Recently, the Guangdong Provincial Energy Bureau completed the energy-saving report review for the South China base project of Cangzhou Mingzhu (002108) and approved the report in principle. According to the public announcement, the project is located in Xiancun Town, Zengcheng District, Guangdong Province, with a total investment of approximately 3.3789 billion yuan. It includes two sub-projects: a lithium battery separator and a PE pressure pipeline. The main construction contents include 8 wet-process lithium battery separator production lines and 6 PE pressure pipeline production lines. Upon completion, the project will have an annual output of 30,000 mt of PE pressure pipelines and 2.4 billion m² of wet-process separators. The separator sub-project is planned to begin production in December 2028, and the PE pressure pipeline sub-project is planned to begin production in October 2027.

Algoma Steel Group Inc. announced its Lake Superior Power (LSP) generator facility experienced an unplanned outage on one of its turbine units, resulting in suspended production on its electric arc furnace (EAF). The affected turbine went offline automatically, with no other units impacted. Algoma is working with the grid operator on alternative power and with GE Vernova on a spare turbine, and expects the outage to last under 21 days, possibly as little as 10. Current delivery dates are not expected to be affected.

India's Jindal Stainless Limited plans to invest an estimated $94 million to expand its cold rolling capacity, responding to growing demand from sectors such as automotive, appliances, and food processing, said Managing Director Abhyuday Jindal in a statement to shareholders on August 17. The investment will raise the company's cold rolling capacity from 2.05 million metric tons per year to 2.67 million metric tons per year, with the expansion expected to be completed by fiscal year 2027-28.

[SMM Analysis: From Aurubis to Nexans and Wieland: Why Are European and US Copper Companies Expanding Recycling Capacity?]European and US copper companies have accelerated investment in recycled raw materials. Copper scrap is therefore becoming more than a supplement to primary copper. It is increasingly viewed as a strategic resource that can improve raw material security, diversify earnings and reduce product carbon footprints.

[SMM Analysis: From Aurubis to Nexans and Wieland, Why Are European and American Copper Companies Collectively Ramping Up Recycled Raw Materials?] In recent years, the copper industry in Europe and the United States has significantly accelerated its push into recycled raw materials, and participants are no longer limited to traditional secondary copper smelters. From integrated smelters such as Aurubis, Boliden, and Glencore to wire-and-cable and copper-processing enterprises such as Nexans and Wieland, different segments of the industry are simultaneously strengthening their capabilities in copper scrap recycling, pretreatment, smelting, and internal recycling. This means the logic behind the development of the secondary copper industry in Europe and the United States is shifting: recycled raw materials are no longer merely a supplement to primary copper supply, but are gradually becoming an important strategic resource for companies to ensure raw material security, stabilize profit sources, and reduce the carbon footprint of their products.

As Q3 2026 reaches the halfway mark, how has recent consumption of die-cast zinc alloys performed? What are companies’ expectations for demand going forward?

[With Q3 2026 More Than Half Over, How Are Die-Casting Zinc Alloy and Zinc Oxide Consumption Performing?] In the blink of an eye, more than half of Q3 2026 has already passed. How has recent consumption of die-casting zinc alloy and zinc oxide been performing, and what are enterprises' expectations for the period ahead?

SMM News on August 18: Metals market: As of the midday close, domestic base metals mostly fell. SHFE copper fell 1.19%, and SHFE aluminum fell 0.35%. SHFE lead rose 0.13%. SHFE zinc fell 0.97%. SHFE tin fell 1.57%. SHFE nickel rose 0.19%. In addition, the most-traded casting aluminum futures contract fell 0.84%, and the most-traded alumina contract fell 0.26%. The most-traded lithium carbonate contract fell 0.69%. The most-traded silicon metal contract fell 0.92%. The most-traded polysilicon futures contract fell 1.17%. Ferrous metals mostly rose. Iron ore fell 0.21%, rebar fell 0.27%, and hot-rolled coil rose 0.09%. Stainless steel rose 0.6%. For coking coal and coke: the most-traded coking coal contract rose 0.36%, and the most-traded coke contract rose 1.2%. Overseas base metals: as of 11:42, LME metals were down nearly across the board. LME copper fell 0.34%, and LME lead rose 0.11%. LME zinc fell 0.59%. LME aluminum and LME tin edged down, with both declines within 0.1%. LME nickel rose 0.42%. Precious metals: as of 11:42, COMEX gold fell 0.47%, and COMEX silver fell 1.29%. Domestic precious metals: SHFE gold rose 0.15%, and the most-traded SHFE silver contract fell 0.12%. In addition, as of the midday close, the most-traded platinum futures contract fell 0.18%, and the most-traded palladium futures contract fell 0.61%. As of the midday close, the most-traded European container shipping contract rose 0.99% to 1,737.5 points. As of 11:42 on August 18, midday performance of some futures: Spot and Fundamentals Copper: Looking ahead to tomorrow, SHFE copper’s absolute price continued to pull back during the day, driving some downstream players to restock on dips and releasing purchase demand from traders. Market transactions improved markedly from yesterday, with standard-quality copper trading relatively smoothly around spot premiums of 350 yuan/mt, providing some support below spot premiums. Overall, with copper prices pulling back to spur the release of rigid demand and the backwardation structure providing support, but high premiums limiting further rush to buy amid continuous price rise, Shanghai spot copper prices against the 2609 contract are expected to remain at a premium tomorrow, with the overall center likely to consolidate around current levels... Macro Front China: [The Ministry of Commerce and other departments jointly issued the “Opinions on Further Stimulating the Vitality of Lower-Tier Markets and Boosting County-Level Consumption”] The Ministry of Commerce and eight other departments released the “Opinions on Further Stimulating the Vitality of Lower-tier Markets and Boosting County-level Consumption,” which proposed accelerating the renovation and upgrading of existing commercial facilities. Supported the upgrading and renovation of traditional department stores and aging shopping centers, and promoted optimized site selection for branded chain stores, discount retailers, and fresh-food e-commerce outlets. Deepened the “1,000 Markets and 10,000 Stores” renovation and enhancement initiative, supported the construction and upgrading of township commercial and trade centers, township (agricultural) trade markets, and distinctive township fairs, and carried out standardized and regulated renovation and construction of new-type convenience stores and village-level integrated parcel and logistics service stations. [PBOC Reverse Repo Operations Achieved a Net Drain of 95.8 billion yuan on the Day] The PBOC conducted no reverse repo operations today, while carrying out 469.7 billion yuan of overnight reverse repos. As 565.5 billion yuan of overnight reverse repos matured today, a net drain of 95.8 billion yuan was achieved on the day. (Jinshi Data APP) US dollar: As of 11:42, the US dollar index rose 0.05% to 99.63. According to CME “FedWatch”: the probability that the US Fed would keep rates unchanged through September was 65%, and the probability of cumulative hikes of 25 basis points was 35%. The probability that the US Fed would keep rates unchanged through October was 51.4%, the probability of cumulative hikes of 25 basis points was 41.3%, and the probability of cumulative hikes of 50 basis points was 7.4%. (Jinshi Data APP) On Monday local time, US Treasury yields broadly moved higher. The 30-year Treasury yield, typically more sensitive to geopolitical events, rose more than 4 basis points to 5.311%, the highest level since June 2007. The 10-year Treasury yield—the primary benchmark rate for mortgages, auto loans, and credit card debt—rose more than 2 basis points to 4.724%. The 2-year Treasury yield, which typically fluctuates in line with the US Fed’s short-term rate decisions, rose more than 1 basis point on Monday to 4.182%. Oil prices climbed as the 60-day deadline for the peace agreement reached between the US and Iran was set to expire on Monday, and Iran had ruled out the possibility of extending the deadline. Investors were awaiting the release later this week of the minutes of the US Fed meeting to gain further insight into its latest monetary policy decision and the future path of interest rates. At its July 29 meeting, the US Fed voted 9-3 to keep rates unchanged at 3.50% to 3.75%. The three dissenting committee members—Hammack, Kashkari, and Logan—called for a 25-basis-point rate hike. Reuters poll: Of 104 economists, 94 expected the US Fed to keep the federal funds rate unchanged at 3.50%–3.75% in September (95 held this view in the July survey). Eighty of 104 economists expect the US Fed to keep the federal funds rate unchanged in the 3.50%-3.75% range in 2026 (78 held this view in the July survey). Recent weak US jobs and retail sales data, along with subdued inflation data, prompted investors to scale back bets on rate hikes. However, Paul Brocardo, CEO of BankPro, noted in a report that if uncertainty over the Middle East situation and the resulting inflation concerns persist, the dollar's downside may be limited. Any escalation in tensions could boost demand for safe-haven assets, thereby supporting the dollar, while also lifting oil prices and driving yields higher. (Jin10 Data APP) On the Data Front: Today will see the release of the UK ILO unemployment rate for the three months to June, the UK July unemployment rate, the UK July claimant count, Germany's August ZEW economic sentiment index, the eurozone's August ZEW economic sentiment index, US ADP employment change for the week ended August 1, US July annualized housing starts, US July building permits, US July import price index MoM, US July industrial production MoM, and US July pending home sales index MoM, among others. In addition, Xiaomi Group and Baidu will hold earnings calls. Crude Oil: As of 11:42, both crude oil benchmarks were higher, with WTI crude up 0.7% and Brent crude up 0.63%. As prospects for US-Iran peace talks dimmed, market concerns over crude oil supply supported prices. US President Trump said he has no intention of extending the soon-to-expire agreement with Iran. The US-Iran memorandum of understanding signed in June this year technically expired on Monday. The two sides still have differences on many issues, including the Strait of Hormuz. Other officials suggested that the US is in no rush to end the conflict, which has lasted nearly six months. The US Energy Secretary said the US is playing a long game with the Islamic Republic of Iran, while Trump's senior adviser Kushner said Trump would remain patient on reaching an agreement. (Jin10 Data APP) US Energy Secretary Wright said measures will be announced in the coming days to help refineries increase fuel production. The US Strategic Petroleum Reserve still has 300 million barrels, and its level after the Iran conflict ends will be higher than before the conflict. (Jin10 Data APP) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ►

According to JPMorgan on August 18, Solid Power CEO John Van Scoter said at the JPMorgan Automotive Conference in New York on August 13 local time that the company is in the process of forming a joint venture partnership with a major South Korean company. He said the initial partnership would be for a facility of about 500 mt, adding that Solid Power aims to announce the partnership within this year, enter the design and construction phase next year, and be ready to supply up to 500 mt to customers in South Korea and globally by 2028. Van Scoter added that the concept is a shell factory model. As demand becomes more visible, the company plans to add 2,000 mt modules until total capacity reaches 20,000 mt. He also said Solid Power has a vision to expand beyond 20,000 mt with the same partner over the next three to five years, enabling an SOP timeline around 2029–2030 for small fleets.

This week, operations across the industry chain continued to diverge. The lithium segment remained relatively strong: an upward shift in the price center of lithium carbonate drove ore prices and lithium hydroxide higher, but salt plants became less willing to accept high-priced ore, and further gains were still constrained by margins. Lithium carbonate futures retreated from highs, while spot inquiries and transactions improved somewhat; downstream demand was still dominated by just-in-time procurement. Some metal salts and intermediate product markets remained weak, with more low-priced supply and muted actual transactions; nickel sulphate held steady, but spot orders were under pressure. Ternary cathode precursor prices were weak due to softer raw materials, while ternary cathode material continued to rebound, supported by a rebound in lithium chemicals and stockpiling ahead of the peak season. LFP supply and demand remained in a tight balance; tight raw materials, declining inventory, and rising processing fees strengthened cathode enterprises’ bargaining power. The anode, separator, and electrolyte segments were broadly stable, while supply bottlenecks persisted in parts of the sodium-ion battery chain. On the recycling side, demand for LFP electrode was active, while transactions in high-metal-content black mass were cautious; going forward, focus will be on whether peak-season demand materializes and how raw material price pass-through evolves.