As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.

SMM Morning Meeting Minutes: On Friday night last week, LME copper opened at $12,871.5/mt. After fluctuating rangebound in early trading, it dipped to $12,805.5/mt, then the center rose to a high of $12,927.5/mt, and finally closed at $12,869/mt, up 0.08%. Trading volume fell by 3,517 lots from the previous trading day to 24,000 lots; open interest increased by 2,377 lots from the previous trading day to 308,000 lots, mainly reflecting bulls adding positions overall. On Friday night last week, the most-traded SHFE copper 2604 contract opened at 100,250 yuan/mt. It bottomed at 100,180 yuan/mt in early trading, then the center rose to a high of 100,820 yuan/mt, and finally closed at 100,250 yuan/mt while fluctuating rangebound, down 0.53%. Trading volume fell by 58,000 lots from the previous trading day to 69,000 lots; open interest increased by 1,229 lots from the previous trading day to 197,000 lots, mainly reflecting bears adding positions overall.

Trend Chart of Panzhihua 20# Titanium Ore Prices from 2021 to May 2025 Note: Prices are ex-factory prices excluding tax Trend Chart of Domestic Titanium Slag Prices from 2021 to May 2025 Trend Chart of Domestic Sponge Titanium/Titanium Plate Prices from 2021 to May 2025 Data Source: China Nonferrous Metals Industry Association, Titanium Zirconium Hafnium Vanadium Branch Review of Domestic Price Trends In May, the domestic titanium ore market showed a trend of first suppression and then recovery, with overall stable but weak performance. This was particularly evident in the Panxi region. In early May, due to the continuous decline in downstream titanium dioxide prices and a drop in operating rates, market demand weakened, leading to a panic-induced price drop. Among them, medium and small miners lowered their quotations by about 100 yuan/mt, while the price of medium-grade ore fell by around 130 yuan/mt, and large mines also reduced their prices by 100 yuan~150 yuan/mt. In late May, as some downstream enterprises resumed production, the demand for titanium ore rebounded slightly, and market confidence gradually recovered, with some medium and small miners in the Panxi region raising their quotations slightly. In May, some imported titanium ore prices were also relatively weak. Affected by the decline in some domestic titanium ore and downstream product prices, there was significant pressure on the sales of imported titanium ore, with some transactions stalling, and imported ore prices saw slight adjustments. At month-end, Mozambique titanium ore prices stood at $370/mt, while Nigerian titanium ore ex-factory prices including tax ranged from 2,050 yuan~2,150 yuan/mt. The market was in a stalemate, with downstream buyers generally adopting a wait-and-see attitude. In May, the titanium slag market exhibited a pattern of "weak and depressed acid slag, high titanium slag under pressure but relatively stable." Downstream enterprises did not conduct centralized tender purchases in May, and high titanium slag prices continued to follow the April market transaction prices. Although raw material costs pulled back slightly recently, high titanium slag producers still operated at a loss, showing low enthusiasm for production, with most enterprises cutting or halting production. The acid slag market had low production activity, with relatively small output, and some enterprises experienced inventory accumulation. Acid slag plants in Yunnan were basically shut down, while those in Panzhihua only maintained production for their own downstream factories. A few acid slag plants in north China maintained minimal production, resulting in a significant reduction in overall supply. In May, domestic sponge titanium prices stabilized at a relatively high level. At the beginning of May, grade one sponge titanium prices stabilized at 50,000 yuan/mt with bulk transactions. Some producers attempted to raise their quotations, and others increased the prices of aerospace-grade sponge titanium products. Due to the relatively stable supply of aerospace-grade sponge titanium and favorable downstream demand, its prices rose smoothly. The main users of grade one sponge titanium were in the industrial sector, with limited capacity to absorb higher prices. After the price reached 50,000 yuan/mt, downstream enterprises were unwilling to accept any further increases. In May, the titanium dioxide (TiO₂) market continued its downward price trend, with declines ranging from 300 yuan/mt to 500 yuan/mt, and market quotes were relatively chaotic. At the beginning of May, under the dual pressures of weak end-use demand and high inventory levels, enterprises successively lowered their new order quotes. The listing prices of leading enterprises were reduced by 500 yuan/mt, triggering a chain reaction of price reductions in the market. Enterprises were constrained by both the market downturn and cost pressures, resulting in high inventory levels. To alleviate inventory pressure, nearly half of the enterprises chose to halt or cut production, leading to a significant decline in the market's operating rate. However, the contraction rate of the supply side significantly lagged behind the decline in demand, and the market's oversupply contradiction was not effectively alleviated. Outlook In June, the titanium ore market will continue to face a severe situation. As the market enters the traditional off-season, there is little prospect of significant improvement in demand for downstream products in the short term, and titanium ore prices for small and medium-sized miners will continue to be under pressure. In terms of imported titanium ore, due to significant shipping pressure, it is expected that some domestic miners will have room to lower their imported ore prices. In June, the titanium slag market will remain challenging. Although the high-titanium slag market has some cost support, if there is no significant improvement in demand, prices will continue to be under pressure. In June, the tender prices of large northern plants fell by 300 yuan/mt, leading to widespread losses and production halts among titanium slag plants, further suppressing their willingness to resume production, and the operating rate will remain low. Given the lack of improvement in downstream demand, the acid slag market is expected to continue in a weak and sluggish state, with prices potentially declining further. It is expected that in the short term, the price of titanium sponge will continue to maintain a phased high level. Currently, titanium sponge enterprises are cautious about increasing production, and the overall market supply and demand situation is relatively stable. Since March, titanium sponge prices have gradually increased, and the pressure for further price increases in the future will also intensify, with relatively limited upside room. In the second half of the year, if some new capacities are put into production, titanium sponge prices may once again face challenges. In the future, the titanium dioxide market may continue to operate in a weak state. On the demand side, it is difficult to achieve significant improvement due to the impact of the traditional off-season and blocked foreign trade. On the supply side, despite the decline in enterprises' operating rates, the oversupply situation is difficult to reverse in the short term. Supported by high costs, the downward room for titanium dioxide prices is limited. It is expected that in June, the market will continue to adopt a transaction mode of one order, one negotiation. Import Data Statistics In April, China's imports of titanium ore concentrates and middling ores were 419,000 mt, up 27.55% YoY and down 12.39% MoM. From January to April, China's imports of titanium ore were 1.776 million mt, up 18.13% YoY. In April, China's imports of titanium plates, sheets, and strips with a thickness of ≤0.8 mm were 221.5 mt, up 27.97% YoY and 42.74% MoM. From January to April, China's imports of titanium plates, sheets, and strips with a thickness ≤0.8mm reached 480.6 mt, up 26.65% YoY. In April, China's imports of titanium plates, sheets, and strips with a thickness >0.8mm were 84.3 mt, down 38.08% YoY and 45.45% MoM. From January to April, China's imports of titanium plates, sheets, and strips with a thickness >0.8mm were 380.2 mt, down 21% YoY. In April, China's imports of titanium pipes were 29.3 mt, down 43.84% YoY and 13.3% MoM. From January to April, China's imports of titanium pipes were 72.1 mt, down 58.28% YoY. In April, China's imports of other unwrought titanium were 21.3 mt, up 58.04% YoY and 25.39% MoM. From January to April, China's imports of other unwrought titanium were 91.8 mt, up 166.97% YoY. In April, China's imports of titanium bars, rods, sections, and profiles were 1,868.9 mt, up 1,698.03% YoY and 206.81% MoM. From January to April, China's imports of titanium bars, rods, sections, and profiles were 3,505.7 mt, up 347.89% YoY. In April, China's imports of titanium wires were 13.8 mt, down 63.35% YoY and 56.6% MoM. From January to April, China's imports of titanium wires were 75.6 mt, down 16.51% YoY. In April, China's imports of other wrought titanium and titanium products were 51.2 mt, down 38.67% YoY and up 4.68% MoM. From January to April, China's imports of other wrought titanium and titanium products were 174.7 mt, down 27.99% YoY. In April, China's imports of titanium dioxide were 6,600 mt, down 2.71% YoY and 20.44% MoM. From January to April, China's imports of titanium dioxide were 27,400 mt, down 11.87% YoY. Export Data Statistics In April, China's exports of titanium sponge were 979.1 mt, up 436.47% YoY and 134.67% MoM. From January to April, China's exports of titanium sponge were 2,474.5 mt, up 90.05% YoY. In April, China's exports of titanium plates, sheets, and strips with a thickness ≤0.8mm were 163.4 mt, up 105.6% YoY and 16.67% MoM. From January to April, China's exports of titanium plates, sheets, and strips with a thickness ≤0.8mm were 450.7 mt, up 4.75% YoY. In April, China's exports of titanium plates, sheets, and strips with a thickness >0.8mm were 496 mt, down 61.32% YoY and 24.8% MoM. From January to April, China's exports of titanium plates, sheets, and strips with a thickness >0.8mm reached 2,273.3 mt, down 40.36% YoY. In April, China's exports of titanium pipes amounted to 276 mt, up 11.69% YoY and 27.38% MoM. From January to April, China's exports of titanium pipes totaled 973.5 mt, down 1.39% YoY. In April, China's exports of other unwrought titanium amounted to 49.3 mt, down 77.34% YoY and up 20.38% MoM. From January to April, China's exports of other unwrought titanium totaled 262 mt, down 56.8% YoY. In April, China's exports of titanium bars, rods, profiles, and special shapes amounted to 529 mt, down 38.5% YoY and 52.73% MoM. From January to April, China's exports of titanium bars, rods, profiles, and special shapes totaled 3,111 mt, up 4.43% YoY. In April, China's exports of titanium wire amounted to 239.6 mt, up 79.94% YoY and 131.38% MoM. From January to April, China's exports of titanium wire totaled 545.4 mt, up 1.38% YoY. In April, China's exports of other wrought titanium and titanium products amounted to 482.9 mt, up 42.01% YoY and 5.03% MoM. From January to April, China's exports of other wrought titanium and titanium products totaled 1,736.4 mt, up 22.09% YoY. In April, China's exports of titanium dioxide amounted to 148,000 mt, down 5.96% YoY and 20% MoM. From January to April, China's exports of titanium dioxide totaled 649,000 mt, up 0.32% YoY. Zirconium Market Analysis In April, China's imports of zircon sand amounted to 21.78 mt, up 25.71% YoY and 7.72% MoM. From January to April, China's imports of zircon sand totaled 845,000 mt, up 31.39% YoY. In April, China's exports of zirconium oxychloride amounted to 5,883 mt, down 0.52% YoY and up 73.35% MoM. From January to April, China's exports of zirconium oxychloride totaled 15,497.3 mt, down 6.08% YoY. In April, China's exports of zirconium carbonate amounted to 1,333.8 mt, down 38.05% YoY and 27.67% MoM. From January to April, China's exports of zirconium carbonate totaled 5,833.9 mt, down 17.59% YoY. In May, the supply of zircon sand continued to increase, while end-use consumption showed no improvement, leading to a continued decline in domestic zircon sand prices. At the end of May, the price of imported 66% high-grade sand was approximately $1,850/mt, and the price of domestic 65% zircon sand was approximately 12,300 yuan/mt. In May, the real estate market remained sluggish, zircon sand prices continued to fall, enterprises faced significant inventory pressure, and the price of zirconium silicate continued to decline. At the month-end of May, the price of ordinary zirconium silicate was approximately 12,300 yuan/mt. In May, the mainstream quotations for zirconium oxychloride from leading enterprises ranged from 14,000 yuan/mt to 14,500 yuan/mt, with mainstream quotations around 14,000 yuan/mt. Some enterprises, eager to sell their products, offered prices lower than the mainstream prices.

As a critical material in fields such as aerospace, integrated circuits, and high-speed rail transportation, high-end copper alloys are increasingly gaining strategic importance. Despite China's copper semis production and consumption ranking first globally for consecutive years, with a self-sufficiency rate of 96% for general copper semis, high-end copper alloy products still heavily rely on imports. To address this "chokehold" challenge, SMM recently initiated an industry resource integration proposal, collaborating with upstream and downstream enterprises in the industry chain, as well as research institutions, to meticulously produce the "2026 China Copper Alloy Materials Sourcing Guide" , aiming to advance the localisation process of high-end copper alloy materials and facilitate the transition from a "major material producer" to a "leading material powerhouse." Jiangsu Xiongsheng New Material Co., Ltd., as a partner, actively participated in the joint production of the sourcing guide, jointly promoting the healthy and rapid upgrading of China's copper alloy materials industry chain. Jiangsu Xiongsheng New Material Co., Ltd. specializes in producing high-hardness, high-strength, high-wear-resistant, high-corrosion-resistant, high-conductivity, high-thermal-conductivity, and non-magnetic high-performance copper alloy materials, including beryllium bronze, beryllium cobalt copper, beryllium nickel copper, beryllium cobalt nickel, chromium zirconium copper, aluminum bronze, and high-conductivity copper alloys. The main grades are: C17200 beryllium copper, C17300 free-cutting beryllium copper, C17500 beryllium cobalt copper, C17510 beryllium nickel copper, C18150 chromium zirconium copper, 86300 aluminum bronze, and nickel chromium silicon copper. The company boasts over two decades of production experience and history. The company holds over 10 patents, has passed ISO9001 system certification, and possesses 105 sets of equipment, including vacuum melting furnaces, pneumatic forging hammers, and sawing machines, with an annual production capacity exceeding 2,000 mt. Through R&D and improvements in special processes such as melting, forging, heat treatment, and cold working, it has eliminated difficult-to-overcome defects like porosity, blowholes, and uneven thermal conductivity, enabling products to meet national and international industry standards! The products are mainly used in electrode blocks, electrode wheels, conductive nozzles, current pins, nozzles, rotating shaft sleeves, etc., for spot welding, seam welding machines, EV batteries, and robot assembly lines. They are widely applied in manufacturing large molds, ceramic sanitary ware, electronics, machinery, explosion-proof appliances, aerospace, shipping, oil exploration, NEVs, and other industries. Their high-hardness, high-strength, high-wear-resistant, high-corrosion-resistant, high-conductivity, high-thermal-conductivity, and non-magnetic properties are increasingly being applied to more industries and fields. Jiasheng Copper adheres to the industry philosophy of "integrity, pragmatism, and striving for excellence" and upholds the business principle of "quality first, customer supreme." We are willing to grow together with you! Contact Information: Manager Zhang 15853799595/13926800367 Click here to receive a free copy of the "2026 China Copper Alloy Materials Sourcing Guide" SMM Contact Person Lin Junfeng 183 2622 3112 linjunfeng@smm.cn

The investor relations record recently announced by Shenghe Resources shows the following: 1. What are the main considerations for the company's proposed further acquisition of Peak's equity? Shenghe Resources responded: The company adheres to rare earth business as its core, while also considering zirconium and titanium. It leverages both domestic and international resources and markets, with the vision of becoming a responsible international supplier of key raw materials. To further consolidate the company's resource base for development, optimize its global business layout, and promote the rapid implementation and development of the Ngualla rare earth mine project, through friendly consultations, Chenguang Rare Earth, a wholly-owned subsidiary of the company, has agreed with Peak and intends to sign a "Scheme Implementation Deed" with the main content being the acquisition of all ordinary shares issued by Peak to external parties. 2. What is the latest progress of the Peak acquisition project? Shenghe Resources responded: After the official disclosure of the project plan, the relevant internal teams of the company are accelerating the submission of project regulatory approval applications. The company will maintain close contact with all parties involved, respond promptly, and provide timely communication and feedback to steadily advance the implementation of this project. 3. How do you view the future development prospects of the industry? Shenghe Resources responded: The company's current main products include rare earths, zirconium, and titanium. Rare earths are important strategic mineral resources. Rare earth elements possess rich magnetic, optical, and electrical properties, and can be used in materials such as permanent magnets, catalysts, hydrogen storage, polishing, precision ceramics, fluorescence, lasers, and optical fibers. They have very wide applications in fields such as new energy, new materials, energy conservation and environmental protection, aerospace, military industry, and electronic information. With the global energy transition and the development of downstream industries such as intelligent electric vehicles and energy conservation and environmental protection, the market prospects for the rare earth industry are broad. Zirconium has excellent physical and chemical properties and is mainly applied in consumer sectors such as zirconium silicate, zirconium chemicals, fused zirconium, precision casting, and refractory materials. The demand for zirconium products in the high-end manufacturing industry is gradually increasing, with the demand for markets such as metallic zirconium, composite zirconium, and nuclear-grade sponge zirconium rising year by year. Titanium is the metal element with the lowest density among refractory metals, possessing the two major advantages of high specific strength and strong corrosion resistance. It has a wide range of applications in fields such as aerospace, military industry, marine engineering, medicine, chemical pigments, metallurgy, and electric power. 4. What is the current capacity utilization rate of the company? Shenghe Resources responded: The capacity utilization rates of the company's rare earth smelting and separation, as well as metal processing, remain at a high level. 5. What is the company's current overall operating performance? Shenghe Resources responded: The company continues to strengthen market tracking and analysis, and scientifically formulates and implements business strategies. Since the beginning of this year, the company has demonstrated strong overall profitability, with a significant increase in gross profit margin compared to the same period last year. Taking the rare earth metal processing segment as an example, the company's production costs and material ratios are at the leading level in the industry, with indicators such as production volume, qualification rate, and labor efficiency all showing substantial improvements compared to the same period last year. Shenghe Resources disclosed its 2025 Q1 report on April 30, showing that in the first quarter of this year, the company achieved a total operating revenue of 2.992 billion yuan, up 3.66% YoY; and a net profit attributable to shareholders of 168 million yuan, turning from a loss YoY. Regarding the reasons for the increase in net profit, Shenghe Resources explained: Compared to the same period last year, the prices of major rare earth products have rebounded significantly this year, leading to an increase in sales gross profit, along with the reversal of some inventory impairment losses. Shenghe Resources' 2024 annual report shows that in 2024, the company achieved a total operating revenue of 11.371 billion yuan, down 36.39% YoY; and a net profit attributable to shareholders of 207 million yuan, down 37.73% YoY. The main reason for the substantial decline in net profit attributable to shareholders of publicly listed firms compared to last year is that in 2024, the market prices of major rare earth products declined significantly YoY, and the market prices of zirconium-titanium products were in the doldrums, resulting in a decrease in the average selling price and sales gross profit of the company's major products compared to the same period last year, leading to a decrease in the company's profit for this reporting period compared to the same period last year. Regarding the reasons for the change in operating revenue, Shenghe Resources stated that it was mainly due to the impact of market conditions in 2024, which led to a significant decline in the selling prices of rare earth and zirconium-titanium products compared to the previous year. Meanwhile, the scale of the company's trading business also decreased compared to the previous year. Regarding the company's business plan, Shenghe Resources stated in its 2024 annual report that in 2025, the company will strive to leverage the synergies among its various business segments, fully utilize its mineral resource advantages, tap into potential, continuously improve production and operation efficiency, and enhance the company's development quality. In 2025, the company plans to achieve a total operating revenue of 15 billion yuan for the whole year. The above targets are only the company's planned arrangements, which are significantly influenced by market supply and demand, and there is uncertainty about whether they can be completed as scheduled. In 2025, the company will orderly advance the Leshan 15,000 mt/year polishing powder project, overseas rare earth and zirconium-titanium resource projects, as well as other investment projects of the company. Through new construction, technological transformation, quality improvement, and efficiency enhancement, the company will continuously enhance its market competitiveness. Minsheng Securities issued a research report commenting on Shenghe Resources on May 21, pointing out that the company announced that its wholly-owned subsidiary, Ganzhou Chenguang Rare Earth New Materials Co., Ltd., intends to acquire 100% of the equity of Peak Rare Earths Limited. Peak is an Australian publicly listed firm headquartered in Perth, Western Australia, and listed on the Australian Securities Exchange (code: PEK). Its core asset is the Ngualla rare earth mine project in Tanzania (with an equity interest of 84%). Basic Information on Ngualla Rare Earth Mine: The Ngualla rare earth mine is located near Ngwala village in the Song region of Tanzania, approximately 1,000 kilometers west of Dar es Salaam (the former capital) and 150 kilometers from the city of Mbeya (near the Zambian border). It is one of the world's largest, highest-grade, and lowest-cost rare earth deposits. Mine Benefit Analysis: Upon completion of the acquisition, the company will hold 100% equity in Peak and an 84% stake in the core asset, the Ngualla rare earth mine project. The transaction is expected to be completed in early October 2025, with a total acquisition cost of AUD 158 million (RMB 743 million). According to Peak's FEED study, the total capital expenditure for the Ngualla mine is estimated at USD 287 million, including USD 182 million in direct capital expenditure and USD 105 million in indirect capital expenditure. The Ngualla project has a lifespan of 24 years, with an expected average annual REO production of 16,200 mt. The mine's annual operating cost is USD 64 million, and the total operating cost, including transportation expenses, is USD 76.7 million. Based on an annual REO production of 16,200 mt, the unit REO cost is USD 4,735/mt. Ngualla demonstrates excellent financial robustness, with all-in sustaining costs (AISC) maintained at a low level. According to the company's analysis, even as rare earth prices rise from USD 60/kg to USD 120/kg, the increase in Ngualla's costs remains insignificant. Therefore, the project can generate favorable profits even when rare earth prices are low. The company has formed a relatively complete industry chain, spanning from rare earth beneficiation, smelting and separation to deep processing, with abundant rare earth resource reserves. With the future commissioning of the company's existing projects and mines such as Ngualla, the company's rare earth production is expected to increase year by year. Coupled with the gradual stabilization and rebound of rare earth prices, the company's future performance is promising. Risk Warnings: Risks include the project acquisition and construction progress falling short of expectations, significant volatility in rare earth prices, and operational risks in overseas markets. It can be seen from Shenghe Resources' Q1 report this year and its 2024 annual report that changes in rare earth prices are closely related to the performance of rare earth enterprises. 》Click to view the SMM Rare Earth Industry Chain Database Taking the historical price trend of Pr-Nd oxide as an example: The price of Pr-Nd oxide generally increased in Q1 2025 compared to the end of 2024. Reviewing the price trend of SMM Pr-Nd oxide in Q1, it can be observed that the average price of Pr-Nd oxide on March 31 this year was RMB 444,500/mt, an increase of RMB 46,500/mt compared to the average price of RMB 398,000/mt on December 31, 2024, representing a Q1 increase of 11.68%. Comparing the daily average price of Pr-Nd oxide in Q1 2025 (RMB 429,605.26/mt) with that in Q1 2024 (RMB 381,646.55/mt), it can be seen that the daily average price in Q1 this year increased by 12.57% YoY. Reviewing the historical trend of the SMM average price of Pr-Nd oxide in 2024, we can see that the average price on December 31, 2024, was 398,000 yuan/mt. Compared to the average price of 442,500 yuan/mt on December 29, 2023, the average price in 2024 fell by 44,500 yuan/mt, representing a decline of 10.06%. The annual daily average price of Pr-Nd oxide in 2024 was 391,871.9 yuan/mt. Compared to the annual daily average price of 529,274.79 yuan/mt in 2023, the annual daily average price fell by 137,402.89 yuan/mt, a YoY decline of 25.96%. According to SMM quotes, the average price of SMM Pr-Nd oxide on May 26 was 435,000 yuan/mt, up 6,000 yuan/mt from the previous trading day, representing an increase of 1.4%. It is reported that recently, most rare earth mine suppliers are still reluctant to sell their inventory, with low enthusiasm for shipping goods, making it difficult for separation plants to purchase raw materials. Influenced by the recent procurement tenders from major producers with relatively high tender prices, the confidence of some suppliers in refusing to budge on prices has increased, leading to a tightening of low-priced supplies in the market, which in turn has supported the rise in rare earth prices. Currently, there is a strong wait-and-see sentiment in the market, with downstream buyers being cautious in purchasing. For the future market, it is necessary to continue to monitor the sustainability of tenders from major producers and whether there will be a significant increase in downstream demand.

Gwede Mantashe, South Africa's Minister of Mineral Resources and Energy, issued a statement in Cape Town on the 20th, stating that the South African Cabinet had formally approved the Critical Minerals and Metals Strategy and decided to solicit public comments on the Mineral Resources Development Bill (MRDB) 2025. He indicated that the release of these two policy documents marked a crucial step forward for South Africa in enhancing policy and regulatory certainty and unlocking the country's potential in the global minerals market. According to reports, the strategy comprehensively evaluates the "criticality" of minerals based on eight indicators, conducting research on 21 minerals across dimensions such as export potential, job creation, supply risk, sales performance, and substitutability. Mantashe stated that critical minerals play a pivotal role in global green transformation, energy security, and high-end manufacturing. The strategy formulated by the South African government explicitly identifies platinum, manganese ore, iron ore, coal, and chrome ore as highly critical minerals; gold, vanadium, palladium, rhodium, and rare earths as moderately-to-highly critical minerals; and copper, cobalt, lithium, graphite, nickel, titanium, phosphate, fluorite, zirconium, uranium, and aluminum as moderately critical minerals. The statement noted that the list would be continuously reviewed and updated based on factors such as market conditions, exploration progress, technological advancements, substitution possibilities, recycling, and geopolitical dynamics. South Africa will advance its critical minerals strategy through six pillars: geoscience exploration; localization and value chain extension; R&D investment and skills development; infrastructure and energy security; fiscal instruments and financial support; and policy and regulatory harmonization. To support the implementation of the strategy, the South African government simultaneously announced the Mineral Resources Development Bill (MRDB) 2025 and solicited public comments. The bill aims to enhance mining governance, combat illegal mining, and promote the legal and compliant development of small and medium-sized miners by streamlining the permitting process, coordinating with environmental and water resource regulations, and introducing a dedicated permitting system for small-scale and artisanal mining.

[Many "Firsts" in Jiangxi] The first aircraft, the first diesel-wheeled tractor, the first military sidecar motorcycle, the first coastal defense missile, the first artificial satellite of New China, and even the current C919 large passenger aircraft were all born here. [Industrial Advantages] The non-ferrous metal industry is the largest pillar industry in Jiangxi Province. The new connotations of the "dual controls" on energy consumption, the "dual carbon" goals, and high-quality development have set new requirements for the expansion and strengthening of the non-ferrous metal industry. Promoting the further healthy, rapid, and orderly development of the non-ferrous metal industry and enhancing its core competitiveness are inevitable requirements for transforming Jiangxi from a major province of non-ferrous metal resources into a strong province of the non-ferrous metal industry. It is also a crucial measure to facilitate Jiangxi's achievement of carbon peaking by 2030. Relying on Jiangxi Province's abundant non-ferrous mineral resources, the non-ferrous metal industry in Jiangxi has developed rapidly, with its scale continuously expanding and its level steadily improving. It has become the largest pillar industry in Jiangxi, currently a key "trillion-yuan" industry being cultivated in the province, and an undeniable "anchor" of Jiangxi's manufacturing sector. Jiangxi has become an important mining and production site for non-ferrous metals in China. Jiangxi Province boasts superior ore-forming geological conditions and abundant mineral resources, making it one of China's important bases for non-ferrous, rare, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major types of minerals—copper, tungsten, rare earths, uranium, tantalum-niobium, gold, and silver—are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" action plan for high-quality and leapfrog development of industries, the province's main business income from the non-ferrous metal industry is expected to reach the trillion-yuan level. To promote the healthy development of Jiangxi Province's non-ferrous metal industry, facilitate foreign economic and trade cooperation, and guide the integration of Jiangxi's non-ferrous metal industry with international standards, the organizing committee, after conducting in-depth market and project analysis surveys at the grassroots level multiple times with government authorities and industry associations, has decided to hold the "2025 China (Jiangxi) International Non-Ferrous Metals and Metallurgical Industry Exhibition" at the Nanchang Greenland International Expo Center from November 23-25, 2025. We look forward to seeing you there! [ Exhibition Schedule ] Registration and Booth Setup: November 21-22, 2025; Opening Ceremony: 9:30 AM, November 23, 2025 Exhibition and Trading: November 23-25, 2025; Dismantling of Booths: 2:00 PM, November 25, 2025 [Scope of Exhibits] Non-Ferrous Metal Raw Materials: Raw materials of non-ferrous metal mineral products such as copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, and indium; magnetic materials, rare and rare earth materials, precious metal materials, and various alloy materials; Non-Ferrous Metal Products: Copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technologies: Smelting furnaces, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy equipment, electrolysis equipment, high-power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metalworking Machine Tools: Lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, and machining centers. Electrical discharge machines (EDMs), wire-cut EDMs, laser processing equipment, etc.; Metal automation control equipment: frequency converters, fieldbuses, industrial personal computers (IPCs), instruments and meters, automation control, robots, electronic application systems, weighing instruments, and information-based solutions for the equipment manufacturing industry, etc.; Auxiliary materials for metal production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, die-casting, and forging: supporting products such as castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technologies, various heat treatment furnaces, industrial furnaces, die-castings, die-casting molds, die-casting machines and peripheral equipment, post-processing equipment for die-castings, surface treatment technologies and equipment, die-casting robots, and supporting products for new die-casting technologies, forgings, flanges and ring parts, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technologies and equipment, and forging raw materials. Geological (mine) exploration technology and equipment: geophysical prospecting technology, geochemical prospecting technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, and laboratory instruments and meters. Mining technology and equipment: excavation equipment, drilling and rock-breaking equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mine dump trucks), hoisting equipment, drilling rigs, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets, including Jiangxi Daily, Jiangxi TV's Economic Channel, Dajiang.com's Finance Channel, Jiangxi.com, China.com, China Daily Website, and China Finance Online; 10 popular self-media platforms, including Sohu, NetEase, and Toutiao; 53 leading professional media outlets in industries such as China Mining Network, China Excavator Network, China Foundry Network, China Die Casting Network, China Automotive Manufacturing Network, China Nonferrous Metals Network, Nonferrous Metals Information Network, and metalworking, as well as 180 other relevant professional media outlets in other industries; Comprehensive keyword search customer coverage through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2025 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2025 China Metallurgical Melting and Casting Technology Seminar 2025 China Recycled Metal Industry Chain Integration and Development Forum 2025 China New Energy Vehicle and Auto Body Lightweight Summit Forum 2025 China Green Mine Development Forum [Exhibition Details] ★Standard booth (3m×3m): Domestic enterprises: RMB 9,800 yuan per booth; Foreign enterprises: RMB 15,800 yuan per booth; ★International brand booth (9 ㎡, with luxury decoration): RMB 12,800 yuan per booth; Foreign enterprises: RMB 18,800 yuan per booth; ★Indoor bare space (minimum rental area of 36㎡): Domestic enterprises: RMB 1,000 yuan per ㎡; Foreign enterprises: RMB 2,000 yuan per ㎡; Booth equipment: Two fluorescent tubes, one waste paper basket, display panels, header boards, one table and two chairs, air conditioning, lighting, security, cleaning, etc. Note: No exhibition equipment or facilities are provided in the open space. The special decoration management fees and {{hydropower}} fees charged by the exhibition hall shall be borne by the exhibitors and their special decoration contractors. [Secretariat of the Organizing Committee] Contact Person: Jia Song 150-3826-2376 (WeChat sync) 138-3921-4033 (WeChat sync)

On April 23, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Main Forum, hosted by SMM Information & Technology Co., Ltd., Tong Qingping, Chief Scientist and PhD of China Nonferrous Metal Mining (Group) Co., Ltd., analyzed the current development status and high-quality development trends of China's copper processing industry.

In 2024, both revenue and net profit of Shenghe Resources (600392.SH) declined, with the company's performance continuing to face pressure. Meanwhile, the dual impact of supply and demand adjustments and policy-driven changes has led to a "shift" in the company's dual domestic and international layout. Net Profit Declined for Two Consecutive Years The 2024 annual report released by Shenghe Resources tonight shows that the company achieved revenue of 11.371 billion yuan last year, down 36.39% YoY, and net profit attributable to the parent company was 207 million yuan, down 37.73% YoY. As a result, Shenghe Resources' net profit has declined for two consecutive years. In addition, the net cash flow generated from the company's operating activities last year plummeted 81.47% to 72.4233 million yuan. In 2022, the net cash flow generated from the company's operating activities was 511 million yuan. Regarding the reasons for the performance changes, Shenghe Resources explained that in 2024, the market prices of major rare earth products fell significantly YoY, and the market prices of zirconium and titanium products were relatively weak. The average sales price and gross profit margin of the company's main products decreased compared to the same period last year, leading to a decline in the company's profit for the reporting period compared to the same period last year. By quarter, Shenghe Resources achieved revenue of 3.13 billion yuan in Q4 2024, but the net profit attributable to the parent company of 114 million yuan was only higher than that of Q1 2024 (a net loss of 216 million yuan). Shenghe Resources is mainly engaged in rare earth mining and beneficiation, smelting and separation, metal processing, rare earth scrap recycling, and zirconium and titanium ore beneficiation. By product, last year, rare earth oxides, rare earth salts, rare earth metals, and rare earth concentrates (including monazite) achieved revenues of 3.324 billion yuan, 60.619 million yuan, 6.126 billion yuan, and 796 million yuan, down 46.12%, 67.15%, 28.99%, and 53.99% YoY, respectively. The gross profit margins of these products were 5.23%, 1.67%, 0.72%, and 18.56%, respectively. Based on this calculation, Shenghe Resources' rare earth business segment achieved revenue of approximately 10.307 billion yuan in 2024, accounting for 90.64% of the company's revenue. "In 2025, the company plans to achieve annual revenue of 15 billion yuan (up 31.91% YoY)." Shenghe Resources also emphasized that the aforementioned target is only a planned arrangement of the company, which is greatly affected by market supply and demand, and there is uncertainty as to whether it can be completed as scheduled. It is reported that the company's business plan for this year also includes the orderly promotion of the Leshan 15,000 mt/year polishing powder project, overseas rare earth and zirconium-titanium resource projects, etc. The annual report shows that due to the acquisition of 100% equity of Chenguang Rare Earth, 100% equity of Kebairui, 100% equity of Hainan Zirconium-Titanium, 65% equity of Baotou Sanlong, 90% equity of Meishan Yinhe, and 65% equity of Shandong Xinfangyuan, Shenghe Resources generated goodwill of 820 million yuan. As of the end of 2024, the impairment provision for the above goodwill was 530 million yuan. At the same time, the book balance of inventory in the company's consolidated financial statements was 4.59 billion yuan, accounting for 29.61% of the total assets at the end of the year, and the provision for inventory decline was 135 million yuan. MP Company's "Supply Cut" of Rare Earth Concentrate Has No Significant Impact It is worth mentioning that on the evening of April 21, Shenghe Resources issued a clarification announcement regarding the online reports that "US rare earth producer MP Materials (hereinafter referred to as 'MP Company') announced that it would stop exporting rare earth concentrate to China due to tariffs." The announcement shows that in January 2024, MP Company renewed a new off-take agreement with Shenghe Resources (Singapore) International Trading Co., Ltd. (hereinafter referred to as "Singapore Shenghe"), a subsidiary of the company, and Singapore Shenghe is the exclusive dealer of MP Company in China. The agreement is valid for 2 years and can be extended for 1 year upon expiration. In addition to rare earth concentrate, the off-take products also include other rare earth products. Shenghe Resources emphasized, "As of now, the off-take agreement signed by both parties is still valid." Shenghe Resources also admitted, "Currently, due to the tariff hike, MP Company has temporarily stopped exporting rare earth concentrate to China." In its view, the company has established diversified rare earth raw material supply channels, and Sichuan ore, monazite, and imported ore from other countries can serve as alternative supplies. "MP Company's suspension of exporting rare earth concentrate to China will not have a significant impact on the company's production and operation." Financial data shows that in 2024, Singapore Shenghe achieved revenue and net profit of 1.53 billion yuan and 32.2561 million yuan, accounting for approximately 13.46% and 15.5% of Shenghe Resources' revenue and net profit, respectively. Shenghe Resources has always claimed, "The company has a dual domestic and international layout, adheres to a market-oriented operation mechanism, and its characteristic is overseas rare earth resources." According to the previously disclosed survey Q&A minutes of Shenghe Resources, MP Company's annual rare earth concentrate production is about 43,000 mt, most of which is off-taken by the company. However, since the commissioning of MP Company's smelting and separation production line in 2023, the amount of rare earth concentrate imported by Shenghe Resources to China has decreased compared to before. At the same time, MP Company entrusts Shenghe Resources to process rare earth oxides into rare earth metals, and the company charges MP Company processing fees. It is worth noting that in February this year, the MIIT issued the "Interim Measures for the Management of Total Control of Rare Earth Mining and Rare Earth Smelting and Separation (Draft for Public Comment)" (hereinafter referred to as the "Draft for Comment"). After the release of the Draft for Comment, the inclusion of imported ore in quota management has attracted widespread attention. Cailian Press reporters learned that before the release of the Draft for Comment, Shenghe Resources used domestic resources to carry out rare earth smelting and separation production quotas issued by China Rare Earth Group, and the use of imported rare earth resources did not occupy domestic production quotas. "Although imported ore has not been included in quota management before, only those who obtain domestic quotas are qualified to engage in the smelting and separation of imported ore, and Shenghe's smelting and separation quotas are also issued by the Rare Earth Group. After being included in management in the future, whether the imported ore quotas will be issued separately or together with domestic ore, we will continue to pay attention," Shenghe Resources said on the investor interaction platform.

On April 22, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Copper Pipe and Billet Processing Industry Development Forum, Mo Xingde, General Manager of Guilin Lijia Metals Co., Ltd., shared his insights on the "Current Status and Improvement Directions of Copper Alloy Tube Production Technology."