The 2025 2nd SMM Southeast Asia Automotive Supply Chain Conference was successfully held, featuring the on-site launch of 10 new car models, Southeast Asia brand strategies from three automakers, and SMM's local steel prices in Thailand. The event facilitated efficient matchmaking between 12+ buyers and 60+ suppliers, and preliminarily established a communication platform for the entire industry chain of Southeast Asian automotive. Currently, the NEV industry in Southeast Asia is entering a critical development phase. Thailand, Indonesia, and Vietnam each have their own strategic layouts and breakthroughs, while the industry also faces challenges such as supply chain restructuring, competition over technology roadmaps, and localization compliance. Thanks to the support of all parties, SMM's local pricing systems in Thailand and Indonesia have been implemented and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 2026 3rd Conference will focus on three core themes: exploring the NEV auto sales potential in Southeast Asia; connecting the last mile of the supply chain and integrating regional industry chain resources; and advancing SMM's Southeast Asia metal pricing from a price reference to a transaction benchmark, implementing electrification material procurement applications, and establishing an executable pricing system. We firmly believe that true progress comes from turning consensus into action. At this conference, BEST cordially invites you to gather again in Bangkok to transform strategic blueprints into market competitive advantages, to witness and participate in this extraordinary and far-reaching industry event, and to co-create a brilliant new chapter! Click the to register now. Booth No.: B04 BEST was established in 1997 and listed on the ChiNext Board of the Shenzhen Stock Exchange in 2017. As a national high-tech enterprise with 1,400 employees, it has been deeply engaged in the precision manufacturing field for nearly 30 years. Its three core businesses include: precision parts for traditional automobiles, high-end tooling and fixtures, and intelligent equipment; core components for NEVs, hydrogen fuel cells, energy storage, and liquid cooling for computing centers; and high-precision linear motion functional components for industrial machine tools and humanoid robots. Wuxi Best Precision Machinery Co., Ltd., established in 1997 and listed on the Shenzhen in 2017, is a national high-tech enterprise with 1,400 employees. It has been deeply involved in the precision manufacturing field for nearly 30 years. Its main businesses include three core areas: precision parts for traditional automobiles, high-end tooling and fixtures, and intelligent equipment; core components for new energy vehicles, hydrogen fuel cells, energy storage, and liquid cooling for computing centers; and high-precision linear motion functional components for industrial machine tools and humanoid robots. The company has three major production sites in Wuxi, Anhui, and Thailand, achieving large-scale R&D and mass production. It possesses a fully vertical industry chain encompassing mold making, casting, and machining, with annual revenue exceeding 1.5 billion yuan. Its clients include globally renowned enterprises such as Garrett, Cummins, and BMW. In 2024, it established BYH New Technology Co., Ltd. in the AMATA Industrial Park (Phase II) in Chonburi, Thailand, covering an area of 80,000 m², specializing in precision casting and machining. The company has three major production sites in Wuxi, Anhui, and Thailand, achieving large-scale R&D and mass production. It possesses a fully vertical industry chain encompassing mold making, casting, and machining, with annual revenue exceeding 1.5 billion yuan. Its clients include globally renowned enterprises such as Garrett, Cummins, and BMW. In 2024, it established BYH New Technology Co., Ltd. in the AMATA Industrial Park (Phase II) in Chonburi, Thailand, covering an area of 80,000 m², specializing in precision casting and machining. Main Products Leveraging its mature processes, comprehensive quality control, and intelligent workshops, the company provides customized products and intelligent manufacturing solutions. It sincerely invites clients from all sectors to discuss cooperation and achieve win-win development! Leveraging its mature processes, comprehensive quality control, and intelligent workshops, the company provides customized products and intelligent manufacturing solutions. It sincerely invites clients from all sectors to discuss cooperation and achieve win-win development! Contact Information Contact Contact Us Yan Caowei 15618581967

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations impose higher requirements on industry chain resilience, urgently necessitating 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 demands for green production, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization 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 advancement. Innovation Demands and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recycling technologies urgently require 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 applications 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 cooperation 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 around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing major projects, the conference is expected 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. Shanxi Jinwu Energy Co., Ltd. will attend this grand event, joining industry peers to explore industry development trends and work together to propel the silver industry to new heights. Click to register immediately, and join us in witnessing and participating in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Shanxi Jinwu Energy Co., Ltd. is a production-oriented enterprise integrating R&D, production, sales, and services, with an annual production capacity of 200kt of high-end foundry briquette coal (briquette coke) and 200kt of carbon products (carburizers). Located in Huayu Town, Jishan County, Shanxi Province, the company was established in October 2005, with a registered capital of 68 million yuan, covering an area of over 300 mu, and employing more than 500 people. Over the years, the company has adhered to the principle and business philosophy of "products reflect character, quality is life, aligning with the world, and creating international brands," and has successively obtained 6 national invention patents and 31 utility model patents, passed ISO triple system certification, and is a Shanxi Province high-tech new-type enterprise, a "single champion in high-end foundry briquette coal" enterprise, and a national-level specialized, refined, distinctive, and innovative "Little Giant" enterprise. Foundry briquette coal (briquette coke) is a national " 12th Five-Year Plan" and "13th Five-Year Plan " encouraged project. This technology is a domestic first and world-leading, and fully aligns with the "Six New " strategy currently proposed by the state, serving as a typical representative of carbon-based new materials. After more than a decade of dedicated R&D, the company broke through technical bottlenecks and successfully developed the environmentally friendly Ash-8 and Ash-10-series products, which are "Jinwu Brand" high-end foundry briquette coal (briquette coke) produced with anthracite as the main raw material . This product features high fixed carbon, high strength, high calorific value, excellent hot metal carburizing effect, and high coke reactivity strength. The products have long been leading both international and Chinese markets. Internationally, the products are exported to Germany, Japan, South Korea, and other countries, and the company is a long-term supplier to world-renowned enterprises such as Toyota and Hyundai. Domestic sales cover 18 provinces and cities, and the company is a strategic partner of well-known enterprises such as Meide Group, LONGi Group, Binglun Group, and Sanhuan Group. "Jinwu Brand" foundry briquette coal (briquette coke) has become an essential raw material for high-end equipment manufacturing and was awarded the honorary title of "Quality Foundry Material" by the China Foundry Association. "Jinwu Brand " carburizer is produced using high-quality anthracite and petroleum coke as the main raw materials. Carburizers can be used in steel mills and foundries to adjust the carbon and oxygen content of molten steel, modifying its rigidity and toughness, thereby improving the nucleation capacity of molten steel and the intrinsic quality of steel billets. It is an indispensable auxiliary additive for producing high-quality steel and castings. The products have long been leading both international and Chinese markets. Internationally, products are exported to Japan, South Korea, and various Southeast Asian countries; domestically, the sales network covers more than 20 provinces and cities, with partner steel enterprises including Zhejiang Tsingshan Steel, Jiangsu Binxin Steel, Xuzhou Steel, Jinnan Steel, and other well-known steel enterprises. Contact Information 15582980888 15333598563 Long press to scan the code and register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Against the backdrop of accelerating global energy transition and digital economy development, silver—a strategic metal possessing both industrial and financial attributes—is witnessing profound transformation across its industry chain. On one hand, emerging sectors such as PV, NEV, and 5G communications are driving continuously climbing demand for silver, propelling the industry toward higher value-added and greener upgrades; on the other hand, resource constraints, technological barriers, and market fluctuations are imposing 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, circular utilization, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the circular utilization 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 advancement. 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 applications 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 standard-setting. 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 around three core topics: technological R&D, supply chain optimization, and market expansion. Through releasing industry white papers, establishing innovation alliances, and signing 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. IKOI S.p.A 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 to witness and participate in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! IKOI, established in 1977, is a global leader in pyrometallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has 3 major product lines: COMPACT integrated fully automatic gold and silver ingot casting systems, FCC FLAMELESS CASTING CHAMBER® fully automatic delivery bar systems, and the acid-free separation technology ALS system that physically separates gold and silver. IKOI's vision is to create safe, efficient, and green precious metal processing methods. IKOI's mission is to bring innovative and sustainable technologies to the precious metal industry. Contact Information Ni Yong 187 0185 9684 Long press to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation 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

According to SMM, the operating rate of copper cathode rod enterprises was 71.2% in April, down 3.86 percentage points MoM, 3.86 percentage points below expectations, and down 2.65 percentage points YoY. Among them, the operating rate of large enterprises was 82.69%, medium-sized enterprises 53.11%, and small enterprises 64.84%. In April, the operating rate of copper cathode rod enterprises was 71.2%, down 3.86 percentage points MoM and 2.65 percentage points YoY (the operating rate in April last year was 73.85%). Overall, the copper cathode rod market performed weaker in April than in March. As the copper price center gradually rose during the month, downstream procurement became more cautious, and the release of new demand was constrained. Production at copper cathode rod enterprises this month mainly relied on previously accumulated orders on hand, with the delivery of existing orders providing some support for operating rates. Meanwhile, the operating rate of secondary copper rod remained at an extremely low level, and substitution demand for copper cathode rod increased accordingly, enabling new orders for copper cathode rod to maintain a degree of stability and resilience even against the backdrop of rising copper prices. By downstream sector, affected by the rebound in copper prices, operating rates of cable and enamelled wire enterprises also declined to varying degrees. In April, the days of raw material inventories for copper cathode rod enterprises were 1.85 days, and the days of finished product inventories were 3.46 days. After copper prices rebounded, copper cathode rod enterprises became more cautious in procurement, only maintaining purchase as needed, with days of raw material inventories up 0.06 days MoM. Meanwhile, orders from downstream cable and enamelled wire enterprises showed mediocre performance, with demand continuing to weaken. The pace of cargo pick-up slowed down compared to the previous period, driving the days of finished product inventories up 0.32 days MoM. The Operating Rate of Copper Cathode Rod Enterprises Is Expected to Be 67.42% in May Looking ahead to May, the operating rate of copper cathode rod is expected to decline 3.77 percentage points MoM to 67.42%, down 2.84 percentage points YoY. Affected by the dual impact of continuously rising copper prices and the approaching traditional consumption off-season, downstream enterprises have significantly slowed down their procurement pace, with insufficient momentum in new orders. Meanwhile, enterprises have become more cautious in their expectations for future orders, with wait-and-see sentiment notably intensifying, further suppressing production enthusiasm and driving the overall operating rate to continue weakening.

Platinum prices held up well today, with market logic still revolving around developments in US-Iran tensions and expectations for US Fed interest rate hikes. Ultimately, the most-traded platinum contract on GFEX closed the morning session at 485.95 yuan/gram, edging up 0.34%. The SGE Pt9995 best offer price remained persistently inverted against GFEX PT2606, with the price spread maintained at around 5 yuan/gram. There were no transactions for SGE Pt9995 during the morning session. Spot side, mainstream quotations for spot platinum premiums were basically flat compared to the previous trading day. Morning mainstream quotations from traders were at parity to a discount of 2 yuan/gram against GFEX PT2606. Transaction side, according to SMM, morning transactions from suppliers at mainstream quotations of parity to a discount of 2 yuan/gram against the most-traded GFEX platinum contract faced resistance. Downstream consumption was sluggish, with some downstream enterprises reporting sufficient stockpiling levels and weak procurement sentiment, while most suppliers also had limited room for price negotiation due to the approaching delivery period. Overall, spot market activity was relatively low today.

SMM News, May 22: Metals market: As of the midday close, base metals on the domestic market mostly fell. SHFE copper fell 0.19%. SHFE aluminum fell 0.1%. SHFE lead rose 0.54%, and SHFE zinc edged up. SHFE tin rose 0.09%. SHFE nickel fell 0.59%. In addition, the most-traded casting aluminum futures fell 0.11%, and the most-traded alumina contract rose 0.04%. The most-traded lithium carbonate contract fell 1.28%. The most-traded silicon metal contract fell 0.59%. The most-traded polysilicon futures fell 1.38%. Ferrous metals mostly fell. Iron ore rose 0.19%, rebar fell 0.38%, hot-rolled coil fell 0.76%, and stainless steel rose 0.4%. Coking coal and coke: the most-traded coking coal contract fell 3.07%, and the most-traded coke contract fell 1.78%. Overseas base metals, as of 11:41, LME metals mostly rose. LME copper fell 0.06%. LME aluminum rose 0.15%, and LME lead edged up. LME zinc rose 0.35%. LME tin rose 0.34%. LME nickel rose 0.16%. Precious metals, as of 11:41, COMEX gold fell 0.43%, and COMEX silver fell 0.33%. Domestic precious metals: the most-traded SHFE gold contract fell 0.13%, and the most-traded SHFE silver contract rose 0.61%. In addition, as of the midday close, the most-traded platinum futures rose 0.34%, and the most-traded palladium futures rose 0.57%. As of the midday close, the most-traded Europe containerized freight index contract rose 4.51%, closing at 3,032.5 points. As of 11:41 on May 22, midday futures quotes for selected contracts: Spot and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 210 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, down 25 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 70 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,570 yuan/mt, down 955 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,465 yuan/mt, down 950 yuan/mt from the previous trading day... Macro Front Domestic: [NDRC: Supply-demand relationship is expected to further improve, and prices are expected to continue operating within a stable range] Li Chao, deputy director of the Policy Research Office of the National Development and Reform Commission (NDRC), stated that prices in April continued the mild rebound trend since H2 last year, releasing positive signals of improving supply-demand relationship and optimized market order. Although the trajectory of international energy prices remains uncertain, China has a solid foundation for maintaining overall price stability. As a series of macro policies are further implemented, the supply-demand relationship is expected to further improve, and prices are expected to continue operating within a stable range. [NDRC: During the 15th Five-Year Plan period, investment of over 5 trillion yuan is expected for new-type power grid construction] The CPC Central Committee Political Bureau meeting proposed strengthening the planning and construction of "six networks," including water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks, and logistics networks. On May 22, the NDRC held a press conference. At the conference, Li Chao, deputy director of the Policy Research Office of the NDRC, stated that during the 15th Five-Year Plan period, investment of over 5 trillion yuan is expected to be allocated for the planning and construction of a number of power transmission corridors and inter-provincial power supply projects, optimizing ultra-high voltage and extra-high voltage AC networks by layer and zone, and implementing a number of urban distribution network renewal projects, weak-area grid renovation projects, and rural grid frequent outage remediation projects. Li Chao stated that based on comprehensive analysis, the national peak electricity load this summer is expected to reach approximately 1.6 billion kW , an increase of about 90 million kW YoY, equivalent to adding the electricity load of an entire Henan Province. [NDRC: Guiding domestic large AI models to step up efforts in adapting to domestically produced computing chips] Li Chao, deputy director of the Policy Research Office of the NDRC, stated at a press conference on May 22 that core technologies and application demand in the artificial intelligence sector are both showing rapid growth trends. China has consistently adhered to systematic planning, sector-specific policies, open sharing, and secure controllability, promoting the broad and deep integration of artificial intelligence with all industries and sectors of the economy and society, guiding domestic large AI models to step up efforts in adapting to domestically produced computing chips, and ensuring independent controllability, development for good, and steady long-term progress while maintaining rapid development, so that all people can share the fruits of AI development. This is also a prominent feature of China's AI development. The PBOC conducted 153 billion yuan of 7-day reverse repo operations in the open market at an operation rate of 1.40%, unchanged from the previous day. Today, 500 million yuan of reverse repos matured. US dollar: As of 11:41, the US dollar index rose 0.05%, at 99.25. The White House said: The swearing-in ceremony for new Fed Chairman Warsh will be held at 11:00 AM on May 22 (23:00 Beijing time). US Fed's Barkin stated that the ability of businesses and consumers to absorb the latest round of supply shocks will determine whether the US central bank can continue to "look through" higher inflation without choosing to raise interest rates. In remarks prepared for a speech in Raleigh, North Carolina, on Thursday, Barkin said: "After inflation has been above our 2% target for more than five consecutive years, it is worth considering whether the cumulative effect of so many rounds of shocks could cause the 'anchor' of inflation expectations to loosen." He also said: "For me, the key question is how much more pressure businesses, consumers, and inflation expectations can withstand." Barkin also said he is increasingly concerned that the US may have entered a "new phase" in which supply shocks will become more frequent. These shocks could stem from multiple factors, including heightened geopolitical tensions, fragmentation of the trade system, more extreme weather events, rising government debt, and other structural forces. He also noted that, for now, the US Fed's monetary policy stance is "in a good place" to address risks on both the employment and inflation fronts. According to CME FedWatch: The probability of the US Fed keeping rates unchanged through June was 96.8%, with a 3.2% probability of a cumulative 25-basis-point rate hike. The probability of keeping rates unchanged through July was 85.4%, with a 14.2% probability of a cumulative 25-basis-point rate hike and a 0.4% probability of a cumulative 50-basis-point rate hike. In addition, Nomura Securities expects the US Fed to keep rates unchanged in 2026, having previously forecast interest rate cuts in September and December this year. (Jin10 Data) Data: Data to be released today include: US University of Michigan consumer sentiment index final for May, US one-year inflation expectations final for May, US Conference Board leading index MoM for April; UK GfK consumer confidence index for May, UK public sector net borrowing for April, UK seasonally adjusted retail sales MoM for April; Germany GfK consumer confidence index for June, Germany Q1 non-seasonally adjusted GDP YoY final, Germany IFO business climate index for May; Japan core CPI YoY for April; and Canada retail sales MoM for March. In addition, 2027 FOMC voter and Richmond Fed President Barkin will deliver a speech, and US Fed Governor Waller will deliver a speech. Crude oil: As of 11:41, both benchmarks rose. WTI crude rose 1.21%, and Brent crude rose 1.7%. The volatile US-Iran situation affected oil price movements, with market concerns over whether US-Iran negotiations could make progress supporting oil prices. Four sources said that seven major OPEC+ producing countries will most likely agree to a modest increase in the July production target when they meet on June 7, even though supply from several of them remains disrupted by the Iran war. Sources said the monthly production target set by the seven core OPEC+ members is expected to be raised by approximately 188,000 barrels per day. In Q1 2026, OPEC+ maintained production unchanged, but since April, the group has raised production targets monthly despite the ongoing war. However, since the UAE's exit from the group in May, the monthly production increase has been reduced. Analysts and delegates believe that while the UAE's departure weakened the group's influence over the market, it may have strengthened its internal cohesion. In addition, sources said two other OPEC+ meetings scheduled for June 7 are not expected to make any policy adjustments. IEA Executive Director Birol said on Thursday that the arrival of peak summer fuel demand, combined with the lack of new oil exports from the Middle East and continued inventory drawdowns, could push the oil market into a "danger zone" from July to August, but he did not elaborate further. In his speech, Birol said the world was in a state of oil surplus when the oil supply crisis triggered by the Iran war broke out, which helped cushion the impact, but inventories are now steadily declining. (Jin10 Data) Spot Market Overview: ► ► ► Other metals spot midday reviews will be updated shortly. Please refresh to check~

[SMM Brass Billet News] Supply side, the recycled brass raw materials market presented a pattern of "tight supply and high prices," which significantly constrained production. On one hand, the tight supply of imported secondary brass remained unresolved, and domestic waste brass recycling volume was limited, with market circulating resources remaining persistently tight; on the other hand, raw material prices fluctuated at highs, squeezing profit margins of copper billet enterprises. Most enterprises saw their raw material inventory continuously declining to relatively low levels, and some small and medium-sized enterprises were forced to slow down their production pace due to difficulties in raw material procurement.

[Secondary Lead Production Update] It is reported that a secondary lead smelter in the Philippines (with a monthly production of approximately 1 kt) has been shut down for about 2 months due to tight raw material supply and the need for technological transformation, and the date to resume production is yet to be determined.

Coordinating Economic Minister Airlangga Hartarto and Trade Minister Budi Santoso announced on Thursday (21/5) that the full implementation of the centralized single-window export mandate via PT Danantara Sumberdaya Indonesia (DSI) for coal, CPO, and ferroalloys has been deferred to January 1, 2027, to allow for contract adjustments and stabilize the Rupiah. A multi-stage transition begins on June 1, 2026, where private exporters continue trading but must route documentation via QQ (Qualitate Qua) proxy to DSI for three months, followed by a hybrid voluntary-migration phase from September through December 31, 2026, before DSI takes absolute control over all transactions and shipments in 2027.