The newly released Renewable Energy Development Plan for the 15th Five-Year Period has accelerated the large-scale growth of China’s hydrogen energy industry. For the first time, hydrogen energy is officially incorporated into China’s non-fossil energy system, with a clear target of scaling renewable hydrogen production to 2 million tons annually by 2030. This milestone marks the end of the industry’s pilot phase and the start of a new commercial era focused on capacity expansion, quality improvement and viable energy substitution. The new policy targets key bottlenecks holding back green hydrogen adoption. While China has built one of the world’s largest hydrogen production capacities in recent years, the industry has yet to achieve economic viability. Green hydrogen remains costly to produce, with power expenses accounting for over 60% of total costs, making it uncompetitive against conventional grey hydrogen. Production bases are mostly concentrated in China’s Three-North regions, whereas industrial and transportation hydrogen demand is centered in coastal eastern China, leaving long-distance transportation and storage as a major operational hurdle. Most projects still rely on government subsidies and lack self-sustaining business models. Demand Expansion: Policy-Driven Market Offtake Guarantees Stable Demand The Plan is reshaping the hydrogen market by shifting policy support from passive subsidies to mandatory non-power consumption assessments and blending standards, creating guaranteed market demand for green hydrogen. Hard regulatory and market incentives are pushing high-carbon sectors — including ammonia co-firing in coal power, hydrogen metallurgy in steel manufacturing, and green methanol for shipping — to adopt clean alternatives, unlocking tens of millions of tons of new market demand for green ammonia and green methanol. Yu Zhuoping, professor at Tongji University and chair of the Expert Committee of the China Hydrogen Alliance, put forward a clear cost reduction roadmap for the 15th Five-Year period. The core goals include cutting green hydrogen production costs below 15 RMB per kilogram, lowering 100-kilometer transportation costs to 3–5 RMB per kilogram, and achieving cost parity between green hydrogen and traditional fuels for both transportation and industrial natural gas-based hydrogen use. This resolves the long-standing supply-demand deadlock constraining industry growth. Infrastructure Upgrade: Building Transportation Networks to Fix Regional Supply-Demand Mismatch The Plan prioritizes infrastructure improvement, shifting the industry’s focus from pure production capacity to efficient transportation and end-use application. China will build integrated green hydrogen, ammonia and methanol bases in Northeast China, the Yellow River Bend area, and remote desert and gobi regions. Wind-solar-hydrogen integrated development will generate scale effects to drive down costs for core equipment such as electrolyzers. Meanwhile, cross-regional hydrogen pipeline networks are under accelerated development, including the Ulanqab–Beijing-Tianjin-Hebei hydrogen pipeline and feasibility studies for dedicated green methanol pipelines. This new network will effectively connect resource-rich renewable energy bases with major consumption markets. Zheng Nanfeng, CAS academician and dean of the College of Energy at Xiamen University, noted that current hydrogen, ammonia and methanol projects still follow outdated chemical industry standards. Construction, installation and auxiliary facility costs are more than three times higher than core equipment costs, pushing up capital expenditures (CAPEX). Pipeline transportation can slash long-distance hydrogen logistics costs to around 3 RMB per kilogram per 1,000 kilometers, far more cost-effective than traditional tanker delivery. Value Enhancement: Securing Global Carbon Asset Pricing Power Beyond industrial upgrades, the Plan lays the groundwork for sustainable commercial operations and global carbon pricing influence. It supports Shanghai’s development into an international green fuel bunkering and trading hub, and promotes the establishment of unified green fuel sustainability certification systems. This allows China’s green hydrogen industry to shift from simply selling raw energy products to exporting certified low-carbon energy with verifiable carbon footprints. Amid global carbon trade barriers such as the EU CBAM, enterprises that master international carbon certification and carbon credit monetization will capture premium benefits from global decarbonization trends. The next five years will bring unprecedented certainty to China’s hydrogen market. Industry profits will gradually polarize: leading players with core material R&D capabilities, carbon asset pricing advantages and integrated operational resources will dominate high-margin sectors. Enterprises with low-end, redundant production capacity, no stable low-cost green power supply and no fixed end-use scenarios will be phased out. Only full-industry-chain operators will seize the massive growth dividends of China’s trillion-yuan hydrogen energy market.

On July 29, Australian miner Mineral Resources Limited (MinRes) released its operational report for Q2 2026 (Q4 of Australia's FY2026). The report showed that its iron ore business achieved significant growth in production and sales. In Q2, MinRes’ total iron ore production from the Onslow Iron and Pilbara Hub projects reached 10.8 million mt (100% basis), with total iron ore shipments of 12.3 million mt (100% basis). For the full FY2026, MinRes' attributable iron ore shipments reached 29.543 million mt, a new annual record. Specifically, Onslow Iron project: Production : In Q2 2026, iron ore production was 8.754 million mt, up 12% QoQ and 42% YoY. Shipments: In Q2 2026, iron ore shipments were 9.596 million mt, up 33% QoQ and 66% YoY, a quarterly record. In FY2026 (July 2025-June 2026), attributable iron ore shipments from Onslow Iron were 19.65 million mt, above the previously raised guidance range of 17.7-19.4 million mt; shipments on a 100% basis for the full year were 34.136 million mt. Project cost: In Q2 2026, the FOB unit cost was A$53/wmt ($37/wmt), flat QoQ; for FY2026, the FOB unit cost was A$52/wmt ($36.2/wmt), below the guidance range of A$54-59/wmt. Pilbara Hub iron ore project: Production : In Q2 2026, iron ore production was 2.049 million mt, down 15% QoQ and 25% YoY. Shipments: In Q2 2026, iron ore shipments were 2.701 million mt, up 31% QoQ and 7% YoY. The increase in shipments was mainly driven by the continued ramp-up of the Lamb Creek project, with Iron Valley remaining the main ore source during the quarter, accounting for 74% of shipments; in addition, MinRes shipped some previously stockpiled fines when market conditions were favorable. In FY2026 (July 2025-June 2026), Pilbara Hub's iron ore shipments were 9.894 million mt, at the upper end of the 9-10 million mt guidance range. The intersection works for the mine access road at Lamb Creek with the Great Northern Highway were completed, and wet commissioning of the fixed crushing plant is targeted for Q1 FY2027; after the end of the quarter, the project processed its first ore through the crushing plant. Project cost: In Q4 FY2026 (Q2 2026), the FOB unit cost was A$76/wmt ($52.9/wmt), down 5% QoQ; for FY2026, the FOB unit cost was A$79/wmt ($55.1/wmt), at the upper end of the guidance range of A$75-80/wmt ($52-56/wmt).

“Tin” Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, with traditional cyclical logic being completely shattered and strategic value coming fully to the fore. The tin market in 2026 has presented an unprecedentedly complex landscape and profound transformations: 1. Deep restructuring of supply-demand pattern and unprecedented elevation of strategic attributes. The global static reserve-to-production ratio for tin is only 14 years, highlighting its increasing scarcity. The supply side faces triple pressures: repeated setbacks in production resumptions in Myanmar, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource bridging traditional manufacturing and the digital future. 2. Price system breaking historical records, and the industry ecosystem facing reshaping. In early 2026, the SHFE tin price broke through 470,000 yuan/mt, hitting an all-time high. This price breakthrough not only reflects the supply-demand imbalance but also marks a revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovation breakthroughs. 3. Technology-driven and green transformation giving birth to a new symbiotic ecosystem. Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy, making recycled tin recovery and green smelting processes inevitable paths. All links of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for joint discussions. Gejiu Qiandao Metals Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly promoting the tin industry to new heights. Click to register now to attend the conference, and together witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter! Gejiu Qiandao Metals Co., Ltd. Founded in June 2017, Gejiu Qiandao Metals Co., Ltd. has taken root and grown in Wanhong Villa, Hongtupo, Datun Town, Gejiu City, Honghe Prefecture, Yunnan Province. After years of development, it has transformed from an obscure small enterprise into a large metal enterprise integrating non-ferrous metal trading and processing, occupying an important position in China's tin industry landscape. In terms of core business layout, the company focuses on tin raw material procurement, leveraging extensive and deep cooperation networks to build a stable and diversified supply system. Its cooperation network covers the vast majority of mining and mineral processing enterprises in and outside China. Raw material sources not only come from compliant production areas within China, but also extend to legal business locations across multiple overseas countries, thereby fully ensuring the stability and diversity of raw material supply. In terms of tin raw material grade requirements, the company demonstrates strong flexibility — grades ranging from 3% to 70% all meet its procurement standards. Its substantial demand volume further underscores its industry influence. "Win-win cooperation" is the business philosophy that runs through the entire development journey of Qiandao Metal. This philosophy permeates every aspect of product quality, management models, and service systems. The company attaches great importance to product quality and has established stringent quality control standards. We are committed to creating greater value for customers. Gejiu Qiandao Metal Co., Ltd. looks forward to joining hands with peers in the tin industry to jointly promote the continuous development of China's tin industry chain. Since its establishment in June 2017, Gejiu Qiandao Metal Co., Ltd. has established its presence and grown at Wanhong Villa, Hongtupo, Datun Town, Gejiu City, Honghe Prefecture, Yunnan Province. After years of development, the company has transformed from an obscure small enterprise into a large-scale metal entity integrating non-ferrous metal trading and processing, and has secured a significant position in the domestic tin industry landscape. In terms of core business layout, the company centers its operations on the procurement of tin raw materials. With an extensive and in-depth cooperative network, it has built a stable and diversified raw material supply system. Its cooperation scope covers the majority of domestic and foreign mining and mineral processing enterprises; raw material sources not only originate from compliant production areas within China, but also extend to legal business locations across multiple overseas countries, thereby fully ensuring the stability and diversity of raw material supply. Furthermore, in terms of grade requirements for tin raw materials, the company demonstrates strong flexibility — grades ranging from 3% to 70% all meet its procurement standards. Its substantial demand volume further underscores its influence in the industry. "Win-win cooperation" constitutes the core business philosophy that runs through the entire development journey of Qiandao Metal. This philosophy permeates every aspect of product quality management, operational models, and service systems. The company attaches paramount importance to product quality and has established stringent quality control standards. Dedicated to creating greater value for customers, Gejiu Qiandao Metal Co., Ltd. looks forward to joining hands with peers in the tin industry to collectively advance the continuous development of China's tin industry chain. Contact Information Mr. Zhang 18187038082 Gao Zhanwei 18187035853 Li Mingfu 18314581040 Yan Shixian 18576635673 Inside Wanhong Villa, Hongtupo, Datun Town, Gejiu City, Honghe Prefecture Long press to scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

On July 22, 2026, a delegation from Shanghai Metals Market Information Technology Co., Ltd. (SMM) held in-depth discussions with representatives of Stavian Industrial Metal JSC. The participants included: SMM Logan Lu, CEO of SMM Cason Lou, Director of Aluminum Processing, Marketing Department Lexi Chen, Key Account Manager for Overseas Information Sales Khai Yuen Chin, Senior Overseas Aluminum Analyst Stavian Industrial Metal JSC James (Nguyen Danh Vinh), Deputy Director of International Business Alex (Bui Trung Kien), International Business Representative The two sides exchanged views on the global aluminum market, the development of Vietnam’s aluminum industry, market information services, and the establishment of a regional pricing system, reaching broad consensus on several areas for future cooperation. Focusing on Southeast Asia and Exploring the Evolving Global Aluminum Industry Landscape SMM noted that in recent years, it has continued to expand its sourcing and sales network across Southeast Asia, establishing stable supply-chain connections in Vietnam, Thailand, Malaysia, Indonesia, and other markets. Its business covers multiple metal categories, including aluminum, steel, and copper, while the company continues to explore emerging market opportunities across Southeast Asia. At the SMM AICE 2026 Southeast Asia Aluminum Industry Conference, to be held in Ho Chi Minh City on November 19–20, SMM will officially launch the SMM Vietnam Aluminum Price and provide a detailed explanation of its pricing methodology. Against the backdrop of global supply-chain restructuring, evolving logistics patterns, and deepening regional trade, market demand for high-quality, in-depth, and timely market intelligence and reliable price references continues to rise. To address these needs, SMM has established a global presence across price assessments, market research, databases, consulting services, and international conferences. Its services cover major markets including China, Southeast Asia, Europe, the Americas, and Africa, providing professional market intelligence and data services to participants across the global industrial value chain. Advancing Vietnam’s Pricing System to Support Regional Industry Development SMM noted that aluminum trading in Southeast Asia still commonly references LME prices and the MJP Premium. However, as Vietnam’s manufacturing sector expands rapidly and domestic consumption continues to grow, demand is increasing for regional price benchmarks that better reflect local supply-and-demand fundamentals. Since July 3, 2026, SMM has officially launched the Vietnam 6063 Non-Homogenized Aluminum Billet Processing Fee and the SMM Vietnam 6063 Non-Homogenized Aluminum Billet Price , with both assessments updated daily on each trading day. （Resources come from the SMM official website） In recent years, SMM has continued to develop its global pricing system while accelerating its presence in Southeast Asia. By engaging directly with participants across the industrial value chain and establishing local price data collection networks, SMM is continuously improving its Vietnam market price assessment framework and providing the regional market with more open, transparent, and impartial price references. Representatives from Stavian Industrial Metal JSC expressed strong recognition of this direction and shared insights into the rapid development of Vietnam’s market in recent years. They noted that Vietnam’s aluminum trading volume continues to expand alongside growing domestic demand. Establishing a regional pricing system that more accurately reflects local market conditions would help improve transparency across the industrial value chain and support the healthy and sustainable development of the market. Stavian Industrial Metal JSC Founded in 2021, Stavian Industrial Metal JSC is a member of Stavian Group, one of Vietnam’s major multinational industrial groups. The company specializes in the trading, supply-chain management, processing and manufacturing, and industrial investment of industrial metals including aluminum, steel, copper, and zinc. Its business network spans more than 100 countries and regions worldwide, with the goal of becoming a leading integrated industrial metals service platform in Southeast Asia. In recent years, Stavian has continued to increase investment in Vietnam’s domestic industrial sector, gradually expanding beyond traditional metals trading into industrial investment and advanced manufacturing. Its key areas of development include: Industrial Park Development Stavian Group’s industrial park platform is advancing the development of green industrial parks in Vietnam, with major projects including industrial parks in Thai Nguyen Province and Hung Yen Province. These projects aim to attract industries including electronics manufacturing, machinery manufacturing, supporting industries, logistics, and food processing. They also incorporate ESG principles such as green energy, circular economy practices, and wastewater reuse, supporting Vietnam’s manufacturing upgrade and facilitating foreign investment projects. Green Metals Development The company is actively developing supply chains for green aluminum, green steel, and recycled metals while promoting the use of low-carbon metal materials. Carbon management and ESG principles have also been integrated into the company’s corporate strategy, with the goal of becoming a leading green metals distributor and carbon services provider in Southeast Asia. Major Industrial Cooperation Projects In recent years, Stavian has established strategic partnerships with major Vietnamese enterprises including Viet Hai Group and Dai Dung Group. These partnerships cover areas such as shipbuilding, steel structure engineering, machinery manufacturing, new energy infrastructure, and industrial projects, enabling the companies to jointly participate in major industrial and infrastructure developments across Vietnam. As one of Vietnam’s rapidly growing industrial metals companies, Stavian Industrial Metal JSC plays an important role in supporting the country’s manufacturing upgrade and strengthening its domestic industrial metals supply chain. It has also emerged as a representative local enterprise within Vietnam’s aluminum and broader industrial metals industry. Join the Conversation at SMM AICE 2026 Connect with aluminum producers, processors, traders, manufacturers, certification organisations, industry associations and decision-makers from across Southeast Asia and the global market. Explore aluminum pricing, primary aluminum supply, processing technologies, low-carbon development, CBAM compliance and new opportunities for regional cooperation. ? Ho Chi Minh City, Vietnam ? November 19–20, 2026 Register now: bit.ly/AICE26 and secure your Super Early Bird Pass and save up to USD 200. Register before August 31, 2026.

Shanghai Metals Market (SMM) is thrilled to announce that our Net Zero Europe 2026 will officially kick off at the Hilton Barcelona in Barcelona, Spain, on November 2–3, 2026. This event is Europe's premier deal-focused leadership summit, bringing together senior decision-makers, project developers, utilities, investors, and technology innovators shaping the future of solar, energy storage, and grid flexibility. Conference Background Negative power prices, grid congestion, and sharp price volatility have become the new normal in Europe’s energy market. Against this backdrop, energy storage has evolved from an option into a system necessity. Meanwhile, the policy landscape is being reshaped: CfD 2.0 caps renewable revenues, dynamic tariffs expose assets to real-time market signals, and the proposed Industrial Accelerator Act introduces “EU-made” localisation requirements for batteries and inverters. These are not just compliance thresholds—they are redefining competitiveness. Yet within the challenges lie enormous opportunities. GW-scale hybrid plants are moving from ambition to bankable reality, while revenue stacking and co-location are rewriting project profitability. This is the moment to rethink strategies, secure financing, and build resilient assets. Join us in Barcelona to help shape the next decade of European solar-storage. Four Core Values of Net Zero Europe 2026 1. Swiftly Responding to Market Shifts and Capturing Business Opportunities Faced with policy adjustments such as negative electricity prices, dynamic electricity pricing, capacity markets, and CfD 2.0, how can enterprises quickly respond to market changes and find new profit opportunities? The conference will bring together front-line developers, investment institutions, and industry experts from the European market to jointly analyze the latest market trends, business models, and investment opportunities, helping enterprises grasp the development direction of the European PV+ESS market. 2. A Premium Platform for Investment & Cooperation on High-Quality Projects As large-scale PV+ESS projects continue to emerge, how can you find reliable partners, high-quality projects, and investment opportunities? The conference will gather project developers, IPPs, utility companies, EPCs, equipment suppliers, and financial institutions to build an efficient business cooperation platform for participating enterprises, promoting project collaboration, supply chain alignment, and capital exchange. 3. Pooling Industry Resources and Expanding Global Connections The conference will attract key decision-makers from the PV+ESS industry chain in Europe and around the world, including energy company executives, government agencies, industry associations, investment institutions, and technology enterprise representatives. Whether you are looking for partners, expanding overseas clients, or establishing long-term business relationships, you will gain high-value networking resources and face-to-face communication opportunities. 4. Gaining First-hand Information and Insights into the Industry’s Future As European energy policies, market demand, and industry landscape continue to evolve, mastering market information as early as possible is a competitive advantage. The conference will focus on hot topics such as European energy transition, supply chain layout, energy storage market, AI data centers, and power grid upgrades, helping enterprises stay up-to-date with the latest policy orientations, market opportunities, and industry development trends, thereby providing decision-making references for their overseas business layout. Why You Must Not Miss This Event Our Net Zero Europe 2025 delivered expressive results: 500+ senior-level attendees, 20+ countries, and 60+ speakers. Among the attendees, 35% were from project developers, IPPs and large utilities; 25% from financial institutions, investors and ESG funds; 20% from technology providers, EPC and consulting firms; and 20% from government and regulatory bodies. By job title, 25% were C-suite and founders, 35% directors and department heads, and 20% senior managers and project leaders. This year, we have upgraded our confernce by offering more in-depth agendas, more precise matchmaking, and more actionable insights. Attendee Breakdown by Industry The 2026 summit brings together professionals from Europe and across the global new energy industry chain, covering policy-making, project development, equipment manufacturing, and financial investment, to build a high-quality industry exchange platform. ► Technology Suppliers & Equipment Manufacturers: 35% ► Developers & EPC Contractors: 18% ► Financial Institutions: 17% ► Other Industry Representatives: 17% ► Government & Policy-Making Bodies: 12% Attendee Breakdown by Job Title Attendees are predominantly corporate decision-makers and senior management, providing high-value networking for business cooperation, project matchmaking, and strategic exchange. ► Directors & Department Managers: 33% ► Marketing, Sales & Business Leads: 25% ► Project Managers and Technical Leads: 17% ► Chairpersons and CEOs: 15% ► Policy and Regulatory Experts: 10% ✅ Understand the new revenue logic under CfD 2.0, dynamic electricity prices, and capacity markets ✅ Master the financing and implementation pathways for gigawatt-scale PV+ESS hybrid projects ✅ Understand the changing landscape of the European supply chain and its practical impact on equipment selection and project costs ✅ Connect with 500+ core decision-makers in the European PV+ESS industry chain Senior Speakers 2025 (Partial) Conference Agenda Day 1, Monday, Nov 2 09:10-09:20 Opening Remarks 09:20-09:40 Keynote Speech：Europe's Solar-Storage & Power Market Outlook 2026–2030: Policy Drivers, Market Transformation & Strategic Pathways 09:40-10:00 Keynote Speech：From Cost Center to Grid Backbone： Why Energy Storage Is Europe’s Most Strategic Energy Infrastructure 10:00-10:50 Panel Discussion: From Gigawatt Ambition to Bankable Reality: The Rise of Europe's Massive Solar-Storage Hybrids 10:50-11:20 Coffee Break & Networking 11:20-11:40 Keynote Speech: Safety as Profitability: How High-Reliability Batteries Maximize Long-term Asset Value in Solar-Storage Projects 11:40-12:00 Keynote Speech: Merchant & CFD 2.0: Revenue Model Innovation for Europe's Next-Generation Solar-Storage Projects 12:00-12:20 Keynote Speech: From Market Reform to System Transformation: The Strategic Role of Energy Storage in Europe‘s New Power Landscape 12:20-13:30 Lunch & Networking 13:30-13:50 Keynote Speech: From Passive Monitoring to Predictive Care: How Battery Data Platforms De-risk and De-carbonise Storage Assets 13:50-14:40 Panel Discussion: Powering the AI Revolution: How Data Centres Become the Next Catalyst for Solar-Storage Growth in Europe 14:40-15:00 Keynote Speech: Reserved for SMM 15:00–15:50 Panel Discussion: How Next-Generation Module Technologies (TOPCon, HJT, BC) Reshape Project Profitability in Europe 15:50–16:20 Coffee Break & Networking 16:20–16:40 Keynote Speech: When Prices Speak by the Hour: How Germany‘s Dynamic Tariff Reform Reshapes the Value of Behind-the-Meter (BTM) ESS 16:40–17:00 Keynote Speech: From Reactive to Proactive: Maximising Asset Value Through Advanced O&M Strategies in Europe’s Solar-Storage Era Day 2, Tuesday, Nov 3 09:30-09:50 Keynote Speech: From “Consumer Market” to “Manufacturing Rebalancing”: The New Landscape and Strategic Pathways for the Localisation of Europe‘s Solar-Storage Industry 09:50-10:40 Panel Discussion: A Key Pillar of European Energy Transition: Unlocking the Growth Potential of Distributed Solar-Storage 10:40-11:10 Coffee Break & Networking 11:10-11:30 Keynote Speech: Capturing the Price Spread: How Intelligent Residential Storage Turns Dynamic Tariffs into Daily Revenue 11:30-11:50 Keynote Speech: Reserved for SMM 11:50-13:00 Lunch & Networking 13:00-13:20 Keynote Speech: Reconstructing LCOS: How High‑Efficiency n‑Type Modules Unlock Greater Value in PV‑Storage Hybrids 13:20-14:10 Women Leadership Panel: She Powers the Sun: Women Driving the Next Wave of Solar-Storage Growth in Europe Scan the QR Code Below to Secure your 10% Off Early Bird Price (Available until 31 August 2026)

SMM July 27 News: Metals market: Last Friday overnight, base metals on the domestic and overseas markets showed mixed performance. LME tin led the gains with a 1.01% increase, while LME aluminum led the losses with a 0.78% decline. SHFE lead fell 0.76%. The remaining metals saw relatively small fluctuations in their % changes. Alumina main contract rose 0.67%, and the cast aluminum main contract fell 0.57%. Last Friday overnight, ferrous metals mostly rose. Stainless steel closed flat at 14,740 yuan/mt. Hot-rolled coil and rebar both posted gains around 0.4%, with hot-rolled coil up 0.46% and rebar up 0.42%. Coking coal and coke showed mixed performance, with coking coal down 0.35% and coke up 0.9%. Last Friday overnight in the precious metals market, COMEX gold rose 0.14%, up 0.92% for the week. COMEX silver rose 0.75%, up 3.84% for the week. Domestically, SHFE gold rose 0.18% and SHFE silver rose 1.39%. On a weekly basis, SHFE gold gained 1.06% and SHFE silver gained 4.17%. As of 78:14 on July 25, last Friday's overnight closing prices: Macro Front China: People's Bank of China: The PBOC will conduct overnight reverse repo operations on July 29-31 and August 3, using fixed-rate, quantity-based tenders. It will conduct 600 billion yuan each day from July 29 to 31, and 300 billion yuan on August 3. (Jinshi Data APP) [Ministry of Foreign Affairs: Tariff wars and trade wars are not in anyone's interest] Foreign Ministry spokesperson Lin Jian chaired a regular press conference. A reporter asked: New US tariff measures will take effect today. Can the ministry comment on this? Lin Jian stated that China's position on China-US economic and trade issues is consistent and clear, opposing all forms of unilateral tariff measures. Tariff wars and trade wars are not in anyone's interest. (CCTV News) [Commerce Ministry Spokesperson Answers Questions on Adding 14 EU Entities to Export Control List] On July 24, 2026, the Ministry of Commerce issued the control list. What are the considerations? On the evening of July 23, Beijing time, the EU side officially released its 21st round of sanctions against Russia, listing 14 Chinese mainland and Hong Kong enterprises for sanctions. To safeguard national security and interests, and to fulfill international obligations such as non-proliferation, in response to the EU's egregious actions, in accordance with the Export Control Law of the People's Republic of China and the Regulations on the Export Control of Dual-Use Items of the People's Republic of China and other relevant laws and regulations, China has decided to add 14 EU entities, including Lafate Group, to the export control list. It prohibits export operators from exporting dual-use items to the above entities, and prohibits overseas organizations and individuals from transferring or providing dual-use items originating in the People's Republic of China to the above entities. (Jinshi Data APP) US Dollar: As of last Friday's overnight close, the US dollar index rose 0.01% to 101.45, up 0.68% for the week. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in July is 62.1%, while the probability of a cumulative 25-basis-point hike is 37.9%. By September, the probability of keeping rates unchanged is 15.1%, a cumulative 25bp hike 56.2%, and a cumulative 50bp hike 28.7%. (Jinshi Data APP) Morgan Stanley strategists said in a report that recent data suggests the Fed will hold steady at its July meeting and may keep rates unchanged for the rest of the year. They wrote: "The Fed is losing patience with above-target inflation. The inflation trajectory over the coming months is critical—we expect inflation to ease as expected—otherwise the Fed could turn to rate hikes later this year." Money markets have currently priced in almost two rate hikes by the Fed by year-end. However, the slowing inflation trend could prompt the Fed to keep rates on hold this year, leaving the federal funds rate in the 3.50%-3.75% range. "We expect the disinflationary trend will keep the Fed on hold this year." (Jinshi Data APP) Other Currencies: According to Nikkei News, the Bank of Japan plans to keep its policy rate at 1% at its July 30-31 policy meeting. Sources close to the matter said the majority of the nine-member BOJ policy board is expected to vote to keep rates unchanged. While board members generally view current financial conditions as accommodative and see a need for further rate hikes to stabilize prices, many indicate there is no urgency to act now. Some members called for another rate hike in July following the June increase. Against the backdrop of Middle East tensions and inflation risks from rising oil prices, the BOJ is closely watching the impact of the June hike. At this week's meeting, the board may upgrade its real GDP growth forecast for fiscal 2026. The BOJ's median forecast in April was 0.5%, but economic conditions have since improved. The increasing availability of alternatives to Middle Eastern crude has also eased concerns about output declines among companies. Many at the BOJ also believe that AI-related industries have outperformed expectations, driving Japan's economic growth. (Jinshi Data APP) Macro Front: This week, China will release data including the June year-on-year industrial profits above designated size, and the July official manufacturing PMI. The US will release the Fed's July 29 interest rate decision (upper bound), June durable goods orders MoM, July Dallas Fed business activity index, weekly ADP employment change for the week ending July 11, May FHFA house price index MoM, May S&P/CS 20-city unadjusted home price index YoY, July Conference Board consumer confidence index, July Richmond Fed manufacturing index, initial jobless claims for the week ending July 25, June core PCE price index YoY, June core PCE price index MoM, Q2 real GDP annualized QoQ (preliminary), Q2 core PCE price index annualized QoQ (preliminary), Q2 employment cost index QoQ, July Chicago PMI, July University of Michigan consumer sentiment (final), and July 1-year inflation expectations (final). The Eurozone will release Q2 GDP YoY (preliminary), June unemployment rate, July industrial sentiment index, July economic sentiment index, July CPI YoY (preliminary), and July CPI MoM (preliminary). Germany will release the July IFO business climate index, Q2 GDP YoY (preliminary, unadjusted), July CPI MoM (preliminary), July seasonally adjusted unemployment change, and July seasonally adjusted unemployment rate. Switzerland will release the July ZEW investor sentiment index, July KOF economic leading indicator, June real retail sales YoY, and France's July CPI MoM (preliminary). The UK will release the July CBI retail sales balance, June Bank of England mortgage approvals, and the BoE interest rate decision on July 30. Additionally, Australia's June unadjusted CPI YoY, France's Q2 GDP YoY (preliminary), Japan's June unemployment rate, the BOJ's July 31 target rate, and Canada's May GDP MoM will all be released. In addition, China will open a new round of fuel price adjustment window. The Fed's FOMC will announce its interest rate decision, and Fed Chairman Warsh will hold a monetary policy press conference. The Bank of England will release its rate decision, meeting minutes, and Monetary Policy Report. The Bank of England will release its rate decision, meeting minutes, and Monetary Policy Report. BOJ Governor Kazuo Ueda will hold a monetary policy press conference, and the BOJ will release its rate decision and economic outlook report. RBA Governor Bullock will deliver a speech, and the Bank of Canada will release its monetary policy meeting minutes. Crude Oil: Last Friday overnight, oil prices on both exchanges fell together, with WTI down 1.87% and Brent down 1.53%. On a weekly basis, WTI surged 10.63% and Brent gained 5.36%, both posting a three-week winning streak. During the week, renewed US-Iran geopolitical tensions drove oil prices sharply higher in the short term. However, as peace talks between the US and Iran showed potential to resume, both oil prices pulled back last Friday overnight. Wallstreetcn noted that on Friday, July 24, US Eastern Time, Reuters cited sources as saying that Pakistan was exploring ways to revive stalled US-Iran negotiations. Brent crude earlier briefly broke above the $100 mark. However, due to worsening disruptions to Red Sea energy shipments and fears of further escalation of the war in Iran, oil prices still posted a 10% weekly gain. "With continued US attacks on Iran, deeper Houthi involvement in the Red Sea, and the CPC pipeline disruption, crude supply is being squeezed again, and prices have inevitably risen," said Rystad analyst Janiv Shah, adding that disruptions in the Strait of Hormuz now appear close to the peak levels seen in March. (Jinshi Data APP) Barclays: If the current situation persists for another one, two, or three months, we see risks of oil prices rising by $2, $7, or $10 per barrel, respectively, compared to our 2026 Brent forecast of $96/bbl. (Jinshi Data APP) ING analysts said: "The key question is at what oil price level the Trump administration would face pressure to return to the negotiating table." They noted, referencing the oil price spike at the start of the conflict, that if Brent crude approaches $120/bbl, pressure to de-escalate the situation would increase significantly. For Iran, the more pressing issue is not the oil price itself, but how long it can withstand a sharp drop in oil revenue under the US blockade. (Jinshi Data APP)