SHFE issued a notice on April 27 regarding work arrangements during the 2026 Labor Day holiday. The original text is as follows: Notice on Work Arrangements During the 2026 Labor Day Holiday To all relevant entities: In accordance with the "Announcement of Shanghai Futures Exchange on Market Closure Arrangements for 2026" (SHFE Announcement [2025] No. 157), the work arrangements during the Labor Day holiday are as follows: 1. No night session trading will be conducted on the evening of April 30, 2026 (Thursday). The market will be closed from May 1, 2026 (Friday) to May 5, 2026 (Tuesday). On May 6, 2026 (Wednesday), call auction for all futures and options contracts will be held from 08:55 to 09:00, and night session trading will resume that evening. 2. Effective from the closing settlement on April 29, 2026 (Wednesday), the price limit ranges and trading margin ratios will be adjusted as follows: For copper futures cu2703 and cu2704, aluminum futures al2703 and al2704, zinc futures zn2703 and zn2704, lead futures pb2703 and pb2704, and alumina futures ao2703 and ao2704 contracts: the price limit range is 10%, the hedging open interest trading margin ratio is 11%, and the general open interest trading margin ratio is 12%. For cast aluminum alloy futures ad2703 and ad2704, wire rod futures wr2703 and wr2704, and stainless steel futures ss2703 and ss2704 contracts: the price limit range is 8%, the hedging open interest trading margin ratio is 9%, and the general open interest trading margin ratio is 10%. For rebar futures rb2703 and rb2704, and hot-rolled coil futures hc2703 and hc2704 contracts: the price limit range is 7%, the hedging open interest trading margin ratio is 8%, and the general open interest trading margin ratio is 9%. For nickel futures ni2704 and tin futures sn2704 contracts: the price limit range is 12%, the hedging open interest trading margin ratio is 13%, and the general open interest trading margin ratio is 14%. For natural rubber futures ru2704 contract: the price limit range is 9%, the hedging open interest trading margin ratio is 10%, and the general open interest trading margin ratio is 11%. For pulp futures sp2704 and offset printing paper futures op2704 contracts: the price limit range is 7%, the hedging open interest trading margin ratio is 8%, and the general open interest trading margin ratio is 9%. In the event of circumstances stipulated in Article 13 of the "Risk Management Measures of Shanghai Futures Exchange," adjustments will be made based on the above price limit ranges and trading margin ratios. 3. After trading on May 6, 2026 (Wednesday), effective from the closing settlement on the first trading day without a limit-up or limit-down move, the price limit ranges and trading margin ratios will be adjusted as follows: The price limit ranges and trading margin ratios for the above futures contracts will be restored to their original levels. Other matters concerning price limits and trading margins shall be handled in accordance with the "Risk Management Measures of Shanghai Futures Exchange" and related business rules. All relevant entities are requested to take proper risk prevention measures to ensure market stability and smooth delivery. This notice is hereby given. Attachment: Shanghai Futures Exchange Apr 2026

On April 24, Jiangsu Lopal Tech Co., Ltd. released its 2025 annual report. The report shows that the company achieved operating revenue of 8.938 billion yuan in 2025, a year-on-year increase of 16.42%; total profit was -224 million yuan. As of the end of 2025, the company's total assets reached 18.672 billion yuan, a year-on-year increase of 16.30%; net assets attributable to shareholders of the listed company were 2.828 billion yuan, a year-on-year decrease of 10.79%. The company's lithium iron phosphate product shipments rank among the top in the industry. It has established long-term and stable cooperative relationships with major global lithium battery manufacturers such as CATL, LG Energy Solution, REPT BATTERO, EVE Energy, Sunwoda, and ChuNeng New Energy.

【SMM Steel】The USDOC issued final AD/CVD determinations on certain chassis from Mexico, Thailand, and Vietnam on Apr 21, 2026. Mexico faces AD: 32.37% (cash deposit: 0% after subsidy offsets) and CVD: 76.91%. Thailand: AD 72.85-129.63% (adjusted same), CVD 9.65-10.72%. Vietnam: AD 186.84%. The USDOC initiated the probes on Mar 18, 2025. Goods under HS 8716.39.0090, 8716.90.5060.

【SMM Steel】The UK TRA released an SEF for interim findings on an AD investigation into S.Korean hot rolled steel plates. The TRA prefers imposing duties only on plates >600mm but 600mm scope, due to an Economic Interest Test. Full scope duties would hurt downstream UK industries (renewables, shipbuilding) that depend on imports. Narrow plates are produced domestically. Proposed duties: 7.04-22.27% for narrow plates vs 5.98-24.28% for full scope. Public comments due by May 21, 2026. The injury period: Apr 1, 2021 - Mar 31, 2025; investigation period: Apr 1, 2024 - Mar 31, 2025.

[Zinc Industry Co., Ltd. Released 2025 Annual Report] On April 24, Zinc Industry Co., Ltd. released its 2025 annual report. During the reporting period, the company's production was as follows: zinc (270,200 mt), lead (29,900 mt), copper (116,700 mt), and sulphuric acid (659,700 mt). The company achieved operating revenue of 18.529 billion yuan and net profit attributable to shareholders of the publicly listed firm of 68.1487 million yuan. In 2026, the company plans to complete total non-ferrous metal production of 390,000 mt and total chemical products production of 742,000 mt, including zinc (260,000 mt), lead (30,000 mt), copper (100,000 mt), sulphuric acid (730,000 mt), and zinc sulphate (12,000 mt).

[SMM Global Steel Company Special] POSCO Business Performance Report POSCO Holdings Inc. released its 2025 consolidated results, reporting revenue of 69.095 trillion won, operating profit of 1.827 trillion won, and net profit of 504 billion won. The details of the steel segment's 2025 performance are as follows. Data source: POSCO Annual Report POSCO (Standalone) Operating Performance Production and Sales Data source: POSCO Annual Report Earnings Overview ① 2025 revenue: 35.011 trillion won, down 2.545 trillion won YoY; ② 2025 operating profit: 1.78 trillion won, up 307 billion won YoY; ③ Operating profit margin: 5.1%, up 1.2% YoY. Performance Analysis On a full-year basis, although selling prices in 2025 declined compared to 2024, operating profit still rose as raw material and production costs fell by a larger margin. ① Carbon steel selling price dropped from 985,000 won/mt in 2024 to 926,000 won/mt in 2025, down approximately 59,000 won/mt. ② Key raw material cost index: fell from 100 in 2024 to 83.8 in 2025, down 16.2. Although annual growth was still achieved, it is worth noting that the sharp rise in LNG prices also significantly impacted costs, pushing up energy and maintenance expenses from 494 won/m³ in 2024 to 633 won/m³ in 2025. More detailed changes are as follows (unit: 1 billion won). Data source: POSCO Annual Report Ex-China Steel Operating Performance Details Data source: POSCO Annual Report Core Steel Business Operating Activities Decarbonisation ① Commenced construction of the HyREX (hydrogen reduction ironmaking) demonstration plant in Pohang (expected to be operational in 2028). ② Operating the Gwangyang Electric Arc Furnace (EAF, capacity of 2.5 million mt, operational from June) to quickly respond to market demand for low-carbon steel products. Building Two Pillars: Energy and Mobility ① Pohang Plant (Energy): Building a "model plant for energy-use steel," deepening capabilities in steel for hydrogen energy, LNG, and power grid applications (including PosMAC, e-steel, etc.). ② Gwangyang Plant (Mobility): Positioned as a "dedicated plant for new mobility," conducting R&D on Giga Steel, silicon steel (Hyper NO), and other low-carbon high-end materials. Cost Innovation 2030 Leveraging technology to reduce structural costs through technology-driven structural cost reduction, targeting fixed cost reductions of 50 billion Korean won in 2025 and 40 billion Korean won in 2026. Optimizing group-wide operating costs: such as optimizing power generation and waste heat recovery, and streamlining logistics and procurement. Overseas Expansion ① [US Louisiana: EAF Integrated Steel Mill] Total investment of $5.8 billion, with POSCO holding a 20% stake and a relatively small financial burden (capital-to-debt ratio of 50:50). Products will be directly supplied to North American automakers and POSCO's Mexico plant. Discussions are underway on battery materials supply chain and next-generation materials collaboration. ② [Strategic Partnership with US Cleveland-Cliffs] Combining POSCO's global network with Cleveland-Cliffs' domestic production assets. Goal: Capturing the North American high-value-added automotive sheet market through the integration of technology and marketing. ③ [India: Integrated Steel Mill Joint Venture] Establishing a 50:50 joint venture with JSW, India's largest steel manufacturer, with equal representation on the board of directors. Constructing an integrated steel mill with a capacity of 6 million mt, and conducting business collaboration in renewable energy (wind and solar) to supply power to the steel mill. Source: POSCO Annual Report 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. 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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. 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SMM Alumina Morning Comment 2.5 Futures: During the night session, the most-traded alumina futures contract AO2605 opened at 2,824 yuan/mt, reached a high of 2,824 yuan/mt, hit a low of 2,781 yuan/mt, and closed at 2,788 yuan/mt, down 36 yuan/mt from the previous day. Open interest increased by 7,776 lots to 383,000 lots, indicating an overall cautious market sentiment. From a technical perspective, the closing price was above MA10 (2,777.80) and MA30 (2,772.63), providing some upward momentum, but below MA5 (2,792.20), limiting gains with overhead pressure still present. Meanwhile, the MACD indicator DIF (7.18) crossed above DEA (0.19), with the bullish crossover at low levels weakening and the histogram narrowing to 13.96, suggesting alumina futures are expected to continue weakening in the near term. Industry Updates: 1) Overseas alumina transactions: On February 3, 2026, 30,000 mt of alumina was traded overseas at a transaction price of $310/mt FOB Western Australia for March shipment. The previous transaction was on January 20 at $304/mt FOB Western Australia for February shipment. Ore: As of February 4, 2026, the SMM imported bauxite index stood at $62.42/mt, unchanged from the previous trading day. The SMM Guinea FOB average price was $39/mt, unchanged from the previous trading day. The SMM Guinea bauxite CIF average price was $61/mt, unchanged from the previous trading day. The SMM Australian low-temperature bauxite CIF average price was $60/mt, unchanged from the previous trading day. The SMM Australian high-temperature bauxite CIF average price was $56/mt, unchanged from the previous trading day. The Malaysian bauxite CIF average price was $47/mt, unchanged from the previous trading day. The Malaysian bauxite CIF (washed) average price was $60/mt, unchanged from the previous trading day. The Ghanaian bauxite CIF price was $73/mt, unchanged from the previous trading day. The bauxite CFR (Turkey) price was $71.5/mt, down $2/mt from last Friday. Domestic ore side, bauxite production resumptions in Shanxi were active, with currently ample supply. Combined with some domestic ore production lines planning to upgrade to imported ore lines recently, domestic ore demand weakened again, and prices were under pressure. Imported ore side, market transactions were sluggish, with offer prices continuing to decline. Some alumina refineries reported that amid falling ore prices, procurement plans remained cautious. SMM will continue to monitor domestic and overseas mines' production, port shipments, and price trends. Spot Prices: As of February 4, 2025, the SMM alumina index was at 2,619.87 yuan/mt, down 0.27 yuan/mt MoM. The SMM Shandong alumina index was at 2,549.77 yuan/mt, down 0.19 yuan/mt MoM. The SMM Henan alumina index was at 2,617.91 yuan/mt, down 0.92 yuan/mt MoM. The SMM Shanxi alumina index was at 2,604.23 yuan/mt, down 0.26 yuan/mt MoM. The SMM Guizhou alumina index was at 2,693.56 yuan/mt, down 0.23 yuan/mt MoM. The SMM Guangxi alumina index was at 2,674 yuan/mt, down 0.33 yuan/mt MoM. Spot-Futures Price Spread Daily Report: According to SMM data, on February 4, the SMM alumina index was at a discount of 208.13 yuan/mt against the most-traded contract's latest transaction price at 11:30 AM. Warrant Daily Report: On February 4, total registered alumina warrants increased by 6,944 mt from the previous trading day to 196,300 mt. Shandong region alumina warrants remained unchanged at 7,796 mt. Henan region alumina warrants remained unchanged at 1,203 mt. Guangxi region alumina warrants remained unchanged at 7,505 mt. Gansu region alumina warrants remained unchanged at 17,400 mt. Xinjiang region alumina warrants increased by 6,944 mt from the previous trading day to 162,400 mt. Markets Outside China: As of February 4, 2026, the FOB Western Australia alumina price was $310/mt, the ocean freight rate was $20.2/mt, and the USD/CNY selling rate was around 6.95. This translated to a selling price at China's major ports of approximately 2,674.83 yuan/mt, which was 54.96 yuan/mt above the SMM alumina index price. According to SMM model calculations, the import window was closed. Summary: Overall, as of last Thursday, China's alumina market inventory edged up slightly, with the overall oversupply pattern continuing. Currently, some alumina refineries have started maintenance, with enterprises across various regions arranging production shutdowns of different scales, leading to a decline in the industry operating rate and a weekly production decrease of 35,000 mt to 1.636 million mt. Inventory side, as more enterprises underwent maintenance, alumina in-factory inventory decreased by 3,000 mt to 1.2408 million mt. Aluminum enterprises' raw material inventory edged up slightly to 3.603 million mt, mainly due to continued shipments under long-term contract orders. Warrants, attracted by previously strong futures prices, saw increased delivery willingness, rising by 40,000 mt to 159,100 mt, while in-transit and platform inventory decreased by 30,000 mt as cargoes gradually arrived at end-users. Overall, although the pace of inventory buildup has slowed down compared to the earlier period, overall industry inventory pressure persists, and the destocking progress has fallen short of expectations. Going forward, attention should be paid to the execution of enterprise maintenance plans. If the supply side fails to sustain contraction, inventory is expected to maintain a slight buildup trend next week, and spot alumina prices are expected to be in the doldrums. [Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.]

[Luoping Zinc & Electricity's 2025 Annual Report Released] On April 24, Luoping Zinc & Electricity released its 2025 annual report. The report showed that its total zinc ingot production in 2025 was 53,700 mt, up 27.52% YoY, and its total zinc alloy production was 5,000 mt, down 48.52% YoY. In 2026, the company plans to closely track targets, strengthen execution, and optimize processes, striving to produce 60,000 mt of zinc slabs (equivalent to zinc ingots) and 120,000 mt of sulphuric acid for the full year.

For the week ending April 18, 2026, US domestic raw steel production rose to 1.848 million net tons, hitting a benchmark capability utilization rate of 80.0%. This represents a 9.7% increase compared to the same week in 2025. Adjusted year-to-date production has reached 27.719 million net tons, up 5.8% year-on-year, with the Southern district continuing to lead domestic output at 823,000 tons.

It has become a consensus that domestic demand for new energy vehicles will be under periodic pressure in 2026. However, the industry has not lost its growth momentum but is shifting from past expansion driven by pricing and policy to a growth model supported by products, structural optimization, and markets outside China. At the same time, the rise on the cost side is squeezing profit margins, making the issue of "growing but not profiting" increasingly visible.