Secondary Zinc Oxide Production Fell in February, While Secondary Zinc Oxide Payables Remained Relatively Firm. What Trend Will Secondary Zinc Oxide Show in March?

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a vital pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are emerging as strategic pivots to reshape the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & 7th Hot-dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Zinc Secondary Resources Development Forum, will be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrades, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! As the title sponsor of the sub-forum, Henan Feima Hoisting Machinery Group Co., Ltd. extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Henan Feima Hoisting Machinery Group Co., Ltd. is a professional manufacturer specializing in the production of bridge and gantry cranes, wire rope electric hoists, construction machinery, and hoisting accessories. It is a member unit of the Bridge and Gantry Crane Branch of the China Heavy Machinery Industry Association and a governing unit of the Hoist Branch. It is one of the first hoisting manufacturers in the industry to pass ISO quality system certification, and its products are insured by China United Property Insurance Company and China Pacific Insurance Company. Founded in 1992, Feima Group covers an area of 200,000 m², employs over 810 staff, and possesses 226 sets of various production and inspection equipment. With strong technical capabilities, it has accumulated rich technical and management experience, possesses comprehensive production and manufacturing capabilities, and its technical strength, equipment, processes, and inspection methods are all at a domestically advanced level. Pegasus Group is a high-tech enterprise, a specialized, sophisticated, unique, and innovative enterprise, a China Quality and Integrity Enterprise, a science and technology enterprise in Henan Province, and a first-level enterprise in work safety standardization. It has been honored with numerous titles, including "Quality Management Compliance Enterprise", "Advanced Unit in Metrology Work", "Certificate of Conformity for Enterprise Quality Inspection Organization", "Contract-Abiding and Trustworthy Enterprise", "Advanced Unit in Corporate Tax Payment", "Export Product Quality License", and more, awarded by ministries, provinces, and municipalities. The leading products of Pegasus Group are widely used in industries such as machinery, hot-dip galvanizing, metallurgy, mining, electric power, railway, aerospace, port, petroleum, and chemical engineering. It serves as a qualified lifting machinery supplier and partner for central state-owned enterprises like China Railway, China Water Resources, China National Nuclear Corporation, State Power Investment Corporation, and private enterprises such as HBIS. Its products are also exported to over 130 countries and regions, including the UAE, France, the US, and Russia. Our company adheres to the principle of superior quality, strives for continuous improvement, meets societal needs, and ensures customer satisfaction. Pegasus aims to target the cutting-edge international technology of cranes. Innovation knows no bounds, and reputation lasts forever. We let our friends experience "Pegasus Lifting: Ensuring Your Safety and Ease" and feel "With a Global Perspective, Pegasus Gallops Ahead". ​​​​​​​ ◆ Contact Information ◆ Han Junqiang 13839086999 Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a vital pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the recycling technology of secondary zinc resources and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrades, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Jurong Ruixin Environmental Protection Materials Co., Ltd. hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Jurong Ruixin • Pioneer of New Hot-Dip Galvanizing Processes Jurong Ruixin Environmental Protection Materials Co., Ltd. was established in September 2015. The company is located at the foot of Maoshan Mountain, a Taoist holy site, adjacent to Nanjing in the west and Suzhou, Wuxi, and Changzhou in the east, at the core of the Yangtze River Delta economic circle. Our products are widely applied in surface treatment technology services for industrial cleaning and coating, electrophoresis, and hot-dip galvanizing processes. Since 2018, our technical personnel have developed a series of new processes for the hot-dip galvanizing industry, targeting the current status of hot-dip galvanizing processes, to reduce production costs for hot-dip galvanizing enterprises, make hot-dip galvanizing processing more environmentally friendly, and have gained widespread application and market recognition. The following products are launched to meet the diverse process needs of customers: Ammonium-free flux aid, Zinc fume inhibitor, Zinc ash reduction and leakage prevention agent, High-aluminum leakage-proof plating agent, Flux-aiding ammonium agent, Zinc ash reduction and explosion-proof agent, Mist suppression and degreasing agent, Pickling inhibitor Dedicated to solving issues of plating leakage, zinc consumption reduction, and zinc ash reduction in hot-dip galvanizing Our company adheres to the principles of customer first, environmental protection first, quality first, and service first!We look forward to collaborating with you to create a brilliant future together! I. Product Introduction 1. This product is a composite of polymer nano-modified materials and proprietary solvents, an environmentally friendly material that contains no cadmium, lead, mercury, fluorine, bismuth, or hexavalent chromium. After using this product, hot-dip galvanizing can achieve "0" ammonium chloride operation for the fluxing agent and "0" ammonia water for iron removal, truly realizing an ammonium-free fluxing process. On this basis, it will significantly reduce zinc fumes generated during the galvanizing process, improve zinc utilization, reduce the environmental protection pressure on galvanizing enterprises, and lower galvanizing costs. 2. This product also possesses excellent anti-explosion properties. After using this product, there is no need to add anti-explosion agents or other similar products to the fluxing agent, thereby reducing usage costs. II. Usage Instructions 1. When using this product, add the smokeless fluxing agent to the fluxing tank at a 2% dosing ratio. The ammonium chloride content in the fluxing agent should be reduced to 0 g/l, with zinc chloride at 120-150 g/l, and the pH should not exceed 3.5. After adding and thoroughly mixing, it can be used. The temperature of the fluxing agent should generally not be lower than 55°C. 2. After using this product, the original ammonia water/hydrogen peroxide iron removal process in the fluxing tank will no longer be used. Instead, a special iron removal agent (compatible with our company's smokeless fluxing agent) should be added during the iron removal process (online iron removal equipment already installed in galvanizing plants can still be used) to ensure "0" ammonium introduction during the iron removal process and "0" ammonium operation of the smokeless fluxing process. 3. This product is a consumable, and its consumption rate is directly related to production. Generally, for every 200-250 mt of galvanized parts produced, 25-30 kg of this product needs to be replenished. 4. During the production process, when water needs to be replenished to the process tank due to water level drop, this product should be added to the process tank at a 1% ratio of the replenished water volume to ensure concentration balance. 5. Comparison of fluxing process parameters before and after using this product Item Conventional Fluxing Agent Smokeless Fluxing Agent Ammonium Chloride ≥150 g/l 0 g/l Zinc Chloride ≥100 g/l 120-150 g/l pH Value/Temperature 4-5/55-70°C 2-3.5/55-70°C Fume Production - Reduced by 70-80% Zinc Ash Production - Reduced by 15-20% Anti-Explosion Performance Anti-explosion agent required No anti-explosion agent required Iron Removal Process Ammonia water/hydrogen peroxide Special iron removal agent, "0" ammonium introduction 6. For the use of the accompanying special iron removal agent, production lines with online iron removal equipment already installed can be configured with liquid packaging (1 mt drums) to perfectly adapt to the existing online iron removal equipment. Production lines without online iron removal equipment can be configured with solid packaging (25 kg/bag), and centralized tank dumping for iron removal can be carried out based on the actual iron content of the fluxing agent to achieve fluxing agent cleaning, reduce zinc slag production, and thus lower production costs. III. Packaging and Storage 1. This product is packaged in 25L plastic drums or mt drums and stored in a dry and cool place. ◆ Contact Information ◆ Mr. Ding 13218815922 Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a vital pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference, the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrades, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes through technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Shanghai LIQUADE Fluid Equipment Co., Ltd. hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! LIOUADE® (LIQUADE) is an innovative equipment manufacturer dedicated to fluid equipment manufacturing and comprehensive fluid solutions. LIQUADE's main products include pneumatic diaphragm pumps, food-grade sanitary centrifugal pumps, filtration equipment, valves, etc. Over the past decades, through continuous R&D, innovation, and promotion, the LIQUADE® brand has gained customer recognition in industries such as food, pharmaceuticals, daily chemicals, chemicals, ceramics, electronics, and shipping. It has also established a robust sales network in multiple countries worldwide, achieving excellent sales performance. Since entering the Chinese market in 2018 and establishing a production site in Shanghai to serve the Chinese and Asian markets, LIQUADE has simultaneously built a comprehensive sales network in major cities, aiming to meet the needs of local enterprises with high-quality products and prompt services. ◆ Contact Information ◆ Wang Peng 18624082966 Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

Against the backdrop of the in-depth advancement of the "dual carbon" strategic goals, the zinc industry, as a crucial pillar in the basic materials sector, is undergoing a profound transformation from traditional manufacturing to green recycling. The global trade landscape is undergoing rapid reconfiguration, and the zinc industry chain is facing multiple challenges: the low-carbon entry thresholds in the international market continue to rise, regional supply chain barriers are becoming increasingly prominent, and technical trade measures are forming differentiated encirclements on niche sectors such as galvanizing, zinc oxide, and zinc salts. Meanwhile, breakthroughs in the resource utilization technology of secondary zinc and the construction of a circular economy system are becoming strategic pivots for reshaping the global zinc industry's competitive landscape. Currently, China's zinc industry urgently needs to drive the transformation and upgrading of the entire industry chain through technological innovation. With the joint support of upstream and downstream enterprises, industry associations, and relevant parties in the zinc industry, the 2025 SMM Zinc Industry Conference & the 7th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 13th Zinc Salt, Zinc Oxide, and Secondary Zinc Resources Development Forum are set to be held from August 14-16. The conference will closely revolve around the high-quality development needs of the zinc industry, with the theme of "Zinc Momentum, Intelligent Recycling, New Development". It will focus on hot topics such as industrial market development, policy planning, technological innovation, equipment upgrading, new materials and applications, and supply and demand transactions. We sincerely invite global zinc smelting, processing, application, and recycling enterprises to jointly discuss collaborative development mechanisms, address trade changes with technological breakthroughs, and work together to draw up a blueprint for the high-quality and sustainable development of the zinc industry! Weifang Aolong Zinc Industry Co., Ltd., as the title sponsor of the sub-forum, hereby extends a warm invitation to gather at this industry summit event. Let us join hands, draw up a development blueprint together, and jointly propel the zinc industry towards a more prosperous, green, and sustainable future. Click on the registration form now to easily complete your conference registration and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! ◆ About Us ◆ Weifang Aolong Zinc Industry Co., Ltd., located in Beihai Industrial Park, Hanting District, Weifang City, Shandong Province, has a registered capital of 150 million yuan. Its main business scope is the production and sales of zinc oxide by the indirect method, with an annual production capacity of 100,000 mt. ◆ Production Equipment ◆ After years of accumulation, the Aolong Zinc Industry team boasts leading technical strength and outstanding industry contributions. The company consistently adheres to leading industry development through technological progress, continuously updating and upgrading product technologies, and emphasizing clean production, energy conservation, and environmental protection in its process equipment. Its main process technology indicators have reached the advanced international industry standards. ◆ Quality Assurance ◆ The company has a comprehensive management and guarantee system for quality, environmental protection, safety, and health. It has established laboratories at the advanced industry level, equipped with advanced detection and testing equipment, ensuring the reliability of technical testing and product detection data. ◆ Product Series ◆ The zinc oxide products of Aolong Zinc Industry cover a wide range of fields, including rubber tires, zinc salts, surface treatment, glass fiber, soft magnetic materials, surge arresters, varistors, ceramics, paints and coatings, cosmetics, feed, and compound fertilizers. The company regards quality as the lifeblood of its products and integrity as the foundation of its business, forging a corporate image of "professionalism, focus, integrity, and action." Aolong Zinc Industry will continue to promote industry self-regulation and market standardization from a new height, providing customers with continuously improved excellent products and services. ◆ Contact Information ◆ Sales Hotline: Wang Chao 13455619491 Fax: 0536-7572710 Website: www.orlon.cn Email: orlon@orlon.cn Address: No. 00008, Zhujiangnan Street, Beihai Industrial Park, Hanting District, Weifang City, Shandong Province Long press to scan the QR code and register immediately 2025 SMM Zinc Industry Conference

From the raw material supply side, orders in the automotive and home appliance sectors remained robust in April and May, while demand from real estate and infrastructure projects was weak. Overall, steel mill orders were moderate, but with relatively good profits, steel mills had a high willingness to produce, and steel ash production did not decrease. However, as steel mills' recycling capacity improved, the zinc grade of steel ash declined. Additionally, starting in April, stricter standards for steel ash recycling and emissions were implemented, increasing the difficulty of purchasing raw materials. This led to an undersupply in the steel ash market, making it difficult for low-grade zinc oxide manufacturers to maintain a stable supply. Some low-grade zinc oxide enterprises halted production to accumulate raw materials starting from the Chinese New Year and only resumed production in May. Steel ash prices remained high, causing low-grade zinc oxide prices to rise.

[What are the reasons for the increase in the coefficient of low-grade zinc oxide?] What are the reasons for the recent price increase of low-grade zinc oxide? How will it develop in the future?

[SMM News]: According to SMM, a small secondary zinc enterprise in east China is currently undergoing technological transformation. It is expected that production will double by the end of June to July. SMM will continue to monitor the subsequent progress.

》【Live】2025 Global Supply-Demand Balance Analysis of Lead and Zinc Concentrates, Price Outlook, and Trading Opportunities 》Impact of New National Standards on the EV Industry, Development Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc【Live at the Lead-Zinc Summit】 SMM, April 11: Metal Market: At the close of the day, domestic base metals collectively rose, with SHFE tin leading the gains at up 3.62%. Other metals, except SHFE aluminum, rose more than 1%: SHFE copper up 1.79%, SHFE nickel up 1.95%, SHFE lead up 1.14%, and SHFE zinc up 1.25%. SHFE aluminum rose 0.41%. Alumina main contract fell 0.14%. In addition, lithium carbonate main contract fell 0.54%, silicon metal main contract fell 1.2%, polysilicon main contract fell 1.55%, and European container shipping main contract fell 1.97%. Overseas, as of 15:03, base metals generally rose, with LME tin up 1.03% leading the gains, while other metals rose less than 1%. In the ferrous metals series, stainless steel rose 0.4%, iron ore rose 0.71%, and rebar rose 0.26%. In coking coal and coke, coking coal fell 2.72%, and coke fell 1.42%. In precious metals, as of 15:03, COMEX gold rose 1.32%, hitting a record high of $3,241.5/oz, marking its fourth consecutive gain. COMEX silver rose 1.55%, recording its fifth consecutive gain. Domestically, SHFE gold rose 2.71%, hitting a record high of 763.62 yuan/gram, and SHFE silver rose 1.62%. Market as of 15:03 today 》Click to view SMM Market Dashboard Macro Front: Domestic: 【China Semiconductor Industry Association: "Integrated Circuit" Origin Determined by Four-Digit Tariff Code Change Principle, i.e., Wafer Fab Location Recognized as Origin】 The China Semiconductor Industry Association issued an urgent notice on the "Origin" determination rules for semiconductor products on April 11. According to the General Administration of Customs, the origin of "integrated circuits" is determined by the four-digit tariff code change principle, i.e., the wafer fab location is recognized as the origin. It is recommended that the origin of "integrated circuits," whether packaged or unpackaged, be declared based on the location of the wafer fab during import customs clearance. ► On April 11, the central parity rate of the RMB in the interbank foreign exchange market was 7.2087 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.71% to 100.22, hitting a low of 99.64. Data from the US Bureau of Labor Statistics showed that the US March CPI fell 0.1% MoM, unexpectedly negative, the lowest since May 2020, well below the market expectation of 0.1%. The US March CPI rose 2.4% YoY, below expectations and previous values. The US March core CPI rose 2.8% YoY, falling for the second consecutive month, the lowest since March 2021; core CPI rose 0.1% MoM, the lowest since June 2024. After the data release, traders bet that the US Fed will resume rate cuts in June and may lower the policy rate by a full percentage point by year-end. However, the report was not enough to ease market concerns, as inflation risks significantly increased after the full tariff impact. Several US Fed officials spoke intensively, emphasizing attention to inflation upside risks, warning that tariffs could trigger persistent price pressures, and hinting at no rush to cut rates in the short term. On April 10, Boston Fed President Collins stated that the US Fed may lower rates later this year, but tariff-driven inflation could delay further cuts; Dallas Fed President Logan believed that maintaining stable rates temporarily is the best approach while waiting for clearer economic impacts from tariffs; Goolsbee described tariffs as stagflationary shocks, posing challenges to the US Fed as there is no universal solution to such shocks. Data from the US Labor Department on Thursday showed that US consumer prices unexpectedly fell in March, but inflation improvement is unlikely to persist due to tariffs. Traders currently bet that the US Fed will resume rate cuts in June and may lower rates by a full percentage point by the end of 2025. Attention is on the US PPI data to be released tonight. (Wenhua Comprehensive) Data: 【PBOC Deputy Governor Xuan Changneng Attends and Chairs ASEAN+3 Finance and Central Bank Deputies Meeting: The Meeting Discussed the Impact of US Tariff Policies on Global and Regional Macroeconomic Situations】 PBOC Deputy Governor Xuan Changneng attended the ASEAN+3 (10+3) Finance and Central Bank Deputies Meeting in Kuala Lumpur, Malaysia, from April 8 to 9, 2025, and chaired related discussions as the co-chair of the 10+3 financial cooperation mechanism. The meeting discussed the impact of US tariff policies on global and regional macroeconomic situations, improvements to the Chiang Mai Initiative Multilateralization (CMIM) mechanism, and the ASEAN+3 Macroeconomic Research Office (AMRO), reaching a series of consensuses on deepening regional policy coordination and strengthening regional financial safety nets. The meeting unanimously passed the legal arrangements for RMB contributions under the CMIM mechanism. The finance and central bank deputies of China, Japan, and South Korea held a meeting during the same period, exchanging views on the economic situation and regional financial cooperation. Xuan Changneng highlighted that, facing the challenges of rising global uncertainty, the PBOC will implement a moderately loose monetary policy, support stable financial market operations, and consolidate the momentum of economic recovery. Additionally, Xuan Changneng held bilateral talks with South Korea's Deputy Finance Minister Choi Ji-young, South Korea's Central Bank Deputy Governor Kwon Min-soo, and Singapore's Monetary Authority Deputy Managing Director Leong Sing Chiong, exchanging views on the impact of global uncertainty on various countries. (Cailian Press) Today, the UK February GDP MoM, UK February Industrial Production MoM, UK February Industrial Production YoY, UK February Goods Trade Balance (seasonally adjusted), UK February Trade Balance (seasonally adjusted), Germany April CPI YoY (preliminary), Switzerland March Consumer Confidence Index (seasonally adjusted), China March M2 Money Supply YoY (April 11-17, time uncertain), China March Social Financing Scale (YTD), China March New Yuan Loans (YTD), US March PPI YoY, US March Core PPI YoY, and US April University of Michigan Consumer Sentiment Index (preliminary) will be released. Additionally, noteworthy events include: 2025 FOMC voter and Chicago Fed President Goolsbee speaking at the New York Economic Club; ECB President Lagarde speaking at the Eurogroup press conference; 2025 FOMC voter and St. Louis Fed President Moussalem speaking on the US economy and monetary policy; FOMC permanent voter and New York Fed President Williams speaking on the economic outlook and monetary policy. Crude Oil: As of 15:03, oil prices in both markets rose, with US oil up 1.22% and Brent oil up 1.2%, but weekly performance may mark the second consecutive week of decline due to concerns that trade conflicts will weaken economic growth, severely impacting oil consumption. BMI analysts stated in a report on Friday that oil prices are expected to remain under pressure as investors assess ongoing trade conflicts. ANZ senior commodity strategist Daniel Hynes said in a report on Friday that concerns about a global economic slowdown are weighing on oil prices. He added that the bank predicts a 1% drop in oil consumption if global economic growth falls below 3%. The US Energy Information Administration (EIA) on Thursday lowered its global economic growth forecast and warned that tariffs could severely impact oil prices, while also lowering US and global oil demand estimates for this year and next. BMI analysts stated that the OPEC+ meeting on May 5 could be critical, potentially signaling the group's willingness to intervene to maintain market stability. Analysts said, "If the meeting announces further production increases, it could trigger a new wave of sell-offs." (Wenhua Comprehensive) SMM Daily Review ► Aluminum Prices Retreat Sharply Again, Secondary Aluminum Prices Narrowly Follow【ADC12 Price Daily Review】 ► 【SMM Nickel Sulphate Daily Review】April 11: Nickel Sulphate Prices Remain Stable ► 【SMM MHP Daily Review】April 11: Indonesian MHP Prices Pull Back ► Silver Rises Slightly, Market Activity Slows Ahead of Weekend【SMM Daily Review】

》【Live】Analysis of Global Lead and Zinc Concentrates Supply-Demand Balance in 2025, Price Outlook and Trading Opportunities 》Impact of New National Standards on the EV Industry, Current Status and Outlook of Lead-Acid Batteries, Sodium-Ion Batteries, and Secondary Zinc Development【Live at Lead-Zinc Summit】 ► Price Spread Between Futures Contracts Remains Wide, Suppliers Lower Prices for Shipment, Overall Trading Activity Weak【SMM Spot Copper in South China】 ► Contract Rollover and Delivery Date Approaches, Spot Premiums/Discounts Drop Significantly【SMM Spot Copper in North China】 ► Spot Premiums/Discounts in Guangdong Copper Spot Market at Different Time Intervals on April 11 (Fourth Interval: 10:45)【SMM Price】 》Click to Enter SMM Official Website for Daily Quotes 》Order and View Historical Price Trends of SMM Metal Spot （Recommended to View on PC）