When asked, "What were the sales volume and pricing of copper foil produced by your company in April 2026?" North Copper responded on May 19 via the investor interaction platform: The company's copper foil sales are performing well with balanced production and sales; the product is priced and sold on a market-based basis according to market supply and demand. North Copper also responded on May 19: The company's share price fluctuations are influenced by a combination of factors including the macro environment, market sentiment, capital flows, and the company's own performance. The recent share price fluctuations have been largely in line with the trend of publicly listed firms in the copper sector. The company has always focused on enhancing intrinsic value as the core of its market capitalization management, and is committed to the long-term alignment of corporate value and market performance through focusing on core business growth, optimizing governance structure, strengthening information disclosure, and implementing shareholder return plans. The content of the earnings briefing announced by North Copper on May 8 showed: 1 What is the current construction progress of the new 10kt rolled copper foil production line, and in which month of 2026 is it expected to be completed? North Copper responded: Some production lines of the company's 50,000 mt/year high performance rolled copper strip and foil and 2 million m² CCL project have reached the intended usable condition. The main products include high performance copper and copper alloy strip and rolled copper foil, of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. 2 What caused the negative operating cash flow, and what is the impact on the company going forward? North Copper responded: The negative net cash flow from operating activities in Q1 was mainly due to two reasons: first, rising non-ferrous metal prices led to higher overall value of copper raw materials, increasing capital occupation; second, under the impact of geopolitical factors, international shipping rerouting and tight domestic railway dispatching caused copper raw material arrivals at the plant to be delayed versus plan, extending the capital turnover period. The company's current cash flow level can effectively support daily operations and debt repayment. Going forward, the company will take targeted measures to improve the situation. 3 Questions regarding the progress of Hujiaoyu mine asset injection. Specifically: Has the preliminary preparation work for the asset injection (such as auditing, valuation, and plan evaluation) been initiated? Does the company plan to complete this asset injection within 2026? Are there any material obstacles or uncertainties in the process that need to be disclosed to investors? Beyond strictly fulfilling the commitment to inject within 24 months, does the company's management have a clear goal and timetable to "strive for early completion"? What specific stage has the related work progressed to? North Copper responded: Hujiaoyu Mining Company, a subsidiary of the company's controlling shareholder Zhongtiaoshan Group, obtained the mining permit for newly added reserves on March 27, 2026. Preliminary work for obtaining the mine safety production permit is currently being actively advanced, and the conditions for injection into the publicly listed firm are not yet met. The company will initiate the asset injection process in a timely manner after all the above mining permits are obtained, fulfilling the relevant commitments. 4 After the completion of the 50,000 mt rolled copper foil and strip project, are there any further plans for new copper foil capacity construction and expansion? North Copper responded: Some production lines of the company's 50,000 mt/year high performance rolled copper strip and foil and 2 million m² CCL project have not yet been completed, and capacity has not been fully released. There are currently no new copper foil capacity expansion plans. 5 How does the company's management plan to manage market capitalization? North Copper responded: In accordance with the requirements of Regulatory Guidelines for Listed Companies No. 10 — Market Capitalization Management, the company will make comprehensive utilization of lawful and compliant methods, promote positive interaction between value and market capitalization through improving operational quality, strengthening information disclosure, and deepening investor communication, continuously improve and strengthen market capitalization management, and carry out scientific, effective, and compliant market capitalization management practices. 6 Given the strong Q1 2026 results, the share price has underperformed peers with weaker results. Does the company have any undisclosed adverse events? North Copper responded: In addition to operating performance, the company's share price is also influenced by various factors including the international situation, policy environment, financial market liquidity, capital market atmosphere, and investor psychological expectations. The company strictly fulfills its information disclosure obligations in accordance with relevant laws and regulations, and there are no material matters that should have been disclosed but were not. 7 What new progress will the company make in smart mines and digital factories this year? North Copper responded: The company will continue to advance the construction of smart mines and digital factories, deepen and expand new scenarios for digital-intelligent integration applications, and accelerate the implementation of the Tongkuangyu mine smart mine project. Within the year, the company plans to complete the installation of system equipment for the data center, integrated management and control hall, and other facilities. The digital-intelligent building is expected to be completed and put into operation. The 5G smart communication hub, industrial-grade ring network, and LHD operation positioning and metering projects are expected to achieve phased results, effectively enhancing the digital-intelligent level and operational efficiency of mining operations. 8 What are the main directions of R&D expenditure? North Copper responded: The company's R&D expenditure is focused on six core areas: resource reserve expansion and production increase, efficient mining and beneficiation technologies, smelting technology innovation, high-end copper-based materials, comprehensive utilization of resources, and intelligent mining. North Copper's Q1 2026 report released on April 29 showed: In Q1, the company achieved revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to the parent company's shareholders was 615 million yuan, up 65.74% YoY. Regarding the reason for the revenue increase, North Copper stated in its Q1 report: It was mainly due to increased product sales volume and price increases. In addition, North Copper's 2025 annual report showed: The company achieved revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company's shareholders was 791 million yuan, up 29.01% YoY. Major product production in 2025: copper cathode 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. North Copper stated in its 2025 annual report: The company is primarily engaged in copper mining, ore beneficiation, smelting, and rolling processing. It currently has captive mines with annual ore processing of 9 million mt and self-produced copper metal content of 43,000 mt, copper smelting capacity of 320,000 mt, gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt. It also recovers valuable metals including platinum, palladium, selenium, and bismuth through comprehensive utilization. Copper deep-processing products include high performance copper and copper alloy strip and rolled copper foil, of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company has established an integrated industry chain from mining, ore beneficiation, smelting to rolling processing. The company's "Zhongtiaoshan" brand Grade-A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and the "Zhongtiaoshan" brand gold and silver ingots are registered on the Shanghai Futures Exchange. The company's mineral exploration status disclosed in North Copper's 2025 annual report showed: The company completed the detailed exploration project for deep replacement resources at the Tongkuangyu copper mine (below the 80m elevation), with the following main work completed: exploration tunnels 140.6 m, drilling chambers 12/2,823.6 m³, drilling 12 holes (including 3 hydrogeological holes), drilling volume 7,268.62 m, 1:2000 specialized hydrogeological and environmental geological survey 6 km², geophysical logging 2,065.61 m, and pumping tests on 3 holes; 8,091 sample analyses and tests, 46 sets of rock and ore tests, 99 bulk density samples, 20 copper phase analyses, 10 complete chemical analyses, and 12 complete water quality analyses. On February 20, 2025, the Shanxi Mining Association organized and completed the supervision and field acceptance of the detailed exploration project, issuing the supervision report and field acceptance report. In early March, the company completed the compilation of the Detailed Hydrogeological and Environmental Survey Report for the Deep Part of Tongkuangyu Mine. On March 17, the report was reviewed and approved by experts organized by the Shanxi Mining Association. In May, the company completed the compilation of the Detailed Exploration Report for Deep Replacement Resources at Tongkuangyu Copper Mine, Yuanqu County, Shanxi Province (hereinafter referred to as the Report). On May 23, the report was reviewed and approved by experts organized by the Shanxi Mining Association, and review opinions were issued. According to the Report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, the cumulative identified industrial ore body (No. 5) copper ore resources totaled 103.718 million mt, with an average grade of 0.84% and metal content of 869,600 mt. Associated gold metal content was 8,930 kg with an average grade of 0.09 g/t; associated molybdenum metal content was 3,727 mt with an average grade of 0.011%. Low-grade copper ore resources totaled 34.625 million mt, with an average grade of 0.25% and metal content of 88,200 mt. The explored resources reached a large scale, achieving significant exploration results and providing solid resource support for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper disclosed in its annual report that as of the end of 2025, the Tongkuangyu mine retained copper ore resources of 4.664 million mt above the 80m elevation, with copper metal content of 1.2501 million mt. Meanwhile, below the 80m elevation at the bottom of the company's existing Tongkuangyu mine mining rights, the cumulative identified industrial ore body (No. 5) copper ore resources totaled 3.718 million mt, with an average grade of 0.84% and metal content of 869,600 mt. Regarding the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Major product production targets: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, and silver ingots 60 mt, to maximize economic benefits. Regarding the outlook for copper, some institutions hold the following views: Tony Sage, CEO of Critical Metals, noted in a recent report that market participants remain bullish on the copper price outlook, driven by long-term demand from AI infrastructure, power grid modernization, and the global energy transition, coupled with supply constraints. He added that in the long run, the copper market may face a potential supply deficit, which will provide support for copper prices. (Jin10 Data) A CITIC Securities research report noted that as Freeport once again delayed the production resumptions schedule for its Indonesian project and comprehensively lowered its production guidance for 2026-2027, global major miners' 2026 production expectations have officially entered a decline, and the potential impact of subsequent extreme weather may further amplify supply disruptions. We expect that the solid supply-demand fundamentals demonstrated by the better-than-expected destocking in China, along with easing macro headwinds, will support copper prices to stabilize at $13,000/mt in 2Q26, while the gap between supply-demand expectations could drive copper prices to challenge previous highs. We are optimistic about the allocation opportunity in the copper sector where earnings elasticity and valuation elasticity resonate.

I. Market Status: Negative TCs Enter Triple Digits, Structural Tightening in Copper Concentrate Supply-Demand As global smelter capacity continues to climb, China, as the world's largest copper smelting country, faces a continuously declining self-sufficiency rate in copper concentrates and rising external dependency. Compounded by geopolitical crises, production cuts by ex-China miners, declining mine grades, and frequent production accidents, the copper industry has undergone a dramatic shift from "tight balance" to "structural deficit." Currently, the global copper concentrate market has fallen into a state of persistently tight supply. On May 15, the SMM Imported Copper Concentrate Index (weekly) reported -$102.84/dmt, breaking through the -$100/dmt threshold for the first time in history, setting a record negative depth. The payable indicator for 20%-grade domestic trade ore was 97.5%-98.5%, up 0.5 percentage points MoM. Supply-side factors driving TCs persistently lower continue to accumulate. 1) Full production resumptions at Freeport's Grasberg mine have fallen short of expectations. According to Freeport's Q1 earnings call, the company plans to achieve full production resumptions by the end of 2027; 2) The Peruvian government signed Emergency Decree No. 003-2026 on May 11, triggering widespread market concerns over the country's energy supply and copper mine output; 3) Geopolitical disruptions—the continued blockade of the Strait of Hormuz has driven sulfur prices persistently higher, pushing smelting acid prices to rise continuously. With smelting profits climbing, smelters' purchase willingness has increased, driving copper concentrate TCs persistently lower. Customs data showed that China's copper ore and concentrate imports in April 2026 were 2.352 million mt in physical content, down 19.57% YoY; cumulative imports from January to April were 9.915 million mt in physical content, down 0.8% compared to the same period last year. Since December 2020, China's copper concentrate cumulative imports had maintained positive YoY growth; this marks the first decline in over five years. II. Smelter Operating Rates Stay High Contrary to the intuition of "industry-wide losses" implied by deeply negative TCs, operating rates at China's copper smelters have not experienced a cliff-like decline. From a pure smelting perspective, operating willingness and actual profitability across different types of enterprises show significant divergence. Under the extreme environment of deeply negative TCs, the core reason China's copper smelters can maintain relatively resilient operations is that by-product revenues are becoming the key variable determining break-even. Meanwhile, China's copper cathode production declined MoM due to the maintenance peak. SMM data showed that China's copper cathode production in April fell 2.26% MoM. Cumulative copper cathode production from January to April 2026 reached 4.7067 million mt. However, according to SMM, some smelters postponed their maintenance plans or completed crude smelting maintenance ahead of schedule to capture revenue from the by-product sulphuric acid. III. Breakdown of Smelter Profit Sources (i) Sulphuric Acid: The Strongest Profit Contributor at the Current Stage Sulphuric acid is currently the most important by-product profit source for smelters. In pyrometallurgy-based copper cathode production, approximately 3-4 mt of sulphuric acid is produced as a by-product for every 1 mt of copper cathode. As of May 15, the SMM China Copper Smelting Acid Index stood at 1,665 yuan/mt, up 83.7% from the beginning of the year. Sulphuric acid prices currently stay high, meaning sulphuric acid revenue can offset a considerable portion of the revenue loss caused by negative TCs. However, this "sulphuric acid moat" is facing policy challenges. China suspended exports of ordinary industrial sulphuric acid and smelting by-product sulphuric acid starting in May for a period of 8 months. The export ban is not intended to suppress domestic sulphuric acid prices, but rather to prioritize domestic supply for agricultural phosphate fertiliser production and strategic industries such as new energy. Demand side, overall sulphuric acid demand remains tight. Although downstream sectors including phosphate fertiliser, titanium dioxide, and new energy materials saw declining operating rates due to high-priced raw materials, just-in-time procurement still exists. Meanwhile, the supply side is also constrained by concentrated smelter maintenance and high sulphur-based acid production costs, with industry-wide capacity utilization rates at low levels. Cost side, firm sulphur prices provide bottom support for sulphuric acid; supply side, concentrated maintenance limits downside room; demand side, although weak, has not yet formed a substantial enough impact to break down high prices. This means sulphuric acid continues to serve as a profit pillar for smelters. (ii) Precious Metal Recovery: "Incremental Game" Under High Copper Prices In addition, copper concentrates typically contain associated precious metals such as gold and silver, which can be recovered through anode slime processing during smelting. Copper prices are currently at historically high levels, and gold prices also fluctuate at highs, greatly enhancing the economics of precious metal recovery. According to SMM market sources, when gold and silver prices are at high levels, raw materials with impurities rich in gold and silver are assigned extremely high added value. The profit contribution of precious metal recovery to smelters is reflected in: smelters can achieve recovery utilization rates exceeding the gold and silver payable indicators through refined processing, profiting from spot smelting revenue. This portion of revenue is often a significant component of smelters' comprehensive profit structure. However, as gold and silver prices continue to rise, suppliers in the copper concentrates spot trade are simultaneously raising gold and silver payable indicators. The continuously rising precious metal payable indicators and payable benchmark pose an increasingly severe challenge to smelter profitability. IV. Future Trends: Coexistence of Industry Landscape Evolution and Technology Upgrade Requirements However, industry chain profits are irreversibly shifting toward the upstream ore side. Under the medium and long-term landscape of persistently tightening copper concentrates supply and demand, the scarcity value of the resource side is being reassessed by the market. As the copper concentrates supply-demand gap persists over the medium and long-term horizon, and smelters' bargaining power will remain under pressure over the long term. The market is widely concerned about whether TC can quickly pull back in tandem once the continuously rising sulphuric acid prices reach a turning point. Facing the long-term trend of profit squeeze at the mine end and losses in the smelting segment, the future landscape of the copper smelting industry will evolve in the following directions: Direction 1: Integrated consolidation extending upstream. Enterprises with upstream mine assets will have a significant advantage in profitability. Direction 2: Technological upgrades to achieve differentiated competition. Against the backdrop of narrowing profit margins from non-payable metals, the technological barriers of smelters will become increasingly important. Those who can more efficiently extract valuable metals from low-grade ore or complex ore will seize the initiative in the industry reshuffle. Under the extreme environment of persistently negative TCs, sulphuric acid by-product revenue and precious metal recovery are the core profit pillars currently sustaining smelter operations. The supply-demand pattern dictates that the pricing power and profit margins at the mine end will continue to outperform those at the smelting end. The copper smelting industry is transitioning from the traditional model of "earning TCs" to a new competitive landscape of "resource control + technological barriers + integrated operations."

1 Tender Conditions The bid inviter for this tender project, Stainless Steel Pipes and Other Items (AGCYGTHGZHD260515288754), is the Equipment Support Management Center of Ansteel Group Chaoyang Steel Co., Ltd. The project funds are self-raised. The project has met the tender conditions, and open tendering is now conducted. 2 Project Overview and Tender Scope 2.1 Project Name: Stainless Steel Pipes and Other Items 2.2 Conversion to other procurement methods upon tender failure: No conversion 2.3 The tender content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3 Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted in this tender. 3.2 This tender requires bidders to possess the following qualification requirements: See attachments for details (if applicable) 3.3 This tender requires bidders to meet the following registered capital requirements: Production-type registered capital: 3 million yuan and above Distribution-type registered capital: 3 million yuan and above 3.4 This tender requires bidders to possess the following performance requirements: See attachments for details 3.5 This tender requires bidders to possess the following capability requirements, financial requirements, and other requirements: Financial requirements: See attachments for details Capability requirements: See attachments for details Other requirements: See attachments for details 3.6 This tender requires that for projects subject to mandatory tendering by law, bids from persons subject to enforcement for breach of trust shall be invalid. 4 Obtaining the Tender Documents 4.1 All parties interested in bidding shall log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic tender documents from 17:00 on May 18, 2026 to 08:00 on June 10, 2026 (Beijing time, the same hereinafter). Click to view tender details:

[SMM Global Steel Enterprise Special Report] A Detailed Analysis of US "Steel King" Nucor: 100% Electric Arc Furnace Forging High Profits, Vertical Integration Mitigating Cost Fluctuations Nucor Corporation is a company incorporated in Delaware in 1958. The company and its subsidiaries are engaged in the manufacture of steel and steel products. It also produces and procures ferrous and non-ferrous metal materials, primarily for use in its steelmaking operations. Most of its operating facilities and clients are located in North America. Its operations include international trading and sales companies responsible for buying and selling steel and steel products manufactured by the company and others. Nucor is also the largest recycler in North America, using steel scrap as the primary raw material for producing steel and steel products. In 2025, it recycled approximately 20 million gross tons of steel scrap. Operating Performance Data source: Nucor Corporation Annual Report、SMM Reasons behind the performance changes: ① Decline in gross profit: The primary reason for the decline in gross profit in 2025 was the compression of profit margins in the steel products segment. Due to lower average selling prices, gross profits from the grating and decking, building systems, and rebar fabrication businesses under this segment all experienced significant declines. ② Steel mill segment growth: In contrast, gross profit in the steel mill segment increased, primarily driven by higher sales and improved steel industry spreads. ③ Investment expenditures: Over the past three years, Nucor invested approximately $9.73 billion in capital expenditures and acquisitions, aiming to expand its product portfolio and enhance operational flexibility. Segments, Major Products, and Marketing Nucor reports its results in three segments: the steel mills segment, the steel products segment, and the raw materials segment. The steel mills segment is Nucor's largest segment, accounting for 62% of the company's sales to external clients for the fiscal year ended 2025. It primarily sells its products to steel service centers, manufacturers, and fabricating enterprises located in the US, Canada, and Mexico. In 2025, the steel mills segment sold approximately 19,848 kt of products to external clients. Data source: Nucor Corporation Annual Report、SMM The Steel Products segment primarily produces high-value-added downstream construction and industrial components, holding leading positions across the U.S. in multiple sub-segments including steel joists, prefabricated metal buildings, and insulated metal panels. It accounted for 29% of the Company's net sales to external clients for the year ended 2025. In 2025, total sales of major products in the Steel Products segment were approximately 1.478 million mt, including approximately 658,000 mt of steel joists and joist girders, approximately 436,000 mt of steel deck, and approximately 384,000 mt of metal building systems. Although physical sales volume (tonnage) was far below that of the Steel Mills segment, the per-mt selling price and profit margin were much higher than those of basic steel, and the segment also ranked first in market share across the U.S. in multiple areas. Data source: Nucor Corporation Annual Report、SMM The Raw Materials segment is the cornerstone of Nucor's vertical integration strategy, primarily operated through its wholly-owned subsidiary The David J. Joseph Company (DJJ), and manages DRI production facilities in Louisiana and Trinidad. By blending DRI with steel scrap, it supports electric arc furnace (EAF) production of higher-grade sheets & plates while ensuring cost advantages and supply security of raw materials. It accounted for 9% of the Company's net sales to external clients for the year ended 2025. In 2025, approximately 20 million gross tons of steel scrap were recycled and processed. Data source: Nucor Corporation Annual Report、SMM Clients and Markets Data source: Nucor Corporation Annual Report、SMM Major Development Projects in Recent Years The vast majority (91%) of Nucor's capital was allocated to internal construction (CapEx), strengthening core competitiveness through technology upgrades (such as electric arc furnaces and micro mills); a small portion was used for strategic acquisitions to achieve "outward expansion" into high-margin downstream areas. Through acquisitions such as SWDP, the company quickly entered high-barrier, high-growth sub-segments including data centers and green energy, making its business structure more resilient to cyclical downturns. Data source: Nucor Corporation Annual Report、SMM Core Logic of Vertical Integration for Cost Reduction: Raw Material Supply Structure Data source: Nucor Corporation Annual Report、SMM Core Risk Factors The greatest risk facing Nucor is a combination of internal and external challenges — internally, cost fluctuations in steel scrap and energy; externally, the impact of low-priced imported steel resulting from global (especially China's) overcapacity. Specifically: 1. Core Industry Risks ① Severe global supply-demand imbalance: Global steel surplus capacity reached 704 million net mt in 2025 (8 times US annual production). It is expected to further increase to 795 million mt by 2027. ② Regional impact: China's annual production has exceeded 1 billion mt in each of the past 8 years, and Chinese steelmakers continue to invest in new capacity in Southeast Asia and Africa. ② Import shock: This surplus leads to a flood of low-priced steel into the US market, creating significant downward pressure on Nucor's product prices, sales, and profit margins. 2. Production Cost Risks ① Steel scrap price sensitivity: Nucor uses 100% electric arc furnaces (EAF), with steel scrap being the largest cost item. Steel scrap prices fluctuate significantly and are beyond Nucor's control. ② Supply chain uncertainty: Although Nucor has achieved a degree of self-sufficiency through its DRI plants and DJJ recycling system, pig iron and iron ore pellets still rely on international procurement, facing geopolitical risks (e.g., Ukraine, Russia, Brazil). 3. Operational Challenges ① Energy-intensive nature: Steelmaking relies on large amounts of electricity (for melting) and natural gas (for heating and DRI production). ② Cost pass-through: Energy prices are affected by demand, the regulatory environment, and transmission infrastructure (pipelines/power grid), and cost surges may erode profits. 4. Compliance and ESG Risks ① Emission reduction pressure: The steel industry faces intense scrutiny due to greenhouse gas (GHG) emissions. ② Policy risk: Although Nucor's emission intensity is far lower than its blast furnace peers, increasingly stringent environmental protection laws and regulations may increase capital expenditures or restrict operations at existing facilities. 5. End-Use Market Risks ① Industry cyclicality: The steel industry is highly correlated with the macro economy. ② End-use market fluctuations: Nucor's largest market is non-residential construction. If this sector (e.g., commercial offices, industrial facilities) contracts due to high interest rates or economic recession, it will directly impact Nucor's performance severely. 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. 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May 19, 2026: The average warrant price fell $1/mt from the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price fell $1/mt from the previous trading day, closing at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closing at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Intraday pullback in the SHFE/LME price ratio limited demand, with market offers declining and transactions remaining sluggish. A small volume of ER copper B/L arriving in early May was heard at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.

Platinum prices fluctuated intraday, dipping after a slightly higher open in the morning session before seeing a weak rebound toward the close. Ultimately, the most-traded GFEX platinum contract closed the morning session at 491.4 yuan/gram, up 0.22%. The SGE Pt9995–GFEX PT2606 spread remained inverted, with the price difference holding at 5–10 yuan/gram. Spot side, mainstream spot platinum premiums continued to narrow compared to the previous trading day. Morning mainstream quotations from traders ranged from parity to a 3 yuan/gram discount to GFEX PT2606, with some platinum warrants sold at a slight premium. Transaction side, according to SMM, morning offers at a 1–3 yuan/gram discount to GFEX saw good turnover, with lower-end quotes quickly locked in by the market. As futures prices declined subsequently, higher-end quotes also saw transactions. With recent futures declines boosting downstream inquiries, the market generally reported that upstream shipments were limited due to low absolute prices, and some traders opted to wait for delivery, leaving spot cargo relatively tight. Overall, the spot market was fairly active today.

[SMM Tin Midday Review: SHFE Tin Fluctuated Downward and Temporarily Settled at 405,000; Spot Market Saw Bargain-Hunting Orders Mainly Driven by Rigid Demand]

Recently, a team from the Dalian Institute of Chemical Physics (hereinafter referred to as "DICP"), Chinese Academy of Sciences, achieved a major technological breakthrough by successfully constructing the world's first gas-solid hydride ion prototype battery (hereinafter referred to as "gas-solid battery") using hydrogen gas and metal as electrodes. The battery adopts a "hydrogen-electricity co-storage" mode, enabling charging with hydrogen and discharging electricity, as well as charging with electricity and releasing hydrogen, providing a practical prototype verification for efficient hydrogen storage under ambient temperature and pressure conditions, and solving a long-standing core challenge in the field of hydrogen energy utilization. It is reported that hydride ions are the "electron-rich" state of hydrogen. As charge carriers, they possess the notable characteristics of high reactivity and high energy, and are considered one of the key pathways for developing next-generation all-solid-state batteries. However, hydride ions are extremely unstable under natural conditions, a property that makes it difficult for scientists to directly apply them in electrochemical energy storage, constituting a bottleneck constraining the development of related technologies. To overcome this technological bottleneck, the DICP team innovatively designed a system using magnesium metal and hydrogen gas as the anode and cathode active materials respectively, successfully assembling the world's first gas-solid hydride ion battery capable of operating across a wide temperature range. The core advantage of this battery lies in enabling hydride ions to provide high energy for the battery while achieving an ingenious integration with electrochemical hydrogen storage: during discharge, hydrogen gas is reduced to hydride ions at the cathode, while the metal is oxidized to cations at the anode to form metal hydrides; during charging, the two electrodes respectively release hydrogen molecules and regenerate metal, truly realizing the synergistic effect of simultaneous charging/discharging and hydrogen storage/release. Experimental data show that the gas-solid battery demonstrates excellent performance: in the hydrogen-charged state, the initial discharge capacity reaches as high as 1,526 mAh/g; when a voltage of 0.3 V is applied, approximately 6.0 wt% hydrogen (calculated based on MgH₂ in the electrode) can be released at room temperature; after 60 cycles, the capacity retention rate still exceeds 70%, and the battery can operate stably across a wide temperature range from as low as -20°C to as high as 90°C. Furthermore, the team stacked 10 single cells into a series-connected battery pack with an output voltage exceeding 2.4 V, successfully lighting up an LED bulb, marking the official debut of the gas-solid hydride ion prototype battery. Energy efficiency analysis further indicates that the energy utilization efficiency of this "hydrogen-electricity co-storage" system can reach 93.9%, representing a one-third improvement over conventional thermal hydrogen storage methods. This original achievement is of great significance, providing an entirely new technical route for solving the hydrogen storage challenge that has persisted in the hydrogen energy utilization field for over half a century. It completely eliminates the extreme conditions required by traditional hydrogen storage, such as high pressure (700 atm) or cryogenic temperatures (-253°C), and is expected to give rise to new-type hydrogen storage technologies, clearing key obstacles for the large-scale development of the hydrogen energy industry. Looking ahead, the DICP team stated that it will continue to focus on core technology breakthroughs, concentrating R&D efforts on higher performance hydride ion conductors and electrode materials, continuously improving overall battery performance, developing proprietary core technologies, accelerating the practical application of hydride ion batteries, and injecting new momentum into the high-quality development of the global hydrogen energy industry.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Enhancement of Strategic Attributes The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure has undergone fundamental changes, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. Price System Breaking Historical Records with Industrial Ecosystem Facing Reshaping SHFE tin prices broke through 470,000 yuan/mt in early 2026, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a sign of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transformation Catalyzing a New Symbiotic Ecosystem Digitalization and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy. Recycled tin recovery and green smelting processes have become an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 the Changsha, Hunan -hosted 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Ganzhou Yunsheng Tin Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly driving the tin industry to new heights. Click the to register immediately, witness and participate in this extraordinary and far-reaching industry event, and co-create a brilliant new chapter! Ganzhou Yunsheng Tin Co., Ltd. was registered and established in December 2017, with its registered address at the West Zone of the Industrial Management Area, Longling Town, Nankang District, Ganzhou City. The company's main businesses include tin metal processing and sales; non-ferrous metal powder and tin by-product production and sales; metal materials, timber construction and decoration, mineral products, and machinery equipment sales; and import and export business of goods and technologies. Since its official registration and establishment in 2017, the company currently focuses on tin ingot and mineral product sales, vigorously expanding upstream and downstream related industries. Its downstream coverage is extensive, including quality enterprise clients in solar PV, storage battery, electronic solder, tin chemicals, tinplate, tin plated copper wire, tin alloy, and other sectors. Business partners are primarily distributed across Shanghai, Jiangsu, Zhejiang, Jiangxi, Guangdong, Fujian, and other regions. Committed to achieving rapid, stable, and healthy development of the enterprise. Ganzhou Yunsheng Tin Industry Co., Ltd. has been engaged in the production and trade of tin and tungsten since 2005 and started tin ingot trade in 2016. Currently, its main business covers the tin raw material industry chain, including tin ore, tin ingots, crude tin, and secondary tin materials. Relying on the business of tin and tungsten production and trade, the company focuses on the trade projects of tin raw material industry chain including tin ore, tin ingots, crude tin, and secondary tin materials, and actively expands other new fields and projects. It has established strategic cooperative relationships with domestic mining companies, smelters, logistics and trade agents, service providers, and financial institutions in China. In the future development, the company will innovate trade models, optimize the structure of trade products, and improve the efficiency of the trade process to achieve mutual benefit and win-win results. With decades of deep engagement in the tin industry, the company has always adhered to the business principles of people-oriented management and integrity-based operations since its establishment, maintaining competitiveness in the fierce market competition and achieving rapid and stable development of the enterprise. Ganzhou Yunsheng Tin Industry Co., Ltd. was registered and established in December 2017, with its registered address at the West District of Longling Industrial Management Zone, Nankang District, Ganzhou City. The company's main business includes tin metal processing and sales; production and sales of non-ferrous metal powder and tin by-products; sales of metal materials, wood for building decoration, mineral products, and mechanical equipment; and import and export of goods and technologies. After its official registration in 2017, the company currently focuses on the sales of tin ingots and mineral products, and is vigorously expanding related upstream and downstream industries. Its downstream coverage is extensive, including high-quality enterprise customers such as solar photovoltaic, storage batteries, electronic soldering, tin chemicals, tinplate, tin-coated copper wire, and tin alloys. The business partners are mainly located in Shanghai, Jiangsu, Zhejiang, Jiangxi, Guangdong, and Fujian. The company is committed to achieving rapid, stable, and healthy development. Ganzhou Yunsheng Tin Industry Co., Ltd. has been engaged in the production and trade of tin and tungsten since 2005 and started tin ingot trade in 2016. Currently, its main business covers the tin raw material industry chain, including tin ore, tin ingots, crude tin, and secondary tin materials. Relying on the business of tin and tungsten production and trade, the company focuses on the trade projects of tin ore, tin ingots, crude tin, and secondary tin materials, and actively expands other new fields and projects. It has established strategic cooperative relationships with domestic mining companies, smelting enterprises, logistics and trade agents, service providers, and financial institutions. In the future development, the company will innovate trade models, optimize the structure of trade products, and improve the efficiency of the trade process to achieve mutual benefit and win-win results. The company has been deeply involved in the tin industry for decades. Since its establishment, it has always adhered to the business principle of "people-oriented and integrity-based", enabling the company to maintain its competitiveness in the fierce market competition and achieve rapid and stable development. Contact Information Liao Xiaoyun 13766335535 Long Press to Scan the QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference

On May 17, Gotion High-Tech unveiled its fifth-generation lithium iron phosphate (LFP) all-scenario battery lineup at the company's 15th Global Technology Conference — comprising the G-Ke 2nd Generation Super Fast-Charging Passenger Vehicle Battery and the G-Qing Ultra-Long Lifespan Battery for Passenger Vehicles, Commercial Vehicles, and Energy Storage.