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!

Today, the most-traded BC copper contract 2607 opened at 94,860 yuan/mt, fluctuated upward to a high of 95,500 yuan/mt in early trading, then swung wildly. After the daytime session opened, it continued to swing wildly, and fluctuated downward near the close to a low of 94,340 yuan/mt, ultimately closing at 94,570 yuan/mt, up 0.52%. Open interest stood at 11,353 lots, an increase of 3,537 lots from the previous trading day, with trading volume at 7,273 lots, indicating bulls adding positions. The US released detailed rules on tariff adjustments for certain copper, aluminum, and steel product categories. Copper cathode was not on this adjustment list, and the market still held speculative expectations of a subsequent tariff hike on copper cathode, providing bullish support for copper prices. On the geopolitical front, Iran revealed that US-Iran related consultations had been suspended for several days. Although the US side denied this, risk-averse sentiment in the market heated up, and capital remained cautious about the prospects of US-Iran negotiations. Fundamentals side, supply side, spot high-quality copper circulation sources tightened while non-registered copper sources were ample. Suppliers generally held back from selling and hoarded goods, with low-priced sources available for sale being scarce, and overall spot supply in China remained stable. Demand side, continuously rising copper prices severely suppressed downstream purchasing sentiment, with overall demand remaining weak. SHFE copper 2607 contract closed at 106,380 yuan/mt. Based on the BC copper 2607 contract at 94,570 yuan/mt, its after-tax price was 106,864 yuan/mt. The price spread between the SHFE copper 2607 contract and BC copper was -484, with the inverted price spread maintained but narrowing compared to the previous day.

The 2026 SMM Hong Kong Metals Forum , organized by Shanghai Metals Market (SMM) and sponsored by China Securities International as platinum sponsor, wrapped up successfully at Novotel Hong Kong Century on May 6. With over 300 registrations and 200 on-site attendees, the forum focused on the theme "New Metals Cycle: Prices, Power & Global Wrestling". The event featured keynote speeches by industry experts and SMM analysts, covering base metals, new energy materials, and strategic revaluation of minor and precious metals. Two high-level panel sessions were held, exploring hot topics such as geopolitics, supply-demand fluctuations, CBAM impacts, and market opportunities. It also served as an efficient platform for networking and cooperation across entire industry chains. SMM Opening Address SMM Chairman Adam Fan SMM Chairman Adam Fan stated in the opening address that it was a great honor to gather with elites from all sectors of the industry at this forum. The world is currently at a critical development period, and the exchange of industry ideas is not only an industry necessity but also an inevitable requirement for global development. Adam reviewed the century-long legacy of the London Metal Exchange, which has weathered nearly 150 years of global changes and industry evolution, fully demonstrating that although market structures may change, the fundamental need for risk management and reliable price discovery remains constant. At the same time, Adam candidly acknowledged that global markets are currently mired in a pattern of deep fluctuations. Geopolitical conflicts, supply chain fragmentation, and the compounding crises of energy and food, overlaid with de-globalization and rising trade protectionism, have intensified market uncertainty and inflationary pressures, posing severe challenges to global economic growth and industrial cooperation. Against this backdrop, SMM has steadfastly upheld its mission, refusing to be a bystander to the trend of industry fragmentation, and is committed to serving as a bridge for global industrial connectivity amid a landscape of division. SMM is dedicated to promoting dialogue and exchange, breaking down industry and regional barriers, and bringing together regulators, traders, and producers from around the world to discuss industry development. SMM upholds the principle of information transparency, continuously providing accurate, real-time market data to help the industry see through market fog and clarify market distortions. SMM deepens pragmatic cooperation by building a neutral and professional platform for exchange and matchmaking, driving all parties to pursue collaborative development based on shared interests and transcending political differences. Adam emphasized that information sharing and open collaboration would be leveraged to mitigate market risks and strengthen overall industry resilience, and called on the industry to seize the opportunity of this forum to jointly explore solutions, transforming current challenges into momentum for driving integrated and robust development of the global metals industry. Speech by Platinum Sponsor Wang Guangxue, Member of the Executive Committee of China Securities Co., Ltd. and Chairman of China Securities Futures Co., Ltd. Wang stated that as a vital bridge connecting the capital market and the real economy, China Securities has always been committed to serving the high-quality development of the metals industry. Leveraging the comprehensive financial strengths of CITIC Group, the company has built a full-chain integrated service system covering securities, futures, investment, and research. The company has been deeply engaged in the commodities sector, continuously providing forward-looking research to anticipate market trends, utilizing futures instruments to build robust risk barriers, and empowering industrial upgrading through capital services. It will fully leverage CITIC Group's full-license resource advantages and the strategic value of Hong Kong as an international financial center to continuously strengthen its cross-border comprehensive financial services capabilities. The company aims to tailor integrated risk management and asset allocation solutions at home and abroad for enterprises across the metals industry chain, precisely helping enterprises hedge against price fluctuation risks, and enabling them to operate steadily and advance with high quality in complex market environments. Structural Shifts: Rethinking Commodity Benchmarks in an Era of Persistent Inflation and Rivalry Speaker: Tian Yaxiong, Co-Head of R&D Department, China Securities Futures Tian shared professional research findings and cutting-edge market insights on hot topics including the market outlook for global metals and the deep impact of geopolitics on commodity trends. SMM Industry Analysis: Market Outlook and Pre-seminar Sharing for Base Metals and New Energy Materials (Copper, Aluminum, Nickel, Cobalt, Lithium, and Tin) & How SMM Empowers Your Commodity Trading & Analysis Speakers: Dr. Yanchen Wang, Managing Director of SMM Global UK Ltd.; Thomas Feng, Head of Industry Analysis at SMM Dr. Wang first analyzed the macroeconomic landscape. At the beginning of this year, the manufacturing PMIs of major economies performed quite well, actually exceeding 50%. Without the conflict, demand this year would have been quite strong. However, at the end of February, the US-Iran conflict broke out, and the International Monetary Fund subsequently revised down its global economic growth expectations. He pointed out that China's exports remain one of the three pillars that are still functioning well to date. Regarding automobile consumption, he noted that for the EV market, the positive factor for the auto industry also lies in exports. In Q1 this year, export performance was indeed very strong. If you look at EV exports alone, they actually grew nearly 160% YoY. Driven mainly by growth in global markets, he remains optimistic about the auto industry this year. In Europe, gasoline and diesel prices have risen significantly due to the US-Iran conflict, and EV demand is expected to benefit from this factor. He believes the power sector continues to maintain strong growth. Based on power grid and power generation investment data from the first two months, combined with State Grid Corporation of China's earlier announcement that fixed asset investment during the "15th Five-Year Plan" period is expected to reach 4 trillion yuan, this indicates that electricity demand will drive strong growth. State Grid Corporation of China will build more ultra-high voltage transmission projects, which will undoubtedly support aluminum demand and also copper demand. Aluminum: Wang noted that base metal prices experienced wild swings since the beginning of this year. He also discussed that China's aluminum smelters continued to raise operating rates due to favorable profitability; aluminum demand pulled back in Q1, and high prices drove inventory higher; approximately 950,000 mt of new aluminum smelting capacity in Indonesia may come online in 2026, with some investors watching Angola; and aluminum semis and wheel hub exports maintained growth in Q1. Copper: After copper prices experienced a pullback and adjustment in March, downstream procurement demand in China was rapidly released, providing strong support for copper prices to rebound. Copper prices rose sharply, with the market downplaying geopolitical risks. China's copper cathode demand was robust, and inventory continued to decline. China's copper scrap market was not truly facing a spot shortage issue. The outlook for copper cathode demand is positive. China remains dependent on copper concentrate imports. Spot copper concentrate TCs showed no signs of bottoming out. By-product revenue sustained smelter profits. He also analyzed the DRC sulphuric acid market conditions, the expected slowdown in global refined production growth, and how a refined market supply deficit should support higher copper prices. He also mentioned that the AI industry maintained strong development momentum, bringing new growth momentum to copper demand. Tin: He elaborated from the following perspectives: Myanmar tin production — slow recovery, upward trajectory, 2025-2027E; Indonesia tin ore RKAB quotas — expected to ease slightly in 2026; DRC — major mine production remained stable, but the M23 movement added uncertainty; global tin prices — supply determines the floor, macro factors drive fluctuations; the global tin market is expected to maintain a tight balance, with new mining capacity expected to be concentrated for release in 2028. Thomas Feng shared insights on nickel, cobalt, and lithium: emerging from the trough and entering a new cycle. ►New energy demand landscape: from EV popularization to energy storage deployment. First, he reviewed and provided an outlook on the global NEV market: NEV demand no longer maintains a one-sided high-growth trajectory, but instead exhibits characteristics of regional differentiation, structural divergence, and intensifying cyclical volatility; development paces in China, Europe, and the US have shown notable differences; performance trends of BEVs, PHEVs, and commercial vehicles have diverged; and the impact of inventory and price cycles on industry operations is increasing significantly. Second, in his review and outlook of the global energy storage market, he noted that the global energy storage market will remain concentrated in three key regions: China, the US, and Europe. Driven by 2030 climate goals, emerging markets such as the Middle East, Australia, and Southeast Asia are showing strong growth in demand for large-scale energy storage. Benefiting from cost advantages and improved safety performance, LFP battery market share is expected to continue climbing. ►Lithium: Reshaping the Supply-Demand Pattern in a New Cycle Global lithium carbonate market: shifting from overall surplus to structural tightness, with prices in a post-trough reassessment and recovery phase. Lithium hydroxide supply and demand maintained a tight balance: production on the supply side was driven by demand, the market share of ternary power batteries was squeezed, and room for growth was limited. The concentration of lithium resource supply declined, with marginal growth rates slowing down simultaneously. Significant demand growth drove the continued expansion of resource projects. ►Nickel: Navigating Policy Changes and Narrowing Oversupply Indonesia's nickel ore HPM adjustment: aimed at enhancing the economic value of non-nickel resources. The discussion covered scenario analysis of nickel ore prices following the implementation of the new policy, and the impact analysis of nickel ore benchmark price adjustments on MHP full costs. Indonesia's nickel ore RKAB quota: a tight balance is expected to set the tone for 2026. Global primary nickel is expected to remain in persistent oversupply. Regarding the logic behind refined nickel price trends, it was noted that policy and macro factors jointly amplified price fluctuations, while cost support elevated the long-term price floor. ►Cobalt: Shifting from Surplus to Shortage after the DRC Export Ban——Long-Term Uncertainty Remains Following the DRC policy announcement, cobalt product prices in China rose rapidly. However, high prices suppressed downstream demand, putting prices under pressure. Starting from H2 2025, the Chinese market continued destocking. Amid raw material shortages, enterprises began using MHP and recycled materials as production substitutes. MHP and recycling are expected to continue growing rapidly, effectively bridging the cobalt hydroxide gap. Cost pressure transmitted in both directions: LCO doping/ternary substitution restarted, and consumer cobalt demand is expected to decline by 10%. As persistently high cobalt prices suppress demand, if China secures 90% of the DRC quota, supplemented by MHP and recycling supply, inventory buildup could occur as early as 2026. Panel Discussion: Global Metals Market Outlook——Geopolitics Disruption, Macro Cycles and the Return of Commodity Volatility •Copper and Aluminum Price Rise, 2024-2026 •Precious Metals Storm: Silver Swung Wildly, Gold Hit Record Highs — Interest Rate Cycles, Safe-Haven Demand, and Industrial Logic •Precious Metals and Industrial Metals: Are Commodities Entering a New Cycle •Focus on Critical Minerals: Emerging Region Supply Rise and Policy Shifts, Green Transition Co-Shaping a New Narrative •Chinese Market: The 15th Five-Year Plan Moderator: Yanchen Wang, Managing Director, SMM Global UK Ltd. Panelists: Yahong Tian, Co-Head of R&D, CITIC Futures Henry Van, Head of Industrial Metals Analysis, Trafigura Sharon Ding, Head of China Basic Materials, UBS Justin William Hughes, Commodity Derivatives Distribution, Optiver Xie Shaobo, Head of China, Appian Mining Fund & independent non-executive Director, Zijin Gold International Panelists noted aluminum has great upside—its 10% price rise lags its 4%-5% supply contraction (vs. oil’s 60% price surge on 10% supply drop), with valuation recovery incomplete. They were more optimistic about copper demand, driven by real downstream demand rather than speculation; aluminum semis’ upside is underappreciated due to high oil prices. Long-term, copper and gold are key for mining investment, with scarce high-quality copper mines and solid gold fundamentals. They also discussed US tariffs, China’s metal demand resilience and overseas mining investment. Overseas mining success hinges on resource-to-reserve certainty; West Africa, Latin America, DRC and Zambia are new hotspots, while Australian/Canadian listed miners are undervalued. Enterprises must plan prudently based on risk tolerance. Geopolitical conflicts (e.g., Iran) may trigger energy crises, but current inflation control and China’s high metal consumption share weaken demand impact. Long-term, energy crises will boost electrification, expanding copper/aluminum demand. Investment depends on risk appetite and fundamental grasp. SMM Industry Analysis: Strategic Re-valuation of Minor Precious and Minor Metals in 2026 — The Case of Silver and Tungsten Silver: Market Supply-Demand Balance and Macroeconomic Volatility: Evolution and Shift in Industrial Demand, Particularly Driven by the PV Sector Tungsten: Strategic Status Upgrade - Supply Constraints and High-End Demand Driving the 2026 Price Rally Speaker: Juno Zhu, Senior Analyst of Minor and Precious Metals, SMM Juno shared insights on the strategic revaluation of tungsten and silver. Tungsten: Tungsten prices have surged over 500% since 2025; China holds over 50% of global tungsten reserves, contributes nearly 80% of global production, and possesses a complete industrial value chain; China's tungsten supply constraints in 2025: H1 mining quotas declined 6.45% YoY; global new project stagnation: limited capacity expansion in 2026, with ex-China mine development cycles of 3–5 years; domestic tungsten downstream applications: significant growth in cutting tools and PV tungsten wire in 2025; European market: persistent raw material shortages, with Rotterdam tungsten prices surging since February 2025; China's tungsten product exports: transitioning from primary products to deep-processed products; SMM analysis: the tungsten market supply-demand gap is expected to persist but narrow in 2026; prices are expected to consolidate at highs after overheating cools. Silver: Silver price fluctuations in 2026: an unexpected surge from Q4 2025 to Q1 2026, where frenzied investment demand and capital liquidity completely overshadowed the impact of the industrial off-season. Shift in trade dynamics in Q1 2026: SGE-LBMA premiums reversal and a surge in imports. Demand spike in Q1 2026: the PV industry started with a recovery, and an investment boom generated a phased demand peak. PV market outlook: policy shifts in 2026 are expected to curb demand growth, with overall silver consumption remaining stable. Silver demand outlook for 2026: industrial fundamentals provide support, while investment surges serve as a tactical highlight. Silver supply outlook for 2026: mild annual growth and an expanding secondary supply share are expected to drive a tight balance in the market. Market outlook: short-term trends are expected to revert to industrial fundamentals, while the medium and long-term trajectory is expected to fluctuate at highs driven by safe-haven demand. Panel Discussion: Metals in a Fragmented World: Trading Opportunities in the Age of Instability (Physical Trading and Hedging) •Shifting Liquidity Landscape across LME, CME, and SHFE •Shipping Risks and Sanctioned Metals: Implications for LME Inventory Structure •How European CBAM is Reshaping Global Metals Trade Flows •Is the Metals Market Entering an "Era of Geopolitical Risk Premiums" •Internationalization of SHFE & GFEX: Opportunities and Challenges for Global Investors Moderator: Jean Tang, Commercial Director, SMM Panelist: Anant Jatia, Founder and Chief Investment Officer, Greenland Investment Management Bella Yu, General Manager of Marketing Department, Liyang Unilink E-commerce Co., Ltd. David Wilson, Director of Commodity Strategy, BNP Paribas Duncan Hobbs, Research Director, Concord Resources Nicholas Snowdon, Head of Metals and Mining Research, Mercuria Energy Trading SA Sabrina Qian, Director of Geared broking desk, IFCHOR GALBRAITHS Anant Jatia stated: CBAM represents a major policy shift in Europe's metals sector. It is not merely about raising trade costs, but will profoundly reshape global metal trade flows and pricing logic. CBAM officially took effect in January this year, initially covering categories such as steel and aluminum semis, with its core mechanism incorporating carbon emission intensity costs into Europe's metal pricing system. High-carbon-emission producers will need to bear additional carbon allowance costs, significantly weakening their export competitiveness to Europe, while green capacity powered by clean energy will gain a clear advantage in the European market and capture greater market share. Following the policy's implementation, the landed cost of metals in the European market will rise, sustaining a long-term regional premium similar to the aluminum premium structure in the US market. Compared with the market differentiation among LME-registered brands following CBAM's implementation, what deserves more attention are the entirely new market opportunities it creates. By sourcing low-carbon, high-quality materials, market participants can potentially capture green premiums, while the mechanism will also transform metal trading models and the global trade flow landscape. The panelists also discussed the changing liquidity landscape across LME, CME, and SHFE. They noted that liquidity in the commodity market is becoming increasingly fragmented, with copper and other products now tradable across multiple global futures exchanges. Price discovery is no longer concentrated in a single market, and the traditional pattern of one market leading gains and others following has reversed, with multi-exchange rotation driving price movements becoming the norm. Factors such as geopolitical policies and tariff adjustments have given rise to regional pricing divergence, with price movements in some markets increasingly driven by capital flows and sentiment. Policy and geopolitical events have also significantly affected the spread between futures and spot prices of metals, creating opportunities for cross-market arbitrage. Meanwhile, policies related to critical minerals supply security, regional supply shocks, and geopolitical disruptions have widened the dislocation between regional fundamentals and price signals. The metals market has entered a window of structural arbitrage opportunities, and this trend is expected to persist. Cross-market arbitrage continues to provide liquidity support to exchanges, a phenomenon broadly observed across both industrial and precious metals. In addition, the panelists engaged in in-depth discussions on the differences between exchange liquidity and industrial liquidity, as well as factors influencing metal price trends, including fundamentals, geopolitical developments, energy costs, and commodity transportation costs. Opening Remarks for Coffee Break Xu Tao, CEO of CSCI In his address, Xu Tao stated that Hong Kong serves as a vital hub in the global metals pricing and trading system, playing a key role in the aggregation of LME delivery resources and the internationalization of RMB-denominated commodities. Going forward, China Securities International will continue to leverage its role as a bridge for cross-border business, deepen collaboration with CSC Futures, and provide clients at home and abroad with efficient and professional comprehensive financial services in commodities, contributing to a higher level of opening-up of China's financial markets. Networking (Coffee Break) Acknowledgments The 2026 SMM Hong Kong Metals Forum was successfully held with special thanks to the Platinum Sponsor, China Securities International, for its strong support, as well as sincere gratitude to Liyang Unilink E-commerce Co., Ltd. for its significant contribution to the forum. Going forward, China Securities and China Securities International will continue to leverage the unique geographical and resource advantages of Hong Kong as an international financial center, deepen strategic cooperation with authoritative industry platforms such as SMM, and continuously improve the "onshore + offshore" integrated bulk commodity comprehensive service system, precisely empowering enterprises to seize market opportunities and hedge operational risks, contributing professional expertise to advancing the internationalization of China's bulk commodity market and enhancing the industry's global competitiveness. Liyang Unilink E-commerce Co., Ltd. (formerly Wuxi Stainless Steel Electronic Trading Center) has been engaged in new energy materials and critical metals supply chain services for over 20 years. Through its digital platform and offline service network, the company provides upstream and downstream clients with full-process online services including price negotiation, contract signing, contract execution, payment settlement, cargo delivery, processing, quality inspection, and after-sales services. With transparent pricing, 100% fulfillment guarantee, and strict quality control, it has established stable cooperation with over 30,000 industrial clients. In the field of critical strategic metal resources, Unilink has built a supply chain service system covering 14 critical metal varieties including indium, bismuth, nickel, cobalt, and lithium. Spot delivery volumes of indium and bismuth each account for over 90% of China's consumption. For new energy materials, spot delivery volumes of nickel, cobalt, and lithium on Zhonglian Jin's platform account for 30%, 90%, and 20% of China's consumption respectively, while daily sulfur trading volume exceeds 80,000 mt. Unilink implements a service model of "payment upon delivery, cargo pick-up upon payment," effectively shortening delivery cycles, reducing enterprise operating costs, and helping upstream and downstream clients achieve stable and efficient material scheduling. Zhonglian Jin strictly adheres to national industrial policies and resource management requirements, consistently focusing on serving the real economy, fully ensuring the security and smooth operation of bulk commodity supply chains, and promoting efficient resource allocation. It has ranked among China's Top 500 Service Enterprises and China's Top 20 Growing Internet Enterprises for two consecutive years. With that, the 2026 SMM Hong Kong Metals Forum came to a successful conclusion! Thank you for your help and support for this forum~

Indonesia’s Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, has announced a suspension of the proposed royalty increases for major commodities, including nickel, copper, tin, gold, and silver. Following the public hearing on May 8, 2026, the Minister emphasized that the previously socialized tariff adjustments are not yet final decisions. He stated that the government will re-evaluate and "pending" the implementation to develop a more balanced formulation that optimizes state revenue without burdening mining companies. While an initial target for implementation was set for June, the ministry is now focused on finding an ideal, mutually beneficial formula before proceeding.

[SMM Steel] Price increases by Hoa Phat Group and Formosa Ha Tinh Steel, alongside Vietnam’s 27.83% anti-circumvention duty on Chinese HRC, have supported regional sentiment. Meanwhile, Section 232 of the Trade Expansion Act tariff adjustment reduced duties on derivative products to 25%, while core tariffs remained 50%. Combined with China’s capacity control policies and higher raw material costs linked to Middle East tensions, supply is tightening, leading market participants to expect a gradually improving steel market outlook.

On April 2, 2026, the White House ushered US steel trade policy into "Version 2.0." This strategic shift goes beyond simple tariff hikes. It uses full-value taxation and melt-and-pour traceability to block low-end imported raw materials, while applying structural tariff reductions to finished products to ease manufacturing inflation. Ultimately, this two-pronged approach aims to forcibly bring the global supply chain back to domestic US steel production.

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

On February 26, local time in the US, the third round of indirect negotiations between the US and Iran took place in Geneva, Switzerland, mediated by Oman. The talks went through two stages with a break of several hours in between, and a new round of negotiations is expected to take place next week. On February 27, Beijing time, the Ministry of Foreign Affairs advised Chinese citizens in Iran to evacuate as soon as possible. The external security risks facing Iran have significantly increased, with multiple countries issuing advisories for their citizens to leave. Given the current security situation in Iran, the Ministry of Foreign Affairs and the Chinese Embassy and Consulates in Iran reminded Chinese citizens not to travel to Iran and advised those already there to strengthen safety precautions and evacuate as soon as possible. The Chinese Embassies and Consulates in Iran and its neighboring countries will provide necessary assistance for the evacuation of Chinese citizens via commercial flights or land routes. On February 27, platinum and palladium showed a significant rise, with platinum's weekly gain reaching 19.29%, making it a standout in the precious metals futures sector. Market uncertainties brought about by US tariffs and geopolitical risks continue to support the performance of precious metals. Fundamentals side, tight supply provided fundamental support for platinum. Coupled with many market participants' bullish outlook, some suppliers held prices firm, providing sentiment support for the rise in platinum and palladium. As of around 3:58 PM on February 27, the main platinum contract rose 5.34% to 623.75 yuan/gram, with a weekly gain of 19.29%; the main palladium contract rose 2.77% to 464.85 yuan/gram, with a weekly gain of 10.86%. The A-share market responded in kind, with the precious metals sector closing up 3.55% on February 27. On February 27, spot platinum was quoted at 606~610 yuan/gram, with an average price of 608 yuan/gram, up 3.67% from the previous trading day. The post-holiday rise in platinum, besides being supported by macro factors and safe-haven demand, also benefited from tight supply, positive market expectations, and some suppliers holding prices firm. Due to some suppliers' optimistic outlook, they were unwilling to sell at low prices, making it difficult to find low-priced goods in the market. However, the supply-demand relationship has not changed significantly since before the holiday. The post-holiday rise was more driven by optimistic sentiment, with downstream players adopting a wait-and-see attitude. It is expected that platinum prices will continue to fluctuate in the short term. Future developments will need to focus on changes in the demand side. Throughout February 2026, platinum and palladium prices experienced a roller-coaster ride amid macroeconomic shocks and geopolitical risks. For the whole month, macro sentiment dominated the pace of fluctuations, with supply-side events reinforcing support, and the structural feature of "strong platinum, weak palladium" continued. At present, geopolitical and macro situations strongly support precious metals: the tense Middle East situation directly boosted safe-haven demand; the downward revision of US GDP coupled with stubborn inflation highlighted gold's value preservation function; the legal battle over tariff policies weakened the US dollar's credibility, and expectations for US Fed interest rate cuts, along with global central banks' gold buying spree, collectively provided a solid bottom for precious metal prices. Fundamentals side, the expansion elasticity of platinum and palladium supply is relatively weak. Since platinum's demand structure is less dependent on traditional fuel vehicle consumption compared to palladium, the supply-demand pattern for platinum is tighter, and it is expected to have strong upward momentum, while palladium is likely to follow platinum in a weaker trend. Risk Warning: US Economic Resilience Exceeds Expectations, US Tariff Adjustments on Platinum and Palladium Exceed Expectations, Geopolitical Risks in Major Production Areas, etc.

Futures: Overnight, LME lead opened at $1,957/mt and weakened slightly during the Asian session. Entering the European session, it continued to decline, probing a low of $1,950.5/mt, then rose to fluctuate near the daily moving average, ultimately closing at $1,959.5/mt, up $7.5/mt, a gain of 0.38%. Overnight, the most-traded SHFE lead contract opened at 16,655 yuan/mt. After the session began, it dipped to a low of 16,650 yuan/mt, then fluctuated upward, lightly touching a high of 16,840 yuan/mt, and finally closed at 16,745 yuan/mt, up 20 yuan/mt, a gain of 0.12%. On the macro front: The Trump administration is considering imposing new "national security tariffs" on six industries. According to informed sources, the tariffs under consideration may cover industries such as large-scale batteries, pig iron and iron fittings, plastic pipes, industrial chemicals, as well as power grid and telecommunications equipment. These tariffs would be levied under Section 232 of the Trade Expansion Act of 1962. The new US tariffs on the six major industries will be implemented separately from the new global 15% tariff. Regarding recent US tariff adjustment measures, a spokesperson for the Ministry of Commerce stated that China is closely monitoring and will comprehensively assess the relevant US measures. Subsequently, depending on the situation, China will decide at an appropriate time to adjust its countermeasures against US-origin fentanyl tariffs and reciprocal tariffs. Spot fundamentals: In the Shanghai market, Chihong lead was offered at a discount of 50-0 yuan/mt against the SHFE lead 2603 contract. Today was the first trading day after the Chinese New Year holiday. Suppliers gradually resumed work and attempted to offer prices for shipments. Some with higher prices offered at a premium of 150 yuan/mt against the SHFE lead 2603 contract, while those eager to clear inventory directly sold at a discount, with transactions reaching a minimum discount of 100 yuan/mt against the SHFE lead 2603 contract. SHFE lead got off to a good start on its first trading day. Additionally, as it is late February, suppliers were mostly actively shipping goods, while downstream enterprises were in the initial stages of resuming work, resulting in limited inquiries. Only a few enterprises restocked based on rigid demand, and initial transactions began to emerge in the market. Inventory: On February 24, LME lead inventory was recorded at 286,325 mt, unchanged from the previous day. As of February 24, the total social inventory of lead ingots in five regions tracked by SMM accumulated, with the total amount jumping to a five-month high. Today's lead price forecast: As enterprises across the lead industry chain gradually resumed work after the Chinese New Year holiday, lead consumption was temporarily absent because lead-acid battery enterprises had longer holidays than smelters. This led to accumulated lead ingot inventory at smelters after the holiday, which was transferred to social inventory. The first day after the holiday was the delivery date for the SHFE lead 2602 contract. Suppliers had gradually completed inventory transfers and shipments to delivery warehouses during the holiday, leading to an expected accumulation in social warehouse inventory, which surpassed the 60,000-mt mark. Downstream enterprises had not fully resumed work this week, and the lead ingot inventory reserved by most enterprises before the holiday could be maintained until around the Lantern Festival. In the short term, social lead ingot inventory will remain high. Follow-up attention is still needed on the recovery of lead consumption and the pace of secondary refined lead supply restoration. In the short term, lead prices may still be under pressure amid accumulating inventory.

Overall, macro perspective, the positive and mild signals from the US-China leaders' call have temporarily eased market tensions regarding trade friction expectations, improving risk appetite. The steady progress in the Eurozone's economic recovery has partially offset the pressure from the US's temporary economic weakness, presenting a generally neutral-to-positive global macro environment that offers a relatively stable external backdrop for commodity markets.