Radiance Renewables has commissioned an 87MW solar project at Korwar in Karnataka. The project is expected to generate around 3.48 million MWh of clean electricity over its lifetime and avoid about 2.96 million tonnes of CO₂ emissions. It is equipped with CEA-compliant reactive power compensation systems and is designed for future BESS integration. The project will supply renewable power to customers in sectors including data centers, FMCG and automotive

STMicroelectronics, a major manufacturer of MCUs and power semiconductors, issued a "Price Adjustment Notification" to clients on May 28, announcing that it would raise prices on selected products effective June 28, 2026. This marked the company's second price increase announcement this year, following the one made on March 24. With only two months between the two announcements, STMicroelectronics' decision to raise prices again underscored the continued intensification of pressure on the cost side.

[SMM Steel Export Special Report] Steel exports are projected to increase by 0.9% in 2026, and billets may become the main force of growth through "conflict spillover" 一Review of Steel Exports in 2025 and Forecast for 2026 Looking back at the previous text ( https://mp.weixin.qq.com/s/XRKfmCwJbx6eUBrgJe_xug ), SMM, now combining market research from over 50 customer questionnaires and market analysis, makes a forecast for steel exports in 2026. First, we present the conclusion: the total export volume of steel (steel products + billets) in 2026 is expected to reach 135 million tons, still showing a growth trend year-on-year, with a growth rate of 0.9%. Data sources: SMM, General Administration of Customs Forecast by Variety: Coated and Galvanized Products Continue to Top the List, While Billets Leverage "Conflict Spillover" to Catch Up Data sources: SMM, General Administration of Customs Looking back at the product mix distribution over the past 25 years, coated and plated products ranked first, followed closely by hot-rolled products and steel billets. In addition, products such as pipes and wire rods also performed quite prominently. Data source: Directly compiled from SMM's research on exporters According to the results of the SMM questionnaire survey, it can be found that the export varieties in 2026 that are more favored by exporters are mainlygalvanized steel, hot-rolled steel, and profiles. It is worth noting that silicon steel also made the list, presumably for two reasons: first, with the global power grid undergoing upgrades, the demand for orientedsilicon steelin transformers has entered a growth phase; second, as the core material for new energy vehicle motors, it is also a major source of profit for China's high-value-added exports. Based on past export data and current market analysis, SMM has estimated and predicted that the main export products in 2026 will be ① Coated and plated products (24%, with positive growth for three consecutive years), As the domestic manufacturing industry transforms towards high-end, industrial transfer, and the booming of home appliance exports, home appliance and automobile factories in regions such as Southeast Asia and North America have all entered the production stage, with rigid demand for high-quality galvanized and color-coated sheets from China. Meanwhile, compared with ordinary hot-rolled, medium and heavy plate, and other deep-processed products, coated and plated products enjoy lower anti-dumping tax rates in some countries, which is also an important means to avoid trade frictions. ② As the product with the greatest development potential this year, billets (14%) currently have obvious advantages. On the one hand, billets in China are low in price and have faced very few trade barriers to date. In the whole year of 2025, the total export volume of billets reached as high as 14.83 million tons, with a year-on-year increase of 134%. According to the latest customs data compiled by SMM, the cumulative export volume of billets from January to February 2026 reached 1.7745 million tons, still achieving a year-on-year increase of 16%. On the other hand, against the backdrop of the US-Iran conflict, Iran's billet exports to Southeast Asia have nearly come to a halt, while China, with fewer overseas trade barriers for billets, will directly fill the market gap left by Iran's exit. The recent SMM Steel Export Weekly Report's research on the booming billet exports has repeatedly confirmed this situation. In summary, it is projected that billet exports will continue to maintain a high-speed growth trend in 2026, with a total volume of 19 million tons, a year-on-year increase of 28%. ③ Hot-rolled (13%) , with the implementation of Vietnam's anti-circumvention measures against Chinese hot-rolled coils this year, the total volume of hot-rolled exports will continue to decline. Meanwhile, in 2025, China's total hot-rolled exports to Saudi Arabia were second only to Vietnam, but now maritime blockades, high insurance costs, and freight rates will all become obstacles to exports to the Middle East, so the outlook for hot-rolled coil exports is not optimistic. However, as the saying goes, "a starved camel is still bigger than a horse." As a necessary product of the "Made in China" machinery and equipment going global (indirect exports), its market dominance remains difficult to shake in the short term. Therefore, even though the decline is significant, its total volume ranking remains relatively high. Data Sources: SMM, General Administration of Customs Regional Forecast: Asia Seeks Change Amid Stability, Africa Mines Potential, and European and American Markets Seek Differentiated Penetration Under "Barriers" Data sources: SMM, General Administration of Customs Reviewing the 25-year steel export data by region, it is clearly evident that the Asian market has a core region and diversified other regions. Regarding the forecast for the flow in 26 years, SMM believes that the general regions will remain unchanged, but in terms of breakdown, ① the Southeast Asian market located in Asia (60%) will see a slight increase in its share in the game between the growth of billets and coated products and the decline of hot-rolled coils, but the share of the Middle East regions such as Saudi Arabia is likely to weaken due to geopolitical conflicts, while the share of the Indian market, which serves as a transit point for transportation to the Middle East, may increase. ② Africa (16%) It is still a blue ocean with huge potential. The promotion of the African Continental Free Trade Area will accelerate the housing and infrastructure building in North Africa and West Africa, and local mineral and energy projects will continue to drive the demand for mining machinery special steel. ③ South America (9%), Europe (8%), and North America (6%) are competing. Among them, under the dual-wheel drive of new infrastructure and resource development, the South American region is expected to continue to expand compared with the same period; while the European market is expected to continue to adjust steel exports to "less but better" under the strict CBAM (carbon border adjustment mechanism) implementation.North America continues to be constrained by high Section 232 tariffs and trade protectionism, and its low share is an objective reality. Data sources: SMM, General Administration of Customs The following figure shows the ranking of export regions preferred by exporters in the SMM questionnaire, which can be used as a reference. Data source: Directly compiled from SMM's research on exporters 70% of merchants are turning to "upholding integrity while seeking innovation": SMM research reveals the compound survival logic of export trade in 2026 Meanwhile, we have also conducted relevant research on the destination countries and their corresponding export varieties. As shown in the figure, the hotspots are concentrated in Latin America, Africa, the Middle East, and Southeast Asia, and the star products remain coated and plated products, hot-rolled products, wire rods, section steels, and steel billets. Data source: Directly compiled from SMM's research on exporters In the current context where the wave of globalization is facing headwinds and the international political and economic landscape is undergoing drastic upheaval, export trade enterprises are standing at an unprecedented crossroads. Faced with the complex external environment of supply chain fluctuations, geopolitical games, and the iteration of consumer demand, waiting for death or passive maintenance is no longer an option. According to the survey data from SMM questionnaires, nearly 70% of exporters, after reviewing their own business maps, have resolutely chosen a compound response strategy of "upholding integrity while seeking innovation": that is, on the basis of ensuring the stable operation of existing advantageous products, they are extending their reach to more forward-looking new product development and new track expansion. We must admit that in the crucible of complex situations, only by continuously iterating the product matrix and responding to the ever-changing market demands with a flexible and adaptable stance can enterprises stand firm in the storm. 二Core factors influencing steel exports in 2026 Although the forecast for the overall steel exports in 2026 is relatively optimistic, we must also pay attention to some external challenges we are currently facing. Apart from the previously mentioned Chinese export license incident, SMM believes that there are mainly three factors affecting exports this year: the first is the expectation of production restrictions (2026 is the first year of the 15th Five-Year Plan, and the National Development and Reform Commission has clearly stated that it will continue to implement the reduction of crude steel production); the remaining two are the EU CBAM (Carbon Border Adjustment Mechanism) and anti-dumping cases. Below, we will provide an interpretation of these two major factors. 2026: The Inaugural Year of the "Carbon Tax" Kicks Off: With Substantive Imposition Looming, How Can China's Steel Exports to the EU Break the Deadlock? Starting from January 1, 2026, CBAM has officially concluded the transitional period of "only reporting, no payment" and entered the substantial collection phase. This mechanism is regarded as a key piece of the puzzle for the EU to achieve its "2050 Carbon neutrality" goal, with its core logic being to levy taxes equivalent to the EU's internal carbon price on high-carbon products imported into the EU, so as to eliminate the risk of "carbon leakage" and protect the competitiveness of the EU's domestic industries. Data source: SMM compiled from public information According to the latest research by SMM, most traders are currently taking a wait-and-see attitude towards steel exports to the EU region due to the issue of certificate fees. Meanwhile, to provide a buffer period for traders, the EU will not impose 100% fees in 2026, but will instead assess based on the "free allowances" of EU domestic enterprises. That is, at present, only a small portion of emissions need to pay for certificate fees, but this coefficient will decline year by year over time (reaching 0 in 2034, i.e., full fees will be charged). In summary, there is no need to be overly worried in the short term. However, due to the significant differences between China's steel production structure (dominated by long blast furnace processes) and that of the EU (where short electric furnace processes account for a relatively high proportion), the medium- to long-term impact on China's steel industry should not be underestimated. For details, please refer to the analysis in the figure below. Data sources: SMM, public information To maintain steel exports to the EU under the influence of policies, we propose the following optimization suggestions: ① Data compliance: As soon as possible, improve the full life cycle (LCA) carbon footprint accounting of export products, establish a carbon ledger that meets EU standards, and actively prepare all relevant materials. ② Product optimization: Prioritize low-carbon emission production lines (such as electric arc furnace lines with a high proportion of scrap steel) to undertake orders for export to the EU. ③ Premium transfer: Explore the brand premium of "green steel" and attempt to offset part of the carbon tariff cost through environmental premiums. ④ Layout adjustment: Focus on the production capacity layout in regions such as Southeast Asia, and evaluate the feasibility of avoiding or mitigating carbon footprint pressure through overseas bases. Break through the fog of "anti-dumping" and jump out of the trap of "pessimistic expectations" Finally, we have compiled the anti-dumping cases that have been adjudicated for the second half of 2025 and 2026. The main product categories affecting steel exports in 2026 are hot-rolled, coated, silicon steel, and medium and heavy plates, and the markets are mostly concentrated in countries such as South Korea, Brazil, Egypt, and India. Data sources: SMM, General Administration of Customs Considering that there is usually a time period of 1 to 1.5 years from case filing to ruling, we have also compiled the following table for relevant cases that may affect steel exports in 2026 in terms of market and product variety. Summary of anti-dumping cases to be implemented in 2026 Data sources: SMM, China Trade Remedy Information Network It should be noted that although there were also many new anti-dumping cases in 2025, they did not have the expected pessimistic impact on the actual total export volume for that year. Therefore, the proportion of the impact factor of this part in the SMM balance model is not large. So, even when evaluated based on the maximum impact upon implementation, there is still an expected increase in this year's actual export volume, with the growth rate of billets remaining the main driver. 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.

SMM Morning Meeting Summary: LME copper opened overnight at $13,198.5/mt, initially fluctuating upward to a high of $13,323/mt, after which the price center plummeted to a low of $12,990.5/mt, then fluctuated upward to close at $13,172/mt, up 1.59%, with trading volume reaching 35,700 lots and open interest at 325,000 lots, down 446 lots from the previous trading day, mainly due to short covering. The most-traded SHFE copper contract 2602 opened overnight at 104,600 yuan/mt, initially climbing to a high of 104,790 yuan/mt, after which the price center plummeted to a low of 101,810 yuan/mt, then fluctuated upward to close at 103,320 yuan/mt, up 0.54%, with trading volume reaching 129,400 lots and open interest at 178,000 lots, down 4,781 lots from the previous trading day, mainly due to short covering.

On January 12, 2026, following market consultations at the end of 2025, the Democratic Republic of Congo’s national mining company Gécamines announced the exercise of its shareholder rights. Gécamines will directly procure 100,000 tons of copper from the TFM Copper-Cobalt Mine, which represents 20% of the total copper output for the year 2026. The copper will be shipped in batches to the U.S. market during the 2026 fiscal year. This move aims to fulfill specific expectations outlined in several agreements recently reached between the United States and the Democratic Republic of Congo.

CMOC will invest $1.08 billion to expand its KFM copper mine in the Democratic Republic of Congo, which is expected to add approximately 100,000 tons of copper production annually upon completion. CMOC will commence the second phase of the KFM project in 2027. Previously, the first phase of the KFM project had reached full production capacity in 2023.

According to CMOC's official WeChat account, the Copper Mark organization recently formally notified CMOC that its TFM copper-cobalt mine operating in the DRC has passed the Copper Mark re-audit, with all areas currently assessed as "Fully Met." Consequently, TFM has become the first mine in Africa to receive the Copper Mark certification and the first in Africa to achieve a "Fully Met" rating across all standards of the Copper Mark. The Copper Mark is a leading assurance system in the industry, designed to meet the growing international demands for responsible sourcing and production, and to promote responsible practices within the copper, molybdenum, nickel, and zinc value chains. It conducts independent third-party assessments of mines and smelters to verify whether each production site complies with responsible production practice requirements. The Copper Mark's requirements cover all major environmental, social, and governance issues. Copper producers that obtain the Copper Mark will automatically meet all three requirements of the London Metal Exchange's (LME) responsible sourcing criteria, namely responsible sourcing, environment, and occupational health and safety management systems. Liang Wei, CMOC's ESG Vice President, explained that the Copper Mark is a voluntary program open to all industry members. In early 2024, TFM passed the initial Copper Mark audit. In August 2025, TFM completed the re-audit process. The Copper Mark's assurance process uses 32 different criteria from the Responsible Minerals Initiative's (RMI) Risk Readiness Assessment (RRA), covering topics such as legal compliance, labor relations, environmental management, greenhouse gas emissions, water management, mine closure and reclamation, community development, grievance mechanisms, stakeholder communication, and mineral supply chain due diligence. This encompasses the entire production process of copper-cobalt products, from mining and beneficiation to smelting. "The Copper Mark certification is a key task for CMOC in practicing high-standard ESG principles and achieving continuous improvement. It is also an important means to demonstrate responsible and sustainable production to stakeholders such as customers, investors, governments, communities, and employees," said Liang Wei. "Obtaining the Copper Mark certification also helps products gain recognition from premium market customers and achieve a price premium." Globally, a total of 52 mines, 32 smelting/refining enterprises, and 11 metal manufacturers have currently obtained the Copper Mark. In the DRC, mines that have received the Copper Mark include CMOC's TFM, as well as Glencore's KCC and MUMI. TFM is the world's fifth largest copper mine and the second largest cobalt mine. It possesses five copper-cobalt production lines and has an annual copper production capacity of 450,000 mt. Since the beginning of this year, TFM has continuously tapped into potential, improved operational and management efficiency, achieving enhancements in both copper production volume and quality. As a metal of the future, copper plays an irreplaceable role in the global transition to clean energy and the electricity demand driven by artificial intelligence. In recent years, due to insufficient capital expenditure and declining ore grades at traditional mines, global copper ore supply has been relatively tight. With the completion of four new production lines at TFM and another world-class project, KFM, in the DRC, CMOC has become one of the few large-scale miners globally to maintain rapid growth in copper production in recent years, and for the first time in 2024, it ranked among the world's top ten copper producers. In H1 2025, CMOC's copper production reached 353,600 mt, setting a new historical high for the same period and continuing to serve as a "stabilizer" for global copper production in the mining industry.