[SMM Morning Meeting Summary: Strong US Dollar Puts LME Zinc in the Doldrums] Overnight, LME zinc formed a large bearish candlestick, with the daily candlestick center shifting downward and the MACD bearish candlestick expanding. Affected by the strengthening of the US dollar and navigation in the Strait of Hormuz, nonferrous metals are in the doldrums......

[SMM Tin Morning News: US Dollar Breaks 101 to Hit 13-Month High, SHFE Tin Falls to 380,000 Yuan Mark]

June 25 SMM News: Metals Market: Overnight, base metals on the domestic market fell across the board. SHFE tin dropped 2.64%, SHFE copper fell 2.3%, SHFE zinc lost 1.33%, SHFE aluminum declined 2.13%, and SHFE nickel slid 1.72%. SHFE lead edged down 0.95%. In addition, the most-traded alumina futures contract fell 0.84%, and the most-traded aluminum casting contract dropped 1.69%. Overnight, ferrous metals showed mixed performance. Iron ore rose 0.47%, rebar and HRC edged lower, and stainless steel fell 0.85%. Coking coal and coke: the most-traded coking coal futures contract gained 0.4%, and the most-traded coke futures contract rose 1%. Overnight on the overseas market, LME base metals fell across the board. LME copper dropped 2.59%. LME aluminum tumbled 4.43%, hitting a more than three-month low of $3,110/mt during the session. LME lead declined 1.59%. LME zinc lost 2.67%. LME tin slumped 3.05%. LME nickel fell 2.52%. Overnight in precious metals: COMEX gold fell 3.21%, hitting a session low of $3,975.7/oz; COMEX silver plunged 7.39%, touching a session low of $55.75/oz. Overnight, SHFE gold fell 2.45%, and SHFE silver dropped 6.31%. Closing prices overnight as of 7:12 a.m. on June 25: Macro Front Domestic: [Ministry of Commerce: Announced Matters Relating to Further Refining the Handling of Reports on Violations of Export Control Regulations on Strategic Mineral Dual-Use Items] The Ministry of Commerce issued Announcement No. 26 of 2026. To fully leverage the role of public oversight and combat violations of export control regulations on strategic mineral dual-use items, any organization or individual has the right to report suspected violations of relevant laws and regulations regarding the export of strategic mineral dual-use items. These violations include: exporting strategic mineral dual-use items without a license; exporting strategic mineral dual-use items beyond the scope, conditions, or validity period specified in the export license; exporting prohibited strategic mineral dual-use items; circumventing licensing requirements for exporting strategic mineral-related dual-use items by modifying or disassembling them into parts or components; and evading relevant provisions on export controls of strategic mineral dual-use items by routing through third countries (regions), among others. [Ministry of Commerce Issues the “Measures for Industry Chain and Supply Chain Security Investigations”] To implement the “Regulations of the State Council on Industry Chain and Supply Chain Security” (State Council Order No. 834), effectively conduct industry chain and supply chain security investigations, and safeguard China’s industry chain and supply chain security, the Ministry of Commerce has formulated the “Measures for Industry Chain and Supply Chain Security Investigations,” which are hereby issued and shall take effect from the date of issuance. [Ministry of Commerce and Six Other Departments: Severely Crack Down on Illegal Recycling and Dismantling of End-of-Life Motor Vehicles, Standardize the Business Operations of End-of-Life Vehicle Recycling Enterprises] The Ministry of Commerce, the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Ecology and Environment, the Ministry of Transport, and the State Administration for Market Regulation have formulated the “Special Rectification Action Plan for Illegal Recycling and Dismantling of End-of-Life Motor Vehicles.” This document is hereby issued. This special rectification action focuses on resolving prominent issues in the end-of-life vehicle recycling industry. All regions and relevant departments should adhere to a problem-oriented approach, establish sound collaborative regulatory mechanisms, severely crack down on illegal recycling and dismantling of end-of-life vehicles, and standardize the business practices of end-of-life vehicle recycling enterprises. Through this special rectification action, efforts will be made to continuously improve the standardized operation levels of end-of-life vehicle recycling enterprises, steadily increase the proportion of recycled end-of-life vehicle volume relative to canceled motor vehicle registrations, effectively curb illegal recycling and dismantling of end-of-life vehicles, continuously raise the level of recycling and reuse of end-of-life vehicle parts, and promote the high-quality development of the end-of-life vehicle recycling and dismantling industry. Additionally, local governments will be guided to incorporate the recycling and standardization of PV modules and wind turbine blades into their efforts. [PBOC: Will Conduct 500 Billion Yuan MLF Operation on June 25] According to PBOC news: On June 25, 2026, the People’s Bank of China will conduct a 500 billion yuan medium-term lending facility (MLF) operation with a 1-year term, using fixed quantity, interest rate bidding, and multiple-price bidding methods. [CAICT: China’s Domestic Mobile Phone Shipments Reached 27.639 Million Units in May, 5G Phone Shipments Up 23.8% YoY] Data from the China Academy of Information and Communications Technology (CAICT) showed that in May 2026, China’s domestic mobile phone shipments reached 27.639 million units, up 16.5% YoY. Among these, 5G phone shipments were 26.224 million units, up 23.8% YoY, accounting for 94.9% of total mobile phone shipments during the same period. US Dollar: Overnight, the US dollar index extended its gains from the previous two trading days, rising 0.2% to 101.57. The PCE price index release on Thursday will be the next key period. Forecasters anticipate the data for May will show acceleration on both a MoM and YoY basis, providing new references for the Fed's policy trajectory. Goldman Sachs Chief Economist Jan Hatzius reiterated that his base case remains no rate hike, citing that a lasting peace in the Middle East would result in a milder inflation environment than the Fed currently projects. (Wall Street CN) US Treasury Secretary Bessent praised Fed Chairman Walsh for eliminating forward guidance, and he believes no one should make dot plot projections. On the economic front, he expects real wage growth to return to its pace prior to April, and he anticipates economic growth will accelerate for the remainder of the year without pushing up inflation. He emphasized that the dominance of the US dollar is crucial. He believes that after the situation in Ukraine concludes, Russia will want to return to the dollar system, and a new Venezuela is moving back towards that system. The dollar can remain strong while interest rates are being cut, and the US is willing to take the right measures to keep the dollar strong. Regarding Iran, Bessent said the US Treasury will oversee the distribution of funds to Iran, which will initially be disbursed through Qatar. A significant portion will be used to purchase US food and medicine monitored by the Treasury, and any funds Iran receives should belong to the Iranian people. (Jin10 Data) According to CME “FedWatch”: The probability of the Fed keeping rates unchanged in July is 65.8%, and the probability of a cumulative 25 basis point rate hike is 34.2%. The probability of the Fed keeping rates unchanged through September is 33.6%, the probability of a cumulative 25 bps hike is 49.7%, and the probability of a cumulative 50 bps hike is 16.7%. Macro: Data to be released today include Australia’s May seasonally adjusted unemployment rate, Germany’s July GfK consumer confidence index, US initial jobless claims for the week ending June 20, US May core PCE price index annual rate, US May personal spending MoM, US Q1 annualized QoQ final GDP, US Q1 final real personal consumption expenditures QoQ, US Q1 final annualized QoQ core PCE price index, US May core PCE price index MoM, and US May durable goods orders MoM. Additional events to watch include: Nvidia’s annual general meeting of shareholders; the Bank of Canada’s release of monetary policy meeting minutes; the Fed’s release of annual bank stress test results; Bank of Japan Governor Kazuo Ueda’s attendance at a central bank lecture event hosted by the International Monetary Fund (IMF); Micron Technology’s fiscal Q3 2026 earnings call; and the maturing of 300 billion yuan in 1-year medium-term lending facility (MLF) funds and 248 billion yuan in 7-day reverse repo funds today. Crude Oil: Overnight, both oil futures fell sharply. WTI crude dropped 4.56%, hitting a session low of $69.93/barrel; Brent crude fell 4.45%, hitting a session low of $73.32/barrel. Brent crude has essentially erased all the geopolitical risk premium accumulated since the outbreak of the Iran war. In terms of news, Trump posted on social media on the 24th, stating that Iran has informed the US it will not charge any tolls, insurance, or other fees on vessels transiting the Strait of Hormuz, but he simultaneously threatened that negotiations would be terminated immediately if this information proved false. The International Energy Agency estimates that the UAE’s oil exports have recovered to nearly 85% of pre-war levels, reflecting a significant increase in volumes shipped out of the Strait of Hormuz in recent weeks. The UAE alone has sold roughly 60 million barrels of crude from within the Persian Gulf in recent weeks. Data shows that vessel traffic through the Strait of Hormuz hit a new high since the signing of the memorandum of understanding and continues to rise. (Wall Street CN)

On June 17, 2026, the 2026 SMM (3rd) ASEAN Automotive Supply Chain Conference , organized by Shanghai Metals Market (SMM), successfully wrapped up at the Hyatt Regency Bangkok Suvarnabhumi Airport in Bangkok, Thailand! This conference serves as an annual gathering of Southeast Asia's auto industry, bringing together 500+ delegates, 40+ speakers, 10+ partners and 35+ exhibitors from 15+ countries. Conference Background The Southeast Asian EV industry is at a strategic crossroads. Thailand's "30/30" policy is driving adoption, with EV penetration projected to near 15% by 2025. Indonesia is building a full battery chain using its nickel resources, while Vietnam's market potential grows. Amidst supply chain restructuring and technological competition, strategic action is key. The 3rd SMM Asean Automotive Supply Chain Summit 2026 is designed to empower businesses by focusing on: Unlocking NEV Potential: Analyzing ASEAN's role as a production/export hub and examining OEM technology roadmaps. Bridging the Supply Chain: Leveraging SMM's platform to integrate resources and facilitate deals. Establishing a Price Benchmark: Promoting the use of SMM Southeast Asia metals price assessments in procurement. We believe in turning consensus into action. Join us in Bangkok in 2026 to transform strategic blueprints into tangible advantages. 》Click to Watch the Conference Live Video 》Click to View the Conference Photo Live Stream June 16 Main Forum Opening Address Speaker: Adam Fan, Chairman of SMM Opening Keynote: Thailand EV Outlook 2026 Guest Speaker: Dr. Yossapong Laoonual, Honorary Chairman and Advisors, Electric Vehicle Association of Thailand (EVAT) Dr. Yossapong Laoonual noted that the ownership of battery electric vehicle (BEV) models is expected to surpass that of hybrid models in the medium and long term. Thailand’s BEV penetration rate will also rise steadily, supported by well-developed charging infrastructure. Data shows that the number of DC charging piles in Thailand has continued to grow, with installations already exceeding the government’s planned phased targets. The country’s 2030 charging pile target is 12,000 units, and multiple supporting regulations for motor vehicles have already been implemented locally. Local planning stipulates that each pile should serve 10-15 BEVs. Compared with markets outside China, where each pile in Europe serves fewer than 15 BEVs on average and in China fewer than 10, Thailand currently faces an imbalanced vehicle-to-pile ratio and still requires the large-scale addition of new charging piles. Thailand’s charging piles are primarily located at gas stations, with shopping malls and office buildings as secondary deployment sites. Local gas stations feature diverse commercial formats, offering excellent conditions for setting up charging stations. However, range anxiety remains widespread among consumers, and charging facilities along highways need to be further improved to alleviate concerns about recharging on the road. Opening Keynote: Southeast Asia’s New Automotive Ambition:Can Industry Players Successfully Navigate Transformation Amid Challenges? Guest Speaker: Krzysztof Tokarz, Chairman of the Automotive Working Group, TEBA Founder of Auteneo He stated that there were four core strategic challenges in the electrification transformation of Southeast Asian automakers: First, a shortage of professional talent, with undersupply of high-quality talent in the EV and software fields, fierce competition for industry talent, and enterprises needing to plan for talent cultivation and retention; Second, cross-cultural coordination difficulties: significant differences in working models among Chinese, Japanese, Korean, European, American, and local enterprises, which easily led to issues such as lack of trust and poor cooperation; Third, complex and changing regional regulations: fragmented regulatory systems across Southeast Asian countries, with a fast pace of policy updates over the past year or more, placing high demands on enterprises' policy adaptation capabilities; Fourth, profitability pressure, as electrification reshaped the pricing system, with many automakers experiencing simultaneous contraction in revenue and profit margins, necessitating the exploration of long-term profitable models. Overall, he believed that while he currently maintained a cautiously optimistic attitude towards the development of industry technology and products, the aforementioned challenges still urgently needed to be addressed. Panel Discussion: Leadership Dialogue: East Asian Titans' "Southeast Asian Chessboard" Moderator: David Huang, The Head of Strategy, Marketing and Business Development, Forvia China Panelists: Dr. Yossapong Laoonual, Honorary Chairman and Advisors, Electric Vehicle Association of Thailand (EVAT) Suphot Sukphisarn, Honorary Chairman, Auto Parts Industry Club (APIC), The Federation of Thai Industries (FTI), Deputy Secretary General, Thai Auto-Parts Manufacturers Association (TAPMA） Krzysztof Tokarz, Chairman of the Automotive Working Group at TEBA, Founder of Auteneo Dr. Viroj Patcharawatanakul, Chief Marketing Officer (CMO), AAPICO Hitech PCL. The panelists noted that ASEAN countries have distinct industrial advantages: Malaysia has ample electronic factory resources, Indonesia possesses mineral resources needed for battery production, and Vietnam offers comprehensive labor incentive policies. To fully leverage each country's locational appeal, overall integrated planning is required. The ASEAN NEV market is expanding rapidly overall, with the regional EV penetration rate more than doubling. Thailand and Vietnam have seen impressive growth in XEV production and sales. Local vehicle production capacity remains stable, and Chinese new energy brands such as BYD, MG, and Great Wall have established a presence in Thailand, driving up demand for new energy parts supply. Thailand has a well-established multi-tier parts supply system: 27 vehicle manufacturers, 500 Tier 1 suppliers, and 1,800 Tier 2 and Tier 3 parts producers. Traditional mechanical processing industries like stamping, injection molding, rubber processing, machining, casting and forging, and assembly have a solid foundation, with huge annual parts capacity, providing the manufacturing capability to support new energy parts production. Keynote Speech: Navigating Automotive Disruption in Southeast Asia Guest Speaker: Timothy Wong, Principal, Roland Berger Roland Berger noted that AI-driven automation continues to advance and autonomous driving is developing steadily. It is expected that by 2040, autonomous driving will still struggle to become mainstream. However, AI technology has already disrupted the automotive industry, becoming a core driving force for enterprises to build differentiated advantages, enhance competitiveness, and innovate business models. The automotive industry is currently undergoing comprehensive disruptive changes, mainly in five dimensions: First, the automotive supply chain value chain is undergoing fundamental transformation, with vehicles and core parts upgrading toward electrification and electronics. Industry enterprises urgently need to adjust their product structures and proactively position themselves in emerging tracks; passively responding to market changes will entail significant risks. Second, the nature of automotive products is being reshaped by technology, shifting from traditional mechanical vehicles to software-defined vehicles. Sole mechanical manufacturing capabilities can no longer meet development needs; enterprises must build diversified cooperation ecosystems involving semiconductors, software, and sensors to cultivate new industrial capabilities. Third, the consumer market is undergoing significant iteration, with consumer car purchase preferences gradually tilting toward emerging brands, and industry competition continuing to intensify. Fourth, the pace of market iteration has greatly accelerated. Compared with the model update pace of once every few years by traditional automakers, Chinese brands iterate at a much faster pace, forcing the supply chain toward agile transformation and adaptation to rapidly changing vehicle specifications. Fifth, the aftersales distribution model is being disrupted, with traditional parts revenue being impacted by the growth of EVs. New direct-to-consumer models are emerging, requiring enterprises to restructure their distribution networks and expand aftersales services related to power batteries and electrification. Overall, all industry participants must proactively face transformation risks, actively transform and strategically restructure supply chains, vigorously explore new clients and deploy new businesses, abandon passive thinking that clings to existing models, and proactively plan future business development directions, so as to continuously maintain market competitiveness. Keynote Speech: Moving Beyond Negotiation: Fostering a New Framework for Southeast Asian Supply Chain Collaboration Based on the SMM Price Index Guest Speaker: Sing Yao, Director of Steel Business Unit, SMM Information & Technology Co., Ltd. She noted that Southeast Asia as a whole exhibits low per capita automobile ownership, limited NEV penetration, and a large young population, which holds enormous incremental market potential. This vast blue ocean is attracting leading Chinese NEV manufacturers to accelerate their footprint in the region. At the same time, however, Southeast Asian auto parts are highly dependent on imports, and the industry chain has long faced two major pain points: procurement difficulties and disorderly pricing. The launch of the SMM Southeast Asia Price Index may open up a new path for collaborative development of the local automotive supply chain. Low Per Capita Automobile Ownership, Limited NEV Penetration, and Large Young Population Create Vast Market Opportunities for Automakers According to SMM, in recent years, Southeast Asia’s automotive industry chain has shown remarkable resilience, with regional automobile production growing by 24.1% from 2020 to 2022. Although 2024 saw a cyclical decline for the first time due to global economic sluggishness, the decline in production and sales in Thailand and the broader Southeast Asian market has narrowed in 2025, underscoring the self-repair capability of the regional supply chain. As the region’s core hub, Thailand continues to dominate Southeast Asia’s automotive industry landscape with a capacity share of over 40%. In the short term, Thailand will maintain its position as a regional production center and export base, but its long-term competitive advantages are facing structural challenges: the sustained contraction of local capacity and the upgrading of neighboring countries’ industry chains are compelling it to accelerate technological transformation and supply chain restructuring. Driven by the immense allure of this industry “blue ocean,” leading Chinese NEV manufacturers are accelerating their expansion into the Southeast Asian automotive market. Keynote Speech:Baowu JFE Southeast Asia Strategy Sharing Guest Speaker: Liang Chen, Vice General Manager, Baowu Jiefuyi Special Steel Co., Ltd. He that overall steel production in Southeast Asia is declining, but the penetration rate of new energy electric vehicles (EVs) is surging: Thailand’s EV-related demand is up 80% YoY, while Indonesia’s demand has experienced a multiple-fold rise, with subsequent growth potential continuing to be released. Local NEV manufacturers previously purchased Japanese steel, but are gradually switching suppliers now, driven by industry competition and cost pressure. This also represents a core opportunity for the company to promote its supporting supply services. Leadership Panel: The Steel vs. Aluminum Debate and Cost Challenges Moderator: Michelle Leung, Head of Asia Metals and Mining, sustainability, Bloomberg LP Panelists: Thanakorn Thangwanichkapong, Director of Asia Operations, Maxion Wheels Martin Dilly, Southeast Asia Area Sales Director, Bureau Veritas The panelists noted that multiple disruptions, including the situation in the Strait of Hormuz and national tariff adjustments, have moved beyond short-term impact and are driving the restructuring of the entire steel and aluminum industry chain, with the structural transformation of the aluminum industry being particularly pronounced. Global supply chain vulnerability continues to intensify, and upward cost pressure on the industry has increased. Tariff barriers are reshaping the global trade landscape, and market competition is becoming increasingly fierce. The implementation of industrial localization has accelerated, but the pace of progress in Southeast Asia has seen a slowdown. Overall, only enterprises that possess both flexible logistics and procurement capabilities and a robust compliance management system can gain an advantage amid the industry transformation. Keynote Speech: Analysis of Southeast Asia's Secondary Aluminum Market and Price Trends Guest Speaker: Wong Yan Ling, Senior Aluminum Analyst, SMM Information & Technology Co., Ltd. She noted that Southeast Asia has become one of the fastest-growing secondary aluminum markets globally, and the worldwide competition for scrap resources is continuously reshaping the regional supply landscape. As resource protection policies are progressively implemented across various countries and regional manufacturing demand steadily expands, ASEAN countries are expected to further consolidate their core position in the global secondary aluminum industry chain. Regarding secondary aluminum price trends in H2 2026, SMM analysis suggests that weak seasonal demand in Southeast Asia may suppress the upside room for secondary aluminum prices, while the geopolitical situation in the Middle East remains a key variable affecting market trends. If shipping through the Strait of Hormuz returns to normal, cost pressures from logistics could ease. However, persistently tight scrap supply coupled with potential logistics disruptions may still drive up regional secondary aluminum prices. Specialized Seminar: Co-building a Resilient Automotive Materials Supply Chain for Southeast Asia Moderator: Sing Yao, Director of Steel Business Unit, SMM Information & Technology Co., Ltd. Panelists: Zongyan Fu, Purchasing Manager, Changan Auto Southeast Asia Co., Ltd. Weijiang Xue, Chief Engineer of Product R&D, Jiangsu Yonggang Group Co.,Ltd. Hui Yuan, General Manager, Tianjin Dewy Metal Surface Treatment Co., Ltd. Yi Huang, Deputy General Manager, Guangdong Superband Precision Industry Co.，Ltd. Thanakorn Thangwanichkapong, Director of Asia Operations, Maxion Wheels Hongwei Liu, General Manager, BYH NEW TECHNOLOGY CO., LTD. Saurabh Sharma, Sr General Manager & Executive Director, Hero Motors Thai Ltd. Zou Xiang, Business Office Director, Baowu Jiefuyi Special Steel Co., Ltd HaiBin Jia, Deputy Marketing Director, Beijing Jianlong Heavy Industry Group Co., Ltd. The panelists engaged in in-depth exchanges, drawing from their own business practices, focusing on the core topic of deep development in the Southeast Asian automotive industry. They focused on enterprises' current business layouts, operating status, and development trends in the Southeast Asian automotive market, and deeply analyzed core pain points and challenges such as supply chain adaptation, stable supply, and logistics support in the process of going global. At the same time, they shared detailed experiences regarding common challenges faced by enterprises going global, including localization certification, compliance system adaptation in and outside China, and alignment of policy standards. They also discussed core paths for enterprises to anticipate market changes, precisely allocate industrial resources, and quickly adapt to regional market rules and industry demands, focusing on industry trends. Furthermore, focusing on supply-demand coordinated development, they elaborated on their expectations for future cooperation models, collaboration mechanisms, and partnership needs with Chinese material suppliers. As buyers, they also clarified the types and directions of high-quality Southeast Asian clients they plan to prioritize for connection and cooperation, providing practical ideas and references for precise supply-demand matching and deep cultivation of the Southeast Asian automotive market for Chinese enterprises going global. Day 2: June 17 Keynote Speech: Analysis and Outlook of the Supply Chain in the Southeast Asian New Energy Market Speaker: Jena Wang, New Energy Consulting Project Manager, SMM Information & Technology Co., Ltd. She stated that driven by the rapid growth of the Southeast Asian NEV market, several automakers are accelerating their localization strategies. Battery demand in each country will also increase rapidly, with the region's total battery demand expected to grow by about ten times from 2025 to 2030, reaching approximately 201 GWh. However, it is worth noting that currently, Southeast Asia faces issues with low localization rates, significant structural gaps, and heavy import dependence for cathode materials and motor components. In Southeast Asia, the supply of local cathode materials and key motor components cannot meet demand, and the low localization rate and large capacity gaps have become key bottlenecks restricting the development of the NEV industry chain in the region. Data indicates that China's global production share of key new energy raw materials—such as batteries, cathode materials, lithium chemicals, and rare earth permanent magnets—generally exceeds 70%, with its capacity ranking first worldwide, demonstrating a significant advantage. In addition, she introduced the capacity distribution and industrialisation progress of key materials in the new energy markets of core Southeast Asian countries. Vietnam: Local automaker VinFast is boosting rapid development of the entire vehicle and upstream/downstream supporting industry chain. Thailand: As a core hub for automotive manufacturing and export in Southeast Asia, it boasts a relatively complete supporting system for motor and electric drive-related industries. Malaysia: It possesses a mature automotive industry foundation, but its local supporting capability for the three electric systems is insufficient; local policies focus on supporting vehicle assembly and regional distribution operations. Indonesia: With abundant nickel resources, it holds a pronounced competitive edge in the battery raw material industry. Overall, SMM believes that the capacity for core new energy components in Southeast Asia is relatively small. National policies are promoting localisation and industrial upgrading, leaving significant room for supply chain development. Leadership Panel: Supply Chain Security and Opportunities in Southeast Asia Moderator: Peter Klöpfer, Senior Manager Automotive Business Unit, RUTRONIK Electronics Worldwide Panelists: Akshay Prasad, Principal, Arthur D. Little SEA Alex Zhan, Head, ZF LIFETEC Thailand Asst.Prof.Uthane Supatti Ph.D., Head of the Power Electronics Applications and Energy Management (PEEM) Research Unit, Faculty of Engineering at Sriracha, Kasetsart University, Thailand Vice President, Electric Vehicle Association of Thailand (EVAT) The panelists discussed about core themes of the Southeast Asian automotive supply chain. First, they addressed the delivery timeline crisis caused by sudden supply shortages, the crisis of lacking transparency in the industry chain, the crisis of industry-wide collaboration barriers, and the crisis of trust failure between upstream and downstream players. They jointly explored systematic resolution strategies and elaborated on their respective countermeasures. Building on this, the on-site guests further discussed the Japanese industry chain and China’s domestic supply chain, analyzing the development opportunities, long-term prospects, and practical implementation logic of two-way opening, healthy competition and cooperation, and deep integration between the two. Leadership Panel: Capacity Coopetition and Customer Breakthrough: Winning the Southeast Asian Supply Chain Battle Moderator: Wacharapisuth Thannapong, Researcher, BCG (Bio-Circular-Green Economy Policy) Research Team, Thailand Development Research Institute (TDRI) Panelists: MARK BRIAN PIRIE, Senior Vice President Purchasing & Supplier Management Asia Pacific, Executive Board Member, Schaeffler Frank Yu, General Manager of the Automotive Rubber & Metal Components Business Unit and Thailand Branch, Shanghai Baolong Automotive Corporation The panelists assessed the overheating of three-electric system (battery, motor, electronic control) capacity in Southeast Asia. They noted that overcapacity in three-electric systems is a global trend. The capacity now deployed in Southeast Asia and Thailand already exceeds confirmed demand, intensifying market uncertainty and heightening investment concerns. Risks are structurally differentiated: Tier-1 suppliers are more conservative and risk-averse compared to China’s domestic vehicle makers that are rapidly going global. There is localized overcapacity in basic e-drive parts and low-difficulty electronic components, while supply bottlenecks persist for key items such as high-performance automotive-grade semiconductors, advanced materials, and electrical steel. This is also a core motivation for Chinese suppliers setting up in Southeast Asia. Moreover, Southeast Asia’s geographical advantages are prominent, and mine development in Australia is progressing rapidly. Many mines are set to commence production by Q3 next year. The core contradiction in the industry is not simply overall surplus, but a mismatch between the regional allocation of capacity, the technologies adopted, and actual market demand. Additionally, the guests noted that the core challenges in Southeast Asia and Thailand revolve around three major issues: regional adaptation, supply chain gaps, and industrial competition and collaboration. Enterprises must independently weigh risks and expansion scales based on their own supply chain conditions to find a development balance suited to their needs. Meanwhile, to adapt to the unique environment of Southeast Asia—characterized by high temperatures, high humidity, floods, complex road conditions, and underdeveloped charging infrastructure—the EV technologies originally designed for the Chinese and European markets must undergo localized R&D and verification. This process ensures the reliability of batteries, electronic controls, and lubrication systems, as well as overall vehicle durability. It is recommended that Tier 1 suppliers and upstream partners proactively collaborate in depth with OEM design teams. Even for domestically mature production car models going global in Southeast Asia, it is essential to iterate and optimize products by leveraging local expansion opportunities while drawing on the cost, process, and quality control expertise gained from large-scale domestic production. Leadership Panel: Techno-Economic Analysis and Strategic Pathways for Battery Material Localization in Southeast Asias Moderator: Jay Yu, Senior director, SMM Information & Technology Co., Ltd. Panelists: Brian, Sales Director for the Electrolyte Division in Japan, South Korea, and Southeast Asia, TINCI Materials Max Miao, Director, SEVB Thailand Feng Hao, Southeast Asia Marketing Director, Hefei Guoxuan High-Tech Power Energy Co., Ltd. The panelists noted that amid the restructuring of global manufacturing, Southeast Asia’s lithium battery industry faces both challenges and opportunities. Enterprises are following downstream OEM clients in going global, establishing nearby supply systems centered on customer needs. Three key operational aspects require consideration. First, at the policy level, Southeast Asia’s lithium battery industry must supply both the local market and target exports to Europe and the U.S. Regional policy changes have far-reaching impacts, requiring enterprises to conduct ongoing in-depth analysis and implement corresponding response strategies. Second, in terms of human and cultural factors, local traditions and family values are distinct, necessitating flexible management that fully respects local customs, cares for local employees, and stabilizes production teams. Third, regarding the industry chain, the region’s upstream lithium battery materials are notably underdeveloped. Key raw materials such as high-purity solvents, lithium chemicals, and functional additives currently rely heavily on imports from China, Japan, and South Korea. The establishment and improvement of local upstream and downstream supply capabilities urgently need to be addressed, making this a key focus for future enterprise deployment. In addition, they also mentioned that in H2 this year, NEV-related subsidies in Southeast Asia may be gradually phased out, and Thailand's EV 4.0 policy and the year-end tax rebate policy will also undergo adjustments. Drawing on China's NEV development experience, local automakers will gradually break free from reliance on policy subsidies and instead compete in the market by leveraging product strength and market-based pricing. This year, Thailand's NEV sales are conservatively estimated to reach 120,000 units, with a potential to hit 160,000 units. Compared with Japanese car models, Chinese NEV models have ample room for price adjustment, offering a clear advantage. Currently, battery enterprises are actively assisting automakers in expanding markets and securing more orders, while also suggesting that automakers moderately raise vehicle selling prices. The industry generally believes that automakers will most likely offset the operational pressure from subsidy reductions through price adjustments in the future. Procurement Matchmaking Meeting >Click to view more highlights from the event Check-in & Networking This is the end of the 2026 SMM (3rd) ASEAN Automotive Supply Chain Conference . Thank you for the support of all industry peers. See you next year!

The UAE Ministry of Foreign Trade has issued Ministerial Decision No.105 of 2026, introducing a four-month temporary export ban on certain industrial wastes and scrap metals, including aluminum scrap under several HS 7602 codes. The measure takes effect seven working days after issuance, while shipments under previously signed international contracts may apply for exemptions. Aluminum scrap was previously subject to an export fee of AED 100/t (US$27/t). The move reflects the UAE's efforts to retain raw materials domestically and promote local value-added processing, with potential implications for Asian scrap markets, particularly India and South Korea.

According to the UAE Ministry of Foreign Trade's Ministerial Decision No. 105 of 2026 and the latest feedback from traders, the UAE officially published and implemented a temporary export ban on certain industrial wastes and metal scraps on 3 June 2026, for a duration of 4 months, precisely targeting iron, aluminum, and copper scrap. SMM learned that the core objective of this policy is to retain raw materials domestically; notably, copper ingots are explicitly exempted to encourage high-value-added exports. Given that the UAE had previously imposed a fixed export duty of USD 109/MT on copper scrap, which had already severely squeezed direct export arbitrage margins, this ban will have a limited marginal impact on the copper scrap market. Instead, the primary impact will be concentrated on the copper alloys, such as Honey, Ocean, and Gun metal. From the perspective of global trade flows, the main Asian consumption destinations for UAE scrap are India and South Korea. Due to China's stringent import standards for recycled materials and the historically negligible volume of direct scrap shipments from the UAE to China, this new regulation is expected to have virtually no substantial impact on the Chinese domestic scrap metal supply.

[SMM Steel] SSAB Americas, The Greenbrier Companies, and Alter Trading launched a circular economy initiative to manufacture near-zero emissions steel from recycled materials. The process starts at SSAB's Iowa plant, which uses scrap and fossil-free energy to produce its low-carbon SSAB Zero™ without carbon offsets. Under the agreement, Greenbrier is building 50 gondola railcars using this specialized steel for delivery to Alter. After deployment, these gondolas will transport recycled metals directly back to SSAB, closing the raw material loop. SSAB Americas President Tom Cox said the venture demonstrates the performance of near-zero emissions steel in sophisticated industrial applications, noting that circular economies function best with scaled material and valuable end-use applications within existing supply chains.

[SMM Steel] Hoa Phat Dung Quat Steel JSC commissioned a fully integrated steel production line supplied by Primetals Technologies at its Dung Quat facility. The new complex combines two slab casters and a hot-strip mill with advanced automation and digital quality systems, adding 5.5 million tonnes of annual capacity to address surging domestic demand and access high-quality market segments. The two-strand casters deliver 6 million tonnes of annual slab capacity with automated mold-level and width control. The hot-strip mill outputs coils up to 36 tonnes, featuring specialized roll-gap technology for precise strip profiles. The entire system achieved rapid ramp-up, rolling 1.5 mm thin low-carbon steel coils just six weeks from startup.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Jun , 2026

SMM June 24 News: Driven by the demand for coordinated development of quality inspection and market services in the non-ferrous industry chain, on June 23, a delegation led by Zhou Bo, Vice President of SMM Information & Technology Co., Ltd. (SMM), Long Huachen, General Manager of the South China Office, and Lin Jiazhi, Business Manager of the Copper Division, visited the CCIC Southwest Region Fangchenggang Area Company for exchanges. They were warmly received by Huang Lu, General Manager of the CCIC Southwest Region Fangchenggang Area Company, Liang Cuirong, Marketing Manager of the CCIC Southwest Region Fangchenggang Area Company, Ye Lingling, Deputy Director of the Mineral Products Laboratory of the Technical Center, and Huang Zhisheng, Deputy Director of the Environmental Laboratory of the Technical Center. During the cordial discussions, leveraging SMM's global non-ferrous industry big data, authoritative spot benchmark pricing, futures and spot industry services, and entire industry chain resource advantages, the two parties conducted in-depth discussions on core topics such as non-ferrous mineral inspection, commodity quality inspection, futures delivery inspection, and upstream and downstream industry chain collaborative services. They fully exchanged views on mineral product inspection standards, quality inspection support for cross-border commodity trade, futures delivery compliance inspection, and the integration of industry data and inspection services. This visit opened up channels for cooperation between industry information, trade circulation, and third-party quality inspection, laying a solid foundation for the two sides to continuously deepen industry mutual trust, complement each other's resources, and achieve mutual benefit and win-win outcomes. Introduction to CCIC Southwest Regional Company China Inspection and Certification Group (abbreviated as China Certification & Inspection Group, with English abbreviation CCIC) is a central state-owned enterprise established with the approval of the State Council and managed by the State-owned Assets Supervision and Administration Commission of the State Council. It is a comprehensive quality service organization with "inspection, testing, certification, standards, and metrology" as its main businesses. Founded in 1980, it owns three major brands: CCIC, CQC, and CAERI. CCIC Southwest Regional Company (hereinafter referred to as "Southwest Regional Company") is one of the eight regional companies directly managed by CCIC in China. It comprises five provincial-level companies, namely Guangxi Company, Yunnan Company, Sichuan Company, Chongqing Company, and Guizhou Company, as well as four area companies, including Fangchenggang, Qinbei, Border, and ASEAN. It has established six functional departments, five business divisions, and one business support department. Southwest Regional Company's service network covers the major ports and cargo distribution centers in the five provinces (autonomous regions and municipalities) of Guangxi, Yunnan, Sichuan, Chongqing, and Guizhou, as well as in the four countries of Vietnam, Laos, Myanmar, and Cambodia. Its business scope encompasses the three major industries of agriculture, industry, and services, touching upon all sectors of the national economy and all aspects of people's livelihood. In fields such as commodity trade, enterprise management improvement, agricultural and food safety, ecological environment monitoring, environmental protection technical consulting and assessment, pest control, instrument and equipment metrological calibration, lightning protection detection, traceability, e-commerce platform construction, safety assessment, and occupational health detection and assessment, it provides "one-stop" comprehensive quality services. It is one of the largest and most powerful third-party inspection, testing, and certification organizations in south-west China. The Southwest Regional Company has an independent and comprehensive laboratory system, comprising 14 specialized technical laboratories in China and 3 overseas laboratories, with a total area of approximately 22,000 m², equipped with around 2,300 sets of precision instruments and equipment. It has accumulatively obtained over 18,700 nationally and locally recognized and accredited items, including CMA and CNAS. Its detection capabilities cover multiple fields such as minerals and alloys, fertilizers, coal and coke, petrochemicals, chemical products, food and agricultural by-products, water and wastewater, air and exhaust gas, soil, solid waste, seawater, marine sediment, marine organisms, biological residues, noise, vibration, metrology, lightning protection, electronics and electricals, and software testing. Internationally, it is a designated metal analysis and detection laboratory for the London Metal Exchange (LME) in the UK, a petrochemical product detection laboratory recognized by the Mexican Ministry of Energy, and the first laboratory in China to pass a second-party audit by BP and be designated by the company. Domestically, it is a designated sugar quality inspection agency for the Zhengzhou Commodity Exchange; the designated detection laboratory for the coal futures delivery warehouse in Fangchenggang of the Zhengzhou Commodity Exchange; a designated quality inspection agency for silicon metal of the GFEX; a designated arbitration and detection laboratory for minerals and alloys appointed by multiple industry leaders in and outside China; and the Central Laboratory for Mineral Products of China Inspection & Testing Group (CCIC). As the only laboratory within CCIC qualified for identifying the solid waste properties of imported and exported metal mineral products and detecting rare earth ores and compounds, the company holds a significant technical advantage in related fields. (Some qualification certificates of the Southwest Regional Company) To date, the Southwest Regional Company has undertaken or participated in over 40 science and technology projects at the national, provincial, and municipal levels; led or participated in the formulation and revision of over 260 international, national, industry, and group standards; holds 3 invention patents, nearly 30 utility model patents, and 41 software copyrights; has received 13 science and technology awards at the provincial and ministerial level or above; has cooperated with universities, research institutes, and enterprises to build 7 key platforms in fields such as petrochemicals, food and agricultural by-products, and minerals and alloys; and its subordinate units have been recognized as a new-type R&D institution, an enterprise with an IP advantage cultivation program, a strategic emerging industry enterprise, and have received many other designations including key laboratory and engineering technology research center. The Southwest Regional Company earnestly fulfills the responsibilities of a central state-owned enterprise and has successively received over 40 honorary titles, including 'National Civilized Unit', 'AAA-Level Credit Enterprise in China Enterprise Credit Evaluation', National High-Tech Enterprise, and Service Industry Leader Enterprise of Nanning City. (Part of the honors of Guangxi Company) Looking ahead, the Southwest Regional Company will continue to base itself in the southwest, serve the whole country, radiate out to ASEAN, and face the world. It is expected to play a greater role in the new journey of high-quality development, striving to contribute to CCIC's effort of building itself into a 'world-class inspection, testing, and certification group with the highest credibility'. In 2026, against the backdrop of the ongoing global green transition and the continued advancement of the “dual-carbon” goals, the nonferrous metals industry is accelerating its shift toward low-carbon, intelligent, and high-end development. As a major nonferrous metals industry cluster in China, South China features a well-developed downstream processing system, abundant reserves of recycled resources, and strong policy support. Leveraging South China’s unique industrial foundation and the new landscape of industry development, to ensure the precise implementation of industry development-related policies, address key pain points in industry development, and build a bridge for resource connectivity across the entire industry chain, the hosted by SMM will be grandly held in September 9–11, 2026 in Nanning, Guangxi . Focusing on key topics such as metal price trends, the medium and long-term market landscape, cross-border trade dynamics, interpretation of industrial policies, and innovation in low-carbon green processes, the conference will conduct in-depth discussions, aiming to build an efficient and authoritative platform for industry exchange and cooperation, empower enterprises in technological innovation and green transformation, help industry participants seize market opportunities and calmly respond to development challenges, and jointly promote the high-quality advancement of China’s nonferrous metals industry. We sincerely invite colleagues from all sectors across the nonferrous entire industry chain to gather in Nanning to discuss new opportunities for industry development and jointly chart a long-term path for coordinated development of the industry chain! SMM Contact : Lin Jiazhi: 15017566696