[Zinc Fundamental Trading Logic Amid the Middle East Conflict: Risk Identification and Opportunity Capture] Global geopolitical conflicts have continued unabated, and news of the recent Middle East conflict has emerged frequently. What impact will this have on the zinc industry? This article provides an analysis from both fundamental and market perspectives:

[Lead Smelting Enterprise Dynamics] Recently, Yunnan Chihong Zn & Ge Co., Ltd. announced plans to increase capital in its wholly-owned subsidiary, Hulunbuir Chihong Mining Co., Ltd., by 3.3 billion yuan using its own funds. This capital injection will primarily be used to repay internal loans, supplement working capital, and fund projects aimed at enhancing efficiency and unlocking potential in lead and zinc smelting operations.

On June 12, at the 2025 SMM (13th) Minor Metal Industry Conference - Main Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Zhao Wuzhuang, former Deputy Director of the Policy Research Office of the China Nonferrous Metals Industry Association, shared the topic of "Export Controls on Dual-Use Items" with the attendees. He stated that in the past two years, the Chinese government, in accordance with international legal documents such as the conventions on the prohibition of nuclear proliferation and weapons of mass destruction, as well as the management catalog of dual-use items established by these conventions, has introduced measures to strengthen export controls on rare and scattered metals such as indium, germanium, and gallium. As of now, China has implemented export controls on 15 nonferrous metals classified as dual-use items, including four rare and scattered metals (indium, gallium, germanium, and tellurium), four rare metals (tungsten, molybdenum, antimony, and bismuth), and seven rare earth metals (samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium).

As domestic zinc smelting capacity gradually expands, the reliance of domestic zinc smelters on imported zinc concentrate has been increasing year by year, and market attention to imported zinc ore has intensified. To better serve industrial clients and more closely align with market prices, SMM now plans to upgrade the existing two price point indices, Zn50 Imported TC (weekly) and Zn50 Imported TC (monthly), into the Imported Zinc Concentrate Index (weekly) and Imported Zinc Concentrate Index (monthly), which are scheduled to be launched on June 6.

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

[SMM News] As of May 28, the most-traded SHFE zinc contract closed at 22,210 yuan/mt, down 230 yuan/mt or 1.02% month-on-month. In May, zinc prices remained in the doldrums, hitting a low of 22,070 yuan/mt at the beginning of the month before rebounding to a high of 22,915 yuan/mt by mid-month. The overall price center of zinc significantly declined compared to April. Entering June, with the gradual release of zinc smelting capacity, zinc ingot supply is expected to remain strong. Continuous attention should be paid to subsequent macro guidance and consumption performance.

[SMM Flash News] As of May 28, the most-traded SHFE zinc contract closed at 22,210 yuan/mt, down 230 yuan/mt or 1.02% month-on-month. In May, zinc prices remained in the doldrums, hitting a low of 22,070 yuan/mt at the beginning of the month, then rebounding to a high of 22,915 yuan/mt by mid-month. The overall price center of zinc significantly declined compared to April. Entering June, with the gradual release of zinc smelting capacity, zinc ingot supply is expected to remain strong. Continuous attention should be paid to subsequent macro guidance and consumption performance.