Kyrgyzstan has imposed a six-month ban on coal exports by road effective June 23, covering coal classified under HS codes 2701 and 2702. The restriction excludes shipments through the Irkeshtam and Torugart border crossings to China, while state-owned producer Kyrgyzkomur is also exempt. The move comes as Kyrgyzstan seeks to strengthen domestic coal supply and expand coal-fired power generation. The country aims to produce nearly 1.62 million mt of thermal coal from the Kara-Keche mine in 2026 to reduce reliance on imported electricity.

China Qinfa Group announced that its subsidiary SDE has signed a coal supply agreement with Zhejiang Energy Asia Pacific for the sale of 75,000 mt of Indonesian thermal coal, with a permitted volume adjustment of up to 10%. Deliveries will commence in June 2026 and continue until the contracted volume is fully delivered and settled. The company said the agreement constitutes a connected transaction under Hong Kong listing rules but is exempt from shareholder approval requirements, with the board considering the deal fair, reasonable, and beneficial to the company.

According to China State Railway Group Co., Ltd., from January to May this year, national railways shipped a total of 1.67 billion mt of cargo, up 1.8% YoY; the daily average loaded wagons reached 186,300, up 2.8% YoY, with a record high of 202,400 wagons loaded on May 2. Data shows that from January to May, national railway-rail-water intermodal volume reached 7.58 million TEUs, up 11.0% YoY, and cumulative bookings for the "single-document" logistics product stood at 47,000 TEUs. To further improve commodity vehicle transport services, the railway authorities provided end-to-end logistics solutions. From January to May, national railways shipped a total of 824,000 export commodity vehicles, up 55.5% YoY, of which 422,000 were NEVs, up 110.3% YoY, establishing a "fast lane" for Chinese automakers to go global. In terms of ensuring the transport of key goods, from January to May, national railways shipped 48.806 million mt of grain, up 11.9% YoY. The railway authorities actively supported peak summer demand by increasing the transport of thermal coal for power supply. From January to May, national railways shipped 870 million mt of coal, of which 580 million mt was thermal coal, and coal inventories at direct-supply power plants nationwide remained at relatively high levels.

In April, energy demand in Anhui province continued to rebound, with secure and effective energy supply ensured. Electricity demand rebounded positively. In April, total electricity consumption reached 28.61 billion kWh, up 5.2% YoY, with the growth rate accelerating by 1.5 percentage points MoM. Power supply capacity steadily improved. In April, installed power generation capacity in the province increased by 630,000 kW, bringing total installed capacity to 148 million kW, up 13.2% YoY. Thermal coal supply remained stable and orderly. In April, Anhui's raw coal output was 8.75 million mt, with coal stockpiles at major power plants sufficient for 25 days of use. Natural gas consumption pulled back. In April, Anhui's natural gas consumption was 920 million cubic meters, down 6% YoY. Installed renewable energy generation capacity grew steadily. In April, newly added renewable energy generation capacity in the province was 600,000 kW, bringing total installed renewable energy capacity to 77.52 million kW.

SMM News, May 29: Metals market: Overnight, domestic base metals mostly rose. SHFE copper was up 1.17%. SHFE aluminum was up 0.39%, SHFE lead was down 0.24%. SHFE zinc was up 0.89%. SHFE tin was up 2.66%. SHFE nickel was up 0.61%. In addition, the most-traded alumina futures contract was up 0.63%, and the most-traded casting aluminum futures contract was up 0.39%. Overnight, ferrous metals mostly fell. Iron ore and hot-rolled coil edged down, stainless steel edged up 0.03%, and rebar was down 0.1%. Coking coal and coke: the most-traded coking coal futures contract was down 0.23%, and the most-traded coke futures contract was up 0.08%. Overnight, overseas market metals saw LME base metals rise across the board. LME copper was up 1.71%. LME aluminum was up 1.47%, LME lead was up 0.9%. LME zinc was up 1.44%. LME tin was up 2.47%. LME nickel was up 1.06%. Overnight precious metals : A weaker US dollar drove gold to reverse from losses to gains. Overnight COMEX gold ultimately rose 1.02%, and COMEX silver was up 1.36%. Overnight the most-traded SHFE gold contract was up 1.91%, and the most-traded SHFE silver contract was up 2.71%. As of 7:24 AM on May 29, overnight closing prices: Macro front China: [The State Council issued the Urban Renewal 15th Five-Year Plan: increasing improvement-oriented housing supply based on city-specific policies and regulating the development of the housing rental market] The State Council issued the Urban Renewal 15th Five-Year Plan. The plan proposed conducting a comprehensive survey of existing urban asset resources, promoting classified disposal of supplied but undeveloped land and projects under construction, and revitalizing idle and inefficient old factory buildings, commercial office spaces, commodity housing, and public housing. It called for accelerating the construction of a new model for real estate development, improving fundamental systems for commodity housing development, financing, and sales. The plan aims to optimize the supply of affordable housing, strengthen housing security for low-income urban families with housing difficulties, better meet the basic housing needs of working-class groups with housing difficulties and modest incomes, and gradually address the transitional housing difficulties of new urban residents and young people. It will increase improvement-oriented housing supply based on city-specific policies and regulate the development of the housing rental market. The plan promotes the transformation and development of real estate developers and their participation in urban renewal. It will deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. It will also strengthen and regulate the management of existing urban infrastructure assets. [The National Development and Reform Commission (NDRC) organized a video conference to arrange and deploy national energy supply assurance work for the summer peak] Recently, the NDRC organized the 2026 national video conference on energy supply assurance for the summer peak, thoroughly studying and implementing the spirit of the 20th National Congress of the CPC and all plenary sessions of the 20th Central Committee, earnestly implementing the decisions and deployments of the CPC Central Committee and the State Council, and arranging energy supply assurance work for the summer peak. The meeting required that all regions and relevant enterprises fully recognize the importance, complexity, and long-term nature of summer peak energy supply assurance tasks, closely monitor key regions and critical periods, conduct rolling assessments, strengthen dispatching, fully implement all supply assurance measures, prepare and utilize supply assurance contingency plans, and ensure safe and stable energy operations during the summer peak. It called for ensuring stable generation and supply, securing the production and supply of primary energy sources such as coal and natural gas, strengthening coal transportation for power generation, and meeting peak power generation demand. It urged continued promotion of efficient fulfillment of medium and long-term contracts for electricity, thermal coal, and natural gas. It emphasized strengthening power equipment operation and maintenance management to achieve stable and reliable output, optimizing power dispatching, and fully leveraging the peak-shaving capacity of various power supply sources. (NDRC) [Two departments jointly lay out systematic plans for AI metrology capacity building] The State Administration for Market Regulation and the NDRC jointly issued the Guidelines for AI Metrology System and Capacity Building (2026 Edition), systematically laying out AI metrology capacity building. The Guidelines are organized around six major sections—basic support, general technology, core technology, metrology technical specifications, metrology services for industry, and intelligent empowerment of metrology—bridging the "last mile" between laboratory innovation and industry application. Focusing on the challenge of "measurement inaccuracy" to make AI more trustworthy, the Guidelines deploy key technology research on AI system internal state monitoring and characterization to address pain points such as algorithmic "black boxes" and poor decision explainability, promoting the establishment of reliable, safe, and trustworthy metrology standards for AI, achieving "measurable, comparable, and traceable" AI technical performance. (CCTV News) [SHFE takes restrictive position-opening regulatory measures against certain clients] SHFE announced that on May 28, 2026, three groups of accounts with actual control relationships exceeded the intraday position-opening trading volume limits on relevant contracts, reaching the exchange's action threshold. The trading behavior of the above clients violated Article 16 of the Shanghai Futures Exchange Measures for the Administration of Abnormal Trading Behavior. The exchange decided to impose restrictive position-opening regulatory measures on the relevant clients in the corresponding products. (Jin10 Data APP) [Chinese automakers surpass the 100 million cumulative production and sales milestone for the first time] On the afternoon of May 28, SAIC delivered its 100 millionth vehicle, marking the birth of the first auto group in Chinese automotive history to surpass 100 million units in cumulative production and sales, in Shanghai. The emergence of China's first "100-million-unit automaker" is a vivid testament to over 70 years of Chinese automotive industry development from nothing to something, from weak to strong, and represents an important milestone for "Made in China." (Xinhua) US dollar: Overnight, the US dollar index fell 0.22% to 99.01. According to Wallstreetcn, April PCE inflation came in below expectations MoM, Q1 GDP annualized growth was revised down to 1.6%, new home sales declined sharply, and initial jobless claims also slightly exceeded expectations. Weak US data combined with ceasefire hopes jointly boosted interest rate cut expectations. According to data released Thursday by the US Bureau of Economic Analysis (BEA), the US April PCE price index was 3.8% YoY, in line with expectations, the highest level since May 2023, with the Iran war driving energy prices higher as the main factor. The Fed's preferred inflation gauge—the core PCE price index (excluding food and energy)—rose 3.3% YoY in April, hitting a new high since November 2023. Meanwhile, another BEA report showed that US Q1 GDP annualized growth was revised down to 1.6%, below the initial estimate of 2.0%. The coexistence of weak consumption and elevated inflation made the market's judgment on the Fed's monetary policy direction increasingly complex. (Wallstreetcn) Other currencies: Meeting minutes released Thursday showed that the European Central Bank's decision to hold rates unchanged last month was a "difficult choice" for some policymakers; given signs of persistently high inflation, they found it hard to ignore the shock triggered by energy factors. The ECB noted in the minutes: "Several members indicated that this decision was a difficult choice; had a rate hike proposal been on the agenda for this meeting, they would not have opposed it." The ECB also stated: "Since the last meeting, the value of 'pausing rate hikes to preserve policy options' has diminished; at the same time, the approach of taking no monetary policy action and merely adopting a 'temporary disregard' attitude toward the current situation has become increasingly less appropriate." (Jin10 Data APP) Macro: Today will see the release of France's May CPI monthly preliminary reading, France's Q1 GDP annual final reading, Germany's May seasonally adjusted unemployment figures, Germany's May seasonally adjusted unemployment rate, Germany's May CPI monthly preliminary reading, Canada's March GDP monthly rate, and the US May Chicago PMI, among other data. In addition, attention should be paid to: 2027 FOMC voter and Richmond Fed President Barkin participating in a fireside chat at a conference hosted by Johns Hopkins University Carey Business School; 2026 FOMC voter and Minneapolis Fed President Kashkari participating in an exchange event at Korea University; Bank of England Governor Bailey delivering a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech; Fed Governor Bowman delivering a speech; and 2026 FOMC voter and Philadelphia Fed President Paulsen delivering a speech on the economic outlook. Crude oil: Thursday saw US-Iran ceasefire rumors flip-flopping, with oil prices swinging wildly throughout the day before closing flat. Reports of a memorandum of understanding between the US and Iran sent WTI futures plunging from $91 to near $87—before instantly rebounding to near $90. Ultimately, overnight WTI was down 0.17% and Brent was up 0.16%. (Wallstreetcn) According to CCTV, on May 28 local time, US and Iranian negotiators reached an agreement framework on a 60-day memorandum of understanding, intended to extend the ceasefire and launch negotiations on Iran's nuclear issue, but still requiring final approval from US President Trump. US officials said the terms of the agreement were largely finalised before the 26th, but both sides still needed approval from their respective top leadership. The US side said Iran subsequently indicated it had obtained the necessary authorization and was ready to sign, but Iranian officials had not yet confirmed this. US officials said negotiators had briefed Trump on the final agreement, but he did not immediately approve it, stating he "needed a few days to consider." According to CCTV, on May 28 local time, Saeed Aghalou, a member of the Iranian negotiating delegation's media team, stated that as of now, Iran has not agreed to any memorandum of understanding, nor has it confirmed to Pakistani mediators that it has approved the memorandum. Furthermore, he explicitly stated that Iran made no commitments on nuclear issues during negotiations with the US. A source close to the negotiating team said the text of the potential memorandum of understanding has not been finalised or confirmed. Western media reports claiming that an agreement between Iran and the US has been finalised are not true. Iran has not informed Pakistani mediators that the text has been finalised. Once finalised, Iran will announce the matter to Pakistani mediators and the public. Until then, any claims by Western sources that the matter has been "finalised" are not credible. The Islamic Revolutionary Guard Corps Navy said on social media on the 28th that 23 ships passed through the Strait of Hormuz in the past 24 hours. (Xinhua) US Energy Information Administration (EIA) data showed: US crude oil imports from Iraq fell to zero last week, hitting a record low. For the week ending May 22, US Strategic Petroleum Reserve (SPR) inventory decreased by 9.063 million barrels to 365.1 million barrels, a decline of 2.42%. Commercial crude oil inventory excluding strategic reserves decreased by 3.327 million barrels to 442 million barrels, a decline of 0.75%. US commercial crude oil inventory excluding strategic reserves for the week ending May 22 was at its lowest since the week of February 27, 2026. US EIA Strategic Petroleum Reserve inventory for the week ending May 22 was at its lowest since the week of April 12, 2024. (Jin10 Data APP)

This week, ferrous metals rose and then pulled back, moving sideways overall, with coking coal and coke experiencing a more notable pullback. In the first half of the week, market rumors suggested that a thermal coal supply assurance meeting would be held on Friday, which, combined with the sharp pullback on the raw material side driven by industrial capital fleeing, led to an overall pullback in ferrous metals. In the second half of the week, Trump's visit to China and trade negotiations proceeded simultaneously, but futures had already priced this in earlier, with no significant fluctuations. When the five major steel product data were released, supply showed some divergence, demand generally increased, and inventory destocking was strong. Spot market side, spot prices were held relatively firm, market transactions were mostly at low prices, and when the spot-futures price spread widened, basis traders were seen making shipments...

SMM May 11 News: Metals market: As of the midday close, domestic market base metals mostly rose. SHFE copper was up 1.01%, SHFE aluminum up 0.86%, SHFE lead edged down slightly, SHFE zinc fell 0.6%, SHFE tin was up 0.38%, and SHFE nickel up 0.86%. In addition, the most-traded casting aluminum futures rose 1.09%, the most-traded alumina contract fell 0.81%, the most-traded lithium carbonate contract rose 3.1%, the most-traded silicon metal contract rose 1.66%, and the most-traded polysilicon futures fell 2.8%. Ferrous metals mostly rose. Iron ore was up 0.86%, rebar up 0.52%, hot-rolled coil up 0.46%, and stainless steel down 0.07%. Coking coal and coke: the most-traded coking coal contract rose 0.85%, and the most-traded coke contract rose 1.65%. Overseas market base metals, as of 11:46, LME metals were nearly all up. LME copper rose 0.59%, LME aluminum up 0.67%, LME zinc down 0.31%, LME lead edged up slightly, LME tin up 1.16%, and LME nickel up 1.29%. Precious metals, as of 11:46, COMEX gold fell 0.77% and COMEX silver rose 0.66%. Domestic market precious metals: the most-traded SHFE gold contract fell 0.96%, and the most-traded SHFE silver contract rose 0.68%. In addition, as of the midday close, the most-traded platinum futures rose 0.14%, and the most-traded palladium futures fell 0.62%. As of the midday close, the most-traded Europe containerized freight index contract rose 5.07% to 2,474.5 points. As of 11:46 on May 11, midday futures quotes for selected contracts: Spot and Fundamentals Lead: An SMM survey showed that in April, refined lead supply from secondary lead enterprises edged up MoM, mainly driven by production resumptions at previously idled enterprises and restocking of raw materials to boost output... Macro Front China: [NBS: April CPI Up 1.2% YoY, PPI Up 2.8% YoY, PPI Growth Expanded] NBS data showed that in April 2026, the national consumer price index rose 1.2% YoY. Among them, urban areas were up 1.2% and rural areas up 1.0%; food prices fell 1.6%, while non-food prices rose 1.8%; consumer goods prices rose 1.4%, and services prices rose 0.9%. On average from January to April, the national CPI was up 0.9% YoY. In April, the national CPI rose 0.3% MoM. Among them, urban areas were up 0.3% and rural areas up 0.1%; food prices fell 1.6%, while non-food prices rose 0.7%; consumer goods prices rose 0.1%, and services prices rose 0.5%. In April 2026, national industrial producer ex-factory prices rose 2.8% YoY and 1.7% MoM. Industrial producer purchase prices rose 3.5% YoY and 2.1% MoM. For the January–April average, industrial producer ex-factory prices were up 0.2% from the same period last year, and industrial producer purchase prices were up 0.5%. Dong Lijuan, Chief Statistician of the Urban Division of the National Bureau of Statistics (NBS), interpreted the April 2026 CPI and PPI data. The main characteristics of PPI MoM movements this month were as follows: First, international input factors drove up prices in China's petroleum-related industries. Rising international crude oil prices drove up prices in domestic petroleum-related industries. Specifically, prices in the petroleum and natural gas extraction industry rose 18.5% MoM, petroleum, coal, and other fuel processing industry prices rose 16.4%, chemical raw materials and chemical products manufacturing prices rose 8.3%, chemical fiber manufacturing prices rose 5.6%, and rubber and plastics products industry prices rose 1.7%. Second, increased demand in some domestic industries drove prices higher. Rapid growth in computing power demand and accelerated electrification pushed optical fiber manufacturing prices up 22.5% MoM, external storage devices and components prices up 3.2%, and non-ferrous metal smelting and rolling processing industry prices up 0.2%. Restocking demand for thermal coal was released, combined with increased non-power coal demand from chemical and metallurgical industries, driving coal mining and washing industry prices up 1.9%. Continued advancement of manufacturing equipment upgrades drove increased steel demand, pushing ferrous metals smelting and rolling processing industry prices up 0.6%. Third, competition order in the Chinese market continued to improve, with prices in related industries rising or declines narrowing. Efforts to address "involution-style" competition continued to show results, with lithium-ion battery manufacturing prices up 1.6% MoM, new energy vehicle manufacturing prices down 0.1%, with the decline narrowing by 0.7 percentage points from the previous month. The PBOC conducted 500 million yuan in 7-day reverse repo operations today. As no reverse repos matured today, a net injection of 500 million yuan was achieved. US dollar: As of 11:46, the US dollar index was up 0.24% at 98.08. Data from the US Department of Labor showed that US April non-farm payrolls added 115,000 jobs, far exceeding expectations, thanks to strong corporate earnings and enterprises' effective response to supply chain disruptions triggered by the Iran war. The unemployment rate held steady at 4.3%, in line with economists' expectations. From trade to immigration to tax policy, changes across various fronts posed challenges for enterprises, but most did not resort to large-scale layoffs. At the same time, enterprises appeared to take various intertwined headwinds in stride. Robust consumer demand meant that despite news of high-profile layoffs at well-known companies, low hiring was often accompanied by relatively low levels of layoffs. Data from the Department of Labor and human resources firm ADP earlier this week showed that the job market was stabilizing. Strong hiring in healthcare and social assistance also underpinned overall employment figures. US equities at or near record highs boosted confidence among corporate CEOs. The full impact of the conflict with Iran and the resulting rise in energy prices had yet to manifest in the labour market. Rising US oil prices had put greater pressure on lower-income households, which could dampen travel and services spending, in turn dragging on hiring in sectors such as retail and leisure. The impact of higher oil prices was particularly severe for airlines. However, these effects had yet to show up clearly in monthly employment data. According to the CME "Fed Watch": the probability of the US Fed holding rates unchanged through June was 93.8%, with a 6.2% probability of a cumulative 25 basis point interest rate cut. The probability of the US Fed holding rates unchanged through July was 88.8%, with a 10.8% probability of a cumulative 25 basis point cut and a 0.3% probability of a cumulative 50 basis point cut. (Jin10 Data) Goldman Sachs expects the US Fed to cut interest rates by 25 basis points each in December 2026 and March 2027, compared with its previous forecast of cuts in September and December this year. A CITIC Securities research report noted that US nonfarm payrolls in April 2026 came in above expectations, while the unemployment rate of 4.3% was in line with expectations. We believe April data better reflected the current state of the US job market than the previous two months: first, one-off factors diminished in April; second, the enterprise response rate was higher in April; and third, the Birth-death model impact was the smallest among the last four data releases. Demand side, the US labour market in April exhibited overall resilience with marginally increasing layoff pressure. Supply side, the labour force participation rate and employment-population ratio declined, but the prime-age (25–54) participation rate remained stable, suggesting it was not a large-scale exit of core labour force but rather aging and retirement factors dragging down the overall participation rate. Regarding US Fed monetary policy, we maintain our previous view: after Waller takes over, if the Iran situation eases and oil prices pull back, driving inflation expectations lower, the base case for H2 is one interest rate cut of 25 bps. Other currencies: Bearish yen positions decreased significantly after Japanese authorities intervened to support the yen, highlighting how official action curbed this crowded trade. According to data from the US Commodity Futures Trading Commission (CFTC), leveraged funds reduced their net short positions on the yen in the week ending May 5. Currently, their net short position in the Japanese yen stood at 61,340 contracts, valued at approximately $4.9 billion, hitting the lowest level in nearly a month. Meanwhile, asset management firms also cut 13,839 short contracts, bringing their open interest down to 10,653 contracts. "Given the intervention risk and strong official warnings, chasing yen shorts near the 160 level has become unattractive," said Stefan Rittner, Senior Portfolio Manager at Allianz Global Investors. He held a neutral stance on the USD/JPY exchange rate. However, he noted that "despite the yen's already cheap valuation, persistent structural headwinds limit the scope for a sustained rebound"; moreover, further intervention risks are expected to rise once the USD/JPY rate approaches its previous highs again. (Jin10 Data) On the macro front: Data to be released today include US April existing home sales annualized total and China's April M2 money supply year-on-year. In addition, attention should be paid to: US Treasury Secretary Bessent's visit to Japan, where he will meet with the Japanese Prime Minister, the central bank governor, and the Finance Minister. Crude oil: As of 11:46, oil prices in both markets surged significantly, with WTI up 4.65% and Brent up 4.17%. Renewed tensions between the US and Iran supported oil prices. According to Xinhua News Agency, US President Trump posted on social media on May 10, expressing dissatisfaction with Iran's response, calling it "completely unacceptable." This statement cast a shadow over the already fragile Middle East ceasefire situation. Oil prices jumped sharply after the news broke. (Wallstreetcn) Data from shipping intelligence firm Kpler showed that two more fully loaded crude oil tankers switched off their trackers while passing through the Strait of Hormuz last week to evade Iranian attacks. Data indicated that the very large crude carrier "Basrah Energy" loaded 2 million barrels of Upper Zakum crude oil from ADNOC's Zirku terminal on May 1 and passed through the Strait of Hormuz on May 6. The vessel discharged its cargo at the Fujairah tanker terminal on May 11. It remained unclear which company chartered the tanker owned and managed by shipping company Sinokor. ADNOC and its buyers had recently dispatched tankers through the Strait of Hormuz on multiple occasions to transport crude oil, in response to the issue of stranded oil in the Persian Gulf caused by Middle East conflicts. Another very large crude carrier, Kiara M, switched off its transponder and departed the Persian Gulf on Sunday, carrying 2 million barrels of Iraqi crude oil. The discharge destination of this San Marino-flagged tanker remained unclear. (Jin Shi Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

Data from the National Bureau of Statistics (NBS) showed that in April 2026, the national consumer prices rose 1.2% YoY. Specifically, urban areas rose 1.2% and rural areas rose 1.0%; food prices fell 1.6%, while non-food prices rose 1.8%; consumer goods prices rose 1.4%, and service prices rose 0.9%. On average from January to April, national consumer prices rose 0.9% compared with the same period last year. In April, national consumer prices rose 0.3% MoM. Specifically, urban areas rose 0.3% and rural areas rose 0.1%; food prices fell 1.6%, while non-food prices rose 0.7%; consumer goods prices rose 0.1%, and service prices rose 0.5%. In April 2026, ex-factory prices of industrial producers rose 2.8% YoY and 1.7% MoM. Purchase prices of industrial producers rose 3.5% YoY and 2.1% MoM. On average from January to April, ex-factory prices of industrial producers rose 0.2% compared with the same period last year, and purchase prices of industrial producers rose 0.5%. Consumer Prices Rose 1.2% YoY in April 2026 In April 2026, national consumer prices rose 1.2% YoY. Specifically, urban areas rose 1.2% and rural areas rose 1.0%; food prices fell 1.6%, while non-food prices rose 1.8%; consumer goods prices rose 1.4%, and service prices rose 0.9%. On average from January to April, national consumer prices rose 0.9% compared with the same period last year. In April, national consumer prices rose 0.3% MoM. Specifically, urban areas rose 0.3% and rural areas rose 0.1%; food prices fell 1.6%, while non-food prices rose 0.7%; consumer goods prices rose 0.1%, and service prices rose 0.5%. I. YoY Changes in Prices of Various Categories of Goods and Services In April, prices of food, tobacco, alcohol, and dining out fell 0.8% YoY, dragging down the CPI by approximately 0.24 percentage points. Among food items, livestock meat prices fell 6.7%, dragging down the CPI by approximately 0.28 percentage points, of which pork prices fell 15.2%, dragging down the CPI by approximately 0.29 percentage points; fresh fruit prices fell 1.0%, dragging down the CPI by approximately 0.02 percentage points; fresh vegetable prices fell 0.5%, dragging down the CPI by approximately 0.01 percentage points; aquatic product prices rose 1.3%, pushing up the CPI by approximately 0.02 percentage points. Among the other seven major categories, six saw YoY increases and one saw a decline. Specifically, prices of other supplies and services, transportation and communication, and healthcare rose 11.0%, 4.6%, and 2.2%, respectively; prices of clothing, household goods and services, and education, culture, and entertainment rose 1.5%, 1.4%, and 1.3%, respectively; housing prices fell 0.2%. II. MoM Changes in Prices of Various Categories of Goods and Services In April, prices of food, tobacco, alcohol, and dining out fell 1.0% MoM, dragging down CPI by approximately 0.28 percentage points. Among food items, fresh vegetable prices fell 6.4%, dragging down CPI by approximately 0.11 percentage points; livestock meat prices fell 2.7%, dragging down CPI by approximately 0.11 percentage points, of which pork prices fell 5.7%, dragging down CPI by approximately 0.10 percentage points; fresh fruit prices fell 2.3%, dragging down CPI by approximately 0.05 percentage points; aquatic product prices fell 1.2%, dragging down CPI by approximately 0.02 percentage points; egg prices rose 2.7%, pushing up CPI by approximately 0.01 percentage points. Among the other seven major categories, prices rose in three, remained flat in one, and fell in three on a MoM basis. Specifically, prices of transportation and communication, education, culture and recreation, and healthcare rose 3.5%, 0.5%, and 0.3%, respectively; prices of household goods and services remained flat; prices of other goods and services, clothing, and housing fell 0.5%, 0.3%, and 0.1%, respectively. Industrial Producer Ex-factory Prices Up 2.8% YoY and Up 1.7% MoM in April 2026 In April 2026, national industrial producer ex-factory prices rose 2.8% YoY and 1.7% MoM. Industrial producer purchase prices rose 3.5% YoY and 2.1% MoM. For the January–April average, industrial producer ex-factory prices rose 0.2% compared with the same period last year, and industrial producer purchase prices rose 0.5%. I. YoY Changes in Industrial Producer Prices In April, among industrial producer ex-factory prices, prices of production materials rose 3.8%, pushing up the overall industrial producer ex-factory price level by approximately 2.98 percentage points. Specifically, prices of extractive industries rose 10.6%, raw material industries rose 7.1%, and processing industries rose 1.5%. Prices of consumer goods fell 1.0%, dragging down the overall industrial producer ex-factory price level by approximately 0.23 percentage points. Specifically, food prices fell 1.9%, clothing and general daily necessities prices both fell 1.1%, and durable consumer goods prices fell 0.3%. Among industrial producer purchase prices, prices of non-ferrous metal materials and wire rose 21.3%, chemical raw materials rose 5.9%, fuel and power rose 4.4%, and textile raw materials rose 1.0%; prices of building materials and non-metallic minerals fell 5.1%, agricultural by-products fell 2.1%, and ferrous metals materials fell 0.9%. II. MoM Changes in Industrial Producer Prices In April, among industrial producer ex-factory prices, prices of producer goods rose 2.1%, contributing approximately 1.68 percentage points to the overall increase in industrial producer ex-factory prices. Specifically, prices of extractive industries rose 5.7%, raw material industries rose 4.9%, and processing industries rose 0.4%. Prices of consumer goods fell 0.1%, dragging down the overall industrial producer ex-factory price level by approximately 0.02 percentage points. Specifically, food prices fell 0.4%, clothing prices fell 0.1%, and prices of both general daily necessities and durable consumer goods rose 0.1%. Among industrial producer purchase prices, prices of chemical raw materials rose 7.3%, fuel and power rose 6.3%, textile raw materials rose 1.3%, ferrous metals rose 0.6%, and agricultural by-products rose 0.3%; prices of building materials and non-metallic minerals fell 1.0%, and non-ferrous metals and wires fell 0.1%. April 2026: CPI Mildly Rebounded, PPI Growth Expanded — Interpretation of April 2026 CPI and PPI Data by Dong Lijuan, Chief Statistician of the Urban Division, National Bureau of Statistics (NBS) In April, influenced by changes in international crude oil prices and increased travel demand during holidays, the Consumer Price Index (CPI) rose 0.3% MoM and 1.2% YoY. Core CPI, excluding food and energy prices, rose 1.2% YoY, maintaining a mild rebound. Influenced by the rapid rise in international commodity prices, increased demand in some domestic industries, and continuous optimization of market competition order, the Producer Price Index (PPI) rose 1.7% MoM and 2.8% YoY, with growth rates expanding from the previous month. I. CPI Mildly Rebounded On a MoM basis, the national CPI shifted from a 0.7% decline in the previous month to a 0.3% increase, 0.4 percentage points above the seasonal level, mainly driven by rising energy and travel service prices. Affected by fluctuations in international crude oil prices, China's energy prices rose 5.7%, with the increase expanding 0.9 percentage points from the previous month, contributing approximately 0.39 percentage points to the MoM CPI increase. Among them, gasoline prices rose 12.6%. Service prices shifted from a 1.1% decline in the previous month to a 0.5% increase, 0.2 percentage points above the seasonal level, contributing approximately 0.22 percentage points to the MoM CPI increase. Specifically, driven by the Qingming Festival holiday, Labour Day holiday, and spring breaks in some regions, travel service demand increased significantly, with prices of airfares, vehicle rentals, travel agency fees, and hotel accommodation rising 29.2%, 8.6%, 4.5%, and 3.9% respectively, all exceeding seasonal levels. These four items combined contributed approximately 0.17 percentage points to the MoM CPI increase; medical service prices rose 0.6%, contributing approximately 0.04 percentage points to the MoM CPI increase. Food prices fell 1.6%, with the decline narrowing by 1.1 percentage points from the previous month, dragging CPI down by approximately 0.28 percentage points MoM. Within food, as the weather warmed up, large quantities of fresh vegetables and fresh fruits came to market, with prices falling 6.4% and 2.3% respectively; pork and aquatic products were in ample supply, with prices falling 5.7% and 1.2% respectively. These four items combined dragged CPI down by approximately 0.28 percentage points MoM. Egg prices rose 3.4%, contributing approximately 0.01 percentage points to MoM CPI growth. Excluding energy, industrial consumer goods prices fell 0.2%, remaining largely stable. On a YoY basis, the national CPI rose 1.2%, with the increase expanding by 0.2 percentage points from the previous month. Industrial consumer goods prices rose 3.5% this month, with the increase expanding by 1.3 percentage points from the previous month, contributing approximately 1.06 percentage points to YoY CPI growth. Within industrial consumer goods, affected by fluctuations in international commodity prices, China's gasoline and gold jewellery prices saw significant changes. Specifically, gasoline price growth expanded to 19.3%, contributing approximately 0.56 percentage points to YoY CPI growth; gold jewellery price growth pulled back to 46.9%, contributing approximately 0.2 percentage points to YoY CPI growth; household appliances and clothing prices rose 2.6% and 1.6% respectively, together contributing approximately 0.11 percentage points to YoY CPI growth. Services prices rose 0.9%, with the increase expanding by 0.1 percentage points from the previous month, contributing approximately 0.44 percentage points to YoY CPI growth. Within services, prices of basic public service items remained generally stable, with medical services and education services prices rising 3.4% and 0.5% respectively, together contributing approximately 0.25 percentage points to YoY CPI growth; travel services price growth expanded somewhat, rising 3.7% this month, contributing approximately 0.13 percentage points to YoY CPI growth; labour services prices edged up, with pet services, dining out, domestic services, and vehicle repair and maintenance prices rising between 1.1% and 1.4%, together contributing approximately 0.1 percentage points to YoY CPI growth. Food prices shifted from a 0.3% increase in the previous month to a 1.6% decline. Within food, pork prices fell 15.2%, with the decline expanding by 3.7 percentage points from the previous month, dragging YoY CPI down by approximately 0.29 percentage points; fresh vegetables and fresh fruits prices fell 0.5% and 1.0% respectively; beef, mutton, aquatic products, and egg prices all rose, with increases ranging between 1.0% and 6.2%. II. PPI Growth Expanded On a MoM basis, the national PPI rose 1.7%, with the increase expanding by 0.7 percentage points from the previous month. The main characteristics of PPI MoM movements this month were: first, international imported factors drove up prices in China's petroleum-related industries. Rising international crude oil prices drove up prices in China's petroleum-related industries. Specifically, prices in the petroleum and natural gas extraction industry rose 18.5% MoM, the petroleum, coal, and other fuel processing industry rose 16.4%, the chemical raw materials and chemical products manufacturing industry rose 8.3%, the chemical fiber manufacturing industry rose 5.6%, and the rubber and plastics products industry rose 1.7%. Second, increased demand in some domestic industries drove prices up. Rapid growth in computing power demand and accelerated electrification drove optical fiber manufacturing prices up 22.5% MoM, external storage devices and components prices up 3.2%, and non-ferrous metal smelting and rolling processing industry prices up 0.2%; thermal coal restocking demand was released, combined with increased non-power coal demand from chemical and metallurgical industries, driving coal mining and washing industry prices up 1.9%; continued advancement of manufacturing equipment upgrades drove increased steel demand, with ferrous metals smelting and rolling processing industry prices up 0.6%. Third, the competitive order in the Chinese market continued to improve, with related industry prices rising or declines narrowing. The in-depth rectification of involution-style competition continued to show results, with lithium-ion battery manufacturing prices up 1.6% MoM, new energy vehicle manufacturing prices down 0.1%, with the decline narrowing by 0.7 percentage points from the previous month. On a YoY basis, the national PPI rose 2.8%, with the increase expanding by 2.3 percentage points from the previous month. Among the major industries with price increases, non-ferrous metal ore mining and dressing rose 38.9%, non-ferrous metal smelting and rolling processing rose 22.5%, together contributing approximately 1.58 percentage points to the YoY PPI increase; petroleum and natural gas extraction rose 28.6%, petroleum, coal, and other fuel processing rose 14.2%, chemical raw materials and chemical products manufacturing rose 8.9%, together contributing approximately 1.5 percentage points to the YoY PPI increase; electrical machinery and equipment manufacturing rose 3.6%, computer, communication, and other electronic equipment manufacturing rose 1.5%, together contributing approximately 0.46 percentage points to the YoY PPI increase. Among the major industries with price declines, non-metallic mineral products fell 5.5%, electricity and heat production and supply fell 4.2%, automobile manufacturing fell 2.0%, and ferrous metals smelting and rolling processing fell 1.1%, together contributing approximately 0.75 percentage points to the YoY PPI decline.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Enhancement of Strategic Attributes** The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of the revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 , Changsha, Hunan , 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Jiangsu Soho Zhongtian Holdings Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click to register now, and together witness and participate in this extraordinary and far-reaching industry event, co-creating a brilliant new chapter! Jiangsu Soho Zhongtian Holdings Co., Ltd. ("Soho Zhongtian") was established in 1973. It is a member enterprise of Jiangsu Soho Holdings Group, a state-owned foreign trade group in Jiangsu Province. After more than 50 years of development, it has become an internationalized enterprise primarily engaged in trade and was among the first batch of pilot enterprises for integrated domestic and foreign trade in Jiangsu Province. The company's predecessor, "China National Textiles Import & Export Corporation Jiangsu Branch," was founded on December 10, 1973, and was one of the earliest provincial-level specialized import and export companies established in Jiangsu. In December 1988, it was renamed Jiangsu Provincial Textiles Import & Export (Group) Corporation. In 1994, it was restructured into a joint-stock enterprise and renamed Jiangsu Provincial Textiles Import & Export Group Co., Ltd. In July 2023, in accordance with the arrangements of the Jiangsu Provincial Party Committee and Provincial Government for the reorganization and integration of provincial-level traders in Jiangsu, the Company joined the new Suhao Holdings Group. In 2025, it was renamed Jiangsu Suhao Zhongtian Holdings Co., Ltd. The Company is committed to serving both international and domestic markets, deeply cultivating fields such as metals and minerals, textiles and apparel, pulp and paper, oil, gas and chemicals, and technology equipment. Focusing on enhancing core functions and improving core competitiveness, the Company builds leading supply chains, extends industry chains, and expands product chains. Its business spans over 100 countries and regions worldwide, presenting a sound development pattern characterized by "professional operations, standardized management, strict risk control, and resource sharing." The metals and minerals business focuses on supply chain operations, primarily dealing in non-ferrous metals, ferrous metals, and energy minerals. By deeply integrating industry resources, the Company has established long-term partnerships with international suppliers externally, while precisely targeting client needs internally and providing customised services, earning consistent recognition from clients in and outside China. In the non-ferrous metals segment, the Company actively responds to the national "dual circulation of domestic and foreign trade" development strategy, serving both international and domestic markets, with a focus on enhancing core functions and improving core competitiveness to build leading supply chains, extend industry chains, and expand product chains. Externally, the Company closely follows the national resource security strategy, continuously optimizes global resource allocation, actively participates in the "Belt and Road" Initiative, and constantly expands diversified import channels to ensure supply chain security and stability. It has established trade ties with 67 countries worldwide and strategically positioned various strategic mineral resources. Internally, the Company has established strategic partnerships with leading smelters, primarily dealing in tin, copper, zinc, lead, indium, germanium, bismuth and other non-ferrous metal raw materials and finished products, deepening supply chain collaboration, precisely targeting client needs, providing customised services, and continuously driving the enhancement of industry chain value. The technology equipment business is based in the Yangtze River Delta, serving the entire nation, and provides full-chain services including tender, letters of credit, customs declaration, and financing. It serves advanced intelligent manufacturing industries such as new energy, new materials, new-type textiles, sheets & plates processing, slaughtering and breeding, filling, and ecological environmental protection. The electronic products business covers areas including hardware distribution, direct sales to major clients, and information security services, and has established in-depth partnerships with well-known brands such as Lenovo and Huawei. The Company has maintained the title of "Jiangsu Provincial Civilized Entity" for 12 consecutive sessions spanning 29 years. In 2011, it was awarded the title of "National Civilized Entity," and in 2015, it retained this honorary title after review. The Company is a customs AEO advanced certified enterprise. The "JSTEX" brand has been consecutively recognized as a "Key International Brand Cultivated and Developed in Jiangsu Province." The Company has successively obtained international certifications including FSC, OCS, GRS, BCI, OEKO-100, and EUROPEAN FLAX, with its brand recognition and market influence continuously expanding. The company upholds the corporate culture of "Integrity and Sincerity, Encompassing All," follows the management philosophy of "Balancing Enterprise Development with Social Responsibility," strives to foster a cultural atmosphere of "Happy Zhongtian," and consistently serves clients and creates value with an attitude of "integrity," "pragmatism," "professionalism," and "efficiency." [Business Development Vision] Anchored in the goal of becoming a world-class metal and mineral service provider, we are committed to building a mutually beneficial industrial ecosystem and an internationally competitive value system. Through our business layout of "resource supply + industrial synergy + global circulation," we provide clients with full-chain services to ensure the security and stability of the supply chain. [Global Business Architecture] Leveraging the dual-circulation development strategy linking China and international markets, we have built a global industrial network: Upstream Resource End: We have established long-term, stable partnerships with major international resource companies, expanding our presence in resource-rich regions including Africa, Oceania, Asia, North America, and South America. Midstream Processing End: Working closely with leading smelting and energy enterprises in China, we have long-term cooperative clients across the Northwest, Southwest, Southeast, and Northern regions, building a mutually beneficial industrial ecosystem cluster. Downstream Application End: We continue to strengthen our presence in the deep processing sector, complementing end-user clients in infrastructure, power, and transportation, as well as high-end industries such as automobile manufacturing and new energy equipment. [Core Product Matrix] Non-ferrous metals: lead, zinc, copper, tin, etc. Ferrous metals: iron, manganese, chromium, etc. Energy minerals: thermal coal, coke, etc. [Strategic Partners] The company has established long-term cooperation with numerous international mining giants, earned consistent recognition from leading enterprises along China's industry chain, and continues to provide high-quality full-chain supply chain synergy services to clients in and outside China. Contact Information Li Bo 13577173555 Xu Linzi 17687034335 Press and hold to scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

Coal prices rallied to $138 per ton in early March 2026, a 15-month high, following an Iranian drone strike on Qatar's main LNG export hub. The rare shutdown of 20% of global LNG supply has forced Asian economies, including Taiwan, to switch to coal-fired power generation, tightening the global thermal coal market.