SMM has been deeply engaged in the metal industry for decades, consistently upholding the principles of objectivity, neutrality, pragmatism, and rigor. By adhering to actual market transactions as the core pricing benchmark and leveraging its well-established price assessment methodology and comprehensive data system, SMM continues to deliver standardized market benchmarks for participants across the industry chain. This provides solid support for industry pricing standards, transaction settlements, and business decision-making, serving as a long-term partner in the steady development of the metal industry.

Shennan Circuits disclosed its investor relations activity record. The PCB business benefited from growing demand for AI computing infrastructure hardware-related products, with factory capacity utilization rates staying high. The packaging substrate business, driven by demand boosts from storage and processor chip substrates, maintained the elevated capacity utilization rate levels seen since Q4 2025. For the Guangzhou packaging substrate project, the capacity ramp-up of BT-type packaging substrates progressed steadily. FC-BGA packaging substrates achieved mass production of products with 22 layers and below, while R&D and sampling of products with 24 layers and above advanced on schedule. The Nantong Phase IV and Thailand factory projects were successfully connected and put into production in H2 2025, with capacity currently ramping up steadily. Capital expenditure in 2026 will primarily focus on PCB and packaging substrate businesses, with key investments directed toward the Wuxi high-speed, high-density, and high-multilayer electronic circuit product project, the Guangzhou packaging substrate factory construction, as well as subsequent payments for the Nantong Phase IV and Thailand factory projects.

Spot market, SHFE lead prices were in the doldrums this week (May 11-15, 2026), with the price center continuing to shift downward. Downstream enterprises were cautious in procurement, focusing mainly on rigid demand, with insufficient willingness to purchase at high prices, and overall spot order trading was lackluster. Regionally, smelters in Henan mainly shipped via long-term contracts, with significant divergence in trader quotations, at discounts of 180-120 yuan/mt against the SHFE lead 2606 contract. Sources with large discounts gradually decreased as prices stabilized. Smelters in Hunan became more cautious in shipments after inventory declined, with most spot orders shipped at parity ex-factory. The spot discount pattern among traders narrowed WoW. Some sources from smelters in Jiangxi and Guangdong were sold out this week, with firm quotations. Overall, downstream enterprises slowed their procurement pace this week, only purchasing on dips as needed, and overall market transactions were weak.

This week (May 8, 2026 – May 14, 2026), the average operating rate of primary lead smelters in the three provinces was 65%, down 0.88 percentage points WoW. This week, smelters in Henan and Yunnan maintained stable production operations, with overall operating rates basically flat WoW. A mid-sized smelter in Hunan conducted short-term equipment maintenance at the beginning of the week, causing the regional operating rate to pull back slightly. Normal production resumed near the weekend, and the operating rate of Hunan smelters is expected to rebound next week. Other regions, a smelter in South China underwent short-term equipment maintenance, dragging down the overall operating rate in South China.

SMM News, May 15: Metals market: As of the midday close, domestic market base metals fell across the board. SHFE copper dropped 1.61%, SHFE aluminum fell 1.09%, SHFE lead declined 0.6%, SHFE zinc slipped 0.24%, SHFE tin lost 2.14%, and SHFE nickel fell 1.82%. In addition, the most-traded casting aluminum alloy futures fell 1.04%, the most-traded alumina contract dropped 0.64%, the most-traded lithium carbonate contract declined 0.54%, the most-traded silicon metal contract fell 1.84%, and the most-traded polysilicon futures slipped 0.08%. Ferrous metals all fell. Iron ore dropped 0.8%, rebar declined 0.18%, hot-rolled coil fell 0.43%, and stainless steel lost 1.27%. Coking coal and coke: the most-traded coking coal contract fell 1.29%, and the most-traded coke contract dropped 0.85%. Overseas market base metals: as of 11:46, LME metals declined across the board. LME copper fell 1.46%, LME aluminum dropped 0.82%, LME lead slipped 0.47%, LME zinc declined 0.91%, LME tin lost 0.19%, and LME nickel fell 1.16%. Precious metals: as of 11:46, COMEX gold fell 1.5% and COMEX silver dropped 4.6%. Domestic market precious metals: the most-traded SHFE gold contract fell 1.53%, and the most-traded SHFE silver contract dropped 7.64%. In addition, as of the midday close, the most-traded platinum futures fell 5.47%, and the most-traded palladium futures dropped 4.87%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.88% to 2,519 points. As of 11:46 on May 15, midday futures quotes for selected contracts: Spot prices and fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 270 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 130 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 105,750 yuan/mt, down 2,020 yuan/mt from the previous trading day. The average price of SX-EW copper was 105,645 yuan/mt, down 2,020 yuan/mt from the previous trading day... Macro front China: [Preview: The State Council Information Office will hold a press conference on May 18 to introduce measures to strengthen and optimize departure tax refund policies and expand inbound consumption] The State Council Information Office will hold a press conference at 3:00 PM on Monday, May 18, 2026. Vice Minister of Commerce Sheng Qiuping, along with officials from the State Taxation Administration, Beijing, Shanghai, and Shenzhen, will introduce measures to strengthen and optimize departure tax refund policies and expand inbound consumption, and answer questions from reporters. (Guoxin.com) [CAICT Launches AI Terminal Intelligence Grading Tests to Accelerate Implementation of New National Standards] Recently, the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the Ministry of Commerce, and other departments jointly released the national standard series "Artificial Intelligence Terminal Intelligence Grading" (GB/Z 177—2026), which clearly defines the intelligence levels of AI terminals and lays a solid foundation for building a safe, orderly, and efficient AI terminal ecosystem. CAICT is one of the primary drafting organizations of the standard series and possesses comprehensive detection qualifications and technical capabilities in product areas including smartphones, tablets, microcomputers, smart glasses, earphones, speakers, televisions, and automotive cockpits. The first round of AI terminal intelligence grading standard conformity detection has now been launched, and relevant enterprises are welcome to actively participate in testing to jointly promote the implementation of the standards and help enhance product intelligence levels. (CAICT) [PBOC Achieves Zero Injection and Zero Withdrawal for the Day, with a Net Withdrawal of 51 Billion Yuan for the Week] PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, zero injection and zero withdrawal were achieved for the day. This week, PBOC conducted 2.5 billion yuan of reverse repo operations. As 53.5 billion yuan of reverse repos matured this week, a net withdrawal of 51 billion yuan was achieved for the week overall. (Jin10 Data) US dollar: As of 11:46, the US dollar index rose 0.17% to 99.04. Data released by the US Department of Commerce on Thursday showed that US retail sales continued to grow in April, but against the backdrop of rapidly rising energy prices, the market believed that consumer data was partly influenced by inflation-driven price increases, and actual consumption momentum may not have been as strong as the headline data suggested. Data showed that US retail sales rose 0.5% MoM in April, the lowest since January, in line with market expectations. The previously reported March figure was revised down to a gain of 1.6%. US consumer confidence had already fallen to a historic low in early May, and the pace of inflation exceeded wage growth for the first time in three years, raising market concerns that consumer spending could slow down significantly going forward. US Fed's Williams: Monetary policy is slightly restrictive. I see no reason to raise or cut interest rates at this point. US Fed Governor Barr: We are not in a recession, but job growth is weak. I have not yet decided what action to take at the June FOMC meeting. According to the CME "FedWatch": The probability of the US Fed keeping rates unchanged through June was 96.8%, while the cumulative probability of a 25-basis-point interest rate cut was 3.2%. The probability of the US Fed keeping interest rates unchanged through July was 93.8%, with a 3.1% probability of a cumulative 25-basis-point interest rate cut and a 3.1% probability of a cumulative 25-basis-point rate hike. (Jin10 Data) Data: The US May New York Fed Manufacturing Index, US April industrial production MoM, and China's April total electricity consumption YoY will be released today. Also noteworthy: 2026 FOMC voter and Cleveland Fed President Hammack will deliver opening remarks at an online discussion on central bank independence; permanent FOMC voter and New York Fed President Williams will participate in a discussion; Fed Governor Barr will speak on the balance sheet; the National Energy Administration will release total electricity consumption data around the 15th of each month; Fed Chairman Powell's term will end; US President Trump will pay a state visit to China. Crude oil: As of 11:46, oil prices in both markets rose, with WTI up 1.36% and Brent up 1.29%. Middle East conflicts and uncertainty over navigation through the Strait of Hormuz supported oil prices. US President Trump stated: "We don't need to open the Strait of Hormuz," adding that efforts were being made to reopen the Strait of Hormuz for regional countries. India's Ministry of External Affairs confirmed on the 14th that an Indian-flagged merchant vessel was attacked near the Omani coast close to the Strait of Hormuz, but all crew members were safe. The Ministry expressed regret in a statement that day over the continued targeting of merchant ships and seafarers. However, the statement did not mention the specific name of the attacked vessel or the identity of the attackers, only stating that all Indian crew members on board were safe. UK-based Windward maritime analytics company said on social media on the 14th that an Indian-flagged cargo ship sank after a suspected drone attack in Omani waters near the Strait of Hormuz, and all crew members had been successfully rescued. (Xinhua) According to retailers in Delhi on Friday, India raised gasoline and diesel prices by approximately 3 rupees per liter (about $0.03); this was the country's first fuel price increase in four years, aimed at offsetting part of the losses incurred from surging global oil prices. Affected by the near-closure of the Strait of Hormuz and severe shipping disruptions triggered by the Iran war, global oil prices once surged to highs of over $120 per barrel before pulling back to around $100–105 per barrel. Currently, the retail price of diesel in Delhi was 90.67 rupees per liter, and the retail price of gasoline was 97.77 rupees per liter. Three state-owned enterprises — Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation — collectively controlled over 90% of more than 103,000 fuel stations across India, and these three companies typically adjusted diesel and gasoline retail prices in tandem. (Jin10 Data) In addition, Bank of Japan officials stated that prices of a wide range of commodities, including oil and chemical products, rose due to uncertainties surrounding the Middle East conflict and the de facto closure of the Strait of Hormuz. The YoY increase in wholesale prices in April was the largest since May 2023. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

SMM News, May 15: From May 8 to May 14, 2026, SMM data showed that the weekly operating rate of secondary lead smelters across four provinces in China was 26.13%, down 0.96 percentage points WoW. Smelters in Anhui cut production due to losses and tight raw material inventory; smelters in Henan that previously underwent maintenance plan to gradually resume production next week, while operating rates in Jiangsu and Inner Mongolia were basically stable. Looking ahead to next week, lead prices are likely to be in the doldrums, and the operating rate of secondary lead enterprises is expected to remain stable.

The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027 The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition in 2027 Date: March 28-30, 2027 Venue: Nanchang Greenland International Expo Center "World Tungsten Capital" "World Copper Capital" "Asia's Lithium Capital" "Rare Earth Kingdom" Concurrent Events: The 4th China (Jiangxi) International Green Mining Exhibition, 2027 The 4th China (Jiangxi) International Foundry, Die Casting, Forging, Heat Treatment and Industrial Furnace Exhibition, 2027 [Jiangxi's Many Firsts] New China's first aircraft, first diesel wheeled tractor, first military sidecar motorcycle, first coastal defense missile, first artificial satellite, and today's C919 large passenger aircraft were all born here. [Industrial Advantages] The nonferrous metals industry is the largest pillar industry of Jiangxi Province. The energy consumption dual controls, dual carbon policies, and the new connotations of high-quality development have put forward new requirements for strengthening and expanding the nonferrous metals industry. Promoting the further healthy, rapid, and orderly development of the nonferrous metals industry and enhancing its core competitiveness is an inevitable requirement for transforming from a province rich in nonferrous metal resources to a province with a strong nonferrous metals industry, and is also an important lever for Jiangxi to achieve carbon peaking by 2030. Leveraging Jiangxi Province's abundant nonferrous mineral resources, Jiangxi's nonferrous metals industry has developed rapidly, with continuously expanding scale and improving standards. It has become Jiangxi's largest pillar industry and is currently a key "trillion-yuan-level" industry being cultivated in Jiangxi. It is the undisputed "ballast stone" of Jiangxi's manufacturing sector. Jiangxi has become an important nonferrous metal ore mining and production site in China. Jiangxi Province enjoys superior metallogenic geological conditions and abundant mineral resources, making it one of China's important bases for nonferrous metals, rare metals, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major categories of minerals — copper, tungsten, rare earth, uranium, tantalum-niobium, gold, and silver — are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" Action Plan for High-Quality Leapfrog Industrial Development, the province's nonferrous metals industry plans to achieve a trillion-yuan level in main business revenue. To promote the healthy development of Jiangxi Province's nonferrous metals industry, facilitate foreign economic and trade cooperation, and guide Jiangxi's nonferrous metals industry to align with international standards, the Organizing Committee, after conducting multiple in-depth grassroots surveys and project analyses with government authorities and industry associations, has decided to hold the "4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027" at the Nanchang Greenland International Expo Center on March 28-30, 2027. We look forward to seeing you there. [ Exhibition Dates ] Registration and Booth Setup: March 26-27, 2027 Opening Ceremony: March 28, 2027, 9:30 Exhibition and Trading: March 28-30, 2027 Dismantling: March 30, 2027, 14:00 [Scope of Exhibits] Non-ferrous Metal Raw Materials: copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, indium and other non-ferrous metal mineral product raw materials, magnetic materials, rare and rare earth materials, precious metal materials and various alloy materials; Non-ferrous Metal Products: copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technology: smelting furnaces and kilns, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy, electrolysis equipment, large power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metal Processing Machine Tools: lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, machining centers, electrical discharge machines, wire cutting machines, laser processing equipment, etc.; Metal Automation Control Equipment: frequency converters, fieldbuses, industrial computers, instruments and meters, automation control, robots, electronic application systems, weighing instruments and information solutions for equipment manufacturing, etc.; Auxiliary Materials for Metal Production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder Metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, Die Casting and Forging: castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technology and supporting products, various heat treatment furnaces, industrial furnaces, die castings, die casting molds, die casting machines and peripheral equipment, post-processing equipment for die castings, surface treatment technology and equipment, die casting robots, new die casting technology and supporting products, forgings, flanges and rings, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technology and equipment, forging raw materials. Geological (Mine) Exploration Technology and Equipment: geophysical exploration technology, geochemical exploration technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, laboratory instruments and meters. Mining Technology and Equipment: excavation equipment, drilling and rock drilling equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mining dump units), hoisting equipment, drilling, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets including Jiangxi Daily, Jiangxi Television Economic Channel, Dajiang Finance Channel, Jiangxi Net, China Net, China Daily Net, and China Finance Net; 10 major self-media platforms including Sohu, NetEase, and Toutiao; 53 industry-leading professional media outlets including China Mining Net, China Excavator Net, China Foundry Net, China Die Casting Net, China Auto Manufacturing Net, World Aluminum Net, China Nonferrous Metals Net, Nonferrous Metals Information Net, and Metalworking, along with 180 other industry-related professional media outlets; Comprehensive coverage of key words search clients through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2027 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2027 China Metallurgical Melting and Casting Technology Seminar 2027 China Recycled Metals Industry Chain Integrated Development Forum 2027 China NEV and Auto Body Lightweighting Peak Forum 2027 China Green Mine Development Forum [Exhibition Rules] ★ Standard booth 3m×3m: China enterprises: RMB 9,800 yuan/booth; overseas enterprises: RMB 15,800 yuan/booth; ★ International brand booth (9 ㎡, deluxe decoration) RMB 12,800 yuan/booth; overseas enterprises: RMB 18,800 yuan/booth; ★ Indoor bare space (minimum 36 ㎡): China enterprises: RMB 1,000 yuan/㎡; overseas enterprises: RMB 2,000 yuan/㎡; Booth equipped with: two fluorescent tubes, one waste basket, display boards, header board, one table and two chairs, air conditioning, lighting, security, and cleaning services. Note: Bare space does not include any exhibition facilities. Special decoration management fees and hydropower fees charged by the venue shall be borne by the exhibitors and their special decoration contractors. [Organizing Committee Secretariat] Contact: Song Jia 132-1700-0270 (same on WeChat) Official website: http://www.jxysjs.net

During the survey period (May 5-11), the operating rate and capacity utilization rate of rebar and wire rod in the Central China region both increased.

This week (May 1, 2026 - May 7, 2026), the average operating rate of primary lead smelters in three provinces was 65.88%, up 1.26 percentage points WoW. This week, two small and medium-sized lead smelters in Hunan and Yunnan completed maintenance and resumed production, with regional lead smelting output increasing slightly; Henan smelters maintained stable production, with the overall operating rate basically flat WoW; other regions, some small and medium-sized smelters in east China recovered after maintenance, and production rebounded.

SMM May 8 News: From May 1 to May 7, 2026, SMM data showed that the weekly operating rate of secondary lead in four provinces in China was 27.09%, down 13.45 percentage points WoW. In Anhui and Henan, smelters suspended production and production lines underwent maintenance respectively. In Jiangsu, the shutdown of a large smelter dragged down the regional operating rate by 25.71 percentage points. In Inner Mongolia, the shutdown of a large smelter caused the regional operating rate to plunge by 57.94 percentage points. Most enterprises plan to maintain production next week. Under the volatile lead price pattern, attention should be focused on the constraining impact of raw material arrivals on production going forward.