SMM July 1: Metals market: Overnight, base metals broadly rose in both domestic and overseas markets, with only LME lead, LME nickel, and SHFE lead declining—LME lead fell 1.08%, LME nickel fell 0.55%, and SHFE lead fell 0.47%. The rest of the metals all gained. LME tin and SHFE tin surged over 2%, with LME tin up 2.58% and SHFE tin up 2.25%. LME zinc and SHFE zinc rose over 1%, with LME zinc up 1.85% and SHFE zinc up 1.4%. Gains in the remaining metals were all within 1%. Alumina main contract fell 0.25%, while cast aluminum main contract rose 0.42%. Overnight in the ferrous metals sector, most prices rose except for stainless steel. Stainless steel gained 0.92%, while iron ore fell 0.27%. Declines in other metals were modest. For coking coal and coke, coking coal edged up 0.08% and coke fell 0.15%. Overnight in precious metals, COMEX gold fell 0.42%, at one point dipping to a low of $3,955.4/oz, while COMEX silver rose 0.7%. Domestically, SHFE gold gained 0.8% and SHFE silver surged 3.43%. As of 6:44 am July 1, overnight closing prices: Macro front Domestic side: [NBS: June manufacturing PMI at 50.3%, China’s economic sentiment rebounds somewhat] National Bureau of Statistics (NBS) data showed that the June manufacturing PMI was 50.3%, up 0.3 percentage point from the previous month, returning to expansion territory. By enterprise size, large enterprise PMI was 50.7%, down 0.4 ppt from May but still above the threshold; medium-sized enterprise PMI was 50.5%, up 1.9 ppts, above the threshold; small enterprise PMI was 48.2%, down 0.3 ppt, below the threshold. Among the five sub-indexes that make up the manufacturing PMI, the production index and new orders index were above the threshold, while the raw material inventory index, employment index, and supplier delivery time index were all below the threshold. Huo Lihui, Chief Statistician of the NBS Service Industry Survey Center, commented on China’s June 2026 PMIs. The non-manufacturing business activity index for June was 50.2%, up 0.1 ppt from May, indicating a modest rebound in non-manufacturing sentiment. The services sector expanded at a faster pace. The services business activity index was 50.4%, up 0.1 ppt, showing some improvement. By sector, business activity indexes for telecommunications, broadcasting, satellite transmission services, internet software and information technology services, monetary and financial services, and insurance were all in the high-expansion territory above 55.0%, with rapid growth in total business volume. Air transport and real estate continued to operate below the threshold. The services business activity expectations index stood at 56.0%, up 0.6 ppt from May, reflecting improved corporate expectations for market development. Construction activity showed some improvement. The construction business activity index was 49.0%, up 0.2 ppt, edging up slightly. The construction business activity expectations index was 51.1%, remaining in expansion. [MIIT and eight other departments: Promote integrated planning and synchronous construction of industrial internet infrastructure and computing infrastructure such as smart computing facilities and supercomputing facilities] The Ministry of Industry and Information Technology (MIIT) and eight other departments issued a notice on the “Implementation Opinions on Promoting High-Quality Development of the Industrial Internet.” It proposes to enhance computing support. Promote integrated planning and synchronous construction of industrial internet infrastructure and computing infrastructure such as smart computing facilities and supercomputing facilities. Explore building an industrial computing network system, strengthen the dynamic coordination of multi-level computing capabilities across end, edge, and cloud, and meet the computing, network, storage, and usage needs of various entities’ business development. Rely on the integrated computing network to strengthen computing interconnectivity, improve the matching supply of intelligent and edge computing power, enhance the ability to process and deeply refine massive heterogeneous data at high speed, and deeply empower scenarios such as industrial large-model training and real-time interaction in the industrial metaverse. (Jin10 Data APP) US dollar: As of the overnight close, the US dollar index rose 0.06% to 101.17. Federal funds rate futures traders are increasingly betting that the Fed could start raising rates as soon as July. This previously unthinkable move could be disrupted by a series of economic data. The probability of a rate hike at the July policy meeting remains low, with interest-rate swaps currently pricing in about 9 basis points of tightening, implying roughly a 36% chance of a 25bp hike. Nonetheless, that probability has risen markedly; before new Fed Chairman Kevin Warsh shifted his focus to price stability, the odds were nearly zero. (From Wallstreetcn app) On the data front, the Job Openings and Labor Turnover Survey (JOLTS) report released Tuesday by the Bureau of Labor Statistics showed job openings edged up in May, but the pace of new hires pulled back. Data showed that at the end of May, total job openings across the US rose by 9,000 from the prior month to 7.594 million, above economists’ forecast of 7.3 million. The April figure was revised down from an initially reported 7.618 million to 7.585 million. The increase in openings was mainly concentrated in professional and business services and very small businesses with fewer than ten employees. The job openings rate held steady at 4.6%. Hiring declined by 45,000 to 5.17 million, with the hiring rate stable at 3.3%. US job gains have accelerated sharply for three straight months, and the market had been optimistic that the labor market was returning to a recovery path after a soft patch in 2025. However, the strong payroll gains have been largely driven by a simultaneous decline in both layoffs and quits, rather than by a pickup in hiring by businesses. (Jin10 Data) HSBC said that a sharp rally in the US dollar could be one of the biggest “pain trades” in the second half of this year. The bank expects the dollar to strengthen gradually in the first half of 2027, and warned that if the Fed signals a stronger readiness to tighten policy than the market expects, and if geopolitical tensions flare up again, the dollar could see an “explosive” rally. Risks have increased since the Fed’s June meeting, when policymakers focused on inflation and offered little forward guidance. That shifted market attention back to interest-rate differentials and helped the dollar strengthen against major currencies over the past two weeks. “A stronger dollar will certainly cause pain, but we think the ‘pain trade’ in FX will be an explosive dollar rally,” analysts including Paul Mackel wrote in a June 29 note. (Bloomberg) According to CME FedWatch: The probability of the Fed holding rates unchanged in July is 66.3%, while the probability of a cumulative 25bp hike is 33.7%. For the September meeting, the probability of rates remaining unchanged is 33.1%, a cumulative 25bp hike stands at 50.0%, and a cumulative 50bp hike at 16.9%. (Jin10 Data APP) Macro side: Today will see the release of China’s June RatingDog manufacturing PMI, US June Challenger job cuts, US June ADP employment change, final reading of US June S&P Global manufacturing PMI, US June ISM manufacturing PMI, US May construction spending m/m, UK June Nationwide house price index m/m, final UK June manufacturing PMI, Switzerland May real retail sales y/y, final French June manufacturing PMI, final German June manufacturing PMI, final Eurozone June manufacturing PMI, preliminary Eurozone June CPI y/y, and preliminary Eurozone June CPI m/m. In addition, Fed Chairman Kevin Warsh, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem will speak at the “Policy Panel” event at the ECB Global Central Bank Forum. The Davos Tech Summit will be held July 1-4, with the theme “Physical AI and Robotics.” It is noteworthy that on July 1, the Hong Kong Exchange is closed for Hong Kong Special Administrative Region Establishment Day, with Southbound and Northbound trading shut. The Toronto Stock Exchange in Canada is closed for Canada Day. Crude oil: Overnight, oil prices fell in both markets, with US oil down 1.02% and Brent down 0.65%. The US Energy Information Administration (EIA) reported in its monthly data released Tuesday that US crude oil production climbed to a record 13.93 million barrels per day in April, driven by the Iran war boosting oil prices and producers ramping up output. EIA data showed that output increased by 216,000 bpd in April, with New Mexico hitting a record 2.37 million bpd. Texas crude production edged up 36,000 bpd to 5.83 million bpd, the highest since last November. Texas and New Mexico share the Permian Basin, which accounts for about half of total US crude output. The third-largest producing state, North Dakota, saw output rise to 1.13 million bpd, also the highest since last November. (From Wallstreetcn app) American Petroleum Institute (API) data showed that last week, US API crude inventories fell by 6.072 million barrels, after a 765,000-barrel draw the prior week. API Cushing crude inventories rose by 503,000 barrels, compared with a draw of 982,000 barrels the previous week. API gasoline inventories fell by 2.106 million barrels (vs. a build of 1.238 million barrels the prior week), while distillate inventories rose by 2.922 million barrels (vs. a build of 1.447 million barrels the prior week). (From Wallstreetcn app) Russia’s crude oil exports are surging to record highs, causing a buildup of crude at sea, while the price of crude, Moscow’s main source of revenue, is falling sharply. According to tanker tracking data compiled by Bloomberg, Russia’s average daily seaborne crude exports rose to 4.13 million barrels in the four weeks through June 28. That is the highest since the Russia-Ukraine conflict erupted in 2022; before the conflict, a large portion of Russian oil was sent to Western Europe via pipelines. The export surge means Russian oil inventories at sea have increased by about a third since mid-April lows, and cargoes are starting to accumulate off the coast of Egypt and Singapore, suggesting Moscow may face increasing difficulty in placing all its volumes. The rise in exports comes as Ukraine continues to attack Russian refineries, which may force crude that cannot be processed domestically to be exported. (Jin10 Data APP)

Driven by the dual forces of global energy structure transformation and the "dual carbon" goals, battery technology is evolving from a traditional electricity storage medium into a core engine reshaping transportation, consumer electronics, and even the energy internet. From fundamental breakthroughs in materials science to the industrialisation of cutting-edge technologies such as solid-state and sodium-ion batteries, the battery industry is in a period of explosive technological advancement with intense competition. This conference brings together the world's top scholars, industry chain leaders, and capital forces, aiming to break down barriers between "industry, academia, research, and application." We will delve into key topics including high energy density, ultimate safety, ultra-fast charging technology, and recycling, jointly charting a new blueprint for green, efficient, and sustainable energy. Shenzhen Huanaxincai Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly drive battery technology to new heights. form to sign up immediately, and together witness and participate in this extraordinary and far-reaching industry event, co-creating a brilliant new chapter! Shenzhen Huanaxincai Co., Ltd. was founded in November 2021 by a doctoral team of high-level overseas talents. It is a national high-tech enterprise specialising in the R&D, industrialisation, and end-use applications of sodium-ion battery cathode materials. The company has been recognised as a "Shenzhen Specialised, Refined, Distinctive, and Innovative Enterprise" and a "Shenzhen 20+8 Industrial Cluster Enterprise." It has applied for or been granted nearly 80 patents, obtained ISO9001, ISO14001, and other system certifications, and served as the lead or major co-drafter of four sodium-ion battery standards. The company has received multiple rounds of financing from publicly listed firms including Meilian New Material and Zijian Electronics, and has won numerous industry awards. Core Business The company specialises in the R&D, production, and sales of sodium-ion battery cathode materials. With years of deep industry expertise and over 100 core patents accumulated, it possesses strong technological capabilities. Currently, the enterprise has fully mastered both mainstream sodium-ion battery cathode material technology routes — layered oxide and polyanion. Its products maintain a leading position in overall market performance. The layered oxide cathode materials feature high energy density, high working voltage, and excellent C-rate performance, making them widely suitable for application fields such as power batteries. The polyanion NFPP cathode materials are characterised by high safety, ultra-long cycle life, and outstanding wide-temperature adaptability, with excellent cycling performance, making them particularly suitable for scenarios with stringent safety and service life requirements such as utility-scale energy storage, backup power supplies, and starter batteries. The polyanion NFS cathode materials feature high voltage and high capacity performance, and are widely applied in scenarios such as light vehicle power and others. Leveraging a mature technology system and rigorous quality control management, the company's products have achieved large-scale mass production and stable supply, successfully entering various application segments and establishing in-depth partnerships with multiple Fortune Global 500 enterprises and leading industry clients. We remain committed to technological innovation as our core driving force, continuously iterating product performance, and dedicated to providing global clients with high-grade, highly reliable sodium-ion battery cathode materials to facilitate the high-quality development of the new energy industry. Long press 2026 SMM Battery Technology Conference

In order to adapt to the reshaping of global trade patterns and the commodity super cycle triggered by new quality productive forces, accelerate the implementation of Shanghai's deployment for building a commodity resource allocation hub in the opening year of the "15th Five-Year Plan", and further promote the "Action Plan for Strengthening Spot-Futures Linkage and Enhancing the Level of Non-ferrous Metal Commodities" (18 measures), elevating the "Shanghai Price" from a regional indicator to an international benchmark, SMM will host the "2026 Shanghai Metals Expo" (SME) from 16-19 November 2026. Against this backdrop, the 2026 Shanghai Metals Expo will be held from 16-19 November in Shanghai with great grandeur, SMM in collaboration with Shandong Humon Smelting Co., Ltd. invites you to participate in the conference , which, under the theme "Cycle Reshaping and Pricing the Future," will focus on core variables such as global macro policy shifts, geopolitical supply chain restructuring, and the metal super cycle. It aims to create an annual gathering that serves as an "information hub, pricing benchmark, trading platform, and networking circle" for the metal and related industries, empowering the industry to shift from passively experiencing cycles to actively engaging in pricing. Click to register for the conference immediately. We look forward to meeting you at the event. Shandong Humon Smelting Co., Ltd. (abbreviated as "Shandong Humon Smelting") was established in 1988, dedicated to becoming a world-class precious metal smelter with happy employees, satisfied clients, and harmonious environment. It was listed on the Shenzhen Stock Exchange on May 20, 2008 (stock code: 002237). In 2019, Jiangxi Copper Corporation became its controlling shareholder. Riding the wave of reform and opening-up and leveraging its expertise in technological innovation, the company has steadfastly pursued a market-oriented and international operation path. Through over 30 years of relentless entrepreneurship, it has held the position of China's largest gold smelter for 12 consecutive years. In 2025, it achieved operating revenue of 110 billion yuan and produced 100 mt of gold. As a pioneer and leader in pyrometallurgy, the company uses fire as its foundation, integrating the entire chain. It has established a comprehensive "cyanide-free pyrometallurgical environmental protection technology system," which has been recognized with two National Science and Technology Progress Awards (Second Prize) and twelve Provincial and Ministerial Science and Technology Progress Awards (First Prize). Focusing on the transformation and upgrading of gold ore smelting, the company has proposed the strategic vision of "developing unlimited value from finite resources and leading the green development of gold ore smelting." While developing gold and silver products, it simultaneously achieves the comprehensive extraction of metals such as copper, lead, zinc, antimony, selenium, tellurium, and platinum. This has formed a diversified development pattern encompassing gold mines, metal smelting, international trade, and high-purity materials. Looking ahead, guided by the Party and the state’s line, principles, and policies, the company will integrate global mineral resources, create wealth for China in the new era, embark on a new journey of high-quality and leapfrog development, and strive tirelessly to become a world-class precious metals mining and metallurgy enterprise. Contact: Wang Lu 0535-4631040 Email: manage@hbyl.cn Address: No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City SMM Conference Contact Ma Yao 18321395342 mayao@smm.cn

Using the Energy Fuels-VAC merger as a lens, this article analyzes the U.S. playbook of acquiring de-risked, international rare earth assets. Despite sovereign backing creating a $110/kg price floor for non-Chinese supply, structural bottlenecks in heavy rare earth refining and limited market share (~15%) mean China’s dominance remains unshaken in the near term.

Taking Energy Fuels' $1.9 billion acquisition of Germany-based VAC as a starting point, this article systematically reviews the US's recent acquisition trajectory for mature international rare earth assets. From taking a controlling stake in the Serra Verde heavy rare earth mine in Brazil and acquiring the UK's LCM alloy plant, to securing capacity from Australia's Lynas, the US is leveraging state capital to bypass lengthy certification cycles through cross-border acquisitions, building a non-China "mining-refining-magnet" supply chain. The article notes that although the $110/kg government price anchor has rewritten project IRR models, Western magnet capacity accounts for only 15% of the global total, and the heavy rare earth closed loop cannot be verified until after 2027, making it difficult to shake China's dominance in the short term.

SMM June 24 News: On the metals market front: Overnight, domestic base metals fell nearly across the board. SHFE tin dropped 4.59%, SHFE copper fell 1.13%, SHFE zinc declined 1.59%, SHFE aluminum lost 1.47%, and SHFE nickel slid 2.21%. SHFE lead edged up 0.06%. Additionally, the most-traded alumina futures contract rose 0.17%, while the most-traded cast aluminum contract fell 1.07%. Overnight, ferrous metals showed mixed performance. Iron ore rose 0.68%, rebar edged up 0.19%, hot-rolled coil gained 0.18%, while stainless steel fell 1.41%. For coking coal and coke: the most-traded coking coal contract declined 0.56%, and the most-traded coke contract dropped 0.38%. On the overseas metals market front, LME base metals fell across the board overnight. LME copper dropped 2.18%, LME aluminum fell 2.99%, LME lead declined 1.04%, LME zinc lost 2.79%, LME tin plunged 4.1%, and LME nickel slid 2.71%. Overnight in precious metals: COMEX gold fell 1.75%, and COMEX silver dropped 6.03%. SHFE gold declined 0.82%, and SHFE silver lost 4.36%. As of 7:16 on June 24, overnight closing prices: Macro Front On the domestic front: [Notice from the Ministry of Commerce and nine other departments on issuing measures to cultivate and expand consumption in the automotive aftermarket] The Ministry of Commerce and nine other departments issued a notice on measures to cultivate and expand consumption in the automotive aftermarket. The notice mentioned regulating and orderly developing car modification. Establish and improve car modification management systems. Formulate policy documents to promote the development of the car modification market, clarify the implementation of graded and classified management for car modification, define the list of car modification items, and improve management requirements such as vehicle inspection and registration changes. Improve the car modification standard system. Study the establishment of a national automotive standardization technical committee car modification sub-technical committee, sort out the list of standards to be developed and revised, accelerate the formulation of a batch of national standards, and research and develop car modification parts and technical specifications. The notice proposed supporting the development of the RV and camping industry. Improve the RV traffic and usage environment. Support local governments in optimizing RV on-road traffic management policies. Simplify the approval process for RV campsite land use. Enhance the level of supporting services at RV campsites. In combination with regional cultural and tourism resources, encourage the construction of a batch of high-standard, multi-functional RV campsites along scenic byways, suburban areas, and other regions, and improve supporting services such as maintenance and supply, hydropower support, medical rescue, and catering and accommodation. Optimize the setting of RV campsite signage and publish premium RV tour routes. When constructing or renovating public parking lots in cities, if conditions permit, dedicated parking spaces for self-propelled and towable RVs can be set up and managed better to meet RV parking needs. [Ministry of Commerce: As of June 22, the consumer trade-in program has cumulatively driven sales of related goods to 5 trillion yuan] Yang Mu, Director of the Department of Market Operation and Consumer Promotion at the Ministry of Commerce, stated at a press conference of the State Council Information Office on June 23 that as of June 22 this year, the consumer trade-in program had cumulatively driven sales of related goods to 5 trillion yuan, benefiting 630 million person-times. Among them, car trade-in sales accounted for 63%, playing a positive role in benefiting people's livelihoods, expanding consumption, optimizing industries, and promoting circulation. (from Wallstreetcn APP) [Shenzhen: Emphasize systematic layout and flexible supply to build a good computing network, and strengthen computing capacity supply] On June 23, the Shenzhen Municipal Party Committee held a special meeting to deeply implement the decisions and plans of the Party Central Committee and the State Council, carry out the work requirements of the provincial party committee and provincial government, seize opportunities, and promote the planning and construction of the city's "Six Networks" with high quality and efficiency. Jin Lei, Secretary of the Municipal Party Committee, presided over the meeting and delivered a speech. Qin Weizhong, Deputy Secretary of the Municipal Party Committee and Mayor, made work arrangements. Lin Jie, Chairperson of the Municipal Committee of the CPPCC, attended. The meeting emphasized focusing on key points and targeted efforts to improve the level and quality of the planning and construction of the "Six Networks". It highlighted the need for intensive, efficient, safe, and reliable construction of a modern water network, with a complete and systematic water resource allocation and supply guarantee network, a solid and resilient "flood-tide" risk protection network, and a happy and beautiful green ecological network. It stressed the need for expansion, quality improvement, intelligence, and flexibility in building a new-type power grid, continuously strengthening channel layout optimization, network construction, and digital and intelligent transformation of the power grid to create a stronger, greener, and more intelligent new-type power grid. It emphasized systematic layout and flexible supply to build a computing network, enhance computing capacity supply, deepen computing interconnectivity, and pay more attention to computing-power coordination. It highlighted high-speed, ubiquitous, integrated, and empowering construction of a new-generation communication network, accelerating the construction of national-level internet backbone direct connection points, 6G technology R&D and commercial deployment, "dual-gigabit" network popularization, and satellite network applications. It stressed collaborative linkage, safety, and resilience in building urban underground pipeline networks, adhering to the principles of being practical, pragmatic, and effective, strengthening planning coordination, accelerating old network renovation, enhancing digital empowerment, and constructing underground utility tunnels according to local conditions. It emphasized internal and external accessibility and efficient circulation to build a logistics network, targeting broader connectivity, stronger facilities, higher value, and newer scenarios to further optimize functional layout and coordinate the construction of a modern logistics network system. (Published by Shenzhen) On the US dollar front: Overnight, the US dollar index rose 0.37% to 101.37. The greenback touched its highest level since last November on Tuesday, as traders cemented their expectations for Fed rate hikes this year. The Fed's policy outlook contrasts with other global central banks. Traders now anticipate nearly two 25-basis-point rate hikes by early 2027. Jordan Rochester, a strategist at Mizuho International, said: "The dollar has upside room, and it tends to strengthen before Fed rate hikes; the market is currently debating that the rate-hike cycle could start in September." (JINSHI Data APP) According to CME's "FedWatch": The probability of the Fed keeping rates unchanged in July is 62.6%, while the probability of a cumulative 25-basis-point hike is 37.4%. For September, the probability of maintaining rates is 29.8%, that of a cumulative 25-basis-point hike is 50.6%, and that of a cumulative 50-basis-point increase is 19.6%. On June 23, S&P Global released data showing that the US June flash composite PMI rose to 52.2, above the previous 51.5 and the market expectation of 52.1, hitting a five-month high , indicating that US business activity continued to expand. By sector, manufacturing stood out particularly. The growth rate of new orders hit the fastest pace in more than four years, driving a clear pickup in factory production activities. The US June flash manufacturing PMI rose to 55.7, the highest since May 2022, above the expected 54.6 and the prior 55.1 . Meanwhile, the service sector also maintained its expansion momentum, with the June flash services PMI rising to 51.3, a four-month high, above the forecast 51.1 and the previous 50.7 . At the same time, expectations of easing cost pressures due to the relaxation of Middle East tensions also boosted business confidence. However, the survey also indicated that problems such as supply chain delays, rising raw material costs, and slowing employment persist, suggesting that the economic recovery remains on shaky ground. (from Wallstreetcn APP) On other currencies: Bank of Canada Governor Macklem stated that the agreement between the US and Iran to end the conflict and allow crude oil to be transported through the Strait of Hormuz is a welcome development for the global economy. Macklem briefly mentioned this during a speech themed on global imbalances, saying, "Global energy prices have started to decline, though many issues remain to be resolved." Driven by rising gasoline prices, Canada's inflation rate accelerated to its highest level since 2023 in May. Economists believe that an immediate drop in energy prices should lead to softer headline inflation, which, given core CPI appears under control, will provide further reassurance for the Bank of Canada. (JINSHI Data APP) On the macro front: Data to be released today include Australia's May unadjusted CPI year-on-year rate, Germany's June IFO Business Climate Index, Switzerland's June ZEW Investor Confidence Index, the US Q1 current account, and US May new home sales annualized. Additionally, attention should be paid to the release of the summary of opinions from the Bank of Japan's June monetary policy meeting, and the MWC Shanghai 2026 event running through June 26. On the crude oil front: Overnight, both oil futures fell, with WTI dropping 1.1% and Brent declining 1.02%. The market is closely watching crude oil transportation through the Strait of Hormuz. On June 23 local time, US President Trump stated that the US is "committed to reaching a fair agreement with Iran" to end the conflict in the Strait of Hormuz. He added that just the day before (June 22), 19 million barrels of oil had been transported through the strait. Trump reiterated that "Iran cannot have nuclear weapons" and that current work is progressing smoothly. (CCTV) On the data front: For the week ending June 19, US API crude oil inventory fell by 765,000 barrels, compared with expectations for a decline of 4.995 million barrels and the prior week's drop of 8.33 million barrels. Gasoline inventories rose by 1.238 million barrels, against expectations for a 350,000-barrel decline and the prior week's increase of 2.479 million barrels. (JINSHI Data APP) Furthermore, Russia's gasoline shortage is worsening after Ukraine's continued drone attacks on refineries, with at least two-thirds of the country's regions having implemented fuel rationing or experiencing supply disruptions. From areas bordering Ukraine to the Amur Oblast in the Far East, local governors are forced to restrict fuel sales at gas stations almost daily and attempt to curb panic buying. The extent of supply disruptions varies by region, but the situation is overall deteriorating, and could worsen if drone attacks increase further. (JINSHI Data APP)

【SMM Steel】Australia's Anti-Dumping Commission initiated an anti-dumping probe on zinc-coated (galvanized) steel from South Korea and Vietnam on June 19, 2026, following an application by local producer BlueScope Steel Limited. The investigation targets five overseas firms: POSCO, Dongkuk Coated Metal, Dongkuk Steel Mill, Hoa Sen Group, and Nam Kim Steel. The dumping probe covers activities from January 1 to December 31, 2025, with injury assessment backdated to January 1, 2022. Involved HS codes: 7210.49.00.55, 7210.49.00.56, 7210.49.00.57, 7210.49.00.58, 7212.30.00.61, 7225.92.00.38, and 7226.99.00.71. The authority will publish the statement of essential facts by October 7, 2026, and deliver the final determination to the Minister for Industry, Innovation and Science by November 23, 2026.

SMM June 23 News: Metals market: As of the midday close, domestic base metals all fell, SHFE copper fell 0.71%, SHFE aluminum fell 1.25%. SHFE lead fell 0.12%. SHFE zinc fell 0.14%. SHFE tin fell 3.26%. SHFE nickel fell 0.72%. Additionally, the most-traded cast aluminum futures contract fell 1.17%, the most-traded alumina contract fell 2.43%. The most-traded lithium carbonate contract fell 0.79%. The most-traded silicon metal contract fell 0.41%. The most-traded polysilicon futures contract fell 0.56%. Ferrous metals all fell, iron ore fell 0.94%, rebar fell 0.51%, hot-rolled coil fell 0.57%, stainless steel fell 1.42%. Coking coal and coke: the most-traded coking coal contract fell 1.93%, and the most-traded coke contract fell 4.53%. Overseas base metals: as of 11:43, LME metals all moved lower. LME copper fell 0.89%, LME aluminum fell 1.56%, LME lead fell 0.84%. LME zinc, LME tin, and LME nickel all fell nearly 1%. Precious metals: as of 11:43, COMEX gold fell 1.07%, COMEX silver fell 3.78%. Domestic precious metals: the most-traded SHFE gold contract fell 1.36%, the most-traded SHFE silver contract fell 4.91%. Additionally, as of the midday close, the most-traded platinum futures contract fell 2.85%, and the most-traded palladium futures contract fell 2.36%. As of the midday close, the most-traded container shipping freight futures contract fell 2.23% to 3,689 points. As of 11:43 on June 23, some futures market midday quotes: Spot and fundamentals Zinc: Today, #0 zinc mainstream transaction prices were concentrated at 24,585-24,770 yuan/mt, Shuangyan mainstream transactions were at 24,685-24,860 yuan/mt, and #1 zinc mainstream transactions were at 24,515-24,700 yuan/mt. Morning session market quotes against SMM average prices were at a premium of 10-20 yuan/mt, with no quotes against the contract for now... Macro front China: [Notice from the Ministry of Commerce and Nine Other Departments on Cultivating and Expanding Consumption in the Automotive Aftermarket] The Ministry of Commerce and nine other departments issued a notice on implementing measures to cultivate and expand consumption in the automotive aftermarket, stating that the development of automotive modification should be standardized and orderly. Establish and improve automotive modification management systems. Formulate policy documents to promote the development of the automobile modification market, clarify graded and categorized management of automobile modification, determine a list of automobile modification items, and improve management requirements for vehicle inspection and change registration. Improve the standard system for automobile modification. Study the establishment of an automotive modification sub-technical committee under the National Automotive Standardization Technical Committee, sort out a list of standards to be proposed or revised, accelerate the formulation of a batch of national standards, and research and develop automotive modification parts and modification technical specifications. The notice proposes supporting the development of the RV and camping industry. Improving the environment for RV travel and use. Support local governments in optimizing management policies for RV road travel. Simplify the land approval process for RV campsites. Enhance the supporting service level of RV campsites. Leveraging regional cultural and tourism resources, encourage the construction of a number of high-standard, multi-functional RV campsites in areas along scenic routes and in suburban areas, and improve supporting services such as maintenance and replenishment, water and electricity supply, medical rescue, and dining and accommodation. Optimize the setup of RV campsite signage, and release premium RV travel routes. When constructing or renovating public parking lots in cities, where conditions permit, dedicated parking spaces for motorhomes and towable caravans may be set up and management strengthened to better meet the parking demand for RVs. [Ministry of Commerce and eight other departments: Announce 40 pilot cities for automotive distribution and consumption reform] On June 23, the Ministry of Commerce and eight other departments issued a notice, announcing 40 pilot cities for automotive distribution and consumption reform and their key reform and innovation directions. For example, Tianjin focuses on automobile modification, classic cars, and auto racing, Shenyang in Liaoning focuses on used car circulation, Yangzhou in Jiangsu focuses on RV camping, Weinan in Shaanxi focuses on retired vehicle recycling, and so on. The notice requires each pilot city to, based on local industrial characteristics, market features, resource endowments, location conditions, functional positioning, and other actual situations, address bottleneck issues such as unreasonable restrictions on automotive distribution and consumption, improve reform and innovation measures, cultivate new scenarios, new formats, and new models of automotive consumption, and drive the integrated development of commerce, tourism, culture, sports, and healthcare. At the same time, the Ministry of Commerce and nine other departments synchronously issued a notice on several measures to cultivate and strengthen the automotive aftermarket consumption. (Xinhua News Agency) [Draft Financial Law submitted to the Standing Committee of the National People's Congress for first review] On June 23, 2026, the Financial Law of the People's Republic of China (Draft) was submitted to the 23rd meeting of the Standing Committee of the 14th National People's Congress for first review. The Financial Law is a fundamental, comprehensive, and overarching law that governs the financial sector in China. It is positioned as the "1" in the financial legal system, playing a guiding, overarching, and standardizing role. Laws in areas such as banking, insurance, and securities constitute the "N," and other financial laws and regulations form the "X." These must align with the basic provisions established by the "1," with equal emphasis on formulation and revision, to specifically regulate financial activities in each field. Together, "1+N+X" build a scientific, complete, and unified financial legal system. The draft Financial Law adheres to the main theme of strengthening regulation, preventing risks, and promoting high-quality development, focusing on coordinating development and security, and striving to solve legal difficulties that hinder the high-quality development of finance. (Xinhua News Agency) [PBOC's reverse repo operation today net injects 75 billion yuan] PBOC today conducted a 524.5 billion yuan 7-day reverse repo operation, at an operation rate of 1.4%, unchanged from previous. Today, 449.5 billion yuan in reverse repos matured. On the US dollar side: As of 11:43, the US dollar index rose 0.03%, at 101.03. According to CME's "Fed Watch": the probability of the US Fed keeping interest rates unchanged in July is 63.7%, while the probability of a cumulative 25-basis-point rate hike is 36.3%. Through September, the probability of the US Fed maintaining rates unchanged is 26.1%, with a 52.2% chance of a cumulative 25-basis-point hike and a 21.4% chance of a 50-basis-point hike. (Jinshi Data APP) Citadel Securities said that Fed Chairman Warsh's commitment to reducing inflation has enhanced the Fed's credibility, thereby supporting long-term US Treasury yields and lowering term premiums. Following last week's Fed meeting, trading in the US Treasury market, worth $31 trillion, displayed a characteristic: long-term yields were more stable compared to two-year yields, which are more sensitive to policy. The firm's head of fixed income sales, Nohshad Shah, stated, "A highly credible Fed should benefit long-end rate performance." (Jinshi Data APP) Bank of America currently expects the Fed to raise interest rates three times this year, the latest sign that Wall Street is bracing for more aggressive Fed rate hikes. The bank's economists had previously expected the Fed to keep rates unchanged this year. The reason for the revision is strong economic data and a hawkish shift in the Fed's communication, signaling a more proactive approach to tackling inflation. Bank of America's forecast of three rate hikes remains in the minority: currently, only 19% of market investors expect three hikes, although this proportion has climbed from 3% a week ago. Investors see two rate hikes this year as the most likely outcome. In other currencies: After the yen weakened further and reports emerged of an online meeting between Japanese Finance Minister Katayama Satsuki and US Treasury Secretary Bessent, foreign exchange traders are on high alert for possible intervention. In early trading on Tuesday, the yen was at about 161.57 per dollar, near its lowest level in 40 years. NHK and Kyodo News reported that Katayama and Bessent may have discussed exchange rate issues. The market is concerned that after the Bank of Japan's rate hike at last week's policy meeting, it still has not raised borrowing costs quickly enough to curb inflation, keeping the yen under continuous pressure. Moreover, oil prices boosted by the US-Iran war also weighed additionally on the yen. Yamamoto Takeru, a trader at Sumitomo Mitsui Trust Bank in New York, said: "Japanese authorities may hope to send a signal through the US-Japan talks that they are coordinating actions with the US, while hinting that the threshold for implementing intervention is not high. Although market concerns about intervention have intensified, the fundamental factors for a weaker yen have not changed, and USD/JPY could test the 162 level this week." (Jin10 Data APP) On the data front: data to be released today include France's preliminary June manufacturing PMI, Germany's preliminary June manufacturing PMI, the Eurozone's preliminary June manufacturing PMI, the UK's preliminary June manufacturing PMI, the UK's preliminary June services PMI, the UK's June CBI industrial order balance, US ADP employment change for the week ended June 6, the US preliminary June S&P Global manufacturing PMI, the US preliminary June S&P Global services PMI, and the US June Richmond Fed manufacturing index, among others. Also worth noting: Bank of Canada Governor Tiff Macklem delivers a speech; the 17th Summer Davos Forum takes place in Dalian from June 23 to 25; MSCI releases its annual market classification review results, with South Korea expected to be added to the watch list for developed markets. Crude oil: As of 11:43, oil prices on both sides of the Atlantic edged lower, with WTI down 0.32% and Brent down 0.43%. As the market weighed early progress in peace talks on the Iran war, which included US permission to sell some Iranian crude, oil prices stabilized. The US 60-day license allows Iran to sell some oil and petroleum products. Babin Rebecca, managing director and senior energy trader at CIBC Private Wealth Management, said, "The road to negotiations remains long, but the market may anticipate an oversupply before crude oil oversupply actually arrives, just as it had anticipated supply deficits before a genuine crude oil supply deficit materialized. Oil prices often overshoot." (Jin10 Data APP) Danske Bank forecasts that for the remainder of 2026, Brent crude will average $80 per barrel, and rise to $85 per barrel next year. The bank also said that even if a US-Iran deal is reached, oil prices will not return to the pre-war level of $60-$70 per barrel. The institution said a US-Iran deal would reopen oil shipments through the Strait of Hormuz, but warned it would take months for Iran's oil production and exports to return to normal. The bank pointed out that the US's continued release of strategic petroleum reserves could affect the near-term supply landscape, and said the US may choose to maintain this policy for political reasons ahead of the November midterm elections. Jin10 Data APP) Spot Market Overview: ► ► ► ► ► ► ► ►

In November, Chengdu will once again capture global attention. The 9th China International Photovoltaic and Energy Storage Industry Conference 2026 will be grandly held in Chengdu, China, from November 17 to 20. The conference’s brand-new theme, “Integration of PV+ESS, Co-building of Ecology, and Chain-powered Future,” has been officially announced. This new theme not only represents an iterative upgrade of the conference’s philosophy, but also serves as a declaration of the times for China’s PV+ESS industry as it anchors its direction, pools its strength, and advances toward high-quality development. At present, the global push toward the dual carbon goals continues to deepen, and the energy transition is accelerating. Based on the broader industry development trends, the conference takes the theme as its core thread, focusing on three key areas: the integrated development of PV+ESS, industrial ecosystem synergy, and value mining across the entire industry chain. It will build a high-end platform for global exchange and cooperation, technological collisions, and resource matchmaking. Let us delve into the core theme of this conference and explore how this global grand event for the PV+ESS industry will lead the sector to breakthrough upgrades and steer it toward a brand-new future.

Breaking News | SGS Audit Shows Cobre Panama Mine Compliance Rate Near 88%, Obstacles to Production Resumption Further Cleared On June 19, Panama's Ministry of Environment released the final audit report by Switzerland's SGS on First Quantum's Cobre Panama copper mine. The audit covered 370 commitments from 2019 to 2023, with an overall compliance rate of approximately 88%. Technical and operational standards scored the highest (90.20%), followed by environmental compliance. SGS pointed out that issues were concentrated in areas such as biodiversity management, and do not constitute structural deficiencies. According to SMM, maintenance of key equipment at the mine is proceeding normally. If the production resumption permit is granted, production is expected to resume at a relatively fast pace. The mine has been suspended since November 2023, with an annual capacity of approximately 350,000 mt of copper. The Panamanian government has established a cross-departmental working group to evaluate subsequent decisions.