Data released by the Customs Statistics online query platform showed that China's imports of tin ore and concentrates in May 2026 totaled 16,831.03 mt, up 7.07% MoM and up 25.61% YoY. China imported 6,633.74 mt of tin ore and concentrates from Myanmar in May, up 16.84% MoM and up 384.46% YoY. China imported 3,857.61 mt of tin ore and concentrates from the DRC in May, up 33.95% MoM and up 0.60% YoY. On the export side, China's exports of tin ore and concentrates in May 2026 stood at 0.02 mt, up 118.18% MoM and up 700.00% YoY. China exported 0.02 mt of tin ore and concentrates to the UK in May, up 375.00% MoM and up 533.33% YoY. China exported 0.01 mt of tin ore and concentrates to the Netherlands in May, down 28.57% MoM. Below is a breakdown of import data compiled from the official website of China's General Administration of Customs: Origin May 2026 (mt) MoM YoY Myanmar 6,633.74 16.84% 384.46% DRC 3,857.61 33.95% 0.60% Nigeria 1,723.27 39.02% -33.35% Australia 1,703.61 34.82% -8.68% Bolivia 1,033.78 -57.41% -52.77% Rwanda 246.09 -6.63% 20.56% Russia 231.45 -56.14% - Venezuela 213.12 48.46% 49.04% Indonesia 203.64 354.28% 0.91% Malaysia 199.07 -56.82% -35.27% Brazil 186.73 55.10% 73.42% Thailand 161.80 117.65% 978.69% Vietnam 139.00 -11.39% 35.13% Laos 128.92 -20.60% -59.61% Colombia 111.29 89.29% 383.19% Namibia 26.06 - - Zambia 19.23 8.26% - Tanzania 9.70 -59.50% -60.25% North Korea 2.89 149.14% - Total 16,831.03 7.07% 25.61% Source: General Administration of Customs Below is a breakdown of export data compiled from the official website of China's General Administration of Customs: Destination May 2026 (mt) MoM YoY UK 0.02 375.00% 533.33% Total 0.02 118.18% 700.00% Source: General Administration of Customs (Comprehensive report by Wen Hua)

Data released by the customs online query platform show that China's refined tin exports in May 2026 were 2,203.24 mt, up 4.47% MoM and up 24.50% YoY. In May, China exported 350.49 mt of refined tin to India, up 75.67% MoM and up 180.68% YoY. On the import side, China's refined tin imports in May 2026 were 1,838.23 mt, down 34.40% MoM and down 11.47% YoY. In May, China imported 594.13 mt of refined tin from Indonesia, down 74.26% MoM and down 59.82% YoY. In May, China imported 442.98 mt of refined tin from Thailand. The following table is a breakdown of imports based on data from the General Administration of Customs of China: Origin May 2026 (mt) MoM YoY Indonesia 594.13 -74.26% -59.82% Thailand 442.98 - - Bolivia 351.16 - 101.18% Malaysia 200.00 59.59% - Peru 100.07 -49.98% -74.99% Russia 79.92 -49.91% - China 60.93 4923.41% 2930.03% Taiwan, China 4.67 164.67% -12.72% Singapore 3.00 0% 50.00% Japan 1.03 -6.52% -67.32% US 0.21 -69.53% -42.74% South Korea 0.12 -35.14% 100.00% Total 1,838.23 -34.40% -11.47% Source: General Administration of Customs Note: Total imports/exports include data from some origins not listed above. (Wenhua)

Data released by the General Administration of Customs’ online query platform showed that China’s imports of copper cathode in May 2026 were 316,094.23 mt, up 0.09% MoM and up 7.99% YoY. In May, China imported 128,615.64 mt of copper cathode from the DRC, down 12.76% MoM and up 42.43% YoY. In May, China imported 29,851.08 mt from Russia, up 22.80% MoM and down 20.88% YoY. On the export side, China’s exports of copper cathode in May 2026 were 19,857.06 mt, down 22.45% MoM and down 41.14% YoY. In May, China exported 7,663.11 mt of copper cathode to Thailand, down 10.32% MoM and up 9.65% YoY. In May, China exported 4,600.10 mt to Vietnam, up 13.11% MoM and down 41.58% YoY. Below is a breakdown of import data by origin based on China Customs statistics: Origin May 2026 (mt) MoM YoY DRC 128,615.64 -12.76% 42.43% Russia 29,851.08 22.80% -20.88% Zambia 20,244.03 84.03% 126.32% Japan 15,969.24 -2.79% -0.05% South Korea 15,370.53 178.87% 116.61% China 14,928.75 5.50% -48.96% Chile 14,028.31 -6.06% -39.16% Kazakhstan 12,726.46 -34.96% -21.19% Uzbekistan 8,967.50 98.20% 137.48% Australia 8,321.78 6.14% 44.62% Indonesia 5,021.60 -22.57% -0.95% Serbia 4,990.42 252.61% -40.42% Poland 4,680.62 39.05% 29.53% Pakistan 4,402.80 -42.32% 15.73% Myanmar 4,379.73 -21.38% 130.09% India 4,008.66 -39.87% 370.26% Peru 3,881.38 -42.17% -10.35% South Africa 2,285.43 -5.57% 6.68% Netherlands 1,981.23 299.77% -73.37% Tanzania 1,482.72 98.52% 257.03% Turkey 1,360.46 66.96% -11.60% Belgium 1,056.91 117.86% - Laos 957.40 23.77% 74.70% Malaysia 744.93 -23.19% -38.74% Morocco 701.01 48.93% 176.47% Thailand 682.26 0.86% -37.37% UAE 674.85 35.03% -87.68% Spain 502.10 - - Mongolia 394.03 -23.37% -72.77% Oman 328.22 8.95% 218.26% Qatar 315.13 -25.49% -75.29% Tajikistan 308.94 -62.58% 10.48% Mexico 204.16 - -87.48% Jordan 200.85 169.09% 290.61% Bolivia 200.09 - 373.33% Gabon 192.18 155.67% 160.26% Guinea 180.01 76.46% 1.64% Taiwan, China 178.58 -31.28% -30.34% Egypt 137.44 -74.79% -50.63% Saudi Arabia 118.12 626.46% -32.27% Mauritius 97.27 90.65% 259.46% Canada 87.93 152.35% 129.61% Angola 75.49 -80.03% - France 50.64 - - Sierra Leone 50.62 -33.69% - Georgia 43.59 82.22% 81.61% Lebanon 39.79 - - Brazil 23.03 - -14.72% Rwanda 22.08 -11.68% - Germany 15.01 - -36.77% Tunisia 13.02 - - US 0.20 -1.51% - Total 316,094.23 0.09% 7.99% Source: China Customs Below is a breakdown of export data by destination based on China Customs statistics: Destination May 2026 (mt) MoM YoY Thailand 7,663.11 -10.32% 9.65% Vietnam 4,600.10 13.11% -41.58% Taiwan, China 4,397.79 -32.29% 21.12% Indonesia 1,702.60 -14.81% 325.62% Brazil 693.46 - - Malaysia 499.18 -83.89% -44.48% Japan 300.32 - - South Korea 0.50 -99.91% - Total 19,857.06 -22.45% -41.14% Source: China Customs (Wenhua Composite)

Data from the online query platform of customs statistics showed that China's imports of copper ores and concentrates in May 2026 were 2,360,706.88 mt, up 0.39% MoM and down 1.74% YoY. In May, China imported 711,404.02 mt of copper ores and concentrates from Chile, up 1.10% MoM and down 2.90% YoY. In May, China imported 691,924.04 mt of copper ores and concentrates from Peru, up 19.15% MoM and up 11.98% YoY. On the export side, China's exports of copper ores and concentrates in May 2026 were 2,711.03 mt, up 19.71% MoM and up 514.63% YoY. In May, China exported 2,297.60 mt of copper ores and concentrates to Malaysia, up 1.50% MoM. In May, China exported 412.23 mt of copper ores and concentrates to Mongolia, up 176,064.53% MoM and down 0.43% YoY. The following is a breakdown of imports based on data from the website of the General Administration of Customs of China: Origin May 2026 (mt) MoM YoY Chile 711,404.02 1.10% -2.90% Peru 691,924.04 19.15% 11.98% Mongolia 186,875.99 -7.29% 4.26% Russia 125,158.75 5.58% 126.45% Kazakhstan 107,825.54 36.13% 23.95% Serbia 69,862.17 38.32% 63.32% Ecuador 66,026.07 97.53% 14.72% Mexico 54,655.35 -42.07% -50.19% Saudi Arabia 47,728.89 311.30% 711.73% Spain 38,136.31 -52.73% 293.96% DRC 28,509.28 -49.18% -63.38% Australia 28,422.81 -42.38% -55.52% Botswana 27,327.14 -23.38% -17.56% Laos 26,013.43 108.82% 131.43% Philippines 25,631.95 134.06% -5.58% Brazil 22,712.93 -46.74% -36.68% Canada 18,835.75 -52.72% -60.50% Armenia 16,817.88 -57.68% 26.56% Eritrea 9,980.67 -8.03% -52.89% Taiwan, China 9,002.08 - -17.47% Zambia 6,209.27 -52.53% 47.73% Albania 5,372.45 -20.27% -10.54% Pakistan 4,720.49 -17.25% 78.70% Namibia 4,117.14 59.60% 858.62% Mauritania 3,790.08 -33.33% -56.20% Morocco 3,687.66 99.79% 21.96% Colombia 3,642.41 2,087.96% -57.22% Azerbaijan 3,042.82 55.75% 886.21% Oman 2,537.84 -78.08% -65.58% Dominican Republic 2,502.75 -68.98% -64.07% Nicaragua 1,922.67 -22.65% 65.96% UAE 1,135.84 -13.28% -48.26% Turkey 809.08 -92.58% -90.95% Myanmar 724.65 -2.22% -6.91% Madagascar 534.97 30.16% 4.50% Congo Republic 505.85 -26.88% -20.16% Mozambique 483.28 -46.93% 96.40% South Africa 369.92 -83.64% -93.75% Kenya 364.00 44.45% - Bolivia 338.21 -25.80% - Tanzania 294.82 -53.33% -64.87% Nigeria 221.00 689.29% 310.09% Ethiopia 197.45 9,872,200.00% 1,645,283.33% Thailand 136.40 - 50.85% Angola 130.81 - - Vietnam 63.84 - - Papua New Guinea 0.09 - - Netherlands 0.05 6.25% 10.87% Total 2,360,706.88 0.39% -1.74% Data source: General Administration of Customs The following is a breakdown of exports based on data from the website of the General Administration of Customs of China: Destination May 2026 (mt) MoM YoY Malaysia 2,297.60 1.50% - Mongolia 412.23 176,064.53% -0.43% UK 0.52 13.60% 1,626.67% Netherlands 0.49 150.76% 8,133.33% Kazakhstan 0.09 - - Belgium 0.05 -27.54% 13.64% Australia 0.04 21.21% - Total 2,711.03 19.71% 514.63% Data source: General Administration of Customs (Comprehensive by Wenhua)

Iran’s Renewable Energy and Energy Efficiency Organization has submitted a proposal to deploy 15GW of small-scale solar plants across residential, commercial and agricultural sectors. SATBA said both domestic manufacturing and equipment imports will be needed to support rapid installations, while additional financing support for home solar systems has also been proposed. The program will focus on rooftop, home, commercial and agricultural PV systems, with standardized packages including solar panels, hybrid inverters and batteries. SMM believes Iran is shifting part of its renewable strategy from large-scale plants toward distributed and small-scale solar-plus-storage systems, with equipment supply, financing mechanisms and installation training becoming key factors for implementation.

SMM, June 18: This week, trading sentiment weakened somewhat for domestic aluminum fluoride enterprises, with prices running steady. As of now, SMM’s aluminum fluoride reference price is 11,280-11,700 yuan/mt; cryolite prices also held steady, with SMM’s reference price at 7,000-8,500 yuan/mt. Raw material side, the 97% fluorite wet powder market was largely stable, with mainstream delivery-to-factory prices at 3,100-3,400 yuan/mt, and notable price spreads by region. Supply side, mine operating rates in the north continued to recover, and Mongolian imports gradually arrived at ports, resulting in a looser supply-demand pattern; however, a coal mine accident in Shanxi triggered expectations of stricter mine safety and environmental oversight, which may cause periodic disruptions to some mines’ production going forward, leaving a wait-and-see sentiment on the supply side. Demand side remained subdued—downstream hydrofluoric acid enterprises, constrained by insufficient operating rates at refrigerant and fluoropolymer terminals, mainly made just-in-time procurement, with limited large-order follow-through. Consequently, fluorite prices are likely to stay weak in the near term. Meanwhile, the aluminum hydroxide market firmed slightly, with SMM’s weighted average price at 1,683 yuan/mt, up 1.2% WoW; the sulphuric acid market hovered at highs, as sulphur cost support and production cuts for maintenance tightened supply in some regions, but cautious demand during the phosphate fertiliser off-season capped upside room, while LFP and fine chemicals provided just-in-time demand support. Raw material side, both aluminum hydroxide and sulphuric acid strengthened, further lifting overall production costs, yet costs could not be effectively passed downstream, putting the industry as a whole under notable pressure. Supply side, a pattern of ‘rigidly high costs—persistent profit pressure—low operating rates’ persisted, with the industry operating rate holding around 40%, limiting effective incremental supply. Demand side, downstream operating aluminum capacity remained high and stable, providing rigid support, but aluminum smelters focused on just-in-time restocking and pushing for lower prices, adopting a wait-and-see stance without releasing additional demand for the time being. On balance, the aluminum fluoride market currently lacks directional drivers, caught in a tug-of-war stalemate between upstream and downstream, with transactions limited to just-in-time procurement, and prices expected to largely stay steady in the near term, leaving limited room for wild swings. Going forward, close attention should be paid to raw material cost-side dynamics and marginal changes in the procurement pace of downstream aluminum enterprises.

Middle East Air Conditioning Market: Restocking Demand Concentratedly Released as Conflicts Ease. Regional geopolitical conflicts have eased in phases, trade and logistics order has been restored, releasing previously pent-up restocking demand; coupled with the implementation of large-scale infrastructure projects in various countries driving demand for commercial equipment, and the iteration of regional energy efficiency regulations accelerating the replacement of old products, further boosting the growth in import stockpiling.

[Weekly Review of Aluminum Scrap and Secondary Aluminum]Pre-Holiday Stockpiling Fell Through, Supply and Demand in Secondary Aluminum Market Both Remained Weak

[SMM Hot Topic] Middle East Steel Export Flows Shift: Finished Products Stall and Steel Billet Counterattacks Looking back at 2025, the Middle East market was undoubtedly the most dazzling "emerging dynamic market" in China's overseas steel landscape. In 2025, China's total steel exports to the Middle East reached 15.81 million mt, with monthly shipments basically stable in the high range of 1.2–1.3 million mt. Against the backdrop of total annual steel exports of 134 million mt, up 14% YoY, the Middle East market accounted for 11%–12% of China's total overseas steel export share. This means that in a single geo-economic region, its share and strategic reliance were second only to Southeast Asia, serving as the "second largest core pillar" for China's steel going global. In terms of product mix, high-added-value HRC (29% share), steel pipes essential for oil and gas projects (18% share), and medium-thickness plates (14% share) formed the three dominant players, reflecting the region's strong diversified industrial and infrastructure throughput capacity. However, it was precisely due to such a massive trade base in 2025 and high reliance on conventional Persian Gulf shipping lanes that when geopolitical storms suddenly struck and straits were dramatically blocked, the resulting "broad market stall" and supply chain disruption were so severe. Below, we will analyze in order: the specific situation of China's steel exports to the Middle East, how cargo pressure was shifted through port replacements during the strait blockade, and how the export landscape will be reshaped after the latest US-Israel negotiations? The "Stall" and Structural Anomaly of China's Steel Exports to the Middle East Data Source: SMM, China's General Administration of Customs First, let's look at total export performance. According to SMM historical data and the latest customs export trends, China's total steel exports to the Middle East in the first four months of 2026 plummeted from 5.47 million mt in the same period of 2025 to 3.57 million mt, with April exports directly halving. Specifically, among China's 5.47 million mt of steel exports to the Middle East from January to April 2025, a highly advanced finished-product-oriented export characteristic was evident. HRC (29%), steel pipe (18%), coated steel (15%), and medium-thickness plates (14%) constituted the four mainstays of China’s steel trade. In terms of destination countries, Saudi Arabia’s rigid demand for offshore/oil & gas pipe (986,000 mt) and the UAE’s strong processing throughput of general HRC (1.607 million mt) and medium-thickness plates (779,000 mt) jointly established the traditional “dual-core consumption hinterland” within the Persian Gulf. Data source: SMM, General Administration of Customs of China Supply Shock and Physical Scissors Gap: The “Billet Export Bonanza” Under a Double Squeeze Since the start of 2026, the blockade of the Persian Gulf Strait caused by geopolitical conflicts significantly weakened overall shipments, while a dramatic “underlying mutation” simultaneously unfolded in the product mix. Steel billet, a minor product that previously accounted for only an 8% share (431,000 mt), registered a strong countertrend increase of 24% in the first four months of 2026. According to the SMM survey, the underlying driver of this anomaly originated from a localized supply shock induced by geopolitical shifts in Iran. If the closure of the Persian Gulf Strait severed the “aorta” of Middle Eastern steel imports, the sudden destruction of Iran’s two largest steel giants—Mobarakeh Steel Company (MSC) in Isfahan and Khuzestan Steel Company (KSC)—on March 27, 2026, completely ignited a “raw material upheaval” within the region. Iran is the world’s tenth-largest and the Middle East’s largest crude steel producer (accounting for over 50% of the region’s total crude steel output), with annual steel exports exceeding 10 million mt, among which semi-finished steel billets are the absolute mainstay. Mobarakeh (MSC) has an annual capacity of 11.8 million mt (20% of Iran’s total capacity), making it the undisputed “King of Flat Products/Sheets & Plates” in the Middle East; Khuzestan (KSC) is Iran’s second-largest steel producer and its most critical production base for slabs and billets. Data source: SMM, General Administration of Customs of China Under normal conditions, Iran was the primary supplier of low-priced steel billets to local rolling mills in the Middle East. With the sharp contraction in Iran's external supply, rolling mills in the Middle East, particularly in Oman and parts of the UAE outside the Gulf that were not directly affected by the blockade, faced severe raw material supply disruption risks. To maintain production, local buyers quickly released a large number of urgent inquiries to the international market. According to SMM survey, the huge demand gap for steel billets created by Iran's exit was filled and shared by supplies from China, India, and Russia. Because the local shortage was mainly crude steel raw material for rolling sheets and plates, and the equipment destruction from explosions meant that rolling lines were the first to restart, the main incremental product in these counter-trend orders was steel slab. This situation shares similarities with the article at https://mp.weixin.qq.com/s/bsrZaRRSRDHC_FmGLulJOQ (Middle East turmoil triggers "mismatch", China accelerates filling a supply vacuum of about 2.3 million mt in Southeast Asia), which mentioned that China would accelerate taking over steel billet supply gaps. That is, despite the decline in steel exports this year, billet exports also achieved counter-trend growth. Stock Game: The "X-Shaped Crossover" of Inside-Gulf Shutdowns and Outside-Gulf Safe Havens Verified by SMM through freight forwarders, steel trade (especially medium-thickness plates, pipes, and steel billets) relies heavily on bulk or breakbulk vessels. When container liners encounter blockades, they can easily reroute by amending bookings via computer systems, but the diversion of bulk carriers faces rigid constraints from destination port drafts, specialized handling equipment (such as large quay cranes), and inland truck connections. Therefore, over the past two months, the supply chain staged a dramatic "port drift" inside and outside the Persian Gulf. The following uses SMM's panoramic shipping data to explain in detail the changes in cargo flow between ports. Under normal conditions, over 70% of China's steel shipments to the Middle East converged densely on Jebel Ali Port inside the Persian Gulf and Dammam Port on the eastern coast of Saudi Arabia. But after the strait blockade, steel port arrivals at these two traditional hubs showed a historic "physical shock" in SMM's high-frequency shipping data (falling to zero from April to May). Meanwhile, the diverted cargo, fighting to survive, surged wildly toward alternative ports outside the strait, tearing open a "lifeline of safety" spatially: ① "Overload Surge" at Oman's Port of Sohar: As the most critical cross-border multimodal transshipment hub outside the Gulf, its port arrivals in April surged nearly fivefold MoM. Large batches of Chinese HRC and steel billet originally destined for the inner Gulf were forced ashore here, causing massive congestion at the port in May as cross-border heavy truck capacity collapsed. ② "Western Route Counterflow" at Saudi Arabia's Jeddah Port: Saudi Arabia abandoned its eastern sea route (Dammam Port) nationwide, forcibly redirecting all Chinese orders to Jeddah on the Red Sea side, causing its throughput to surge to a peak of 361,000 mt in April. Source: SMM, Google Maps However, it should be noted that while cargo can be transferred via other ports in the short term, port arrivals in May have already shown a weakening trend again. The reason is that alternative ports outside the Gulf simply cannot handle such massive and concentrated cargo volumes, leading to extremely severe congestion. According to SMM's survey, because navigation within the Gulf is no longer possible, some shipping lines originally bound for Jebel Ali had to divert to Fujairah, but are still queuing for berths. Jeddah Port faces similar issues. With tight capacity, prices keep surging, and transportation faces severe obstacles. Source: SMM Outlook for Change: With the US-Iran blockade-lifting deal, what impact will the shipping supply chain face? After 108 days of the "dual blockade" (Iran's blockade of the strait and the US's counter-blockade of Iranian ports) that gripped the lifeline of global energy and commodities, the US and Iran officially issued successive high-profile statements announcing a ceasefire memorandum of understanding. The relevant timeline is summarized below. Data source: Compiled by SMM from public channels The news, once released, triggered a strong market reaction. On one hand, there are expectations for export increments from shipping recovery; on the other hand, there are certain demand expectations for post-disaster reconstruction. According to the latest SMM survey, most exporters have not responded enthusiastically to the lifting of the blockade and remain skeptical about its actual implementation. Therefore, from the perspective of actual order-taking, shipments to the Middle East still need 3 to 4 weeks to be verified. If a full lifting is confirmed, the "demand backlog" caused by the earlier shipping disruptions will see a concentrated release. Based on past customs data and the local supply-demand balance table, SMM roughly predicts that finished steel products will experience strong growth expectations, potentially filling a disaster-induced gap of approximately 1.7-2.1 million mt. Among them, HRC accounts for the highest proportion (29%) of China's finished steel exports to the Middle East. Although the Middle East's largest flat steel giant, Iran's Mobarakeh Steel Company (MSC), has reported production resumptions for its blast furnace previously damaged by war, its capacity is in a post-disaster repair phase and is not expected to fill the local gap in the short term. However, recent market rumors suggest that Indian resources are seizing the Middle Eastern market at lower prices, which will also pose some impact on China's export order-taking. However, for semi-finished products, the reason Chinese steel billets have been "hot" in recent months is the supply gap caused by the strait blockade and the bombing of Iranian steel mills. Once Iran's logistics fully recover, Chinese steel billets will lose their advantage in absolute price, logistics distance, and surrounding multilateral competition, and the demand gap in Southeast Asia previously filled by substituting Iranian sources may also be reclaimed. Recently, according to SMM surveys, billet resources are already circulating in the Middle Eastern market. Through the following comparison of comprehensive landed costs (CFR) for billets in the Middle East, it can be clearly seen that Chinese resources are under comprehensive pressure: Therefore, steel billet exports to the Middle East are expected to be somewhat limited, with competition only possible at lower prices. Preliminary forecasts indicate a pressure reduction of 50,000–250,000 mt. However, we need to broaden our perspective to the global multilateral trade context, and we must not fall into excessive pessimism due to localized marginal reductions. Although the billets exported to the Middle East are under pressure, the incremental steel billet volumes that previously replaced Iranian exports to Southeast Asia may not necessarily be wiped out. Given the uncertainty of the Middle East situation and based on considerations of a more stable supply chain, Southeast Asian buyers may continue to source from Chinese suppliers. Therefore, against the backdrop of an overall steel recovery and resilience in steel billet prices, SMM maintains its earlier view, holding a moderately optimistic stance on annual steel exports, with expectations of "steady incremental growth." Finally, it needs to be added that, currently, due to severe port congestion, even if the strait is confirmed passable, it will still take a long time for actual cargo to arrive and cannot immediately be reflected in the data. At the same time, ocean freight rates will also maintain high-level fluctuations in the short term due to unfavorable port cargo pick-up. 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According to data from the General Administration of Customs, in May 2026, China imported 23.03 million mt of aluminum ores and concentrates, up 16.6% MoM and up 31.9% YoY; cumulative imports in January-May reached 100.69 million mt, up 18.5% YoY.