Recently, Hunan Angzhu Environmental Protection Technology Co., Ltd. signed an APP advertising cooperation agreement with SMM (Shanghai Metals Market). This partnership aims to expand pragmatic cooperation and promote industry exchange, thereby achieving deepened collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its advantages as a leading non-ferrous metals industry service platform to provide Hunan Angzhu Environmental Protection Technology Co., Ltd. with a one-stop online marketing solution through comprehensive online display, forming a virtuous cycle between production and market, and realizing mutual value for both parties. Hunan Angzhu Environmental Protection Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City, Hunan Province. It is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. Hunan Angzhu Environmental Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City,Hunan Province. it is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. With pyrometallurgy #1 lead as its core product, the company has an annual capacity of 200,000 mt (based on pyrometallurgy #2 refined lead). It also engages in primary lead, lead-calcium alloy, lead-antimony alloy, secondary lead, and secondary refined lead businesses, building an entire industry chain service system from raw material procurement to finished product sales. Taking Pyrometallurgical Grade 1 Lead as its core product, the company has an annual production capacity of 200,000 tons (calculated by Pyrometallurgical Grade 2 Lead). It also engages in businesses such as electrolytic lead, lead-calcium alloy, lead-antimony alloy, recycled lead and recycled refined lead, and has built a full-industry-chain service system from raw material procurement to finished product sales. Core Strengths 1 Environmental Protection First Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to achieve the recycling of wastewater, waste gas, and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to realize the recycling of wastewater,waste gas and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. 2 Technology-Driven The core management team has 20 years of industry experience, has established a three-level quality inspection system, and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through intelligent equipment upgrades, production efficiency has increased by 40%, saving over 20 million yuan in annual production costs. The core management team has 20 years of industry experience, has established a three-level quality inspection system and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through the intelligent transformation of equipment, production efficiency has increased by 40%, saving more than 20 million yuan in annual production costs. 3 Social Responsibility The company has cumulatively created over 200 jobs and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City." It has established industry-university-research cooperation with Central South University and trained over 50 professional and technical talents. It has created more than 200 jobs cumulatively and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City".It has established industry-university-research cooperation with Central South University and trained more than 50 professional and technical talents. Business System • Raw Material Procurement: Crude lead, secondary crude lead • Main Products: Pyrometallurgy #1 lead (national standard GB/T 469-2023), primary lead, alloy lead • Trade Services: Providing value-added services such as warehousing and logistics, futures hedging, and supply chain finance Development Vision Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future," the company plans to establish a provincial-level technology center by 2026 and strives to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future", the company plans to establish a provincial-level technology center by 2026 and strive to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Contact Information Lin Yuancai 139757991777/18768272777 SMM Contact Cao Juanjuan caojuanjuan@ly10000.com 19521491689

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle **Conference Background** Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been fundamentally disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: **I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Elevation of Strategic Attributes** The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC — resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. **II. Price System Breaking Historical Records with the Industrial Ecosystem Facing Reshaping** In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a hallmark of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration approaches all urgently require innovative breakthroughs. **III. Technology-Driven and Green Transformation Fostering a New Symbiotic Ecosystem** Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy models, making recycled tin recovery and green smelting processes an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the 2026 SMM (16th) Tin Industry Chain Conference , to be held on August 19-21 in Changsha, Hunan , will bring together global industry elites for in-depth discussions. Dongguan Tenghui Tin Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the tin industry to new heights. Click the to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Founded in 2009, Tenghui Tin is located in Dongguan, Guangdong Province. Since its establishment, the company has been dedicated to refined production and deep processing in the solder tin industry. With high-quality products, outstanding reputation, and excellent services, it has earned widespread industry recognition and has grown into a reliable and trusted producer in the industry. Tenghui Tin boasts a professional management team and production team, and has established long-term, stable cooperative relationships with suppliers across the country. The company adheres to reasonable pricing, trustworthiness, and contract compliance, winning the trust of a broad client base. We possess the most comprehensive production equipment and process flows in the industry, with daily refined tin output reaching 30 mt. We are equipped with advanced detection equipment such as desktop Spectro direct-reading spectrometers and handheld spectral guns, enabling us to provide clients with professional detection services. In terms of corporate culture, Tenghui Tin Industry upholds the mission of "cooperating with sincerity, operating with integrity, pursuing excellence in business, dedicating to environmental protection, and becoming China's most professional non-ferrous metal resource recycling enterprise." We pursue excellence, value every detail, and are committed to providing clients with satisfactory value-added services and high-grade products. Every employee of the company understands that clients are the source of our livelihood, and their attention and patronage are the greatest reward for us. We advocate integrity, innovation, quality, and service, always centering on clients. Through continuously improving our technical capabilities and service quality, we strive to provide clients with the best solutions. Tenghui Tin Industry is not merely a producer, but also a socially responsible enterprise. We are dedicated to environmental protection and hope to make positive contributions to society and the environment through our efforts. Whenever you need, just one supply call and we will come to serve you in the shortest time possible. We welcome all organizations, companies, enterprises, and individuals to come and discuss cooperation and inquire about prices. We look forward to joining hands with you to create a bright future together. Main business: Production and sales of national standard white board refined tin, foil tin, 305 tin materials, standard-compliant tin-copper, 0307 tin materials, 63/37 tin materials, national standard silver board, and other products. Contact Information Liao Huaiqing 13714200395 Liao Guoxiong 13828701483 Long press to scan the code and register now 2026 SMM (16th) Tin Industry Chain Conference

Against the backdrop of the global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound transformation across its industry chain. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener development. On the other hand, resource constraints, technological barriers, and market fluctuations impose higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points, and to lead the industry toward high-end, intelligent, and internationalized development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standards development. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue on three core topics: technological R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Quanda New Materials (Ningbo) Co., Ltd. / Ningbo Haoshun Precious Metals Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Chen Yongda, who has over twenty years of experience in the silver industry, building upon his existing silver distribution business to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the scenic Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory enterprise specializing in the production of silver nitrate using silver as the primary raw material, with a designed capacity of 5,000 mt/year, and is a key supported enterprise of the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict quality detection procedures and has established an internal R&D center staffed with dozens of mid-to-senior-level professional and technical personnel. The company's product quality is consistently among the leading levels in the domestic peer industry, with products widely applied in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing clients with more value-added services through quality products, efficient services, and reasonable prices. Contact Information Ms. Shi 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial distribution enterprise primarily engaged in the supply of precious metal silver raw materials in China and customized silver crafts services. It is a standing council member of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association (CNIA). Since its establishment and operation, the company has consistently adhered to the business philosophy of "being down-to-earth, operating with integrity, and achieving mutual benefit." It upholds the business cooperation principle of "creating value together, sharing results together, and winning the future together." After years of development and growth, the company has established long-term and stable cooperative relationships with multiple well-known silver mine enterprises in China. Its supply and sales channels have become stable, and it has selected a group of strategic partners with strength, credibility, quality, and service orientation. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing a strong guarantee for the company's steady and high-quality development. Its industry reputation, market influence, and corporate soft power are all gradually strengthening. Its spot silver trading volume has been at the industry-leading level for consecutive years. A modern commercial distribution enterprise with a maturing management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. is expected to align with the major trend of silver consumption upgrading in the new era, proactively innovate and adapt, employ flexible and elastic trading models, adopt a strict risk control system, and leverage timely and efficient services. The company will strive to anticipate clients' needs and fulfill their requirements, endeavoring to provide clients with diversified and more value-added services. As the ancients said, " When one calls with the wind at his back, his voice is no louder, yet it is heard more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will stay true to its original mission of serving the National Silver Enterprise Annual Conference. On the road ahead, it will willingly serve as a practitioner of honest and trustworthy trading in the silver industry market, a driver of integrated coexistence and win-win cooperation among enterprises, and a contributor to the steady, prosperous, and sustainable development of the industry. Contact Information Mr. Yao 13817213537 Tel: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo, Zhejiang Province Press and hold to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Overall, the aluminum processing industry achieved a slight edge up in operating rate this week, driven by the recovery of export orders, the surge in energy storage demand, and the recovery of infrastructure-related orders. The industry maintained relatively strong resilience, and going forward, attention should be focused on the sustainability of export orders and the boosting effect of aluminum price trends on demand.

SMM May 21 update: This week, trading activity among China's aluminum fluoride enterprises turned sluggish, with aluminum fluoride prices holding steady. As of now, SMM aluminum fluoride prices closed at 11,480-12,000 yuan/mt; cryolite prices remained stable, with SMM cryolite quoted at 7,000-8,500 yuan/mt. Raw material side: Prices of core raw materials for aluminum fluoride diverged, while overall cost support remained relatively firm. This week, delivery-to-factory prices of 97% fluorite powder in China trended downward, with mainstream transactions concentrated at 3,300-3,500 yuan/mt. Low-priced sources in the north dipped to around 3,100 yuan/mt, with regional price spreads remaining pronounced. Supply side, operating rates at mines in major northern producing areas rebounded steadily, domestic spot supply continued to increase, and Mongolian imported fluorite cargoes kept arriving at ports and flowing into the market, further easing overall resource supply. Under these circumstances, resistance to transactions at high quoted prices intensified. Demand side, a strong wait-and-see sentiment prevailed among downstream industries, with insufficient follow-through on new orders. Downstream producers mainly focused on executing previously contracted orders, and actual trading activity in the spot market remained weak. Although the recent rise in hydrofluoric acid prices provided some positive sentiment for the fluorite market, coupled with delayed resumption of operations at Zhejiang mining areas and minor support from low inventory levels in certain regions, ample overall market supply combined with sluggish end-user procurement demand meant that fluorite powder prices were expected to remain slightly in the doldrums in the short term. Aluminum hydroxide prices edged down slightly, with the current SMM weighted average price at 1,651 yuan/mt, down 0.30% from last Thursday. The sulphuric acid market continued to rise. Currently, raw material sulphur circulation remained tight with prices continuing to climb. Supply side, some enterprises underwent maintenance shutdowns, tightening supply, while demand gradually weakened. Overall, sulphuric acid prices hovered at highs, with the market remaining relatively strong. In summary, prices of core raw materials for aluminum fluoride diverged, the industry's comprehensive cost center fluctuated at highs, and production pressure on enterprises remained difficult to alleviate. Supply side, the negative cycle of rigid high costs — deep losses — low operating rates continued. This week, raw material prices diverged, with fluorite pulling back slightly while sulphuric acid remained firm. Comprehensive costs stayed elevated, with widespread losses across the industry intensifying. Enterprise maintenance and flexible production increased, with the industry operating rate remaining at a low level of around 40%, limiting effective incremental supply. Demand side, downstream operating aluminum capacity remained stable at high levels, providing rigid floor demand for aluminum fluoride. However, aluminum enterprises' procurement was mainly limited to restocking for essential needs while pushing for lower prices, with no additional incremental demand for the time being. Brief comment: This week, aluminum fluoride raw material trends diverged, with comprehensive costs staying high and continuously squeezing enterprise profit margins. The industry continued under the triple pressure of "high costs, low profits, and low operating rates," making it difficult to boost production enthusiasm. The market currently lacked clear directional guidance, with a tug-of-war between upstream and downstream remaining stagnant. Transactions relied solely on rigid demand support, and a strong wait-and-see sentiment pervaded the market. Prices were expected to remain stable in the short term. Going forward, close attention should be paid to dynamic changes in raw material costs, as well as marginal adjustments in the procurement pace of downstream aluminum enterprises.

[Domestic Ore Market Brief] Iron ore concentrates prices in the Tangshan area were lowered by 5-10 yuan at the beginning of the week, and current prices have been relatively stable, with the delivery-to-factory price of 66-grade iron ore concentrates at 970-980 yuan/mt on a dry basis, tax included. Recently, steel mill profits have contracted, and steel mills have mostly been purchasing domestic ore as needed. Ore supply at mines and beneficiation plants remains tight overall. In the Chengde area, mines and beneficiation plants have seen overall production and supply contract due to permit issues, driving a weakening of resource circulation in the broader regional market.

India-based Sahaj Solar has announced a joint venture with Clarion Investments to establish a 750MW solar module manufacturing facility in the UAE. The factory will target both domestic and international markets, with a strategic focus on GCC countries including the UAE, Qatar, Bahrain, Saudi Arabia, Kuwait and Oman, as well as the US. SMM believes the move reflects Indian PV manufacturers’ growing interest in using the Middle East as a manufacturing and export base to expand global market access.

[SMM Magnesium Weekly Review: Weak Supply-Demand Pattern, Magnesium Market Fluctuated Downward Overall This Week] China's magnesium industry chain was overall in the doldrums this week. Upstream, the dolomite market remained stable. In Shanxi production areas, some capacity was shut down due to environmental protection-related controls, tightening quality supply sources. However, supply from other regions quickly filled the gap, keeping overall supply sufficient. Combined with ample raw material reserves at primary magnesium enterprises, only just-in-time procurement was maintained, and dolomite prices remained stable. In major production areas, primary magnesium operations were stable, spot supply was sufficient, producers were active in shipments, and industry competition intensified. Some enterprises offered price concessions to facilitate transactions, driving magnesium ingot prices into a sustained gradual decline. Downstream, end-user wait-and-see sentiment was strong. Influenced by the mentality to rush to buy amid continuous price rise and hold back amid price downturn, most made just-in-time procurement only, with large orders scarce. The market exhibited a pattern of strong supply and weak demand. Export quotations were adjusted downward in tandem, and ex-China trading was sluggish. In deep processing, magnesium powder operations pulled back slightly, with expectations of tightening supply going forward. However, demand in and outside China lacked sufficient support, and the market moved sideways. Magnesium alloy enterprises maintained stable operations, with some inventory accumulating slightly. Industry orders diverged, and price spreads among quotations continued to widen. Downstream demand was mixed, with new energy vehicle demand seeing steady release while two-wheeler demand remained persistently weak. Overall demand support was soft, supply was relatively ample, and prices were in the doldrums in tandem with magnesium ingot.

French solar startup Carbon has abandoned its planned 5GW PV gigafactory in Fos-sur-Mer, southern France. The project, previously designated a Project of Major National Interest, was expected to cover production from solar cells to modules with an estimated investment of EUR 1.5 billion. Carbon said the project required a protected European market to support industrial ramp-up, but the EU regulatory framework failed to provide sufficient policy visibility or preferential treatment for European-made products. SMM believes the cancellation highlights ongoing challenges for Europe’s PV manufacturing reshoring, including high costs, financing uncertainty and limited policy protection.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Contango price spread between nearby contracts is expected to widen slightly, and suppliers' willingness to hold prices firm is expected to strengthen. During the day, downstream enterprises countered some standard-quality copper at a discount of 120 yuan/mt, but suppliers held prices firm and held back from selling, and the discount did not widen significantly. Demand side, affected by high copper prices, end-users' cargo pick-up pace slowed down, finished product inventories at some processing enterprises rose, and procurement volumes declined. Overall, given weak demand, Shanghai spot copper premiums against the 06 contract are expected to remain at a discount tomorrow.