[Covering Seven Major Production Regions! SMM Launches Daily Provincial Profit Indicator for Zinc Smelting Using 40% Imported Ore] In May 2026, SMM added daily profit models for domestic ore in the eight major zinc smelting regions of Inner Mongolia, Henan, Gansu, Hunan, Guangxi, Yunnan, Shaanxi, and Sichuan for market reference. ...

[Refined zinc export window nearing opening; will exports surge in June?] According to the latest customs data, refined zinc imports in May 2026 stood at 5,000 mt, down 1,000 mt or 17.15% MoM and 81.28% YoY. From January to May, cumulative refined zinc imports reached 54,000 mt, down 65.28% YoY. Refined zinc exports in May were 3,900 mt, down 0.49% MoM but up 177.81% YoY.

SMM, June 18: The Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China, which took effect on June 15, listed 36 types of minerals, including rare earths, tungsten, lithium, cobalt, gallium, and germanium, as national-level strategic minerals, subjecting them to full-chain, high-intensity control. The prices of Pr-Nd oxide, dysprosium oxide, and terbium oxide saw their third consecutive daily increase on June 17; Orient Zirconium issued a price adjustment notice, raising the prices of its related zirconium products effective June 18, 2026; and the favor of some market funds all contributed to the opening strength of the minor metal sector. As of around 9:57 on June 18, the minor metal industry sector rose by 3.09%. In terms of individual stocks: Orient Zirconium, Shenghe Resources, and Zhongxi Nonferrous hit the daily limit; China Rare Earth, Jintian Titanium, China Northern Rare Earth, China Tungsten High-Tech, Tin Industry Co., and Yunnan Germanium led the gains. Market News Orient Zirconium raised the prices of its related zirconium products effective June 18, 2026 On June 18, Orient Zirconium issued a product price adjustment notice. The notice indicated that based on current market conditions, Orient Zirconium decided to raise the prices of its related zirconium products starting from June 18, 2026, with the price adjustments as follows: zirconium oxychloride products (including mother liquor materials) increased by 1,500 yuan/mt; zirconium dioxide products increased by 4,500 yuan/mt; fused zirconium products increased by 2,000 yuan/mt; at the same time, the prices of other zirconium series products from Orient Zirconium will be adjusted accordingly. [Aidite: The company has already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder] On June 17, Aidite stated on an interactive platform while answering investor questions that the company had received a notice from Japan's Tosoh regarding the suspension of zirconia powder supply. To ensure the stability of its own supply, the company had already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder, and the entire new product line has passed rigorous customer verification. Currently, several core major clients have completed the switch and signed long-term orders at the recent dealer conference. The company will actively take a series of measures to avoid any adverse impact from the Japanese powder supply disruption. In the future, the company will seize the window of opportunity for high-quality material breakthroughs and, leveraging its technical and delivery advantages, continue to expand its market share. Spot Market Zirconium According to the SMM price assessment, on June 18, the price of zirconium oxychloride (Zr(Hf)O2≥36%) was quoted at 17,500-18,000 yuan/mt, with an average of 17,750 yuan/mt, up 5.97% from the previous trading day. The zirconium industry chain had long been under pressure, with sluggish traditional demand from ceramics and high industry inventories. Zircon sand and zirconium oxide prices persistently hovered at lows, trading was sluggish, and the market was at the bottom of the cycle. Since entering Q2 this year, driven by export controls on zirconium products to Japan, price hikes by overseas zirconium ore producers, and demand expectations for solid-state batteries, zirconium raw material prices stopped falling and stabilized, inventories destocked, and the industry moved out of the bottom range, embarking on a volatile recovery trend. Upstream zircon sand imports have tightened, overseas miners continue to raise prices, and cost support has been strengthening. Dongfang Zirconium Industry completed a round of price hikes in April and raised zirconium product prices again on June 18. For the zirconium market outlook, supported by tightening raw material supply, zirconium prices will hold up well in the short term. Going forward, attention should be paid to changes in raw material supply and downstream demand. Rare Earth In the rare earth market: Rare earth oxide prices were relatively stable overall, but downstream purchasing activity has decreased as the holiday approaches. Pr-Nd oxide and dysprosium oxide ended their three-day winning streak and both pulled back slightly on June 18, while terbium oxide prices held steady on June 18 after a previous three-day rise. Expectations for production cuts in the scrap recycling sector and news-driven factors previously drove Pr-Nd prices, dysprosium oxide, and terbium oxide higher. However, after the afternoon session on June 17, shipments of Pr-Nd oxide from traders increased slightly, and the center of the actual trading range shifted lower. For medium-heavy rare earths, oxide suppliers held firm offer prices, but actual buying from metal enterprises was limited, and downstream magnetic material enterprises showed limited acceptance of high metal prices. Affected by the stalemate in market trading, rare earth prices are expected to move sideways in the short term. Tin Additionally, in the tin market: On June 18, the average price of SMM 1# tin fell 0.93% from the previous trading day. Driven by the US Fed keeping rates unchanged but signaling a hawkish bias, with half of policymakers expecting rate hikes this year, nonferrous metals fell overall and tin prices also pulled back. Currently, on the fundamental side: (1) Supply side: In June, most smelters focused on maintaining stable production. (2) Demand side: Downstream purchases were cautious, buying according to orders. Spot market: Overall trading sentiment in the spot market was light. Although tin prices have pulled back, they remain at relatively high levels and the holiday is approaching. Additionally, as the electronics industry enters its traditional off-season, downstream enterprises such as solder makers are only purchasing on a "buy on dips for essential needs" basis. Institutional Views Guojin Securities’ research report on June 14 showed: Rare Earth: Dysprosium oxide may benefit from the boost by MLCC, with a significant rebound trend from price lows. From the start of the year, the price center has continued to rise. We believe this is likely related to supply-side documents released in 2024-2025, with ongoing supply-side reform in the industry. Exports fell 1% YoY for full-year 2025, while exports from early 2026 to date have increased significantly, indicating strong restocking demand outside China. The rare earth sector will continue to see dual improvements in valuation and performance, and 2026 is also a key year for resolving industry competition among key targets. On the resource side, attention is recommended for China Rare Earth (medium-heavy rare earth leader, biggest beneficiary of supply-side reform), Zhongxi Nonferrous (undervalued, high-growth South China rare earth leader), and China Northern Rare Earth (light rare earth leader, with significant cost advantages); other related targets include Bao Gang United Steel, JL MAG Rare-Earth, etc. Tin: It believes that invisible inventory of tin ingots is gradually drying up, so tin prices are expected to strengthen under the backfill of macro liquidity or spillover from tech markets. The supply-demand pattern for tin will improve in the long term. Tungsten: This period, tungsten prices continued their rebound trend. It believes that against the backdrop of increased strategic stockpiling outside China, tungsten may have higher priority; tungsten's supply-demand fundamentals have seen strong resonance. Molybdenum: The destocking of imported ore has been significant, and domestic molybdenum prices have stabilized and rebounded. Steel procurement volume remains robust, destocking along the industry chain is progressing, and the deadlock of molybdenum prices with "volume but no price" is gradually being broken, with the upward channel becoming clearer. Molybdenum is also a military metal, with persistently low inventory, and increased defense spending outside China may further boost molybdenum prices. Huafu Securities’ research report on June 14 showed: Other Minor Metals: Industry leaders' long-term contract performance was impressive, and market sentiment in tungsten clearly stabilized. The tungsten market overall has walked out of a mild recovery, with the previous consolidation at lows being reversed somewhat. Industry leaders' long-term contract transactions were impressive, serving as a key driver for the upward movement in futures, and overall market sentiment clearly stabilized. However, the spot and scattered cargo atmosphere remained mediocre, with no widespread price-following adjustments upstream or downstream, and the rebound pace was gentle, with the market overall in a stage of steady recovery. Open Source Securities' 2026 mid-year investment strategy for the metals industry showed: Copper: Supply side, most miners outside China still face declining grades and recovery rates, and disruptive factors persist (Ivanhoe’s KK copper mine, Codelco’s El Teniente copper mine). While Chinese enterprises are increasing output, the overall increase is limited. Under an optimistic scenario, global supply growth may be below 2% in 2026-2027. Demand side, H1 electricity demand in China and the US maintained high growth rates, which may contribute marginal increments to copper demand. Open Source Securities believes that the supply-demand structure contradiction for copper will further highlight in 2026, supporting the rise in copper price center. Lithium: On the supply side of the lithium industry, capital spending cuts and the gradual formation of supply discipline, coupled with frequent disruptions, have led to a marked decline in supply elasticity compared with the past. Meanwhile, sustained strong demand from the energy storage sector is improving the structure of lithium demand, while industry inventory pressure is easing marginally. Lithium prices are expected to see a phased recovery. Enterprises with advantages in resource security, low costs and integrated layout are likely to show stronger earnings recovery than the industry average. Lithium mines and lithium chemicals companies with high resource self-sufficiency and strong cost control deserve attention. Tungsten: As an advantaged strategic metal in China, tungsten mine supply is constrained by resource depletion, environmental protection and other factors. Together with the total mining volume control implemented by the state, tungsten mine production release is limited. On the demand side, emerging sectors are boosting tungsten demand, which is expected to support tungsten prices over the long term. Recommended reading:

In 2026, global competition for critical minerals is entering a white-hot stage, geopolitical maneuvering continues to deepen, and global industry and supply chains are undergoing accelerated restructuring. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace & aviation is propelling the minor metals industry into a historic period of development opportunity and profound transformation. Worldwide, the EU’s Critical Raw Materials Act and the US’s Inflation Reduction Act (IRA) continue to be implemented, Mineral Security Partnerships keep expanding, and the trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource games, technical barriers, and trade rule reconfigurations surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world’s core supplier of minor metals, China holds a dominant position globally in the smelting and supply of many minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference brings together upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and others, as well as research institutes, government agencies, financial and investment institutions, and trade service providers, to create a high-standard, full-chain, in-depth exchange and cooperation platform. The conference will deliver in-depth interpretation of global policy shifts, provide insights into supply-demand patterns and price trends, decode growth opportunities in end-use applications, and match government-enterprise resources with cross-border cooperation opportunities, helping enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, thereby jointly promoting the high-quality and sustainable development of China’s minor metals industry. Foshan Juchuang Automation Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, target our goals, forge ahead with determination, and march forward courageously! Click to register immediately. We are looking forward to meeting you at the conference. Foshan Juchuang Automation Co., Ltd. is a manufacturer specializing in soldering equipment. Our main products include solder melting furnaces, extrusion machines, rolling mills, wire drawing machines, winding machines, horizontal continuous casting machines, solder bar molds, and more. We are a professional manufacturer integrating design, production, and sales. Our company has strong technical capabilities, and our R&D team brings together senior and intermediate R&D engineers from various product areas, all from the machinery and non-standard equipment industries. “Dare to strive, strive to innovate” is the driving belief of the Juchuang team. Guided by the principle of “quality products, professional service”, we provide clients with high-quality, cost-effective, and durable products through high cost-performance, fast delivery times, and enthusiastic, attentive service, thereby earning unanimous praise from our clients. We will live up to our clients’ expectations and trust, diligently provide them with quality products and excellent after-sales service, and strive to become an outstanding supplier in the soldering equipment industry. Main Products Meeting Contact: Zhu Wei zhuwei@smm.cn

In 2026, global competition for critical minerals has entered a white-hot stage, geopolitical maneuvering continues to deepen, and global industry chains and supply chains are being restructured at an accelerated pace. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metal industry into a period of historic development opportunities and profound transformation. Globally, the EU's Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership keeps expanding, and the trend toward localization and regionalization of critical mineral supply chains intensifies. The competition over resources, technical barriers, and trade rule restructuring for strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium has become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant position in the smelting and supply of many minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference gathers upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, etc., as well as scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, deep-level exchange and cooperation platform. The conference will deeply interpret global policy shifts, assess the supply-demand pattern and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources and cross-border cooperation opportunities, helping enterprises accurately grasp industry trends, overcome development bottlenecks, optimize supply chain layouts, seize market opportunities, and jointly promote the high-quality sustainable development of China's minor metal industry. Guangxi Yusheng Germanium High-tech Co., Ltd. will make a grand appearance at the conference. Keeping pace with the times, we will set our sights on the goals, forge ahead with determination, and press forward courageously! Click to sign up now. We look forward to meeting you at the conference. Guangxi Yusheng Germanium High-tech Co., Ltd. is a key introduced enterprise in Hechi City specializing in the smelting and deep processing of rare and dispersed metals. It is deeply engaged in the germanium industry, with its germanium capacity consistently ranking among the top in China. It is a key enterprise in China's germanium industry, dedicated to the green development, deep processing, and technological innovation of germanium, contributing to the high-quality development of China's indium, germanium, and gallium industries. I. Core Strengths and Honors in the Germanium Industry The company was founded in July 2016, and achieved an output value of RMB 2.4 billion in 2025. It has been listed among the Top 100 Manufacturing Enterprises in Guangxi for two consecutive years in 2024 and 2025. In the germanium industry, the company boasts strong technical capabilities; its key germanium purification technology won the second prize of the China Nonferrous Metals Industry Science and Technology Award. It has led the establishment of a major pilot platform for the efficient separation and extraction of germanium, indium, lead, and silver metals, supported by the regional Science and Technology Department, continuously driving breakthroughs in germanium industry technology. The company has been recognized as a high-tech enterprise and a specialized and sophisticated enterprise, and has passed multiple certifications such as Green Factory, practicing the green development concept of the germanium industry. II. Germanium Resource Security and Industrial Layout The company boasts outstanding resource security advantages, owning 10 proprietary mines and 3 beneficiation plants. It has established non-ferrous metal resource production sites in Guizhou, Guangxi, Xinjiang, and other regions, relying on its own high-quality germanium-rich zinc ore resources to provide stable raw material support for germanium production. Currently, the company has 17 subsidiaries (including holding companies) and branches in multiple core cities, moving towards collectivization and internationalization, and building a complete layout covering germanium resource development, production and processing, and market expansion. III. Germanium Industry System and Core Capacity The company has built an integrated germanium industry system featuring "green mining and beneficiation – circular smelting – deep processing". It has invested over RMB 1.2 billion to construct intelligent production lines, adopting globally leading processes to treat high-germanium zinc concentrates, significantly improving germanium recovery rates and achieving green production. With a core focus on the deep processing of high-purity germanium, it can produce high-purity germanium products with a purity of 7N (99.99999%), widely used in high-end fields such as infrared optics and fiber-optic communications. The Phase I high-purity germanium project with an annual capacity of 50 mt has been successfully put into production, with its capacity ranking among the top in China. IV. Future Plans for the Germanium Industry Looking ahead, the company will continue to deeply cultivate the germanium industry. Once all projects reach full production, it will build a high-purity germanium production line with capacity ranking among the top in China, filling the gap in Guangxi's critical metal germanium industry, further improving the domestic germanium industry chain layout, enhancing the competitiveness of China's germanium industry in the global rare metal sector, contributing to national strategic material security, and working with industry peers to promote the coordinated development of the indium, germanium, and gallium industries.

In 2026, global competition for critical minerals enters a white-hot phase, geopolitical maneuvering deepens, and global industry and supply chains are restructured at an accelerated pace. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metals industry into a historic period of development opportunities and profound transformation. Globally, the EU’s Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership keeps expanding, and the trends of localization and regionalization of critical mineral supply chains intensify. Resource competition, technology barriers, and trade rule restructuring around strategic minor metals—such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium—have become the core focus of global high-end manufacturing competition. As the world’s core supplier of minor metals, China holds a dominant global position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference gathers upstream and downstream enterprises, research institutes, government agencies, financial and investment institutions, and trade service providers across the entire industry chain of antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and more. It builds a high-standard, full-chain, and in-depth exchange and cooperation platform. The conference will deeply interpret the changing global policy landscape, diagnose supply-demand patterns and price trends, analyze growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It will help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China’s minor metals industry. Hunan Zhenqiang Antimony Co., Ltd. will attend the conference with great honor. We will keep pace with the times, aim at our goals, forge ahead with determination, and march forward courageously! Click to register now. We look forward to meeting you at the conference. Hunan Zhenqiang Antimony Co., Ltd. is located in Xikuangshan, the World Capital of Antimony. It is a large private antimony smelting enterprise and the third producer, after Shining Star Antimony and Chenzhou Mining, to meet the national antimony industry access conditions for refined antimony and gold production. Founded in 2008, the company covers an area of over 50 mu, with a registered capital of RMB 50 million. Its business scope includes: antimony smelting; antimony ore mining and beneficiation. Since producing refined antimony and gold, the company’s annual sales revenue has grown from RMB 400 million to RMB 800 million, doubling its annual output value. Main products: (1) Refined antimony, annual output 6,000 mt; antimony oxide, 3,000 mt. (2) 99% gold, annual output 1,000 kg. Main equipment: (1) 2 m 2 blast furnace, equipped with an 8 m 2 forehearth; (2) 8 refining reverberatory furnaces: including three 17 m 2 refined antimony furnaces, two 12 m 2 precious antimony smelting furnaces, two 8 m 2 low-gold ore processing furnaces, and one 4.5 m 2 precious-antimony converting furnace; (3) newly built 1,000 kg/year gold purification line; (4) newly built 6,000 mt/year antimony-gold ore leaching and electrolysis production line. Main products: Refined antimony, annual output 6,000 mt; antimony oxide, 3,000 mt 99% Gold, Annual Output 1000kg Main Equipment: 2m² Blast Furnace with 8m² Forehearth 8 Refining Reverberatory Furnaces: including 3 units of 17m² Antimony Refining Furnace, 2 units of 12m² Precious Antimony Smelting Furnace, 2 units of 8m² Low-Gold Ore Treatment Furnace, and 1 unit of 4.5m² High-Antimony Blowing Furnace Newly built gold purification production line with an annual capacity of 1000kg gold Newly built leaching and electrolysis production line with an annual capacity of 6,000 mt of antimony-gold ore Environmental Protection Status: 1. The company commenced construction in June 2008 and obtained EIA approval for trial production in October 2011, primarily processing single antimony ore to produce refined antimony. In December 2020, it obtained a second EIA approval for trial production, mainly processing antimony-gold symbiotic ore to produce refined antimony and 99% gold. 2. Flue Gas Treatment System (1) One set of blast furnace flue gas cooling and dust removal equipment and eight sets of reverberatory furnace flue gas cooling and dust removal equipment were built. (2) One set of SO 2 flue gas treatment system was built, featuring three-stage spray, adopting the "lime-gypsum" process, with fully automatic control, and a flue gas treatment capacity of 65,000 m 3 /h. One demister and one 30m high stack were also constructed. (3) Organized waste gas emissions were achieved: after the flue gas passed through facilities including "water cooling + surface cooling + bag dust collection", and after treatment by multi-stage spray towers, SO 2 concentration was ≤200 mg/Nm 3 (meeting national standards), and was then discharged through the demister and stack. 3. Wastewater Treatment and Reuse System Including plant clean-dirty water separation and rainwater-sewage separation systems; a rainwater collection system; and a wastewater treatment system. A rainwater collection pond of 200 m 3 and a wastewater treatment capacity of 2,000 m 3 were built. After treatment, rainwater and wastewater were reused, with no external discharge. For the newly built 1000kg gold per year purification line, wastewater was pumped to the desulfurization workshop, neutralized, and then sent to the absorption tower to treat SO 2 flue gas, with no external discharge. The newly built 6,000 mt per year antimony-gold ore leaching and electrolysis line achieved closed-circuit leaching and electrolysis production, with no wastewater discharge. Meeting Contact: Zhu Wei zhuwei@smm.cn

The zinc market in May 2026 is experiencing unprecedented structural pressure. Import zinc concentrate TCs have fallen to -$56.25/dmt, while domestic TCs have dropped to 400 yuan/mt in metal content on a weekly basis.

[Insight into Provincial Profit Landscape: New Release of Zinc Smelting Profit Model by Province] In May 2026, the zinc market is experiencing unprecedented structural pressure. TCs for imported zinc concentrates have fallen to -$56.25/dmt, while domestic TCs dropped weekly to 400 yuan/mt Zn. Meanwhile, the sulphuric acid export control policy continued to take effect in May, with some 98% smelting acid in south China declining by around 300 yuan/mt, directly impacting an important by-product revenue source for smelters. LME zinc inventory of around 100,000 mt stands in sharp contrast to China's social inventory exceeding 260,000 mt. The pattern of "tight ore and loose ingots" has made smelters the most severely squeezed link in the industry chain......

SMM May 28 update: The minor metal sector strengthened on May 28. As of the close on May 28, the minor metal sector rose 3.44%. In terms of individual stocks: Sino-Platinum Metals, Yunnan Germanium Industry, and China Molybdenum hit the daily limit, while China Minmetals Rare Earth, China Tungsten And Hightech, China Northern Rare Earth, and China Rare Earth led the gains. On the news front: According to authoritative local media in Zimbabwe and Xinhua News Agency, the Zimbabwean government recently issued the Mineral Classification and Declaration, explicitly listing lithium and other high-value minerals as "critical minerals" subject to equity and export controls. The critical minerals involved include 14 types: lithium, nickel, cobalt, graphite, copper, rare earth elements, chromium, platinum group metals (PGMs), manganese, antimony, uranium, ruthenium, tungsten, and niobium. The market is focused on the impact of tightening resource-country policies on global supply chains, with sentiment warming for minor metal varieties such as antimony and tungsten. Spot market Tungsten According to SMM pricing, on May 28, the average price of wolframite concentrates (≥65%) was 415,500 yuan/standard tonne (65%WO3 basis), up 1.22% from the previous trading day. Notably, after wolframite concentrates previously experienced a 61.88% decline over more than two months, driven by increased purchasing demand in the tungsten market, tungsten prices saw a rebound over two trading days. Currently, transactions in the tungsten concentrates market have improved, suppliers are bullish and hold back from selling, high-grade ore sees an upward shift in transaction center, while medium and low-grade ore circulates more but price increases appear lackluster. Downstream APT industry operating rates have slightly improved, but with limited new orders in the industry, smelters are cautious in restocking, with only small volumes of spot orders and large orders transacted in the market. Regarding the tungsten outlook, in the short term, driven by orderly inventory destocking, the return of downstream rigid demand, and the formation of pricing consensus among industry leaders, the tungsten market has overall entered a consolidation-at-lows and recovery phase. Going forward, key attention should be paid to the execution of long-term contracts and the pace of end-use demand recovery. According to SMM surveys, downstream cemented carbide alloy enterprises have seen inventory drop to low levels, with expectations of rigid restocking demand, but influenced by the market not yet being fully stabilized, enterprises remain cautious in procurement, generally adopting a small-order purchasing model. If upstream raw material inventory continues to be cleared and supply-demand imbalances are alleviated, tungsten prices are expected to enter a stabilization and consolidation phase in June-July. In the medium and long-term, the gap in Q3 mining quota transitions may lead to a contraction in market supply, coupled with expectations of the traditional September-October peak season, the industrial supply-demand structure will continue to optimize, thereby providing bullish support for tungsten prices. Rare Earths After the rally on May 27, the average price of Pr-Nd oxide on May 28 fell 1.79% from the previous trading day, and inquiries in the rare earth oxide market were sluggish on the 28th. Affected by futures price fluctuations combined with periodic restocking by some major producers, Pr-Nd oxide prices fluctuated frequently this week. Upstream and downstream players continued their stalemate, with suppliers maintaining relatively firm offers overall, while downstream metal producers maintained a strong wait-and-see sentiment and showed low purchase willingness at high prices. Absent other news-driven factors, Pr-Nd oxide is expected to remain in the doldrums in the short term before any significant change in the supply-demand relationship. Institutional Views Huafu Securities noted in its research report dated May 24, when commenting on other minor metals: rare earths performed weakly, while tantalum pentoxide surged during the week. In the rare earth market, end-use demand from downstream magnetic material sectors remained weak, with no large-scale concentrated restocking observed — only sporadic rigid-demand small orders were transacted, and the demand side consistently failed to provide effective support for the market. Market sentiment fluctuated significantly, with frequent tug-of-war between longs and shorts. Overall industry confidence was insufficient, with a notable stalemate between upstream and downstream on offer and bid prices, and significant divergence within the industry regarding the outlook for subsequent market trends. On Friday, the market maintained a wait-and-see attitude, awaiting changes in the magnetic material restocking pace and a recovery in downstream demand. Individual stocks: for antimony, Hunan Gold, Huaxi Nonferrous, and Huayu Mining are recommended; for molybdenum, China Moly, China Gold, and CMOC; for tungsten, Jiaxin International Resources, China Tungsten High-Tech, Xiamen Tungsten, and Zhangyuan Tungsten; for rare earths, China Rare Earth, China Northern Rare Earth, JL MAG Rare-Earth, and Xiamen Tungsten. Kaiyuan Securities' mid-year 2026 investment strategy for the metals sector indicated: Copper: Supply side, most ex-China miners continued to face declining ore grades and recovery rates, with disruption factors persisting (Ivanhoe's Kamoa-Kakula copper mine, Codelco's El Teniente copper mine). Although China's domestic enterprises added incremental capacity, the overall increase was limited. Under optimistic assumptions, global supply growth from 2026 to 2027 may fall below 2%. Demand side, power demand in both China and the U.S. maintained high growth rates in H1, which is expected to contribute marginal incremental copper demand. Kaiyuan Securities believes that the supply-demand structural imbalance for copper will become more pronounced in 2026, supporting a rise in the copper price center. Lithium: Supply side, capital expenditure in the lithium industry contracted and supply discipline gradually took shape. Combined with frequent disruptions, supply elasticity in the lithium industry has declined notably compared to before. Meanwhile, energy storage demand sustained high prosperity, driving gradual improvement in the lithium demand structure and marginal easing of inventory pressure. Lithium prices are expected to see a phased recovery. Lithium enterprises with resource security, low-cost advantages, and integrated layouts are expected to see earnings recovery elasticity outperforming the industry average. Lithium mine and lithium chemicals companies with high resource self-sufficiency rates and strong cost control capabilities are worth watching. Tungsten: As a strategic metal where China holds a dominant position, tungsten ore supply is constrained by resource depletion, environmental protection, and other factors. Combined with the government's total volume control on tungsten ore mining, tungsten ore production release remains limited. Demand side, emerging sectors are boosting tungsten demand, which is expected to provide long-term support for tungsten prices. According to a CITIC Securities research report, the current metals sector valuation remains at a reasonable level, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and a valuation rebound is still anticipated. Sector dividends have pulled back slightly, but the projected dividend yields of some individual stocks still exceed 5%. Looking ahead to 2026, liquidity shocks are expected to ease, supply disruptions are expected to occur frequently, and certain downstream sectors are expected to sustain relatively high prosperity. It is recommended to maintain a focus on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold sectors. Recommended Reading:

In 2026, global competition for critical minerals has entered a white-hot stage, geopolitical rivalry continues to deepen, and the global industry chain and supply chain are being restructured at an accelerated pace. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is driving the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the EU’s Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership continues to expand, and the trends toward localization and regionalization of critical mineral supply chains are intensifying. The resource contest, technological barriers, and reconstruction of trade rules surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As a core global supplier of minor metals, China holds a globally leading position in smelting and on the supply side for multiple minor metal categories. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference will bring together upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and more, as well as research institutes, government agencies, financial investment institutions, and trade service providers, to build a high-level, full-chain, and in-depth platform for exchange and cooperation. The conference will provide in-depth interpretation of global policy shifts, assess the supply-demand pattern and price trends, break down growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities—helping enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain deployment, and seize market opportunities, jointly promoting the high-quality and sustainable development of China’s minor metal industry. Hunan Huaxing Nonferrous Holding Group Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, focus on our goals, forge ahead with determination, and move forward with courage. Click to register for the conference now. We look forward to meeting you at the conference. Hunan Huaxing Nonferrous Holding Group Co., Ltd. (hereinafter referred to as “Huaxing Group”) was founded in 1999 and is headquartered in Yuhua District, Changsha, Hunan. After nearly three decades of steady progress, it has grown into a large industrial group integrating exploration, mining, beneficiation, smelting, R&D, production, sales, and comprehensive utilization of resources for nonferrous metals such as antimony and gold. Guided by “technological innovation, green development, and industrial synergy,” the Group has built a strategic footprint covering six major production sites across four provinces—Hunan, Guizhou, Gansu, and Guangxi—and has 10 controlling subsidiaries. It has formed the most complete antimony industry chain in China’s private sector and ranks third in capacity for the full range of antimony series products (No. 1 among private enterprises). At present, the Group has 10 enterprises, including Hunan Loudi Huaxing Antimony Industry Co., Ltd., Hunan Huaxing Mining Co., Ltd., Guizhou Huaxing Metallurgy Co., Ltd., Gansu Baoshan Antimony Industry Co., Ltd., Gansu Huaxin Jinyuan Mining Co., Ltd., Guangxi Luocheng Xinbao Mining Co., Ltd., Hunan Huaxing Trading Co., Ltd., Hainan Huaxing Import and Export Trading Co., Ltd., Huaxing (Hong Kong) Import and Export Co., Ltd., and Huaxing Antimony Industry (Hangzhou) Co., Ltd. The Group’s annual output of antimony series products reaches 20,000 mt, including 15,000 mt of antimony trioxide, among others. For nearly three decades, the Group has remained focused on building “with antimony as the lead, becoming a leader in the nonferrous metals comprehensive utilization industry,” fulfilling its development mission of “green development, keeping nonferrous metals sustainably vibrant,” adhering to the purpose of “creating value for clients and creating opportunities for employees,” and implementing an operating model of “one integrated system with three lines, four provinces and six sites, and industrial circulation.” It strives to cultivate and strengthen the core competitiveness of the Huaxing brand and is steadily advancing toward becoming a high-quality development-oriented enterprise. Main Products 99.80% Antimony Trioxide (White Crystalline Powder) This product features excellent flame-retardant and smoke-suppressing properties and is widely used for flame retardancy in materials such as PV glass, ceramics, wires, cables, plastics, rubber, chemical fibers, paints, textiles, and resins. The main content of antimony trioxide can be stably maintained above 99.80%, with a maximum of 99.90%; impurity components are below 1,000 PPM. Whiteness can be stably maintained between 96.5-97.5; the average particle size can be controlled between 0.5um-1.0um; tartaric acid insolubles can be controlled below 500 PPM; it has good compatibility with PVC and rubber and can be customized according to user requirements. Packed in pearlescent film bags or paper bags, with a net weight of 25KG per bag; 500KG and 1,000KG bulk bag packaging can also be provided. Store in a dry place. 99.50% Antimony Trioxide (White Crystalline Powder) This product features excellent flame-retardant and smoke-suppressing properties and is widely used for flame retardancy in materials such as PV glass, ceramics, wires, cables, plastics, rubber, chemical fibers, paints, textiles, and resins. It can also be used in the glass industry. The main content of antimony trioxide can be stably maintained above 99.50%, with whiteness above 95; the average particle size can be controlled between 0.5um-1.0um; it has good compatibility with PVC and rubber and is also a good glass fining agent; it can be customized according to user requirements. Packed in pearlescent film bags or paper bags, with a net weight of 25KG per bag; 500KG and 1,000KG bulk bag packaging can also be provided. Store in a dry place. Antimony Ingot Antimony ingots are mainly used as a hardener for alloys in metallurgy, batteries, and military industries. They are also a raw material for producing antimony oxide. Antimony ingots are also used in the movable type printing industry, lead materials, cable sheathing, solder, and plain bearings. This product has a truncated octahedral structure with a silvery-white luster on the surface, and its quality is stable and reliable. Different grades of antimony can be provided according to user requirements. Packed in wooden crates or on pallets; packaging can also be changed according to user requirements. Meeting Contact: Zhu Wei zhuwei@smm.cn