It is reported that in the first quarter of this year, the Southern Power Grid completed fixed asset investment of 38.45 billion yuan, an increase of 49.5% year on year. At the same time, in the first quarter of this year, the bidding and procurement scale of the Southern Power Grid was 78.4 billion yuan, an increase of 25% over the same period last year; The supply of project materials was 21.2 billion yuan, an increase of 43% over the same period last year; Payment of goods and materials should be made in full, and a total of 16.8 billion yuan has been paid for various types of goods and materials, an increase of 41% over the same period last year.

This week, ferrous metals were in the doldrums. The main logic during the week remained weakening cost support. On Tuesday, Iran proposed charging transit fees for the Strait of Hormuz, while Trump made conciliatory remarks, saying that “even if the Strait of Hormuz remained largely closed, he would still be willing to end military action against Iran.” Market expectations for tighter crude oil supply weakened, and declines in the energy sector dragged down the coal sector, weakening the cost-side logic. During the week, inventories of the five major steel products continued to decline, but apparent demand remained at a low level for the same period in previous years, providing limited fundamental-driven momentum to futures. In the spot market, purchasing interest was average, mainly focused on restocking at low prices. Spot prices were relatively firm, and the spot-futures price spread widened somewhat......

[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

【SMM Steel】The EU approved a €6bn Italian support scheme for renewable hydrogen, targeting transport and industry. The plan covers hydrogen from renewable electricity via electrolysis and from biogenic sources. Aid will use two-way contracts for difference, with a reference price set by competitive bidding. The program runs until Dec 31, 2029. It aligns with the EU hydrogen strategy and clean industry goals. Italy aims for 200,000 t/y of renewable hydrogen.

1. Procurement Conditions The purchaser of this procurement project, Pangang Vanadium April 2026 Gansu PCI Semi Coke (PGWZMYHHD260327277329), is the Fuel Division of Pangang Group Materials Trading Co., Ltd. The funds for the procurement project were self-raised. The project had met the procurement conditions, and a public single-round negotiation was now conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Pangang Vanadium April 2026 Gansu PCI Semi Coke 2.2 Alternative Procurement Method in Case of Procurement Failure: Direct procurement 2.3 For the content, scope, and scale of this project procurement, please refer to the attachment "Material List Attachment.pdf" for details. 3. Bidder Qualification Requirements 3.1 Consortium bidding was not allowed in this procurement. 3.2 This procurement required bidders to have the following qualification requirements: (1) Trading business license (2) Manufacturing business license 3.3 This procurement required bidders to meet the following registered capital requirements: Manufacturing registered capital: 5 million yuan and above Trading registered capital: 5 million yuan and above 3.4 This procurement required bidders to have the following performance requirements: Bidders were required to provide similar project performance from January 1, 2023 to the bid submission deadline (copies of contracts must be provided), as well as scanned copies of VAT invoices for the relevant performance. 3.5 This procurement required bidders to have the following capability requirements, financial requirements, and other requirements: Financial requirements: The registered capital of the bidder for this project shall not be less than 5 million yuan, and multiple awards were allowed for this project. The registered capital of bidders that are manufacturing suppliers or trading suppliers shall not be less than 30% of the amount (excluding tax) of the section or bid quantity amount for which they bid; Capability requirements: See the attachment for details (if applicable) Other requirements: (1) Scanned copy of the business license (or duplicate); (2) Scanned copy of the tax registration certificate (or duplicate) (except where the three certificates have been combined into one); (3) Scanned copy of the organization code certificate (or duplicate) (except where the three certificates have been combined into one). (4) New suppliers (those that did not provide a copy of a Pangang contract within the past 6 months under the performance requirements were deemed new suppliers) were required to provide, at the time of bidding, a sample review qualification report issued by Pangang's technical quality department or another state-owned detection entity, valid for three months and dated no earlier than the date of publication of the tender announcement. 3.6 For projects that were legally required to undergo tender, bids submitted by dishonest persons subject to enforcement were invalid. 4. Access to the Procurement Documents 4.1 Any bidder intending to participate was requested to log in to the Angang Intelligent Tender and Bidding Platform at http://bid.ansteel.cn from 13:45 on March 28, 2026 to 13:45 on March 30, 2026 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to View Tender Details:

EVE announced that the company planned to sign an Investment Cooperation Agreement with the Administrative Committee of Huizhou Zhongkai High-tech Industrial Development Zone regarding the company’s investment in and construction of the “EVE 60 GWh Energy Storage (Power) Battery Manufacturing Project” within the jurisdiction of the Zhongkai High-tech Zone Administrative Committee. The total investment in this project was approximately 6 billion yuan, with a land area of approximately 500 mu (subject to the actual land acquired through bidding, auction, and listing), for the construction of a 60 GWh energy storage (power) battery production site project.