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

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

Since late April, aluminum billet processing fees in China's three major consumption regions staged a strong rebound, with South China taking the lead. Processing fees of φ120 aluminum billets (Guangdong) hit a Q2 low of -40 yuan/mt on April 16, then surged rapidly, approaching the 500 yuan/mt mark by month-end in May, and reaching a new yearly high of 490 yuan/mt on May 28. SMM believed there were three main reasons...

I. MJP Quarterly Premium Surges, Asian Aluminum Market Pricing Center Shifts Significantly Upward This week, two major international aluminum producers, South32 and Rio Tinto, successively announced their Q3 2026 Japan Main Port (MJP) aluminum ingot CIF long-term contract quotes. South32 quoted $480/mt, while Rio Tinto quoted $460/mt. Compared to the Q2 finalised level of $350–353/mt, this represented a significant QoQ increase of $110–130/mt, a rise of over 30%, hitting a phased high in recent years. Affected by the sharp rise in premiums, the Japanese local spot market showed notable differentiation. Some downstream enterprises had relatively high price acceptance, releasing just-in-time procurement willingness; while more cost-sensitive buyers gradually shifted to alternative sources such as other mainstream ex-China brand aluminum ingots to reduce procurement costs. Regional cargo diversion intensified, and Japan's aluminum ingot procurement structure became increasingly diversified. II. Thailand CIF Market: Dual Tailwinds Support Price Rise, Market Shows Strong Prices but Weak Volume As Southeast Asia's core aluminum ingot transit and distribution hub, the Thai market was simultaneously supported by dual tailwinds of MJP high premium transmission and domestic aluminum scrap supply shortages, with traders showing strong willingness to hold prices firm. Currently, mainstream local aluminum ingot CIF offers remained stable at $300–320/mt, with quotes rising WoW. The logic supporting this round of price rise was clear: on the fundamentals side, China's aluminum scrap supply was tight, highlighting the overall aluminum element supply gap and providing solid bottom support for primary aluminum prices; externally, the Q3 MJP premium surge drove Southeast Asian traders to collectively raise spot quotes. Downstream participants mostly adopted a wait-and-see stance, with end-users only maintaining small-batch just-in-time procurement to restock, while overall proactive stockpiling sentiment remained subdued. Acceptance of high-priced resources was low, and the market exhibited a typical pattern of strong prices but weak volume. III. Vietnam Market: Fundamentals Operating Independently, Desensitized to MJP Premium Rise This round of MJP premium increase did not provide notable support to the Vietnamese aluminum market, with market trends remaining relatively independent. The core reason was that local processing enterprises chose to import aluminum semis as a substitute for purchasing aluminum ingots, significantly weakening domestic primary aluminum procurement demand. Domestic demand was diverted by finished aluminum semis, and market trading was sluggish. IV. South Korea Market: Transactions Recover and Prices Rise, Stockpiling Risks Gradually Emerge Driven by the rising QMJP premium, sellers in the South Korean market showed strong sentiment to hold prices firm, with the overall trading atmosphere outperforming other markets in the region. This week, spot transaction activity increased, and market transaction prices rose in tandem. V. Market Summary and Risk Alert: LME Structure Extremely Bullish, Squeeze Risk Elevated to High Levels At the current stage, the core contradiction in the Asian aluminum market stemmed from the global spot supply shortage. This shortage directly drove the Q3 MJP premium significantly higher and radiated outward to Southeast Asia, Japan and South Korea, and other regional markets, causing notable divergence in market conditions across regions. Meanwhile, the extreme backwardation structure in the LME market further amplifies potential risks at the commodity level: First, futures exhibit a deep backwardation structure. As of May 28, the LME Cash-3M backwardation was recorded at $92.53/mt. This extreme spot premium directly reflects the extreme scarcity of global spot resources. Second, social inventory is at historical lows. Total aluminum ingot inventory in LME registered warehouses stands at only around 340,000 mt, with stock levels hitting new lows. Available spot cargo remains insufficient, posing squeeze risks. Third, speculative stockpiling risks are intensifying. In a market environment of low inventory and high premiums, if regional traders collectively stockpile, hold back from selling, and hold prices firm, this could further tighten available market supply, exacerbate the current tight spot supply situation, and significantly increase the probability of a squeeze occurring. Overall, Asian aluminum prices are more likely to rise than fall in the short term, and the firm pricing pattern in core markets such as Thailand and South Korea will continue. However, market participants should be highly vigilant against squeeze crises triggered by the extreme LME backwardation structure. [Data Source Disclaimer: Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM. It is for reference only and does not constitute decision-making advice.] Data source: SMM

In May 2026, China's secondary lead production declined significantly, down 18.96% MoM and 9.26% YoY, while secondary refined lead pulled back 19.16% MoM and 15.03% YoY. According to SMM data, spot lead prices were in the doldrums in May, with the SMM #1 lead ingot monthly average price at approximately 16,475 yuan/mt.……

Around May 23, 2026, import and export data for cobalt and lithium battery industry chain-related products in April were released in a concentrated manner. Data showed that China's spodumene imports in April reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY. Lithium carbonate imports, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY....... SMM compiled the import and export data for battery materials, as detailed below: Upstream Lithium Concentrates In April 2026, China's spodumene imports reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY, equivalent to approximately 63,000 mt of LCE. Customs data showed that April spodumene imports pulled back MoM from March, reaching 758,000 mt in physical content. By source country, Australian ore port arrivals returned to relatively normal levels, with over 350,000 mt arriving this month, up 38.9% MoM; Zimbabwe's earlier shipments arrived in the month at 102,000 mt, down 9.2% MoM; South Africa and Nigeria saw some contraction in monthly port arrivals, while ore from Mali had almost no notable port arrivals this month due to shipping schedule impacts. Notably, spodumene ore powder sold by Brazil in early 2026 arrived at ports this month, driving a significant increase in port arrivals from this country. Additionally, after SMM screening, the month's incoming ore was equivalent to 63,000 mt of LCE. Among the incoming ore, lithium concentrates accounted for 67%, with the share edging down MoM, mainly because apart from Australia , ore from other source countries contained some relatively low-grade ore. Source: China Customs, compiled by SMM Spodumene concentrates (CIF China) spot pricing, according to SMM spot quotes, spot prices for spodumene concentrates (CIF China) fluctuated upward in April. As of April 30, the spot price for spodumene concentrates (CIF China) rose to $2,540/mt, up $221/mt from the month-end March price of $2,313/mt, a gain of 9.81%. According to SMM, lithium carbonate prices continued to rise in April, and spodumene concentrates prices rose in tandem with salt prices, with gains exceeding those of lithium carbonate itself, causing non-integrated enterprises that purchased externally spodumene concentrates to suffer losses, with spot profitability remaining in deficit. In April, spot circulation of lepidolite concentrates relatively eased. Meanwhile, as lithium carbonate prices rose, processing fees for non-integrated enterprises also increased accordingly, preserving a certain profit margin for their processing operations and enabling these enterprises to achieve spot profitability. However, recently, spodumene concentrates prices adjusted in tandem with lithium carbonate price fluctuations, and the price transaction center shifted downward. According to SMM's latest findings, disrupted by rumors of production resumptions at Jiangxi mines this week, lithium carbonate futures and spot prices declined, further dragging down the overall transaction center. Currently, lithium mines showed a weak willingness to make shipments, and transactions were mostly concentrated between traders and buyers. Port lithium ore inventory continued to decline. Going forward, attention should still be paid to the potential tight lithium ore supply triggered by high operating rates in the lithium chemicals industry, and lithium ore prices were expected to hold up well. Lithium Carbonate According to customs data, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and 15% YoY. Of this, 21,000 mt was imported from Chile (65% of total imports), 9,555 mt from Argentina (29%), and 1,100 mt from Indonesia (3%). From January to April, China's cumulative lithium carbonate imports reached 116,000 mt, up 47% YoY cumulatively. In April, China exported 370 mt of lithium carbonate, down 17% MoM and 50% YoY. From January to April, China's cumulative lithium carbonate exports totaled 1,886 mt, up 7% YoY cumulatively. In April, China imported 17,942 mt of lithium sulfate, up 9% MoM and 296% YoY. From January to April, China's cumulative lithium sulfate imports reached 58,900 mt, up 121% YoY cumulatively. According to SMM spot quotes, spot lithium carbonate prices generally trended upward in April. As of April 30, the spot lithium carbonate price rose to 177,000 yuan/mt, up 14,000 yuan/mt or 8.59% from 163,000 yuan/mt on March 31. According to SMM analysis, China's lithium carbonate prices followed a "V-shaped" trend of first declining then rising in April, with the monthly average price up 6% MoM. In the first ten days, geopolitical disruptions in the Middle East intensified global risk-aversion sentiment, causing non-ferrous metals and lithium carbonate prices to fluctuate downward. In the mid-to-late period, driven by Zimbabwe's export ban, Jiangxi mine license renewals, and rising costs, prices began to rebound and fluctuate upward, with the month-end price center shifting notably higher. Upstream and downstream purchasing remained stagnant, with the psychological price spread widening week by week. Upstream producers held prices firm and held back from selling, maintaining high offer prices; downstream buyers made just-in-time procurement only, with psychological price levels concentrated at 155,000-175,000 yuan/mt, restocking on dips only when prices fell rapidly. In April, battery-grade spot lithium carbonate prices dropped to around 155,500 yuan/mt in the first ten days, then rallied all the way to 177,000 yuan/mt by month-end. As of May 29, domestic battery-grade spot lithium carbonate was quoted at 174,000-181,000 yuan/mt, with an average price of 177,500 yuan/mt. Battery Materials LiPF6 According to China Customs data, in April 2026, China's cumulative LiPF6 exports totaled approximately 868 mt, down approximately 80.9% MoM, while cumulative LiPF6 imports were approximately 96 mt. Export side, China's LiPF6 exports in April 2026 were approximately 868 mt, down approximately 80.9% MoM from March and down approximately 33.2% YoY. Specifically, as the VAT rebate policy for LiPF6 exports was officially abolished starting April 1, 2026, enterprises rushed to export in March in advance, and ex-China electrolyte enterprises built up certain inventory, leading to MoM declines in China's exports to multiple major destination countries in April. Among them, exports to Poland were 337.5 mt (down approximately 80.4% MoM), South Korea 81.804 mt (down approximately 92.56% MoM), Czech Republic 150 mt (down approximately 67.43% MoM), and the US 101.908 mt (down approximately 61.7% MoM). Only exports to Japan saw an increase — exports to Japan were 191.37 mt, up approximately 50.77% MoM. Artificial Graphite In April 2026, China's artificial graphite imports were 757 mt, up 12.4% MoM and down 32.9% YoY. Average import price side, in April 2026, the average import price of China's artificial graphite was 75,941 yuan/mt, up 23.1% MoM and up 14.6% YoY. In April 2026, China's artificial graphite exports were 45,895 mt, up 22.3% MoM and down 21% YoY. Average export price side, in April 2026, the average export price of China's artificial graphite was 9,214 yuan/mt, down 6.6% MoM and up 0.26% YoY. Exports from the top five provinces rose 21% MoM from the previous month, with two provinces seeing export growth exceeding 35% MoM and another province achieving a MoM increase of 20%. Import market, downstream power battery enterprise orders in China gradually recovered in April. Combined with tight spot capacity at leading anode enterprises, restocking demand was released, boosting artificial graphite imports to rebound from weakness on a MoM basis. However, import volumes remained on a YoY decline, primarily because China's anode industry had ample overall capacity with supply still in a surplus pattern. Domestic self-sufficiency continued to strengthen, and the industry's reliance on imported raw materials and finished products steadily declined. Flake Graphite In April 2026, China's flake graphite imports were 3,178 mt, down 19% MoM and down 45% YoY. Data source: China Customs, SMM In April 2026, China's flake graphite exports totalled 4,093 mt, down 50% MoM and 54% YoY. Export market, the official cancellation of the flake graphite export tax rebate policy this month directly squeezed the profit margins of foreign trade enterprises, significantly dampening overall export willingness across the market. Meanwhile, the approval pace for flake graphite export licences slowed down, hindering foreign trade shipment processes. Combined with weak ex-China end-use demand, multiple bearish factors converged to directly boost a sharp decline in industry export volumes. The import market also continued to weaken. Goods originally destined for exports were redirected to the domestic sales market, making China's local supply increasingly abundant. Market enthusiasm for import procurement was insufficient, ultimately causing imports to decline in tandem this month. Phosphate Ore May 20, 2026, from customs data. In April 2026, China's phosphate ore imports were 207,000 mt. April imports rose 13.5% from 182,000 mt in March. The total import value in April was $19.741 million, up 35.7% MoM from $14.552 million in March. The average unit price was $95.5/mt, up 19.6% from $79.9/mt in March. Import commentary: In May, Egypt's phosphate ore exports faced "policy tightening and weakening demand". On May 13, Egypt's Ministry of Petroleum and Mineral Resources announced it would no longer sign any new phosphate ore export contracts. Previously, Egyptian Prime Minister Mustafa Madbouly stated clearly at a meeting on May 10 that the government was pushing a transition from raw material exports to the manufacturing of high-value-added products such as phosphate fertiliser. Already signed long-term contracts would not be affected. This is expected to push up import prices and may affect import volumes going forward. Cobalt Cobalt Hydrometallurgy Intermediate Products In April 2026, China's cobalt hydrometallurgy intermediate products imports were approximately 1,247 mt in physical content, down 26% MoM and 98% YoY. Of this, imports from the DRC were approximately 945 mt in physical content, down 43% MoM and 98% YoY. In April 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $17,187/mt in physical content, up 2.63% MoM. It was reported that most miners had completed Q4 2025 quota approvals, but Q1 2026 quota approvals were again delayed due to issues with sampling, detection, and other procedural processes, resulting in lower approval efficiency. Additionally, DRC currently faced tight transportation capacity. For economic reasons, fleets prioritized transporting oil products and chemicals that were in short supply for production, followed by other metals with shorter turnover cycles, and cobalt among non-ferrous metals came last, meaning cobalt transportation capacity faced significant challenges. Constrained by the above factors, miners primarily focused on building in-transit inventory and had not yet concentrated on booking vessels, so the timing of large-scale intermediate product arrivals at ports was likely to continue being delayed. Unwrought Cobalt China's unwrought cobalt imports in April 2026 were approximately 1,334 mt, up 39% MoM and up 59% YoY. In April, refined cobalt imports mainly came from Indonesia, Russia, and Madagascar, with imports of 462 mt, 457 mt, and 182 mt respectively. The main reason for the increase this month was that domestic smelters lacked intermediate product raw materials and imported cobalt slabs and cobalt briquettes for re-dissolution to ensure normal production. In terms of average import prices, the average import price of unwrought cobalt in China in April 2026 was $52,724/mt, up 4.72% MoM. Cumulative imports from January to April 2026 totaled 5,916 mt, up 153% YoY cumulatively. Export side, China's unwrought cobalt exports in April 2026 were approximately 218 mt, down 47% MoM and down 95% YoY. By country, China's exports to the US dropped significantly, with April exports to the US at 35 mt, down 87.5% MoM. The main reason was that US alloy-grade refined cobalt demand pulled back in April, and ex-China branded refined cobalt was already sufficient to meet regional demand, with some refined cobalt traders redirecting destinations from the US back to China. In terms of average export prices, the average export price of unwrought cobalt in China in April 2026 was $54,590/mt, up 5.80% MoM. Cumulative exports from January to April 2026 totaled 1,792 mt, down 76% YoY cumulatively.

The management committee of the Jiang'an Economic Development Zone in Sichuan issued the first environmental impact assessment public notice for a Sichuan company's technical renovation project to produce 26,500 tons of battery-grade lithium carbonate annually. The project plans to convert the existing finished product warehouse area of Phase I into a lithium carbonate production line with a design capacity of 26,500 t/a. Using lithium hydroxide return solution produced by the company as raw material, it will adopt a lithium hydroxide carbonation process to produce battery-grade lithium carbonate. The annual operating time is 7,200 hours. The project does not involve new land, new ground structures, or additional production capacity.

According to SMM statistics, on May 28, aluminum billet inventory in China's major consumption regions fell to 181,500 mt, a significant destocking of 24,000 mt WoW, successfully pulling back below the 200,000 mt threshold. Warehouse withdrawals during the week climbed to 58,900 mt, up 3,200 mt WoW, hitting a new periodic high.

SMM, May 29: Following the State Council's release of the Urban Renewal 15th Five-Year Plan, the real estate industry received new policy catalysts. On May 29, the real estate development sector rose accordingly, with the market optimistic about incremental investment opportunities in areas such as urban village renovation, old residential community upgrades, and municipal infrastructure construction following the plan's implementation. As of the close on May 29, the real estate development sector gained 0.68%, and real estate services rose 0.26%. In terms of individual stocks, Fuxing Co., Sunshine Co., Tianjian Group, Xiangjiang Holdings, Everbright Jiabao, and several others hit the daily limit, while Vanke A, Financial Street, Tefа Services, and China Merchants Shekou led the gains. News [State Council Releases Urban Renewal 15th Five-Year Plan: City-Specific Policies to Increase Supply of Upgraded Housing and Regulate Development of Housing Rental Market] The State Council released the Urban Renewal 15th Five-Year Plan. The plan proposes to comprehensively assess the base of existing urban asset resources, promote classified disposal of land that has been allocated but not yet developed and projects under construction, and revitalize idle and underutilized old factory buildings, commercial and office properties, commodity housing, and public housing. It is expected to accelerate the construction of a new model for real estate development and improve fundamental systems for commodity housing development, financing, and sales. The plan calls for optimizing the supply of affordable housing, strengthening housing security for low-income urban households with housing difficulties, better meeting the basic housing needs of working-class groups facing housing difficulties with modest incomes, and gradually addressing the transitional housing difficulties of new urban residents, young people, and other groups. City-specific policies are expected to increase the supply of upgraded housing and regulate the development of the housing rental market. The plan encourages real estate development enterprises to transform and participate in urban renewal. It is expected to deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. The plan also aims to strengthen and regulate the management of existing urban infrastructure assets. [Huang Guanglie, Deputy Secretary General of Guangzhou Municipal Government: Confident in Further Consolidating the Stabilizing and Improving Trend of Guangzhou's Property Market] On May 26, Guangzhou held a press conference on the supporting documents for the Implementation Opinions on Further Promoting Stable and Healthy Development of the Real Estate Market. Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, stated that going forward, Guangzhou will continue to improve the two major systems of the housing market and housing security, and continuously optimize property market regulation measures. The Municipal Bureau of Planning and Natural Resources, the Municipal Bureau of Housing and Urban-Rural Development, the Municipal Provident Fund Center, and other departments have issued supporting rules on matters such as land supply, special subsidies for "sell old, buy new," and "commercial-to-provident fund loan conversion." Huadu District responded swiftly by launching eight specific measures. State-owned enterprises represented by Guangzhou Anju Group are accelerating the launch of pilot work on the acquisition and revitalization of second-hand housing. We believe that as these detailed rules are fully implemented and all sectors advance in coordination, we are confident in further consolidating the stabilizing and improving trend of Guangzhou's property market. (Jin10 Data APP) [Guangzhou's Real Estate Market Activity Has Been Continuously Rising Since May] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Huang Guanglie, Deputy Secretary General of the Guangzhou Municipal Government, noted that on April 30, Guangzhou issued the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market" (known as the "Sui Eight Measures"). As the policy effects continued to release, market activity kept rising. Since May, weekly visits, subscriptions, and online signings at key new residential projects citywide increased by 26.9%, 36.9%, and 11.4% WoW, respectively; weekly signing volume of pre-owned residential properties rose 9.3% WoW, while new listing volume decreased 16.7% YoY. The new housing provident fund policy took effect, with 4,484 loan applications accepted totaling 4.746 billion yuan, up 47.05% and 56.43% YoY, respectively. [Guangzhou: Removing Restrictions on "Only Housing in the City" and Number of Provident Fund Loan Uses] On May 26, 2026, the Guangzhou Housing Provident Fund Management Center issued the normative document "Measures for Converting Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans in Guangzhou (Interim)." It proposed expanding the scope of commercial loan banks by removing the restriction that "the original commercial loan bank must be a housing provident fund entrusted bank," allowing commercial loans from non-housing provident fund handling banks to be converted into pure housing provident fund loans. Requirements on loan types, terms, and provident fund contribution periods were relaxed. For commercial-to-provident-fund conversion handled by housing provident fund loan handling banks, applicants whose convertible provident fund loan amount is not enough to fully repay the original commercial loan principal and interest may choose to convert to a combined loan. The requirement for account opening and cumulative housing provident fund contribution period was reduced from "60 months" to "36 months." The original commercial loan disbursement period was shortened from "more than 3 years" to "more than 2 years." Restrictions on "only housing in the city" and the number of provident fund loan uses were removed, no longer requiring that "the mortgaged property is the applicant's family's only housing in the city," supporting applications for first and second improved housing. Applicants who "have never used or have used housing provident fund loans only once" may also apply for commercial-to-provident-fund conversion, free from the restriction of "never having used housing provident fund loans." (Jin10 Data) [Xiong'an New Area: Maximum Housing Provident Fund Loan Amount Raised to 800,000 Yuan] Notice of the Xiong'an New Area Housing Management Center on Optimizing and Adjusting Housing Provident Fund Withdrawal and Loan Policies. The policy stipulates that for depositors meeting the New Area's rental housing withdrawal conditions, those who have not registered a housing lease contract may withdraw up to 17,000 yuan per year; those who have registered a housing lease contract on the "Hebei Xiong'an New Area Housing Rental Information Service Platform" may withdraw up to 25,000 yuan per year. Depositors purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may borrow up to 800,000 yuan. Employees of Beijing-sourced relocated units whose housing provident fund deposit location is in the New Area may borrow up to 1.2 million yuan when purchasing owner-occupied housing in the New Area and applying for housing provident fund loans. Families with two or more children purchasing owner-occupied housing in the New Area and applying for housing provident fund loans may have their maximum loan amount increased by 200,000 yuan. For employee families who have only one housing provident fund loan record nationwide that has been fully repaid and own no property in the New Area, the first-home housing provident fund loan policy shall apply. (Xiong'an Provident Fund) [Supreme Court's Liu Guixiang: Preventing and Resolving Risks in Key Areas Such as Finance and Real Estate] On May 27, Liu Guixiang, Vice-Ministerial-Level Full-Time Member of the Adjudication Committee and Second-Grade Grand Justice of the Supreme People's Court, stated at a press conference held by the State Council Information Office that the people's courts will fully safeguard national security and social stability, punish criminal acts that endanger national security, public safety, and undermine the socialist market economic order in accordance with the law, and adhere to market-oriented and rule-of-law principles to coordinate administrative, civil, and criminal adjudication functions to prevent and resolve risks in key areas such as finance and real estate. [China Index Academy: Property Developers' Bond Financing in April Up Nearly 30% YoY] The latest data released by the China Index Academy showed that in April, total bond financing in the real estate sector reached 61.48 billion yuan, up 28.8% YoY and up 18.5% MoM. Specifically, credit bond financing in the real estate sector totaled 37.48 billion yuan (up 2.6% YoY, down 9.1% MoM), accounting for 61%; ex-China bond financing was 3.43 billion yuan, accounting for 5.6%; ABS financing was 20.57 billion yuan (up 83.9% YoY, up 93.1% MoM), accounting for 33.5%. [Marco Polo: Q2 Sales Improved QoQ] Marco Polo stated at a recent earnings briefing that in Q1 2026, affected by the late Chinese New Year holiday and slow market activation, the industry overall declined YoY to some extent. Since Q2, the real estate market in some cities has shown structural stabilization and recovery, with new home markets broadly stopping falling, and second-hand housing prices in core cities such as Guangzhou, Shenzhen, and Hangzhou beginning to rise with active transactions. The company adopted multiple measures, including building regional empowerment centers, promoting the sinking of its dealer network, expanding non-residential project business, and strengthening cooperation with whole-house decoration enterprises, resulting in a QoQ improvement in sales in Q2. [Guangzhou Anju Group to Launch Pilot Work Supporting Residents in "Selling Old and Buying New"] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Qian Zhe, Deputy Secretary of the Party Committee and General Manager of Guangzhou Anju Group, stated that to support residents in improving their housing conditions and facilitate the exchange chain between pre-owned and new housing, Anju Group will immediately launch pilot work supporting residents in "selling old and buying new," with a trial period ending on December 31, 2026. Following the principle of "government guidance, market-based operation, and voluntary participation," the group will acquire pre-owned residential properties through market-oriented approaches. The pilot acquisition targets pre-owned residential properties within Guangzhou's Ring Expressway, with a total price of no more than 3 million yuan, a floor area of less than 70 m², and no restriction on building age. The acquired old properties will be prioritized for use as affordable housing, talent apartments, and other purposes, primarily serving the housing needs of new urban residents, young people, and other groups, as well as resident relocation for urban self-renewal projects. [Guangzhou Huadu District Sees "Rising Volume, Stable Prices, and Active Transactions" After New Policy Implementation] On May 26, Guangzhou held a press conference on the series of supporting documents for the "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market." Mai Shaoming, Deputy District Head of Huadu District, Guangzhou, stated that after the implementation of the "Eight Measures for Guangzhou," Huadu District took the lead in the city to introduce the "Eight Measures for Huadu." Since the new policy took effect, the real estate market in Huadu District has seen a sustained rebound in market activity and a continuous release of transaction vitality. Project visits, subscriptions, policy inquiries, and pre-owned housing market transactions all surged significantly. Policy inquiries focused on core topics such as pre-sale school enrollment eligibility, online contract-based school enrollment, and trade-in policy subsidies. The overall market demonstrated a positive trend of "rising volume, stable prices, and active transactions." [Xiamen Introduces Six Housing Provident Fund Measures: "Sell Old, Buy New" Loans to Be Executed at First-Home Interest Rates] On May 19, the Xiamen Housing Provident Fund Center announced on its website that, in order to implement the spirit of the "Several Opinions on Further Promoting the Stable Development of the Real Estate Market" issued by the Fujian Provincial Department of Housing and Urban-Rural Development, and in light of Xiamen's actual conditions, the city introduced six housing provident fund measures upon approval by the Xiamen Housing Provident Fund Management Committee. Among them, it was proposed that "sell old, buy new" loans be executed at first-home interest rates. If a depositor sells a self-owned property within Fujian Province and purchases a second self-occupied property in Xiamen within 12 months, and applies for a housing provident fund loan that meets the lending conditions, the loan will be executed at the first-home housing provident fund loan interest rate. Housing provident fund loans for multi-child families are executed at first-home loan interest rates. For multi-child families purchasing a second owner-occupied home in the city and applying for housing provident fund loans, those meeting the provident fund loan conditions will have loans executed at first-home housing provident fund loan interest rates. [Hunan Issued Policies to Support Acquisition of Existing Commercial Housing and Housing "Trade-in"] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development, together with nine departments including the Provincial Development and Reform Commission and the Provincial Department of Finance, issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." This "New Xiang Ten Measures" is an optimization and upgrade based on the 2025 "Several Measures of Hunan Province to Promote Stable and Healthy Development of the Real Estate Market," focusing on formulating relevant support measures in areas such as acquisition of existing commercial housing, housing "trade-in," "quality housing" construction, "three-in-one" housing projects, and provident fund policy optimization. The "New Xiang Ten Measures" specified that for loans applied for purchasing newly-built commercial housing within the province (including housing provident fund loans and commercial loans), housing unit counts are determined at the county/city/district (park) level; for those already owning housing in the county/city/district (park) where the intended purchase is located, one housing unit is deducted from the count; the minimum down payment ratio of 30% for commercial property loans is implemented. [Hunan: College Graduates and High-level Talents Staying in or Coming to Hunan for Employment and Entrepreneurship Can Apply for Loans After 1 Month of Provident Fund Contributions] On May 13, the Hunan Provincial Department of Housing and Urban-Rural Development and eight other departments issued the "Several Measures of Hunan Province to Further Promote Stable and Healthy Development of the Real Estate Market." The "New Xiang Ten Measures" proposed that for college graduates, young talents, and high-level talents staying in or coming to Hunan who apply for housing provident fund loans for their first home purchase within the province, they can apply after only 1 month of contributions, with maximum preferential down payment ratios, and the maximum loan amount may not be linked to account balances but reasonably determined based on work compensation base and labor (employment) contract duration. Among them, the maximum housing provident fund loan amount for high-level talents can be relaxed to 4 times the standard, and for college graduates and young talents staying in or coming to Hunan for employment and entrepreneurship, it can be relaxed to 2 times. For first-marriage and first-birth families and families with two or more children using housing provident fund loans to purchase newly-built commercial housing, the loan amount cap is further increased by more than 30%. The age limit for housing provident fund personal loans is extended, with a maximum of 5 years added beyond the statutory retirement age. [A Residential Land Parcel in Nanchang Sold at 12.5% Premium] On May 8, Nanchang sold a residential land parcel with a transfer area of 12.1409 mu and a planned building area of 9,712.72 sqm, with a floor area ratio of 1.1. The starting land price was 4 million yuan/mu, totaling a starting price of 48.56 million yuan, with a starting floor price of 5,000 yuan/sqm. Ultimately, Yingtan Wanjing Real Estate Development Co., Ltd. won the land parcel at a land price of 4.5 million yuan per mu, equivalent to a total price of 54.63 million yuan, with a transaction floor price of 5,625 yuan/㎡ and a premium rate of 12.5%. [Beijing Real Estate Market Activity Climbs, Pre-owned Home Trading Volume Hits Nearly 5-Year High] During this year's Labour Day holiday, as new real estate policies were intensively rolled out in multiple cities, real estate market activity climbed. In Beijing, the pre-owned housing market continued the momentum since April, with trading volume and showing volume rising steadily. The latest data showed that during the first four days of the Labour Day holiday, the number of pre-owned home transactions in Beijing surged 72% YoY, indicating strong market performance. In April, which just ended, Beijing's pre-owned home trading volume reached nearly 18,000 units, hitting the highest level for the same period in nearly five years. [Guangzhou Labour Day Holiday New Residential Subscription Volume Up Over 50% YoY] On May 6, it was learned from the Guangzhou Municipal Housing and Urban-Rural Development Bureau that during the Labour Day holiday, Guangzhou's real estate market activity rebounded significantly, with both new and pre-owned residential markets improving in tandem and a clear recovery trend in the property market. Data showed that from May 1 to 5, the new residential market in Guangzhou heated up notably, with a citywide daily average of 8,692 visits to new residential projects (up 30.8% YoY) and a daily average subscription volume of 634 units (up 50.1% YoY). The pre-owned residential market maintained steady growth. During the holiday, daily average showings and daily average subscription volume grew 15.6% and 5.2% respectively compared with April, while subscription volume was up 63.4% YoY. Meanwhile, new listing volume of pre-owned homes pulled back somewhat. A spokesperson from the Guangzhou Municipal Housing and Urban-Rural Development Bureau stated that on April 30, Guangzhou issued implementation guidelines on further promoting stable and healthy development of the real estate market, proposing multiple measures covering areas such as optimizing housing provident fund usage and facilitating property swap chains. The policy dividends were quickly transmitted, and market response was evident. [Zhongshan, Guangdong: Pre-owned Housing Acquired by Developers Can Be Resold; Minimum Down Payment for Commercial Property Loans Set at 30%] The Zhongshan Municipal Housing and Urban-Rural Development Bureau of Guangdong Province issued the "Several Measures for Continuously Promoting Stable and Healthy Development of the Real Estate Market in Zhongshan" to further implement the digestion of existing housing inventory and optimize incremental housing supply, and to better meet residents' essential and upgrading housing needs. The "Several Measures" comprised seven articles, including continuing to support residential housing trade-in policies; encouraging market-oriented operation of commodity housing trade-in programs; increasing housing provident fund support for home purchases; optimizing the criteria for determining the number of housing units under provident fund loans; accelerating destocking of commercial properties and encouraging multiple approaches to revitalize existing resources; increasing financial support and lowering the minimum down payment ratio for commercial property purchase loans; and piloting housing voucher-based resettlement compensation. Among them, the Several Measures stipulate that repurchased old housing can be resold, renovated and then sold, or used for market-oriented rental housing, talent apartments, affordable rental housing, etc. The minimum down payment ratio for commercial property purchase loans was adjusted to no less than 30%. [China Real Estate News: Stabilizing the Property Market Requires Good "Forward Planning"] On May 4, China Real Estate News published an editorial stating that amid complex and volatile internal and external shocks, the property market's performance since the beginning of this year was hard-won, and will lay a solid foundation and inject firm confidence for efforts to stabilize the real estate market. Therefore, the upcoming months of May and June are crucial, and localities should continue to do good "forward planning." The more detailed and thorough the work on "forward planning" for stabilizing the real estate market, the more solid the foundation for market stability. The stability and vitality of the property market should be reflected in the transformation of "good housing" toward higher quality, and the innovation momentum of "good housing" should be further released and continuously expanded. The stability and vitality of the property market should also be reflected in the overall satisfaction of demand, and the housing replacement cycle should be further facilitated. The core value of the housing trade-in policy lies in breaking this deadlock through institutional innovation. Localities should build bridges between old housing disposal and new housing purchase through government guidance, state-owned enterprise participation, and market-based operations, both facilitating the replacement process and reassuring buyers of price stability. Meanwhile, financial support will be increased for converting existing commercial housing into affordable housing, resettlement housing, dormitories, and talent housing. This will provide stable absorption channels for inventory to accelerate market clearing, effectively broaden the supply sources of affordable housing, shorten construction cycles, and address the housing difficulties of key groups such as low- and middle-income groups, new urban residents, and young people at relatively low social costs, forming an overall favorable landscape where new housing is well managed, second-hand housing is active, and the high-end has a market, the mid-end has support, and the low-end has guarantees, building momentum for real estate market stability and high-quality development. [Suzhou: Raising Maximum Housing Provident Fund Loan Limits, with Individual Maximum Loan Amount Adjusted to 1.5 Million Yuan] Suzhou recently issued several measures to further promote stable and healthy development of the real estate market. Among them, it mentioned optimizing the criteria for determining the number of provident fund loans and housing units, with first-home provident fund loan policies applied when applicants have no outstanding provident fund loan balance nationwide. The maximum provident fund loan limits were raised, with the individual maximum loan amount adjusted to 1.5 million yuan and the family maximum loan amount adjusted to 2 million yuan. For purchases of newly built green residential buildings rated two-star or above, the provident fund loan amount can be increased by 20%; for purchases of newly built "dual-smart and fully-equipped" improved housing, the provident fund loan amount can be increased by 50%. For purchases of newly built commercial housing projects sold as completed properties, the provident fund loan amount can be increased by 50%. Provident fund loans can be applied for when purchasing completed property-right apartments. [Wuhan Announces New Property Market Policies, Expanding the Scope of Cross-City Housing Provident Fund Loans] On April 30, the Wuhan Housing and Urban Renewal Bureau, Wuhan Municipal Finance Bureau, and Wuhan Housing Provident Fund Management Center issued the Notice on Further Optimizing and Improving the City's Real Estate Policy Measures. The notice proposed that from May 1 to December 31, 2026, when resident families apply for commercial personal housing loans to purchase newly built commercial housing, if family members have no complete housing units in the district where the intended new commercial housing is located, the purchase will be recognized as the family's first home. Employees contributing to provident funds in cities nationwide who purchase self-owned housing in Wuhan or have outstanding commercial housing loans may apply for housing provident fund loans from the Wuhan Provident Fund Center, with the restriction requiring borrowers (including spouses) to hold Wuhan household registration removed. [Zhanjiang Optimizes Property Market Policies: Housing Purchase Subsidies and Provident Fund Loan Limits Increased] According to the Zhanjiang Municipal Housing and Urban-Rural Development Bureau, to adapt to the new situation in the real estate market, Zhanjiang introduced the "Zhanjiang Seven Measures" policy aimed at promoting housing absorption and optimizing supply. The policies include raising housing provident fund loan limits, with the maximum loan amount for homebuyers reaching 1.2 million yuan, and military families eligible for an additional 200,000 yuan in loans; implementing housing purchase subsidies, with buyers eligible for subsidies of up to 20,000 yuan. The policies also cover reducing real estate enterprises' operating costs, optimizing residential design, streamlining approval processes, and supporting the sound development of the real estate industry and urban construction. The policies take effect immediately and are valid for three years. [Tianjin Optimizes Real Estate Supply to Promote Housing Consumption] Tianjin issued a notice on optimizing the city's real estate supply to promote housing consumption. It mentioned using special bond funds to reclaim and repurchase existing idle land. Enterprises are supported in advancing the continued development of real estate projects through reasonable optimization of design requirements and other means. Business entities that repurchase existing commercial housing for use as rental housing may enjoy preferential tax policies related to housing rental if they meet the conditions. For cases where existing commercial housing is certified as being converted into allocation-based affordable rental housing, the land use nature will not be changed within the original land use period, no supplementary land price will be required, and preferential pricing policies for water, electricity, gas, and heating will be enjoyed in accordance with national and municipal regulations. The national tax policy supporting residents' housing replacement purchases is implemented. From January 1, 2026 to December 31, 2027, taxpayers who sell self-owned housing within Tianjin and repurchase housing in Tianjin within one year after the sale of their current housing will be eligible for a refund of the individual income tax already paid on the sale of their current housing. [Shenzhen Municipal Housing and Construction Bureau Issues Notice on Further Optimizing and Adjusting the City's Real Estate-Related Policies] On April 29, the Shenzhen Municipal Housing and Construction Bureau issued a notice to further optimize real estate regulatory policies. Regarding purchase restrictions, eligible resident families may purchase one additional housing unit within the areas of Futian, Nanshan, and Xin'an Sub-district in Bao'an; non-Shenzhen-registered families holding valid residence permits may also purchase one unit in the above areas. Regarding provident funds, the maximum family loan amount was raised to 1.3 million yuan, with first-home buyers and multi-child families eligible for a maximum increase of 70%. The new policy takes effect from May 29. [Zhuhai Municipal Housing and Urban-Rural Development Bureau and Five Other Departments Optimize and Adjust the City's Real Estate Policy Measures] The Zhuhai Municipal Housing and Urban-Rural Development Bureau and five other departments issued a notice on optimizing and adjusting the city's real estate policy measures. The notice proposed optimizing housing provident fund loan policies. First, raising housing provident fund loan limits. For those eligible for provident fund loans, the maximum housing provident fund personal housing loan amounts for single- and dual-contributor employee families were adjusted from 800,000 yuan to 1 million yuan and from 1.3 million yuan to 1.5 million yuan, respectively. Second, expanding the scope of housing purchase support for multi-child families. When multi-child families apply for provident fund loans to purchase a second self-occupied housing unit, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. Third, raising the loan amount increase ratio for purchasing green buildings. When contributing employees purchase commercial housing that meets the national two-star green building standard or commercial housing in certified prefabricated building projects, the loan amount may be increased by 20% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit; for purchases of commercial housing meeting the national three-star green building standard, the loan amount may be increased by 30% above the eligible loan amount, but shall not exceed the city's maximum provident fund loan limit. [Foshan Launches Commercial Housing "Trade-in" Program! First Batch Involves 22 Projects] Recently, the Notice of the Foshan Municipal Housing and Urban-Rural Development Bureau on Organizing the First Batch of Commercial Housing "Trade-in" Program was officially released. This is not a simple encouragement document; it is a solution that systematically unblocks replacement bottlenecks through model innovation and a policy package. It promotes the real estate market's transition from "one-sided transactions" to a "virtuous cycle between existing and incremental housing," achieving multi-party wins for residents, enterprises, and the market. The innovation of Foshan's trade-in policy lies in introducing multiple real estate enterprises to participate jointly: Foshan Anju, Chancheng Anju, Nanhai Youju, Shunde Chengtie, Gaoming Airport Construction, and Sanshui Anju serve as repurchasing entities; Foshan Chengfa, Foshan Urban Renewal, Foshan Lianzhi, Heyue Yaji, Shunkong Chengtou, Yongdeli Commerce, Sanshui Chanfa, and Miaohui Real Estate provide new housing sources. This model determines old housing value through negotiation and sets a "contract termination protection period" to avoid blindly pushing for lower prices, thereby completing the "sell old, buy new" closed loop and serving as a market stabilizer. Voices from Various Parties BOC International Securities believes the real estate industry is at an important window where fundamentals and market expectations are resonating in recovery. Current policies continue to exert force, with first-tier cities optimizing purchase and loan restrictions and core cities optimizing provident fund policies, all of which have had a certain effect on releasing genuine housing demand, with some first-tier city property markets seeing a sustained two-month recovery. In the short term, the window of resonance between policy and high-frequency transaction improvement remains, and it is necessary to track whether the subsequent transaction recovery trend can continue, which will depend on inventory destocking progress and whether prices stabilize. From an investment perspective, most real estate enterprises made relatively large impairment provisions in 2025, and may consolidate at lows in 2026, so sector profit margins and performance may rebound in 2027, potentially leading to improved market valuations for 27E in Q4 this year. In addition, some commercial property holding companies have already positioned themselves ahead in new business formats, new models, and new scenarios, and are better positioned to seize opportunities in the new consumption era. A China Post Securities research report shows that in the phase where policy and high-frequency transactions are "resonating but not fully," the industry's β remains constrained by the verification progress of "destocking and price stabilization." The pattern of second-hand housing recovering first while new housing lags continues, and capital in the secondary market continues to favor assets with α characteristics (those deeply rooted in core cities, with precise land acquisition, and strong product and operational capabilities). Although there is policy support and improvement in the second-hand housing chain in core cities, land and new construction starts remain weak, and fluctuations in net financing suggest that industry clearing has not concluded, and β rallies remain susceptible to data disturbances. Against this backdrop, China Post Securities recommends focusing on China Resources Land, China Overseas Land & Investment, China Jinmao, Poly Property and China Merchants Shekou. Huayuan Securities' research report believes that in 2026, three major trends are worth anticipating: 1) The real estate adjustment is expected to near its end: reviewing real estate crises in major global economies, the average decline was 35% with an average adjustment period of 6 years, and the length and depth of China's actual housing price adjustment have already been relatively sufficient. 2) Structural opportunities in "good housing": China's real estate market has entered a phase of structural differentiation, with the central government frequently mentioning the construction of good housing. Under the catalyst of policy orientation and changes in supply-demand structure, high-grade residential properties may usher in a development wave. 3) Hong Kong property market recovery continues: driven by multiple favorable factors, market sentiment in Hong Kong's private residential market has gradually recovered, and they believe Hong Kong-based developers are expected to see a new round of value re-rating. They maintain a "bullish" rating on real estate. A CITIC Securities research report stated that in April, the floor space of commercial buildings sold nationwide fell 9.5% YoY, with the decline widening 2.1 percentage points from March; sales revenue fell 7.6% YoY, with the decline narrowing 5.7 percentage points from March. New and second-hand housing prices continued to adjust. In April, the MoM decline in the price indices of newly built commercial residential housing and second-hand residential housing across 70 large and medium-sized cities nationwide remained flat MoM. Second-hand housing prices in first-tier cities all rose, with second-hand residential prices in Shanghai, Beijing, Shenzhen, and Guangzhou up 0.7%, 0.4%, 0.3%, and 0.2% MoM, respectively. First-tier city property markets continued to recover, and the real estate market is gradually stopping its decline and stabilizing. They are bullish on Hong Kong, commercial properties, and quality enterprises focused on core city tracks.

According to SMM data, China's silicon metal production in May was 331,300 mt, up 3.6% MoM and up 7.6% YoY. Cumulative silicon metal production from January to May 2026 was 1.6319 million mt, up 6% YoY.