Putailai expects its first-half 2026 net profit attributable to shareholders to reach 14-15 billion yuan, up 32.66%-42.14% YoY. The company said global energy transition continued to drive demand for electric vehicles and energy storage, while exports of EV, energy storage and battery-related products remained strong. Against a backdrop of tight upstream material and equipment supply and lagging battery supply chain capacity expansion, shipments of the company's major lithium battery products increased during the period.

[SMM Analysis] Steel Billet Sees Notable YoY Growth, UAE's Decline Hits a New Low By product: Steel billet continued to achieve high growth, while HRC remained the product with the largest decline. In January-May 2026, China's cumulative steel billet exports reached 6.76 million mt (compared with 4.72 million mt in the same period last year), a substantial increase of 2.04 million mt, with growth momentum still strong. This was mainly due to periodic supply-demand mismatch in overseas supply chains and the subsequent impact of global buyers' active inquiries to China, especially the marginal support from purchasing sentiment in markets like Southeast Asia. In contrast, HRC exports plummeted from 10.51 million mt in the same period last year to 7.21 million mt, a decrease of 3.3 million mt, closely related to the implementation of anti-dumping policies on HRC outside China and the high base effect. Data Source: SMM, General Administration of Customs By country: Singapore replaced Djibouti as the top contributor to growth. Its product breakdown pie chart clearly shows that bars (61%) and wire rod (12%) formed the dominant products, together accounting for 73%. As a global shipping and trade settlement hub, Singapore's significant growth was mainly due to concentrated procurement and trade settlement by ASEAN and China-invested construction projects there, providing strong support for China's exports of bars, wire rod, and related infrastructure supporting products. On the decline list, the UAE (down 1.18 million mt), Brazil (down 850,000 mt), Vietnam (down 780,000 mt), and Saudi Arabia (down 570,000 mt) were the main losers, mainly affected by geopolitical uncertainties in the Middle East and the direct impact of trade barrier policies in some regions. Data Source: SMM, General Administration of Customs Outlook According to SMM's latest data on steel export orders, the US-Iran conflict remains volatile in the short term, and amid uncertainty, Middle Eastern buyers will be relatively cautious in procurement. China's export price advantage over other markets continues to narrow, and the overall export order volume is unlikely to improve significantly. However, considering the noticeable decline in sheets & plates transactions last week, some recovery is expected in the short term. Data Source: SMM Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

According to the latest release from the General Administration of Customs, SMM statistics show that China's total manganese ore imports reached 3.0167 million tons​ in June 2026, up 10.59%​ month-on-month and 12.41%​ year-on-year. The total imports for January–June 2026 were approximately 17.4912 million tons, an increase of 3.0319 million tons​ (up 20.97%) compared with the same period in 2025 (approximately 14.4593 million tons).

Novelis Korea announced that Choi Min-young has been appointed the inaugural chair of the Aluminum Committee under the Korea Nonferrous Metals Association (KONMA). The committee will focus on policy development, supply chain resilience, regulatory response and promoting high-quality aluminum recycling. It also aims to expand closed-loop recycling and strengthen the global competitiveness of South Korea's aluminum industry.

Enicor Executive Chairman Tom Bird urged governments to maintain free and fair trade in recycled aluminum, warning that export restrictions and protectionist policies could disrupt global supply chains, reduce investment and increase costs. He said open trade is essential to ensure high-quality recycled aluminum supply, strengthen circular economy development and meet rising demand from key manufacturing industries.

Thrust Capital Partners (TCP) has acquired Quebec-based Alphacasting Inc., a manufacturer of high-precision titanium and aluminum investment castings for the aerospace and defense sectors. The company specializes in high-strength aluminum castings and is Canada's only foundry with titanium casting capabilities. TCP plans to support Alphacasting's operational expansion and long-term growth in the aerospace and defense supply chain.

[SMM Rare Earth Flash News] The Special Select Committee on International Trade and International Relations of the Malaysian Parliament held a hearing on July 16 to review the $96 million rare earth supply agreement signed in March this year between Australia's Lynas Rare Earths and the US Department of Defense. 57 non-governmental organizations jointly signed a petition in opposition, expressing concerns that Malaysia's rare earth processing could be linked to foreign military supply chains. The committee recommended that the government formulate a clearer foreign investment policy and urged it to issue an official stance within two weeks. Chairman Wong Kee Chuan stated that if rare earths are used for renewable energy, he supports it, but if used for weapons, he would reject it. The conclusions of the hearing will serve as the basis for formulating the national rare earth policy.

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. The traditional cycle logic has been completely broken, and its strategic value has become fully evident. In 2026, the tin market presented an unprecedentedly complex landscape and profound changes: I. The supply-demand pattern was deeply restructured, and strategic attributes rose to an unprecedented level The global tin resources’ static reserve-to-production ratio was only 14 years, with scarcity becoming increasingly prominent. The supply side faced “triple pressure”: repeated twists and turns in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC; resource constraints had become the new normal. Meanwhile, the demand structure underwent a fundamental shift, and tin had become a strategic resource connecting traditional manufacturing with the digital future. II. The pricing system broke through historical levels, and the industry ecosystem faced reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough was not only a manifestation of the supply-demand imbalance, but also a sign of value revaluation in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches were all in urgent need of innovative breakthroughs. III. Technology-driven and green transformation gave rise to a new symbiotic ecosystem Digital and intelligent technologies were deeply empowering the tin industry chain. The global green transformation required the tin industry to upgrade toward low-carbonisation and a circular economy, making recycled tin recovery and green smelting processes an inevitable path. Every link of the industry chain had to move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 , held in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Anhui Jinhong Renewable Resources Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to propel the tin industry to new heights. Click the to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Anhui Jinhong Renewable Resources Technology Co., Ltd. was established in 2016 and is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou, Anhui province. The company covered an area of 98 mu, with a total investment of 580 million yuan and a total construction area of more than 20,000 m². It had built an R&D building, a comprehensive recycling workshop, a crude refining workshop, a refining workshop, a rare and precious metals workshop, an oxygen production workshop, raw material and finished product warehouses, auxiliary buildings, and other comprehensive supporting facilities. Anhui Jinhong Renewable Resources Technology Co., Ltd. was the vice chairman unit of the national “Nonferrous Metals Industry Technology Innovation Strategic Alliance”. It currently had more than 100 employees, including more than 10 management and technical professionals, and had a high-level scientific research and development team with strong technical capabilities. It held dozens of invention patents and utility model patents with independent intellectual property rights, as well as four proprietary brand trademarks. The main equipment includes advanced production processes such as vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces, and pyrometallurgy refining, with supporting facilities for flue gas purification, wastewater treatment, and quality testing instruments. It is a key enterprise for the extension and improvement of the renewable resource utilization industry chain in Tianying Science and Technology Park, Jieshou High-tech Zone, Anhui Province. Annually, it can utilize 50,000 mt of hazardous waste containing lead, tin, and antimony, and 80,000 mt of crude lead, producing 8,000 mt of refined tin, 90,000 mt of refined lead, and 8,500 mt of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technology R&D, and sales of precious and rare metals such as lead, tin, and antimony. Anhui Jinhong Renewable Resources Technology Co., Ltd. is charting its development with innovative ideas and a long-term vision. The company will always adhere to the business philosophy of "technology-led, quality-assured, and green-priority" and make every effort to break free from the constraints of "limited perspective and narrow vision." In the future, Anhui Jinhong Renewable Resources Co., Ltd. will strive to improve the image of the lead- and tin-containing scrap recycling industry chain in Jieshou City and aim to become a national first-class model enterprise for comprehensive resource utilization. Established in 2016, Anhui Jinhong Renewable Resources Technology Co., Ltd. is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou City, Anhui Province. Covering an area of 98 mu with a total investment of 580 million yuan and a total construction area of over 20,000 square meters, the company is equipped with a research and development building, comprehensive recycling workshop, crude smelting workshop, refining workshop, precious and rare metal workshop, oxygen production workshop, raw material and finished product warehouses, as well as auxiliary buildings and other complete supporting facilities. Lead-antimony alloy As the vice chairman unit of the national "Non-ferrous Metal Industry Technology Innovation Strategic Alliance", the company employs more than 100 staff members, including over 10 management and technical talents. It boasts a high-level R&D team with strong technical capabilities, holding dozens of invention patents and utility model patents with independent intellectual property rights, as well as 4 independent brand trademarks. The company adopts advanced production processes and equipment including vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces and fire refining systems, supported by complete flue gas purification, wastewater treatment and quality testing equipment. It is a key enterprise committed to extending and improving the renewable resource utilization industrial chain in Tianying Science and Technology Park, Jieshou High-tech Zone. The company can annually process 50,000 tons of lead-tin-antimony hazardous waste and 80,000 tons of crude lead, with an annual output of 8,000 tons of refined tin, 90,000 tons of refined lead and 8,500 tons of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technological R&D and sales of rare and precious metals such as lead, tin and antimony. Lead-Tin Alloy Adhering to innovative concepts and a long-term strategic vision for development, the company always upholds the business philosophy of "technology-oriented, quality-guaranteed and green development-oriented", and strives to break through developmental limitations caused by insufficient strategic positioning and narrow vision. In the future, Anhui Jinhong Renewable Resources Technology Co., Ltd. will focus on optimizing the development pattern of the lead-tin waste renewable resource industry chain in Jieshou City, and endeavor to build itself into a national first-class model enterprise for comprehensive resource utilization. Crude Tin Refined Tin Contact Us Wei Xianghai 18155838588 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

"Tin" Guiding the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background The global tin industry is currently standing at a historic turning point. Traditional cyclical logic has been completely disrupted, and its strategic value is being fully highlighted. The tin market in 2026 is exhibiting an unprecedentedly complex pattern and profound transformation: I. Deeply Restructured Supply-Demand Pattern, Unprecedentedly Elevated Strategic Attribute The global static reserve-to-production ratio for tin resources is only 14 years, making its scarcity increasingly prominent. The supply side faces "triple pressure": repeated setbacks in DRC production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, with tin becoming a strategic resource connecting traditional manufacturing and the digital future. II. Price System Breaks Historical Records, Industry Ecosystem Faces Reshaping In early 2026, the SHFE tin price broke through 470,000 yuan/mt, setting a new historical high. This price breakthrough is not only a reflection of the supply-demand imbalance but also a marker of the value revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transition Give Rise to a Symbiotic New Ecosystem Digital and intelligent technologies are profoundly empowering the tin industry chain. The global green transition requires the tin industry to upgrade towards low-carbon and circular economy models, with recycled tin recovery and green smelting processes becoming the inevitable path. All segments of the industry chain must shift from competition to synergy, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026, in Changsha, Hunan, the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for collaborative discussions. Yunnan Yunfan Non-ferrous Metals Co., Ltd. will attend this grand event, joining industry peers to discuss development trends and jointly propel the tin industry to new heights. Click the to register for the conference now, and join us in witnessing and participating in this exceptionally significant and far-reaching industry event to create a brilliant new chapter together! Yunnan Yunfan Non-ferrous Metals Co., Ltd. (formerly Gejiu City Jinge Mining & Metallurgy Co., Ltd.) is located in the Zhadian Babao Tree Area of the Gejiu Characteristic Industrial Park, Jijie Town, Gejiu City, Yunnan Province. It is situated at longitude 103.1745°, latitude 23.49063°. Directly outside the company's main gate is the highway from Zhadian to Tangdian connecting to the Kunming-Hekou Expressway. Located 800 meters to the south of the company is the first-class highway from Gejiu to Jijie. It is 10 kilometers from the urban area of Gejiu, 6 kilometers from Gejiu Railway Station, and 20 kilometers from Mengzi, where the People's Government of Honghe Prefecture is located. Highways and railways crisscross, providing convenient transportation. In 2017, the former Gejiu Jinge Mining and Metallurgy Co., Ltd. was fully acquired by Yunnan Yunfan Nonferrous Co., Ltd. with a 100% stake. The company has a registered capital of RMB 100 million, and its legal representative is Zhang Yongping. It covers an area of 54,000 m 2 (approximately 80 mu), with a green area of 6,000 m 2 . Key production equipment includes: one rotary kiln, four electric furnaces, two refining pots, three vacuum furnaces, two spiral crystallizers, and two product melting pots; one set of environmental desulfurization system; and one set of online environmental monitoring equipment. Major products: crystalline refined tin at 5,003 t/a (containing 5,000 t/a of pure tin) with a grade of 99.90% AA, a low-lead refined tin product with lead content below 50 ppm; and a by-product, vacuum lead, with an annual output of approximately 2,333 t/a (containing 2,300 t/a of pure lead). The registered trademark for refined tin products is the “YF” / “Yunfan” brand. Refined tin products are widely used in electronics, information technology, building materials, electrical appliances, chemicals, metallurgy, machinery, food packaging, new-type flame retardants, and other fields. The products are exported to the Pearl River Delta and Yangtze River Delta regions and radiate to tin-consuming areas nationwide. In the tin market consumption sector, “YF” brand refined tin is highly favored by users, enjoying strong reputation and credibility. The company boasts a beautiful environment with lush vegetation, and is a modern nonferrous smelting enterprise primarily producing tin while promoting employment for people with disabilities. In 2018, the company obtained ISO 9001:2015 quality management system certification from SGS. In 2020, it was recognized as a Yunnan Provincial Science and Technology-based Small and Medium-sized Enterprise by the Yunnan Provincial Department of Science and Technology. In December 2021, it was jointly recognized as a High-tech Enterprise by the Yunnan Provincial Department of Science and Technology, Yunnan Provincial Department of Finance, and the Yunnan Provincial Taxation Administration of the State Taxation Administration. In 2021, it was included by the Yunnan Provincial Department of Industry and Information Technology as a provincial-level specialized and sophisticated small and medium-sized “Little Giant” “Growth” cultivation enterprise in the database. In 2023, it was awarded the title of Yunnan Provincial Specialized and Sophisticated Enterprise. Since Yunnan Yunfan Nonferrous Co., Ltd. acquired Gejiu Jinge Mining and Metallurgy Co., Ltd. in 2017, the company's operations and production have been continuously improved and developed. While pursuing development, the company has prioritized safety and environmental protection in its operations. In 2021, in accordance with the requirements of emergency management, our company conducted a safety status assessment; prepared an emergency response plan for safety incidents; implemented Level 3 safety standardization management; and carried out dual prevention mechanism management. In terms of environmental protection, the company adheres to a green, environmentally friendly, and low-carbon development path. In 2016, it passed the environmental impact assessment report. In July 2020, it passed the completion environmental protection acceptance and the environmental emergency plan review. In December 2021, it passed the energy audit evaluation and acceptance. The completion of these efforts has laid a solid foundation for the company's development. There will be a time to ride the wind and cleave the waves; hoist the cloud sail and cross the vast ocean. It is the epitome of the company's corporate culture. We believe that one day, through the joint efforts of all employees, we will ride the wind and break through the waves, hoist our sails high, and forge ahead courageously in the vast ocean. Contact Information He Jiansong 13808775777 Zhang Yi 15398501390 Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

[SMM Morning Call Summary: Macro Sentiment Intertwined with Fundamentals; SHFE Tin in a Dilemma, Focus on Marginal Changes]