The year 2026 marks the opening year of the "15th Five-Year Plan" period. Against the backdrop of intensifying global macro volatility and the deepening advancement of high-quality development in China, the zinc industry is undergoing profound transformation: tightness on the ore side and the release of smelting capacity are creating structural tension, divergence between domestic and overseas inventories reflects the complex dynamics of supply-demand rebalancing, and technological innovation is becoming the key momentum for resolving contradictions and reshaping the landscape. Key areas under the "15th Five-Year Plan" such as new energy and new-type infrastructure are injecting new momentum into traditional zinc consumption, while green, low-carbon, and circular economy principles are accelerating the restructuring of industrial logic driven by technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and relevant parties, SMM is about to hold the 2026 SMM Zinc Industry Conference & the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum & the 14th Zinc Salt, Zinc Oxide and Zinc Secondary Resources Development Forum & the Zinc-Based Materials Development Forum on August 6-8 in Qingdao, Shandong. Themed "Converging Zinc Momentum · Building Zinc Industry · Embarking on a New Journey," the conference is driven by the dual engines of macro perspectives and fundamental analysis, closely aligned with the "15th Five-Year Plan" high-quality development mainline, focusing on four major dimensions: macro policies, supply-demand patterns, global trade, and technological innovation. It aims to drive cost reduction and efficiency improvement through technological breakthroughs, respond to market fluctuations through collaborative innovation, and jointly chart a new blueprint for high-quality and sustainable development of the zinc industry. Gansu Changba Nonferrous Metals Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly driving the zinc industry to new heights. Click the to register now, witness and participate in this significant and far-reaching industry event, and co-create a glorious new chapter! ◆ Company Overview ◆ Gansu Changba Nonferrous Metals Co., Ltd. is a subsidiary of Baiyin Nonferrous Group Co., Ltd., with Chengzhou Zinc Smelter and Changba Lead-Zinc Mine under its management. It is a large state-owned nonferrous metals enterprise integrating lead-zinc mining, mineral processing, smelting, and scientific research. Chengzhou Zinc Smelter currently has an annual electrolytic zinc production capacity of 100,000 mt. It is a modern smelter integrating zinc metal smelting, comprehensive utilization of resources, and R&D of new nonferrous metal smelting processes. The enterprise adheres to the development direction of "lean collaboration, digital integration, and green leadership," closely aligned with the goal of creating the ultimate quality benchmark. It has continuously made breakthroughs in improving zinc smelting quality. In 2026, the first batch of high-purity zinc ingots with a purity of 99.998% was successfully produced, injecting solid momentum into further enhancing the enterprise's core competitiveness, expanding the high-end zinc materials market, and driving high-quality development of the enterprise. The Chengzhou Zinc Smelter has always adhered to the pursuit of excellence and perfection. With the successful production of 99.998% high-purity zinc ingots as a major breakthrough, the smelter has continued to increase investment in scientific research, actively introduced advanced and applicable production technologies and equipment, focused on building a high-caliber professional and technical talent team, continuously optimized the production process for 99.997% high-purity zinc ingots, and steadily carried out technical research on even higher-purity zinc products. ◆ Honors Bestowed: Quality Certified by Authoritative Bodies ◆ The outstanding quality of the 99.998% high-purity zinc ingots has been widely recognized by authoritative institutions both within and outside the industry, with numerous prestigious awards attesting to their quality excellence: · Technology Innovation Awards: Leveraging core technological breakthroughs such as "Research and Application of Low-Impurity Electrolytic Zinc Standard Creation," the smelter won the "Second Prize of Nonferrous Metals Industry Science and Technology Award," the "First Prize of Gansu Province Science and Technology Progress Award," and the "Grand Prize of Science and Technology of CITIC Guoan Group Co., Ltd.," with its technical capabilities recognized at national, provincial, and municipal/county levels. The "R&D and Application of High-Grade Zinc Ingot Preparation Process Technology" won a Bronze Award at the 11th International Invention Exhibition "Belt and Road" and BRICS Skills Development and Technological Innovation Competition. "Full-Process Lean Management Control for Creating Excellent Zinc Ingot Quality" won the Second Prize of the 2025 Nonferrous Metals Enterprise Management Modernization Innovation Achievement Award. The smelter built Nanshi's first 5G+ digital workshop, deployed industrial robots and unmanned AGV systems, achieved full-process automation of ingot production, and improved production efficiency by 30%. · Product Quality Awards: The main product, zinc ingots (including the 99.997% grade), together with the by-product sulphuric acid, were awarded the highest honor in nonferrous metals product physical quality certification — the "Gold Cup Award," serving as an authoritative endorsement of their quality stability and superiority by the industry. In 2025, the smelter was recognized as a "Premium Brand" by the CNIA. · Market Access Certification: The main product, zinc ingots, was successfully registered on the Shanghai Stock Exchange, obtaining standardized market circulation qualifications. The brand value reached 2.482 billion yuan, ranking 31st nationwide among "Product Brands," laying a solid foundation for the market promotion of 99.997% high-purity zinc ingots. ◆ Diverse Applications: Empowering High-End Industrial Development ◆ Due to its extremely low impurity content and excellent chemical stability, the 99.998% high-purity zinc ingot demonstrates irreplaceable application value in multiple high-end fields: · High-End Electronics: As a core raw material for electronic component coatings, its low-impurity characteristics effectively enhance the conductivity and service life of electronic devices, and it is widely used in the production of precision electronic components such as integrated circuits and smartphone chips. · Aerospace: Used in anti-corrosion coatings for aerospace components and lightweight alloy material manufacturing, its stable physicochemical properties can adapt to extreme environments, ensuring the reliability of aerospace equipment. · Pharmaceutical and Chemical Industry: Serving as raw materials for pharmaceutical intermediates and high-end catalysts, its high-purity characteristics ensure product safety and efficacy, meeting the stringent standards of the pharmaceutical and chemical industry. · New Energy: In the production of new energy products such as zinc-based batteries and energy storage equipment, high-purity zinc ingots can enhance battery energy density and cycle life, facilitating the upgrading of the new energy industry. ◆ Outstanding Performance: Market Recognition Demonstrates Strength ◆ With a zinc ingot capacity of 100,000 mt, the 99.998% high-purity zinc ingots, leveraging core advantages of low lead, low iron, and low cadmium, received strong recognition from downstream clients upon market launch, delivering impressive market results: · Industry-Leading Zinc Ingot Quality: Zinc ingot purity reaches 99.998%, with lead content at 0.0009%, iron content stable at 0.0003%, and cadmium, tin, and aluminum consistently maintained at 0.0002%, placing it at a leading level in the ISP zinc smelting industry. · Extensive Market Coverage: Products were rapidly sold to core markets such as Shanghai and Xuzhou, covering multiple sectors including high-end electronics and precision manufacturing, breaking the supply bottleneck of high-end high-purity zinc ingots. · Leading Client Satisfaction: With stable purity, extremely low impurity content, and reliable supply capability, a stable client base and strong market reputation have been established. Client satisfaction in 2025 reached 100%. ◆ Future Outlook: Continuously Leading High-Quality Development ◆ Chengzhou Zinc Smelter consistently adheres to the pursuit of excellence and perfection. Taking the successful production of 99.998% high-purity zinc ingots as a significant breakthrough, it continues to increase R&D investment, actively introduces advanced and applicable production technologies and equipment, focuses on building a high-caliber professional technical talent team, and continuously optimizes the production process for 99.997% high-purity zinc ingots while steadily advancing technical breakthroughs for even higher-purity zinc products. Meanwhile, it deepens industry-academia-research collaborative innovation, expands application scenarios of high-purity zinc in high-end manufacturing, new materials, and other fields, and promotes coordinated improvement and synergistic development across the upstream and downstream of the industry chain. The enterprise is anchored on the goal of building an industry-leading lean benchmark enterprise, continuously strengthening whole-process quality management, deepening green and low-carbon production, accelerating intelligent transformation and upgrading, and driving enterprise quality improvement, efficiency enhancement, and transformation with solid achievements, contributing tangible "Chengye Strength" to the high-quality development of the zinc smelting industry. ◆ Contact Information ◆ Long press to scan the code and register now 2026 SMM Zinc Industry Conference

[SMM Tin Midday Review: SHFE Tin Tested the 380,000 Level, Bargain Buying Drove Spot Trades to Recover]

SMM April 21 News: Metals Market: As of the daytime close, domestic market base metals mostly fell, with SHFE lead being the only one to rise, up 0.48%. SHFE aluminum led the decline with a drop of 1.23%, while the rest of the metals fell less than 1%. The alumina front-month contract rose 1.95%, and the casting aluminum alloy front-month contract fell 1.36%. In addition, the lithium carbonate front-month contract fell 2.84%, the polysilicon front-month contract rose 2.56%, and the silicon metal front-month contract fell 0.35%. The Europe containerized freight front-month contract rose 1.37% to 2,143.4. On the ferrous metals front, all rose except stainless steel. Stainless steel fell 1%, while hot-rolled coil and rebar both rose over 0.7%, with hot-rolled coil up 0.72% and rebar up 0.76%. For coking coal and coke, coking coal rose 1.53% and coke rose 2.42%. On the overseas market front, as of 15:03, overseas base metals all fell except LME lead. LME lead rose 0.28%, while the rest of the metals fell less than 1%. On the precious metals front, as of 15:03, COMEX gold fell 0.7% and COMEX silver fell 1.35%. In China, SHFE gold fell 1.08% and SHFE silver fell 2.75%. In addition, the platinum front-month contract fell 1.08% and the palladium front-month contract fell 1.01%. Market data as of 15:03 today Macro Front China: [Good Start! China's Raw Material Industry Value-Added Up 4.6% YoY in Q1] According to a press conference held by the State Council Information Office this morning, China's raw material industry achieved a good start in Q1. Data showed that in Q1, the value-added of the raw material industry was up 4.6% YoY. Among them: the value-added of the petrochemical and chemical industry was up 7.4% YoY, and the value-added of the non-ferrous metals industry was up 2.6% YoY. Zhang Yunming, Vice Minister of MIIT, stated that in Q1, the cement industry reduced and retired nearly 30 million mt of capacity through capacity replacement with reduction. Meanwhile, the revenue of the green building materials industry grew steadily, and the number of certified green building material products increased 5% compared to the end of 2025. Innovation achievements in the raw material sector also accelerated, with China's independently developed T1200-grade ultra-high-strength carbon fiber industrial-grade product making its global debut, expected to be deeply applied in strategic emerging industries such as aerospace, low-altitude economy, and humanoid robots. (CCTV News) [MIIT: Fully Activate the Innovation Engine, Accelerate Frontier Material Development and Key Material Breakthroughs] Zhang Yunming, Vice Minister of MIIT, stated at the State Council Information Office press conference that in Q1, they implemented the new round of work plans for stabilizing growth in ten key industries in detail, focused on promoting the optimization and upgrading of capacity structure, and the raw material industry achieved a good start, with more vigorous transformation steps and a stronger industrial foundation. Next, the Ministry of Industry and Information Technology is expected to thoroughly implement the deployment of the Outline of the 15th Five-Year Plan, adhere to a combination of “strengthening the fundamentals” and “fostering the new,” and enhance overall planning and policy supply. On the one hand, it will focus on solidifying the foundation for upgrading traditional industries, promoting optimization of existing capacity and a green, safe transition; on the other hand, it will fully energize the innovation engine, accelerate the layout of frontier materials and breakthroughs in key materials, and provide more solid and reliable material support for developing new quality productive forces and advancing new-type industrialization. (Jinshi Data) [MIIT: Q1 Industrial Robot Production up 33.2% YoY; Drones, AI Glasses, and More Becoming Increasingly Diverse] This morning, the State Council Information Office held a press conference to brief on industrial and information technology development in Q1 2026. In Q1, the application of new technologies such as artificial intelligence accelerated and expanded in the electronics and consumer goods industries; end-use products such as drones and AI glasses became increasingly diverse; and production of products such as industrial robots and integrated circuits rose 33.2% and 24.3% YoY, respectively. (CCTV News) [PBOC Reverse Repo Operations Recorded a Net Injection of 4 billion yuan on the Day] The PBOC conducted 5 billion yuan of 7-day reverse repo operations today. As 1 billion yuan of 7-day reverse repos matured today, it recorded a net injection of 4 billion yuan on the day. (Jinshi Data) US dollar: As of 15:03, the US dollar index was at 98.14, up 0.09%. Middle East tensions pushed up oil prices and supported the dollar; a plunge in US consumer confidence weighed on the real economy; and Japan’s manufacturing sector was under pressure. Meanwhile, Fed Chairman nominee Warsh was set to face a hearing, and how to balance interest rate cuts and inflation became the market focus. (Jinshi Data) The US Congress will hold the first confirmation hearing for Fed Chairman nominee Warsh on Tuesday local time. Warsh will pledge to lawmakers to maintain strict independence on interest rate matters. According to opening remarks obtained in advance by Politico, Warsh said interest rate decisions must be strictly independent of political considerations, and monetary policy should not become a tool for short-term political objectives; he also stressed that the US Fed’s credibility comes from institutional constraints and policy discipline. Warsh said the central bank should listen to differing views, and politicians expressing opinions on interest rates is not a real threat; rather, it is the US Fed’s own discipline and rigorous approach that sustains its independent status. He emphasized that price stability is the US Fed’s shield and pledged to take full responsibility for it, “making no excuses and shirking no responsibility.”Regarding the continuous expansion of the US Fed's functional boundaries in the post-crisis era, Warsh also issued a warning, arguing that the Fed should not extend its reach into fiscal policy or social policy areas where it lacks statutory authority. The US Senate Banking Committee is scheduled to hold a confirmation hearing for Warsh at 10 PM Beijing time on April 21. In addition, on April 21, according to Zhuifeng Trading Desk, Citi laid out clear bullish reasons for interest rate cuts in its latest research report, arguing that crude oil supply disruptions were only temporary disturbances and that the path to interest rate cuts, though bumpy, was clearly directional; Deutsche Bank, however, poured cold water on such optimism, warning that US Fed policy was already at a neutral position and was expected to maintain current interest rates indefinitely. As the two major investment banks clashed in their views, the upcoming March retail sales data is set to become the key litmus test to break the deadlock. This data will not only reveal the true destructive impact of high oil prices on core consumption but will also directly determine the US Fed's near-term policy path. (Wall Street Insights) On the macro front: Data to be released today include the US March retail sales MoM, US February business inventory MoM, US March pending home sales index MoM, Germany's April ZEW Economic Sentiment Index, UK February three-month ILO unemployment rate, UK March unemployment rate, UK March jobless claims, Switzerland's March trade balance, and the Eurozone April ZEW Economic Sentiment Index. In addition, attention should also be paid to the US Senate Banking Committee's confirmation hearing on Kevin Warsh's nomination as Fed Chairman, and European Central Bank President Lagarde's keynote speech at the 75th anniversary annual reception of the Association of German Banks. Furthermore, China is about to open a new round of refined oil price adjustment window. On the crude oil front: As of 15:03, oil prices in both markets fell together, with WTI down 1.05% and Brent down 0.73%. The market held optimistic expectations that US-Iran negotiations would continue this week. According to information from maritime intelligence firm Tanker Trackers, a tanker belonging to the National Iranian Tanker Company returned to Iran via the relevant maritime blockade line after completing the offloading of approximately 2 million barrels of crude oil in Indonesia. The tanker is currently heading to Kharg Island, Iran's main oil export hub, and is expected to arrive on the 22nd local time. The tanker reportedly departed Iran in late March, heading for the Riau Islands in Indonesia. (CCTV News) According to foreign media reports, gasoline prices in Australia fell for the third consecutive week as government measures eased the upward pressure on gas station prices triggered by the Iran war. According to data from the Australian Institute of Petroleum, in the week ending last Sunday, the national average gasoline price dropped about 5% to A$2.129 per liter (approximately $1.5279), but remained about 18% higher than at the outbreak of the conflict in early March. Diesel prices fell about 3% to A$3.089 per liter. It was reported that Canberra attempted to ease the domestic fuel crisis by sending delegations to communicate with major trading partners, covering oil transportation costs, relaxing diesel standards, cutting fuel taxes, and tapping into reserves. In addition, the government was conducting a publicity campaign aimed at encouraging Australians to reduce driving. Despite being a major energy producer and exporter, Australia still relied on imports from outside China for most of its refined fuel, and its fuel reserves were among the lowest in developed countries, making the country highly vulnerable to disruptions in global energy supply. (Jin Shi Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ► ► ► ►

SMM April 18 Update: Metals market: Last Friday's overnight session saw broad gains across base metals in the domestic market. SHFE copper rose 0.78%; on a weekly basis, SHFE copper posted a four-week winning streak, gaining 4.07% for the week. SHFE aluminum fell 1.25%, SHFE lead rose 0.24%, SHFE zinc rose 0.71%, SHFE tin rose 0.03%, and SHFE nickel fell 2.19%. In addition, the most-traded alumina futures contract fell 1.01%, and the most-traded foundry aluminum continuous contract fell 1.18%. Last Friday's overnight session saw ferrous metals all fall. Iron ore fell 0.58%, stainless steel fell 0.27%, rebar fell 0.16%, and hot-rolled coil rose 0.09%. Coking coal and coke: coking coal fell 0.24%, and coke fell 0.18%. Overseas market metals last Friday overnight, LME base metals broadly rose. LME copper rose 0.81%; on a weekly basis, LME copper posted a four-day winning streak, gaining 3.83% for the week. LME aluminum fell 2.72%, LME lead rose 0.8%, LME zinc rose 0.25%, LME tin rose 0.03%, and LME nickel rose 1.69%. Precious metals last Friday overnight : COMEX gold rose 0.85%, posting a three-week winning streak with a weekly gain of 1.3%; COMEX silver rose 2.82%, posting a four-week winning streak with a weekly gain of 5.82%. Last Friday overnight, SHFE gold rose 0.94%, posting a three-week winning streak with a weekly gain of 0.12%; SHFE silver rose 3.74%, posting a four-week winning streak with a weekly gain of 5.18%. Gold prices rebounded amid optimistic sentiment over US-Iran negotiations, but further gains may be limited until the geopolitical situation becomes clearer. Commerzbank analysts noted: "Gold prices also rebounded on hopes of an end to the war, as this eased concerns that central banks would have to respond to higher inflation risks with tighter monetary policy, thereby increasing the opportunity cost of holding gold. However, as long as uncertainty remains elevated, the underlying recovery in the gold market may be temporarily exhausted." As of 7:45 AM on April 18, last Friday's overnight closing prices: Macro front China: [State Council Executive Meeting: Deeply Implement the Strategy to Upgrade Pilot Free Trade Zones and Promote High-Quality Development of Pilot FTZs] Li Qiang chaired a State Council executive meeting to hear reports on the development of pilot free trade zones. The meeting noted that since the 18th CPC National Congress, pilot FTZs had actively explored deepening reform, expanding opening-up, and promoting development, achieving a series of breakthrough and pioneering results and effectively serving as comprehensive pilot platforms. In the face of new circumstances and new tasks, it is necessary to thoroughly implement the strategy for upgrading pilot free trade zones, reform and improve institutional mechanisms, further optimize the layout and enhance capacity, and better serve the overall national development. Efforts should be made to adapt measures to local conditions, proceed in a steady and orderly manner, and pursue practical results. On the basis of scientific assessment and evaluation, and in accordance with local conditions and actual needs, tailored plans should be formulated for each zone to solidly advance related work and promote high-quality development of pilot free trade zones. Support should be given to pilot free trade zones such as Shanghai to leverage their functional positioning, proactively align with high-standard international economic and trade rules, steadily expand institutional opening-up in terms of rules, regulations, management, and standards, explore and develop more replicable and scalable experiences and practices, and better play a demonstrative, leading, and radiating role. (CCTV News) [MOF and Another Department: Adjusting the Scope of VAT and Consumption Tax Refund Goods for Pingtan Comprehensive Experimental Zone] The Ministry of Finance and the State Taxation Administration announced the adjustment of the scope of VAT and consumption tax refund goods for Pingtan Comprehensive Experimental Zone. Goods related to production sold from the mainland to Pingtan via the "second line" shall be treated as exports, and VAT and consumption tax refunds shall be implemented in accordance with current tax policy provisions. However, the following goods are excluded: 1 Exported goods to which the Ministry of Finance and the State Taxation Administration have stipulated that VAT refund (exemption) and tax exemption policies do not apply. 2 Goods procured for commercial real estate development projects in Pingtan. Commercial real estate development projects refer to the construction (including renovation and expansion) of hotels, office buildings, villas, apartments, residences, commercial shopping venues, entertainment and service facilities, catering establishments, and other commercial real estate projects. 3 Other goods sold from the mainland to Pingtan that are not eligible for tax refunds. The specific scope is detailed in the appendix. 4 Goods purchased by enterprises whose tax refund or exemption eligibility has been revoked in accordance with relevant regulations. (Ministry of Finance) (Jin10 Data APP) [General Administration of Customs: Supporting Local Governments in Building Bulk Commodity Collection, Distribution, Storage, and Transportation Bases Leveraging Comprehensive Bonded Zones to Conduct Storage and Distribution of Bulk Commodities Such as Energy and Mineral Products] On April 17, the General Office of the State Council forwarded the notice of the General Administration of Customs on Several Measures for Promoting the Expansion and Quality Improvement of Comprehensive Bonded Zones. Among the measures proposed, serving national strategic needs was highlighted. Support is given to local governments to build bulk commodity collection, distribution, storage, and transportation bases leveraging comprehensive bonded zones, and to conduct storage and distribution of bulk commodities such as energy and mineral products. Enterprises within the zones are allowed to carry out physical blending of metal ore products through bonded logistics. Differentiated conformity assessment shall be implemented. Support is given to enterprises within the zones to conduct key core technology research in areas such as artificial intelligence, integrated circuits, industrial master machines, medical equipment, instruments and meters, advanced materials, basic software, and industrial software. Differentiated conformity assessment shall be implemented for relevant equipment, reagents, and consumables imported by enterprises in accordance with national statutory inspection requirements. [CSRC Solicits Public Comments on the Measures for the Supervision and Administration of Futures Companies (Exposure Draft) and Supporting Implementation Provisions] Building on the public consultation conducted in March 2023, the CSRC, in light of new circumstances and issues encountered in futures industry regulatory practice, conducted further research and deliberation on the relevant institutional arrangements of the Measures for the Supervision and Administration of Futures Companies, and formulated a new Measures for the Supervision and Administration of Futures Companies (Exposure Draft). Concurrently, the CSRC drafted the Announcement on Matters Concerning the Implementation of the (Exposure Draft) as supporting implementation provisions. Public comments are now being solicited. The new Measures for the Supervision and Administration of Futures Companies (Exposure Draft) shifts futures market-making and derivatives trading businesses — previously operated by risk management subsidiaries with filing-based access and self-regulatory management by the China Futures Association — to be operated by futures companies, subject to licensing-based access and administrative supervision, and strengthens the regulation of futures companies' subsidiaries and branches. US dollar: Last Friday, the overnight US dollar index rose 0.02% to 98.22. On a weekly basis, the US dollar index fell for a third consecutive week, down 0.48% for the week. After Iran announced that the Strait of Hormuz was now "fully open" to commercial shipping, the US dollar erased all gains since the outbreak of the US-Iran conflict, further weakening demand for safe-haven assets. The index declined consecutively as investors focused on ceasefire and negotiations toward a potentially broader agreement. Jayati Bharadwaj, head of FX strategy at TD Securities, said: "The safe-haven bid has started to fade. That's why the dollar is lower." (Jin10 Data) Fed Governor Waller said he was cautious about whether an interest rate cut was needed in the near term due to the energy shock triggered by the Iran war, and warned that the conflict could have a lasting impact on inflation. In his remarks, Waller outlined two main scenarios. In the first scenario, if the Strait of Hormuz reopens and trade flows return to normal, officials would be able to look through the surge in energy prices and shift their focus to the weakening job market later this year. He said that if this were the case, "I think there is a prospect that underlying inflation will continue to pull back toward the 2% target, which would make me cautious about cutting interest rates now and more inclined to support the labour market through interest rate cuts later this year when the outlook is more stable." However, he warned that oil prices and the broader market were underestimating the risk of a prolonged conflict. "On the inflation front, the risk is that the longer the conflict lasts and the longer energy prices stay high, the greater the likelihood that these elevated prices seep into other prices, as enterprises factor high energy input costs into their pricing."He stated that if this occurred against a backdrop of a weak jobs market, it would limit the scope for policy response. In such a scenario, he would weigh the risks of higher inflation against a weaker labour market, adding that "if inflation risks outweigh labour market risks, this could mean keeping the policy rate at the current target range." (Jin10 Data) Other currencies: ECB Governing Council member De Marco: June is a more natural time to make a judgment; there is not much additional information in April; the situation seems to be heading toward an adverse scenario; the rate decisions in April or June are not yet set in stone. (Jin10 Data) Analysts at Berenberg Bank said in a report that once the worst of the Middle East conflict passes, Europe's positive fundamentals should re-emerge. Economic growth is likely to be led by Germany, which, in addition to fiscal stimulus, should accelerate pro-growth reforms. They stated: "We expect most eurozone member states to return to their 2025 growth rates by 2027." By 2028, eurozone growth is expected to be around 1.5%. The UK should experience a greater upside. By contrast, US growth is expected to slow down in the coming years. The analysts stated: "Tariff-induced capital misallocation, pervasive Trump policy uncertainty, and most importantly, the harsh crackdown on immigration will all take a toll." (Jin10 Data) On the macro front: Data to be released this week include: China's 1-year Loan Prime Rate as of April 20; Germany's March PPI MoM; Canada's March CPI MoM; Switzerland's March trade balance; UK February three-month ILO unemployment rate; UK March unemployment rate; UK March jobseeker's allowance claimant count; Germany's April ZEW Economic Sentiment Index; eurozone April ZEW Economic Sentiment Index; US March retail sales MoM; US February business inventory MoM; US March pending home sales index MoM; UK March CPI MoM; UK March Retail Price Index MoM; eurozone April consumer confidence index preliminary reading; China's March SWIFT RMB share in global payments; France's April manufacturing PMI preliminary reading; Germany's April manufacturing PMI preliminary reading; eurozone April manufacturing PMI preliminary reading; UK April manufacturing PMI preliminary reading; UK April services PMI preliminary reading; UK April CBI industrial orders balance; US initial jobless claims for the week ending April 18; US April S&P Global manufacturing PMI preliminary reading; US April S&P Global services PMI preliminary reading; Japan's March core CPI YoY; UK March seasonally adjusted retail sales MoM; Germany's April IFO Business Climate Index; Canada's February retail sales MoM; US April University of Michigan consumer sentiment index final reading; and US April one-year inflation expectations final reading. In addition, other events to watch this week included: German Chancellor Merz and European Central Bank (ECB) President Lagarde delivering speeches; the US Senate Banking Committee holding a hearing on Kevin Warsh's nomination as Fed Chairman; China opening a new round of refined oil price adjustment window; ECB President Lagarde delivering a speech; US President Trump hosting an early summer White House Correspondents' Dinner. (Jin10 Data) Crude Oil: Last Friday, both oil futures fell sharply overnight, with WTI crude dropping 7.86% and Brent crude falling 7.01%. On a weekly basis, WTI crude futures fell more than 10% for two consecutive weeks, down 13.02% for the week; Brent crude posted two consecutive weekly declines, down 2.92% for the week. Easing market sentiment from US-Iran nuclear negotiations, coupled with Iran's foreign minister stating that the Strait of Hormuz would be open to all commercial vessels during the Lebanon-Israel ceasefire, drove crude oil prices lower. Iran announced the opening of the Strait of Hormuz, and Trump confirmed. According to Xinhua News Agency, Iranian Foreign Minister Araghchi said on the 17th that, given the ceasefire between Lebanon and Israel, Iran would open the Strait of Hormuz to all commercial vessels during the ceasefire period. US President Trump subsequently confirmed this. (Wall Street Journal CN) However, according to the latest report from Xinhua News Agency: Iranian Islamic Parliament Speaker Ghalibaf posted on social media in the early hours of the 18th, stating that the seven statements US President Trump had previously posted on social media within one hour were "all untrue." The US failed to win wars through lies and would gain nothing in negotiations either. Ghalibaf emphasized that if the US continued to blockade Iranian ports, the Strait of Hormuz could not remain open. (Xinhua News Agency) According to Reuters, approximately 20 minutes before Iran's foreign minister announced the reopening of the Strait of Hormuz on local time Friday, investors placed approximately $760 million in short bets on oil prices, marking yet another large wager on the world's most actively traded commodity ahead of a major development during the Middle East conflict. According to LSEG data, between 20:24 and 20:25 Beijing time on Friday, investors sold a combined 7,990 lots of Brent crude oil futures. At prevailing prices, these trades were worth approximately $760 million. Then around 20:45, Iran's foreign minister posted that the Strait of Hormuz was fully open to all commercial vessels for the remainder of the ceasefire, and within minutes, oil prices extended their intraday decline to as much as 11%. In recent months, multiple precisely timed large trades have raised concerns among US lawmakers and legal experts that decisions surrounding war and diplomacy may be giving certain traders an advantage in volatile and opaque derivatives markets. It had previously been reported that the US Commodity Futures Trading Commission was investigating a series of crude oil futures trades, including those on March 23 and April 7, all of which occurred shortly before Trump made major policy shifts regarding Iran and the war. The US Department of Energy (DOE) said on Friday local time that it had lent 26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies, marking the third batch of loans by the Trump administration aimed at curbing fuel prices that had surged since the US-Iran war began. The DOE said in a statement that companies receiving SPR loans included BP North America, ExxonMobil, and Marathon Petroleum. (Jin10 Data) As Middle Eastern supply was disrupted due to weeks of shipping disruptions in the Strait of Hormuz, Asian refiners turned to importing US crude oil, and US crude oil shipments through the Panama Canal approached a four-year high. According to data from shipping intelligence firm Kpler for the first half of April, US crude oil exports via this shortest route connecting the US Gulf Coast to Asia exceeded 200,000 barrels per day, approaching the highest level since July 2022. Sources said waiting times to enter the Panama Canal had extended significantly, prompting crude oil shippers to pay over $3 million for priority passage. Although the Panama Canal cannot accommodate the largest tankers, it provides a shortcut to the Far East. Traveling from the US Gulf Coast to Japan via the canal typically takes close to one month, while routing around the Cape of Good Hope in Africa could take nearly twice as long. Data showed that the vast majority of tankers heading to the Pacific in March and April carried US crude oil destined for Japan and South Korea. (Jin10 Data) In addition, four energy sources said Iraq had resumed southern oil exports after a disruption of over one month due to disturbances in the Strait of Hormuz, with a tanker having begun loading. (Jin10 Data) Note: NYMEX WTI crude oil May futures are subject to contract rollover, with the last floor trading completed at 2:30 on April 22 and the last electronic trading completed at 5:00 a.m. Please pay attention to the exchange's expiration and contract rollover announcements to manage risk. In addition, the expiration time for US crude oil contracts on some trading platforms is typically one day earlier than the official NYMEX schedule. Please take note. Recommended reading:

On March 30, the Shenzhen Municipal Commerce Bureau issued the Three-Year Action Plan of Shenzhen to Promote the Improvement of Quality and Efficiency in Foreign Trade—Special Measures for “Export Shenzhen.” It stated that support would be provided for the import of advanced technological equipment and key parts needed for the development of the “20+8” industrial clusters; enterprises would be guided and assisted in actively applying for national import interest subsidy support for technologies and products included in the Catalog of Technologies and Products Encouraged for Import; and “one-on-one” tax reduction and exemption guidance services would be provided for enterprises engaged in related frontier technology products. Personalized regulatory measures would be formulated for the import of important intermediate products required for the development of industries such as integrated circuits and flat-panel display modules, so as to promote the efficient input of key materials and components into R&D and production. Efforts would also be made to explore and advance pilot imports of used key parts for automotive R&D testing.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Then Fluctuated Lower, While Trading in the Spot Market Was Relatively Weak]

The Government Work Report stated that over the past year, China’s development moved toward the new and the better, demonstrating vigorous vitality. New quality productive forces developed steadily, with abundant achievements in scientific and technological innovation; the R&D and application of artificial intelligence, biomedicine, robotics, quantum technology, and other fields were at the global forefront. New breakthroughs were made in independent chip R&D; Tianwen-2 embarked on its “star-chasing” journey; the large-scale application of BeiDou was comprehensively expanded; construction began on the hydropower project in the lower reaches of the Yarlung Zangbo River; the first domestically built electromagnetic catapult aircraft carrier, the Fujian, was officially commissioned; and domestically developed large models led the global open-source ecosystem. The industrial structure continued to be optimized: the value added of high-tech manufacturing and equipment manufacturing grew by 9.4 and 9.2, respectively; the production of industrial robots and integrated circuits increased by 28 and 10.9, respectively; annual NEV production exceeded 16 million units; and EV charging facilities surpassed 20 million. Energy consumption per unit of GDP fell by 5.1, and ecological and environmental quality continued to improve.

The State Council Information Office held a press conference at 10 a.m. today. Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and Director of the Department of Comprehensive Statistics of National Economy, introduced the performance of China's national economy in May 2025 and answered questions from journalists. NBS: Economic Performance in May Generally Stable, with Continued Improvement in Some Indicators At the press conference held by the State Council Information Office, Fu Linghui stated that the economy performed generally stable in May, with continued improvement in some indicators. New growth drivers expanded, and the momentum of high-quality development continued, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of consumer goods in May increased by 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales increased by 5.2%, accelerating by 0.1 percentage point compared to the January-April period. The acceleration of consumption growth, especially the expansion of service consumption, is also boosting related service industries. In May, the production indices of the wholesale and retail trade, accommodation and catering industries all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and ensuring stable economic performance. NBS: China's Policy Toolbox is Well-Stocked, with Macro Policies Held in Reserve At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, China has implemented more proactive macro policies, intensified counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two majors") and the program of large-scale equipment upgrades and consumer goods trade-ins ("two news"). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic performance. In the next stage, China's policy toolbox is well-stocked, with macro policies held in reserve. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy. NBS: Youth Unemployment Rate Declines for Three Consecutive Months, Employment Situation Remains Stable At the press conference held by the State Council Information Office, Fu Linghui stated that the surveyed urban unemployment rate in China was 5.0% in May, a decrease of 0.1 percentage point from the previous month. Among them, the unemployment rate of the main employment group remained stable, and the youth unemployment rate declined for three consecutive months, indicating a continued stable employment situation. NBS: The Decline in China's Goods Imports is the Result of Multiple Factors At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, the decline in China's goods imports is the result of multiple factors. Since the beginning of this year, affected by the uncertainty of international trade policies, the growth momentum of the global economy has weakened, and global trade growth has also slowed down, which inevitably affects the growth of China's imports. Meanwhile, some countries have intensified trade restrictive measures, which have also had some adverse impacts on China's imports. In addition, international commodity prices have declined significantly this year, particularly energy prices. As a major importer of energy and raw materials, the decline in commodity prices has affected the growth of China's import value, as seen in the import values of products such as iron ore, crude oil, coal, and soybeans. Fu Linghui stated that while the import value of some commodities has declined, China's imports of major industrial products have maintained growth. In the first five months, the import value of mechanical and electrical products increased by 6% YoY, with imports of automatic data processing equipment and its parts, as well as integrated circuits, increasing by 69% and 7.3%, respectively. In the next stage, with the continuous expansion of domestic demand and the orderly expansion of independent and unilateral opening-up, China's vast market will undoubtedly provide greater opportunities and more choices for the world. National Bureau of Statistics (NBS): The real estate market continues to move towards stabilizing and recovering Fu Linghui stated at a press conference held by the State Council Information Office that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilizing and recovering. Judging from the situation in May, the real estate market has generally operated smoothly. The YoY decline in housing prices in 70 large and medium-sized cities has continued to narrow, and the inventory of commercial housing has continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales have remained generally stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY, respectively, which was basically flat compared to January-April. Market transactions in some first-tier and second-tier cities have been relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in the selling prices of newly-built commercial residential buildings has continued to narrow. In May, the YoY decline in the selling prices of commercial residential buildings in most of the 70 large and medium-sized cities continued to narrow. Among them, the YoY decline in the selling prices of newly-built commercial residential buildings in first-tier, second-tier, and third-tier cities narrowed by 0.4, 0.4, and 0.5 percentage points, respectively, compared to the previous month. The YoY decline in the selling prices of second-hand residential buildings narrowed by 0.5, 0.4, and 0.5 percentage points, respectively. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to month-end April, marking a decline for three consecutive months. Fu Linghui emphasized that, overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the real estate market operated generally smoothly in May. However, it should be noted that the real estate market is still in the process of adjustment, market confidence needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still required to promote the stabilization and recovery of the real estate market. National Bureau of Statistics (NBS): The Fourth National Agricultural Census is currently in the preparation stage Fu Linghui stated that the State Council recently issued a notice, deciding to conduct the Fourth National Agricultural Census in 2026. This is a major national survey of national conditions and national strength conducted on the new journey of comprehensively advancing the great rejuvenation of the Chinese nation with Chinese-style modernization. In accordance with the provisions of the Statistics Law of the People's Republic of China and the Regulations on National Agricultural Census, the agricultural census is conducted once every ten years, with the year ending in 6 designated as the census year. In 2026, China will conduct its fourth National Agricultural Census. The main objective is to comprehensively understand the current state of "agriculture, rural areas, and farmers" in the new era, objectively reflect new developments in agricultural development, new appearances in rural construction, new changes in rural life, and new achievements in rural reforms. This census is of great significance for formulating scientific policies on "agriculture, rural areas, and farmers," promoting comprehensive rural revitalization, accelerating the modernization of agriculture and rural areas, and building a strong agricultural country. Currently, the preparations for the fourth National Agricultural Census are underway, primarily focusing on establishing census organizations, developing census plans, and conducting pilot censuses. National Bureau of Statistics (NBS): Vigorously Increase the Supply of High-Quality Products and Actively Promote the Improvement and Expansion of Service Consumption Fu Linghui stated at a press conference held by the State Council Information Office that, overall, the economy has maintained stable operation. The effects of the trade-in policy for consumer goods have continued to emerge, and the vitality of the consumer market has gradually strengthened. Looking ahead, new forms and models of consumption, such as live-streaming e-commerce and instant retail, are becoming increasingly mature. The silver-hair economy, first-launch economy, and low-altitude economy are developing rapidly, and new growth points in the consumption economy are constantly emerging. However, it should also be noted that residents' consumption capacity and confidence still need to be improved, and the endogenous momentum of consumption needs to be enhanced. In the next stage, it is necessary to further implement the "Special Action Plan for Boosting Consumption," focus on enhancing residents' consumption capacity and willingness, further improve the consumption environment, vigorously increase the supply of high-quality products, actively promote the improvement and expansion of service consumption, and facilitate the stable development of the consumer market. National Bureau of Statistics (NBS): Continuously Promote Urban Renewal and Renovation of Dilapidated Houses, and Increase the Construction and Supply of "Good Houses" Fu Linghui stated at a press conference held by the State Council Information Office that, in the next stage, it is necessary to conscientiously implement the decisions and deployments of the CPC Central Committee and the State Council, actively adapt to the reality of significant changes in the supply-demand relationship in the real estate market, continuously promote urban renewal and renovation of dilapidated houses, increase the construction and supply of "good houses," facilitate the release of rigid and improvement-oriented housing demand, actively construct a new model for real estate development, and promote the steady and healthy development of the real estate market. National Bureau of Statistics (NBS): Despite Many External Uncertainties and Instabilities, China's Comprehensive Advantages in Foreign Trade Development Remain Evident Fu Linghui stated at a press conference held by the State Council Information Office that in May, China's foreign trade continued to withstand pressure and maintained steady growth. In May, China's total import and export volume of goods increased by 2.7%, and exports increased by 6.3%, maintaining steady and relatively rapid growth. According to data from market institutions, the new export orders index of the global manufacturing PMI in May was below the 50 mark and remained in contraction territory for two consecutive months. The negative impacts of trade protectionism and uncertainties on global trade growth have gradually emerged. Against this backdrop, China's trade in goods has maintained growth, demonstrating the strong international competitiveness and resilience of its foreign trade. Amid a complex and challenging international environment, with the rise of unilateralism and protectionism severely impacting the international economic and trade order, China's foreign trade has maintained steady growth. This is attributable to China's unwavering commitment to expanding opening-up, actively promoting the diversified development of foreign trade, as well as the high-end, intelligent, and green development of its industries, the upgrading of product structures, and the enhancement of market competitiveness. It is also due to China's active support for the development of foreign trade enterprises, creating favorable conditions for foreign trade development through measures such as improving trade facilitation. In the next stage, there will be many external uncertain and unstable factors, which will bring certain pressure to China's foreign trade growth. However, China's comprehensive advantages in foreign trade development remain evident, and the continuous expansion of high-level opening-up based on mutual benefit and win-win results will continue to support the steady development of foreign trade.

The port and shipping sector once again defied the market downturn today, attracting significant attention. As of the time of writing, SITC International Holdings Co., Ltd. (01308.HK) surged by over 5%, while T.S. Lines Limited (02510.HK) rose by more than 4%. Other stocks, including COSCO SHIPPING Development Co., Ltd. (02866.HK), Qingdao Port International Co., Ltd. (06198.HK), and COSCO SHIPPING Holdings Co., Ltd. (01919.HK), also followed suit with gains. On the news front, due to concerns over the uncertainty of tariff risks, there has been a concentrated surge in demand for rush shipments in recent times, which has been beneficial for the shipping sector's prosperity. According to data from the Shanghai Shipping Exchange, as of June 9, 2025, the Shanghai Containerized Freight Index (SCFI) for the Europe route stood at 1,622.81 points, marking a 29.5% increase compared to the previous period. Additionally, news from the Ningbo Shipping Exchange indicates that the South America East Coast route market experienced significant fluctuations last week: there was a substantial shortage of shipping capacity, leading to persistent tightness in cargo space and a continued rise in freight rates. The freight rate index for the South America East Coast route reached 2,324.2 points, up 43.7% from the previous week. Furthermore, data from the General Administration of Customs show that China's exports in May, valued in US dollars, increased by 4.8% YoY, continuing to demonstrate resilience. In a research report issued on June 9, Guosheng Securities stated that while the decline in exports to the US widened in May, exports to the EU increased, and exports to emerging markets remained at a high level. Specifically, exports to ASEAN increased by 14.8% YoY, with exports to Vietnam surging by 22.0% YoY, reflecting a clear re-exporting trend. Guosen Securities also noted that the resilience of exports in May was mainly driven by positive factors such as the marginal strengthening of exports to non-US countries and the upward trend in export growth rates for products like integrated circuits and automobiles, indicating improvements in both the geographical distribution of trade and the composition of exported products.

As a key 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 "powerful material producer". Ningbo Ouke Metal Materials 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. Ningbo Ouke Metal Materials Co., Ltd. , established in 2018, spans 30 mu with a construction area of 12,000 square meters and an annual production capacity of 8,000 mt of copper alloy rods and wires. It is a producer specializing in the R&D and production of high-precision copper alloy materials. The company mainly engages in the production and processing of wire and rod materials for alloys such as tin bronze, red copper, tellurium copper, and brass, offering a comprehensive range of copper alloy series grades, advanced production and inspection equipment, and forming advantageous industrial layouts in multiple sectors. The straightness and tolerance of the company's products can meet the processing requirements of various types of automatic lathes and CNC turning machines, with straight bars available in specifications ranging from φ0.8 to φ100mm in diameter. The grades involved include: 1. Tellurium copper C14500, oxygen-free tellurium copper (new energy high-voltage fast charging series), red copper T2, oxygen-free copper TU1, TU2, etc., with coil stock used for cold heading terminal series (500 kg per single coil) 2. Lead-free copper HBi59-1.5 (conventional C6801), HBi59-2 (applied in easy-to-machine e-cigarette through-hole parts, spring pins, etc.) 3. Tin bronze QSn4-3 (military 1.2, 1.3, 1.5, 2.0, etc., diameter stockpiling), C54400, QSn6.5-0.1, C5191, C51000, QSn10-1, C93200 4. Aluminum bronze QAl9-4, QAl10-4-4, C63000, C63200 5. Conventional brass and environmentally friendly national standard copper: 62, H65, H70 copper, HPb59-1, C3604, etc. 6. New-type elastic easy-to-machine materials: C19160, C31400, C18700, C14415, applied in NEV, military, and aerospace fields 7. Agency sales and polishing, beryllium copper C17300, C17200, QBe2, C17510, etc., can provide high-precision ground bars with a tolerance control of 0.005mm Contact Information Wu Yonglin, Deputy General Manager, 13685735155 (same as WeChat) Click here to receive the "2026 China Copper Alloy Materials Sourcing Guide" for free SMM Contact Person Lin Junfeng 183 2622 3112 linjunfeng@smm.cn