In H1 2026, China’s aluminum extrusion industry ran under three clear traits: feeble domestic demand recovery, overseas demand sliding first then bouncing back, and a sharp split between booming and sluggish product segments.

[Plate/HRC]HRC export deals at 488-494 USD, flat d/d; overseas fears further downside and delays buying HRC and other flat-product export prices were flat day on day, with HRC export deals in the 488-494 USD/tonne range. Overseas buyers reckon prices may still have room to fall and prefer to delay purchasing and watch the market even when holding orders, so little actual volume was released. [Billet]Export billet FOB steady at 458-460 USD ex-Jiangyin; mills hold firm, deals face resistance Export billet FOB held steady, quoted at 458-460 USD/tonne ex-Jiangyin. Domestic mills held offers firm, while importers' essential demand was soft and buyers' bids sat below sellers' floor, leaving spot deals hard to close and actual trade limited. [Rebar]Rebar export flat at 480-485 USD; buyers press price and wait, trade thin Rebar export prices were flat day on day, with deals at 480-485 USD/tonne. Some buyers pressed hard on price and stayed cautious, while domestic sellers, mindful of margins, were unwilling to sell low, so trade saw no meaningful release. [India]India Mumbai HRC down ~3 USD w/w to 602 USD, monsoon curbs demand Mumbai HRC fell about 3 USD/tonne week on week to 602 USD/tonne EXW, with transacted prices around 571-611 USD/tonne. Monsoon weather curbed construction and infrastructure demand, keeping spot buying and restocking weak while low-priced cargoes intensified competition; a soft, sideways tone is expected near term. [Black Sea/CIS]Black Sea billet quiet and steady; Russian mills front-load for Q4 EU tariff-free quota Black Sea billet trade was quiet with FOB offers steadying and to-Turkey quotes around 495-500 USD/tonne CFR; holidays plus soft demand slowed buyers' pace. Russian mills, racing to secure Q4 EU tariff-free quota, have brought some production forward. [Indonesia]Indonesia SAE1008 wire rod at 485 USD, below China; SE-Asia off-season keeps trade thin Indonesia's SAE1008 wire rod export offers held at 485 USD/tonne FOB, clearly below China's comparable ~509 USD/tonne FOB. With Southeast Asia in its seasonal lull, buyers' restocking appetite was limited and, despite the competitive price, actual deals stayed thin. [Brazil/Vietnam]Brazil HRC import quotes down to 600-610 USD; Vietnam cuts prices, ~20kt booked Brazil HRC import quotes slipped to 600-610 USD/tonne CFR, with about 20,000 tonnes of flat-product imports booked recently. Vietnam, the core supplier, was forced to cut offers to win orders against low-priced Indonesian and Indian material, while Brazil's strict import quotas and domestic credit tightening capped restocking.

China Steel Market: [Sheets & Plates] HRC export deals at $488-494, stable DoD; buyers outside China anticipate further declines, leaning towards delayed procurement HRC and other sheet & plate export prices were stable DoD today, with HRC export deal prices at $488-494/mt. Markets outside China believed there was still potential for price declines, and even with orders in hand, they tended to delay procurement and adopt a wait-and-see sentiment, limiting the actual release of deals. [Steel Billet] Billet export FOB remained stable; Jiangyin Port at $458-460; mills held prices firm, deal resistance was significant Steel billet export FOB prices remained stable today, with quotations at Jiangyin Port at $458-460/mt. China steel mills showed a strong intention to hold prices firm, while rigid demand in importing countries outside China was insufficient, and buyer bids were generally below the psychological price levels of mills. Spot cargo deals faced significant resistance, and actual transactions were limited. [Rebar] Rebar exports remained stable temporarily; deals at $480-485; buyers pushed for lower prices and stayed on the sidelines, trading was sluggish Rebar export prices were stable MoM today, with deals at $480-485/mt. Some buyers had a strong desire to bargain down prices and a heavy wait-and-see sentiment; domestic sellers were unwilling to sell cheaply due to profitability considerations, resulting in no significant release of deals. International Steel Market: [India] Mumbai HRC price dropped ~$3 WoW to $602; monsoon dampens demand Mumbai HRC prices dropped approximately $3/mt WoW to $602/mt EXW, with market deals around $571-611/mt. Monsoon weather suppressed construction and infrastructure demand, resulting in weak spot procurement and restocking willingness. Competition among low-priced resources intensified, and prices are expected to consolidate on a subdued note in the near term. [Black Sea/CIS] Black Sea billet trading was sluggish with stable quotes; Russian mills advanced Q4 production schedules to capture EU duty-free quotas Trading in the Black Sea billet market was sluggish, with FOB quotations holding firm, and offers to Turkey at approximately $495-500/mt CFR. The procurement pace of buyers slowed down due to holidays and weak demand. Some Russian steel mills advanced their production schedules to capture Q4 duty-free quotas for the EU. [Indonesia] Indonesian SAE1008 wire rod exports at $485, below China; off-season in Southeast Asia kept deals sluggish Indonesian SAE1008 wire rod export offers held at $485/mt FOB, notably lower than the similar grade from China at approximately $509/mt FOB. Southeast Asia was in its seasonal off-season, limiting buyers' restocking willingness; although the low prices were competitive, actual deals remained sluggish. [Brazil/Vietnam] Brazil HRC import offers fell to $600-610; Vietnam cut prices to secure orders, transactions recorded at about 20,000 mt Brazilian HRC import offers fell to $600-610/mt CFR, with combined sheet & plate import deals of about 20,000 mt recorded recently. Vietnam, as a core supplier, is forced to proactively lower its quotations to stimulate order intake in the face of low-price impacts from Indonesia and India; Brazil's strict import quotas and domestic credit tightening, meanwhile, are curbing restocking activity.

June Price Review: The monthly average price of non-oriented silicon steel exhibited a bottoming-out decline in June. On the supply-demand front, the market shifted from a slight balance to a narrow undersupply, with fundamentals continuing to improve marginally. The oversupply that previously weighed on the market gradually eased, providing price support. Spot prices performed stronger than expected, edging down only slightly. As a transitional month shifting from off-season to peak season, the supply-demand pattern improved in June. Fundamental Analysis: China's production schedule for non-oriented silicon steel continued to decline in July. Comparing with the same period in previous years, the scheduled production in July 2026 was lower than that of July 2025. Analyzing by grade, the proportion of NEV grades in the July production schedule rebounded to 15%, high grades accounted for 19%, while the proportion of low and mid-end grades pulled back to 66%. Steel mills continued to adjust their product mix, with the scheduled production of conventional low and mid-end grades shrinking accordingly. While total scheduled production continued to contract, supply-side pressure persisted. Maintaining original production levels for NEV and high-grade resources while significantly reducing low and mid-end grades optimized the supply structure to some extent, supporting market resilience. Downstream demand for non-oriented silicon steel showed structural divergence in May. In the home appliance sector, total silicon steel consumption pulled back MoM, with air conditioners remaining the core demand driver. Demand from the automotive sector was strong, with silicon steel consumption climbing to a high level for the period in May. Specifically, passenger NEVs provided the largest support for automotive silicon steel demand. Overall, traditional demand from home appliances weakened marginally, while NEV demand continued to strengthen. The demand center shifted toward the automotive sector, generating structural benefits for high-grade and NEV-grade non-oriented silicon steel. July Price Outlook: Supply side, China's planned production schedule for non-oriented silicon steel continued to decrease in July 2026, with reductions primarily focused on low and mid-end grades. On one hand, the off-season impact became more pronounced, downstream demand was soft, and purchasing interest declined, curbing production activity. On the other hand, industry leaders like Baowu and Shougang kept base prices unchanged in July, prioritizing price stability, but bearish sentiment persisted, making prices more likely to fall than rise. Most producers were loss-making and cut production autonomously. Demand side, in the home appliance sector, enterprises slowed their production pace, with orders falling MoM. The 618 shopping festival provided no significant order stimulus. Affected by low demand, high inventory, and high costs, some enterprises cut their production schedules ahead of schedule, and the implementation of new energy efficiency standards for some appliance products led to model upgrades that restricted production. In the automotive sector, automakers generally maintained normal production paces, with some increasing production schedules this month to meet mid-year targets. However, the sales promotions of the 618 festival and policies yielded limited boosting effects, and sales pressure persisted. Breaking it down, NEVs remained the main sales driver this month, orders for internal combustion engine vehicles showed no significant improvement, and exports were mainly directed to markets such as Russia, South America, and Southeast Asia, with the industry's full-year export volume expected to reach 12 million units. Cost side, with steel mill profits continuing to shrink and expectations of normalized local environmental protection-driven production restrictions, hot metal production is expected to continue to pull back. But as the off-season impact expands, the average hot-rolled coil price in July is expected to decline further MoM from June, though the extent of the decline will narrow. In summary, SMM expects that prices for low and mid-end non-oriented silicon steel will drift lower overall in July 2026, with some room for price reductions.

The global overseas primary aluminum spot market faced overall downward pressure this week, with spot premiums in Japan, Southeast Asia, South Korea and the US all falling week-on-week. The Asian market was weighed down by weak downstream purchasing sentiment amid the traditional consumption off-season. Ample circulating supply stemming from concentrated cargo arrivals in the US compounded the bearish sentiment. Meanwhile, the LME curve briefly flipped into a Backwardation (B) structure this week. Elevated capital costs prompted traders to step up sell-downs, pushing spot offers lower across regions and dragging down transaction benchmarks. I. Weekly Comparison of Key Global Spot Premiums II. Regional Spot Transaction & Market Commentary (I) Asian Market: Sluggish Off-Season Buying, Wide Disparity Between Long-Term Benchmark QMJP and Spot Prices Japan Market Japan’s spot market remained sluggish this week, with downstream buyers only placing sporadic orders to meet immediate operational needs and no large-scale restocking activities. The Q3 QMJP benchmark price was set at USD 395/mt, sharply diverging from actual spot transaction prices ranging from USD 330–350/mt, resulting in steep discounts against the quarterly benchmark across the market. Southeast Asia, South Korea and Indonesia Spot premiums in Thailand and South Korea retreated in tandem as traders showed strong willingness to offload inventories. Overseas end-user demand for Indonesian primary aluminum stayed muted, while downstream players remained reluctant to accept high prices, driving down local ex-factory offers and concluded transaction prices. Across Asian trading channels, the temporary Backwardation structure on the LME aluminum curve, paired with higher capital costs and inventory pressure, encouraged holders to cut offers to liquidate stocks. Coupled with feeble downstream demand, spot prices faced additional downward pressure. (II) US Market: Concentrated Cargo Arrivals from Multiple Regions Weigh on Premiums Easier spot prices in Europe previously diverted some Canadian aluminum ingots to the US, alongside a portion of Indonesian primary aluminum shipments. Concentrated cargo arrivals boosted market supply substantially. Despite rigid underlying demand in the US, the surge in available supply kept DDP premiums under mild week-on-week downward pressure. III. Core Macro Drivers Shaping Overseas Spot Markets End-User Demand: Off-Season Drags on Asian Buying Sentiment Southeast Asia and Japan entered their traditional demand off-season. Downstream fabricators only purchased materials on an as-needed basis without proactive stockpiling, and market acceptable price levels kept sliding, leaving spot transactions without solid support. Trading Flows: High Capital Costs Fuel Traders’ Inventory Liquidation The temporary Backwardation structure on the LME aluminum curve lifted holding costs for metal traders. Most market participants opted to cut prices to sell stocks and recover capital, flooding the market with available material and further depressing spot premiums. IV. Brief Market Outlook In the near term, the off-season in Asia is far from over, and traders retain strong incentives to liquidate inventories, which will keep overseas primary aluminum spot premiums subdued. Market participants will closely monitor the commissioning timeline of Indonesian aluminum projects and restocking activities among overseas downstream manufacturers going forward.

Price Review for June: In June, the monthly average price of non-oriented silicon steel trended downward, probing the bottom. Supply-demand side, the market shifted from a slight balance to a mild undersupply, with fundamentals improving marginally. The oversupply that had been weighing on prices gradually eased, providing support for prices. Spot prices performed stronger than expected, edging down only slightly. As a transitional month between the off-season and peak season, June saw the supply-demand pattern improve. Fundamentals Analysis: The July production schedule for domestic non-oriented silicon steel is planned to decline further. Compared with the same period in previous years, the July 2026 schedule was lower than that of July 2025. In terms of grade structure, the proportion of NEV grades in the July schedule is expected to rebound to 15%, high grades at 19%, and low and mid-end grades pull back to 66%. Steel mills continue to adjust their product mix, leading to corresponding reductions in low-end conventional grades. Overall scheduled production volume continues to shrink, but supply-side pressure persists. Production levels for NEV and high-grade materials are maintained, while low and mid-end grades are significantly reduced, optimizing the supply structure to some extent and supporting price resilience. Downstream demand for non-oriented silicon steel in May showed structural divergence. Total silicon steel consumption in the home appliance sector edged down MoM, with air conditioners remaining the core demand driver. The automobile sector demand was strong, with silicon steel consumption climbing to a high for the period. Within this, passenger NEVs were the biggest support for non-oriented silicon steel demand in the auto sector. Overall, traditional home appliance demand weakened marginally, while NEV demand continued to strengthen, gradually shifting the demand center toward the auto track. This structurally benefited high-grade and NEV-grade non-oriented silicon steel. July Price Outlook: Looking ahead to July 2026, on the supply side, China's non-oriented silicon steel production schedule is planned to decline further, primarily in low and mid-end grades. On one hand, the off-season impact is becoming more pronounced: downstream demand is weak, purchasing enthusiasm has fallen, weighing on production willingness. On the other hand, leading producers such as Baowu and Shougang kept their July base prices unchanged, prioritizing price stability. However, market sentiment is bearish and prices are more likely to fall than rise. Most producers are operating at a loss and implementing voluntary production cuts. On the demand side, in the home appliance industry, producers slowed their production pace, with orders declining MoM. The "618" shopping festival did not significantly stimulate orders. Affected by low demand, high inventory, and high costs, some enterprises lowered their production schedules ahead of time. Additionally, new energy efficiency standards for certain home appliances were introduced, limiting production due to product iteration. In the automobile industry, automakers mostly maintained normal production pace, with some increasing output this month to meet mid-year targets. However, sales pressure remained due to moderate effects of the "618" promotions and policy support. Breaking it down, NEVs remained the main sales driver this month, while orders for internal combustion engine vehicles did not improve significantly. Exports were mainly directed to Russia, South America, and Southeast Asia. Total annual export volume for the industry is expected to reach 12 million units. Cost side, with steel mill profits continuing to shrink and local environmental protection-driven production restrictions becoming normalized, hot metal production is expected to decline further. However, as the impact of the off-season expands, the July average hot-rolled coil price is expected to decline further MoM from June, with the decrease narrowing. Overall, SMM expects that mid- and low-grade non-oriented silicon steel prices in July 2026 will drift lower as a whole, with room for price declines. Data Source Statement: (All data in this report, other than publicly available information, are based on publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, NBS data, customs import and export data, and various data released by major associations and institutions), market communication, and SMM's internal database models. The research team has conducted comprehensive analysis and made reasonable inferences, which are for reference only and do not constitute decision-making advice. SMM reserves the right of final interpretation of the terms of this statement and the right to adjust and modify the content of the statement in accordance with actual conditions.

[Indonesia] Indonesian SAE1008 wire rod offers held at USD 485/tonne FOB, below comparable Chinese offers of around USD 509/tonne FOB. Seasonal weakness across Southeast Asia continued to curb restocking, leaving transactions subdued despite Indonesia’s price advantage.

Overseas rare earth markets diverged this week between light and heavy types. Driven by the uptrend in China, terbium oxide and terbium metal prices rose, while light rare earths remained stable. Trading-wise, heavy rare earths saw few transactions due to export controls. On the industrial front, U.S. companies accelerated domestic recycling and purification, while European and Japanese firms advanced R&D on magnetic material recycling and rare-earth-free alternative technologies. Meanwhile, Indo-Pacific and South Korean players actively restructured supply chains, and resource development and processing projects were intensively launched in locations such as Malaysia, Thailand, and Brazil. The global “de-risking” layout for rare earths continued to deepen.

SHANGHAI, China, July 14, 2026 — REPT BATTERO has once again been ranked No.1 globally in residential energy storage battery cells for the first half of 2026, according to the latest shipment rankings jointly released by ICCSINO and NECI. The company also ranked No.2 globally in commercial and industrial (C&I) energy storage cell shipments. The latest rankings coincide with another period of strong business growth. According to its preliminary financial results, REPT BATTERO expects revenue of €1.87–1.96 billion (RMB 14.5–15.2 billion) for the first half of 2026, representing year-on-year growth of approximately 52.8%–60.1%. Net profit is projected to reach €90–110 million (RMB 700–850 million), exceeding the company’s total net profit for the whole of 2025. ( REPT BATTERO’s Jiashan Manufacturing Base ) REPT BATTERO’s residential storage business has been built on continuous product innovation since entering the market in 2019.After pioneering the industry’s mainstream 50Ah residential storage cell platform, the company expanded its portfolio with 72Ah, 100Ah, 280Ah, 314Ah and the latest WENDING ® 392Ah cell, creating a comprehensive platform supporting residential storage, commercial and industrial storage, and utility-scale energy storage. (Part of REPT BATTERO’s Residential Energy Storage Cell Portfolio) Rather than adopting a one-size-fits-all approach, REPT BATTERO develops application-specific solutions for different regions. High-cycle-life products are designed for mature markets such as Europe and Australia, while cost-optimized solutions address the growing demand across Southeast Asia and Africa. According to third-party market research, three of Europe’s five most recognized residential battery brands use REPT BATTERO battery cells. The company is also a core battery cell supplier to leading residential ESS providers in Australia. In present ， REPT BATTERO residential battery cells are deployed across Europe, Australia, North America, South Africa and Southeast Asia, where they have established a strong reputation for safety, durability and long-term reliability. To support its expanding international business, REPT BATTERO has established a “Global Standard, Local Delivery” framework that combines globally standardized quality and project management with localized execution tailored to regional regulations, grid requirements and customer needs. This framework has already been implemented across projects in Australia and Europe and will continue expanding into North America and Southeast Asia, enabling customers to benefit from globally consistent standards together with responsive local support. Following its No.1 global ranking in residential energy storage cells and No.2 position in C&I energy storage cells, REPT BATTERO will continue investing in battery innovation, advanced manufacturing and global delivery capabilities to support the next stage of global energy storage growth.

[Aluminum Scrap and Secondary Aluminum Weekly Review: Secondary Aluminum Market Moved Sideways, Off-Season Supply-Demand Weakness Pattern Continued] This week, aluminum scrap prices moved sideways overall. On July 16, SMM A00 spot aluminum prices closed at 23,170 yuan/mt, rebounding 220 yuan/mt from last Thursday. Regarding the price difference, on July 16, the price difference between A00 aluminum and mixed aluminum extrusion scrap free of paint in Foshan was 1,972 yuan/mt, and the price difference between A00 aluminum and shredded aluminum tense scrap was 658 yuan/mt, still at extremely low levels.