[SMM Morning Comment on Cast Aluminum Alloy: Alloy Prices Continued to Hover at Highs, While Market Demand Was Significantly Suppressed] This week, secondary aluminum alloy prices continued to rise, but the pace of demand follow-up was relatively slow. In the short term, raw material costs remained at high levels, providing strong support for ADC12 prices; however, if prices continue to rise, the suppressive effect of high prices on demand will become increasingly evident. Meanwhile, as operating rates gradually recover, there are also expectations of a mild increase on the supply side. ADC12 prices are expected to fluctuate at highs in the short term. Going forward, it is recommended to focus on the pace of downstream order release, the pressure on the market from the supply recovery process, and the impact of the Middle East situation on aluminum prices.

[Spot Silicon Metal Prices Probe Higher as Market Transactions Remain Stagnant; Polysilicon Price Trend Declines]: On the supply side, production release from silicon metal capacity that resumed production in early March increased total silicon metal supply compared with early March. Recently, there have been scattered production resumptions in Southwest China, but these have not yet become widespread, so their impact on supply growth has been very limited. On the cost side, spot prices of silicon coal and electrodes have remained temporarily stable recently, while petroleum coke prices rose slightly. Coupled with higher gasoline prices, road transport freight rates were raised slightly, providing relatively strong cost support for silicon metal. On the demand side, performance has mainly remained stable recently. During the week, spot silicon metal transactions were stagnant, inventory in the intermediate segment stayed at a high level, and downstream demand was weak, so silicon metal prices had limited room to rise or fall and were mainly range-bound in consolidation.

[SMM Rare Earth Weekly Review: Rare Earth Prices Fell First, Then Rose; Pr-Nd, Dysprosium, and Terbium Saw Wide Swings] Due to the combined impact of market news and falling futures prices, suppliers in the Pr-Nd oxide market lacked confidence in the future market and proactively cut prices for shipments. However, upstream separation plants believed that the tight supply pattern of Pr-Nd oxide had not changed. Therefore, Pr-Nd oxide prices pulled back to 760,000-780,000 yuan/mt before rebounding to 790,000-800,000 yuan/mt.

Silver is once again at the center of global financial markets, with prices moving in the range of $80 to $90 per troy ounce. For many investors, this already sounds extreme. However, while the majority of investors focus primarily on price and charts, professional investors are looking at something entirely different: the structure of the market.

This article explains the 2026 revision of Vietnam's Mineral Law, including adjustments to mineral classification, optimization of mining permit rules, and enhancements to mineral control. These changes may have a significant impact on mining enterprises, particularly those involved in metallic mining activities in Vietnam, possibly affecting areas such as business operations, policy and tax compliance, upstream mining, and open new opportunities in mineral recycling business.

Entering the Emergency Command and Production Monitoring Center at the headquarters of Shaanxi Nonferrous Metals Group, one saw data converging like streams on a giant LCD screen: robotic arms in the titanium processing workshop were moving with precision, and the current parameters of the aluminum electrolysis cells were fluctuating in real time... The production and operational status of more than a dozen subsidiaries, spanning hundreds of kilometers, was condensed into a limited space and transformed into vivid strings of numbers. “In the past, dispatching relied on phone calls, inspections relied on walking, and emergency response took at least two hours; now, with a click of the mouse, real-time conditions at the site are instantly displayed. We no longer depend on verbal descriptions from personnel, the scenarios are more realistic, command is more precise, and contingency plans can be activated within minutes.” The words of the person in charge of the Enterprise Management and Operations Information Department of Shaanxi Nonferrous Metals Group conveyed a sense of composure and confidence. That composure stemmed from a profound digital transformation. In 2025, Shaanxi Nonferrous Metals Group fully launched its “Year for Enhancing Digitalized Management and Control,” placing information technology development at the core of efforts to drive high-quality transformation and upgrading. Over the past year, with the overall objective of “vertical integration, horizontal connectivity, real-time online operations, coordinated action across all levels, and precise, effective execution,” Shaanxi Nonferrous Metals Group systematically advanced work across multiple dimensions, including business process reengineering, information system integration, and unified data standards, gradually building a digital system covering all areas of business operation and management, and injecting strong momentum into the enterprise’s modern governance and industrial upgrading. Top-Level Planning Seeing One Blueprint Through to the End In 2025, the information technology work of Shaanxi Nonferrous Metals Group closely focused on the annual goal of “initial visible results” in high-quality transformation and upgrading, serving the development of a modern industrial system and governance system. By building a management and control business system featuring “vertical integration and horizontal connectivity,” it established three major implementation paths: first, comprehensively reviewing and redesigning business processes to achieve standardized management; second, joining forces with leading technology companies in the industry to build a vertically integrated management and control system spanning all levels of the group; and third, unifying the standards and coding for eight categories of master data, including organization, personnel, materials, and accounting subjects, breaking through horizontal business barriers and focusing on in-depth digital development in key business areas such as investment, procurement, safety, finance, human resources, and Party building. To ensure effective implementation, Shaanxi Nonferrous Metals Group innovatively established a promotion mechanism featuring “three meetings, three lists, and three services.” It strengthened overall planning and coordination through the monthly meeting of the information technology leadership group, special project meetings, and work promotion meetings; relied on demand, project, and progress lists to achieve refined and period-based management; and ensured the solid implementation and sustained operation of information technology projects through full-cycle services covering consulting, development, and operations and maintenance. Building on Systems Constructing a Solid “Digital Tower” Shaanxi Nonferrous Metals Group used a major push in digital and intelligent transformation and upgrading to strengthen the foundation of its industrial reform and transformation, focusing on building a “big digital intelligence” empowerment system and using new models, new business forms, and new tools to amplify reform results. Consolidate the digital foundation. Strengthen digital infrastructure development across all industry chain clusters and all affiliated enterprises, accelerate the enhancement of data collection, processing, management, and application capabilities across the entire industry chain of “exploration, research, construction; mining, beneficiation, smelting; materials, equipment, trade,” and build a solid foundation for digital transformation. Focus on building a robust and reliable digital foundation and establish the overall “5 Ones + N” information architecture: “one foundation,” the Shaanxi Nonferrous enterprise cloud platform and a high-speed broadband network covering the Group’s information applications; “one platform,” a digital empowerment platform; “one portal,” the Group’s unified portal (external portal + internal portal); “one safeguard,” an information security and operations and maintenance support system; “one standard,” a standards and specifications system; and “N applications,” N business application systems covering the three levels of strategic decision-making, business management, and production operations. Improve data connectivity. Build a network interconnection environment and data flow mechanism covering all affiliated enterprises, accelerate information interconnection and computing power support, break down “data silos” across different links such as R&D, production, management, and marketing, and improve the level of internal business data integration and collaboration across the entire system. Through five major measures, including strict implementation of the “top leader accountability system,” the use of domestically developed and controllable products for basic software and hardware, PTN dedicated lines plus zero-trust technology to provide data exchange channels, the implementation of classified cybersecurity protection assessments for important information systems, and regular attack-and-defense drills, Shaanxi Nonferrous Metals Group built a multi-dimensional cybersecurity defense line to firmly safeguard the enterprise’s digital assets. At the same time, guided by the core objectives of “unified standards, unified platform, unified interfaces, and unified operations and maintenance,” supported by three major systems—the master data standards system, master data management system, and master data integration system—and carried by one intelligent master data management platform, it established a “1+3+1” data resource management system to achieve the aggregation, governance, and value mining of dispersed data. Strengthen intelligent integration. Focus on all links of “exploration, design, mining, ore dressing, smelting, processing, and trade,” vigorously advance the development of digital and intelligent demonstration scenarios, and build demonstration projects for advanced green digital and intelligent technologies. Centered on the entire value chain, all asset elements, and the full life cycle, make every effort to build an intelligent collaboration platform to support high-end upgrading, underpin green development, ensure production safety, and achieve efficient operations. Breakthroughs on Multiple Fronts Key Projects Demonstrate Digital Results The implementation of a series of key projects has become vivid testimony to the transformation and upgrading of Shaanxi Nonferrous Metals Group. Party-building informatization turned “soft tasks” into “hard indicators.” In response to the characteristics of primary-level Party organizations being “numerous in points, extended in lines, and broad in coverage,” the “Nonferrous Pioneer” Party-building informatization platform launched in 2025 integrated big data and artificial intelligence technologies to build a management matrix covering 6 major modules, 35 core businesses, and 80 detailed items, moving Party-building work from “paper” to “online.”Since the platform began operation, the efficiency of Party affairs processing has increased by 80, the incidence of overdue tasks has fallen by more than 50, the error rate in manual reporting has decreased by 80, and work traceability has achieved 100 digital coverage. By transforming Party-building assessment indicators into value-output dimensions such as strategic enforcement and risk prevention and control capability, a closed-loop mechanism of “push-execute-supervise-feedback” has been established, enabling deep integration between Party-building work and production and operations, with visible data and tangible results. Human Resources Informatization, Unlocking the Potential of the “Primary Resource.” Human resources informatization has entered a new stage of process-based and collaborative management, realizing full-process online and standardized management across organization management, personnel management, compensation and benefits, and performance management. It has not only addressed the problems of low efficiency and long processing times for procedures such as onboarding, confirmation of employment, job transfer, and resignation, but also resolved pain points such as non-standard approvals, inconsistent policy enforcement, and error-prone data verification. The effectiveness of operations management, compliance management, and data management has been improved in parallel, making human resources a true core driver of enterprise development. Financial Informatization, Building a Strong “Embankment” for Risk Prevention and Control. By implementing a decentralized, penetrative, group-wide financial control model, Shaanxi Nonferrous Metals Group established a three-in-one risk prevention system covering “operational risk-business risk-financial risk,” achieving end-to-end penetrative management “from business to statements, and from statements to funds,” and providing intelligent decision-making support throughout the full cycle of “post-event review-in-process optimization-pre-event predictive simulation.” The finance-supply chain integration project launched in January 2026 will further connect key links such as procurement, accounting, and capital, providing real-time and accurate data support for decision-making. Safety and Environmental Protection Informatization, Building a “Dual Line of Defense” Through Whole-Chain Intelligent Control. Taking the development of safety and environmental protection informatization as a starting point, Shaanxi Nonferrous Metals Group continuously deepened its intelligent monitoring and early warning capabilities and accelerated the construction of a whole-chain, visualized intelligent safety and environmental protection control system, thereby reinforcing the safety foundation for high-quality transformation and upgrading. Deepening intelligent monitoring to improve the precision of early warning. After the Group’s dual-prevention informatization platform went online, it established three-dimensional data coordinate models for major hazard sources such as mines, tailings ponds, and hazardous chemicals, accurately mapped key risk monitoring points onto the models, and visually presented hidden disaster-causing factors, thereby enabling intelligent risk analysis, assessment, and early warning. At the same time, it comprehensively promoted an informatized management platform for hazard identification and rectification, achieving full-process closed-loop management of issues and hazards from discovery and rectification to closure through real-time entry, dynamic updating, and whole-process tracking, and strictly preventing “omitted hazards and delayed rectification.” Strengthening process control to reinforce the on-site safety line of defense. Tianhong Ruike, through linkage with the digital dual-prevention system, achieved precise positioning of workers, real-time risk monitoring, and intelligent early warning, building a visualized safety assurance system deeply integrating “human-based prevention + technology-based prevention,” and driving on-site safety management from “passive response” to “proactive prevention.”Empowering outsourced operations oversight to achieve penetrative management. Relying on its safety and environmental protection information management and control platform and the Safety Assistant app, the Smelting Branch of Jinduicheng Molybdenum Group has established a model of “full-process online supervision + dynamic data empowerment” for contractors, enabling real-time tracking and closed-loop management across multiple links, and advancing outsourced operations oversight from “blurred control” to “precise penetration,” with both the penetrative strength and timeliness of supervision improved in tandem. In addition, a number of key projects, including the private cloud platform, the group-wide backbone network, and the electronic tendering and procurement platform, were completed and put into operation one after another, playing an important role in improving resource utilization rates, ensuring safety and compliance, and strengthening risk prevention and control. The outline of “Digital Nonferrous” is becoming increasingly clear. Intelligence Ushers In the Future Embarking on a New Journey Toward “AI+” Looking ahead to the 15th Five-Year Plan period, Shaanxi Nonferrous Metals Group’s information technology development will deepen the transformation toward “penetrative” management, use the “AI+” initiative as a key driver, and promote the intelligent upgrading of the traditional “mining, beneficiation, smelting, and processing” industries. Adhering to the approach of “building benchmarks, focusing on exemplars, and leading through demonstration,” the group will advance, in a coordinated and step-by-step manner, the full-chain work of “construction, trial operation, and acceptance” for more than 20 information technology projects currently under implementation. It will create typical application scenarios in fields such as mine exploration, mining and beneficiation, metal smelting, processing and manufacturing, and design and construction, so as to drive quality improvement and efficiency gains across the entire industrial chain from key points to the broader whole, and inject new vitality into traditional industries. Starting from applications in production scenarios, it will also build foundational computing power platforms in parallel, and gradually establish a working path for the fine-tuning and deployment of industry-specific large models. Ultimately, it will realize a shift from “experience-driven” to “data- and AI-driven,” move from single-point breakthroughs to system-wide empowerment, advance the intelligent upgrading of industry, and comprehensively enhance enterprises’ core competitiveness in such areas as resource security, production efficiency, cost control, green development, and decision-making capability. The surging tide spurs us forward, and the wind is just right for setting sail. Shaanxi Nonferrous Metals Group will take information technology and intelligent technology as its oars, lead with innovation, strive for excellence through solid work, ride the waves on the voyage toward high-quality transformation and upgrading and tangible improvement in quality and performance, and press ahead at full speed toward the goal of building a world-class enterprise.

Total rebar inventory stood at 8.2948 million mt this week, up 277,000 mt WoW, or 3.46% (previous: +11.33%), and up 363,200 mt from the same period of the previous lunar year, or 4.58% (previous: +4.6%).

[Price Review] This week, silver prices continued to consolidate in a fluctuating range, but the war-driven rise in crude oil prices boosted US dollar demand again, putting pressure on precious metal prices and leaving the market relatively weak. Although during the week silver prices on the SGE tested the support level of 20,000 yuan/kg, and LBMA silver briefly fell below $80/oz, both later rebounded, indicating moderate support on the downside. This round of market movement was mainly affected by fading expectations for US Fed interest rate cuts and the still-uncertain direction of geopolitical risks in the Middle East. Market participation in the silver market declined, and short-term fluctuations narrowed somewhat. Gold/silver ratio, both gold and silver prices showed a consolidating fluctuating trend this week, and the gold/silver ratio also fluctuated around 60. [Key Data] Bullish: US February seasonally adjusted nonfarm payrolls: -9.2, below expectations and the previous reading US API crude oil inventory for the week ended March 6: -1.678 million, below expectations and the previous reading Bearish: US January retail sales MoM: -0.2%, above expectations and below the previous reading US EIA crude oil inventory for the week ended March 6: 382.4, above expectations and the previous reading Data and macro releases to watch next week include: The US Fed will announce its March interest rate decision and economic outlook, including the dot plot. The market generally expects the US Fed to keep rates unchanged in the 3.50%-3.75% range, and the probability of an interest rate cut has fallen to near zero. Fed Chairman Powell will hold a press conference after the rate decision to elaborate on the policy stance. US-Iran situation: Since the large-scale military action launched by the US and Israel against Iran on February 28, 2026, the conflict has lasted for more than two weeks. Iran's Islamic Revolutionary Guard Corps announced the highest level of combat readiness, and the Foreign Ministry explicitly ruled out the possibility of opening negotiations. The transmission effect through the energy channel (inflation) far exceeded that through other channels. Inflation concerns instead weighed on expectations for US Fed interest rate cuts, and the high-interest-rate environment pressured non-yielding assets such as gold and silver. [Price Forecast] Silver prices are expected to maintain a fluctuating trend amid the contest between macro disturbances and fundamentals. The continuing impact of the sharp rise in crude oil prices in the short term has gradually been transmitted, while renewed strength in demand for the US dollar and US Treasuries, together with cooling expectations for US Fed interest rate cuts, will keep precious metal prices under pressure in the short term.

1. Tender Conditions The tender project March Titanium Metal Petroleum Coke No. 2 Public Tender (PGWZMYHGZHD260310272703) had the Bid Inviter as the Materials Division of Pangang Group Material Trading Co., Ltd. The funds for the tender project came from self-raised sources. The project had met the tender conditions, and a public tender was now being conducted. 2. Project Overview and Tender Scope 2.1 Project Name: March Titanium Metal Petroleum Coke No. 2 Public Tender 2.2 Alternative Procurement Method Upon Tender Failure: Negotiated procurement 2.3 For the tender content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf" for details. 3. Bidder Qualification Requirements 3.1 Consortium bidding was not permitted for this tender. 3.2 This tender required bidders to meet the following qualification requirements: See the attachment for details (if necessary). 3.3 This tender required bidders to meet the following registered capital requirement: Manufacturer registered capital: 6 million yuan or above 3.4 This tender required bidders to meet the following performance requirements: When submitting bids, bidders were required to provide proof of performance for petroleum coke products from 2022.1.1 to the bid submission deadline (scanned copies of invoices; if no Pangang supply performance was uploaded, the bidder would be deemed a new supplier). 3.5 This tender required bidders to meet the following capability requirements, financial requirements, and other requirements: Financial requirement: registered capital ≥ 6 million yuan Capability requirement: provide valid enterprise qualification certificates, namely scanned copies of the original or duplicate business license; Other requirements: see the attachment for details (if necessary). 3.6 For projects that must be tendered in accordance with the law, bids submitted by dishonest persons subject to enforcement were invalid. 4. Acquisition of Tender Documents 4.1 Any interested bidder shall, from 08:45 on March 12, 2026 to 08:45 on April 1, 2026 (Beijing time, the same hereinafter), log in to the Angang Smart Tendering and Bidding Platform at http://bid.ansteel.cn to download the electronic tender documents. Click to View Tender Details:

[SMM Silicone Weekly Review: Downstream Procurement Sentiment in the Silicone Market Remained Cautious, and New Order Transactions Were Relatively Weak] After completing the price increase last week, quoted prices generally remained stable this week, but actual market transactions were relatively weak. Cost side, affected by geopolitical developments, raw material methanol prices held up well, which also provided some support for silicone DMC prices. However, subsequent impacts and changes still require close attention to the extent of raw material price fluctuations and the duration of their effects.