[SMM Lead Morning Meeting Minutes: Bullish and Bearish Factors Coexist in Macro and Fundamentals; Short-Term Lead Prices Expected to Consolidate] Overseas macro factors are complex, with mixed bullish and bearish news. The market currently lacks clear guidance, and attention is on the upcoming US Fed meeting. Lead prices in China remain consolidating on a weak note, with secondary lead enterprises suffering heavy losses...

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. Traditional cycle logic has been completely disrupted, and its strategic value has become fully evident. In 2026, the tin market is exhibiting an unprecedentedly complex landscape and profound changes: I. Deep Restructuring of the Supply-Demand Pattern, with Strategic Attributes Reaching an Unprecedented Level The global tin resource static reserve-to-production ratio is only 14 years, and scarcity is becoming increasingly prominent. The supply side is facing “triple pressure”: repeated setbacks in Myanmar’s production resumptions, continued tightening of Indonesia’s 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. The Pricing System Breaks Historical Records, and the Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough is not only a reflection of the supply-demand imbalance, but also a sign of value reassessment in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Gives Rise to a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. Global green transformation requires the tin industry to upgrade toward low-carbonisation and a circular economy; recycled tin recovery and green smelting processes have become the only way forward. All links of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Guangxi Huaxi Nonferrous Metals Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to drive the tin industry to new heights. Click to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Guangxi Huaxi Nonferrous Metals Co., Ltd. (hereinafter referred to as “Huaxi Nonferrous”: 600301) is a publicly listed firm actually controlled by Guangxi Key Metals Industry Development Group Co., Ltd. (hereinafter referred to as the “Key Metals Group”), a large state-owned enterprise directly under the People’s Government of the Guangxi Zhuang Autonomous Region. It is also the only state-controlled publicly listed entity in Guangxi’s nonferrous metals industry, bearing the core mission of safeguarding the strategic security of the nation’s key metals and promoting high-quality regional industrial development. Guangxi Huaxi Nonferrous Metal Co., Ltd (hereinafter referred to as “GHNM”, stock code: 600301) is a listed company effectively controlled by Guangxi Critical Metals Industry Development Group Co., Ltd. (hereinafter referred to as the “Critical Metals Group”), a large state-owned enterprise directly under the People’s Government of Guangxi Zhuang Autonomous Region. GHNM is also the only state-owned listed company in the nonferrous metals industry in Guangxi, undertaking the core mission of safeguarding national strategic security of critical metals and promoting high-quality regional industrial development. As a Guangxi-based enterprise with a global reach in the nonferrous critical metals industry, GHNM is headquartered in Nanning and operates more than ten branches and subsidiaries. The Company manages total assets exceeding RMB 12 billion and employs over 6,600 staff. It has established an entire industry chain layout covering exploration, mining, mineral processing, smelting, deep processing, and advanced materials, with its tin smelting business ranking among the top five producers globally. The Company possesses exceptional resource endowments. Its core mining cluster (including Tongkeng Mine, Gaofeng Tin-Antimony Mine, Wuji Lead-Antimony Mine, and Fozichong Lead-Zinc Mine) has proven reserves of six key minerals—tin, antimony, indium, zinc, lead, and silver—all ranking first in Guangxi. Among them, the retained resources of critical metals tin, antimony, and indium rank among the top globally, laying a solid resource foundation for the Company's sustainable development. As a Guangxi-based enterprise with a global reach in the nonferrous critical metals industry, GHNM is headquartered in Nanning and operates more than ten branches and subsidiaries. The Company manages total assets exceeding RMB 12 billion and employs over 6,600 staff. It has established a fully integrated industrial chain covering exploration, mining, mineral processing, smelting, deep processing, and advanced materials, with its tin smelting business ranking among the top five globally. The Company possesses strong resource endowment. Its core mining cluster (including Tongkeng Mine, Gaofeng Tin-Antimony Mine, Wuji Lead-Antimony Mine, and Fozichong Lead-Zinc Mine), has identified reserves of six key minerals including tin, antimony, indium, zinc, lead, and silver, which all rank first in Guangxi. Among them, the critical metals retained reserves of tin, antimony, and indium rank among the top globally, providing a solid resource foundation for the Company’s sustainable development. GHNM is deeply engaged in the high-end manufacturing track. Its main products cover basic metal products such as tin ingots, antimony ingots, indium ingots, lead ingots, zinc ingots, and precious metals, as well as high-end new materials including high-purity metals, solder, and alloys, which are widely used in strategic emerging industries such as new energy, PV, AI chips, aerospace, and intelligent equipment. The “Jin Hai” brand tin ingots are registered on the Shanghai Futures Exchange and the London Metal Exchange, and the product quality is highly recognized by the industry. GHNM is deeply engaged in the high-end manufacturing sector of Critical Metals. Its core products include refined metals such as tin ingots, antimony ingots, indium ingots, lead ingots, zinc ingots, and precious metals, as well as advanced new materials including high-purity metals, solders, and alloys. These products are widely applied in strategic emerging industries such as new energy, photovoltaics, AI chips, aerospace, and intelligent equipment manufacturing. The Company’s “Jinhai” brand tin ingots are registered with the Shanghai Futures Exchange (SHFE) and the London Metal Exchange (LME), and their quality is highly recognized by the industry. Leveraging strong capabilities in technological innovation and green transformation, GHNM has established one of the first national demonstration bases for the comprehensive utilization of mineral resources, a national demonstration base for the comprehensive utilization of indium, tin and antimony resources, and unmanned and intelligent mining demonstration stopes in hazardous operating areas. GHNM has received numerous prestigious honors, including “National Outstanding Unit in Geological Exploration,” “National Green Mine Enterprise,” and “State-owned Enterprise Reform Demonstration Enterprise” recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). GHNM has also been recognized as a leading “chain owner” enterprise in Guangxi, ranked among the Top 50 manufacturing enterprises in the region, and selected as an outstanding sustainable development case among Chinese listed companies. Leveraging strong capabilities in technological innovation and green transformation, GHNM has established one of the first national demonstration bases for the comprehensive utilization of mineral resources, a national demonstration base for the comprehensive utilization of indium, tin and antimony resources, and unmanned and intelligent mining demonstration stopes in hazardous operating areas. GHNM has received numerous prestigious honors, including “National Outstanding Unit in Geological Exploration,” “National Green Mine Enterprise,” and “State-owned Enterprise Reform Demonstration Enterprise” recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). GHNM has also been recognized as a leading “chain owner” enterprise in Guangxi, ranked among the Top 50 manufacturing enterprises in the region, and selected as an outstanding sustainable development case among Chinese listed companies. Adhering to the corporate mission of “Sustainably serving society with limited resources through diligence and wisdom,” GHNM, guided by the strategic layout of the critical metals group, is accelerating mine expansion, industry chain extension, and the cultivation of new quality productive forces, and will further improve the industrial ecosystem and release growth potential. Guided by its mission of “leveraging diligence and wisdom to ensure that finite resources sustainably serve society,” GHNM is advancing under the strategic direction of the Critical Metals Group, accelerating mine capacity expansion, extending the industrial chain, and fostering new quality productive forces. The Company will continue to enhance its industrial ecosystem and unlock new growth potential. Going forward, GHNM will continue to deepen its strategy of “strengthening, supplementing, and extending the industrial chain,” drive the transformation of resource advantages into development strengths through technological innovation, and fully build a critical metals industrial chain with national influence and international competitiveness. The Critical Metals Group and GHNM sincerely invite enterprises in and outside China and talented professionals from all sectors to visit Guangxi, discuss cooperation, seek common development, and jointly realize the beautiful vision of “Silver gracing the globe, happiness coalescing in Huaxi.” Looking ahead, GHNM will continue to deepen its strategy of strengthening, complementing, and extending the industrial chain, leveraging technological innovation to transform resource advantages into development strengths, and striving to build a Critical Metals value chain with strong national influence and global competitiveness. The Critical Metals Group and Huaxi Nonferrous sincerely invite partners from across China and around the world, as well as talented professionals from all sectors, to visit Guangxi, explore opportunities, and pursue shared development. Together, we aim to realize the vision of “Silver gracing the globe, happiness coalescing in Huaxi.” Contact Tel: 0771-3160697 15877261682 Email: hxys-yx@china-tin.com Website: https://www.china-tin.com/ Long press or scan to register now 2026 SMM (16th) Tin Industry Chain Conference

[SMM Lead Morning Briefing: China's Supply-Side Expectations for Production Cuts Rise, Lead Price Decline Expected to Slow] US-Iran negotiation signals conflicting: Tehran denies talks, Washington says "leave room for peace"; recently, the off-season trend in the lead-acid battery market has remained unchanged, with most downstream enterprises in a state of production cuts, and as the month-end approaches, enterprises are facing tight liquidity...

SMM July 27: Today, the most-traded SHFE lead 2609 contract opened at 15,730 yuan/mt. After the opening, bears added positions, causing SHFE lead to fall rapidly, hitting a session low of 15,520 yuan/mt, the lowest in nearly two weeks. In the afternoon, some bears took profits, and SHFE lead rebounded, recovering part of the losses before finally closing at 15,635 yuan/mt, down 0.57%. Open interest for the most-traded SHFE lead contract stood at 104,000 lots, up 422 lots from the previous trading day. Currently, the fundamentals remain in the doldrums. On one hand, primary lead producers are gradually resuming output, keeping supply pressure in the market. On the other hand, the lead-acid battery market is still in its consumption off-season, with downstream enterprises largely making just-in-time procurement. Improvement in spot transactions is limited, providing insufficient support for lead prices. Meanwhile, social inventory of lead ingots continues to build up, and the supply-demand imbalance has not yet eased significantly. It is expected that SHFE lead will continue to consolidate on a subdued note in the short term. Data source statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM’s internal database models, for reference only and do not constitute decision-making advice.

[SMM Lead Morning Report: Macro Factors Bearish, LME Lead and SHFE Lead Both Slide] SMM July 27: Last Friday, LME lead opened at $1,891.5/mt, and during Asian trading hours, it consolidated on a subdued note, mostly trading between $1,885 and $1,890/mt......

[SMM Lead Morning Brief: Short-term China inventory buildup expectations may cause lead prices to consolidate on a subdued note] On Friday, reports indicated that Pakistan was exploring paths to restart US-Iran negotiations; Trump stated that the US is negotiating with Iran. As August approaches, the market has expectations for the traditional peak season for lead-acid batteries, but current actual consumption is less than satisfactory...

This week, lead-acid battery end-use market demand remained sluggish, and dealers mainly focused on digesting inventories, with producers' orders showing no significant signs of improvement. Meanwhile, affected by recent hot weather, some lead-acid battery enterprises cut production and took holidays; compounded by the approaching month-end, downstream enterprises' procurement demand for lead ingots further weakened. During the week, lead prices drifted lower. Although lead prices once pulled back to around 15,500 yuan/mt, downstream enterprises still mainly made just-in-time procurement, and trading volume in the spot market dropped significantly WoW.

Next week, key macroeconomic data will include the US June core PCE price index y/y, the US July University of Michigan consumer sentiment index final reading, and China's July official manufacturing PMI, with the major event being the US Fed FOMC interest rate decision. With only a few days until the Fed meeting, the market remains deeply divided over whether the Fed will hike rates this month, a situation rarely seen in recent years. The market widely expects a high probability that the Fed will keep rates unchanged, though attention still needs to be paid to the policy signals from the meeting and the post-meeting statement. Meanwhile, the US reimposition of reciprocal tariffs and the escalating US-Iran conflict, together with rising energy costs such as crude oil, have heightened market concerns over the global economic outlook. LME lead side, after a surge in LME lead inventory outside China the previous week, LME lead cancelled warrants increased significantly this week, up nearly 30,000 mt WoW. Geopolitical tensions outside China, rising crude oil prices, and shipping constraints have pushed up lead prices from the cost side. At the same time, expectations of lead consumption growth in the Southeast Asian market persist, which will provide some support for the lead market, but high lead ingot inventory pressure will still limit the upside room for lead prices. Next week, LME lead is expected to trade at $1,875-1,935/mt. SHFE lead side, as August approaches, the market has expectations for the traditional peak season for lead-acid batteries, but actual consumption so far has been disappointing. While smelter production has been steady to slightly higher, lead ingot inventory faces further accumulation pressure. Currently, lead ingot inventory is mainly concentrated at smelter warehouses. Going forward, attention should be paid to the potential shift from invisible to visible inventory, which could continue to weigh on lead prices. Next week, the most-traded SHFE lead contract is expected to trade at 15,550-15,950 yuan/mt. Spot lead price forecast: 15,500-15,750 yuan/mt. Consumption side, demand in the lead-acid battery market remains weak. Downstream enterprises remain cautious in procurement, with just-in-time procurement still dominant. Supply side, primary and secondary lead smelters are seeing mixed production adjustments. Spot market supply is ample, and spot cargoes are generally trading at a discount. With new monthly long-term contracts set to begin execution next week, the spot market discount structure may be hard to improve significantly.

According to sources, as of July 23, in-factory inventory of primary lead delivery brands stood at 30,300 mt, up 13,200 mt WoW. This week, primary lead smelters in Hunan registered steady production with a slight increase, further easing spot supply. Some suppliers, nearing month-end, failed to complete cargo pick-up under July long-term contracts, causing discounts in the spot market to widen rapidly. Meanwhile, downstream lead-acid battery enterprises experienced downtime due to high temperatures towards the month-end, and most other enterprises also maintained production cuts amid poor orders, limiting procurement demand for lead ingots. As a result, in-factory inventory at primary lead smelters surged. Notably, as the spread between futures and spot prices widened, some suppliers planned to transfer in-factory inventory to delivery warehouses, and the pace of conversion from in-factory inventory to social inventory warrants attention.

[Vietnam Lead Market Updates] It is understood that lead demand in the Vietnam market has remained robust, and spot premiums for lead ingots have generally been on an upward trend since the beginning of this year. In July, although LME lead prices continued to consolidate on a subdued note, some suppliers further raised their premium quotes. Currently, the highest CIF Vietnam premium quotation for lead ingots (Pb≥99.99%) stands at $210/mt. However, lead-acid battery enterprises generally indicated that such quotes were hard to accept, and no deals have been heard in the market yet. Additionally, according to SMM’s latest quotes, CIF premiums for Vietnamese primary lead (Pb 99.99%-99.995%) are reported at $170-205/mt.