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 at the ore end and the release of smelting capacity are creating structural tension; divergence between domestic and overseas inventory reflects the complex dynamics of supply and demand rebalancing; and technological innovation is becoming the key momentum to resolve contradictions and reshape the landscape. Key “15th Five-Year Plan” sectors such as new energy and new-type infrastructure are injecting fresh momentum into traditional zinc consumption, while green, low-carbon development and the circular economy are also accelerating the reshaping of industrial logic under the drive of technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and other relevant parties, SMM the 2026 SMM Zinc Industry Conference and the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, and the 14th Zinc Salts, Zinc Oxide and Secondary Zinc Resources Development Forum, and the Casting Zinc Alloy Development Forum are about to be held in Qingdao, Shandong, from August 6 to 8. Under the theme “Harness Zinc Momentum · Build the Zinc Industry · Embark on a New Journey”, the conference will be driven by a dual engine of macro perspective and fundamentals analysis, closely aligned with the main line of high-quality development under the “15th Five-Year Plan”. It will focus on four key dimensions—macro policy, the supply-demand pattern, global trade, and technological innovation—leveraging technological breakthroughs to drive cost reduction and efficiency improvement, and using collaborative innovation to address market fluctuations, jointly charting a new blueprint for high-quality and sustainable development of the zinc industry.‌ Jiangsu Myande Energy-Saving Evaporation Equipment Co., Ltd. will make a distinguished appearance at this grand event, joining industry peers to discuss industry development trends and work together to propel the zinc industry to new heights. Click to register for the conference now, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! System Solution for Resource Utilization of High-Salinity Wastewater in the Metallurgical Industry From “High-Salinity Burden” to “Resource Gains”—Empowering Green and Intelligent Manufacturing in Zinc Smelting I. Wastewater Treatment Challenges in the Secondary Zinc Industry A large volume of high-salinity wastewater is generated during zinc recovery from zinc-containing scrap, requiring compliant environmental protection treatment with stringent standards. This results in both high investment in environmental protection equipment and high subsequent operating costs, compressing enterprise profit margins. Moreover, secondary waste is generated after environmental protection disposal, adding disposal costs and making it difficult for enterprises to continue bearing the burden. II. Root Causes of Wastewater Treatment In the zinc recovery process for zinc-containing scrap, low-grade zinc oxide must be rinsed to remove chlorides and other impurities in the raw material to avoid affecting the purity of zinc products. In addition to sodium chloride and potassium chloride, the rinsing wastewater also contains sulphate radicals, fluoride, COD, and many other components. Its composition is complex and fluctuates significantly, making wastewater treatment highly challenging. III. Three Core Processes, One-Stop Breakthrough 1. Deep pre-treatment—precisely removes fluorides, heavy metals, and organic matter, ensuring long-term stable operation of the system 2. Evaporation Concentration + Fractional Crystallization—Recovering High-Purity Potassium Chloride and Sodium Chloride, Achieving Salt Resource Recovery 3. Evaporative Condensate Reuse in Production Processes—Self-Circulation of Process Water, Achieving True "Zero Discharge" 4. Dual Benefits Empowering Enterprises Turning high-salinity wastewater into a valuable resource, while achieving environmentally compliant disposal, recovering salt resources, with revenue covering operating costs, shortening the payback period, and enhancing overall economic benefits. Contact Person Zhu Manager 15161877256 Wu Manager 15952706514 Tel: 0514-87843988 Email: zzj@myande.com Website: evap.myande.com Address: No. 199 Ji’an South Road, Yangzhou, Jiangsu Province Product Inquiry QR Code Evaporation Official Website QR Code Official Website QR Code Official WeChat QR Code Long-Press to Scan to Register Now 2026 SMM Zinc Industry Conference

The European Commission has launched an 8-week targeted consultation (28 July–28 September) to review whether the EU Steel Regulation's product list should expand to cover cast iron pipes/hollow sections, unalloyed and alloy wire, stainless steel wire, and unalloyed/alloy forged bars; input from producers, consumers, distributors, importers, and industry groups will feed into a review due by 31 December 2026. The regulation currently sets a duty-free quota of 18.3 million tonnes with a 50% duty on excess volumes, plus a "melted and poured" origin-transparency rule, Ukraine's annual quota under the scheme stands at 1.05 million tonnes.

On July 30, 2026, Vale announced that it had started trial operation of the long-distance conveyor belt for the Serra Sul 20 million tonnes per year (mtpy) capacity expansion project, marking the project's official entry into the operational phase. This expansion project, combined with a compact ore crushing system planned to be put into use in Q4 2026, is expected to add 20 million mt of annual iron ore production to the S11D mine (Canaã dos Carajás, Pará, Brazil), improving the mine’s capacity and operational flexibility. The Serra Sul 20 mtpy capacity expansion project is a key component of Vale’s corporate strategy, aimed at reinforcing the S11D mine’s competitive edge in the market. The project will not only enhance operational efficiency in iron ore operations but also strengthen Vale's ability to supply high-grade iron ore to the market. As an important part of the ‘New Carajás Plan,’ this plan aims to ensure the continued stability of iron ore capacity while expanding the supply of high-quality iron ore products and critical minerals, thereby consolidating Brazil’s position in the global energy transition and creating long-term value for society and stakeholders. The expansion project has further boosted the capacity of the S11D mine and production facilities by replicating the existing long-distance conveyor system, developing new mining areas, installing semi-mobile crushing equipment, and constructing a new production line at the beneficiation plant. The project obtained the relevant mining operating license in September 2025. In addition, the Capanema project, the Vargem Grande 1 Plant (VGR1) project, and the Serra Sul 20 mtpy capacity expansion project are all key milestones in the company’s iron ore capacity enhancement plan. The company plans to increase annual iron ore production to approximately 360 million mt by 2030, while continuously enriching and optimizing its iron ore product portfolio to achieve sustainable growth and competitive advantage. In Q2 2026, Vale’s iron ore production reached the highest level for a second quarter since 2018. Total iron ore production was 84.3 million mt, up 1% YoY (700,000 mt). This growth was driven by record production at S11D, as well as incremental volumes from the Capanema and Vargem Grande 1 (VGR1) projects. Iron ore pellet production totaled 7.3 million mt, down 7% YoY (500,000 mt), due to the temporary suspension of production at the Oman plant during part of the quarter. Iron ore sales reached 79.7 million mt, up 3% YoY (2.4 million mt), supported by the sale of inventory and higher production.

“Tin” Leads the Future: Industrial 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 tin’s strategic value has become fully evident. In 2026, the tin market is presenting an unprecedentedly complex landscape and profound transformation: I. The Supply-Demand Pattern Is Being Deeply Restructured, and Strategic Attributes Are Rising to an Unprecedented Level The global tin resource static reserve-to-production ratio is only 14 years, and scarcity is becoming increasingly prominent. The supply side is facing “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 have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. The Pricing System Breaks Through History, and the Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough is not only a reflection of the supply-demand imbalance, but also a sign of value reassessment across the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Give Rise to a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbon development and a circular economy. Recycled tin recovery and green smelting processes have become the only way forward. Every link of the industry chain must shift 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. Honghe Prefecture Jucheng Industrial Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and work together to drive the tin industry to new heights. Click the to register for the conference now, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Honghe Prefecture Jucheng Industrial Co., Ltd. (hereinafter referred to as the Company) is a comprehensive enterprise deeply engaged in the tin ingot import trade sector. With a global resource footprint, entire industry chain collaboration advantages, and an innovative and enterprising development strategy, it has established an outstanding brand image in the non-ferrous metals trading industry. HHZJC Industrial & Commercial Co., Ltd. ("the Company" for short) is a comprehensive enterprise engaged in tin ingot import. Leveraging a global resource layout, synergistic advantages across the entire industrial chain, and innovative, enterprising development strategies, the Company has established an outstanding brand image in the non-ferrous metals trading sector. The Company was incorporated on December 29, 2022, as a state-owned holding subsidiary of Honghe Prefecture State-owned Assets (Holding) Management Co., Ltd., with a registered capital of RMB 100 million. The Company was established on December 29, 2022, as a state-owned holding subsidiary of Honghe Autonomous Prefecture State-owned Assets Holding Management Limited Company, with a registered capital of RMB 100 million. The Company's team has been deeply engaged in the industry for a decade, possessing extensive resources and experience across the entire industrial chain. It pursues progress while ensuring stability, with a global perspective. As a trailblazer focused on tin ingot import and export, the Company stands out amid fierce market competition thanks to its outstanding resource integration capabilities, professional service team, and innovative development philosophy. It now serves as a vital bridge linking domestic and international tin ingot markets. The Company's team has been deeply engaged in the industry for a decade, possessing extensive resources and experience across the entire industrial chain. It pursues progress while ensuring stability, with a global perspective. As a trailblazer focused on tin ingot import and export, the Company stands out amid fierce market competition thanks to its outstanding resource integration capabilities, professional service team, and innovative development philosophy. It now serves as a vital bridge linking domestic and international tin ingot markets. 1. Globalized Supply Source Network, Strengthening the Foundation of Supply and Marketing 1. Globalized Sourcing Network, Strengthening the Foundation of Supply and Marketing Overseas, the Company has established long-term and stable strategic partnerships with key production regions, including Indonesia, Singapore, Peru, Colombia, and Nigeria. Indonesia, with its advanced smelting technology and abundant mineral resources, provides us with high-purity, high-quality tin ingots; Singapore, leveraging its status as an international shipping hub, facilitates efficient logistics transshipment; and the distinctive tin ore resources of Peru, Colombia, and Nigeria cater to diversified client needs. In China, the Company has forged deep cooperation with major smelters. Through a stable local supply network, it achieves complementary advantages between domestic and overseas resources, establishing a flexible and efficient raw material supply and marketing system that ensures supply stability and cost competitiveness. Internationally, the Company has established long-term and stable strategic partnerships with key production regions, including Indonesia, Singapore, Peru, Colombia, and Nigeria. Indonesia, with its advanced smelting technology and abundant mineral resources, provides the Company with high-purity, high-quality tin ingots. Singapore leverages its role as an international shipping hub to facilitate efficient logistics and transshipment. The distinctive tin ore resources from Peru, Colombia, and Nigeria satisfy the diversified needs of the Company's customers. Domestically, the Company has achieved deep collaborations with major smelters. By maintaining a stable local supply network, the Company has complemented domestic and international resource advantages and built a flexible and efficient raw material supply and marketing system to ensure stable product supply and cost competitiveness. 2. Synergy Across the Entire Industrial Chain, Unlocking Aggregated Efficiency 2. Synergy Across the Entire Industrial Chain, Unlocking Aggregated Efficiency As a result of the group's strategic layout, the Company has numerous sister enterprises, with operations spanning the full industrial chain, including tin exploration and mining, mineral processing and refining, and warehousing and logistics. By collaborating closely with these sister enterprises, the Company has exercised full control over the entire process—from tin mining to tin ingot manufacturing. This has not only greatly enhanced production efficiency and reduced overall costs, but also strictly ensured product quality. Thanks to the comprehensive industrial chain advantage, the Company offers customized procurement solutions and responds rapidly to order requirements, establishing itself as a highly competitive resource integration platform within the industry. As a result of the group's strategic layout, the Company has numerous sister enterprises, with operations spanning the full industrial chain, including tin exploration and mining, mineral processing and refining, and warehousing and logistics. By collaborating closely with these sister enterprises, the Company has exercised full control over the entire process—from tin mining to tin ingot manufacturing. This has not only greatly enhanced production efficiency and reduced overall costs, but also strictly ensured product quality. Thanks to the comprehensive industrial chain advantage, the Company offers customized procurement solutions and responds rapidly to order requirements, establishing itself as a highly competitive resource integration platform within the industry. 3. Young Elite Team, Empowering Professional Services 3. Young Elite Team, Empowering Professional Services The company has assembled a young, energetic, and enterprising professional team. With an average age of 33, the team members possess multidisciplinary expertise covering international trade, supply chain management, and financial services. Leveraging their sharp insight into industry trends and innovative thinking, they efficiently handle complex trade processes. Adhering to the "customer first" service philosophy, the team provides meticulous, full-cycle services to clients, spanning market analysis, order execution, and after-sales support, winning the trust of global partners with its professionalism and passion. The Company has assembled a young, dynamic, and ambitious professional team. Averagely aged 33, the team combines professional expertise in international trade, supply chain management, financial services, and other fields. With sharp insight into industry trends and innovative thinking, team members handle complex trade processes efficiently. Upholding the "customer first" ethos, the team delivers meticulous, full-cycle services, spanning market analysis, order execution, and after-sales support. It earns the trust of global partners with its professionalism and passion. 4. Strategic Upgrading, Pioneering a New Blueprint for the Industry 4. Strategic Upgrading, Pioneering a New Blueprint for the Industry Building on its existing strengths, the Company has formulated a clear strategic plan: it will continue to extend the industry chain by acquiring high-quality solder manufacturers, entering the advanced tin processing sector, and expanding the application scenarios of tin products. The goal is to create an integrated industry closed loop encompassing "raw material supply—smelting production—advanced processing." This strategic initiative will not only enhance product added value and strengthen the Company's resilience to market risks, but also further consolidate its core position in the tin industry. It will provide clients with more comprehensive industry chain solutions and collaborate with industry partners to forge a sustainable future. Building on its existing strengths, the Company has developed a clear strategic plan: it will continue to extend the industrial chain by acquiring high-quality solder manufacturers. It is expected to enter the field of advanced tin processing and expand the application scenarios of tin products. The goal is to establish an integrated industrial ecosystem encompassing raw material supply, smelting and production, and advanced processing. This strategic initiative will not only increase the added value of products and enhance the Company's resilience to market risks, but also further strengthen its core position in the tin industry. It will provide customers with more comprehensive industry chain solutions and work together with industry partners to create a sustainable future. Contact Information Tai Jinqiu Amelie 19519581373 Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

[SMM Cast Aluminum Alloy Morning Comment: Aluminum Scrap Prices Firmly Supporting the Bottom; Downstream Purchases Hard to Sustain Follow-up During High-Temperature Off-Season] Overnight, the most-traded cast aluminum alloy 2609 futures contract closed at 23,335 yuan/mt, up 75 yuan/mt, an increase of 0.32%. Trading volume totaled 3,344 lots, down 1,793 lots from the previous session; after shooting up, trading volume shrank, and follow-up buying strength gradually weakened during the price rise; open interest stood at 7,682 lots, down 1,508 lots. The price closing higher along with a simultaneous decline in open interest represents a position-reduction ascending structure. The price has held firmly above all moving averages, the medium-term moving averages continue to trend upward, and the overall trend maintains a bullish bias.

[SMM Lead Morning Update: SHFE Lead Pulls Back Under High Inventory Pressure] SMM, July 31: Overnight, LME lead opened at $1,904/mt. Influenced by a weakening US dollar index, the overall center of LME lead has shifted slightly upward recently. However, judging from the overnight trend...

[SMM Lead Morning Meeting Minutes: Market Supply and Demand Both Subdued Yet Inventory Buildup Risk Persists; Short-term Lead Prices Will Remain Under Pressure] The Political Bureau of the CPC Central Committee held a meeting, deciding to convene the Fifth Plenary Session of the 20th Central Committee, to analyze and study current economic situation and economic work. Recently, lead prices have continued to consolidate on a subdued note, with suppliers' hedging willingness strengthening and some lead ingots being gradually transferred to delivery warehouses...

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2609 contract opened at 24,800 yuan/mt, then dipped to a low of 24,800 yuan/mt. Subsequently, with increased long positions, SHFE zinc steadily climbed to hit a high of 24,935 yuan/mt. However, bears added positions, causing the price to pull back slightly but still trade above the daily average line. Then, amid the tug-of-war between longs and shorts, SHFE zinc moved sideways in a narrow range. It finally closed up at 24,885 yuan/mt, a gain of 185 yuan/mt or 0.75%. Trading volume decreased to 54,696 lots, and open interest increased by 3,258 lots to 108,000 lots.

SMM Morning Briefing: Overnight LME copper opened at $13,754.5/mt, dipped to a low of $13,740/mt in early trading, then its center rose to a high of $13,836/mt, subsequently moved sideways and eventually closed at $13,978.5/mt, up 1.3%. Trading volume reached 18,000 lots, and open interest stood at 246,000 lots, a decrease of 342 lots from the previous trading day, reflecting a reduction in bearish positions. Overnight the most-traded SHFE copper 2609 contract opened at 105,370 yuan/mt, dipped to a low of 105,250 yuan/mt early in the session, then its center rose to a high of 105,750 yuan/mt, eventually moved sideways to close at 105,560 yuan/mt, up 0.75%. Trading volume reached 40,000 lots, and open interest stood at 197,000 lots, an increase of 1,132 lots from the previous trading day, reflecting an increase in bullish positions.

[SMM Morning Meeting Summary: US dollar index edges down, LME zinc center rises] Overnight, LME zinc opened at $3,582.5/mt. In early trading, LME zinc moved sideways near the daily average line, then edged down slowly. During the European trading session, it dipped to $3,571.5/mt. Prices at the night session shot up to touch $3,625.5/mt. It edged down slightly in late trading, and finally closed up at $3,609.5/mt, an increase of $36.5/mt or 1.02%. Trading volume increased to 9,333 lots, and open interest decreased by 3,194 lots to 244,000 lots.