[7.17 Morning Meeting Minutes] US June PPI declined 0.3% MoM, the first drop since last year, while market expectations were for a flat reading; June PPI rose 5.5% YoY, significantly narrowing from the 6.5% in May; June core PPI YoY growth slowed to 4.7%, with only a 0.2% MoM increase, both below market expectations. On July 16, the most-traded SHFE nickel contract surged in early trading, breaking through 130,000 yuan/mt and briefly hitting 133,000 yuan/mt, with a morning gain of 2.9%; LME nickel simultaneously held above $17,000/mt, rising about 2.5% in early trading. Recently, macro, policy, and cost-side positives re-emerged. Combined with a MACD golden cross, nickel prices holding above the 10-day moving average, and bearish funds taking profits, nickel prices have rebound momentum. However, weak demand and high inventory continue to cap upside room. The most-traded SHFE nickel contract is expected to trade within a 127,000–137,000 yuan/mt range. Going forward, attention will focus on the results of Indonesia's July RKAB quota approval and the situation in the Strait of Hormuz.

Meralco PowerGen Corporation and its partners have inaugurated Phase I of the MTerra Solar project in Nueva Ecija, Philippines, comprising 1.373GW of solar PV and 825MW/3,300MWh of battery storage. Once fully developed, the project will reach 3.5GW of solar PV and 4,500MWh of BESS capacity, making it one of the world’s largest single-site integrated solar-plus-storage projects, according to MGEN. The facility can currently export up to 750MW to the Luzon grid, while all 741 battery units on site have been energized. After grid testing, it is expected to begin supplying power under a 600MW mid-merit PSA with Meralco.

The Philippines’ Energy Regulatory Commission is working to modernize the country’s transmission grid through the 2026 edition of the Philippine Grid Code, aiming to better accommodate variable renewables such as solar and storage technologies including BESS and pumped hydro. The updated code will introduce technical requirements for solar-plus-storage plants and standalone storage systems using grid-forming inverters to improve grid stability and system response, alongside new cybersecurity, planning, reserve and reliability rules. ERC is also proposing reforms to net metering and distributed energy resources, including shortening net-metering interconnection timelines from 20 to 10 working days, removing the 1MW DER cap, allowing multi-site crediting and prioritizing renewable dispatch in off-grid areas. SMM believes these grid and net-metering reforms could accelerate residential, C&I solar and solar-plus-storage deployment as electricity tariffs and solar import demand rise in the Philippines.

[7.16 Morning Meeting Minutes] US June CPI rose 3.5% YoY, compared to the expected 3.8% increase and the previous 4.2% rise. US June CPI fell 0.4% MoM, versus the expected 0.1% decline and the previous 0.5% increase. After the release of US June CPI data, traders pushed back their expectations for US Fed interest rate hikes to October. The most-traded SHFE nickel 2609 contract drifted lower in morning trading, closing down 0.43% at 128,870 yuan/mt at the end of the morning session. US inflation cooled significantly in June, with the unadjusted core CPI rising 2.6% YoY, below the expected 2.8% and the previous 2.9%. The cooling inflation further pushed back market expectations for US Fed rate hikes, and the US dollar extended its decline. In the short term, nickel prices may see a rebound, with the most-traded SHFE nickel contract price range between 127,000-133,000 yuan/mt.

[7.15 Morning Meeting Minutes] The US will blockade Iranian ports starting at 4 a.m. on the 15th; Trump stated that a 20% fee will be charged on cargo transportation and may manage the Strait of Hormuz in the future. The most-traded SHFE nickel 2609 contract surged during the night session and consolidated in the morning session, closing at 129,250 yuan/mt, with an increase of 0.43%. Over the weekend, renewed tensions in the US-Iran conflict, along with a simultaneous rise in the US dollar and crude oil, exerted pressure on metals. However, Indonesia's Ministry of Energy and Mineral Resources officially announced on July 10 that it would no longer raise overall national nickel ore mining production quotas, with increases to be very limited and strict exception approval channels set only for domestic smelters facing severe raw material supply shortages. In the short term, nickel prices may rebound, with the most-traded SHFE nickel contract price range at 127,000-133,000 yuan/mt.

Sungrow and its regional distributor Solar Hive have signed a master framework agreement with Philippine renewable energy developer Berde Renewables to supply 200MW of PV inverters and 500MWh of battery energy storage systems (BESS) over the next three years. The equipment will be deployed in commercial and industrial clean energy projects across the Philippines and Thailand.

Shanghai Metals Market (SMM) is thrilled to announce that we will hold the 2026 SMM ASEAN Ferrous Metals Summit from November 26-27, 2026 in Kuala Lumpur, Malaysia. This event is the premium platform in the ASEAN ferrous metals market that converge 400+ decision-makers from mines, mills, trading houses, processors, equipment and technology providers, and logistics operators at the same table — precisely when the regional order is being rewritten. Conference Background The ASEAN steel industry is undergoing profound transformation , driven by strong demand growth, capacity expansion, shifting trade flows, and increasingly complex trade policies. Steel apparent consumption across the six major ASEAN economies exceeded 81 million tonnes in 2024 and is projected to reach 87.9 million tonnes in 2026, up 2.6% from 2025 and 8.2% from 2024. Vietnam was the region’s fastestgrowing market in 2024 , expanding by over 21%, while Vietnam, Indonesia, and the Philippines are expected to lead incremental demand in 2026 . Demand continues to expand. In 2024, apparent steel consumption in the six major ASEAN economies exceeded 81 million mt, and is expected to reach 87.9 million mt by 2026. Vietnam posted over 21% growth in 2024 and will lead regional growth. Capacity is expanding rapidly. In 2025, ASEAN crude steel production surpassed 60 million mt and is forecast to reach 90.6 million mt by 2030, making it the fastest-growing region globally. However, the import penetration rate remains above 60%, and steel imports rose by 5 million mt in 2025. The capacity structure is undergoing profound transformation: the BF-BOF share rose from 6% in 2011 to 30% in 2020, Indonesia and Vietnam jointly control 74% of crude steel production, and Chinese steelmakers’ overseas investments are mainly concentrated in these two countries. Trade flows are being reshaped. In 2024, China exported 28.219 million mt of steel to ASEAN, up 29.3% YoY; in H1 2025, steel billet exports surged to 5.89 million mt, up 300.3% YoY. In March 2026, Vietnam suspended slab exports, and the ASEAN supply gap is estimated at 2.3 million mt. Price stratification has emerged: Vietnam became the regional low-price zone ($482/mt), Japan and South Korea dominate the high-end market, Malaysia recorded a cumulative 78.9% increase over three years, absorbing spillover demand, while Indonesia’s average price bucked the trend, rising to $522/mt, with imports clearly focusing on high-end products. Expanded supply and demand, capacity iteration, trade restructuring, and price spread divergence—multiple variables are intertwining. The industry urgently needs a high-level dialogue platform to identify pain points and uncover business opportunities. Conference Highlights 1. ASEAN Steel Market Outlook An in-depth analysis of regional steel demand, with consumption expected to reach 87.9 million mt in 2026, driven primarily by Vietnam, Indonesia, and the Philippines. 2. China—ASEAN Trade and Supply Chain Restructuring Exploring shifting flows of HRC, billet, slab, and other steel products amid changing supply patterns, trade remedies, and regional market dynamics. 3. Capacity Expansion and Production Transition Examining ASEAN’s evolving steelmaking landscape, including BF-BOF capacity growth, EAF development, overseas investment, and new regional production hubs. 4. Trade Policies and Market Access Assessing anti-dumping measures, tariffs, RCEP-related opportunities, and regulatory changes reshaping steel trade across ASEAN. 5. High-Growth Demand and Product Opportunities Identifying opportunities from infrastructure, construction, automotive, and advanced steel applications, with a focus on Indonesia, Vietnam, and other emerging markets. 6. Executive Networking and Regional Cooperation Connecting leading producers, traders, buyers, investors, associations, policymakers, and industry experts across ASEAN, China, and global markets. Scenes from Past Conferences Conference Agenda Companies to Be Invited The companies we will invite for this conference cover various segments of the ferrous metals value chain, indluding Steel Mills/Smelters (42) Trader / Steel Processing & Trading（12） Metallurgical Equipment / Engineering Technology（5） Refractory Materials / Auxiliary Materials（2） Electrodes / Carbon Products（3） Associations / Institutions（9） International（1） Technology / Digitalization（6） Digital Platform / Green Steel（1） Carbon Trading / Green Finance（1） Consulting（1） Investment / Finance（1） Downstream Steel Application（3） Engineering Construction（1） Composition Structure Ticket Prices Contact: Horin Dong WhatsApp: +8618721310824 Email: horindong@smm.cn Scan the QR code for conference details and more discount information

[7.13 Morning Meeting Summary] The Ukrainian military destroyed 12 Russian oil tankers and one oil terminal. It is reported that Putin rejected calls for peace talks, and the situation may escalate in the coming months. The most-traded SHFE nickel 2609 contract consolidated at highs in the morning session, closing at 128,370 yuan/mt by the end of the morning session, up 1.10%. Macro sentiment has improved, and nickel prices have rebounded recently. The price range for nickel is expected to remain at 125,000-135,000 yuan/mt in the near future.

2026 marks the first year of the 15th Five-Year Plan. Against a backdrop of intensifying global macro volatility and deepening high-quality development in China, the zinc industry is undergoing profound changes: tightness at the mine end and the release of smelting capacity create structural tension, the divergence between domestic and overseas inventories reflects the complex dynamics of supply-demand rebalancing, and technological innovation is becoming a key driving force for resolving contradictions and reshaping the landscape. New energy, new-type infrastructure, and other key areas under the 15th Five-Year Plan are injecting new momentum into traditional zinc consumption, while green, low-carbon, and circular economy principles, driven by technological innovation, are accelerating the restructuring of industrial logic. With the joint support of upstream and downstream zinc industry enterprises, industry associations, and various stakeholders, SMM’s 2026 SMM Zinc Conference and the 8th Hot-Dip Galvanizing Industry Development and Technology Innovation Forum, the 14th Zinc Salt, Zinc Oxide, and Zinc Secondary Resources Development Forum, and the Foundry Zinc Alloy Development Forum is about to be held in Qingdao, Shandong, on August 6-8. Under the theme “Gather Zinc Momentum · Build the Zinc Industry · Embark on a New Journey,” the conference is driven by both macro perspectives and fundamental analysis. It closely follows the main thread of high-quality development during the 15th Five-Year Plan period, focusing on four key dimensions—macro policies, supply-demand patterns, global trade, and technological innovation. By using technological breakthroughs to drive cost reduction and efficiency improvement and leveraging collaborative innovation to address market fluctuations, participants will jointly paint a new blueprint for the high-quality and sustainable development of the zinc industry.‌ Hubei Xinyujing Environmental Protection Technology Co., Ltd. will make a grand appearance at this event, working with industry peers to explore development trends and jointly advance the zinc industry to new heights. Click the to sign up now and attend the conference, and together witness and participate in this significant and far-reaching industry event to create a brilliant new chapter! New-Generation HG High-Efficiency Environmentally Friendly Pickling Additive The company is a national high-tech enterprise, a national technology-based SME, a national “3.15” quality, service, and customer satisfaction integrity enterprise, and a national AAA-level creditworthy unit. It serves as deputy director member unit of the Hot-Dip Committee of the Chinese Society for Corrosion and Protection, vice chairman unit of the Hot-Dip Branch of the China Surface Engineering Association, a member of the Asia Pacific Galvanizing Association, vice president unit of the Chengdu Surface Engineering Association, and a member of the Green Low-Carbon City Construction Industry Alliance. Over the past 24 years, the company has made outstanding contributions to advancing pickling technology, reducing consumption and emissions, and protecting the environment in China, and has won numerous awards. Chairman Wang Jianguo was honored with the China Galvanizing Industry Outstanding Contribution Award. The HG High-Efficiency Environmentally Friendly Pickling Additive ranks first in reputation and market share in China, serving over 600 clients across various industries both domestically and overseas, and is exported to Taiwan, Malaysia, Thailand, the Philippines, Indonesia, Vietnam, and other Southeast Asian regions. It is the leading brand of acid pickling additive products in China. In response to the current new market environment demands, our products embody 24 years of accumulated expertise, featuring all-new formulations, all-new effects, a complete upgrade, lower dosage, better performance, and the best overall benefits! They also achieve customized requirements tailored to different industries and processes, creating products suited to various user needs. At the same time, we have developed a product series suitable for different industries using acid pickling processes. ◆ Contact Information ◆ Head Office Address: No. 77 Chuangye Road, Wuhan Economic and Technological Development Zone Production Address: No. 19 Xingsheng Road, Macheng Industrial Park, High-tech Zone, Jingmen City, Hubei Province Fax: 027-84259483 Tel: 027-84259589 Mobile: 1370-7193886 E-mail: whxxkj@163.com Official Website: www.027xxkj.com www.whxxkj.cn Long press to scan the code and register now 2026 SMM Zinc Industry Conference

Overall, the main theme of the Indonesia and Philippines nickel ore market in H1 2026 can be summarized as follows: policy is redefining Indonesia’s supply boundary, HPM is redefining resource value, ore grade decline is redefining the long-term cost floor, and Philippine ore is increasingly acting as the marginal balancing source.