Jakarta, April 14, 2026 – Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially issued Ministerial Decree No. 144.K/MB.01/MEM.B/2026, revising the calculation formula for the Nickel Ore Benchmark Price (HPM). The regulation will officially take effect on April 15, 2026, marking a significant shift in resource valuation policy for Indonesia, the world's largest nickel producer. The new decree revised the previous Decree No. 268.K/2025, with core changes aimed at reflecting the true commercial value of nickel ore and its associated minerals: 1. Adjustment of the Correction Factor (CF): · The correction factor for 1.6% grade nickel ore was significantly raised from the original 17% to 30%. · For every 0.1% increase or decrease in nickel grade, the correction factor will be adjusted inversely by 1%. 2. Inclusion of Associated Mineral Value: · The new formula for the first time explicitly incorporated associated minerals such as cobalt (Co), iron (Fe), and chromium (Cr) into the HPM calculation. · Cobalt: Included when content >= 0.05%, with the correction factor (CF) set at 30%. · Iron: Included when content <= 35%, with the correction factor (CF) set at 30%. · Chromium: The correction factor set at 10%. 3. New Pricing Formula: HPM Nickel Ore = [(Nickel HMA * %Ni * CF) + (Cobalt HMA * %Co * CF) + (Iron HMA * %Fe * CF * 100) + (Chromium HMA * %Cr * CF * 100)] * (1-MC) (Note: MC refers to moisture content) Assumptions: · Average grade: moisture content 35-40%, cobalt content 0.07% (HPAL ore), iron content 25% (saprolite ore), chromium content 3%. Based on SMM's estimates, HPM prices have the most obvious room for upward movement. · Here, HPAL ore refers to nickel ore with a grade of 1.3% and below, while saprolite ore refers to nickel ore with a grade above 1.3%.Since HPAL ore has a higher cobalt grade and iron content generally above 35%, the HPM formula for HPAL ore here only considers nickel, cobalt, and chromium, with iron not priced in. · Since saprolite ore has a lower cobalt grade and iron content generally below 35%, the HPM formula for saprolite ore here only considers nickel, iron, and chromium, with cobalt not priced in. Note: This is only a scenario assumption based on publicly available information and does not constitute actual market action advice. Please refer to actual conditions. Driven by the dynamic adjustment mechanism of the benchmark price, the nickel ore benchmark price center shifted significantly upward, providing a higher pricing anchor for mine-side sales. Overall, the CF (adjustment coefficient) for 1.6% grade nickel ore increased from 17% to 30%, driving a significant rise in the benchmark price, reflecting a policy and market reassessment of the value of medium-to-high-grade ore. As the CF increased, the linkage between ore prices and nickel content further strengthened, and price elasticity amplified accordingly. On the other hand, under the current pricing system, by-product value has been fully incorporated into consideration. In particular, the cobalt pricing mechanism provided significant support for low-grade ore (such as limonite). Benefiting from the increase in cobalt prices and its recovery value, the economics of limonite improved notably, and its price performance showed a more prominent upward trend compared to the past, gradually changing the market's traditional perception of it as a "low-value resource." Based on SMM prices, Indonesia's local laterite nickel ore at 1.2% grade (delivered price) averaged $30.5/wmt, far below the new HPM benchmark price of $40.18/wmt. The CIF price of 1.2% grade HPAL nickel ore may subsequently rise to $48.18 (40.18+8)/wmt. Indonesia's local laterite nickel ore at 1.5% grade (delivered price) averaged $70.7/wmt, above the new HPM benchmark price of $57.13/wmt, so theoretically absolute price fluctuations would not be as drastic. Assuming the tax cost increase driven by the HPM benchmark price rise is fully passed through to downstream, the absolute price of saprolite nickel ore may rise to $72.47/wmt after the new HPM benchmark price takes effect. **MHP** According to SMM estimates, taking 1.2% grade nickel ore as an example, based on the benchmark price as of April 1, the new nickel ore HPM is expected to be raised to $40.18/wmt, compared with the previous nickel ore HPM of $16/wmt. Currently, SMM's latest Indonesia's local laterite nickel ore 1.2% (port arrival price) average price is $30.5/wmt, lower than the new HPM. Assuming the HPM benchmark price serves as the minimum price floor for mines, after factoring in freight costs, the selling price of 1.2% grade HPAL ore after April 15 would be $48.18/wmt. Based on this estimate, the cost of producing MHP from externally purchased HPAL ore (after cobalt credit) will rise to approximately $17,760/mt Ni, an increase of approximately $2,600/mt Ni. **NPI** According to SMM estimates, based on the benchmark price as of April 1, taking 1.5% grade nickel ore price as an example, the nickel ore HPM price under the old formula was $26.66/wmt, while the nickel ore HPM price calculated under the new formula is $57.13/wmt, still lower than the current 1.5% Indonesia's local port arrivals under domestic trade price of $70.7/wmt. Assuming the tax cost increase resulting from the HPM price hike is fully passed through to downstream, the absolute nickel ore price is forecast to rise to approximately $72.47/wmt after the new policy is implemented. Based on this estimate, this adjustment will push the full cost of NPI up to $15,741.51/mt Ni, an increase of $570.48/mt Ni from the current level, representing a rise of approximately 3.76%, which is expected to provide further upward support for NPI prices. **Refined Nickel** On the basis of the above-mentioned increases in MHP and high-grade nickel matte raw material costs, the cost of producing refined nickel from integrated high-grade nickel matte is estimated at approximately $21,773/mt Ni, an increase of $622/mt Ni compared with before the HPM formula adjustment; the cost of producing refined nickel from integrated MHP (after cobalt credit) is estimated at approximately $20,560/mt Ni, an increase of $2,652/mt Ni compared with before the HPM formula adjustment. In addition, based on the LME spot settlement price on April 14 and the nickel intermediate product transaction coefficients (91.5% for MHP and 92.5% for high-grade nickel matte), the spot cost of producing refined nickel from externally purchased high-grade nickel matte is $18,705/mt Ni, and the spot cost of producing refined nickel from externally purchased MHP is $19,378/mt Ni. Both costs are higher than the current LME nickel prices, indicating relatively strong cost support. In summary, Indonesia's ESDM reform of the HPM benchmark price formula represents a systematic restructuring of the pricing system, upgrading nickel ore pricing from "single nickel element pricing" to "nickel + cobalt + iron + chromium multi-element comprehensive pricing," reshaping the nickel ore cost basis from multiple dimensions. In the short term, the policy landing beyond expectations has already driven nickel prices to rise significantly, with market sentiment leaning bullish; however, medium and long-term impacts depend on cost pass-through efficiency, the pace of high inventory digestion, and downstream demand absorption capacity. Going forward, close attention is still needed on the actual implementation by Indonesian mine enterprises, smelter procurement price negotiation outcomes, and the substantive magnitude of price increases for intermediate products such as MHP and NPI. Risk warning: According to ESDM Ministerial Decree NO.144.K/MB.01/MEM.B/2026, the benchmark ore price (HPM) is the minimum selling price for metal mineral sales. If metal minerals are sold below the HPM price, the HPM must still be used as the basis for calculating tax obligations and as the benchmark price for levying production fees (royalties). Therefore, the above costs are calculated based on the assumption that the wet-process ore selling price is no lower than the new HPM benchmark price. The resulting integrated MHP (after cobalt credit) production cost of refined nickel is relatively high. However, the actual selling price of nickel ore will need to be negotiated between mines and smelters, and there is a possibility that the final transaction price may be lower than the new HPM benchmark price.

According to an SMM survey, steel semi-finished product export orders have recently surged, with slab export orders seeing particularly significant growth. SMM believes two major factors contributed to this round of growth: "Demand" Provides the Necessary Condition for the Surge in Semi-Finished Product Export Orders On one hand, benefiting from the spillover effect of export demand caused by the US-Iran conflict, infrastructure and manufacturing in Southeast Asia have grown rapidly. However, the region only has rolling capacity and lacks steelmaking capacity, necessitating large imports of steel billet. According to data compiled by SMM, Southeast Asia imported approximately 2.31 million mt of steel from the Middle East in 2025, of which a staggering 97% was semi-finished steel billet. Therefore, when passage through the Strait of Hormuz was restricted, the Southeast Asian market was instantly exposed to a rigid shortfall of over 2 million mt. For detailed analysis, please refer to the article "Sudden Shift in Middle East Situation Triggers 'Mismatch,' China Accelerates to Fill Approximately 2.3 Million mt Supply Vacuum in Southeast Asia." The existence of this gap provides an excellent window for China's semi-finished product exports. "Price Advantage" Provides the Sufficient Condition for the Surge in Semi-Finished Product Export Orders On the other hand, price increases outside China far exceeded those in China. During this period, the FOB price of Dexin slabs in Indonesia rose from $470/mt to $540/mt, an increase of 14.89%, while the FOB price of slabs in China rose from $455/mt to $480/mt, an increase of only 5.49%. The huge price difference made buyers outside China particularly favour semi-finished products from China. SMM surveyed some recent slab transaction details from domestic sellers, as shown in the table below. Survey Records: Enterprise A: At the current price, they are willing to take slab orders, but orders have already been booked through August, with an estimated volume of 80,000 mt per month. Enterprise B: They started taking slab orders from April. They take orders when the price is right. The current price is only 20-30 yuan/mt lower than HRC. Enterprise C: They can only accept exporting slabs at HRC prices now. If overseas buyers don't want them, then forget it. Enterprise D: They haven't been in contact with new slab orders recently. Their last order was in March. However, if there is subsequent demand, they may have new resources available for export by June. Enterprise E: Their orders were all taken earlier. Previously, they were selling at over 100 yuan below HRC, but now the quoted price is only a few dozen yuan below HRC. However, transactions have clearly slowed down. The current ex-factory price is approximately 3,120. The surge in demand has driven prices higher. As shown in the chart below, normally the price spread between slabs and HRC stays around $20-30, which aligns with normal rolling costs. However, since April, this spread has narrowed to around $10, and has recently further narrowed to single digits. This is mainly because as steel mills' shipping schedules have gradually been pushed back, their willingness to hold prices firm has also strengthened. Some steel mills are even exporting slabs at prices equivalent to domestic HRC trade prices, which provides them with significant export motivation. Chart 1 - SMM China HRC & Slab Export FOB Price Trend SMM Expects Slab Exports to Rise Significantly, April-August In January-February this year, total steel billet exports were 1.7746 million mt, of which slabs accounted for 232,600 mt, square billets for 1.5196 million mt, and slabs made up 13.11%. Chart 2 - China Steel Billet Exports by Product, January-February 2026 Based on the survey, the increase in slab export orders was more of a March-April phenomenon. Considering the time interval from order placement to shipping schedule, SMM expects slab exports to show a relatively significant upward trend from April to August. Surge in Slab Orders May Improve HRC Fundamentals In April, the daily average production schedule for commercial HR products at 39 mills was 448,300 mt, up 8.5% MoM from actual daily average production. The daily average production schedule for commercial HR products at 54 steel mills was 581,100 mt, up 9.2% MoM from actual daily average production. HR supply pressure increased MoM, but the peak season performance of China's manufacturing sector during the "Golden March, Silver April" period was overall satisfactory. According to SMM data, as of April 9, total HRC inventory was 6.6556 million mt, down 111,100 mt WoW. Destocking is expected to maintain a healthy pace going forward. However, when the spot-futures price spread was at suitable levels before the Chinese New Year, traders engaged in futures-spot arbitrage were particularly active in North China and other regions, accelerating social inventory accumulation. Current social inventory is up 34.93% YoY. If steel mills' semi-finished product export orders perform well, this could create opportunities for subsequent reductions in commercial product supply, while also providing support for current prices.

According to an official press release, PT Gunbuster Nickel Industry (GNI) has firmly denied rumors of an impending company collapse, stating that its operations are proceeding according to strategic plans. The company clarified that recent workforce adjustments (layoffs) are a temporary measure due to a major overhaul of its furnace facilities, which is expected to take several months. This decision prioritizes workplace safety and long-term operational stability. PT GNI is coordinating with the Manpower Department to ensure affected workers receive their rightful benefits, including the Job Loss Guarantee (JKP), and has promised priority re-hiring for well-performing employees once operations return to normal.

[SMM Aluminum Express News] Imerys announced on April 10, 2026, a binding agreement to acquire Great Lakes Minerals, a major U.S. processor and distributor of calcined bauxite, mullite, and fused alumina for the refractory and abrasive industries. The acquisition strengthens Imerys’ position in North America, supported by strategic assets along the Ohio River in Kentucky with efficient barge-to-plant logistics. It is expected to generate approximately $80 million in annual revenue post-integration and benefit from ongoing industrial reshoring in the USA. The deal is expected to close in the first half of 2026, subject to standard conditions.

【SMM Steel】Alleima's Kanthal opened a new service center in Concord, NC, to meet rising US demand for high-temperature heating solutions. The facility expands Globar® SiC heating element production, supporting electronics, glass, and steel manufacturers to replace fossil fuels with electric alternatives. The elements operate up to 2,950°F, cutting CO₂ and improving efficiency. The Concord site is part of an $11m global investment, increasing capacity 40%. US customers now benefit from local production of metallic and SiC elements.

RENOVA, Inc. has secured approximately ¥6.0 billion in project financing to develop a 90 MW/270 MWh lithium-ion battery energy storage system (BESS) in Kikugawa City, Shizuoka Prefecture. The facility, designed to stabilize the power grid without relying on subsidy schemes like feed‑in tariffs, is one of the largest of its kind in Japan and aims to support the country’s growing electricity demand tied to data centers and other infrastructure. Construction is planned to start soon, with operations expected to benefit grid balancing and renewable integration.

The South Australia government is inviting global investors to propose large-scale solar, wind, and storage projects across roughly 11,700 square kilometers of land in the Whyalla West and Gawler Ranges East areas. Released under the state's Hydrogen and Renewable Energy Act, these zones offer exceptional wind and solar resources with the potential to power over 500,000 homes. Tenders are open until June 28, 2026, requiring applicants to detail environmental management plans and community benefits. This initiative supports the state's target to reach 100% net renewable energy by 2027.

The Chinese gold market is a tale of two sectors. The jewelry sector is struggling due to high prices, while gold investment has been red-hot.

Gold has experienced a noticeable setback in recent weeks, even though the macroeconomic environment could have provided support for the precious metal at first glance.

The 2026 SMM (21st) Lead & Zinc Conference and Industry Expo opened grandly at Howard Johnson Agile Plaza in Chengdu, Sichuan during March 25–27 2026. Organized by SMM, the event brought together global enterprises, professional experts and industry peers from across the entire lead and zinc supply chain. Participants focused on industry hot topics, analyzed market trends and explored development strategies, establishing a highly efficient platform for communication and collaboration to support high-quality growth of the sector. To further strengthen the overseas delegation’s comprehensive understanding of China’s lead and zinc industrial chain and build closer connections between international industry peers and key producers in China, SMM led a high-level overseas delegation on a multi-day industrial tour starting on the afternoon of March 27. The delegation included representatives from global giants, such as Nyrstar, a top European lead and zinc smelting firm, Nexa Resources, a South American giant in lead-zinc mining and smelting, and Befesa, a pioneer in zinc recycling. During the tour, the delegation visited 8 Chinese enterprises. including: COSCO Shipping Sichuan Chengtun Zinc & Germanium Technology Sichuan Kunshun Zinc Industry Yunnan Luoping Zinc & Electricity Hongzhou Hongqian Nonferrous Chemical Yunnan Zhenxing Industrial Group Mengzi Mining & Metallurgy Danxia Smelter of Shenzhen Zhongjin Lingnan Nonfemet The delegation members went deep into production sites, held in-depth discussions and exchanges, and gained a full picture of China’s lead and zinc industry in terms of production operations, technological innovation, capacity scale and market layout, greatly enhancing their insight into and understanding of the entire industrial chain. SMM has systematically compiled detailed information of all enterprises that were visited during this tour, with details below: COSCO Shipping On the afternoon of March 27, the delegation visited COSCO Shipping for an exchange, where they received a warm welcome from the company's leadership. Both sides engaged in discussions on topics such as equipment transportation and technological upgrades. Sichuan COSCO Shipping Logistics Supply Chain Management Co., Ltd. is a wholly-owned subsidiary of COSCO Shipping Logistics Supply Chain Co., Ltd., registered and established in Chengdu, Sichuan Province, with an investment of 30 million yuan. COSCO Shipping Logistics Supply Chain Co., Ltd. is affiliated with China COSCO Shipping Corporation Limited and serves as a core member of the "shipping, ports, and logistics" segment of COSCO Shipping Group, as well as an important component of its global digital supply chain system. The company operates warehouse space exceeding 6 million m², including 19 futures delivery warehouses. China COSCO Shipping Corporation Limited is a globally leading shipping enterprise group, with a combined fleet capacity of 130 million DWT across 1,535 vessels, ranking first in the world. Sichuan COSCO Shipping Logistics Supply Chain Management Co., Ltd. holds business qualifications and an operational scope covering multiple transportation modes including sea, land, air, and rail, providing comprehensive logistics services spanning both international and Chinese markets. Since entering the non-ferrous metals delivery warehouse business in 2016, the company has adhered to the principle of "client-centered and market-oriented," continuously enhancing its service capabilities and achieving steady business growth. Currently, at key logistics periods such as Shanghai Baoshan, Shanghai Yangshan, and Yixing in Jiangsu, the company successfully operates delivery warehouses designated by the Shanghai Futures Exchange for copper, nickel, zinc, and other products. It has become one of the three major non-ferrous metals warehouses of SHFE and was honored with the title of "Top Ten Designated Non-Ferrous Metals Delivery Warehouses" by the Shanghai Futures Exchange for two consecutive years. Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. On March 28, the delegation visited Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. (Shimian City). Both sides engaged in in-depth exchanges on the development of the zinc smelting industry, with a focus on thorough discussions regarding product processing, production techniques, capacity scale, market trends, and the current challenges facing the industry. Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. was established on December 6, 2015, with a registered capital of 1.6 billion yuan. The company has an annual capacity of 300,000 mt of electrolytic zinc, 150,000 mt of sulphuric acid, 400,000 mt of electrolytic zinc waste residue processing, and 40 mt of high-purity germanium dioxide. On January 16, 2019, the company was approved by the China Securities Regulatory Commission and merged into the publicly listed firm Chengtun Mining Group Co., Ltd. The company's main business includes smelting and R&D of zinc-germanium series products, as well as comprehensive recovery of multiple metals. It has formed a complete industry chain from zinc concentrates entering the plant to finished products leaving the plant. Its production lines include zinc calcine, electrolytic zinc, electrolytic zinc waste residue processing, and comprehensive recovery of rare and precious metals. Sichuan Kunshun Zinc Industry Co., Ltd. (Shimian City) On March 28, the delegation headed to Sichuan Kunshun Zinc Industry Co., Ltd. (Shimian City) for a visit and exchange, where they received a warm reception from the enterprise. Both parties held in-depth discussions and exchanges on zinc smelting, covering topics such as production costs, production and market landscape, raw material procurement and processing, industry chain competitive advantages, and distinctive process technologies. Sichuan Kunshun Zinc Industry Co., Ltd. is a specialized and green environmental protection enterprise jointly invested and established by Sichuan Metallurgical Holding Group Co., Ltd. and Shimian Dongshun Zinc Industry Co., Ltd. to implement the national green production philosophy, actively develop the circular economy, and promote the comprehensive utilization of solid waste resources. It integrates solid waste treatment, recycling, and resource regeneration. The company primarily uses high-tech methods to carry out clean utilization and harmless treatment of heavy metal-containing waste generated by industries such as metallurgy and chemicals, eliminating the environmental impact of heavy metal solid waste at the source. The company was established in 2021 and is located in Zhuma Industrial Park, Shimian County, Ya'an City, Sichuan Province, covering an area of 65 mu with a total investment of 180 million yuan. The company has built a 3.5m × 50m Waelz rotary kiln production line, equipped with advanced and well-established low-grade zinc oxide production technology, achieving a resource recovery utilization rate of over 95% and effectively managing waste gas, noise, solid waste, and groundwater risks. It is also equipped with supporting facilities including desulphurization, denitrification, and flue gas defogging towers, as well as a wastewater treatment station, raw material warehouse, raw material pre-washing workshop, water slag processing workshop, biomass semi-gasification furnace, zinc crystallized salt workshop, production safety and environmental protection center, and laboratory for detection and testing. The company holds qualifications for treating hazardous waste categories including HW12, HW17, HW23, HW48, and HW49, with an annual capacity to process 100,000 mt of zinc-containing waste. Its main products include low-grade zinc oxide and zinc crystallized salt. The company has always upheld the green and environmentally friendly development philosophy, adhering to the fundamentals of "being responsible for the environment, for clients, and for employees," guided by technological innovation, and targeting the "reduction, recycling, and detoxification" of solid waste pollution prevention and control. The company is committed to building a modern "solid waste" management and disposal service provider, actively carrying out emergency environmental protection disposal, proactively assuming social service functions, and making positive contributions to promoting the circular economy development in Sichuan and strengthening the ecological civilization construction of lucid waters and lush mountains! Yunnan Luoping Zinc & Electricity Co., Ltd. (Qujing City) On March 30, the delegation visited Yunnan Luoping Zinc & Electricity Co., Ltd. (Qujing City) for exchanges. During the meeting, both sides conducted in-depth discussions on key topics including magnesium removal process optimization, production management organization, and raw material substitution plans, and put forward constructive suggestions on improving the plant environment. Yunnan Luoping Zinc & Electricity Co., Ltd. was established to fully leverage Luoping's local hydropower and lead-zinc mineral resource advantages. In accordance with the "ore, electricity, and smelting integration" development strategy proposed by the Luoping County Party Committee and County Government, and the overall requirements of the Municipal Party Committee and Municipal Government for the reform of industrial enterprises across the city, the company was registered and established at the Yunnan Provincial Administration for Industry and Commerce on December 21, 2000. It was listed on the Shenzhen Stock Exchange A-share market in 2007 and is a state-controlled enterprise under Luoping County. The company's assets are an optimized combination of three components: hydropower, lead-zinc mines, and zinc smelting. In terms of company assets, they are primarily composed of three advantageous resources of Luoping: mineral, hydropower, and zinc smelting. These mainly include six production units: Luoping County Fule Lead-Zinc Mine with an annual processing capacity of 100,000 mt of raw ore, Lazhuang Power Plant with annual power generation of 250 million kWh (installed capacity of 60,000 kW), a zinc smelter with an annual output of 120,000 mt of electrolytic zinc, a zinc powder plant with an annual output of 12,000 mt of ultra-fine zinc powder, a comprehensive utilization plant with an annual processing capacity of 129,500 mt of zinc slag, and a sulphuric acid plant with an annual output of 140,000 mt of sulphuric acid, achieving a total annual industrial output value exceeding 2 billion yuan. The company has six wholly-owned subsidiaries. The company's main businesses include hydropower generation, mining of lead, zinc, and other non-ferrous metals, as well as the production and sales of zinc smelting and its extended products. It is currently the only publicly listed firm in China's zinc smelting industry that integrates mining, power generation, chemical processing, and smelting. Its products include zinc sulphide concentrates, lead concentrates, zinc ingots, industrial sulphuric acid, ultra-fine zinc powder, cadmium, germanium concentrates, silver concentrates, copper concentrates, zinc alloys, industrial and residential electricity, edible oils and fats, among others. Its main product, "Jiulong" brand zinc ingots, is popular in non-ferrous product markets in and outside China thanks to its superior product quality and corporate reputation. Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. On March 31, the delegation visited Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. for exchanges. The two sides held in-depth discussions on topics including the economic benefits of smelting by-products, energy utilization efficiency, the current status of enterprise development, and future cooperation intentions. Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. was established on August 1, 2007, with a registered capital of 50 million yuan. The total investment in project construction was 475.5543 million yuan. The company currently has over 600 employees and covers an area of 443 mu. The plant is located in the Heishenmiaobo Industrial Zone, situated in the central area of the Gejiu-Kaiyuan-Mengzi urban cluster. The company is a new-type joint-stock enterprise centered on crude lead smelting, integrating sulphur dioxide acid production, waste heat power generation, lead electrolysis, and recovery of precious and rare metals such as gold, silver, antimony, and bismuth, with further extension into deep processing of lead-series products including red lead, massicot, electrode plates, and storage batteries. It is a benchmark enterprise among private lead smelters in the city, featuring a relatively large scale, advanced technology, compliance with environmental protection standards, comprehensive utilization of resources, and a complete industry chain. The company pioneered the application of new technologies to upgrade and transform the traditional crude lead smelting model among private enterprises in the city. The company has formulated the working philosophy of "prioritizing environmental protection, ensuring safety, attracting talent, enforcing strict management, and enhancing efficiency," and continues to drive high-quality development. In April 2007, the company commissioned China ENFI Engineering Technology Co., Ltd. to conduct a feasibility study on the lead smelting technological transformation project, and determined a comprehensive industrial facility technological transformation project with a total investment of 490 million yuan and an annual capacity of 60,000 mt of crude lead. On December 21, 2009, the "Demonstration Project of Oxygen-Enriched Bottom-Blowing Lead Smelting Technology with Annual Output of 60,000 mt of Crude Lead" was designated by the Provincial Department of Science and Technology as a 2009 Yunnan Provincial Science and Technology Innovation Project. In 2010, it was further designated as a key industrial project by the provincial, prefectural, and municipal governments. On November 14, 2011, the company obtained ISO9001:2008 quality management system certification. On March 7, 2012, "HSPb99.94PCT" was successfully registered on the London Metal Exchange. In 2019, the company successively passed the safety completion acceptance and environmental impact assessment completion acceptance, fully achieving compliant operations and sustainable development. Yunnan Zhenxing Industrial Group Co., Ltd. On March 31, the delegation headed to Yunnan Zhenxing Industrial Group Co., Ltd. for a visit and exchange. Both parties conducted in-depth discussions on topics including Yunnan Province's mineral resource endowment, smelting industry development trends, corporate business strategies, and technological innovation applications, jointly assessing the current status and prospects of the industry and analyzing the challenges and opportunities ahead. Yunnan Zhenxing Industrial Group Co., Ltd. (hereinafter referred to as "the Group") was founded in 1996 and is located in the Chongposhao New Materials Industrial Park, Shadian Sub-district Office, Gejiu City. The Group currently has 7 subsidiaries, 2 holding companies, and 1 equity-participation company, with approximately 3,000 employees. Its capacity reaches annual output of crude lead (100,000 mt), electrolytic lead (60,000 mt), zinc ingot (20,000 mt), lead-acid battery plates (9 million sets), lead-acid batteries (6 million units), superphosphate (350,000 mt), sulphuric acid (200,000 mt), and monoammonium phosphate (MAP) (60,000 mt). The Group has established five major production sites and five major product brands covering crude lead raw material, lead-zinc smelting, power supply manufacturing, fertilizer and chemical production, and resource recovery. It has formed an internal industrial cycle spanning lead ore mining—lead-zinc smelting—lead-based alloy melting—battery manufacturing—waste battery recycling—precious metals production, making it one of the few private non-ferrous enterprises in China with a complete lead industry chain. Since 2013, the Group has been consecutively recognized as one of the Top 100 Non-Public Enterprises in Yunnan Province. In 2025, it ranked 41st among the "Top 100 Non-Public Enterprises in Yunnan Province" and was selected for the first time into the "Top 20 Private Enterprises in Innovation Capability," ranking 7th. Yunnan Shadian Lead Industry Co., Ltd., a subsidiary controlled by the Group, ranked 71st. The Group has received nearly 100 honors at various levels, including "High-tech Enterprise," "Outstanding Private Technology Enterprise," "Enterprise with Harmonious Labor Relations," "Provincial Model Collective for Ethnic Unity and Progress," and "Key Enterprise for Industrial Development in Honghe Prefecture" in Yunnan Province. The Group's Yunsha brand lead ingot was successfully registered on the London Metal Exchange in 2007 and on the Shanghai Futures Exchange in 2020. In 2021, the Group was rated AAA in enterprise credit rating in the national non-ferrous metals industry. In August 2024, it was designated as a "Qiangyuan Zhuqi" Industry-Finance Service Base by the Shanghai Futures Exchange. Looking ahead, the Group will pursue the philosophy of "seeking survival, pursuing development, and accelerating enterprise transformation and upgrading," adhering to the working approach of "rooting in Honghe, basing in Yunnan, radiating to surrounding regions, and expanding across China." It will thoroughly implement strategies of enterprise management transformation, technology-driven development, talent empowerment, and sustainable development, striving to achieve significant increases in capacity and production of major products by 2035, with gross industrial output value up YoY, and to build itself into a 10 billion green lead-zinc comprehensive recycling technology enterprise. Mengzi Mining and Metallurgy Co., Ltd. On March 31, SMM and the field trip delegation headed to Mengzi Mining and Metallurgy Co., Ltd. for a visit and exchange. Both parties engaged in in-depth discussions on the entire zinc smelting process, covering topics including production technology, raw material supply, product sales, environmental protection governance, and future development plans, aiming to share experience, address industry pain points, and jointly clarify the direction of development. Mengzi Mining and Metallurgy Co., Ltd. was established in 1996. It is a resource-based mining and metallurgy enterprise integrating R&D, exploration, mining, mineral processing, smelting, and trading, with a focus on comprehensive utilization of resources. The company is one of the few comprehensive private enterprises in the non-ferrous metal industry that possesses an entire industry chain and operates independent trading and supply chain business platforms. It is among the top 100 enterprises in Yunnan Province and a key enterprise in Honghe Prefecture. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. — Danxia Smelter On April 2, the SMM delegation visited Zhongjin Lingnan's Danxia Smelter for a survey and field trip to the core plant area. In-depth discussions were held on production operations, technological R&D, and raw material procurement, covering key topics such as production capacity, technical cooperation, and raw material procurement strategies. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. (hereinafter referred to as "Zhongjin Lingnan") was established in September 1984 and listed on the Shenzhen Stock Exchange in January 1997 (stock code: 000060). It is an internationalized entire industry chain resource company primarily engaged in lead, zinc, and copper mining, mineral processing, and smelting, as well as comprehensive recovery of rare, scattered, and precious metals. It is a publicly listed firm controlled by Guangsheng Holdings Group, a key wholly state-owned enterprise under Guangdong Province. Zhongjin Lingnan's business covers segments including mines, smelting, new materials, and supply chains. It has 23 directly affiliated enterprises, wholly-owned and controlled subsidiaries. Major operating entities include Fankou Lead-Zinc Mine, Shaoguan Smelter, Danxia Smelter, Zhongjin Copper Co., Guangxi Mining Co., Perilya Limited in Australia, Zhongjin Technology Co., and Huajiari Co. The company has an annual output of 300,000 mt of lead and zinc metal content in concentrates, 450,000 mt of smelted lead and zinc products, 450,000 mt of copper cathode, 21,000 mt of aluminum extrusion, 20,000 mt of battery zinc powder, and 5,400 mt of composite metal materials. Among these, its battery zinc powder ranked first in Chinese market share, nickel-metal hydride and nickel-cadmium battery electrode sheets & plates materials ranked first in Chinese market share, and thermal bimetal ranked first in Chinese market share. The 2026 field trip brought together some global lead and zinc industry leaders for an inspiring and highly productive journey across China’s leading smelters and enterprises. The warm welcome, operational excellence, and innovative technologies on display made this event a resounding success — and we extend our deepest gratitude to all the companies and participants who made it happen. Looking ahead – Save the date for 2027: We are excited to announce that the 2027 SMM (22nd) Lead & Zinc Conference and Industry EXPO will take place from March 17–19, 2027 in Kunming, Yunnan, China . This premier event will once again bring together the global lead-zinc community for high-level networking, insight sharing, and industrial exploration. Interactive call – We want to hear from you: As we plan the field trip for the 2027 conference, we’d love your input. Which smelters or companies would you most like to visit for technical exchange and on-site learning? Please share your suggestions in the comments below — your feedback will help shape the 2027 experience. Let us know where the industry should go next!