[SMM Aluminum Morning Meeting Minutes: Aluminum Ingot Inventory Buildup Pressure Rises, Aluminum Prices Mainly Under Pressure] In summary, amid the impact of previous macro headwinds, a large amount of capital took profits and exited the market, leading to a pullback in aluminum prices and a decrease in open interest. However, as precious metals did not show further signs of decline, aluminum prices stabilized accordingly. In the short term, aluminum prices are expected to consolidate with volatility.

In the days following the US President's decision to double the import tariffs on steel and aluminum from 25% to 50%, non-ferrous metal market participants expressed various concerns about fundamental changes at an industry event held from June 2 to 5.

1 day until the conference Conference Name: 2025 SMM 2nd Global Recycled Metals Industry Summit Forum Conference Time: June 12-13, 2025 Conference Venue: Hyatt Regency Bangkok Suvarnabhumi, Bangkok, Thailand Industry leaders such as Japan's Koji Industry, SVOLT Energy Technology, Thailand's Ministry of Industry, MNMA, Material Recycling Association of India (MRAI), JCC International, Hunan Rich New Environmental Technology Co., Ltd., and Yixin International have gathered to jointly explore new trends, technologies, and policies in the development of the recycled metals industry! Currently, the recycling of renewable resources faces challenges such as low recycling and utilization rates, low levels of industrial organization and standardization, low overall technological capabilities, and a lack of comprehensive industry development plans and policy guidance. Especially in the current context of increasingly scarce resources and the intensifying global climate crisis, the innovation of recycling and sorting technologies for secondary copper and aluminum scrap yards is of undeniable and growing urgency. This is primarily reflected in multiple critical aspects, including resource security, environmental protection, economic benefits, industrial upgrading, and addressing international competition. Meanwhile, against the backdrop of global economic integration, green barriers in international trade are on the rise. Many countries and regions are imposing increasingly stringent environmental requirements on imported products and setting clear standards and norms for the recycling and utilization of renewable resources. For instance, the Carbon Border Adjustment Mechanism (CBAM) implemented by the European Union imposes additional carbon tariffs on high-carbon-emission products, which will have a certain impact on the exports of traditional high-energy-consuming products such as copper and aluminum. So, how can we break through in recycling and sorting technologies to promote the sustainable development of the recycled metals industry and even the entire renewable resource recycling sector? In this regard, during the 2025 SMM 2nd Global Recycled Metals Industry Summit Forum to be held by SMM in Thailand from June 12-13, 2025 , Zhou Bo, Executive Vice President of SMM Information & Technology Co., Ltd. , will serve as the moderator, and Liang Jiali, Deputy General Manager of Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd., Li Zhiqiang, General Manager of Henan Recycling Technology Co., Ltd., Ye Hangyu, Director of the Foreign Trade Department of Hefei Anjinglong Electronics Co., Ltd., and Sun Bolin, Sales Director of Liaoning Pinuo Environmental Protection Technology Co., Ltd. will participate as guest speakers in a roundtable discussion on the topic of "Secondary Copper and Aluminum Scrap Yards: Innovating Recycling and Sorting Technologies to Pave the Way for Green Carbon Reduction in the Industry" Moderator & Guest Speakers Confirmed Guest Speakers Conference Agenda June 12: Main Agenda 01 9:00 AM - 12:00 PM Company Visit ERIGHT METALS CO., LTD. 02 10:00-12:00 Registration 03 10:00-12:00 Free Networking 04 12:00-13:00 Buffet Lunch 05 13:30-13:45 Opening Remarks Guest Speaker: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance 06 13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Guest Speaker: Dr. Somthai Wongcharoen Secretary General, ASEAN Institution of Recycling (AIR) 07 14:00-14:20 Strengthening International Exchanges to Promote New Green Development of China's Non-Ferrous Recycled Metals Guest Speaker: Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance 08 14:20-15:10 Roundtable Forum: Interviews with Top Entrepreneurs in the Recycled Metal Industry 1. Future Trends in Recycled Raw Material Supply Based on the Development of Thailand's Industry Chain 2. Investment Risks in Southeast Asia's Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Under Geopolitical Influences Moderator: Li Shilong, President of China Renewable Resources Industry Technology Innovation Alliance Guest Speakers: Zhou Xiangchun, General Manager of Da Zheng Da Ji Metal (Thailand) Co., Ltd. Qin Xinghong, Chairman of P.C. WOOD PRODUCTS CO., LTD. Zhang Junbing, Global Sourcing Director of Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director of Thai-China Nonferrous Metals International Co., Ltd. 09 15:10-15:25 Tea Break 10 15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by the ESG Background Guest Speaker: Xie Xiaoying, Director of Sustainability Business, Shanghai Lvran Environmental Information Technology Co., Ltd. 11 15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Cui Suoye, Director of Non-Ferrous Consulting, SMM Information & Technology Co., Ltd. 12 16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Treasurer and Executive Committee Member of the Middle East Recycling Bureau 13 16:20-17:10 Roundtable Forum: Exploring the Global Recycled Metal Market: In-Depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. Guest Speaker: Kittipot Thanalertlap, Metalcom Ltd. General Manager Sanjeev Phadke, Head of Recycling Division, Middle East, and Member of the Executive Committee WENCESLAO MANZ, Director, DIMEXA HOLDINGS PTE. LTD. Tan Tian, Doctor Scrap (Doctor of Recycling), General Manager 14 18:30-20:00 Award Ceremony Dinner - Awards for High-Quality Material Yards, Trustworthy Traders, and Outstanding Equipment Enterprises June 13, Sub-forum ·Battery Forum· 01 09:00-09:25 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the EV Industry in the Next Five Years Guest Speaker: Dusit, Advisor to the Chairman, Ministry of Industry, Thailand 02 09:25-10:15 Roundtable Discussion: Southeast Asia's Battery Resource Market: Supply Chain Dynamics Moderator: Cui Suoye, Director of Non-Ferrous Consulting, SMM Information & Technology Co., Ltd. Guest Speakers: Chen Wenkai, Chairman, Malaysia Non-Ferrous Metals Association Sujin Kim, Global Business Development Director, BatX Energies Zhao Bin, President, Thai-Chinese Rayong Industrial Zone Wu Xiaoyun, Chairman, Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance; Shen Juan, Purchasing Director, Jingjiu Group 03 10:15-10:40 Current Status and Path to Transformation of Southeast Asia's Waste Lead-Acid Battery Market Guest Speaker: Wu Xiaoyun, Chairman, Beijing-Tianjin-Hebei Lead-Acid Battery Industry Alliance 04 10:40-11:00 Tea Break 05 12:00-13:00 Improving the Battery Recycling System Driven by the Market Growth of EVs in Southeast Asia Guest Speaker: Luo Tieying, President, Jinchi Industrial Park 06 11:25-11:50 Exploring Africa: Sustainable Expansion and Opportunities for Raw Material Investment Guest Speaker: Yousef Al Sharif, Manager, Sharif Metals Group 07 12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum· 01 14:00-14:20 New Dynamics in Global Supply and Demand for Recycled Copper and Aluminum from a North American Perspective Guest Speaker: Robin Wiener, President, Recycled Materials Association 02 14:20-14:40 SMM Serves the Global Recycled Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of Recycling Conference, SMM Information & Technology Co., Ltd. 03 14:40-15:00 Global Supply-Demand Pattern of Recycled Metals from an Indian Perspective Guest Speaker: Amar Singh, Secretary General, India Recycling Bureau 04 15:00-15:20 Building a New Metal Hub in Cambodia-China: Inviting You to Co-Establish an Overseas Demonstration Industrial Park for Recycled Non-Ferrous Metal Processing Guest Speaker: Cao Zhuo, General Manager of International Business, Americas Region, Cambodia-China Metal Materials Industrial Park 05 15:00-15:20 Tea Break 06 15:20-16:20 Roundtable Discussion: Recycled Copper and Aluminum Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green and Low-Carbon Industry Development Moderator: Zhou Bo, Executive Vice President, SMM Information & Technology Co., Ltd. Guest Speakers: Liang Jiali, Deputy General Manager, Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Li Zhiqiang, General Manager, Henan Recycling Technology Co., Ltd. Ye Yuhang, Director of Foreign Trade Department, Hefei Anjinglong Electronics Co., Ltd. Sun Bolin, Sales Director, Liaoning Pinuo Environmental Protection Technology Co., Ltd. List of Participating Companies

[Indonesia Conference | SMM: Changes and Outlook of Global Coal Trade Flows] At the 2025 Indonesia Mining Conference & Critical Metals Conference - Coal Session, Dong Huanhuan, Senior Consultant of SMM, shared insights on "Changes and Outlook of Global Coal Trade Flows". She pointed out that after reaching a record high in 2024, global coal production is expected to decline. In the future, coal demand will still be concentrated in Asian countries. The improvement of railway transport capacity will drive the future transportation and supply of Mongolian coal to countries such as China and India.

6 Days to the Conference Conference Name: 2025 SMM 2nd Global Secondary Metals Industry Summit Date: 2025.06.12-13 Venue: Hyatt Regency Bangkok Suvarnabhumi, Thailand Industry leaders including Japan Kosei Industries, SVOLT Energy Technology, Thailand Ministry of Industry, MNMA, Material Recycling Association of India, JCC International, Ruiyi Resources & Environment, and Yixin International will gather to explore new trends, technologies, and policies in the secondary metals industry! Against the backdrop of global cooperation to address climate change, green and low-carbon collaboration has become an inevitable choice for the international community. In recent years, China has introduced policies encouraging secondary metals enterprises to "go global," with an increasingly improved market environment accelerating domestic companies' global expansion and active exploration of overseas markets. The "go global era" has become an indispensable force in promoting the green, low-carbon, and international development of China's nonferrous metals industry. With the introduction of favorable policies such as the Carbon Peaking Implementation Plan for the Nonferrous Metals Industry, the 14th Five-Year Plan for the Raw Materials Industry, the Carbon Peaking Implementation Plan for the Industrial Sector, and the Measures to Promote Stable Growth of Foreign Trade, secondary metals enterprises have emerged under a model involving overseas resource recycling, processing into standardized secondary metal raw materials for import to China, and direct service to local downstream users, achieving continuous breakthroughs. Chinese secondary metals enterprises, riding the policy momentum, are accelerating overseas expansion, bringing new capacity, employment, and tax revenue to host countries. Hundreds of companies have acquired scrap yards or established sorting bases in Southeast Asia, Europe, and Japan and South Korea. Due to their wide application in automotive, home appliance, telecommunications, construction, and aerospace sectors, these enterprises are becoming practitioners of the dual-circulation development path integrating domestic and overseas markets. Industry sources revealed that China's secondary nonferrous metals production reached 19.15 million mt in 2024, ranking first globally for 15 consecutive years. The physical content of imported secondary copper and aluminum raw materials exceeded 4 million mt, accounting for 23% of total raw material supply, down 1.7 percentage points from 2023. A supply structure has largely formed, dominated by domestic recycling with imports as a key supplement. For instance, the number of countries and regions exporting secondary aluminum raw materials to China increased to 95 (up by 6 from 2023), with 22 (up by 4) exceeding 10,000 mt. According to industry forecasts, China's recycled metal industry is expected to exceed 500 billion yuan by 2025 and reach a trillion-yuan market by 2030, with an annual compound growth rate exceeding 15%. Meanwhile, with the recovery of the global economy and the rise of emerging markets, regional recycled metal markets exhibit unique development trends. India , leveraging its vast population and rapid industrialization, demonstrates strong market demand, yet faces constraints in sustainable development due to an incomplete recycling system, lack of quality control, and high energy costs. The Middle East , benefiting from its strategic location and abundant resources, has become a key hub for global recycled metal trade. However, challenges such as heavy reliance on external demand, geopolitical tensions, and lagging local recycling technologies significantly hinder innovation and competitiveness. Europe , with its robust environmental regulations and advanced technology, leads in high-quality recycled metal development. Nevertheless, it struggles with high recycling costs, raw material shortages, import dependence, and inconsistent recycling standards among member states. Southeast Asia , driven by manufacturing growth and favorable policies, continues to unlock market potential but faces obstacles like insufficient capacity, compliance risks, and regional trade barriers. Thus, a thorough analysis of these regional markets' strengths and challenges not only helps industry players grasp global dynamics but also provides strategic insights for business planning. In this context, SMM will host the 2025 SMM 2nd Global Recycled Metal Industry Chain Summit in Thailand on June 12-13, 2025. The summit will convene associations, top-tier enterprises, research institutions, experts, and policymakers through three forums , focusing on key topics such as global recycled metal industry trends and challenges, interviews with top-tier recycled metal entrepreneurs, and changes in the global recycled metal supply-demand pattern . Discussions will include interpretations of global recycled metal trade policies , exploring new trends, technologies, and policies in the industry. A dedicated 1-on-1 meeting system will facilitate business negotiations, creating an international platform for collaboration, resource sharing, and innovation. The event will also feature high-quality scrap yard resource matchmaking, an industry awards banquet, and face-to-face exchanges with industry leaders , contributing to the development of a global resource recycling system and advancing the transition to a green economy. List of Participating Enterprises (Continuously Updated...) For the complete list, please contact the editor. Confirmed Guest Speakers (Continuously Updated...) Conference Agenda Overview June 12th - Main Agenda 01 9:00-12:00 Enterprise Visits 02 10:00-12:00 Registration 03 10:00-12:00 Free Networking 04 12:00-13:00 Buffet Lunch 05 13:30-13:45 Opening Remarks Guest Speaker: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. Li Shilong, President of China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 06 13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Recycled Metal Industry Guest Speaker: Dr. Somthai Wongcharoen Secretary General of ASEAN Institution of Recycling (AIR) 07 14:00-14:20 Strengthening International Exchanges to Promote Green Development of China's Non-Ferrous Recycled Metal Industry Guest Speaker: Li Shilong, President of China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 08 14:20-15:10 Roundtable Discussion: Interviews with Top Entrepreneurs in the Recycled Metal Industry 1. Future Trends in Recycled Raw Material Supply Based on Thailand's Industry Chain Development 2. Investment Risks in Southeast Asia's Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Amid Geopolitical Changes Moderator: Li Shilong, President of China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) Guest Speakers: Zhou Xiangchun, General Manager of Da Zheng Da Ji Metal (Thailand) Co., Ltd. Qin Xinghong, Chairman of P.C. WOOD PRODUCTS CO., LTD. Zhang Junbing, Global Sourcing Director of Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director of Thai-China Non-Ferrous Metals International Co., Ltd. 09 15:10-15:25 Tea Break 10 15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by the ESG Background Guest Speaker: Xie Xiaoying, Director of Sustainability Business at Shanghai Lvran Environmental Information Technology Co., Ltd. 11 15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Cui Suoye, Non-Ferrous Consulting Director of SMM Information & Technology Co., Ltd. 12 16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Treasurer and Executive Committee Member of the Middle East Recycling Bureau 13 16:20-17:10 Roundtable Discussion: Exploring the Global Recycled Metal Market: In-Depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Fan Xin, Chairman of SMM Information & Technology Co., Ltd. Guest Speaker: Kittipot Thanalertlap, Metalcom Ltd. General Manager Sanjeev Phadke, Middle East Recycling Bureau, Head of Finance and Member of the Executive Committee WENCESLAO MANZ, DIMEXA HOLDINGS PTE. LTD., Director Tan Tian, Doctor Scrap, General Manager 14 18:30-20:00 Award Banquet - Awards for High-Quality Material Yards, Trustworthy Traders, and Outstanding Equipment Enterprises June 13 Sub-forum ·Battery Forum· 01 09:00-09:25 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the EV Industry in the Next Five Years Guest Speaker: Dusit, Chairman Advisor, Ministry of Industry, Thailand 02 09:25-10:15 Roundtable Discussion: Southeast Asia's Battery Resource Market: Supply Chain Dynamics Moderator: Cui Suoye, Director of Non-Ferrous Consulting, SMM Information & Technology Co., Ltd. Guest Speakers: Chen Wenkai, Chairman, Malaysian Non-Ferrous Metals Association Sujin Kim, Global Business Development Director, BatX Energies Zhao Bin, President, Thai-Chinese Rayong Industrial Zone Wu Xiaoyun, Chairman, Japan Gaoxing Industrial Co., Ltd. Shen Juan, Purchasing Director, Jingjiu Group 03 10:15-10:40 Current Status and Path to Transformation of Southeast Asia's Waste Lead-Acid Battery Market Guest Speaker: Wu Xiaoyun, Chairman, Japan Gaoxing Industrial Co., Ltd. 04 10:40-11:00 Tea Break 05 12:00-13:00 Improving the Battery Recycling System Driven by the Market Growth of EVs in Southeast Asia Guest Speaker: Luo Tieying, President, Jinchi Industrial Park 06 11:25-11:50 Exploring Africa: Sustainable Expansion and Opportunities for Raw Material Investment Guest Speaker: Yousef Al Sharif, Manager, Sharif Metals Group 07 12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum· 01 14:00-14:20 New Dynamics in Global Supply and Demand of Recycled Copper and Aluminum from a North American Perspective Guest Speaker: Robin Wiener, President, Recycled Materials Association 02 14:20-14:40 SMM Serving the Global Recycled Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of the Recycling Association, SMM Information & Technology Co., Ltd. 03 14:40-15:00 Global Supply-Demand Pattern of Recycled Metals from an Indian Perspective Guest Speaker: Amar Singh, Secretary General, Indian Recycling Bureau 04 15:00-15:20 Building a New Cambodia-China Metal Hub - Inviting You to Co-Establish an Overseas Demonstration Industrial Park for Recycled Non-Ferrous Metal Processing Guest Speaker: Cao Zhuo, General Manager of International Business for the Americas, Cambodia-China Metal Materials Industrial Park 05 15:00-15:20 Tea Break 06 15:20-16:20 Roundtable Discussion: Recycled Copper and Aluminum Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green and Low-Carbon Industry Development Moderator: Zhou Bo, Executive Vice President, SMM Information & Technology Co., Ltd. Guest Speakers: Liang Jiali, Deputy General Manager, Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Li Zhiqiang, General Manager, Henan Recycling Technology Co., Ltd. Ye Hangyu, Director of Foreign Trade Department, Hefei Anjinglong Electronics Co., Ltd.

As the world places increasing emphasis on the sustainable use of resources and environmental protection, the status of the secondary metal market within the global metal industry has become increasingly prominent.

[SMM Analysis] It cannot be ignored that the shortage of copper concentrates has gradually been transmitted to copper cathode. In the first half of 2024, there were continuous reports of production cuts and even shutdowns at overseas smelters. This indicates that despite the launch of new smelting and refining projects in the second half of the year (H2), the global supply of copper cathode will not ease.

In recent years, Southeast Asia has emerged as a globally significant hub for the distribution and processing of recycled resources. Concurrently, with the deepening internationalization of industries such as NEVs, to expand overseas resources and enhance global competitiveness, processing enterprises in the secondary copper and aluminum sectors as well as the battery industry have increasingly chosen to establish factories in Thailand and other Southeast Asian countries. So, what are the investment risks in Southeast Asia's secondary metal industry? Thailand's NEV industry has developed rapidly, creating new demand growth points for the secondary metal industry. According to relevant data, Thailand processes over 1 million mt of aluminum scrap and copper scrap annually, with its processing capacity and trade scale being second to none in Southeast Asia. What is the future trend of recycled raw material supply in Thailand's industry chain? In recent years, frequent global geopolitical conflicts, from the wave of mine nationalization in South America to the supply chain restructuring triggered by the Russia-Ukraine conflict, from the scramble for resources in Africa to the escalation of trade barriers in Europe and the U.S., the secondary metal industry is undergoing an unprecedented reshaping of the international trade landscape. So, what are the international trade flows and consumption trends in the secondary metal industry under geopolitical tensions? In this context, on June 12-13, 2025 , SMM will hold the 2025 SMM 2nd Global Secondary Metal Industry Chain Summit Forum in Thailand , inviting Shilong Li, President of the China Innovation Alliance of the Recycled Resources Industry as the moderator, along with Xiangchun Zhou, General Manager of Dazheng Daji Metal (Thailand) Co., Ltd. , Xinghong Qin, General Manager of P.C. WOOD PRODUCTS CO.,LTD , Junbing Zhang, Global Procurement Director of Hailiang Group , and Qingcheng Liu, Deputy General Manager and Director of Thailand-China Nonferrous Metals International Co., Ltd. as guest speakers to participate in the top-tier enterprise interview on secondary metals, jointly discussing: 1. Future trends of recycled raw material supply based on Thailand's industry chain development 2. Investment risks in Southeast Asia's secondary metal industry 3. International trade flows and consumption trends in the secondary metal industry under geopolitical tensions Moderator & Guest Speakers Confirmed Guest Speakers Conference Agenda June 12 Main Agenda ·9:00-12:00 Company Visits ·10:00-12:00 Registration ·10:00-12:00 Networking ·12:00-13:00 Buffet Lunch ·13:30-13:45 Opening Remarks Guest Speakers: Xin Fan, Chairman of SMM Information & Technology Co., Ltd. Shilong Li, President of the China Innovation Alliance of the Recycled Resources Industry ·13:45-14:00 Green Transformation and Sustainable Development Prospects of Thailand's Secondary Metal Industry Guest Speaker: Dr. Somthai Wongcharoen, Secretary General of ASEAN Institution of Recycling (AIR) ·14:00-14:20 Strengthening International Exchange to Promote Green Development of China's Nonferrous Secondary Metals Guest Speaker (Pending): Shilong Li, President of the China Innovation Alliance of the Recycled Resources Industry ·14:20-15:10 Roundtable Forum: Top-Tier Enterprise Interview on Secondary Metals 1. Future Trends in Recycled Raw Material Supply Based on Thailand's Industry Chain Development 2. Investment Risks in Southeast Asia's Recycled Metal Industry 3. International Trade Flows and Consumption Trends in the Recycled Metal Industry Amid Geopolitical Changes Moderator: Li Shilong, President, China Alliance of Technological Innovation in Renewable Resources Industry Guest Speakers: Zhou Xiangchun, General Manager, Daizheng Daji Metal (Thailand) Co., Ltd. Kittipot Thanalertlap, Vice President, Metalcom Ltd. Zhang Junbing, Global Procurement Director, Hailiang Group Co., Ltd. Liu Qingcheng, Deputy General Manager and Director, Thai-China Nonferrous Metals International Co., Ltd. ·15:10-15:25 Tea Break ·15:25-15:40 The Path to Global Recycled Metal Industry Development Driven by ESG Background Guest Speaker (Pending): Xie Xiaoying, Director of Sustainable Development Business, Shanghai Lvran Environmental Information Technology Co., Ltd. ·15:40-16:00 Changes in the Global Supply-Demand Pattern of the Recycled Metal Industry Guest Speaker: Cui Suoye, Director of Nonferrous Consulting, SMM Information & Technology Co., Ltd. ·16:00-16:20 Global Recycled Metal Industry Development Trends and Challenges from a Middle Eastern Perspective Guest Speaker: Sanjeev Phadke, Treasurer and Executive Committee Member, Middle East Recycling Bureau ·16:20-17:10 Roundtable Discussion: Exploring the Global Recycled Metal Market: An In-depth Analysis of Strengths and Challenges in India, the Middle East, Europe, and Southeast Asia Moderator: Fan Xin, Chairman, SMM Information & Technology Co., Ltd. Guest Speakers: Kittipot Thanalertlap, General Manager, Metalcom Ltd. Sanjeev Phadke, Treasurer and Executive Committee Member, Middle East Recycling Bureau WENCESLAO MANZ, Director, DIMEXA HOLDINGS PTE. LTD. Tan Tian, General Manager, Doctor Scrap ·18:30-20:00 Award Ceremony Dinner Award Ceremony Dinner - Awards for High-Quality Material Yards, Trustworthy Traders, and Outstanding Equipment Enterprises June 13 Sub-forum ·Battery Forum· ·9:00-9:25 Strategic Layout of Thailand's Battery Recycling Industry: A Blueprint for the Development of the EV Industry in the Next Five Years Guest Speaker: Dusit, Chairman's Advisor, Ministry of Industry, Thailand ·9:25-10:15 Roundtable Discussion: Southeast Asia's Battery Resource Market: Supply Chain Dynamics Moderator: Fan Xin, Chairman, SMM Information & Technology Co., Ltd. Guest Speakers: Chen Wenkai, Chairman, Malaysia Nonferrous Metals Association Sujin Kim, Global Business Development Director, BatX Energies Zhao Bin, President, Thai-Chinese Rayong Industrial Zone Wu Xiaoyun, Chairman, Japan Koji Industrial Co., Ltd. Shen Juan, Procurement Director, Jingjiu Group ·10:15-10:40 Current Status and Transformation Path of Southeast Asia's Waste Lead-Acid Battery Market Guest Speaker: Wu Xiaoyun, Chairman, Japan Koji Industrial Co., Ltd. ·10:40-11:00 Tea Break ·11:00-11:25 Improving the Battery Recycling System Brought by the Market Growth of Two-Wheeled EVs in Southeast Asia Guest Speaker: Luo Tieying, President, Jinchi Industrial Park ·11:25-11:50 Exploring Africa: Opportunities for Sustainable Expansion and Raw Material Investment Guest Speaker: Yousef Al Sharif, Manager, Sharif Metals Group ·12:00-13:30 Buffet Lunch ·Copper and Aluminum Forum· ·14:00-14:20 New Dynamics in Global Recycled Copper and Aluminum Supply and Demand from a North American Perspective Guest Speaker: Robin Wiener, President, Recycled Materials Association ·14:20-14:40 SMM Serving the Global Recycled Copper and Aluminum Metal Market Guest Speaker: Zhang Xiaoyao, Project Leader of the Recycling Association, SMM Information & Technology Co., Ltd. ·14:40-15:00 Global Recycled Metal Supply-Demand Pattern Development from an Indian Perspective Guest Speaker: Amar Singh, Secretary General, India Recycling Bureau ·15:00-15:20 Building a New Cambodia-China Metal Hub - Inviting You to Co-establish an Overseas Demonstration Industrial Park for Recycled Nonferrous Metal Processing Guest Speaker: Cao Zhuo, General Manager of International Business in the Americas, Cambodia-China Metal Materials Industrial Park ·15:00-15:20 Tea Break ·15:20-16:20 Roundtable Discussion: Recycled Copper and Aluminum Yards: Innovative Recycling and Sorting Technologies Paving the Way for Green Carbon Reduction in the Industry Moderator: Zhou Bo, Executive Vice President, SMM Information & Technology Co., Ltd. Guest Speakers: Liang Jiali, Deputy General Manager, Foshan Lvtian Environmental Protection Machinery Equipment Co., Ltd. Li Zhiqiang, General Manager, Henan Recycling Technology Co., Ltd. Ye Hangyu, Director of Foreign Trade Department, Hefei Anjinglong Electronics Co., Ltd. List of Participating Companies

On the 28th local time, OPEC+ held an online meeting. Early this morning, according to the latest news from Bloomberg, based on the statement released after the meeting, OPEC+ has agreed to use the 2025 oil production level as the benchmark for 2027. Meanwhile, OPEC+ will authorize the OPEC Secretariat to develop a mechanism to assess the maximum sustainable production capacity of participating countries, which will serve as a reference for the 2027 production benchmark. The next Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC+ will be held on November 30th. OPEC+ will also hold another round of negotiations this Saturday, when it may decide whether to increase production in July. Representatives said that the eight OPEC+ member countries attending the meeting on Saturday may agree to increase daily production by 411,000 barrels in July, in line with the production increases in May and June. In addition, according to CCTV News, on the 28th local time, US President Trump stated that he had warned Israel to refrain from attacking Iran for the time being, so that the US government could have more time to promote a new nuclear agreement with Iran. Trump said he believed that Iran wanted to reach an agreement, which would "save many lives," and that the agreement could be reached "within the next few weeks." Trump also expressed his desire to bring inspectors to Iran. Overnight and into the early morning, international oil prices continued to rise. WTI crude oil futures rose by 2.5% to $62.41 per barrel, while Brent crude oil futures rose by 2% to $64.85 per barrel. At the close, WTI crude oil futures closed up 1.56% at $61.84 per barrel. Brent crude oil futures closed up 1.26% at $64.90 per barrel. US Fed releases minutes of May interest rate-setting meeting According to CCTV News, on May 28th local time, the US Fed released the minutes of the Federal Open Market Committee's meeting held from May 6th to 7th. The minutes showed that the Fed agreed to maintain the target range for the federal funds rate between 4.25% and 4.5%. Participants unanimously agreed that when considering the magnitude and timing of further adjustments to the target range for the federal funds rate, the Committee would carefully assess subsequent data, the changing economic outlook, and the balance of risks. The minutes stated that when assessing the appropriate stance of monetary policy, the Committee would continue to monitor the impact of future information on the economic outlook. Participants said that the assessment would take into account a wide range of information, including labour market conditions, inflationary pressures and inflation expectations, as well as financial and international developments. The Committee assessed that uncertainty regarding the economic outlook had further increased. Participants pointed out that if inflation persists while the outlook for economic growth and employment weakens, the Committee may face difficult trade-offs. The final magnitude of adjustments to government policies and their impact on the economy remain highly uncertain. Against this backdrop, all participants agreed that it was appropriate to maintain the target range for the federal funds rate at 4.25% to 4.5%. When considering the outlook for monetary policy, participants unanimously believed that, given the continued resilience of economic growth and the labour market, the Committee was well-positioned to wait for greater clarity on the outlook for inflation and economic activity. It was appropriate to adopt a cautious approach until the net economic effects of a series of government policy adjustments became clearer. Glencore makes significant purchases of Russian copper on the LME On Tuesday, Bloomberg reported market news that over the past three trading days, the London Metal Exchange (LME) Rotterdam warehouse had received delivery requests for approximately 15,000 mt of copper, leading to a significant decline in LME copper inventories. The report stated that Glencore, a global commodity giant, was the main trader behind these cargo pick-up applications and was planning to ship the copper to China. Notably, a substantial amount of Russian copper was involved in the transactions. It is understood that since the full-scale outbreak of the Russia-Ukraine conflict in 2022, escalating sanctions imposed by Europe and the US on Russia have led to a continuous accumulation of Russian copper inventories on the LME. In April 2024, the US and the UK announced new trading restrictions on Russian aluminum, copper, and nickel, including prohibiting the LME and the Chicago Mercantile Exchange (CME) from accepting newly produced Russian metals, while allowing eligible metal inventories. What are the implications? "After the US and the UK imposed sanctions on Russian copper in April 2024, Russian copper accounted for over 50% of the copper inventories in LME European warehouses, while China became one of the major export destinations for Russian copper following the sanctions," Zhang Weixin, a non-ferrous metals researcher at China Securities Futures, told reporters. After Russia and Ukraine resumed negotiations and proposed a ceasefire framework in May this year, Glencore may be betting on a relaxation of US and UK sanctions on Russia. Against the backdrop of warming spot demand in China, high premiums for imported copper, and the potential easing of US and UK sanctions on Russia, if Glencore resumes trading in Russian copper, it is expected to alleviate the "copper shortage" situation in the market. The reporter learned that in March this year, US copper prices surged to $11,633/mt, with a premium over LME copper reaching as high as $1,570/mt. Gu Fengda, chief analyst at Guosen Futures, stated that the high premium for US copper directly spurred a frenzy of "trans-oceanic arbitrage" and attracted a continuous influx of global spot copper into the US, further exacerbating the supply-demand mismatch across regions. Currently, the premium for US copper over LME copper stands at $683/mt, still significantly higher than the historical average for the same period. "With the favorable performance of copper fundamentals and the flow of some spot copper to the US, expectations of tight copper supply in markets outside the US continue to grow, which is also an important reason for Glencore's significant purchases of Russian copper this time."As spot liquidity tightens, LME copper's term structure may remain strong," said Xianfei Ji, a nonferrous metals researcher at Guotai Junan Futures. Data shows that since late April, LME copper inventories have continued to decline. This week, the destocking pace of LME copper inventories accelerated further, currently pulling back to 154,300 mt, hitting new periodic lows. Meanwhile, LME copper registered warrant quantities declined in tandem, now retreating to 83,125 mt. Cancelled warrants stood at 71,175 mt, with the ratio of cancelled warrants at 46.13%, remaining at elevated levels. Domestically, Weixin Zhang noted that due to the US "Section 232 investigation" on critical minerals, global commodity trading giants have diverted copper originally destined for Asia to the US, even relabeling Chilean Antofagasta copper ingots with US standards. This caused delays or cancellations of China's imported copper long-term contracts scheduled for April and May arrivals, driving up spot copper premiums in China and creating tight spot supply conditions. "Glencore's potential import activities could help alleviate China's copper supply tightness," said Yunfei Wang, head of the investment consulting department at ShanJin Futures. Currently, global copper cathode inventories are at median historical levels, while domestic copper inventories remain at historic lows. From price spread performance, the US copper premium over LME copper remains high, but with intensified price volatility, market divergence is gradually emerging. Policy-wise, after the US "reciprocal tariff" policy implementation was postponed, the market expected accelerated US copper scrap exports and increased raw material supply. However, domestic TC prices show no signs of raw material supply improvement yet. Inventory-wise, as of the week ending May 28, the US copper inventory buildup trend paused, while domestic social inventory also showed stabilization signs. Overall, Wang believes the US copper "arbitrage wave" may reverse at some point, creating downside potential for copper prices, though no reversal signals have appeared yet. Ji noted investors should closely monitor whether Trump will impose 25% additional tariffs on imported copper. If tariff hike expectations keep getting priced in, it may sustain high price spreads between US and LME copper, with South American and other regional supplies continuously diverted to the US, leaving other regions persistently undersupplied. "Short-term, under current spread structures, changed global copper trade flows seem only a matter of time," Wang stated. Medium and long-term, the copper market's focus remains on copper ore supply conditions and demand outlook.

The World Trade Organization (WTO) warned in its latest "Global Trade Outlook and Statistics" report released on Wednesday that due to the impact of the Trump administration's tariff policies in the US, the global trade growth rate for this year is expected to sharply decline into contraction, with the potential to fall into a deeper abyss. The WTO stated that, affected by the "Trump tariffs," the growth rate of global merchandise trade volume in 2025 could drop from the previous long-term growth level of nearly 3% directly to -0.2%. Among the regions, North America is the hardest hit, with both import and export trade volumes expected to decline by nearly 10%, including a 12.6% drop in export trade volume and a 9.6% decrease in import trade volume. (Source: WTO) The report warned that this projection is based on the current scenario where "reciprocal tariffs" are partially delayed, and certain goods like consumer electronics have received partial tariff exemptions. If the US reimposes these tariffs, the "reciprocal tariffs" alone would reduce global merchandise trade volume by 0.6% in 2025, and the spread of trade policy uncertainty could lead to a further reduction of 0.8%, resulting in a combined 1.5% decline in global merchandise trade in 2025. Ralph Ossa, the WTO's chief economist, stated: "Our simulations show that trade policy uncertainty has a significant dampening effect on trade flows, leading to reduced exports and weakened economic activity. Additionally, tariffs as a policy tool have broad impacts and often bring unintended consequences. In the current context of escalating trade tensions, it is more important than ever to rationally consider these trade-offs." It is worth noting that after implementing reckless tariff policies, the Trump administration has frequently issued contradictory statements, further exacerbating the risk of a global economic slowdown. The WTO warned that trade policy uncertainty could dampen business confidence, reduce commercial investment, and thereby harm economic growth. Ultimately, the ability of businesses to cope with uncertainty will largely determine whether the positive macroeconomic momentum emerging in 2024 can translate into sustained global trade growth in the coming years. Before Trump took office, global trade performed strongly in 2024, with merchandise trade volume growing by 2.9% and commercial services trade increasing by 6.8%. According to forecasts, assuming the Trump administration does not further disrupt the global trade landscape, the global merchandise trade growth rate in 2026 is expected to rebound to 2.5%. However, given the current situation, it is difficult to predict what the global trade landscape will look like next year. The WTO also warned that although services trade is not directly affected by tariffs, it could still be impacted by the weakness in merchandise trade. Broader uncertainties could also suppress spending on travel and investment-related services. In the latest report, the WTO expects global commercial services trade to grow by 4% in 2025 and 4.1% in 2026, both below the previous baseline forecasts of 5.1% and 4.8%.