In July, secondary refined lead production recorded 169,400 mt, down 12.75% MoM, marking the second-lowest level this year, with the extent of production cuts clearly exceeding earlier market expectations.

SMM August 3 News: The broader market came under pressure and consolidated in early trading on August 3, while high-end manufacturing segments moved independently. As of around 14:08, the Electric Motor II sector was up 1.91%. Among individual stocks, Jiangxi Special Electric Motor hit the daily limit up, and Wolong Electric Group, Yifan Transmission, Keli Motor, MOONS', and Jiangsu Leili Motor were among the top gainers. The strength in motor sector futures was driven by multiple factors: First, Unitree Robotics is about to conduct its IPO subscription and Tesla raised its long-term capacity target for humanoid robots, heating up mass production expectations for joint servo motors. Second, the rare earth permanent magnet sector also rose, with higher upstream permanent magnet material prices boosting earnings expectations for high-performance motors. Third, the replacement policy for IE4/IE5 high-efficiency motors continues to be implemented, opening up room for the replacement of existing traditional industrial motors. Coupled with expectations of stockpiling by downstream automakers and equipment manufacturers in mid-to-late August, some market funds favored the motor sector, driving the overall sector higher. Market News [State Council Executive Meeting Approves Four Nuclear Power Projects Including Liaoning Zhuanghe Phase I] The State Council executive meeting decided to approve four nuclear power projects, including the Phase I project in Zhuanghe, Liaoning. The meeting emphasized that nuclear power units should be constructed and operated in accordance with the highest global safety standards, and that all-chain, all-field safety supervision must be strengthened to ensure the absolute safety of nuclear power. [China Approves 8 New Nuclear Power Units with Total Investment Exceeding 170 Billion Yuan] In 2026, the approval process for new nuclear power projects in China was opened. According to CCTV News on July 31, the State Council executive meeting held on that day decided to approve four nuclear power projects, including the Phase I project in Zhuanghe, Liaoning. It is reported that the new projects approved at the meeting include the Phase II project (Units 3 and 4) of Zhejiang Jinqimen Nuclear Power, the Phase III project (Units 5 and 6) of Guangdong Taipingling Nuclear Power, the Phase I project (Units 1 and 2) of Liaoning Zhuanghe Nuclear Power, and the Phase I project (Units 1 and 2) of Shandong Laiyang Nuclear Power, totaling 8 new units. Nuclear power projects have historically been a significant driver of effective investment expansion. It is estimated that the total investment in these new projects will exceed 170 billion yuan. (Jin10 Data) [State Administration for Market Regulation: During the 15th Five-Year Plan Period, Proactively Deploy High-Level Testing Platforms for Strategic Emerging Industries Including Integrated Circuits, New Energy, Biomedicine, and Humanoid Robots] The State Administration for Market Regulation held a press conference on the 21st to introduce the achievements of China's inspection and testing service industry during the 14th Five-Year Plan period. During the 15th Five-Year Plan period, the administration will implement an innovation pilot program for inspection and testing to promote industrial optimization and upgrading, along with a three-year action plan to improve the quality of national quality inspection centers. It will proactively deploy high-level testing platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots, and promote innovation in service models through digital transformation. Strengthen deep collaboration with industry chain leaders and research institutes, jointly tackle a number of key core technologies, and promote the upgrading of inspection and testing from a single service to "industry chain synergy," shifting from being a "post-event quality gatekeeper" to a "full-process innovation enabler." Coordinate the capacity building for green and low-carbon, food safety, and high-risk industrial product testing, and build a solid quality defense line for industrial development and people's livelihood safety. [China's robot industry chain sees explosive orders; a robot company receives over 10,000 orders in a month] Currently, publicly listed firms are gradually releasing their semi-annual reports and earnings forecasts. In H1 this year, the robot sector reported widespread positive earnings. From core parts to complete machine integration, from motion control to AI computing hardware, the robot industry chain is shifting from "concept-driven catalysts" to a new phase of "order volume growth and profit realization." MIIT data shows that from January to May, the revenue of China's above-designated-size robot enterprises exceeded 90 billion yuan, up 26.9% YoY, with an average annual growth rate of over 20% over the past five years. A robot company just launched a new humanoid robot product at the end of last month and received over 10,000 orders in less than a month. Another company's head stated that their frameless motor is a core component for humanoid robot joint actuation, and in H1 this year, the company's orders on hand exceeded 1 million units, an increase of more than nine times compared to last year. (Jin10 Data) [General Administration of Customs: In H1, China's exports of lithium batteries, wind turbines, and other green energy-related products increased by 37.6% and 35.6% respectively] The State Council Information Office held a press conference today to introduce China's foreign trade performance since the beginning of this year. Currently, the global green and low-carbon transition is deepening, and the construction of new energy and rising consumer demand align well with China's green products. In H1, China's exports of lithium batteries, wind turbines, and other green energy-related products increased by 37.6% and 35.6% respectively; green mobility products such as EVs, electric railway locomotives, electric motorcycles, and bicycles grew by 68.7%, 45.1%, and 31.5% respectively. Tesla Optimus project lead Ashok Elluswamy announced on social media on July 30, 2026, that the long-term annual capacity target for Optimus had been revised to 10 million units. This figure is ten times the originally planned capacity of 1 million units, marking a comprehensive upgrade in Tesla's humanoid robot capacity planning. [Google DeepMind launches Gemini Robotics 2 robot AI model] Google DeepMind has launched the Gemini Robotics 2 model. According to the introduction, Gemini Robotics 2 enables robots to reason about every action, thereby unlocking a broad range of tasks. For example, it can enable a humanoid robot to walk, squat, stretch, and manipulate objects to clean a cluttered room. It can even collaborate with other robots to complete tasks faster. This deep intelligence can also run locally on devices while seamlessly adapting to entirely new robot bodies within just a few hours. Meanwhile, Google DeepMind also launched two other robotic AI models — Gemini Robotics ER 2 and On-Device 2. Gemini Robotics ER 2 is the most powerful embodied reasoning (ER) model, a vision-language model (VLM) that will enable robots to communicate with humans, understand the physical world, and plan multi-step tasks lasting several minutes. On-Device 2 is the most efficient vision-language-action model (VLA), optimized to run locally on robotic devices. The model can now quickly adapt to entirely new robot entities with just hours of data. [Dayang Motor: Plans to Repurchase Shares Worth 120 Million–160 Million Yuan] Dayang Motor announced that the company plans to repurchase shares worth 120 million to 160 million yuan for future employee stock ownership plans or equity incentive plans, with a repurchase price not exceeding 11.5 yuan per share. [Xiangtan Electric: Expected Significant YoY Growth in Revenue from Synchronous Condensers and Flywheel Energy Storage This Year] Xiangtan Electric stated on an interactive platform that the company has actively developed new products in recent years, advancing R&D in synchronous condensers, flywheel energy storage, marine power, aviation electrification, and high-speed motors , achieving notable results in market promotion of synchronous condensers and flywheel energy storage. Revenue from these products is expected to see significant YoY growth this year; marine power, aviation electrification, and high-speed motors have also made some progress in market promotion. [BYD Plans to Launch Humanoid Robot in August This Year] Recently, reports suggested that BYD's humanoid robot is about to be launched. On July 28, BYD responded that it plans to launch the humanoid robot at "Di Space" in August. (Jin10 Data) [Unitree Robotics' Wang Xingxing: The "ChatGPT Moment" for Embodied AI Could Arrive Within Two to Three Years] According to the World Internet Conference news, the 2026 World Internet Conference Digital Silk Road Development Forum, themed "Smart Convergence on the Silk Road, Digital Opening of a New Journey – Jointly Building a Community with a Shared Future in Cyberspace," held its opening ceremony in Xi'an, Shaanxi, on July 22. Wang Xingxing, founder and CEO of Unitree Robotics, attended the ceremony and delivered a speech. Over the past few years, humanoid robots have made rapid progress from walking to dancing, from kung fu combat to simple services. Wang Xingxing believes that the "ChatGPT moment" for embodied AI is expected to arrive within as soon as two to three years: by then, robots will be able to directly work and achieve many basic functions in most unfamiliar scenarios. Therefore, everyone should make various plans and arrangements in advance based on their actual situation, so as to seize new opportunities in the intelligent era. (Jinshi Data) [Unitree Robotics: Preliminary Inquiry Date Is August 5, Offline Subscription Date Is August 10] Unitree Robotics announced that the company is conducting its initial public offering and listing on the STAR Market. The offering will be conducted through a combination of strategic placement, offline issuance, and online issuance. The company plans to publicly issue 40,446,434 shares, accounting for 10% of the total share capital after the issuance, with the total share capital after issuance at 404,464,340 shares. The preliminary inquiry date is August 5, 2026, and the offline subscription date is August 10, 2026. The company has a special voting rights mechanism arrangement, under which the actual controller, Wang Xingxing, controls a total of 68.78% of the voting rights through a differentiated voting rights arrangement. [Unitree Robotics’ Chen Li: Core Technologies of Joint Motors Entirely Self-Developed, Upstream Only Relies on Copper Wire, Magnets and Other Raw Materials] From July 3 to 4, the 2026 Yabuli Forum Innovation Annual Conference was held in Shanghai. Chen Li, co-founder of Unitree Robotics, stated that the company has achieved independent R&D and production of core parts and has integrated the underlying technology architecture, possessing the capability to independently develop and produce a full range of products including quadruped robots, humanoid robots, robotic arms, pumps, dexterous hands, etc., covering diverse application scenarios. In response to the view that joint motors rely on external procurement, Chen Li said that the core technologies of Unitree’s joint motors are entirely independently developed, with the upstream only involving the supply of basic raw materials such as copper wire and magnets, achieving a completely independent and controllable supply chain. He stated that by independently developing the full set of core technologies, Unitree's products maintain industry-leading levels in cost-effectiveness, reliability, stability, and consistency. At the same time, the company continues to invest in the R&D of core technologies such as robot control, perception, navigation, and AI algorithms, and has cumulatively applied for multiple patents. (Jinshi Data) [Report: China’s Embodied AI Market Size Has an Average Annual Compound Growth Rate of 22% to 23%] The "China Embodied AI Industry Development Report (2026)" was released in Shanghai on July 2. The report states that China has become one of the fastest-growing embodied AI markets in the world. According to calculations by multiple research institutions, the market size of China’s embodied AI is expected to grow from approximately 213.3 billion yuan in 2018 to 1.09 trillion yuan in 2026, with an average annual compound growth rate of 22% to 23%. The report notes that China possesses the world’s only and most complete full-chain industrial support for embodied AI, spanning from core sensors, servo motors, and harmonic reducers to whole-machine assembly and algorithm adaptation, forming a highly clustered industrial ecosystem. The agglomeration effect of parts supply industries in the Yangtze River Delta and Pearl River Delta regions allows new prototype iteration speeds to significantly outpace those in Western countries, and China’s embodied AI sector enjoys particularly prominent cost advantages, with overall manufacturing costs 30% to 50% lower than outside China. [Musk Elon: Optimus robot production will progress extremely slowly in the early stages because all technologies are being developed from scratch] Tesla CEO Musk Elon posted a photo of himself at the Optimus humanoid robot production line at the Fremont factory in California, US, on social media, sparking discussions about Optimus’ mass production progress. Some users noted that Tesla has recently reduced public demonstrations of Optimus, possibly because mass production progress has already exceeded market expectations. In response, Musk replied: “No, Optimus production is going to be extremely slow at the beginning because everything is brand new. It’s not like building cars.” [Bernstein: Japanese automakers’ interest in humanoid robots rekindled] Analysts at Bernstein said in a report that interest from Japanese automakers in humanoid robots appears to be reemerging. They pointed out that Mitsubishi Motors has said it signed a memorandum of understanding with a Japanese startup to jointly develop and mass-produce humanoid robots. The analysts noted that Japanese automakers have a long history of involvement in robotics. By 2050, global humanoid robot shipments could reach 49 million units, and the market would expand to approximately $729 billion. Given the overlap in core technologies (including actuators, sensors, batteries, control units, and AI software), this makes humanoid robots an attractive sector where automakers and suppliers have already accumulated expertise through vehicle deployment. Motor Spot Price To learn more about tax-inclusive weekly prices for various models such as three-phase asynchronous motors, variable frequency motors, DC brushed motors, flat motors, gear motors, linear motors, coreless motors, and motor cores, please click to view(). Voices from All Sides A research report from Huaxin Securities pointed out: Domestically, Yushu’s inquiry and subscription dates have been confirmed; outside China, the Optimus mass production process is accelerating toward implementation, Tesla has clarified capacity targets and issued parts procurement guidance, and the first mass production line is about to come online. We are bullish on the humanoid robot sector ushering in a definitive market trend. It is recommended to prioritize positioning in certain targets within the Tesla chain, which benefit from capacity ramp-up and are expected to drive order growth; at the same time, pay attention to quality enterprises with core parts R&D capabilities and adapted to the mass production needs of humanoid robots, and seize the beta opportunities in the sector. CITIC Securities pointed out that Tesla combines leading AI large model technology with large-scale manufacturing capabilities, and the company is in the top tier of the global embodied AI industry chain. It firmly believes in the mass production and application prospects of Tesla's robots. Tesla's Optimus is about to enter the production phase, and the Cybercab is undergoing testing as planned. It is recommended to focus on core players in the industry chain. A research report from China Securities stated that in July, different rare earth varieties exhibited significant differences in performance. Pr-Nd oxide rose first and then declined, terbium oxide jumped and then pulled back, and dysprosium oxide remained generally stable. Supply side, tight raw material supply issues at scrap plants led to a notable decline in production. According to SMM, Pr-Nd oxide production was down 11% MoM in July, and there may be marginal improvement in August, but overall production remains suppressed. Downstream, the high-temperature holiday season led to reduced operations at motor factories, with demand pulling back. August remains in the off-season, but the September-October peak season is a traditional peak consumption period. Market expectations for the start of demand recovery remain strong. In mid-to-late August, downstream stockpiling is expected to restart, breaking the supply-demand weakness and driving prices to stabilize and move upward. Wanlian Securities pointed out that the humanoid robot industry is currently at the dawn of transitioning from technological breakthroughs to large-scale commercialization. Supply side, Tesla, Unitree Robotics, Agibot, and UBTECH are steadily advancing the mass production pace. Demand side, an aging population and climbing labor costs serve as long-term drivers. Simultaneously, with policy and capital forces jointly boosting, AI large models continuously infuse soul into robots. Humanoid robots are expected to form an emerging industry, gradually moving from B-end to C-end, with vast future market space. Yingda Fund recently released the Q2 2026 report of its fund. The Q2 report of the Yingda Flexible Allocation Fund managed by fund manager Liu Yubin shows that, looking ahead, the fund remains optimistic about opportunities in the humanoid robot industry chain, particularly the Tesla Optimus supply chain. It holds positions centered on core Tier 1 suppliers and key parts top-tier players, strengthening a performance and order-driven approach, and focusing on the mass production progress of global leaders and the pace of commercialization of the domestic supply chain. Liu Yubin judges that data is the core foundation for the iteration of general embodied AI. Subsequently, he will increase allocation to quality targets that combine self-developed data acquisition hardware barriers and build complete end-to-end data closed loops, while continuously improving the portfolio framework. (Jinshi Data APP) Want to know more about the fundamentals, technicals, and policy aspects of the motor industry? Please participate in

[SMM Tin Midday Review: Fundamentals Support and Geopolitical Easing Signals Intertwine, the Most-Traded SHFE Tin Contract Continues to Consolidate at Highs]

ArcelorMittal, the world's second-largest steelmaker, reported second-quarter core EBITDA of US$2.06 billion, beating the market consensus of US$2.01 billion by approximately US$50 million (+2.5%). The company expects European steel shipments to remain stable or edge higher in the third quarter, defying the usual seasonal slowdown. Supported by tighter EU import measures and rising steel prices, ArcelorMittal has restarted three blast furnaces and said it has further production flexibility if demand continues to improve. European crude steel production also increased by around 11% from the first quarter. Firmer steel prices and blast furnace restarts indicate continued improvement in European steelmaking activity, providing near-term support for seaborne metallurgical coal and coke demand. While the current recovery is not yet sufficient to shift the global supply-demand balance, further production restarts across Europe could strengthen support for international metallurgical coal prices.

Indian battery recycling company Lohum Cleantech has secured ₹230 crore in funding from Poonawalla Vision Fund-1 (PVF1) and several family offices. The investment will support the company's expansion in battery recycling, critical mineral recovery and advanced materials, driven by growing demand for sustainable battery materials amid the global clean energy transition. Lohum's business also covers cathode active materials (CAM) and other battery-related materials.

[Oxide Price Recovery Drives Up Metals, Magnetic Material Maintenance Weighs on Demand, Strong Wait-and-See Sentiment in Scrap] Last week, as oxide prices recovered, metal suppliers slightly raised their quotations, but market inquiries remained limited. Downstream magnetic material enterprises showed limited acceptance of high-priced metals, creating a sluggish trading atmosphere with actual transactions in the doldrums. In the medium-heavy rare earth market, inquiries remained scarce, and prices for terbium metal and dysprosium-iron alloy showed no significant fluctuations, maintaining overall stability.

[Central Bank Sends Easing Signals; Supply-Demand and Geopolitical Games Limit Aluminum Price Upside Room] Our comprehensive assessment shows that the macro front has improved recently, with the marginal constraints of interest rate hike expectations on the nonferrous metals sector continuing to ease. The proportion of liquid aluminum in China has kept rising. China’s central bank will implement accommodative monetary policies, step up counter-cyclical adjustments, and redouble efforts to expand domestic demand to steer the economy toward sustained, more favorable, and broader-based development. The persistent geopolitical risk premium in the Middle East has jointly underpinned aluminum prices, significantly boosting short-term market confidence. However, the ongoing commissioning of long-term aluminum capacity outside China, the recent softness in traditional end-use demand in China, combined with the repeated shifts in expectations for US Fed interest rate hikes and the uncertainties triggered by geopolitical turmoil in the Middle East, continue to exert certain pressure on the upside room for aluminum prices.

"Tin" Leads the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point. Traditional cyclical logic has been completely shattered, and strategic value has been fully highlighted. The tin market in 2026 is exhibiting an unprecedented complex pattern and profound transformation: I. Deep Reconstruction of Supply-Demand Pattern, Unprecedented Enhancement 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 pressure": the repeated delays in production resumptions in Myanmar, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. Price System Breaks Historical Records, Industry Ecology Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, reaching a historical high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovation and breakthroughs. III. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digitalization and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming the inevitable path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for joint discussions. Shanghai Jiushi Metal Materials Co., Ltd. will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now and attend the conference, to witness and participate in this extraordinary and far-reaching industry event, and to jointly create a brilliant new chapter! Founded in 2008 with a registered capital of 100 million yuan, Shanghai Jiushi Metal Materials Co., Ltd. is a comprehensive enterprise specializing in non-ferrous metal raw material trading and integrating domestic and international trade resources. For over a decade, the company has deeply cultivated its main business in non-ferrous metals, consistently adhering to a philosophy of steady operation and professional service capabilities, steadily consolidating its brand and market foundation. It has accumulated a solid cooperation foundation and a good market reputation within the industry. The company primarily deals in electrolytic tin ingots, #1 electrolytic lead ingots, silver, nickel plates, zinc ingots, lead concentrates, and other non-ferrous metal products. It has formed a multi-category, full-chain supply chain service system, with a processing capacity of 30,000 mt of alloys, capable of meeting clients' diversified and integrated procurement and processing needs. After years of prudent strategic planning, the company has maintained a steady trade scale with ample supply reserves. Its current annual sales include 15,000 mt of tin ingots, 2,000 mt of silver, 200,000 mt of No.1 primary lead ingots, 300,000 mt of zinc ingots, 20,000 mt in metal content of lead concentrates, and 50,000 mt of nickel plates. Its total trade volume exceeded 10 billion yuan in 2025, demonstrating large-scale, regular, and sustainable stable supply capabilities. The company has always adhered to the business philosophy of "integrity and quality assurance, customer first, mutual benefit and symbiosis, and win-win cooperation," deeply cultivating the upstream and downstream of the industry chain and establishing a mature and stable supply-demand cooperation system. Upstream, it has long connected with large smelters in core production areas such as Yunnan, Guangxi, Zhejiang, Jiangxi, and Inner Mongolia, maintaining long-term stable strategic cooperation to control purity and quality at the source, ensuring sufficient supply and stable quality of tin ingots and various non-ferrous metal raw materials. Downstream, with Shanghai and Guangdong as core hubs, it has built a nationwide sales and service network covering east China, south China, and north China, offering rapid service response and stable, efficient delivery. With tin ingot trade as its core business, the company relies on ample spot reserves, stable source supply, and large-scale supply advantages to precisely connect with various downstream end-users, mainly serving clients in manufacturing fields such as electronics, PV, new energy, alloys, and chemicals. It can continuously and stably supply high-purity tin ingots and supporting non-ferrous metal raw materials according to different customers' production standards and material requirements. With service advantages of precise matching, controllable quality, and timely delivery, it has served a wide range of partners over the long term, accumulating a solid customer base and a strong industry reputation. In terms of operations and management, the company has established a standardized internal management system and a rigorous risk control and compliance system, strictly adhering to compliance bottom lines and tightly controlling operational risks to ensure long-term stable business operations. At the same time, leveraging deep industry expertise and market insights, it continuously optimizes its trade service models, flexibly uses diversified financial and trade financing tools, and customizes suitable cooperation plans based on actual customer needs, achieving mutual benefit and win-win outcomes for both sellers and buyers under the premise of sound risk control. Looking ahead, Shanghai Nine Stone Metal will continue to uphold the development concept of pragmatism, innovation, and steady progress, continuously optimizing its risk control system and enhancing the professional capabilities of its team. It will further improve the entire industry chain layout of non-ferrous metals, consolidate its core advantages in tin materials, steadily expand downstream markets and emerging application fields, and continuously advance high-quality and stable development. The company will join hands with industry peers and clients to cooperate and create mutual success. Founded in 2008 with a registered capital of RMB 100 million, Shanghai Nine Stone Metal Materials Co., Ltd. is a professional integrated enterprise engaged in non-ferrous metal commodity trading and global supply chain resource integration. With more than ten years of focused cultivation in the non-ferrous metal sector, the company has upheld a conservative operational strategy and premium service norms, steadily strengthened its brand equity and market foothold, and fostered stable cooperative relationships and a prestigious market standing within the industry. The company’s mainstream product lineup comprises electrolytic tin ingots, 1# standard electrolytic lead ingots, fine silver, nickel cathode plates, zinc ingots and lead concentrates, covering a full range of mainstream non-ferrous metal commodities. It has built a one-stop diversified supply chain service system, paired with an annual alloy processing capacity of 30,000 tons, to satisfy clients’ comprehensive customized procurement and processing demands. Supported by long-term strategic market deployment, the company boasts sustainable trading scale and adequate spot inventory. Its annual trading volume stands at 15,000 tons of tin ingots, 2,000 tons of fine silver, 200,000 tons of 1# standard electrolytic lead ingots, 300,000 tons of zinc ingots, 20,000 metal tons of lead concentrates and 50,000 tons of nickel plates. The company’s total trading turnover exceeded RMB 10 billion in 2025, enabling large-scale, standardized and enduring bulk commodity supply capacity. Adhering to the corporate principle of Integrity and Quality Priority, Customer Centricity, Mutual Benefit and Win-Win Partnership, the company has deeply penetrated the upstream and downstream segments of the industrial chain and established a mature and stable supply-demand collaboration system. Upstream, it maintains long-term strategic cooperative partnerships with benchmark smelting enterprises in core producing areas including Yunnan, Guangxi, Zhejiang, Jiangxi and Inner Mongolia. Through strict source quality control over product purity and specifications, the company guarantees stable supply and consistent quality uniformity of tin ingots and all non-ferrous metal commodities. Downstream, with Shanghai and Guangdong as core regional hubs, it has established a nationwide sales and after-sales service network covering East, South and North China, featuring rapid response and reliable full-cycle delivery efficiency. Centering on tin ingot bulk trading as its core pillar business, the company serves terminal manufacturing enterprises across electronics, photovoltaic, new energy, alloy manufacturing and fine chemical industries, relying on sufficient spot stock reserves, stable upstream resource channels and large-scale bulk supply advantages. It is capable of supplying high-purity tin ingots and supporting non-ferrous metal materials in a sustained manner in compliance with clients’ customized production criteria and material technical requirements. Driven by precise commodity matching, standardized quality control and on-time delivery assurance, the company has served a large number of long-term strategic partners and accumulated solid customer resources and superior industrial credibility. In corporate governance and operational management, the company has implemented standardized internal management mechanisms and established a rigorous compliance and risk management & control (RMC) system. It strictly abides by industrial specifications and regulatory policies, effectively mitigates operational risks, and ensures the long-term stable and compliant operation of all trading businesses. Drawing on profound industrial experience and forward-looking market insight, the company continuously optimizes its trading service model, flexibly applies diversified trade financing and financial instruments, and develops personalized cooperation solutions tailored to clients’ actual operational needs, realizing sustainable mutual benefit and win-win development for both supply and demand parties under standardized risk control. Looking forward, Shanghai Nine Stone Metal will continue to uphold the development tenet of pragmatism, innovation and steady progression. The company will further iterate and upgrade its risk control system, improve the professional competency of its core team, optimize the full industry chain layout of non-ferrous metal commodities, and consolidate its leading edge in tin material trading. It will steadily expand downstream market coverage and emerging industry application scenarios, promote high-quality and sustainable corporate development, and join hands with industrial peers and global clients to deepen strategic cooperation and create shared industrial value. Contact Information Zhou Long 15821697119 Wang Lin 18616349359 Long press to scan the code for immediate registration 2026 SMM (16th) Tin Industry Chain Conference

[SMM Cast Aluminum Alloy Morning Comment: Tight Supply of Aluminum Scrap Supports ADC12 Prices, Off-Season Caps Gains] Last Friday night, the aluminum alloy 2609 contract opened at 23,115 yuan/mt, and during the night session, it reached a high of 23,320 yuan/mt and a low of 23,115 yuan/mt, closing at 23,270 yuan/mt.

In July 2026, the copper scrap market operated amid a backdrop where the most-traded SHFE copper contract shot up from 102,000 yuan/mt to above 106,000 yuan/mt, with a monthly gain exceeding 3,000 yuan/mt. Driven by the combined effect of copper cathode’s sustained one-way rise and copper scrap’s resistance to declines and holding prices firm, the price difference between primary metal and scrap widened from around 2,000 yuan/mt at the start of the month to over 4,000 yuan/mt at month-end, briefly reaching as high as 4,800 yuan/mt mid-month. The inherent resistance of copper scrap to price declines was the defining supply-side characteristic throughout the month. Under the dual constraints of ongoing compliance on reversed invoicing and a deepening high-temperature off-season, the market displayed a starkly polarized landscape: structurally tight supply, vigorous arbitrage-driven procurement downstream, and even weaker physical consumption in the off-season. Although the rise in copper prices and the widening of the price difference stimulated downstream purchase willingness, procurement was dominated by the hedging logic of “buying raw materials and shorting futures,” resulting in extremely limited restocking volumes for actual production. Supply side, the copper scrap market extended the structurally tight pattern seen since 2026, with the underlying constraint remaining the reverse invoicing policy. From July 1, the new "three-stream-in-one reverse invoicing" policy was officially enforced, but regulatory scrutiny intensified in Jiangxi, Hubei, and other regions. In Jiangxi, production came to a halt after quotas were exhausted; in Hubei, retroactive investigations under the reverse invoicing policy sparked enterprise concerns; and in Shuyang, Jiangsu, invoicing quotas remained restricted, keeping compliant and deductible copper scrap that was available in the market persistently tight. After Document No. 770 cleared local illegal tax rebates at the end of 2025, small and mid-sized copper scrap traders reliant on subsidies continued to exit the market, significantly shrinking overall available supply compared to the same period in previous years. Mainstream copper scrap invoice tax rates exceeded 11%, rising to 12% in certain regions, further driving up enterprises' raw material procurement costs. On the import side, China's cumulative copper scrap imports from January to June stood at 1.2415 million mt in physical content, up 8.39% YoY. Although smelting capacity expansions for secondary copper in the US and Europe siphoned off high-grade supply, domestic scrap utilization enterprises, influenced by policy factors, were willing to pay higher premiums to secure overseas secondary copper raw materials. Even with elevated discount rates on overseas secondary copper raw materials, imports of such materials showed little sign of a near-term pullback. However, downstream orders were mediocre due to the traditional consumption off-season, placing some pressure on further import growth. Additionally, June was a period of concentrated maintenance for some smelters, leading to divergent demand for different grades of secondary copper raw materials. Owing to bare bright copper's strong substitution for copper cathode, its procurement demand remained relatively stable, with transaction coefficients staying high. In contrast, No.1 copper and No.2 copper were largely affected by smelter maintenance and a phased slowdown in raw material demand, resulting in slight declines in their transaction coefficients. Overall copper prices consolidated with an upward bias in July, but trade remained sluggish amid relatively weak downstream consumption. The discount of bare bright copper to copper cathode widened from about 500 yuan/mt at the start of the month to roughly 900 yuan/mt. Despite subdued end-use demand, prices of tax-inclusive secondary copper raw materials stayed at relatively high levels against a backdrop of persistently tight domestic invoice supply and limited availability of duty-paid material. From the demand side, the price difference between primary metal and scrap widened to over 3,800 yuan/mt, making the economic benefits of copper scrap evident, and the purchase willingness of secondary copper rod enterprises was notably robust. However, the robust purchase willingness was mainly directed at futures arbitrage rather than physical restocking: during the period when copper prices shot up, secondary copper rod enterprises generally adopted the hedging strategy of "buying copper scrap while shorting futures" to purchase copper scrap. However, these arbitrage-driven purchases did not fully translate into actual production restocking, and the operating rate of secondary copper rod enterprises only edged up from 17.38% at the beginning of the month to 18.29% at month-end. On the smelting side, anode plate producers using copper scrap, constrained by the "reverse invoicing" policy, were forced to purchase large quantities of imported copper scrap to ensure delivery of long-term contracts. However, the growth in imported copper scrap was limited and could not fully meet the demand from downstream processing and smelting, causing some anode plate producers to shut down part of their capacity, and the delivery volume under long-term contracts is expected to decline. The implementation standards of the "reverse invoicing" policy vary by region. Some secondary copper rod enterprises faced insufficient input invoices due to "reverse invoicing" issues, unable to issue sufficient output invoices to downstream end-users, resulting in some payments being temporarily withheld by 13%-15%. Meanwhile, downstream clients of anode plate producers using copper scrap are mostly state-owned enterprises, which must ensure the safety and compliance of output invoices. The safest approach is to purchase imported copper scrap that inherently includes 13% VAT, thereby avoiding the risk of input invoices being reversed due to non-compliant "reverse invoicing." Against the backdrop of the "reverse invoicing" policy and the "rectification of the invoicing economy," the invoice costs for tax-inclusive copper scrap in the market have risen sharply, causing the tax-inclusive price difference between primary metal and scrap to deviate from actual market conditions. Looking ahead to August, if the price difference between primary metal and scrap can stabilize above 4,000 yuan/mt, the implementation criteria for reverse invoicing are further clarified, and credit limits in some regions are marginally relaxed, it may drive the release of some rigid demand. Otherwise, under the combination of low copper cathode inventory, high premiums, and downstream reluctance to buy at high prices, the copper scrap market will continue to maintain a weak equilibrium pattern of "suppliers selling and rod enterprises buying for hedging when copper prices rise, and both sides waiting and seeing when copper prices are high." The genuine recovery of physical consumption still awaits a copper price correction or a substantial improvement in end-user orders.