SMM Morning Meeting Summary: Last Friday evening, LME copper opened at $13,269.5/mt. It dipped to a low of $13,250/mt during wild swings in early trading, then the center of copper prices drifted higher and rose to $13,378/mt near the session's end, finally closing at $13,322/mt, up 0.05%. Trading volume reached 19,100 lots, and open interest stood at 247,000 lots, down 1,285 lots from the previous trading day, indicating bear position reduction. Last Friday evening, the most-traded SHFE copper 2608 contract opened at 102,240 yuan/mt, immediately dipped to 102,020 yuan/mt in early trading, then the center of copper prices moved steadily upward and reached a high of 102,930 yuan/mt near the session's end, finally closing at 102,740 yuan/mt, up 1.16%. Trading volume reached 42,000 lots, and open interest stood at 156,000 lots, down 3,193 lots from the previous trading day, indicating bear position reduction.

[SMM Silicon-based PV Morning Meeting Minutes: Module Hold-Price Sentiment Edges Up, Polysilicon Prices Temporarily Stable] Last week, mainstream transaction prices in China changed little, but the price spread between high and low prices remained large. EXW prices from enterprises competing for orders have recently started approaching 0.65 Yuan/W, though trading volume was limited. Mainstream tax-inclusive delivered prices in China stayed above 0.7 Yuan/W, and current quotations from top-tier players are still relatively high. The market exhibited a situation where half are holding prices firm while the other half are selling at low prices. Currently, high-efficiency distributed Topcon 183, 210R, and 210N modules are quoted at 0.731 Yuan/W, 0.736 Yuan/W, and 0.739 Yuan/W, respectively; and centralized Topcon 182/183, 210N, and 210R high-efficiency modules are quoted at 0.7185 Yuan/W, 0.7385 Yuan/W, and 0.729 Yuan/W, respectively.

[SMM Tin Morning Report: Rate Hike Expectations Surge, Heavily Hitting Non-Ferrous Metals. SHFE Tin Rebound Aborts, Returning to 390,000 for a Tug-of-War.]

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2608 contract opened at 24,005 yuan/mt. In early trading, SHFE zinc moved sideways along the daily average line, edging down to 23,940 yuan/mt during the session. Subsequently, bears reducing positions drove the price to rise continuously, with SHFE zinc steadily climbing above the daily average line and hitting a high of 24,420 yuan/mt. In the late session, SHFE zinc consolidated at highs with small fluctuations, eventually closing up at 24,400 yuan/mt, up 455 yuan/mt or 1.90%. Trading volume increased to 76,557 lots, while open interest decreased by 2,028 lots to 108,000 lots.

[SMM Morning Meeting Summary: US Dollar Index Continues to Slide, LME Zinc Center Moves Higher] Last Friday, LME zinc opened at $3434.5/mt. At the beginning of the session, prices weakened and dipped to $3387/mt. Subsequently, bears reduced positions, driving the futures to rebound continuously, with prices steadily rising above the daily average line. At the end of the session, it surged to a high of $3503.5/mt, finally closed up at $3500/mt, up $62/mt, or 1.80%. Trading volume increased to 106,000 lots, while open interest decreased by 297 lots to 261,000 lots.

June 26, at the 2026 SMM (14th) Minor Metal Industry Conference—Antimony Industry Forum, hosted by SMM Information & Technology Co., Ltd. (SMM) and with title sponsorship from Guangxi Yusheng Germanium High-tech Co., Ltd., , Luo Chengcai, General Manager of Hunan Hsikwangshan Twinkling Star Antimony Import & Export Co., Ltd., shared with participants the “Path of Transformation and Development for the Antimony Industry Amid Century-Long Changes.” I. Reshaping the Antimony Industry Landscape Amid Century-Long Changes Policy-driven: Export Controls Trigger Profound Market Fragmentation ►Markets outside China: Rapid Capacity Expansion Driven by High Prices Mine supply growing rapidly: The Santar mine in Myanmar has become a key variable, with monthly production reaching 1,000 mt of metal content and strong supply resilience. Smelting capacity deployment accelerates: Southeast Asian countries such as Thailand, Myanmar, and Vietnam are rapidly boosting smelting capacity, with total ex-China capacity already reaching about 40,000 mt/year. Policy-driven: Supply-demand imbalance in the Chinese market Supply side extremely loose: In 2026, imports in the first four months alone have already matched the total for the full year 2025, creating unprecedented supply pressure on the market. Demand side highly competitive: Prices have fallen sharply. Geopolitical shocks: The Middle East war has caused irreversible damage ►Flame retardant industry: Short-term pain Bromine prices surged from 30,000 to 130,000/mt, petrochemical raw material prices jumped over 50%, and poor cost pass-through led to widespread industry losses, with production cuts of around 30%. ►Polyester industry: Under pressure from both costs and production Affected by wild swings in upstream petrochemical raw material prices, the industry's production costs have climbed sharply; with weak end-use demand, it was forced to cut production by about 30%, sharply increasing operating pressure. ►PV glass: Short-term cooling but long-term positive outlook Affected by the cancellation of module export tax rebates and uncertainties in the Indian market, short-term demand has weakened; however, the broader trend of global energy transition remains unchanged, and long-term growth potential persists. II. Opportunities Amid Crisis: New Opportunities for Transformation and Development Solid fundamentals: Consolidation and optimization in traditional sectors ►High-performance flame retardant materials Irreplaceability: Still cannot be effectively replaced in engineering plastics such as ABS and XPS. Market growth: China's annual demand for flame retardants reaches 1.5 million mt, with bromine-antimony flame retardants accounting for 35%, and demand is steadily increasing. ►Polyester industry Core catalyst: Over 90% of polyester units use antimony-based catalysts, securing a solid position. New growth areas: Industrial textiles are growing rapidly in sectors such as medical and new energy, with an average annual growth rate exceeding 10%. ►PV Glass Core Refining Agent: Holding over 80% market share, it delivers high efficiency with controllable costs. Strong Momentum Outside China: Driven by the global energy transition, demand in markets outside China remains robust, with countries such as India and Indonesia building plants on a large scale. Summary: The steady demand structure across the three traditional pillar sectors—flame retardants, polyester, and PV—combined with the continued expansion of emerging markets outside China, forms a solid and reliable foundation for the antimony industry. New Growth Driver: Condensed Matter Batteries, the biggest growth engine going forward ►Technical Pathway: Enterprises such as CATL are planning antimony-based sodium-ion batteries, in which the passenger vehicle segment will use a calcium-antimony composite material as the negative electrode. ►Demand Estimate: CATL has planned 60 GWh of capacity, with 24 GWh allocated to passenger vehicles. Calculated at 1,200 mt of antimony per GWh, annual demand could reach as much as 30,000 mt at full production. This represents a massive potential market. New Growth Driver: Rapid Growth in High-Value Applications ►AI Computing Power: The explosive growth of AI servers and data centers has driven antimony consumption in the semiconductor sector to over 2,000 mt. ►Military Sector: High-purity antimony is a critical material for infrared detection and missile guidance, commanding a price premium of 3 to 5 times. Against a backdrop of geopolitical conflicts, military-related orders surged 80% YoY. ►Lead-Acid Batteries: Used as a lead-antimony alloy in positive electrode grids, antimony significantly enhances battery performance. China's antimony consumption in this segment stands at approximately 13,000–15,000 mt, with global consumption at around 22,000 mt, providing a stable foundation. III. Value Normalization: Future Trends and Strategic Outlook Supply Side: Resource Constraints and Policy Regulation Become the New Normal ►Non-renewable resources and a tight supply are long-term trends China's domestic reserves are depleting and grades are declining, with production falling year by year. Incremental supply from outside China is limited and unstable. ►Domestic production restrictions and resource consolidation are the overriding trends The global static reserve-to-production ratio for antimony is less than 10 years, highlighting its strategic value. Strengthening environmental protection, implementing production restrictions, and promoting resource consolidation are the inevitable path for the nation. Market Mechanisms: Moving Toward Stability and Harmonious Coexistence Conclusions and Outlook • The antimony industry stands at a new historical starting point. Short-term market fluctuations and price pains are the necessary "drastic remedies" during the process of industrial restructuring. • We firmly believe that with the tightening of the supply side, the explosion of emerging demand, and the strategic emphasis at the national level, antimony's strategic value will be fully realized and will eventually return to its intrinsic worth in the tug-of-war between sellers and buyers. • Let us join hands and work together to propel the antimony industry toward a new era of stable, balanced, and high-quality development. The antimony industry is bound to have a bright future!

SMM June 27 News: Metals market: Last Friday’s overnight session saw nearly all base metals on the domestic market rise. SHFE zinc gained 2.16%, SHFE copper rose 0.9%, SHFE aluminum edged up 0.81%, and SHFE tin advanced 1.66%. SHFE nickel increased 0.36%. SHFE lead dipped 0.37%. In addition, the most-traded alumina futures contract climbed 0.64%, while the most-traded foundry aluminum contract rose 1.66%. Last Friday’s overnight session saw mostly gains in ferrous metals. Stainless steel added 0.48%, iron ore rose 0.54%, and rebar slipped 0.1%. Hot-rolled coil was flat at 3,312 yuan/mt. In coking coal and coke: the most-traded coking coal futures contract gained 1.13%, and the most-traded coke futures contract rose 1.21%. Last Friday’s overnight session in overseas metals saw broad gains for LME base metals. LME copper edged up. LME aluminum rose 0.39%, while LME lead fell 0.58%. LME zinc gained 1.8%. LME tin advanced 1.69%. LME nickel dipped 0.36%. Last Friday’s overnight session in precious metals : COMEX gold rose 1.37%, but COMEX gold posted a fourth consecutive weekly decline, down 3.37% for the week; COMEX silver gained 1.37%, while COMEX silver fell for a seventh straight week, down 10.79% for the week. Last Friday’s overnight session saw the most-traded SHFE gold contract rise 1.34%, but SHFE gold declined on a weekly basis, down 6.33% for the week; the most-traded SHFE silver contract climbed 2.61%, while SHFE silver declined on a weekly basis, down 15.23% for the week. Macquarie strategists noted that all eyes are currently on the trajectory of inflation and whether central banks, particularly the US Fed, will tighten policy to control prices. The apparent end of the Middle East conflict, combined with a more hawkish Fed stance, has led to a pullback in gold prices. The first meeting under new Fed Chair Walsh struck a “hawkish” tone, with the central bank under his leadership having the capacity to either “drive or suppress” the gold market. The shock from the Middle East situation is expected to drag on global growth in Q3, after which an eventual rebound in global growth and the start of a monetary easing cycle should push gold prices lower, as more investor funds rotate out of precious metals and into other assets. Investors have been taking profits and rotating into equities, which has created room for re-entry into precious metals and could drive a price rebound, but a significant macro event may be needed to reignite investor interest in gold. Spot gold prices are forecast to average $4,641 in 2026, up 35% YoY, but the average price is expected to decline 9.5% to $4,200 in 2027, followed by yearly declines through 2030. The bank lowered its year-end spot gold forecast to $4,300 from $4,400. (Jin10 Data APP) As of 7:46 a.m. on June 27, closing prices from last Friday’s overnight session: Macro front China: [National Bureau of Statistics (NBS): Profits of China’s industrial enterprises above designated size grew 18.8% in January–May, with the electronics sector providing significant support] Data from the NBS showed that total profits of industrial enterprises above designated size nationwide reached 3,143.96 billion yuan in January–May, up 18.8% YoY. From January to May, among industrial enterprises above designated size, state-controlled enterprises realized total profits of 1,048.66 billion yuan, up 19.6% YoY; joint-stock enterprises realized total profits of 2,434.81 billion yuan, up 24.1% YoY; foreign-invested enterprises and those funded by Hong Kong, Macao, and Taiwan investors realized total profits of 695.72 billion yuan, up 4.2% YoY; and private enterprises realized total profits of 772.65 billion yuan, up 10.7% YoY. Yu Weining, chief statistician of the Industrial Department of the National Bureau of Statistics (NBS), interpreted the profit data of industrial enterprises for January–May 2026. Yu Weining noted that the electronics sector played a significant supporting role. From January to May, profits of the equipment manufacturing industry above designated size increased by 14.1% YoY, boosting the overall profit growth of industrial enterprises above designated size by 5.2 percentage points. From an industry perspective, the global AI technology revolution has led to explosive demand for high-end computing power chips and memory chips, driving rapid profit growth in the electronics sector. From January to May, profits of the electronics industry surged 103.9% YoY, contributing 43.1% to the profit growth of all industrial enterprises above designated size, making it a crucial underpinning for the relatively rapid profit growth of these enterprises. [Series of 7 National Standards for "Artificial Intelligence — Agent Interconnection" Released] At a press conference held by the State Administration for Market Regulation (SAMR), it was announced that the series of national standards "Artificial Intelligence — Agent Interconnection" has been officially released. With the rapid iteration of technologies such as large models, artificial intelligence is accelerating from the stage of perception and understanding into a new phase of generative decision-making and autonomous execution. An agent, as an intelligent system with capabilities in autonomous perception, memory, decision-making, interaction, and execution, represents an important application form of next-generation AI. It is also a key vehicle for AI technology to empower diverse industries and underpin high-quality development of the intelligent economy. The seven national standards in the "Artificial Intelligence — Agent Interconnection" series released this time comprehensively cover core aspects including overall architecture, identity codes, identity management, agent description, agent discovery, agent interaction, and agent tool invocation. They systematically establish a closed-loop standards framework encompassing "identity identification—capability description—supply-demand discovery—collaborative interaction—tool invocation," effectively filling the standard gap in this field. With unified architecture and interaction rules established through these standards, enterprises can reuse standardized components, reduce customized development, and shorten time-to-market. At the same time, they lay an institutional foundation for cross-domain trustworthiness and secure interaction by establishing unified identity authentication and full traceability mechanisms. (CCTV News) The People's Bank of China and the General Administration of Customs have issued a notice to solicit public opinions on the "Administrative Measures for the Import and Export of Gold and Gold Products (Draft for Comments)." (From Wall Street CN APP) [Three Departments: Further Improve Work Related to Collection of Mineral Rights Transfer Proceeds] The Ministry of Finance, Ministry of Natural Resources, and State Taxation Administration have issued a notice on further improving the collection of mineral rights transfer proceeds, clarifying that late payment penalties for mineral rights transfer proceeds will no longer be collected starting August 1, 2026. If a mining rights holder fails to pay the mineral rights transfer proceeds in full and on time, a penalty of 0.2% per day will be charged from the date of default, with the total penalty not exceeding the principal amount owed. Penalties for mineral rights transfer proceeds will be recorded under the mineral rights transfer proceeds category and shared between central and local governments according to the same proportion as mineral rights transfer proceeds. Late payment penalties that have already accrued before the implementation of this notice shall continue to be paid in accordance with previous regulations, and penalty charges will not apply. US Dollar: The overnight US dollar index fell 0.1% last Friday, closing at 101.36. On a weekly basis, the dollar index recorded its second consecutive weekly gain, rising 0.6% for the week. US Treasury yields and the dollar edged lower as oil prices declined and the market reassessed the US interest rate outlook. The CME FedWatch Tool shows the probability of one rate hike this year remains high at 42%, while the chance of a second hike has dropped to 28% from 34% a week ago as inflation expectations cool. A Wall Street Journal survey indicates the University of Michigan Consumer Sentiment Index, set to be released at 10 a.m. US Eastern Time (10 p.m. Beijing Time), is expected to rise from 44.8 to 49. (Jinshi Data APP) Reuters Poll: 78 of 102 economists surveyed expect the Fed to keep the federal funds rate unchanged at 3.50% to 3.75% in 2026, compared with 72 of 102 economists who held this view in the early June survey. Artem Sakhbiev, FX strategist at BCA Research, said in a report that the recent rebound in the US dollar appears somewhat overextended and lacks the support needed to break out of the trading range of the past year. The Fed revised its interest rate projections upward at last week's meeting and explicitly focused on inflation. This led to a significant rise in inflation-adjusted real yields and eased concerns about political pressure for rate cuts, thereby boosting the dollar. However, this move now appears largely exhausted. The Fed is likely to hold rates steady, and the spread between short- and long-term yields could widen. (Jinshi Data APP) According to Nick Timiraos, known as the "Fed mouthpiece," sources say the search for a new president of the Federal Reserve Bank of Atlanta has reached an impasse. The initial list of candidates failed to yield a final selection, forcing the bank to restart the selection process, which has now lasted seven months. On the surface, this was just a minor procedural hiccup. But at the same time, the independence of the US Fed is facing a severe test. Reserve Bank presidents are crucial to the Fed's independence: they participate in setting interest rates, and their appointment process is deliberately designed to avoid influence from Washington politics. (Jin10 Data App) Fed official Kashkari stated that signs of widespread inflation led him to expect one rate hike this year in the Fed economic forecasts released earlier this month. Rates are expected to remain unchanged in 2027. In a media interview on Friday, Kashkari said: "I am concerned about inflation, not just related to the Middle East situation, but signs of broader inflationary pressures in the economy." The Iran war pushed up oil prices, and prices rose across many categories. This has intensified concerns among some Fed officials that inflation is becoming more broad-based and persistent, potentially requiring stronger action from the central bank. A report released earlier this week showed the May PCE annual rate came in at 4.1%, the largest increase since April 2023. Prices have exceeded the Fed's 2% target for over five years. In the dot plot forecasts released by the Fed last week, half of the officials who submitted dot plot projections expected at least one rate hike this year. (Jin10 Data App) The US goods trade deficit widened to its highest level in over a year in May, as exports fell and imports rose. Data released by the Commerce Department on Friday showed the goods trade deficit expanded 27.4% from the previous month to $105.8 billion, compared to an expected deficit of $85 billion. US goods exports fell 5.4% in May, dragged down mainly by declines in multiple categories, including shipments of industrial supplies. This category covers crude oil and petroleum products. Over the same period, imports rose 3.6%. (From Wall Street CN APP) In other currency news: As London experiences record-breaking heat, Bank of England officials are starting to worry that weather could become the next shock driving up inflation, just as the previous supply shock is fading. Climate scientists increasingly expect a strong El Niño event to form later this year into 2027, disrupting global weather patterns. Now, economists are also concerned this could trigger a new round of supply shocks, push up food inflation, and once again frustrate global central banks' efforts to fight inflation. (From Wall Street CN APP) On the macro front: This week will see the release of data including the Eurozone June industrial sentiment index, Eurozone June economic sentiment index, US June Dallas Fed business activity index, Japan May unemployment rate, China June official manufacturing PMI, UK Q1 GDP annual rate final, UK Q1 current account, France June CPI monthly rate preliminary, Switzerland June KOF economic leading indicator, Germany June seasonally adjusted unemployment change, Germany June seasonally adjusted unemployment rate, Germany June CPI monthly rate preliminary, Canada April GDP monthly rate, US April FHFA house price index monthly rate, US April S&P/CS 20-City non-seasonally adjusted house price index annual rate, US June Chicago PMI, US May JOLTS job openings, US June Conference Board consumer confidence index, China June RatingDog manufacturing PMI, France June manufacturing PMI final, Germany June manufacturing PMI final, Eurozone June manufacturing PMI final, UK June manufacturing PMI final, Eurozone June CPI annual rate preliminary, Eurozone June CPI monthly rate preliminary, US June Challenger job cuts, US June ADP employment change, US June S&P Global manufacturing PMI final, US June ISM manufacturing PMI, US May construction spending monthly rate, Switzerland June CPI monthly rate, Eurozone May unemployment rate, US June unemployment rate, US June seasonally adjusted nonfarm payrolls, US initial jobless claims for the week ending June 27, US June average hourly earnings annual rate, US June average hourly earnings monthly rate, US May factory orders monthly rate, China June RatingDog services PMI, France May industrial output monthly rate, France June services PMI final, Germany June services PMI final, Eurozone June services PMI final, UK June services PMI final, and other data. Additionally, this week, attention should be paid to: 2027 FOMC voter and Richmond Fed President Barkin delivering a speech; the ECB holding its Central Bank Forum in Sintra through July 1; the 2026 Beijing Space Computing Conference taking place from June 29 to 30; ECB President Lagarde speaking in Sintra; the Reserve Bank of Australia releasing the minutes of its June monetary policy meeting; the ECB holding its Central Bank Forum in Sintra; the US and Iran holding technical negotiations (to be confirmed); Fed Chairman Walsh, ECB President Lagarde, Bank of England Governor Bailey, and Bank of Canada Governor Macklem speaking at the ECB Forum; the ECB holding its Central Bank Forum in Sintra; ECB President Lagarde delivering a speech; Bank of England Governor Bailey speaking on the coordination of fiscal and monetary policy; and a new round of domestic refined oil product price adjustments opening in China. It is worth noting that on July 1, the Hong Kong Exchanges and Clearing Market was closed for the Hong Kong Special Administrative Region Establishment Day, with both Northbound and Southbound trading shut. On July 3, the US-NYSE was closed for the US Independence Day holiday; trading in CME precious metals, energy, foreign exchange, US Treasury, and equity index futures contracts ended early at 01:00 Beijing time on the 4th due to the US Independence Day holiday; trading in ICE Brent crude oil futures contracts ended early at 01:30 Beijing time on the 4th due to the US Independence Day holiday. In crude oil: Both oil futures fell in overnight trading last Friday, with US oil dropping 2.34% and Brent oil dropping 2.52%. On a weekly basis, US oil futures recorded a three-week losing streak, falling 7.4% for the week; Brent oil futures also fell for a third straight week, dropping 8.06% for the week. Brent spot crude oil prices fell back to pre-war levels, and the near-month contracts exhibited a contango structure—where near-term prices are lower than those further out—for seven consecutive days, reflecting a temporary oversupply. Tariq Zahir, a managing member at Tyche Capital Advisors, indicated that oil prices had "dropped too fast, too furiously," the ceasefire agreement remained fragile, and the situation in the Strait of Hormuz was still fraught with variables, so fluctuations were expected to persist. Rich Privorotsky, head of Goldman Sachs' One-Delta business, pointed out that Iran had begun a show of force near the Strait of Hormuz, some cargo ships had altered their routes, and the inventory overhang in the Gulf region was gradually flowing into the market. He believed that while the probability of a significant near-term price rise in crude oil was limited, the basis for a further substantial drop from current prices was equally insufficient. (From Wallstreetcn APP) US natural gas drilling rig additions recorded the largest single-week increase in four years. Data from Baker Hughes showed that the number of active oil drilling rigs operated by US energy enterprises reached 440 last week, marking a two-week consecutive increase, up from 433 the previous week. Active natural gas drilling rigs rose to 573, recording the largest gain since June 2022, compared with the prior figure of 563. (From Wall Street Cn APP) A report from the US Energy Information Administration (EIA) indicated that US refining capacity decreased by 263,000 barrels per day (bpd) in 2025, a decline of 1.43%. This was primarily driven by the planned conversion of a major refinery in Houston and the closure of a refinery in the Los Angeles area due to market dynamics, which is known for strict environmental regulations. Marathon Petroleum, headquartered in Findlay, Ohio, maintained its position as the largest US refiner with a total refining capacity of 2.986 million bpd, accounting for 16.4% of the nation’s total capacity. (From Wall Street Cn APP) Furthermore, Iraq’s Ministry of Oil stated that OPEC has begun to gradually restore Iraq’s pre-war production quota, a move which will strengthen Iraq’s output capabilities and support the recovery of the oil sector. A high-level consensus has been reached within OPEC, fully taking into account Iraq’s past special circumstances and current actual needs. (From Wall Street Cn APP) Barclays said it has lowered its Brent crude oil price forecasts, cutting the 2026 estimate from $100 per barrel to $96, and the 2027 estimate from $88 to $85, citing the recovery of oil shipments through the Strait of Hormuz. Oil flows through the Strait of Hormuz have rebounded substantially, reaching about 80% of pre-war levels. However, this normalization process remains incomplete. The bank noted that Iran’s assertion of control through fee impositions and coordination mechanisms has created frictions and may potentially delay a full recovery. A temporary deal reached last week aimed at ending the US-Israeli war against Iran has allowed traffic on the Strait of Hormuz shipping route to resume. (From Wall Street Cn APP) Recommended Reading:

Finnish renewable energy investor Korkia announced that its subsidiary Korkia Renewables Development Sweden has received an environmental permit from the County Administrative Board of Dalarna to build a 150-MWp solar photovoltaic plant and a 150-MW/600-MWh battery energy storage system in the Vilmoren forest area, collectively known as the Smedjebacken project, which is expected to generate around 150 GWh of electricity annually once operational; the project has already secured a grid connection and is now moving toward ready-to-build status, with Korkia noting the approval marks one of the few permits of comparable scale for solar and storage projects in Scandinavia, following a string of permitting milestones in H1 2026 that also included approval for two solar projects in Alberta, Canada, a substation in Chile, and a series of licences for solar and storage projects in Romania.

Alumina Transaction: On June 25, 2026, 30,000 mt of alumina was traded at a transaction price of $330/mt FOB Western Australia, for August loading; the previous transaction was on May 20 (at a transaction price of $313.8/mt FOB Western Australia, for June loading), up $16.2/mt.

【SMM Port Inventory of Imported Bauxite】According to SMM's statistics on June 26, the total bauxite inventory at ten domestic ports decreased by 160,000 mt from the previous week.