Recently, geopolitical turbulence in the Middle East has emerged, bringing a certain degree of impact to the overall overseas PV market. Below, we provide an in-depth analysis of the current Middle East PV market from various perspectives:

1. Procurement Conditions The purchaser of this procurement project, the Beiying Mine High Manganese Steel Castings and Other Items Project (BG2026020036) (BGBCGFHGXHD260228270076), is the Equipment Spare Parts Procurement Department of the Procurement Center of Bensteel Group Sheets & Plates Co., Ltd. The project funds are self-raised, and the project has met the procurement conditions. Now, a public request for quotation and comparison is being conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Beiying Mine High Manganese Steel Castings and Other Items Project (BG2026020036) 2.2 Alternative procurement method in case of procurement failure: Negotiated procurement 2.3 The procurement content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Joint bidding is not allowed for this procurement. 3.2 This procurement requires bidders to meet the following qualification requirements: (1) Production-oriented business license 3.3 This procurement requires bidders to meet the following registered capital requirements: Production-oriented registered capital: 500 (10,000 yuan) or more 3.4 This procurement requires bidders to meet the following performance requirements: See the attachment for details. 3.5 This procurement requires bidders to meet the following capability requirements, financial requirements, and other requirements: Financial requirements: See the attachment for details. Capability requirements: See the attachment for details. Other requirements: See the attachment for details. 3.6 For projects that must be tendered according to the law, bids from discredited persons subject to enforcement are invalid. 4. Obtaining Procurement Documents 4.1 Interested bidders are requested to log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn from 08:00 on March 1, 2026, to 08:00 on March 10, 2026 (Beijing Time, the same hereinafter) to download the electronic procurement documents. Click to view tender details:

[smm silicon-based pv morning meeting summary: upstream silicon market prices mostly stable over the weekend downstream module quotes show an upward trend] over the weekend, n-type recharging polysilicon quotes were 48-56 yuan/kg, the n-type polysilicon price index was 51.4 yuan/kg, and granular polysilicon quotes were 49-51 yuan/kg. polysilicon prices remained temporarily stable over the weekend. previously, the market sentiment was bearish, with limited transactions this weekend. the market is focusing on order signing conditions in early march, as well as the trend of silver prices amid international situations.

Over the past few days, the Indonesian nickel market has reacted to the government’s announcement of a restricted 2026 RKAB production quota, set at approximately 260–270 million tons. This reduction has sent shockwaves through the industry, sparking widespread concern among both operational and upcoming smelters. Stakeholders are increasingly worried that these tightened supply levels will be insufficient to sustain their long-term production requirements. For the first one, The Indonesian Nickel Miners Association (APNI) has stated that the Ministry of Energy and Mineral Resources (ESDM) has agreed to consider revisions to the 2026 Work Plan and Budget (RKAB) starting in July. It is believed that the RKAB revisions could increase nickel production quotas by 25% to 30%. According to APNI, the domestic smelter demand based on the capacity is around 380-400 million tons, With the existing RKAB quota at 270 million tons and projected imports from the Philippines at 23 million tons, this 30% adjustment is critical to meeting the national ore deficit. This potential for more quota provides some relief to the market, but there is a second, more pressing issue to consider Another media also stated that The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set a conservative nickel ore production target of 209.08 million tons for 2026, a figure notably lower than the approved RKAB quota of 260–270 million tons. According to Siti Sumilah Rita Susilawati of the Directorate General of Minerals and Coal, this strategic reduction is intended to preserve national reserves and stabilize global commodity prices As a result, the sudden perception of even deeper quota cuts has fueled confusion across the Indonesian market, which might further intensifying the pressure from already spiking nickel ore prices. I. Indonesia’s Calculated Nickel Ore Demand in 2026 According to SMM’s latest calculations, the total nickel ore requirement for 2026, which includes the demand from NPI, FeNi, Nickel Matte, and MHP, is estimated at approximately 334 million tons, based on the production estimates of smelter's current condition. This sharp increase is primarily driven by the rapid expansion of MHP production, which utilizes higher volumes of limonite ore. This surge in consumption has intensified the pressure on smelters to secure significantly higher mining quotas. II. Current Update and Understanding The Quota Revision? According to current understanding from the Regulation of the Minister of Energy and Mineral Resources Number 17 of 2025, citing the 11 th Article Regarding the Amendment of Work Approved Quotas in ESDM, it is stated that: Article 11 (1) Holders of an IUP (Mining Business License) for the Exploration stage, holders of an IUPK (Special Mining Business License) for the Exploration stage, holders of an IUP for the Production Operation stage, holders of an IUPK for the Production Operation stage, or holders of an IUPK as a Continuation of Contract/Agreement Operations may submit one (1) application for an amendment to the Exploration stage RKAB or the Production Operation stage RKAB in each current year. (2) The application for the RKAB Amendment as referred to in paragraph (1) shall be submitted after the holders of the Exploration stage IUP, Exploration stage IUPK, Production Operation stage IUP, Production Operation stage IUPK, or IUPK as a Continuation of Contract/Agreement Operations have submitted periodic reports up to the second quarter or no later than July 31st of the current year. SMM observes that RKAB revisions and amendments are standard procedure, as seen in both 2024 and 2025. This year, however, the submission window for revisions is expected to open after June, with a final deadline of July 31st. While the ESDM has not clarified whether the 260–270 million ton target already accounts for these mid-year adjustments, it remains highly likely that these revisions will be sufficient to meet domestic smelter demand. Another Potential Cuts? According to SMM’s further communication with ESDM, the predicted quota for 2026 still remains on 260-270 million tons estimate. Since the further production cuts rumor by ESDM is not in an official setting announcement, it is hereby confirmed that the quota approved of 2026 will not be lower than ESDM’s initial estimate of 260-270 million tons. From SMM's understanding, the target number to be lower than the quota is merely just an estimate of the production target, not necessarily reflecting the actual production numbers. III. Nickel Ore Supply and Demand Given the government’s push to tighten annual quotas, SMM expects this year’s revisions to land at approximately 20%, a more conservative number. Furthermore, nickel ore imports from the Philippines are unlikely to see significant growth compared to 2025, with estimates holding at approximately 19 million tons. This stagnant growth is due to the heavy concentration of Philippine exports to China, coupled with limited domestic mining capacity and a lack of new mining companies . After factoring in import volumes from the Philippines, the nickel ore market is likely to remain in a tight supply-demand balance, especially with potential hurdles like the rainy season slowing down mining operations. Nonetheless, this scenario is much more realistic than the alternative: a massive 50+ million ton deficit that would occur if the total quota were strictly capped at 270 million tons. IV. Conclusion Overall, the signal for significant quota cuts at the start of the year has already triggered a sharp rally in nickel ore prices, which could be seen from the substantial rise in premiums, largely driven by quota reductions at major mining companies and persistent uncertainty among small-to-mid-scale operators. Looking ahead, if the government maintains these restricted levels and fails to approve adequate supplemental quotas, domestic ore prices are poised for further upward momentum, potentially intensifying the cost burden on the downstream smelting sector.

February 2026 proved to be a pivotal month of challenge and adjustment for the global stainless steel market. Driven by the compounding pressures of the Carbon Border Adjustment Mechanism (CBAM), intensifying geopolitical trade friction, significantly tightened raw material quotas, and sudden supply chain disruptions, the market navigated a complex landscape.

So far, the FOB price of Indonesian MHP nickel is $15,658/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,660/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 88-89, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $16,021/mt Ni.