SMM May 26: The average price of wolframite concentrates on May 26 was reported at 400,500 yuan/standard tonne (65%WO3 basis). After falling nearly 62% over more than two months, the average price showed signs of stabilization. Currently, downstream procurement demand in the tungsten market increased, and transactions across the entire tungsten industry chain—from tungsten concentrates, APT, and powder to tungsten scrap—recovered. Low-priced supplies in the market gradually diminished, and the industry as a whole showed signs of stopping its decline and stabilizing. Wolframite Concentrates Fell 61.88% over 2+ Months, Prices Stabilized on the 26th The pace of decline in tungsten concentrate prices slowed, with in-market transactions dominated by medium- and low-grade ore, while high-grade ore transactions remained relatively sluggish. As industry inventory continued to be cleared, downstream restocking demand increased, mine auction transactions proceeded smoothly, and transaction prices were slightly higher than spot order prices in the market, effectively boosting market sentiment. On the 25th, a tungsten enterprise in Guangdong announced that its long-term contract prices for 55% wolframite concentrates for the second half of May were higher than spot order prices in the market, providing strong support for the market bottom and further consolidating the industry's trend of halting declines. The specific long-term contract prices were: 55% wolframite concentrates at 414,000 yuan/standard tonne (65%WO3 basis), 55% scheelite concentrates at 413,000 yuan/standard tonne (65%WO3 basis), and APT long-term contract prices at 660,000 yuan/mt. After tungsten prices hit a record high on March 16, they entered an overall pullback trend due to weak demand, with tungsten prices experiencing a deep correction over more than 2 months. According to SMM quotes, on May 26, the quotation range for wolframite concentrates (≥65%) was 400,000–401,000 yuan/standard tonne (65%WO3 basis), with an average price of 400,500 yuan/standard tonne (65%WO3 basis), unchanged from the previous trading day. Compared to the record high of 1,050,500 yuan/standard tonne (65%WO3 basis) on March 16, the average price of wolframite concentrates fell by 650,000 yuan/standard tonne (65%WO3 basis) in just over 2 months, a decline of as much as 61.88%! Since May, China's APT enterprises undertook maintenance, production cuts, and price-supporting measures through output reduction, effectively digesting earlier inventory. As raw material prices gradually stabilized, smelters' willingness to hold prices firm strengthened, downstream just-in-time procurement gradually followed, and market trading activity rebounded slightly. Combined with the support formed by major producers' long-term contract pricing being finalized, APT prices stopped falling, and the market gradually entered a consolidation-at-lows phase. The tungsten powder market continued to see catch-up declines, though the pace of decline slowed down. Recently, the tungsten scrap market stopped falling and stabilized, recycled tungsten enterprises showed insufficient willingness to sell at low prices, and tungsten scrap transactions improved somewhat. Outlook Regarding the outlook for tungsten, overall, driven by orderly inventory destocking, the return of downstream just-in-time procurement, and the formation of pricing consensus among industry leaders, the tungsten market as a whole entered a bottoming and recovery phase. Going forward, close attention should be paid to the execution of long-term contracts and the pace of end-use demand recovery. According to SMM survey, downstream cemented carbide enterprises' inventories have currently fallen to low levels, with expectations of rigid restocking demand. However, affected by the fact that the market has yet to fully stabilize, enterprises are cautious in procurement, generally adopting a small-order purchasing model. If upstream raw material inventories continue to be cleared and the supply-demand imbalance eases, tungsten prices are expected to enter a stabilization and consolidation phase in June-July. In the medium and long-term, the gap in mining quota transitions in Q3 may lead to a contraction in market supply, coupled with expectations for the traditional "September-October peak season" of consumption, the industry's supply-demand structure will continue to optimize, thereby providing bullish support for tungsten prices. Recommended reading:

Canada's Sherritt International was suspended from trading on May 21 after the Ontario Securities Commission issued a cease trade order over delayed Q1 financial filings. The company had already suspended direct participation in its Cuban joint ventures following a May 1 US executive order broadening sanctions on entities doing business in Cuba, with particular focus on mining. Sherritt operates nickel and cobalt assets in eastern Cuba and a refinery in Alberta, and had briefly halted Cuban operations in February due to fuel shortages. Analysts warn the sanctions could further deter foreign investment in Cuba's nickel and cobalt sector, as the country faces acute fuel and power disruptions following reduced Venezuelan oil supplies and tighter US enforcement through 2026.

LME nickel futures closed at USD18,913/ton on May 22, gaining 2.3% on the week and snapping a two-week losing streak, supported by a stabilizing US dollar and Trump's persistent calls for Fed rate cuts. LME inventories dipped 600 tons to 279,072 tons, with May's average price of USD18,815 remaining above April levels. Near-term outlook stays uncertain, however, as record-low US consumer confidence and weak Chinese stainless steel demand during the late-May rainy season create headwinds. Market participants expect subdued and volatile trading ahead, though tight nickel ore supplies should provide a price floor.

SMM Morning Meeting Summary: LME copper was closed overnight. The most-traded SHFE copper 2607 contract opened higher with a gap at 106,300 yuan/mt overnight. Copper prices then quickly shifted their center downward, followed by wild swings during which prices dipped to 105,420 yuan/mt. Near the end of the session, prices fluctuated upward and ultimately closed at 105,780 yuan/mt, up 0.39%. The trading volume reached 26,500 lots, and open interest stood at 181,000 lots, down 1,026 lots from the previous trading day, indicating bears reducing their positions.

Indian steelmakers have faced ongoing difficulties in procuring metallurgical coke since the country introduced import restrictions, with major producers such as JSW Steel and ArcelorMittal Nippon Steel India also raising concerns. Data showed India’s metallurgical coke imports fell 21% year on year in 2025 to 3.81 million tons, with supplies mainly coming from China, Indonesia, Poland, Japan, and Switzerland.

SMM, May 25: During the session, the most-traded SHFE lead 2607 contract opened at 16,770 yuan/mt. SHFE lead prices fluctuated upward in early trading, touching a high of 16,820 yuan/mt, before pulling back under pressure mid-session, dipping to a low of 16,705 yuan/mt, then moving sideways within the 16,715-16,745 yuan/mt range. Prices rebounded slightly near the close but with limited gains, ultimately settling at 16,755 yuan/mt, marking a four-day winning streak, up 20 yuan/mt or 0.12%. Currently, imported lead supplies have shrunk and domestic lead ingot inventory has pulled back, providing fundamental support for lead prices. However, multiple secondary lead enterprises resumed production in late May, with market supply becoming looser MoM from early May, exerting bearish pressure on prices. Overall, lead prices are expected to maintain a fluctuating trend with limited upside momentum. Data source disclaimer: Data other than publicly available information is derived from publicly available information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged up during the day, market trading cooled notably, downstream enterprises mainly made just-in-time procurement, and demand was unlikely to see significant increases. The inter-month Contango price spread between futures contracts widened slightly, and suppliers showed some willingness to hold prices firm. In addition, according to SMM, available spot copper in Jiangsu was relatively tight, with some downstream enterprises reporting difficulty in finding low-priced supplies. Overall, amid high copper prices suppressing demand and the slightly widening Contango price spread between futures contracts, Shanghai spot copper is expected to maintain a discount against the 2606 contract tomorrow, potentially widening slightly.

Copper prices experienced wild swings this week, with a cumulative decline of over 400 yuan/mt. During the period, news of delayed production resumptions at an Indonesian copper mine triggered a single-day surge of 1,630 yuan/mt, which quickly pulled back. The wild swings dominated overall sentiment across the secondary copper industry chain

The year 2026 marks the opening year of the "15th Five-Year Plan." Against the backdrop of intensifying global macro volatility and the deepening advancement of high-quality development in China, the zinc industry is undergoing profound transformation: tightness on the ore side and the release of smelting capacity are creating structural tension, divergence in domestic and overseas inventory reflects the complex dynamics of supply and demand rebalancing, and technological innovation is becoming a key driving force for resolving contradictions and reshaping the landscape. Key areas under the "15th Five-Year Plan" such as new energy and new-type infrastructure are injecting fresh momentum into traditional zinc consumption, while green, low-carbon, and circular economy initiatives are also accelerating the restructuring of industrial logic driven by technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and all relevant parties, SMM is about to hold the 2026 SMM Zinc Industry Conference & the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, & the 14th Zinc Salt, Zinc Oxide and Zinc Secondary Resources Development Forum, & the Zinc-Based Materials Development Forum on August 6–8 in Qingdao, Shandong. Themed "Converging Zinc Momentum · Building Zinc Industry · Embarking on a New Journey," the conference is driven by the dual engines of macro perspectives and fundamental analysis, closely aligned with the main thread of high-quality development under the "15th Five-Year Plan," and focused on four key dimensions: macro policies, supply-demand patterns, global trade, and technological innovation. 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In 2024, the company engaged in targeted poverty alleviation in Xiushan County, Chongqing, which was paired with Beibei District, purchasing agricultural and specialty products from Xiushan County to support the development of Xiushan. Moving Forward Together, Creating Brilliance Together "High quality, high efficiency" is our relentless pursuit; "hand in hand, moving forward with you" is our sincere wish; "100% qualified products in exchange for your 100% satisfaction" is our solemn commitment to every client. We warmly welcome guests from all directions to visit us for field trips and business negotiations. Let us join hands and create an even more brilliant tomorrow for the power industry! ◆ Contact Information ◆ Wang Zhongcheng 13500344411 Long Press to Scan the Code and Register Now 2026 SMM Zinc Industry Conference

SMM News, May 21： Since mid-March, China's tungsten market has ended a year-long sharp rally and entered a high-level correction phase with prices trending steadily lower. Market sentiment has shifted from exuberance to caution, with periodic supply-demand adjustments and fading market mood becoming core drivers of price movements.