure Investment Implementation Leveraging the 11.1 billion rupee National Infrastructure Pipeline plan, projects including galvanized steel, power infrastructure, and urban rail transit will continue to be implemented over the next decade, providing sustained long-term support for zinc, copper, and aluminum market demand. 4. Manufacturing PLI Policy Empowerment India's Production Linked Incentive (PLI) scheme covers 14 key industries, focusing on metal-intensive sectors such as electronics, automotive, power battery, and capital goods. With policy support, the share of domestic manufacturing continues to rise, driving steady growth in non-ferrous metal consumption. Panel Discussion: Reshaping the Global Recycled Metal Market — Policy Drivers and New Hotspots in India, Pakistan, the Middle East & Japan Moderator: Adam Fan, Chairman, SMM Panelists: Sanjeev Phadke, The Treasurer of BMR, Bureau of Middle East Recycling (BMR) Amar Singh, Secretary General, Material Recycling Association of India (MRAI) Bin Zhang, Trade Director, TOUCHI INTERNATIONAL CORP. Jawed Ahmed, Founder and CEO, Al Qaryan International DMCC Recycling Forum Ketnoye Speech: Key Issues and Challenges Affecting the US Secondary Metals Industry Speaker: Adam Shaffer, Vice President of International Trade and Global Affairs, REMA Panel Discussion Shifting Dynamics in Southeast Asia's Recycled Metals: The Malaysia-Thailand Trade Decline and Vietnam's Rising Recycling Economy Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Eric Tan, President, Malaysia Nonferrous Metals Association Achirawat Thanasethatokul, Managing Director, Mahanakorn Metalscrap Co., Ltd. Jimin Choi, CEO/Founder, ETREE PTE LTD Michelle Leung, Head of Asia Metals and Mining Sustainability, Bloomberg Intelligence [Keynote Speech] - Analysis of Japan's Recycled Copper Market Speaker: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM AW YONG YI CHEONG noted that the current Japanese copper scrap market is gradually transitioning toward a highly competitive "seller ecosystem." Trading models that rely solely on spot cargo procurement are increasingly exposed to the risk of supply disruptions. To secure long-term resource supply, enterprises purchasing externally from outside China need to move beyond traditional spot trading mindsets and establish structural cooperative relationships through deep-binding approaches such as signing long-term contracts and equity partnerships, in order to adapt to the persistently tight market landscape. Panel Discussion Resource Contention in the Secondary Lead Market: Redefining the Global Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Pratik Gupta, Assistant Vice President - Operations, Pondy Oxides and Chemicals Ltd Eric Tan, President, Malaysia Nonferrous Metals Association Panel Discussion Interpreting Recycled Copper Policies in China, the US, Europe, and Japan and Strategies for Future Raw Material Competition Moderator: AW YONG YI CHEONG, Senior Secondary Copper Analyst, SMM Panelists: Allan Zhang, Head of the Recycled Copper Business Unit, Hailiang Group Co., Ltd. Mr. Vishal Jatia, CEO, GREENLAND AMERICA INC WENCESLAO MANZANO HERNANDEZ, Director, DIMEXA HOLDINGS PTE. LTD. Shunsuke Kuwada, Overseas Manager, Hirata Corporation Co.,Ltd Yoshimichi Murakami, Executive Director, Wakoh Metal Co., Ltd. [Keynote Speech] - Current Status of Lead-Acid Battery in Japan Speaker: Yuji Tanamachi, CEO, IRUNIVERSE The volume of lead-acid battery scrap generated in Japan continues to decline. The reason is the sharp decrease in the number of end-of-life vehicles (ELVs) retired in China. Over a decade ago, the number of ELVs generated in Japan exceeded 5 million units, but now it is approximately 2.7 million units, nearly halved. The chart on the right shows the increase in the average service life of passenger vehicles. The significant decline in ELV numbers was mainly driven by two factors: first, continued decline in new car sales in Japan, directly driven by population decline; second, the climbing scale of used car exports. Since the auction model was popularized in Japan a decade ago, not only ordinary used cars but even retired vehicles could be traded through auctions. Logically, a decrease in total ELV numbers should lead to a corresponding reduction in the number of dismantling enterprises. However, the reality was quite the opposite: the number of dismantling enterprises backed by ex-China capital from Iran, Saudi Arabia, Syria, the Kurdish region, and China continued to grow. Award Ceremony SMM Recycled Metals Industry Premium Scrap Yards SMM Recycled Metals Industry Premium Traders SMM Recycled Metals Industry Premium Equipment Enterprises May 12 Renewable Resources Equipment Forum Panel Discussion Innovation Drives Green Recycling: the Technological Frontier of China's Flotation, Crushing and Sorting Equipment Moderator: Bo Zhou, EVP, SMM Panelists: Owen Liang, Deputy General Manager, Foshan GreenField Environmental Protection Machinery Equipment Co., Ltd. Xian Lu, Chairman, Shandong Luyou renewable resources equipment Co., Ltd. Haihua Cheng, International Trade Minister, Jiangsu Huahong Technology Stock Co.,Ltd. [Keynote Speech] - Volatility Eats Margins for Breakfast Managing Risk Now That Tariffs, Geopolitics, And Supply Shocks Have Driven Base Metal Prices to Multi-year Extremes Speaker: Harsha Ramesh, CEO & Co-founder, Pillar Hedge Aluminum—Supply Shock From February to April 2026, aluminum prices surged by over 20% at their peak within just two months, driven by the following key factors: Strait of Hormuz Disruption: Iran conflict closes shipping lanes; approximately 9% of global supply at risk Gulf Production Hit: EGA flagship plant shut down for up to one year; Bahrain's ALBA halted Compounding Tariff Impact: US Midwest premiums widened significantly, tariffs reshaped physical trade flows Keynote Speech: Precision Sorting Green Future Speaker: Jianan Li, Overseas Sale, Zhejiang Tianli Equipment Technology Co., Ltd. [Panel Discussion] - Breaking Through the Challenges of the Recycling Industry: Real-World Case Studies from High-Quality Suppliers Networking among medium-to-large-scale scrap yards/traders Conference Check-in The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum has now come to a successful conclusion. We sincerely appreciate the strong support from all industry participants and partners. Looking forward to meeting you again next year!

[SMM Analysis] Reassessing the Logic Behind Sulfur's "Surge" Driving Nickel Prices Higher

On May 7, Zhejiang Huayou Cobalt Co., Ltd. issued an announcement stating that it has signed a "Scheme Implementation Deed" and related agreement appendices with Atlantic Lithium Limited, planning to acquire 100% of its equity through a scheme of arrangement. Upon completion of the transaction, Atlantic Lithium will be consolidated into Huayou Cobalt's financial statements, and Huayou Cobalt will obtain 100% of its equity. Atlantic Lithium's main business focuses on lithium exploration and development in the African market, with its core asset being the Ewoyaa Lithium Project in Ghana. Huayou Cobalt stated that this is an important step in deepening its overseas resource layout, which will further enhance its lithium resource self-sufficiency rate and supply chain security resilience.