According to BJX Power News, all power grid projects under construction in Zhejiang, from UHV to distribution networks, have fully resumed work. State Grid Corporation of China has launched an investment plan of over 4 trillion yuan for the 15th Five-Year Plan period. As a core part of this plan, State Grid Zhejiang Electric Power’s total investment in 2026 will exceed 51 billion yuan. Of this massive investment, 33.46 billion yuan will be directly allocated to power grid infrastructure construction. To ensure a strong start to the annual tasks, State Grid Zhejiang Electric Power is striving to complete over 10 billion yuan of investment in Q1.

[SMM Tin Morning Brief: The most-traded SHFE tin contract opened slightly higher in the night session and maintained rangebound fluctuations, with market transactions expected to gradually become sluggish.]

[SMM Analysis] Global Steel Market Weekly Review Issue 12 Steel prices moved down first then up last week, while export prices fluctuated rangebound. As of February 4, China's HRC FOB offers stood at $467/mt, and steel billet at $440/mt. Market transactions showed that order-taking momentum for steel billet improved compared to earlier periods, with traders preferring to secure downstream orders first before opportunistically sourcing from upstream suppliers. For sheets & plates, order intake remained robust over the past two weeks; however, following this week's price decline, traders' willingness to sell weakened. Some steel mills in north China faced scheduling pressure, and a few product varieties temporarily suspended offers. Overseas markets, Southeast Asia: Vietnam, in particular, is currently a region with robust demand, as accelerated infrastructure construction directly boosted construction steel prices. Capacity expansion by local leading enterprises such as Hoa Phat Group is altering the regional supply landscape and enhancing the competitiveness of domestic products. Meanwhile, the CFR transaction price for China-origin wide coil to Vietnam was referenced at $485-490/mt, up WoW from previous levels, mainly benefiting from pre-Chinese New Year local procurement demand release. Middle East market: Market sources indicated that billet exporters, after pausing due to political and internet restrictions, are gradually returning to the market, with KSC planning to tender large volumes of steel billet and slab. Recent exports of sheet & plate products from China to the Middle East also increased, with current HRC CFR prices around $500-505/mt. The demand center in the Middle East is shifting, as Saudi Arabia moves from pursuing landmark mega-projects toward more pragmatic logistics, mining, and industrial infrastructure, which could represent potential demand growth points for pipe materials. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[SMM Tin Morning News: The most-traded SHFE tin contract opened slightly higher in the night session and maintained a high-level sideways trend, with spot cargo transaction willingness showing initial signs of rebound]

Recently, Steel Authority of India Limited (SAIL) signed a Mining Services Agreement with engineering services firm Kalinga Commercial Corporation Ltd, entrusting Kalinga with the development and operation of the Rowghat iron ore project in Chhattisgarh, which has a capacity of 14 million mt per year. The long-term contract spans 28 years, including an initial three-year construction period. Under the agreement, Kalinga will be fully responsible for mine development, infrastructure construction, and subsequent operations. The project is expected to significantly enhance SAIL’s integrated steel mills’ security, providing critical support for the steel giant’s continuous production and long-term raw material stability. Earlier, SAIL’s Rourkela Steel Plant signed a major agreement with Adani Enterprises Limited to develop and expand the Taldih iron ore mine. This partnership also adopts a mine-developer-and-operator model and is expected to raise Taldih mine’s capacity from 2 million mt to 7 million mt per year. The project includes new plants and supporting infrastructure, scheduled for completion by the end of 2026. Mining operations are expected to begin in 2027 and continue for 25 years. Currently, under SAIL’s management, Taldih mine relies on mobile crushing and screening equipment and small earthmoving machinery for production. SAIL is India’s third-largest producer, after NMDC and Tata Steel, operating 15 iron ore mines located in Jharkhand, Odisha, and Chhattisgarh, managed by Bokaro Steel Plant (BSL), Rourkela Steel Plant (RSP), and Bhilai Steel Plant (BSP) respectively to meet the raw material needs of all SAIL steel mills. Earlier this year, several Indian media outlets reported that the Ministry of Steel is considering establishing a dedicated mining business unit within SAIL to boost iron ore production. The move aims to support SAIL’s target of increasing steel capacity to 35 million mt per year by 2030.

[Huawei Digital Power and SchneiTec Collaborate to Build Cambodia's First ESS Power Station] As a leading local energy enterprise, SchneiTec had previously successfully developed Cambodia's largest PV power station. The newly completed 12 MWh ESS project includes 2 MWh dedicated to validating Huawei's intelligent string-level grid-forming ESS technology in off-grid and weak power grid scenarios, ensuring grid stability, achieving smooth output of intermittent renewable energy, and obtaining authoritative certification from TÜV SÜD. This marks the implementation of Cambodia's first-ever grid-forming ESS project, laying the foundation for subsequent project expansions and large-scale energy infrastructure construction.