This week (July 4–10, 2026), the secondary aluminum market outside China remained in the doldrums, with the price centers of aluminum scrap and ADC12 declining further. As the impact of supply disruptions in the Middle East gradually faded, market trading logic returned to supply-demand fundamentals, while downstream procurement demand remained sluggish, pushing aluminum scrap and secondary aluminum alloy prices outside China under pressure. The overall trading atmosphere was relatively sluggish.

The overseas secondary aluminum market shifted from supply-driven gains to demand-led corrections in H1 as geopolitical risks eased and downstream demand remained weak. At the same time, the UAE, the EU and the US introduced measures to strengthen domestic scrap resource management, reinforcing aluminum scrap's strategic role in global supply chains. In H2, SMM expects demand recovery to be the key driver of prices, while policy will continue to shape trade flows and premium scrap availability.

The 2026 World AI Conference and High-Level Meeting on Global AI Governance was held in Shanghai from July 17 to 20. Gan Xiaobin, Deputy Director of the Science and Technology Department of the Ministry of Industry and Information Technology, stated at a Shanghai municipal press conference on July 7 that the annual production of complete humanoid robots is expected to exceed 100,000 units this year. The manufacturing sector is the main battlefield for AI-enabled applications. Currently, the AI application adoption rate among China's industrial enterprises above designated size has surpassed 30%, and humanoid robots have begun to "enter factories and workshops." The Ministry of Industry and Information Technology is currently collaborating with all parties to deeply implement special initiatives such as "Model-Data Resonance" and "Humanoid Robots and Embodied AI Real-Scene Training," aiming to identify high-value application scenarios. During the conference, the China-BRICS AI Development and Cooperation Center will release the "International AI Ethics Governance Action Plan.

From June 3 to June 5, the Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting more than 3,500+ attendees from 45 countries and regions worldwide, featuring more than 150+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Conference Background In the process of global industrial upgrading, the strategic value of critical metals has become increasingly prominent, and Southeast Asia has gradually emerged as a highly dynamic segment of the global mining landscape. As a major regional mineral producer, Indonesia has successively introduced multiple industrial policies for critical metals such as nickel, tin, aluminum, and copper, adjusting and optimizing areas including mining quotas, pricing mechanisms, tax policies, export management, and domestic market obligation over recent years. These efforts are guided by the goals of strengthening the regulatory framework, enhancing industrial added value, and optimizing resource revenues, and have had a significant impact on the global metal supply chain and market dynamics. As Indonesia’s premier flagship event for the mineral industry, this conference focuses on supply chain security of critical minerals including nickel, cobalt and tin, and adopts a dual-driven model of mining and energy. It commits to promoting Indonesia’s industrial upgrading from raw material export to high-value industrial chain development, while providing solid resource support and practical cooperation paradigms for regional and global energy transition. 》Click to view the photo gallery of the conference June 3: Main Forum Opening Ceremony Adam Fan, Chairman, Shanghai Metals Market Nanan Soekarna, Chairman, APNI Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Sherly Tjoanda, Governor of North Maluku, North Maluku Government Todotua Pasaribu, Vice Minister, Ministry of Investment and Downstream Industry of Indonesia Drum Performance & Dance Show Opening Address Speaker: Adam Fan, Chairman of SMM Adam stated that this year marks the 4th year of the Indonesia Critical Minerals Conference. This flagship industry event is dedicated to building a global platform connecting Indonesia with the world. Empowering mineral resources through technology, the conference links producers and consumers to facilitate industrial chain and business cooperation. Boasting a record-high attendance, this year’s event gathers 3,500+ participants and 150+ speakers. The growing participation of global countries, enterprises and industry professionals demonstrates rising international trust and confidence in Indonesia’s critical mineral ecosystem. As cross-border collaboration is essential for building a robust global critical minerals supply chain, the conference strives to enhance supply chain transparency, interconnectivity and in-depth global industrial cooperation by bringing together industry insights and resources. Speaker: Nanan Soekarna, Chairman of APNI Nanan Soekarna stated in his remarks that the 4th Indonesia Critical Minerals was the largest to date in terms of attendance, demonstrating the global industry’s full confidence in Indonesia’s minerals industry, cross-border cooperation models, and Indonesia’s roadmap for sustainable mining development, and he extended his sincere gratitude to all participating partners. He noted that the core of development in the critical minerals sector has shifted from a simple contest of resources and capacity to the transformation of the sustainable value of natural resources, balancing diverse economic, social, and environmental benefits. By deepening downstream industry chain expansion, Indonesia aims both to enhance industrial value-added and to strengthen Indonesia's industrial positioning international and credibility in the global market. In the future, the core of global mining competition will not lie in resource reserves, but in transparent, responsible, and sustainable resource governance capabilities. Relying on global partners, Indonesia will uphold the philosophy of sustainable mining development and, through high-quality cooperation and shared value principles, work together to build the future of the critical minerals industry that balances ecology, benefits, and long-term development. Speaker: Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Arif Havas Oegroseno mentioned that critical minerals are increasingly becoming a focal point of global geopolitical competition, with elements such as energy, minerals, and trade and economic rules being instrumentalized from time to time. Leveraging its domestic resource endowments, Indonesia is vigorously advancing downstream deep processing of minerals; this strategy is not limited to industrial upgrading, but is also a comprehensive development initiative that boosts employment, consolidates science and technology innovation capabilities, enhances industry chain resilience, and delivers inclusive gains from green development. In response to procurement demands from multiple parties, Indonesia adheres to a diversified cooperation approach by expanding a diverse range of procurement partners and promoting deeper participation by resource countries in technology R&D and industry chain value-added, thereby avoiding the risks of dependence on a single partnership. He also noted that for the future governance of critical minerals, ESG should truly become a competitive advantage for enterprises rather than a trade barrier, with its original purpose being to optimize environmental management, improve social responsibility, and empower enterprises to enhance quality and efficiency. In the face of a new round of industrial transformation, critical minerals serve as the core raw materials for energy transition, the digital economy, and the development of high-tech industries. Based on its resource endowment, Indonesia is determined to transform from a mineral resource producer into a reliable partner in the global industry chain and a co-builder of industry rules. It invites global investors, industry chain producers, and resource-producing countries to join hands, uphold the spirit of partnership, reject unreasonable additional conditions, and jointly build a new global pattern for critical minerals that is inclusive and universally beneficial. Keynote Speech: Investing in Critical Minerals Downstreaming: Unlocking the Full Value of Indonesia's Resources Guest Speaker: Todotua Pasaribu, Vice Minister, Ministry of Investment and Downstream Industry of Indonesia Todotua Pasaribu stated that against the backdrop of climbing global demand for critical minerals and concentrated resource origins, the strategic attributes of this category continue to stand out. Indonesia, leveraging its resource endowment, vigorously promotes the downstream transformation of the entire industry chain, which is a core national policy to boost the economy and optimize supply chain structures. Under the president's policy deployment, Indonesia has designated mineral deep processing as a pillar of industrial upgrading. The authorities have delineated 28 categories of strategic minerals across eight major sectors and estimated potential investment in related tracks at approximately $618 billion, which is expected to create 3 million new jobs annually upon implementation. The country has set investment attraction targets from 2024 to 2029, accompanied by annual implementation plans. The 2026 target is clear, and investment implementation progress in the first quarter has been steady. In recent years, downstream industry investment has accounted for nearly 30% of national fixed asset investment, becoming a key driver to boost the economy and helping the country sprint toward the 8% economic growth target by 2029. He further explained that Indonesia has already established downstream layouts in multiple critical mineral tracks, including nickel, tin, aluminum, copper, PV raw materials, and semiconductor raw materials. The nickel industry has extended from stainless steel production to the entire power battery industry chain, while the tin, aluminum, and copper sectors continue to expand into deep processing, electronic materials, and other high-value-added categories, synchronously deploying supporting industry chains for PV and semiconductors. To solidify the conditions for industrial implementation, Indonesia has optimized the business environment in three aspects: accelerating approval processes, providing infrastructure support, and offering policy incentives. It has shortened project approval cycles, improved supporting facilities for hydropower, ports, and transportation, and implemented supportive measures such as tax reductions and tariff preferences, continuously attracting global capital and technological cooperation. This drives the country's transformation from a raw material exporter to a high-value-added product manufacturer, relying on multi-party collaboration to convert local mineral resources into sustainable industrial benefits. Guest Speaker: Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Zou Ciyong said global demand for critical minerals continues to rise along with the rapid development of clean energy and digital industries, and the role of resource countries in ensuring stable mineral supply is becoming increasingly critical. Indonesia's transformation path from raw material extraction to deep processing can provide reference for resource countries in the Global South. Currently, mining development still faces multiple challenges such as environmental protection, carbon emissions, and livelihood supporting facilities. Sustainable development has become an imperative for the industry, which needs to balance economic benefits, green development and social inclusion. Leveraging its multilateral platform advantages, UNIDO empowers its member states in multiple dimensions, including industrial policy, technology transfer, investment and financing, and capacity building, promotes the establishment of a Global Green Mining Cooperation Alliance, and has implemented a demonstration project of the Indonesia Nickel Industry Eco-Industrial Park, using the project as a model to explore a sustainable development path for global mining. He pointed out that the long-term development of the critical minerals industry cannot be separated from in-depth international cooperation, and it is necessary to establish transparent public-private partnerships, build resilient supply chains, and uniformly implement common industry standards. Indonesia intends to join forces with partners from all sectors to tap the development potential of the industry, while insisting on placing environmental protection and sustainability at the forefront of industrial development. In the future, UNIDO will continue to engage with governments, industries and capital from multiple parties, working together to achieve coordinated economic, social and environmental benefits from mineral resources. Keynote Speeches Keynote Speech: Beyond Volume: How North Maluku Can Lead Indonesia’s Next Phase of Sustainable Downstream Growth? Guest Speaker: Sherly Tjoanda, Governor of North Maluku Province Sherly Tjoanda elaborated on how North Maluku can lead Indonesia's next phase of sustainable downstream development from the perspectives of geographical location, transportation advantages, skilled talent reserves, and the fact that North Maluku's nickel ore is high-grade ore. Keynote Speech: Two Decades of Critical Minerals: 2016-2036 - How Supply Structures Shape Market Dynamics Guest Speaker: Shirley Wang, VP, Shanghai Metals Market The Rule —Why resource-rich nations must process, not just mine A 1931 Question: Mine Today, or Wait? Hotelling gave mining a theoretical anchor. It was elegant — and incomplete. A rational resource-based country should ensure the rate of price increase is exactly equal to the return on investment (Interest rate) Four Reasons the Real World Departs from the Formula Substitution, policy shifts, demand surprises, and costs — each bends the expected path The Quiet Force Behind All of This Ore grades decline everywhere. Building downstream is not ambition. It is adaptation. Shirley analyzed this by comparing ore grades for nickel, tin, copper, alumina, and others for the years 2016, 2026, and 2036. ► Strategic Insight: Why Low-Grade Ore Is Changing the Rules • Continuously declining grades are forcing industrial upgrading and iteration. Deteriorating raw ore quality is driving mines and smelters to optimize production, increasing the utilization of low-grade ore, the application of new processes, and the recycling of secondary resources. • Pricing power is gradually shifting from trading markets to resource-rich governments. As high-grade mineral deposits are depleted, the impact of short-term supply and demand on prices weakens, and the pace at which resource-rich nations release supply becomes the core variable. Industry Mainline: Commonalities in Two Decades of Development Across Five Metals Nickel: Where One Country Anchors the Market Indonesia influences marginal incremental nickel supply, and the commissioning pace of its domestic industry dominates global nickel price movements. The analysis incorporated the global distribution of nickel mine capacity. Cost Structures Are Moving Apart RKEF costs face the steepest climb. Scale mattered yesterday. Cost discipline matters tomorrow. The Ore Base Is Quietly Shifting Looking at changes in the global nickel production cost structure, the primary low-cost raw material was high-grade primary nickel ore before 2015. From 2016 to 2026, the share of low-grade ore and laterite nickel ore mining has been climbing steadily. Currently, laterite nickel ore stands as the most cost-competitive raw material. As laterite nickel ore grades decline, future nickel production based on sulphide ore may increase. Keynote Speech: Indonesia's Green Nickel: From Us To The Next Generation Guest Speaker: Joseph Hong, President Commissioner, Neo Energy Keynote Speech: AI is NOT optional! Guest Speaker: Adam Fan, Chairman of SMM Adam noted that AI has become an essential requirement for the digital upgrade of the commodity industry. Leveraging a new AI technology system, SMM integrates macro and micro data, market intelligence, and industrial information through full-process intelligent processing, and with human-machine collaboration automatically generates in-depth industry reports — surpassing traditional manual approaches comprehensively in terms of timeliness, coverage, personalization, and depth of analysis. SMM has now deployed a mature industry AI solution: leveraging SMM’s massive database and customized AI capabilities, enterprises can enable intelligent inquiries, interactive reviews, and dynamic strategy simulations, accurately serving transaction analysis, production planning, and inventory strategies for non-ferrous metals such as cobalt, nickel, and copper. SMM AI Data Services offer a three-tier progressive intelligent solution for the metals industry: Instant Inquiry → Xiao Jin (Metrix): access real-time price trends and market insights, with data sourced from a premium subscription-grade database and insights calibrated by senior analysts; In-depth Research → Deep Report: a chapter-by-chapter analysis by product and region, featuring traceable charts and citations, and continuously updated as market conditions evolve; System Integration → MCP Data Services: covering over 200,000 real-time data indicators and more than 60 products across the entire industry chain, a single integration embeds the service into the enterprise AI framework. Keynote Speech: Indonesia's Post-Election Economy: Can the Country Sustain 5–6% Growth Amid Fiscal Pressures, Weak Export Prices and Heavy Industrial Power Subsidies? Speaker: Andre Simangunsong, Head of Mandiri Institute, Office of Chief Economist, Bank Mandiri Andre Simangunsong said Indonesia’s GDP grew by 5.6% in Q1 2026, with a full-year baseline forecast of 5.2%. The strong Q1 growth was primarily driven by a low base effect from delayed fiscal spending in 2025 and the front-loading of this year’s fiscal disbursements. The full year faces uncertainties from rising crude oil prices, geopolitical fluctuations, and a widening fiscal deficit. The 2026 fiscal budget is approximately IDR 2,000 trillion, focusing on eight key areas such as education and food security; 19 major industrial projects have already commenced, with nickel smelting and industry chain parks accelerating establishment, propelling the mineral sector’s transformation from raw resource exports to high-value-added deep processing. Indonesia has revised nickel ore royalty rules, introducing progressive royalty rates, promoting the upgrade of nickel products from nickel pig iron (NPI) to MHP and nickel sulphate, and laying out hydrometallurgical processing for low-grade ores; the outlook for the tin industry is positive. The banking sector’s loan-to-deposit ratio remains stable at 85%, and Bank Mandiri is advancing digital transformation and ESG-compliant lending to empower downstream industry projects. By combining industrial, fiscal, and financial strengths, Indonesia is expected to maintain a growth range of 5%–6% in the medium and long term. CXO Panel: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges Moderator: Laksmi Kusumawati, Director of Downstream Planning and International Economic Cooperation, Ministry of National Development Planning/Bappenas Panelists: Bernardus Irmanto, President Director, PT Vale Indonesia Alex Sun, Chief Sustainability Officer and Vice President, Integrated Energy Service and Carbon Management, Envision Group Marvin R. Reinhart, Portfolio Management Department Head, Indonesia Battery Corporation Ilhamsyah Mahendra, Production & Commercial Director, PT Timah Tbk Keynote Speech: Breaking the Diesel Dependency: Reliable, Affordable Energy for Island Mines Speaker: Mr. Fred Ge, C&I BESS Technical Solution Manager in Asia-Pacific, Sungrow Panel Discussion: The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Moderator： MARCO KAMIYA， UNIDO Representative, Regional Office in Jakarta for Indonesia, Timor Leste and the Philippines UNIDO (United Nations Industrial Development Organization) Panelists: Ary Sudijanto, Deputy for Climate Change Control and Carbon Economic Value Governance, Ministry of Environment, Government of Indonesia Antti Koulumies, CEO, Terrafame Anna Stancher, Senior Project Manager, Responsible Minerals Initiative Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Lihui Sun, Vice President, Chief Sustainability Officer, Huayou Cobalt From June 3 to June 5, Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting 3,500+ attendees from 45 countries and regions worldwide, featuring more than 120+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Additionally, SMM has also meticulously arranged two rounds of panel discussions: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Conference Background In recent years, global nickel and cobalt raw material supply has frequently encountered various disruptions: Indonesia significantly lowered its nickel ore mining quota to 260–270 million mt, tightening nickel resource release at the source; the DRC continuously reduced cobalt ore export quotas, leading to a marked contraction in tradable cobalt raw materials worldwide. Multiple supply variables continued to roil nickel and cobalt commodity futures. Meanwhile, Indonesia is not only the core hub of the global nickel industry chain but also a key production area for global new cobalt supply at this stage. Its industrial control policies, commissioning pace of capacity, and industry chain layout changes directly shape the evolution of the global nickel-cobalt supply-demand pattern. Currently, the global nickel and cobalt industry is at a critical development stage featuring supply-demand restructuring, policy innovation, and value reassessment. To accurately forecast the nickel and cobalt market trends in 2026, deeply analyze the latest industrial control details in Indonesia, and help upstream and downstream players across the industry chain break down collaboration barriers, the Nickel and Cobalt Forum was launched. The forum brought together global mines, smelters, trading firms, downstream end-users, and investment and financing institutions to conduct in-depth discussions on key topics such as market supply and demand trends, policies and regulations, production technology iteration, and cross-border industrial cooperation, jointly exploring new growth drivers for high-quality industry development. Ni & Co Forum Keynote Speech: Mining Regulatory Outlook: RKAB Quota Planning and Indonesia's Next-Phase Downstream Mineral Expansion Path Guest Speaker: Totoh Abdul Fatah, Secretary General of the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources Totoh Abdul Fatah noted that RKAB is the key policy instrument for Indonesia to regulate mineral output, coordinate the orderly rollout of industries, and align with the nation's downstream industrialization priorities. Indonesia is endowed with exceptional mineral and coal resources, with significant reserves and capacity in several key strategic commodities including nickel, cobalt, copper, tin, bauxite, gold and silver, and iron ore. Leveraging these unique resource advantages, Indonesia holds a critical strategic position in the global mineral supply chain, and its value is especially prominent in the energy transition wave, providing strong support for the development of power batteries, renewable energy equipment, and high-end manufacturing. The next phase of downstream mineral development is not about curbing growth, but about improving development quality, clarifying development direction, strengthening regulatory management, and reinforcing the sustainability of growth. Future smelter layout must match ore supply capability, be aligned with resource conservation, and coordinate multiple factors including energy infrastructure readiness, environmental protection access standards, and domestic industry value addition. In light of these considerations, the Indonesian government is promoting an industrial logic shift from pure capacity expansion to strategic optimization of resource allocation, ensuring that mineral resources are precisely directed to industry segments that can maximize national economic benefits. Indonesia's downstream mineral industrialization has made concrete progress. Currently, 14 smelters are in operation, primarily producing products such as nickel oxide, pig iron, and copper cathode. Covering both existing operating plants and new projects under construction, the entire industry chain has attracted a total realized investment of $7.849 billion. Breakdown: nickel sector investment of $2.535 billion, aluminum sector $2.181 billion, iron ore projects $47 million, and copper sector $3.084 billion. This is continuously improving the supporting system of the domestic mineral industry chain. This progress demonstrates that Indonesia's downstream mineral policy has achieved tangible results. However, challenges remain for the industry: not only must new smelting projects be completed and commissioned on schedule, but they also require stable supporting supply to achieve efficient operations, green and low-carbon production, and deep integration into the domestic industry chain value system. Indonesia's development direction is very clear: the downstream transformation of minerals will continue to advance, and during the implementation process, policy enforcement constraints and top-level strategic guidance will be further strengthened. The RKAB management system and ore source allocation control rules are key to building a robust and more resilient industrial ecosystem. Future smelting project planning needs to coordinate four key dimensions: sustainable resource development, supply-demand market equilibrium, ESG compliance implementation, and enhancement of national value added. Indonesia has always been open to quality investment, especially high-quality investment, relying on foreign capital to achieve technology transfer and localization, expand local employment, and support long-term economic growth. In other words, Indonesia's industrial development not only pursues growth, but is committed to achieving high-quality growth that is compliant, sustainable, and globally competitive. Keynote Speech: Nickel at a Crossroads：A Five-Year Outlook on Global Nickel — Navigating Policy, Supply, and Demand Shifts Speaker: Thomas Feng, Head of Industry Research, Shanghai Metals Market Feng projects that the global primary nickel market will show a supply deficit in 2026, continue the oversupply trend in 2027, and shift to a tight balance in 2029. Regarding refined nickel prices, on the cost side, global sulfur supply and demand will face a persistent deficit in the next 2–3 years. In the case of short-term strait blockades, sulfur prices remain high, strengthening the cost support for the sulfur-MHP-refined nickel chain. From a macro perspective, the U.S.-Israel-Iran conflict has triggered wild swings in energy prices, pushing up inflation expectations. In the short term, global commodity prices will face considerable fluctuations. In the long term, global geopolitical uncertainty may become the new normal in the future, increasing the volatility of refined nickel prices. Nickel Ore Upstream Repricing: Indonesia's Benchmark Price Raise, Quota Tightening, and Increased Dependence on the Philippines Indonesia Nickel Ore RKAB Quotas: Tight Balance Emerges as the 2026 Main Theme According to SMM analysis, following the Indonesian Ministry of Energy and Mineral Resources' (ESDM) official denial of market rumors that RKAB production quotas would be raised across the board by 25%–30%, the government will handle supplementary quotas under strict case-by-case reviews starting from H2 2026, evaluating each miner's compliance, capacity, and resource reserves. At its core, this constitutes a routine and orderly optimisation of the existing 260–270 million wmt quota cap, paving the way for a more stable and sustainable market environment. Supply RKAB Approval Progress: As of April, Indonesia's cumulative approved RKAB quotas stand at 240 million wmt. SMM expects that, under expectations of continued nickel ore supply tightening, supplementary quotas around mid-year 2026 will be approximately 15%. Philippine Import Driver: SMM expects that this year, Indonesia's nickel ore imports from the Philippines will rise from approximately 15 million in 2025 to 22 million. Tightness in the domestic trade nickel ore supply will accelerate supplementation through imports from the Philippines. Demand Affected by the tight sulfur supply, MHP output has fallen short of earlier expectations. As a result, Indonesia's nickel ore demand for full-year 2026 is expected to be reduced to 303 million wmt. In 2026, actual nickel ore production will remain constrained by factors such as the rainy season and the pace of RKAB quota approvals, leaving overall output below theoretical supply levels. Panel Discussion: Upstream Opportunities & Challenges for Nickel Mine Owners Moderator: Enzo Brooklyn, Senior Nickel Analyst, SMM Panelists: Luca Maiotti, Policy Analyst, Organisation for Economic Co-operation and Development (OECD) Aldo Namora, President Director, PT Ceria Metalindo Prima Jerome Baudelet, CEO, Eramet Indonesia Patrick Lim, Country Head, HyperStrong Indonesia Keynote Speech: Achieving Energy Efficiency and Operational Success: The MMD Approach at Mah Moe Speaker: Fuad Budidarma Pratama, General Manager, MMD Mining Machinery Indonesia Keynote Speech: Global Nickel Market Outlook Speaker: Ricardo Ferreira, Director of Market Research and Statistics, International Nickel Study Group (INSG) Ricardo Ferreira noted that global primary nickel production is estimated to have declined by approximately 4% YoY, measured across the full chain from raw ore mining to finished primary nickel products. Most of this decrease originated from Indonesia, while expectations also pointed to a pullback in Chinese nickel output. According to the monthly bulletin released earlier, global primary nickel already edged down by about 1% in Q1, with Indonesia down roughly 3% and China down about 1%. Keynote Speech: New Refining Technologies for Laterite Nickel and Spent Batteries Speaker: Dr. Chunwei Liu, Managing Director of Resource Extraction, Botree Recycling Technologies Distribution of Laterite Nickel Ore Resources Laterite nickel ore accounts for 55% of global nickel resources and is the main source of nickel for industrial production worldwide. With the continuous development and promotion of high-nickel batteries, market demand for nickel—and consequently for laterite nickel ore processing—has grown significantly. Geographic concentration: Mainly distributed in tropical countries within 30° north and south of the equator. Three core regions: Southeast Asia: Indonesia, the Philippines (major laterite nickel ore producing areas). Americas: Cuba, Brazil. Oceania: Australia, New Caledonia. Panel Discussion: Nickel Price Volatility, Product Spreads, and Policy Shifts: What Will Define the Market in the next 5 years? Moderator: Slupek Kamila, Secretary-General, INSG Panelists: Jim Lennon, Analyst, Macquarie Septian Hario Seto, Member, National Economic Council Republic of Indonesia Denis Sharypin, Strategic Marketing Director, Norilsk Nickel Edric Koh, Head of Corporate Sales, Asia, London Metal Exchange Mark Selby, CEO & Director, Canada Nickel Company Keynote Speech: Korean Battery Supply Chain Strategy and Indonesia's Role Speaker: James (IKHWAN) Choi, Country Manager, Korea Office, SMM Korea Office Keynote Speech: Retreat or Evolve? The Counter-Attack of High-Nickel Batteries under the LFP Siege: Solid State, 4680, and the "Range Anxiety" Premium Speaker: Jared Zhu, Head of Consulting, Renewable Energy & Non-ferrous Metals, Shanghai Metals Market Jared noted that LFP batteries have steadily increased their market share in power battery and energy storage markets in recent years. With the rapid development of emerging sectors such as humanoid robots, industrial robots, and electric vertical take-off and landing vehicles (eVTOL), ternary batteries, leveraging their performance advantages, are more competitive than LFP batteries. Solid-state batteries are regarded by the industry as a must-win field for future competition, but it is worth noting that this new technology, capable of rewriting industry rules, still has a long development cycle before full commercialization. Positioning in the LFP Era LFP Accelerates Replacement of Ni-Co-Mn in Energy Storage and EVs, Leading in Scale and Growth SMM forecasts the global share of EV power battery types from 2026 to 2027, expecting LFP batteries to account for around 68% in 2026, with that ratio rising to about 70% in 2027. For ESS battery types, from 2022 to 2025, the share of LFP batteries in global ESS batteries continued to rise, and in 2026, it is expected to increase to around 99%. Keynote Speech: QMAG - Market Leader of Calcined Magnesia for Nickel/Cobalt MHP Production Speaker: Christoph Beyer, Managing Director of Queensland Magnesia (QMAG) Dr. Keynote Speech: Cobalt in Focus: Powering the Next Chapter of Critical Minerals Speaker: Dinah McLeod, Director General, Cobalt Institute June 5: Nickel and Cobalt Forum Keynote Speeches Keynote Speech: Balancing Risk and Reward: Investing in Indonesia's Nickel and Cobalt Value Chain Speaker: Izzie Huo, Senior Research Fellow, Shanghai Metals Market Panel Discussion: Too Much Nickel? Balancing Oversupply Risks with Long-Term Investment in Indonesia Moderator: Jean Tang, Commercial Director, Shanghai Metals Market Panelists: Ali Safdar, Managing Director & Partner, BCG (Boston Consulting Group) Arif Perdana Kusumah, Chairman, Forum Industri Nikel Indonesia (FINI) Ditya Maharhani Harninda, Senior Vice President Corporate Banking 2, PT Bank Negara Indonesia Tbk (Persero) Keynote Speech: Valve Solutions for Severe Service in HPAL Speaker: Changsong Deng, President of International Business Division, ANTIWEAR Keynote Speech: Breaking the Import Dependency: Economics and Feasibility of Pyrite-based Acid Production for Indonesia's HPAL Supply Chain Speaker: Bede Beresford Evans, President Director, PT Sumbawa Timur Mining Keynote Speech: Key Technology and Economic Analysis of AI Power Microgrid Solutions in Mining Speaker: Frank Qi, CEO, Ai Power (Suzhou) Technology Co., Ltd. Keynote Speech: Value of Analytical Solutions in Mining Processes Speaker: Toh Tiong Yen, Sales Manager, Malvern Panalytical Keynote Speech: New Caledonia's Nickel Landscape Speaker: Gabriel Bensimon, Special Advisor to the President of the Government on Nickel and Mining-Related Matters, The Government of New Caledonia Keynote Speech: Global Flow of Nickel from Mining to End-Use Speaker: Dr. Steukers Veronique, President, Nickel Institute Primary nickel production is now dominated by Indonesia. In 2025, Indonesia produced around 50% of the world's primary nickel, compared to just 6% a decade earlier. Primary nickel production in the rest of the world declined. In 2025, primary nickel production in the rest of the world, excluding Indonesia and China, accounted for just over 20% of the global total, down from 65% a decade earlier. Indonesia and China are the core driving forces shaping the global nickel supply chain landscape. From the perspective of nickel product circulation structure, NPI, backed by Indonesia's capacity advantage, firmly dominates the circulation mainstream; in terms of global nickel raw material supply by grade, Class 2 nickel accounts for approximately 58%, Class 1 nickel for just under 30%, and nickel chemical products for the remaining around 13%. Panel Discussion: Meet the Future of ESG: Standard, Challenges and Opportunities in Mining and Processing Moderator: Katz Benjamin, Policy Analyst, OECD Panelists: Dr. Chris Schlekat, Executive Director of NIPERA, Nickel Institute Ning Wang, Manager, Sustainable Development Department, China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Vinícius Mendes Ferreira, Executive Advisor for Nickel Downstreaming, PT Vale Indonesia Fan Li, Sustainability and ESG Services Manager, dss+ Tom Fairlie, Senior Sustainability Manager, Cobalt Institute Tin Forum June 4 Visit to the Association of Indonesian Tin Exporters (AETI) Shanghai Metals Market (SMM) is pleased to announce that an SMM-led delegation, headed by SMM Copper & Tin Overseas Marketing Manager Jenny Wu and made up of delegates from the Indonesia Critical Minerals Conference & Expo 2026 , conducted a formal visit to the Association of Indonesian Tin Exporters (AETI) on June 4. The event was organized by SMM and co-organized by Indonesia’s Ministry of Foreign Affairs, National Economic Council, Indonesia Nickel Miners Association (APNI), and MMR, with the Jakarta Futures Exchange as the strategic partner. This visit underscores SMM’s commitment to fostering long-term, win-win partnerships between Indonesia’s top mineral exporters and global metals industry stakeholders. Supply and Demand Exchange Session June 5 Opening Remarks Speaker: Adam Fan, Chairman of SMM Keynote Speech Keynote Speech: DRC Tin Ore: Current Supply Status and Market Dynamics Insights Speaker: Raj Chug, General Manager, Mining Mineral Resources Keynote Speech: African Tin Ore: Resource Potential and Supply Chain Breakthrough Paths Amid Supply Shortages Speaker: Egyul Mamoko， Metallurgist Expert， CTCPM (Cellule Technique de Coordination et de Planification Minière) [Panel Discussion] Global Tin Mine Supply Seminar: Current Status, Opportunities, and Future Challenges Moderator: Vicky Qiao, Senior Analyst at SMM Panelists: Egyul Mamoko, Metallurgist Expert, CTCPM (Cellule Technique de Coordination et de Planification Minière) Erwin Setyawan, Head of Trading & Operation, Jakarta Futures Exchange Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals Keynote Speech: The Development Trend of the Tin Market in China Speaker: Zheyu Zhang, Tin Market Analyst, Marketing Department, Yuntin (Honghe) Investment Development Co., Ltd. Keynote Speech: Opportunities and Challenges for Smelters Under Indonesia's New Tin Industry Policies Speaker: Yazid Kanca Surya, Chief Executive Officer, Jakarta Futures Exchange Fragmented Global Supply Chain System Reshaping of the Geopolitical Landscape : Trade disputes and geopolitical tensions are profoundly altering traditional commodity trade patterns. Industrial Security :Countries are increasingly prioritizing long-term stable supply of strategic resources over short-term price advantages. Focus on Critical Minerals : Tin’s industry role is no longer isolated; it has become a core issue in the global energy transition and high-end manufacturing sectors. Evolution of the Tin Market The industry is entering a new phase where credibility is as important as capacity. Promoting Downstream Industrialisation (Hilirisasi) •Historical Development Background: Indonesia has long been dominated by the supply of primary processed products, with most downstream value addition achieved outside China. • Strategic Goals : Indonesia is adjusting export policies, trade management, and supply chain oversight to retain high-value-added industries within the country. Strengthening regulation and cracking down on illegal mining are not punitive measures, but rather efforts to build a transparent system to help the local area vigorously promote the development of downstream industries. Smelters Under Pressure Upstream uncertainties: Illegal mining disrupts the market, raw material supply fluctuates, and price trends are difficult to predict. Downstream market requirements: Strict compliance standards, full transparency in raw material traceability, and continuously rising screening thresholds for buyers. Market Volatility Intensifies The uncertainty in the current operating environment has increased significantly. Enterprises must not only cope with production risks, but also simultaneously address the multiple pressures arising from external shocks and rising operating costs. Investment Barriers in Deep Processing Keynote Speech: Deepening Downstream Diversification, Joining Hands to Foster Long-term Prosperity Guest Speaker: HARRY BUDI SIDHARTA, S.T, MM., Vice President Director, PT Timah (Persero) Tbk Keynote Speech: Challenges and Opportunities for China's Tin Industry amid Global Tin Ore Supply Changes Guest Speaker: Huanbo Qin, Market Analyst, International Tin Association China Keynote Speech: Analysis of Global Tin Price Trends and Future Outlook Speaker: Vicky Qiao, Senior Analyst, Shanghai Metals Market Price Trend Overview Price Review: Amid macroeconomic and geopolitical disruptions, market fundamentals have provided structural support Key Points: Tight mine-side supply has established a long-term price floor, while macro liquidity has primarily driven price fluctuations. Tin Resources and Mine Supply Landscape Supply elasticity is limited, accompanied by a high geographic concentration of reserves; the global static mine life is less than 15 years. Rising mine production alongside shrinking global resources has accelerated reserve depletion in producing countries. DRC: Output from major mines remained stable; however, M23 militant activities increased market uncertainty. ►Risks 1. The M23 armed conflict has spread to the Masisi region east of the Bisie mine and the Goma border crossing between the DRC and Rwanda, directly disrupting the original tin ore transportation route via Goma to Dar es Salaam. 2. To mitigate conflict risks, security at the Bisie mine has been reinforced, and freight routes have been adjusted northward to reroute through Uganda, ultimately destined for the port of Mombasa in Kenya. Nevertheless, market concerns persist that further spread of the M23 conflict could disrupt normal production operations at the mine. 3. The DRC recently experienced an Ebola outbreak, with confirmed cases concentrated in Beni and Bunia, areas adjacent to Uganda. Strict disease prevention measures have been implemented at both the mine and along transportation links; Bisie's mining and freight activities have yet to be affected by the pandemic impact. However, the market remains apprehensive about the local mineral supply outlook. Myanmar's Man Maw Tin Mine: Production Resumptions Hindered • 90% of Myanmar's tin ore production is concentrated in Wa State. To ensure rational resource extraction and stable regional development, Wa State suspended all tin ore mining starting in 2023, with new mining permits only reissued in July 2025. Due to the local rainy climate, the mine pits accumulated significant water during the suspension, making drainage the primary challenge upon work resumption. As the water accumulation issue affected multiple pits, the cost-sharing arrangements for drainage among mining enterprises were long delayed and never finalized. The resulting obstruction of drainage work has directly constrained the mine's production resumption progress. •In February 2026, the local government issued detailed rules clarifying the cost-sharing standards for drainage, and the Wa State tin mine immediately began resuming production. •Currently, strict approval and control of civilian explosives in Myanmar, compounded by disruptions to mining and logistics caused by the rainy season, have led to progress in local production resumptions falling short of expectations. Full resumption is expected only by 2027. The number of new tin mine projects globally is scarce, with generally low ore grades and lengthy development-to-production cycles. New projects generally have low ore grades, posing upside risks to future mining costs and increasing operational difficulty. Only three new projects have grades above 1%. Lower ore grades mean that more raw ore must be processed to produce the same amount of tin metal. The future supply landscape will be markedly differentiated, with total planned and under-construction projects reaching 173.5 kt in capacity, and just four major projects accounting for over 67%. Global supply will be highly dependent on these core mine projects, while five new projects in Australia can only bring a small incremental increase with limited impact. Global Tin Ingot Supply The high concentration of primary tin smelting capacity limits the global supply elasticity of tin ingots. Keynote Speech: Achieving the Trading and Risk Hedging of Pure Tin Ingots Through the Standardized Trading Mechanism of the Futures Market – Commodity Futures Trading Regulatory Authority Guest Speaker: Ima Siti Fatimah, Head of the Commodity Futures Trading Development Bureau, Ministry of Trade of the Republic of Indonesia Keynote Speech: Under the Drive of Geopolitical Policies: Global Strategic Metal Tin Trade Restructuring, Breakthroughs in North American Secondary Production, and New Logic in Solder Consumption Guest Speaker: Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals ► Securing Supply: US Plan to Reshore Critical Metal (Tin) Capacity • Lessons drawn from COVID-19 and World War II. • No primary tin capacity currently exists in North America: no tin ore mining operations, no tin ore smelting capacity. • The US secondary tin market is regionally fragmented. • The US government supports the Nathan Trotter primary/secondary tin smelter. • The Trump administration has made multiple investments in the critical metals sector. • Security situation in the DRC and surrounding regions. ► Data Center Tin Consumption Estimates How much tin is consumed per gigawatt of installed data center capacity? • Servers, GPUs, network systems: 500–1,500 mt. • Power systems, switchgear: 100–400 mt. • Control devices, communication equipment, cooling systems: 50–200 mt. • Tin usage per gigawatt of installed AI data center capacity is approximately 1,200–1,500 mt. Additionally, the speaker noted: the PV industry's annual tin consumption is about 25,000 mt, with average annual new installations of around 30 GW, corresponding to tin demand of 36,000–45,000 mt. Keynote Speech: Due Diligence in the Indonesian Tin Sector: A Tradition of Early Adoption and Pathways for ESG Leadership Guest Speaker: Josue Ruiz, Director of Facility Engagement, Responsible Minerals Initiative Keynote Speech: Malaysian Tin Mine: Market Breakthrough and Global Expansion from the Perspective of Critical Minerals Guest Speaker: DATO DEREK TENG, Director of the SETARA JELITA SDN BHD, President of the MALAYSIA MARITIME SILK ROUTE RESEARCH SOCIETY Critical Minerals in the New Era Strategic Positioning and Core Applications of Tin National Strategic Cornerstone: Listed in the “Critical Minerals List” by many countries, it holds an irreplaceable core position in securing national resource security and maintaining the resilience of global supply chains. Modern Industrial Lifeline: The core raw material for electronic solder manufacturing, it supports semiconductor packaging, PCB circuit boards, and other electronic information industries, serving as the “industrial monosodium glutamate” of modern manufacturing. Frontier Technology Engine: Empowering emerging technologies such as 5G communications, NEV batteries, PV modules, and AI chips, it drives the dual transformation of the digital economy and green transition. Tin: The “Industrial MSG” Driving High-Tech Industries ► A Core Member of the Global Critical Minerals System U.S. Official Designation: According to the U.S. Geological Survey (USGS) “2025 Critical Minerals List,” tin is formally listed as a critical mineral, regarded as a strategic resource vital to national economic development and national security. Global Industry Consensus: In the mineral assessment systems of the EU and other developed economies, tin also occupies a core position. It is an indispensable “emerging cornerstone mineral” supporting the global digital economic transformation and the upgrade of the new energy industry. The global tin application structure in 2025 is very clear: 53% is used in semiconductors and high-end electronic solder, 16% in fine tin chemical new materials, 11% in food-grade tinplate and tin cans, and 8% directly in the PV green new energy industry. Tin Applications in High-Growth Sectors Currently, three major high-growth tracks worldwide are continuously driving rigid incremental demand for tin. First, AI computing power and hyperscale data centers: The tin consumption per unit of high-end AI servers is 3–13 times that of ordinary servers. With the explosive growth of global AI computing power demand, the demand for high-end solder will continue to grow rapidly. Second, new energy vehicles: Tin consumption per vehicle is about three times that of internal combustion engine vehicles, and for intelligent car models, it can reach up to 1.5 kg per vehicle. Third, advanced packaging: The solder ball usage of advanced packaging technologies such as HBM (High Bandwidth Memory) is more than five times that of traditional DRAM. Malaysia at a Crossroads The Decline of a Former Empire and Opportunities for Transformation ► Glorious History · Tin Empire: In the 1960s, Malaysia was the world's veritable "Tin Empire." Its tin production once accounted for one-third of the global total, and revenue from tin exports represented as much as 60% of the country's total export revenue, dominating the global tin trade landscape. ► Current Situation · Dual Challenges: However, after industrial iteration, its share of global production was only 0.2% in 2023, with annual output falling to 6,100 mt, marking a sharp decline. Malaysia still holds considerable secondary resource reserves of 780,000 tonnes, with native ore depleted but tailings holding significant potential. ► Future · Reshaping Value Strategic Empowerment: Leverage the new strategic identity of “critical minerals” to enhance discourse power and bargaining power in the international supply chain. Industrial Leap: Shift away from dependence on primary tin ingot exports and move towards high value-added deep processing manufacturing and the establishment of a circular economy system. Core Challenges Faced Currently, Malaysia’s tin industry faces four core structural challenges. Market Breakthrough: Reshaping Value Embrace the New Identity and Extend into Downstream High Value-Added Sectors Build a Regional Circular Economy Center Core Strategy: Fully leverage Malaysia’s industrial advantage as a global electronics manufacturing center, turning the large amount of tin-containing scrap generated during production—including solder dross, waste circuit boards, etc.—into valuable recycled tin resources, and establish an “urban mining” resource recycling system. Keynote Speech: From Waste to Value: How Smelters and Recycling Enterprises Uncover Hidden Treasures in Tin Ore By-Products Guest Speaker: Justin Wang, Director of Marketing and Technology, Stannum Solutions(Shanghai) Co., Ltd. Coal & Energy Transition Forum June 4 Keynote Speeches Keynote Speech: The Future of Renewable Energy for Mining Contractors in Indonesia Guest Speaker: Bambang Tjahjono, Executive Director of ASPINDO Panel Discussion: The Indonesia 2060 Net-Zero Roadmap: The Role and Transition Pathway for the Mining Sector Moderator: Verena Streitferdt, Director, Tri Hita Consulting Panelists: Alfonsius Ariawan, Mining & Metals Lead, Indonesia, dss+ Yan Yan Muhammad Achdiansyah, Innovative Project Manager for Asia Pacific, HDF Energy Ardhi Ishak, Chairman of Industry Relations & Industry Associations, PERHAPI (Association of Indonesian Mining Professionals) Keynote Speech: Banking on the Transition: Sustainable Finance Solutions for Indonesia’s Mining and Energy Sector Guest Speaker: Dendi Ramdani, Vice President for Industry and Regional Research, PT Bank Mandiri (Persero) Tbk. [Panel Discussion] Reshaping the Role of Coal: Balancing Indonesia's Energy Security and Just Transition Moderator: Muhammad Saly Putra, Head of Marketing, MMS Resources Panelists: Putra Adhiguna, Managing Director, Energy Shift Institute Anton Frian Yohanes Reynaldo, Global Relations Team, Badan Pengaturan Badan Usaha Milik Negara (BP BUMN) Gita Mahyarani, Executive Director, APBI-ICMA Emmanuel Jefferson Kuesar, Chief Executive Officer, Sun Energy Ardhi Ishak, Chairman of Industry Relations & Industry Associations, PERHAPI (Association of Indonesian Mining Professionals) Keynote Speech: Shifting Global Demand: Capturing Emerging Markets in South Asia Guest Speaker: Vasudev Pamnani, Director, iEnergy Natural Resources Limited Executive Roundtable – Margin Protection Strategies: Managing High Production Costs, Royalty Hikes, and Domestic Pricing Caps Moderator: Kevin Triadi Gunawan, Country BD Manager, Argus Panelists: Suryo Suwignjo, CEO, PT Titan Infra Sejatera Ashok Mitra, Senior Advisor, Bakrie Capital Indonesia FH Kristiono, CEO, UCoal Keynote Speech: The Cost of Compliance: Balancing Cash Flow and Strategic Investment Amidst RKAB Quota Cuts and DMO Burdens Speaker: Subhashish Datta, CFO, Kaltim Prima Coal June 5 Coal & Energy Transition Forum Keynote Speeches Panel Discussion: Vision to Leverage 100GW of Solar - What are the Opportunities and Challenges Moderator: Tengku Zulchairi P., Indonesia Sales Manager, LONGi Solar Panelists: Dr. Farid Wijaya, Manager of Sectoral Decarbonization Research, Institute for Essential Services Reform (IESR) Eka Himawan, Co-Founder & Managing Director, Xurya Daya Indonesia Johan Hadi Wardoyo, Chief Commercial Officer, PT Trina Mas Agra Indonesia Keynote Speech: Navigating the Cycles: The Evolution of Global PV Supply Chains and Its Strategic Impact on Indonesia Speaker: Ryan Tey Tze Yang, PV Analyst, Shanghai Metals Market Keynote Speech: From Ambition to Action: AESI's Roadmap for Solar deployment in Indonesia's Critical Minerals Sector Speaker: I Made Aditya Suryawidya, Vice Chairman of Research and Technology, Asosiasi Energi Surya Indonesia (AESI) Panel Discussion: Hybrid Energy Systems: Designing the Optimal Mix of Solar, Storage, and Diesel for Mega-Mines Moderator: Ryan Tey Tze Yang, PV Analyst, Shanghai Metals Market Panelists: Eka Satria, CEO, Medco Power Indonesia Ricky Cahya Andrian, Vice President of Decarbonization Business Development and Energy Management, PT PLN (Persero) Karina Darmawan, Chief Executive Officer, SUN Mobility Muchtazar, Head of Sustainability, Nickel Industries Limited Nian Gao, Director, Microgrid Solution Department, Sungrow Keynote Speech: EV Infrastructure & Energy Storage: The Final Piece of the Mining Decarbonization Puzzle Speaker: Christopher Marvel, Country Business Development Manager - Indonesia, StarCharge Mining carbon emissions are typical operational emissions, with emission sources spanning the entire operational chain of a mine. Mine decarbonization cannot be achieved solely through carbon disclosure, carbon offsets, or green procurement. Daily production activities such as transportation and turnaround, captive power supply, crushing and grinding, mine ventilation, and process electricity are the core carriers of carbon emissions. The core challenge for the industry today is to steadily reduce carbon emission intensity against a backdrop of growing demand for minerals. This requires a systematic restructuring of the mine’s overall energy system, rather than simply replacing fuels for individual equipment. Diesel-powered transport is the key battleground for carbon reduction in mines Various types of mobile equipment are the key targets for carbon emission monitoring. The average annual fuel consumption of a single mining truck is close to one million liters. For open-pit mines, fuel consumption is closely linked to haul distance, road gradient, payload, dispatch management, and vehicle idling. Therefore, the transport phase becomes the optimal breakthrough point that balances carbon reduction and production efficiency. The electrification of mining trucks is not a technical bottleneck; the real key lies in whether the supporting core infrastructure, such as charging and energy storage, can enable the equipment to operate at full capacity and ensure that production is not affected. The global fleet of large mining haul trucks numbers about 28,000 units, and is still predominantly diesel-powered. According to RMI estimates, the average annual diesel consumption of a single truck reaches 900,000 liters; energy consumption by haul vehicles accounts for 30%–50% of total mine energy use, corresponding to annual CO2 emissions from the global fleet of approximately 68 million mt. Keynote Speech: From Blueprint to Site: Engineering Practices for High-Availability PV-Storage Microgrids in Indonesia’s Tropical Rainforests Guest Speaker: Frank Qi, CEO, AI Power (Suzhou) Tech. Co., Ltd. Suryawan Teddy, Director of ATW Solar Panel Discussion: What Will Drive the Next Wave of Industrial Solar in Indonesia? Moderator: Eric C. Listyosuputro, Partner, EY-Parthenon Indonesia Panelists: Jannata (Egi) Giwangkara, Country Lead – Indonesia, Climateworks Zidny Ilman, Associate Vice President of Public Policy and Government Relations, Suryanesia Aluminum Forum June 4 Guest Speeches Keynote Speech: Aluminum Market — Looking Ahead from Today's Supply Chain Squeeze Speaker: Duncan Hobbs, Research Director, Concord Resources Ltd Duncan Hobbs noted that while the aluminum market currently appears to face a significant supply deficit, the inventory available to fill that gap is limited. We have lowered our forecast for global aluminum production in 2026, expecting total output of around 73.8 million mt, basically flat YoY, whereas our January forecast projected a 2.8% YoY increase. At the same time, the global aluminum consumption growth forecast has been revised down from 2.3% to 1.9%. After these adjustments, the estimated nominal market deficit expands to roughly 2.1 million mt, a substantial increase from the 300,000 mt projected in January. Absorbing this deficit depends heavily on accessible inventories; if inventory draws prove insufficient, the supply-demand balance will have to rely on price mechanisms to curb demand, ultimately bringing consumption in line with actual production. Currently, freely circulating market inventory may struggle to cover the 2.1 million mt deficit, providing upward momentum for aluminum prices. Keynote Speech: Updated Downstream Development of Minerals and Energy in Indonesia Speaker: Novi Muharam, Acting Head of Division Downstream Strategy, Research & Process Engineering, MIND ID Panel Discussion: Navigating Change: Resilience Strategies for the Global Bauxite, Alumina and Primary Aluminum Market Moderator: Sibyl Yang, Senior Aluminum Analyst, Shanghai Metals Market Panelists: Mark Roggensinger, Head of Market Analysis - Hydro Bauxite & Alumina, Hydro Dinesh Raj, P. Global Head – Supply Chain Due Diligence, Siemens Energy Ken Permana, CFO, PT Indonesia Asahan Alumunium Mahmood Dailami, Secretary General, Gulf Aluminium Council Ilham Iskandar Siregar, SVP - Base Metals Commercial, PT ANTAM Tbk Keynote Speech: Expansion of India’s Upstream Aluminum Sector: New Projects and the Rise of Alumina Capacity Speaker: Dr. Ashok Nandi, President, IBAAS-International Bauxite Alumina & Aluminium Society ► Currently, India's alumina capacity is approximately 11.3 million mt/year, and through brownfield and greenfield expansions, it is expected to increase to 15 million mt/year by 2030. ► Although the country has abundant bauxite resources, the main issue is that deposits are often located in ecologically sensitive areas, such as tribal lands and dense forests, and environmental clearances face delays. ► Refineries like Lanjigarh Vedanta, Hindalco Belgavi, and Pioneer struggle to secure local ore supply and primarily import bauxite from Guinea. Global Alumina Landscape China is the global leader in alumina production. Australia trails far behind, followed by India, Brazil, Russia, and other countries. Keynote Speech: Restructuring the Aluminum Industry in the Low-Carbon Era: China-Driven Transformation of Global Bauxite Supply Chain Rules and Redistribution of Power Speaker: Linda Shan, Deputy Secretary-General & Director of the International Department of the United Nations Mining Consultative Expert Committee, ZHONGUANCUN Green Mine Industry Alliance The global aluminum industry stands at a historic turning point. This is not a simple adjustment of price cycles or supply-demand relationships, but a deep restructuring jointly driven by the low-carbon transition, industrial upgrading, resource security, and international cooperation. The theme of this paper is to analyze how China is driving the rule transformation in the global bauxite supply chain and to reveal the profound implications of power redistribution therein. The Variables Have Changed: From Old Cycles to New Rules The variables shaping the industry's direction have fundamentally changed. In the past, the market focused on the supply-demand gap, energy prices, and inventory cycles. But today, low-carbon rules, geopolitics, industrial policies, and supply chain risks have become the new dominant forces. One key data point is that in March 2026, China's primary aluminum production accounted for 60.2% of the global total. This indicates that the global aluminum industry is shifting from being purely cost-driven to a more complex rule-driven era. Why did this transformation occur? Because the three major fundamental assumptions on which the industry relied for decades are being broken. Previously, it was widely believed that resources could flow freely, energy prices would remain stable in the long term, and the global trade environment was relatively open. But the reality now is that logistics security is no longer taken for granted, energy costs are experiencing wild swings, and trade rules are constantly being rewritten. In one sentence: The old era was about competing on cost, while the new era is about the competitiveness of the system. Keynote Speech: Innovative Technologies for Energy Saving and Emission Reduction in Primary Aluminum Smelting Speaker: Yanfeng Lu, Deputy General Manager of Overseas Business Center, Shenyang Aluminum and Magnesium Engineeringand Research Institute Company Limited (SAMI) He stated that the company has always focused on energy savings, high efficiency, and environmental protection as core objectives, and has planned three major paths: enhancing magnetohydrodynamic stability, maintaining a good thermal balance, and systematically saving energy and reducing consumption. By optimizing the cathode assembly’s conduction path using interface fluctuation theory, the horizontal current in the aluminum liquid is reduced by over 30%, reducing pot deformation caused by electromagnetic force disturbances. Cathode voltage drop is reduced by 50 mV, and service life is extended by 20%. Breakthrough in Magnetohydrodynamic Stability: The company has adopted the most advanced physical field simulation technology for the R&D and design of pots, among which the magnetohydrodynamic simulation design provides technical assurance for the pots to achieve high efficiency and low consumption targets. Developed loop compensation external busbar technology and networked self-balancing busbar technology, enabling the pots to operate stably at low voltage, with a voltage reduction of 10%-15% compared to conventional pots, and improving current efficiency by 2%-3%. Through precise gas collection technology from dual-sided upper flues and a new ventilation structure for the plant, the working environment has been improved and environmental protection indicators have been enhanced. Additionally, the plug-in rectangular pot shell technology can significantly extend the lining life and improve equipment operational efficiency. Keynote Speech: High-Temperature Anti-Oxidation Functional Ceramic Coating Technology and Application for Prebaked Anodes Speaker: Guojing Hu, Technical Director, Jiangsu Green Harmony Energy and Environment Conservation Technology Co., Ltd. Keynote Speech: Linking the World: Nanshan's Localization Practice in Indonesia and the Aluminum Industry's Collaborative Future Speaker: Zhu Jiahui, Deputy General Manager, Bintan Alumina Indonesia He noted that China's aluminum capacity has approached the ceiling of 45 million mt, with extremely limited room for new additions, intensifying market competition. Meanwhile, Southeast Asia is undergoing rapid industrialization, and aluminum consumption demand remains robust. Indonesia, in particular, with its abundant bauxite resources, has become a hot spot for the global aluminum industry's relocation. It was based on this assessment that Nanshan made the strategic decision to break out of the domestic red ocean and set sail for the blue ocean overseas. Panel Discussion: Indonesia as the Global Focal Point of the Aluminum Industry: Investment, Technology and Cooperation Moderator: Jordan Janesputra, Senior Aluminum Analyst, SMM Indonesia Panelists: Mr. Eddy Permata Purba, Commercial and Business Development Director, PT Borneo Alumina Indonesia Dr. Beni Bevly Director PT Supreme Alumina Indonesia Esther Rodriguez, Critical Minerals Lead Responsible Sourcing, Ericsson AB Winston Ng, Director, PT Kalimantan Aluminium Industry June 5 Aluminum Forum Keynote Speeches Keynote Speech: The production practice of Borneo Alumina Indonesia Refinery and the future development direction of alumina technology Guest Speaker: Chuan Li, Deputy Director of Alumina Department, Shenyang Aluminum and Magnesium Engineeringand Research Institute Company Limited (SAMI) He stated that the BAI alumina refinery in Indonesia is a successful application of SAMI technology in the country, utilizing local bauxite and meeting international standards. Looking ahead, alumina technology is expected to develop towards large-scale, low-carbon, green, high-quality products, and intelligentization. SAMI will be committed to providing advanced, reliable, and customized alumina solutions to clients worldwide. Keynote Speech: Global Aluminum Market Outlook 2027: Key Variables and Uncertainties Guest Speaker: Sibyl Yang, Senior Aluminum Analyst, SMM She noted that from 2021 to 2024, the global aluminum market experienced a persistent supply deficit. The year 2025 became a pivotal turning point for the industry, with the aluminum market showing a tight supply-demand balance and a slight easing of the tight supply situation. In 2026, escalating geopolitical conflicts in the Middle East have continued to unfold, and the unexpected developments have become a black swan event impacting the global aluminum industry chain, significantly affecting global aluminum supply. SMM conducted scenario-based forecasts for the primary aluminum market's supply-demand situation in 2026. Overall, SMM expects the global primary aluminum market to be in a supply deficit in 2026, shifting to a surplus in 2027. Aluminum Market Review According to SMM supply-demand balance data, from 2021 to 2024, the global aluminum market was in a persistent supply deficit. 2025 became a pivotal turning point for the industry, with the aluminum market showing a tight supply-demand balance and a slight easing of the tight supply situation. 2026 Middle East Geopolitical Escalation: A Black Swan Event for the Global Aluminum Industry Chain In 2026, escalating geopolitical conflicts in the Middle East have continued to unfold, and the unexpected developments have become a black swan event impacting the global aluminum industry chain, significantly affecting global aluminum supply. [Panel Discussion] Future Aluminium Price Drivers (2026–2030): Market Fundamental Evolution Under Middle East Supply Risks and Expanding Capacity in Other Nations Moderator: Dr. Beni Bevly, Director, PT Supreme Alumina Indonesia Panelists: Winston Ng, Director, PT Kalimantan Aluminium Industry Joyce Li, Commodity Strategist, Macquarie Jordan Janesputra, Senior Aluminum Analyst, SMM Indonesia Check-in & Networking Cocktail Party We extend our sincere gratitude to the global logistics leader Access World for its exclusive sponsorship of the cocktail party at this conference. Founded in 1933, Access World has grown from a family business into an international logistics organization operating in 25 countries, with a strategically located network of ports and warehousing facilities in prime locations, ensuring the efficient daily handling and flow of goods. As an end-to-end logistics service provider, Access World has long been committed to simplifying global supply chains and enhancing the efficiency of commodity circulation. It is worth noting that this marks the second consecutive year Access World has generously sponsored the cocktail dinner at the Indonesia Mining Conference & Critical Minerals Conference. For this steadfast commitment and dedication to deeply cultivating the industry and continuously empowering industry exchanges, the organizing committee and all attendees express our deep respect and gratitude. ICM Dinner This is the end of the Indonesia Critical Minerals 2026. We appreciate your support and look forward to seeing you again next year!

Since the start of June, the tug-of-war between sellers and buyers over magnesium prices has been intensifying. The EXW price of 99.90% magnesium ingot (Fugu, Shenmu) moved sideways around 16,300–16,400 yuan/mt, with the trading range narrowing significantly. The magnesium market was mired in a supply-demand stalemate, as end-users' acceptance of high magnesium prices declined markedly, while primary magnesium smelters held their bottom line supported by costs.

Capacity-wise, according to incomplete statistics, China’s alkaline electrolyzer market stands at 43.77 GW, and the PEM electrolyzer market at 2.7 GW. This week, no offline delivery information was publicly available. Project-related updates: Jiyuan (Siping) Green Energy Co., Ltd.: SPIC Green Energy issued the termination announcement for the centralized tender of the 12th batch of infrastructure projects in 2026. The D12-01 Biochar Preparation Unit EPC General Contracting Section under the subsidiary Lishu Wind and Solar-Based Green Hydrogen Coupled with Biomass Green Methanol Project has been officially terminated. The reason cited was notification from the bid inviter, without disclosure of details such as project adjustments or plan changes. It is understood that this section planned to build a new biochar preparation unit with an annual capacity of 240,000 mt, adopting an end-to-end EPC general contracting model covering supporting systems including biomass pretreatment, drying, torrefaction, and cooling, as well as a carbon shaping core system, heat supply, conveying, civil works, and intelligentization. Huawang (Qingdao) Hydrogen Technology Group Co., Ltd.: Re-tender announcement for the general contracting of the hydrogen purification station project at the Hydrogen Industrial Park. The project is located in Dongjiakou Chemical Park, Huangdao District, Qingdao, with a total investment of 46.2968 million yuan, an engineering cost of 27 million yuan, a maximum bid ceiling of 26.8 million yuan, and a design fee ceiling of 200,000 yuan. The site covers 720 m² and includes one 5,000 Nm³/h PSA purification unit for upgrading hydrogen-rich tail gas, designed to produce over 3,600 mt/year of high-purity hydrogen with a purity ≥ 99.999%, meeting China’s national standards for vehicle-grade hydrogen. Guohua (Ningxia) New Energy Co., Ltd.: Open tender for the PC construction general contracting of the integrated hydrogen production portion of the Solar-Storage-Hybrid Off-Grid Hydrogen Production Key Technology Research and Demonstration Project. The project is located south of the Qingshuiying hydrogen production station in Ningdong Town, covering about 33 mu, with utilities relying on the existing hydrogen station. It plans six hydrogen production trains — Train E is a 1,000 Nm³/h hybrid pilot unit; Trains F through J consist of five new hydrogen production systems each rated at 1,000 Nm³/h (maximum operating load 1,200 Nm³/h), each paired with an 800 Nm³/h alkaline electrolyzer, a 200 Nm³/h PEM electrolyzer, and purification equipment, achieving hydrogen purity of 99.999%. China Coal Green Energy (Ordos) Energy Technology Co., Ltd. : The prequalification results for the basic design of the first-phase hydrogen-ammonia project and supporting utilities of the Uxin Banner Wind and Solar-Based Hydrogen-to-Ammonia Integrated Project have been published. Wuhuan Engineering Co., Ltd. ranked first with a bid price of 1.698 million yuan. Goldwind Green Hydrogen Technology (Xing’an League) Co., Ltd. : The Xing’an League Goldwind Science & Technology Wind-to-Hydrogen (Phase III) Project has released its first environmental impact assessment public notice. The project is located in the Xing'an League Economic and Technological Development Zone, an expansion project with a hydrogen production capacity of 160,000 Nm³/h. It is being constructed in three phases: the first and second phases each have a hydrogen production capacity of 32,000 Nm³/h, and upon completion of the third phase, total self-owned green hydrogen capacity will reach 224,000 Nm³/h, with an additional 56,000 Nm³/h of green hydrogen purchased externally. The supporting green methanol project has a combined capacity of 1.575 million mt across the three phases. Pre-construction work is currently progressing in an orderly manner. Guohua (Rudong) New Energy Co., Ltd.: The solar-hydrogen-energy storage integrated project has been fully completed and put into operation. It is the largest project of its kind in China and a key national PV base project, integrating PV, energy storage, and green electricity hydrogen production facilities to build a complete green electricity industry chain. The project generates 468 million kWh of electricity annually, sufficient to meet the power needs of nearly 200,000 households, and reduces carbon dioxide emissions by more than 300,000 mt per year. The energy storage system supports stable grid operation and enhances new energy consumption levels. The project produces 482 mt of high-purity green hydrogen annually, achieving zero-carbon production, with the green hydrogen supplied directly to the Yangtze River Delta region. The entire system has been commissioned and all indicators meet the standards. CSSC (Handan) Peric Hydrogen Technologies Co., Ltd.: The Shuangyashan Jixian electrolyzer project has completed filing. It is invested and constructed by Heilongjiang Hai Rui Ke Energy Technology Co., Ltd. The project is located in Jixian County, Shuangyashan City, with a total investment of 612 million yuan, including fixed asset investment of 238.7 million yuan, and a construction period of two years. It is planned to build a new production line with an annual output of 500 sets of 1,000 Nm³/h alkaline electrolyzers and complete hydrogen production equipment, with a total capacity of 2.5 GW. The project covers an area of 63.23 mu, where factory buildings, office buildings, and supporting facilities will be constructed, and equipment such as CNC machining, welding, assembly, and detection equipment will be procured. Junrui Green Hydrogen (Alxa League) Energy Co., Ltd.: A change announcement for the winning bid result of the first phase of the 14,400 mt/year green hydrogen base project in the Alxa High-tech Zone has been released. The original first-ranked winning candidate, a consortium led by Xinjiang Xingyu Construction Engineering Co., Ltd., failed to collect the bid acceptance notice within the specified time as required. According to the tender document provisions, this is deemed an automatic forfeiture of the winning qualification. After this change, the second-ranked winning candidate, a consortium led by Guangxi Construction Engineering Group No.4 Construction Engineering Co., Ltd., becomes the project's winning bidder. The winning bid amount is 915,185,806.17 yuan, and the project duration is 18 months (549 calendar days). The project had previously completed the public announcement of winning candidates and the release of the initial winning bid result in April. China Coal Green Energy (Ordos) Energy Technology Co., Ltd. : The winning bid result for the design and survey services of the first phase of China Coal Green Energy (Ordos) Uxin Banner wind-solar hydrogen production and ammonia synthesis integrated project's hydrogen production, storage, and transportation engineering has been announced. China Power Engineering Consulting Group North China Electric Power Design Institute Co., Ltd. won the bid for 4.75 million yuan. The project is located in Uxin Banner, Ordos. Phase I will construct large-scale electrolytic water-based hydrogen production equipment, spherical tanks, and solid-state hydrogen storage facilities, with a total hydrogen storage capacity of 308,000 Nm³, accompanied by supporting systems for hydrogen transport and automatic control. The project encompasses the entire industry chain of wind and solar power generation, hydrogen production and storage, and ammonia synthesis. Gansu Huanshui Energy Chemical Co., Ltd. : Gansu Huanshui Energy Chemical issued the tender announcement for the EPC contract of electrolytic hydrogen production supporting the Huadian flexible ammonia project, a key project under the Ministry of Industry and Information Technology (MIIT). Located in the Tianshui Chemical Park, Huan County, Qingyang, Gansu, the project covers an area of 524.43 mu. It will construct new facilities for sodium chloride electrolysis and mercury-free polyethylene and related supporting infrastructure, with a total investment of 2.6112 billion yuan. Relying on green electricity for production, it will produce 31.50 million Nm³ of hydrogen annually, primarily supplying the flexible ammonia project. The construction period is 24 months, and consortium bids are allowed, with a maximum of 4 members; the lead partner must possess construction qualifications. Sinopec Xinxing Xinjiang Green Hydrogen New Energy Co., Ltd. : The candidate for the general construction contracting (Section 1) of the new-type electrolyzer industrial application demonstration project was announced, with Sinopec Henan Oil Construction Engineering Co., Ltd. ranking first. The project will build multiple electrolyzer testing platforms, along with supporting civil engineering, substation, automatic control, and fire protection facilities, covering construction, material procurement, and subsequent maintenance and related work. Zhongxiang Fuguang Energy Technology Co., Ltd.: The integrated energy project coupling green electricity-based hydrogen production with CO₂ capture has been filed in Zhongxiang city, Jingmen, Hubei. With a total investment of 2.8 billion yuan, the project focuses on green hydrogen preparation, direct air carbon capture, and green fuel synthesis. Once completed, it is expected to produce 10,000 mt of green hydrogen, 10,000 mt of sustainable aviation fuel (SAF), and 150,000 mt of China VI standard diesel annually, with construction scheduled to start in February 2027. The project site is in Zhongxiang city, planned to lease 1,000 mu of land, and will construct 260,000 m² of new factory buildings, a 20,000 m² standardized hydrogen storage yard, and supporting auxiliary facilities, procuring 216 units (sets) of core equipment including electrolyzers, storage tanks, and control systems. Shanghai Yiwei Industrial Technology Co., Ltd.: won the bid for the general contracting project of the 1500Nm³/h integrated biomethane-based hydrogen production and refueling station in Pinggu Mafang for Beijing Gas. This project is Pinggu's first integrated hydrogen production and refueling demonstration project and a key demonstration project for Beijing Gas to promote green energy transition. The project is configured with three Hysail-500Nm³/h containerized hydrogen generators, with a total production capacity of 1500Nm³/h. Leveraging biomethane-based hydrogen production technology, it creates a model of 'on-site production, immediate refueling, and nearby consumption,' yielding 99.999% high-purity hydrogen compliant with the GB/T37244-2018 national standard for vehicle hydrogen. Once completed, it will become a critical hub for hydrogen energy supply in eastern Beijing. Policy Review 1. The National Development and Reform Commission (NDRC) and other departments issued a notice on printing and distributing the "Guidelines for Accounting Non-Fossil Energy Electricity Consumption (Trial)". The content pointed out the need to strengthen alignment with energy statistics and carbon emission accounting systems, holistically consider factors such as physical connections, electricity energy trading, and green electricity certificate trading, and clearly categorize the rules for recognizing non-fossil energy electricity consumption and the accounting methods for users at the province (autonomous region, municipality directly under the central government; the same hereinafter) and city (prefectural) levels. Recognition methods for non-fossil energy electricity consumption: Physical Recognition. Self-generated and self-consumed non-fossil energy electricity and self-consumed electricity from new business models like direct green electricity connections are recognized as the electricity user's non-fossil energy electricity consumption. Electricity consumed for the production of non-fossil energy power generation projects is recognized as the generation enterprise's non-fossil energy electricity consumption. Transaction Recognition, encompassing electricity energy trading (including conventional non-fossil energy electricity trading, green electricity trading, etc.; the same hereinafter) and green certificate trading (including green certificate transfers, etc.; the same hereinafter). 2. The Energy Bureau of Jilin Province and the Development and Reform Commission of Jilin Province jointly issued the notice on the "Implementation Plan for Accelerating the Integrated and Converged Development of New Energy in Jilin Province". Overall goal: By 2030, integrated and converged development shall become a major approach for new energy expansion in the province, with new scenarios featuring integration and convergence emerging continuously. The province's new energy development model will become more flexible, consumption channels more diverse, application scenarios richer, and the electricity market more dynamic, with over 50 new integrated application projects and scenarios being newly established, strongly supporting the comprehensive green transformation of the province's economic and social development. 3. The Administration for Market Regulation of Guangdong Province issued a notice soliciting opinions on the provincial local standard "Operational Specifications for Integrated Hydrogen Production, Storage, and Refueling Equipment (Draft for Review)". The document states that this standard specifies the basic requirements, personnel management, equipment and facility management, hydrogen quality management, refueling operation management, safety management, archive management, and data recording for the operation of integrated hydrogen production, storage, and refueling equipment. Corporate Dynamics Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd. : Hydrogen heavy-duty trucks from Hongjing Logistics, equipped with Guohong Hydrogen Energy fuel cell systems, officially commenced commercial operation in Xinjiang. The first batch of vehicles departed fully loaded with coke from the Yongxin Coal Chemical Plant in Fukang city, traveling 130 km one way to arrive at the Urumqi Bayi Steel Plant. Beijing Future Hydrogen Energy Technology Co., Ltd. : drafted and released the group standard "Long-term Stability Assessment Method for AEM Water Electrolysis Hydrogen Production Membrane Materials"(T/CIET 2226-2026). Hubei Inteli Electric Co., Ltd. : has seen its cumulative hydrogen project performance in the European export market exceed 1GW. It previously secured contracts to supply 38 units of 4000 Nm³ (alkaline) hydrogen production power supply equipment for a green hydrogen green steel project and 50MW megawatt-class IGBT PWM hydrogen production power supplies for a petrochemical enterprise in Greece. Sungrow Hydrogen Energy Technology Co., Ltd. : won the bid for the green hydrogen coupling coal chemical section of the first-phase project of the 600,000 kW off-grid renewable energy-based hydrogen production project in the Pingshuo coal mining subsidence area of China Coal Group, becoming the primary supplier of alkaline electrolyzer packages for this project with a 48MW scale. The project adopts a pure off-grid hydrogen production technology route, relying on PV and other renewable energy sources to produce green hydrogen, which is directly supplied to coal chemical production lines. It serves as a benchmark project for low-carbon transition using wind and solar hydrogen production in the coal mining industry. According to the supply plan, Sungrow Hydrogen will provide 8 units of 1200Nm³/h electrolyzers, 2 sets of 4800Nm³/h gas-liquid separation and purification systems, along with its self-developed '4-to-1' flexible hydrogen production integrated solution, effectively enhancing the integration level of the equipment package and the long-term operational economy. The company's relevant off-grid hydrogen production package system has undergone long-term verification at a 30MW electrolytic water hydrogen production empirical base, possessing core advantages such as wide load regulation, millisecond-level power response, and long-cycle stable operation, perfectly adapting to fluctuating PV power conditions and addressing pain points in off-grid hydrogen production operations. Anscombe (Beijing) Hydrogen Energy Technology Co., Ltd.: successfully won the bid for the green hydrogen coupling coal chemical section of the first-phase project of the 600,000 kW off-grid renewable energy-based hydrogen production project in the Pingshuo coal mining subsidence area of China Coal Group. The project utilizes an off-grid hydrogen production model, preparing green hydrogen from PV renewable energy, with the hydrogen output supplied directly for coal chemical production use. This project is a core initiative of China Coal Group's 'green hydrogen + coal chemical' coupled low-carbon pathway. Its scale is leading, and the off-grid operation mode imposes extremely high technical requirements on hydrogen equipment enterprises for system integration and adaptability to fluctuating new energy conditions. According to the cooperation plan, Anscombe will supply 4 units of 1200Nm³/h electrolyzers, 1 set of 4800Nm³/h gas-liquid separation and purification system, and provide a '4-to-1' flexible hydrogen production overall solution, comprehensively matching unstable off-grid wind/solar power operating conditions. Transportation Energy Company of Yanchang Petroleum & Gas Group: The hydrogen refueling demonstration station it constructed at the Fuping Service Area (North Zone) on the G5 Beijing-Kunming Expressway has successfully achieved mechanical completion and entered the feed test phase. This station is the first hydrogen refueling demonstration station on an expressway in north-west China, with a total investment exceeding 18.30 million yuan. It is a standardized Level 3 hydrogen refueling station, designed with a daily refueling capacity of 1,000 kg, equipped with an intelligent hydrogen refueling management and control system, capable of serving hydrogen-powered heavy-duty trucks and intercity buses, improving the Shaanxi expressway hydrogen energy supply network. Ai Hydrogen Technology (Group) Co., Ltd. : signed the contract for the western China integrated solid-state hydrogen production, storage, and utilization project with the People's Government of Zhong County, Chongqing. The project will address the shortage of hydrogen sources in Chongqing and guarantee hydrogen demand for transportation and industrial users in eastern Chongqing during the '15th Five-Year Plan' period. Relying on the enterprise's proprietary magnesium-based solid-state hydrogen storage core technology, the project can solve industry challenges such as high hydrogen storage and transportation costs and insufficient safety, enabling large-scale, low-cost, and safe hydrogen storage and transport. China Power Engineering Consulting Group Co., Ltd. : The 10,000 mt-level biomass pressurized gasification pilot plant successfully completed a 72-hour continuous operation test. Industry experts witnessed that the parameters were stable, the equipment operated normally, and multiple core capabilities were verified, marking key progress in the engineering R&D of this technology. The project was led by CPEIC Zhonghe Institute, collaborating with multiple entities to systematically verify biomass pressurized gasification, operating condition optimization, and engineering scale-up aspects. Lanzhou LS Group Co., Ltd.: its self-developed 1000 Nm³ PEM electrolytic water hydrogen production system successfully passed industrial testing. The project's hydrogen production power supply was provided by Hubei Inteli Electric, featured a containerized integrated solution; the equipment completed installation and commissioning ex-factory, offering convenient deployment and strong adaptability, which can effectively shorten construction periods. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China), published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK), submitted patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation, with activity approaching that of platinum-based materials. Technical Footprints / Technical Specifications 1. Lei Tong, Haiwei Liang from USTC, and Liang Zhang's team from Tsinghua University proposed the Carbon Mesoporous Depth Engineering (CMDE) strategy. By utilizing hollow mesoporous carbon spheres to regulate ionomer penetration depth, it resolves the inherent contradiction between kinetic activity and oxygen mass transport in low-platinum fuel cells, developing a PtCo low-platinum catalyst that balances poisoning resistance, high mass transport, and excellent durability, achieving power, activity, and durability targets set by the US DOE at an ultra-low platinum loading of 0.1mgPt cm⁻². 2. Professor Zhizhang Li's team at Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics field coupled model for tubular solid oxide fuel cells, systematically revealing the quantitative influence rules of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on battery output performance. 3. China Automotive Engineering Research Institute's National Hydrogen Energy Power Quality Inspection and Testing Center completed a 0-400 kW hydrogen-involved load-bearing three-comprehensive vibration testing platform and opened it for commercial use, addressing the gap in domestic testing for high-power, hydrogen-involved multi-physics coupling. 4. The high specific power cathode closed-cathode air-cooled stack technology developed by the team of Academician Zhongwei Chen and Associate Researcher Meng Zhang at the Dalian Institute of Chemical Physics' State Key Laboratory of Energy Catalysis and Conversion passed the scientific and technological achievement appraisal by the China Petroleum and Chemical Industry Federation. This technology effectively overcomes the industry contradiction between water retention and oxygen mass transport in air-cooled fuel cells, solving technical challenges such as low-humidity performance degradation, carbon corrosion, dry membrane water flooding, and high-power thermal management. 5. Two group standards related to water electrolysis-based hydrogen production were officially released and implemented, namely "Safety Technical Specifications for Water Electrolysis Hydrogen Production" and "Economic Performance Indicator Calculation Methods for Water Electrolysis Hydrogen Production." 6. Petronor and H2SITE collaborate to advance membrane technology for hydrogen production, enhancing high-purity hydrogen in refining and low-carbon efficiency.

From June 3 to June 5, the Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting more than 3,500+ attendees from 45 countries and regions worldwide, featuring more than 150+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Conference Background In the process of global industrial upgrading, the strategic value of critical metals has become increasingly prominent, and Southeast Asia has gradually emerged as a highly dynamic segment of the global mining landscape. As a major regional mineral producer, Indonesia has successively introduced multiple industrial policies for critical metals such as nickel, tin, aluminum, and copper, adjusting and optimizing areas including mining quotas, pricing mechanisms, tax policies, export management, and domestic market obligation over recent years. These efforts are guided by the goals of strengthening the regulatory framework, enhancing industrial added value, and optimizing resource revenues, and have had a significant impact on the global metal supply chain and market dynamics. As Indonesia’s premier flagship event for the mineral industry, this conference focuses on supply chain security of critical minerals including nickel, cobalt and tin, and adopts a dual-driven model of mining and energy. It commits to promoting Indonesia’s industrial upgrading from raw material export to high-value industrial chain development, while providing solid resource support and practical cooperation paradigms for regional and global energy transition. 》Click to view the photo gallery of the conference June 3: Main Forum Opening Ceremony Adam Fan, Chairman, Shanghai Metals Market Nanan Soekarna, Chairman, APNI Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Sherly Tjoanda, Governor of North Maluku, North Maluku Government Todotua Pasaribu, Vice Minister, Ministry of Investment and Downstream Industry of Indonesia Drum Performance & Dance Show Opening Address Speaker: Adam Fan, Chairman of SMM Adam stated that this year marks the 4th year of the Indonesia Critical Minerals Conference. This flagship industry event is dedicated to building a global platform connecting Indonesia with the world. Empowering mineral resources through technology, the conference links producers and consumers to facilitate industrial chain and business cooperation. Boasting a record-high attendance, this year’s event gathers 3,500+ participants and 150+ speakers. The growing participation of global countries, enterprises and industry professionals demonstrates rising international trust and confidence in Indonesia’s critical mineral ecosystem. As cross-border collaboration is essential for building a robust global critical minerals supply chain, the conference strives to enhance supply chain transparency, interconnectivity and in-depth global industrial cooperation by bringing together industry insights and resources. Speaker: Nanan Soekarna, Chairman of APNI Nanan Soekarna stated in his remarks that the 4th Indonesia Critical Minerals was the largest to date in terms of attendance, demonstrating the global industry’s full confidence in Indonesia’s minerals industry, cross-border cooperation models, and Indonesia’s roadmap for sustainable mining development, and he extended his sincere gratitude to all participating partners. He noted that the core of development in the critical minerals sector has shifted from a simple contest of resources and capacity to the transformation of the sustainable value of natural resources, balancing diverse economic, social, and environmental benefits. By deepening downstream industry chain expansion, Indonesia aims both to enhance industrial value-added and to strengthen Indonesia's industrial positioning international and credibility in the global market. In the future, the core of global mining competition will not lie in resource reserves, but in transparent, responsible, and sustainable resource governance capabilities. Relying on global partners, Indonesia will uphold the philosophy of sustainable mining development and, through high-quality cooperation and shared value principles, work together to build the future of the critical minerals industry that balances ecology, benefits, and long-term development. Speaker: Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Arif Havas Oegroseno mentioned that critical minerals are increasingly becoming a focal point of global geopolitical competition, with elements such as energy, minerals, and trade and economic rules being instrumentalized from time to time. Leveraging its domestic resource endowments, Indonesia is vigorously advancing downstream deep processing of minerals; this strategy is not limited to industrial upgrading, but is also a comprehensive development initiative that boosts employment, consolidates science and technology innovation capabilities, enhances industry chain resilience, and delivers inclusive gains from green development. In response to procurement demands from multiple parties, Indonesia adheres to a diversified cooperation approach by expanding a diverse range of procurement partners and promoting deeper participation by resource countries in technology R&D and industry chain value-added, thereby avoiding the risks of dependence on a single partnership. He also noted that for the future governance of critical minerals, ESG should truly become a competitive advantage for enterprises rather than a trade barrier, with its original purpose being to optimize environmental management, improve social responsibility, and empower enterprises to enhance quality and efficiency. In the face of a new round of industrial transformation, critical minerals serve as the core raw materials for energy transition, the digital economy, and the development of high-tech industries. Based on its resource endowment, Indonesia is determined to transform from a mineral resource producer into a reliable partner in the global industry chain and a co-builder of industry rules. It invites global investors, industry chain producers, and resource-producing countries to join hands, uphold the spirit of partnership, reject unreasonable additional conditions, and jointly build a new global pattern for critical minerals that is inclusive and universally beneficial. Keynote Speech: Investing in Critical Minerals Downstreaming: Unlocking the Full Value of Indonesia's Resources Guest Speaker: Todotua Pasaribu, Vice Minister, Ministry of Investment and Downstream Industry of Indonesia Todotua Pasaribu stated that against the backdrop of climbing global demand for critical minerals and concentrated resource origins, the strategic attributes of this category continue to stand out. Indonesia, leveraging its resource endowment, vigorously promotes the downstream transformation of the entire industry chain, which is a core national policy to boost the economy and optimize supply chain structures. Under the president's policy deployment, Indonesia has designated mineral deep processing as a pillar of industrial upgrading. The authorities have delineated 28 categories of strategic minerals across eight major sectors and estimated potential investment in related tracks at approximately $618 billion, which is expected to create 3 million new jobs annually upon implementation. The country has set investment attraction targets from 2024 to 2029, accompanied by annual implementation plans. The 2026 target is clear, and investment implementation progress in the first quarter has been steady. In recent years, downstream industry investment has accounted for nearly 30% of national fixed asset investment, becoming a key driver to boost the economy and helping the country sprint toward the 8% economic growth target by 2029. He further explained that Indonesia has already established downstream layouts in multiple critical mineral tracks, including nickel, tin, aluminum, copper, PV raw materials, and semiconductor raw materials. The nickel industry has extended from stainless steel production to the entire power battery industry chain, while the tin, aluminum, and copper sectors continue to expand into deep processing, electronic materials, and other high-value-added categories, synchronously deploying supporting industry chains for PV and semiconductors. To solidify the conditions for industrial implementation, Indonesia has optimized the business environment in three aspects: accelerating approval processes, providing infrastructure support, and offering policy incentives. It has shortened project approval cycles, improved supporting facilities for hydropower, ports, and transportation, and implemented supportive measures such as tax reductions and tariff preferences, continuously attracting global capital and technological cooperation. This drives the country's transformation from a raw material exporter to a high-value-added product manufacturer, relying on multi-party collaboration to convert local mineral resources into sustainable industrial benefits. Guest Speaker: Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Zou Ciyong said global demand for critical minerals continues to rise along with the rapid development of clean energy and digital industries, and the role of resource countries in ensuring stable mineral supply is becoming increasingly critical. Indonesia's transformation path from raw material extraction to deep processing can provide reference for resource countries in the Global South. Currently, mining development still faces multiple challenges such as environmental protection, carbon emissions, and livelihood supporting facilities. Sustainable development has become an imperative for the industry, which needs to balance economic benefits, green development and social inclusion. Leveraging its multilateral platform advantages, UNIDO empowers its member states in multiple dimensions, including industrial policy, technology transfer, investment and financing, and capacity building, promotes the establishment of a Global Green Mining Cooperation Alliance, and has implemented a demonstration project of the Indonesia Nickel Industry Eco-Industrial Park, using the project as a model to explore a sustainable development path for global mining. He pointed out that the long-term development of the critical minerals industry cannot be separated from in-depth international cooperation, and it is necessary to establish transparent public-private partnerships, build resilient supply chains, and uniformly implement common industry standards. Indonesia intends to join forces with partners from all sectors to tap the development potential of the industry, while insisting on placing environmental protection and sustainability at the forefront of industrial development. In the future, UNIDO will continue to engage with governments, industries and capital from multiple parties, working together to achieve coordinated economic, social and environmental benefits from mineral resources. Keynote Speeches Keynote Speech: Beyond Volume: How North Maluku Can Lead Indonesia’s Next Phase of Sustainable Downstream Growth? Guest Speaker: Sherly Tjoanda, Governor of North Maluku Province Sherly Tjoanda elaborated on how North Maluku can lead Indonesia's next phase of sustainable downstream development from the perspectives of geographical location, transportation advantages, skilled talent reserves, and the fact that North Maluku's nickel ore is high-grade ore. Keynote Speech: Two Decades of Critical Minerals: 2016-2036 - How Supply Structures Shape Market Dynamics Guest Speaker: Shirley Wang, VP, Shanghai Metals Market The Rule —Why resource-rich nations must process, not just mine A 1931 Question: Mine Today, or Wait? Hotelling gave mining a theoretical anchor. It was elegant — and incomplete. A rational resource-based country should ensure the rate of price increase is exactly equal to the return on investment (Interest rate) Four Reasons the Real World Departs from the Formula Substitution, policy shifts, demand surprises, and costs — each bends the expected path The Quiet Force Behind All of This Ore grades decline everywhere. Building downstream is not ambition. It is adaptation. Shirley analyzed this by comparing ore grades for nickel, tin, copper, alumina, and others for the years 2016, 2026, and 2036. ► Strategic Insight: Why Low-Grade Ore Is Changing the Rules • Continuously declining grades are forcing industrial upgrading and iteration. Deteriorating raw ore quality is driving mines and smelters to optimize production, increasing the utilization of low-grade ore, the application of new processes, and the recycling of secondary resources. • Pricing power is gradually shifting from trading markets to resource-rich governments. As high-grade mineral deposits are depleted, the impact of short-term supply and demand on prices weakens, and the pace at which resource-rich nations release supply becomes the core variable. Industry Mainline: Commonalities in Two Decades of Development Across Five Metals Nickel: Where One Country Anchors the Market Indonesia influences marginal incremental nickel supply, and the commissioning pace of its domestic industry dominates global nickel price movements. The analysis incorporated the global distribution of nickel mine capacity. Cost Structures Are Moving Apart RKEF costs face the steepest climb. Scale mattered yesterday. Cost discipline matters tomorrow. The Ore Base Is Quietly Shifting Looking at changes in the global nickel production cost structure, the primary low-cost raw material was high-grade primary nickel ore before 2015. From 2016 to 2026, the share of low-grade ore and laterite nickel ore mining has been climbing steadily. Currently, laterite nickel ore stands as the most cost-competitive raw material. As laterite nickel ore grades decline, future nickel production based on sulphide ore may increase. Keynote Speech: Indonesia's Green Nickel: From Us To The Next Generation Guest Speaker: Joseph Hong, President Commissioner, Neo Energy Keynote Speech: AI is NOT optional! Guest Speaker: Adam Fan, Chairman of SMM Adam noted that AI has become an essential requirement for the digital upgrade of the commodity industry. Leveraging a new AI technology system, SMM integrates macro and micro data, market intelligence, and industrial information through full-process intelligent processing, and with human-machine collaboration automatically generates in-depth industry reports — surpassing traditional manual approaches comprehensively in terms of timeliness, coverage, personalization, and depth of analysis. SMM has now deployed a mature industry AI solution: leveraging SMM’s massive database and customized AI capabilities, enterprises can enable intelligent inquiries, interactive reviews, and dynamic strategy simulations, accurately serving transaction analysis, production planning, and inventory strategies for non-ferrous metals such as cobalt, nickel, and copper. SMM AI Data Services offer a three-tier progressive intelligent solution for the metals industry: Instant Inquiry → Xiao Jin (Metrix): access real-time price trends and market insights, with data sourced from a premium subscription-grade database and insights calibrated by senior analysts; In-depth Research → Deep Report: a chapter-by-chapter analysis by product and region, featuring traceable charts and citations, and continuously updated as market conditions evolve; System Integration → MCP Data Services: covering over 200,000 real-time data indicators and more than 60 products across the entire industry chain, a single integration embeds the service into the enterprise AI framework. Keynote Speech: Indonesia's Post-Election Economy: Can the Country Sustain 5–6% Growth Amid Fiscal Pressures, Weak Export Prices and Heavy Industrial Power Subsidies? Speaker: Andre Simangunsong, Head of Mandiri Institute, Office of Chief Economist, Bank Mandiri Andre Simangunsong said Indonesia’s GDP grew by 5.6% in Q1 2026, with a full-year baseline forecast of 5.2%. The strong Q1 growth was primarily driven by a low base effect from delayed fiscal spending in 2025 and the front-loading of this year’s fiscal disbursements. The full year faces uncertainties from rising crude oil prices, geopolitical fluctuations, and a widening fiscal deficit. The 2026 fiscal budget is approximately IDR 2,000 trillion, focusing on eight key areas such as education and food security; 19 major industrial projects have already commenced, with nickel smelting and industry chain parks accelerating establishment, propelling the mineral sector’s transformation from raw resource exports to high-value-added deep processing. Indonesia has revised nickel ore royalty rules, introducing progressive royalty rates, promoting the upgrade of nickel products from nickel pig iron (NPI) to MHP and nickel sulphate, and laying out hydrometallurgical processing for low-grade ores; the outlook for the tin industry is positive. The banking sector’s loan-to-deposit ratio remains stable at 85%, and Bank Mandiri is advancing digital transformation and ESG-compliant lending to empower downstream industry projects. By combining industrial, fiscal, and financial strengths, Indonesia is expected to maintain a growth range of 5%–6% in the medium and long term. CXO Panel: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges Moderator: Laksmi Kusumawati, Director of Downstream Planning and International Economic Cooperation, Ministry of National Development Planning/Bappenas Panelists: Bernardus Irmanto, President Director, PT Vale Indonesia Alex Sun, Chief Sustainability Officer and Vice President, Integrated Energy Service and Carbon Management, Envision Group Marvin R. Reinhart, Portfolio Management Department Head, Indonesia Battery Corporation Ilhamsyah Mahendra, Production & Commercial Director, PT Timah Tbk Keynote Speech: Breaking the Diesel Dependency: Reliable, Affordable Energy for Island Mines Speaker: Mr. Fred Ge, C&I BESS Technical Solution Manager in Asia-Pacific, Sungrow Panel Discussion: The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Moderator： MARCO KAMIYA， UNIDO Representative, Regional Office in Jakarta for Indonesia, Timor Leste and the Philippines UNIDO (United Nations Industrial Development Organization) Panelists: Ary Sudijanto, Deputy for Climate Change Control and Carbon Economic Value Governance, Ministry of Environment, Government of Indonesia Antti Koulumies, CEO, Terrafame Anna Stancher, Senior Project Manager, Responsible Minerals Initiative Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Lihui Sun, Vice President, Chief Sustainability Officer, Huayou Cobalt Cocktail Party We extend our sincere gratitude to the global logistics leader Access World for its exclusive sponsorship of the cocktail party at this conference. Founded in 1933, Access World has grown from a family business into an international logistics organization operating in 25 countries, with a strategically located network of ports and warehousing facilities in prime locations, ensuring the efficient daily handling and flow of goods. As an end-to-end logistics service provider, Access World has long been committed to simplifying global supply chains and enhancing the efficiency of commodity circulation. It is worth noting that this marks the second consecutive year Access World has generously sponsored the cocktail dinner at the Indonesia Mining Conference & Critical Minerals Conference. For this steadfast commitment and dedication to deeply cultivating the industry and continuously empowering industry exchanges, the organizing committee and all attendees express our deep respect and gratitude. Check-in & Networking

Published on: May 29, 2026 Hong Kong is set to fire the starting gun on a gold clearing mechanism this July, a move that deepens its lead over Singapore and sharpens its challenge to London’s centuries-old grip on the global bullion trade. The clearing platform lies at the heart of Hong Kong’s push to set regional gold prices. By boosting liquidity and enabling a local benchmark, it marks the city’s most concrete step yet toward becoming a full-fledged international gold hub. Singapore, by contrast, has signalled similar ambitions but offered no timeline — leaving Hong Kong with a clear first-mover edge. Powering that ambition is mainland China, the world’s largest gold consumer. Massive, steady cross-border bullion flows already anchor Hong Kong’s hub status. Now a wave of retail-friendly moves by mainland banks — slashing risk ratings on gold products, extending night trading hours, cutting fees and upgrading investment plans — is lowering the bar for investors and funnelling fresh demand straight into the Hong Kong pipeline. On the ground, the city is rapidly stitching together a one-stop ecosystem spanning trading, refining and storage. A cluster of top-tier precious metals refiners already operates here. Mainland refiner Dianjin International is expanding its Hong Kong footprint with a new facility due online in 2026. That same year, logistics giant SF Holding plans to build a dedicated gold vault at Hong Kong International Airport, plugging a key storage gap. Singapore, with just a single London Good Delivery-accredited refinery, simply cannot match that industrial breadth. The two rivals are betting on different strengths. Singapore leans on high-capacity, ultra-secure vaults to attract gold storage and haven flows. Hong Kong, leveraging its position as the gateway to mainland China and North Asia, is drilling into the core of the value chain — trading, refining and circulation — to capture the pricing action. Analysts flag the summer lull in gold markets as an ideal window for Hong Kong to build reserves and iron out the new clearing system with minimal friction. Financial heavyweights are lining up behind the play. JPMorgan, UBS and Citigroup, alongside local Hong Kong banks, are actively building out their gold market presence, while Chinese banks continue to bulk up precious metals teams. Mainland securities houses, futures firms and fintech players are also streaming into the city, staffing trading desks and hiring talent — all chipping away at London’s historical lock on the global gold trade. Underpinning it all is Hong Kong’s broader financial firepower. The city recently leapfrogged Switzerland to become the world’s largest cross-border wealth hub. Fuelled by mainland inflows, deep equity markets and two-way capital channels, it has the raw ingredients to nurture a mature gold futures market — one that could pool global capital, offer price-risk hedges and amplify the city’s voice in regional gold pricing. The big picture is clear: the gold industry’s centre of gravity continues to tilt eastward. With unmatched mainland demand, a full-spectrum supply chain and deepening institutional muscle, Hong Kong is rapidly evolving from a regional trading post into an Asian nerve centre that combines trading, refining, distribution and pricing — bringing the vision of an Asian gold hub into sharp relief. Source： https://nai500.com/blog/2026/05/hong-kong-pulls-ahead-in-asias-gold-hub-race-with-july-clearing-launch/

May 22, 2026 7:07 AM EDT Key Points Central banks sold gold to defend currencies amid 2026 US-Israel-Iran conflict and energy crisis. Jeffrey Currie predicts gold could fall to $3,750 before rallying as structural buyers return. Long-term, AI-driven demand and underinvestment may push gold prices toward $10,000 per ounce. Gold has always been the asset investors run to when they stop believing in everything else. It is the trade that pays off when central banks lose credibility, when currencies wobble, when geopolitics get loud, and when the rest of the stock market finally cracks. For most of the past three years, that playbook worked beautifully. Sovereign buyers from Beijing to Warsaw to Ankara stacked bullion at a pace not seen in half a century. Retail piled in behind them. The metal blew through one all-time high after another, and the bears went quiet. Then 2026 happened. A US-Israeli war on Iran shut down the Strait of Hormuz, sent energy prices vertical, and forced some of the same central banks that drove the rally to start unloading their gold to defend collapsing currencies. The yellow metal has now given back almost all of its year-to-date gains, hovering near $4,534 an ounce on May 19, according to Fortune . Now one of Wall Street ’s most respected commodity voices is telling clients the pain is far from over. And the eventual payoff, if his call lands, will dwarf anything the gold market has ever produced. Why this gold selloff is just getting started The bear in question is Jeffrey Currie, the former global head of commodities research at Goldman Sachs ( GS ), who spent 27 years at the firm before leaving in 2023 and is now chief strategy officer of energy pathways at Carlyle Group ( CG ), according to Carlyle . He is best known for calling the 2000s commodity supercycle and predicting oil’s run past $100 a barrel. In a recent thread on X , the former Twitter, Currie wrote that he has been “short gold” since March despite describing himself as a “gold perma bull”. His thesis is mechanical, not philosophical. The Iran conflict and the prolonged closure of the Strait of Hormuz have driven energy import costs higher and pressured emerging-market currencies. To defend those currencies and pay for fuel, some of the world’s most prolific gold buyers have flipped into sellers. Turkey is the cleanest example. Its central bank sold or swapped roughly 79 tons of gold in the first quarter alone, with “the largest sales from Turkey (60 tonnes) and Russia (16 tonnes) [offsetting] purchases elsewhere,” according to the World Gold Council . “When the marginal central bank flips from structural buyer to forced seller to pay for energy, gold’s biggest bid disappears,” Currie wrote on X . That dynamic, in his view, points to a deeper retracement. He sees gold sliding all the way toward $4,000, with a possible overshoot into the $3,750 range, before sovereign buyers, particularly China, step back in and restart the rally. The bigger thesis behind the $10,000 gold target Currie’s gold call sits inside a much bigger argument about how a decade of capital flows have left commodity markets dangerously under-invested. After running the numbers against his framework myself, the imbalance is more extreme than most equity investors realize. The argument starts with where the money has gone. The Magnificent Seven plus Oracle ( ORCL ) are projected to spend roughly $820 billion on artificial intelligence capital expenditure in 2026 alone, which Currie called “the largest physical commodity bid ever assembled inside eight income statements,” according to Benzinga . Meanwhile, the suppliers cannot keep up. The numbers Currie laid out paint a clear picture: Information Technology and Communication Services make up roughly 43% of the S&P 500 , while Energy and Materials together account for about 6%. Upstream oil and gas investment is down 35% from its 2015 peak. The world’s top 20 mining companies are spending 40% less than during the 2012 peak cycle, per Currie’s analysis. Central banks bought a net 244 tonnes of gold in Q1 2026, up 3% year-on-year. Source: Currie’s analysis via Benzinga Currie calls this transition the move from “HAGO” (Hard Assets, Global Operations) into “ HALO ” (Hard Assets, Local Operations), where physical commodities are repriced upward as supply struggles to meet AI -driven demand. “The price will overshoot first. The capex will follow. Then the new supply,” Currie wrote in his X thread . That sequence, in his framework, is what eventually pushes gold to $10,000. Once central banks stop fighting inflation , pivot back to easier policy, and resume buying physical metal, the same forced sellers of today flip back into structural bidders. What this gold call means for your portfolio None of this guarantees Currie is right. Plenty of veteran strategists have made bold price calls that aged poorly, and the path from $4,000 to $10,000 will almost certainly take years rather than quarters. Iris Cibre, founder of Phoenix Consultancy in Istanbul, has noted that Turkey’s recent gold operations were primarily designed to support the lira during a specific war-driven liquidity crunch, not a verdict on gold’s long-term value, according to the Canadian Mining Report . That distinction matters. Forced selling is not fundamental selling, and a 2025 survey found that 95% of central banks expected global gold holdings to rise over the next 12 months, according to the World Gold Council . In my analysis, what makes Currie’s framework interesting is the structural argument underneath the headline number. Markets have systematically underfunded the physical world for a decade while flooding the digital one with capital. If he is even directionally right, the next gold cycle is less about jewelry, inflation hedges, or fear trades. It is about repricing every ton of metal that an AI data center, an EV plant, or a defense supply chain ultimately needs, an argument that echoes Goldman’s own longer-term outlook for the rest of this decade. For investors holding the SPDR Gold Shares ( GLD ) ETF, which was up 3.32% year-to-date as of last week, the short-term setup looks ugly. Currie himself is positioned for a deeper drawdown first. But the same trade he is shorting today is the one he expects to flip aggressively long once the energy shock starts hurting growth. If you own gold, the next chapter of this story will probably be written by central banks, not by day traders. And central banks have very long memories. Source： https://www.thestreet.com/investing/veteran-goldman-strategist-makes-stunning-10000-gold-call

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $13,624.5/mt. In the early session, it experienced wild swings and dipped to $13,575.5/mt. Subsequently, the center of copper prices shifted upward, reaching a high of $13,678/mt, before fluctuating downward to finally close at $13,635/mt, up 0.18%. Trading volume reached 16,200 lots, and open interest stood at 269,000 lots, a decrease of 3,435 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2607 contract opened at 104,870 yuan/mt. In the early session, the center of copper prices fluctuated downward, touching a low of 104,420 yuan/mt. Subsequently, it fluctuated upward, reaching 105,280 yuan/mt, before moving sideways to finally close at 105,090 yuan/mt, up 0.58%. Trading volume reached 33,600 lots, and open interest stood at 172,000 lots, an increase of 627 lots from the previous trading day, indicating bulls adding positions.