Platinum prices traded in the doldrums today. The long-end U.S. Treasury yields shot up significantly, with the 10-year yield rising to around 4.74% and the 30-year yield touching 5.33%, reaching a level not seen since 2007. Precious metals futures fell under pressure. In the morning session, the most-traded GFEX platinum contract PT2610 closed at 425.3 yuan/g, down 2.44%. The price spread between the best ask of SGE platinum 9995 and the GFEX PT2610 contract remained around 3 yuan/g. Spot side, mainstream quotations for platinum were at a discount of 2.5-1.5 yuan/g against the PT2610 contract. Suppliers' offer discounts narrowed only slightly from the previous trading day. Some downstream enterprises had already completed stockpiling yesterday, as futures prices fell. Today, although futures continued under pressure, consumption was weak. Suppliers' shipments of high-priced goods faced obstacles, warehouse warrant premiums were on the high side, and mainstream quotations were mostly around a discount of 1.5 yuan/g against the most-traded contract. Overall, trading in the platinum spot market today was relatively sluggish.

SMM News on August 19: Metal markets: As of the midday close, base metals in the domestic market were nearly all down. SHFE copper fell 1%, SHFE aluminum fell 0.94%. SHFE lead rose 0.19%. SHFE zinc fell 1.44%. SHFE tin fell 1.35%. SHFE nickel fell 0.58%. Additionally, the most-traded cast aluminum futures contract fell 0.48%, the most-traded alumina contract fell 0.26%. The most-traded lithium carbonate contract fell 2.42%. The most-traded silicon metal contract rose 0.29%. The most-traded polysilicon futures contract fell 1.4%. Ferrous metals all rose. Iron ore rose 0.85%, rebar rose 0.27%, hot-rolled coil rose 0.4%. Stainless steel edged up. In coking coal and coke: the most-traded coking coal contract rose 2.18%, the most-traded coke contract rose 2.17%. Overseas base metals, as of 11:42 AM, LME metals showed mixed performance. LME copper rose 0.15%, LME aluminum and LME zinc both rose 0.03%. LME lead fell 0.05%. LME tin fell 0.41%. LME nickel fell 0.3%. Precious metals, as of 11:42 AM, COMEX gold fell 0.23%, COMEX silver fell 1.35%. On the domestic precious metals front: SHFE gold fell 1.02%, the most-traded SHFE silver contract fell 4.04%. Additionally, as of the midday close, the most-traded platinum futures contract fell 2.44%, and the most-traded palladium futures contract fell 2.82%. As of the midday close, the most-traded European container shipping futures contract fell 2.17% to 1,717 points. As of 11:42 AM on August 19, selected futures midday quotes: Spot and Fundamentals Silver: Global bond yields collectively rose, with US Treasury yields hitting multi-year highs, putting precious metals under pressure and triggering a pullback. The spot market saw discount widening, with transactions concentrated at slight discounts, while demand remained cautious... Macro front China: [Shanghai: Focusing on innovation in key areas such as computing power to form an AI pioneer industry cluster with Zhangjiang Core Park as the demonstration leader] The Shanghai Municipal Science and Technology Commission issued the "Shanghai Zhangjiang High-Tech Industrial Development Zone Development 15th Five-Year Plan". It proposes to focus on innovation in key areas such as computing power, large models, corpora data, scientific intelligence, and applications, to form an AI pioneer industry cluster with Zhangjiang Core Park, Xuhui Park, Caohejing Park, etc. as demonstration leaders. It aims to enhance intelligent computing capabilities, break through disruptive chip architectures such as optical computing and brain-inspired computing, build an autonomous computing power system integrating supercomputing and intelligent computing with cloud-edge-device collaboration, and construct the Pujiang Public Computing Service Platform. Efforts will be made to advance next-generation large models, develop large models including brain-inspired computing, build Modu Space and Zhangjiang AI Innovation Town, and support the adaptation of multimodal large models to domestic computing power and ecosystem integration. (Jin10 Data APP) [The PBOC’s reverse repo operations resulted in a net withdrawal of 142.3 billion yuan on the day.] The PBOC did not conduct reverse repo operations today, while it conducted 327.4 billion yuan in overnight reverse repos. As 469.7 billion yuan in overnight reverse repos matured today, a net withdrawal of 142.3 billion yuan was realized on the day. US dollar: As of 11:42, the US dollar index fell 0.06% to 99.59. According to the CME FedWatch Tool, the probability that the Fed will keep interest rates unchanged in September is 65%, while the probability of a cumulative 25-basis-point rate hike is 35%. For October, the probabilities are unchanged (51.4%), a cumulative 25bp hike (41.3%), and a cumulative 50bp hike (7.4%). Bond traders are once again adjusting their strategies. After a series of data indicated that the Fed is almost certain not to hike rates for the remainder of this year, options market bets are trying to hedge against the risk of the Fed pivoting to rate cuts in 2027. This dovish positioning contrasts with the recent trend in the US Treasury market: long-term bond yields have climbed to multi-year highs, as a Fed on hold would keep inflation above target for a longer period. Meanwhile, options traders, whose positions are closely tied to the Fed’s policy path, are shifting their focus to signs of US economic weakness, which they believe could trigger a market reversal. This shift began to emerge last week, when data showed that inflation and consumer demand slowed in July, cooling market expectations for a rate hike at the Fed’s September meeting. Option market participants then began to adjust their positions, reducing the magnitude of future rate hikes priced into the swaps market. Some options are even considering hedging against the risk of possible rate cuts by mid-next year. The Bank of America’s August Global Fund Manager Survey showed that a majority expected Fed Chairman Warsh to adopt a neutral stance at the Fed’s annual Jackson Hole symposium later this month. Among respondents, 31% expected him to deliver ‘hawkish’ remarks, while only 7% expected ‘dovish’ remarks. (Jin10 Data APP) On the data front: The UK July CPI month-on-month rate, the UK July retail price index month-on-month rate, the Eurozone June seasonally adjusted current account, the Eurozone July final CPI year-on-year rate, and the Eurozone July final CPI month-on-month rate, among others, are scheduled for release today. Additionally, pay attention to: ECB President Lagarde will attend the "Global Economic Outlook" panel at the World Economic Forum International Business Council (IBC) meeting; Kuaishou will hold its earnings conference call. Crude Oil: As of 11:42 AM, oil prices on both sides rose, with WTI up 0.79% and Brent up 0.68%. Oil prices advanced, as the US and Iran reached an impasse over control of the Strait of Hormuz. On the 18th local time, Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated that the Strait of Hormuz would not reopen until the US unfreezes Iranian assets, lifts oil sanctions, ceases military threats and actions on all fronts, and fulfills other conditions of the memorandum of understanding. Ghalibaf pointed out that the opportunities created by the memorandum in lifting blockades and achieving a ceasefire will help bolster Iran’s economic resilience and rebuild its defensive capabilities. He also stressed that Iran is prepared to deal heavier blows based on any transgressions by hostile forces. (Jin10 Data APP) In addition, Venezuelan Oil Minister Paula Henao stated Tuesday local time that oil-related contracts were signed separately with US oilfield services giant SLB and independent producer Hunt Oil to attract investment and boost crude output. The signing comes as Caracas and Washington push to accelerate investment in Venezuela’s vast but under-exploited oil reserves. Politico previously reported that multiple US independent oil producers are expected to sign production contracts with Venezuela’s state oil company (PDVSA) in the coming days. Henao said Venezuela signed a hydrocarbon production participation agreement related to the development and increased output of two oil fields, but she did not disclose the expected investment amount or specific production increase details. She stated that the Venezuelan government also signed a framework agreement with SLB to provide nationwide integrated reservoir studies services for Venezuela. (Jin10 Data APP) Spot Market at a Glance: ► ► Midday reviews for other spot metals to be updated shortly. Please refresh to view~

SMM previously learned that the rental price of Ascend 910B2 bare-metal servers exhibits significant regional differences. Market feedback shows that quotations in the Yangtze River Delta region range from about 12,000 (lowest) to 21,000 (highest) yuan per unit per month, while in the western region, the price drops to as low as 10,000 yuan per unit per month, resulting in a price spread of nearly double for the same model across regions. A channel vendor reported that they dare not relay their quotation to clients, while another channel is currently offering 910B2 at about 13,000 yuan per unit per month, which the client is still confirming. The rental pricing of domestic computing power cards is significantly affected by region, with price dispersion notably higher than that of the NVIDIA series.

[SMM Aluminum Express News] Andromeda Metals has launched an A$3 million (approximately US$2 million) Share Purchase Plan to advance its High Purity Alumina (HPA) Project in South Australia. Eligible shareholders in Australia, New Zealand and Luxembourg can subscribe for up to A$30,000 of new shares at A$0.0059 per share, around a 15% discount to the recent five-day volume-weighted average price. The proceeds will primarily fund completion of the HPA Project’s pre-feasibility study, pilot plant optimisation, technical and engineering work, co-product evaluation and production of commercial samples for prospective customers. Andromeda is targeting 4N HPA, with purity of at least 99.99%, using refined kaolin from its Great White Project. Its South Australian pilot plant has already been commissioned, with commercial-grade samples targeted for customer evaluation during H2 2026 as the company moves from laboratory validation toward pilot-scale commercial evaluation.

As the global green transition and the "dual carbon" goals advance steadily, the non-ferrous metals industry is accelerating its upgrade toward low-carbon, intelligent, and high-end development. South China, as a core industrial hub, boasts a complete industry chain, outstanding resource endowments, and strong policy support, generating robust development momentum. Organized by SMM, the will be held from September 9 to 11 in Nanning, Guangxi. Centered on five key themes—price trends, market outlook, trade environment, policy direction, and low-carbon technology—the conference aims to create a premier platform for industry exchange and collaboration. Henan Recycling Technology Co., Ltd. cordially invites industry peers from all sectors to gather in Nanning for this grand event, jointly promoting technological innovation and digital intelligent transformation, helping enterprises seize opportunities and tackle challenges, and advancing the high-quality development of the non-ferrous metals industry. Click the to sign up now! Booth Number: B29 Henan Recycling Technology Co., Ltd. was established in 2012 and is a professional manufacturer in the field of resource recycling equipment. For over a decade, the company has been dedicated to providing clients with efficient and sustainable resource recycling solutions. Leveraging its strong technical expertise and comprehensive equipment portfolio, it has built a complete industry chain spanning shearing, baling, shredding, and sorting , positioning itself as a benchmark enterprise in the recycling equipment sector. Main Products: Metal Crushers, Shredders, Large-Scale Resource Recycling Shredding Lines, and Supporting Sorting Equipment The company focuses on the needs of the aluminum recycling industry, accurately identifying the pain points of industrial upgrading. The recycling equipment it develops and manufactures is compatible with the entire process of aluminum scrap collection and processing , significantly improving resource recovery efficiency and recycled material quality, helping enterprises reduce production costs and achieve green, compliant production. Recycling Technology has earned widespread recognition from industry peers for its stable product quality, professional technical support, and attentive after-sales service . Relying on its complete industry chain advantages, the company provides clients with one-stop services from equipment selection and installation to commissioning and post-operation maintenance , fully meeting the diverse and customized recycling equipment needs of clients and achieving synergistic development with them. Contact Information Wang Feng 18639183155 SMM Conference Contact Ding Weiquan 18029344837

Global coal markets generally strengthened over the past week, although performance varied across regions and grades. European thermal coal indices rose above $124/t, supported by firmer oil and gas prices, geopolitical risks and weaker renewable and nuclear generation during the heatwave. South African 6,000 kcal/kg high-CV coal exceeded $109/t, with additional support from Indian enquiries and a 12 August train derailment that disrupted deliveries to Richards Bay Coal Terminal. China’s Qinhuangdao 5,500 NAR spot price strengthened above $126/t. Coal stocks at nine major ports declined by 0.87 mnt week on week to 26.51 mnt, while inventories at six major coastal thermal power plants fell by 0.25 Mt to 14.01 Mt. Lower inventories and tighter mine safety inspections supported domestic prices and increased Chinese traders’ interest in imported blending coal. Indonesian 5,900 GAR coal rose to $104.5/t, while 4,200 GAR material approached $64/t. Australian thermal coal prices were mixed, with 6,000 high-CV coal falling below $128/t while 5,500 mid-CV material strengthened to $95–96/t. Meanwhile, limited availability of premium metallurgical coal, renewed purchasing and improved Chinese market sentiment lifted the Australian HCC index to $224/t.

[SMM Daily Review: Soaring Global Bond Yields Pressure Silver Prices; Spot Cargo Transactions Dip into Discounts] SMM, August 19 – Global bond yields collectively rose, with US bond yields hitting multi-year highs, putting precious metals under pressure and triggering a pullback. In the spot market, discounts widened, with transactions concentrated at slight discounts, and demand remained on the sidelines.

SMM News, August 19: According to reliable sources, Jinguan Copper Branch of Tongling Nonferrous Metals Group Co., Ltd. launched public tender sales for its 32 tonnes of crude selenium yesterday. The tender was successfully concluded, with the transaction price standing at approximately RMB 140 per kilogram.

Chinese Taiwan's anti-dumping investigation covers 50 tariff codes, primarily 304 and 316-series cold-rolled stainless steel with thickness of 0.05–6.10mm, excluding coated or clad products. A research firm commissioned by the applicants estimated Vietnamese products carried a dumping margin of approximately 31.36% in 2025, with CIF prices USD 80–100/ton below local market levels, with some offers falling below production costs. The investigation names 20 Vietnamese producers and exporters including Posco VST, Yongjin Metal Technology (Vietnam), Tan Viet Metal Technology, Nam Phat Group, and Hoa Sen Nhon Hoi. Procedurally, the Ministry of Economic Affairs must issue a preliminary injury determination within 40 days, while the Ministry of Finance has 70 days for a preliminary dumping finding. Should preliminary findings be affirmative, provisional duties and possible retroactive application may follow. If implemented, the measures are expected to potentially disrupt Vietnamese export flows to Chinese Taiwan and raise near-term procurement costs for end users.

[Pr-Nd Oxide Quotes Temporarily Stable, Trading Sluggish; Dysprosium Oxide Active and Rising, Low-Priced Supplies Tightened; Magnetic Material Orders Average] Yesterday, Pr-Nd oxide market quotes were temporarily stable, with few sellers offering low-priced shipments, metal plants' purchase willingness remaining low, and market trading sluggish. In the medium-heavy rare earth sector, inquiries and purchases for dysprosium oxide were relatively active, prices showed an upward trend, and low-priced supplies tightened rapidly, while the terbium oxide market remained stable.