[SMM Precious Metals Market Bulletin] In the silver ingot trading market last week, some suppliers reported that, as spot premiums in China declined and short-term expectations for price increases failed to materialize, import profits could no longer support price locking for April orders. At present, spot cargoes of imported large and small silver ingots were generally being sold off at reduced prices, and some suppliers even sold at a loss due to the need to recover funds or concerns that spot premiums would continue to fall. Approaching the weekend, spot cargoes of imported silver ingots and expectations for short-term supply both decreased, and selling pressure in the market eased marginally.

[SMM Lead Market Bulletin] This week (March 22-26, 2026), the average operating rate of primary lead smelters in three provinces was 62.81, up 0.22 percentage points WoW from the previous week's operating rate.

[SMM Hydrogen Energy Bulletin] On March 27, the Ministry of Commerce announced in Announcement No. 18 of 2026 that it had initiated a trade barrier investigation into US practices and measures that hinder trade in green products. Preliminary evidence and information obtained by the Ministry of Commerce showed that the US had implemented multiple practices and measures in trade-related areas that hinder trade in green products, including but not limited to restricting exports of green products to the US, slowing the deployment of new energy, and restricting technology cooperation related to green products. The above practices and measures may have seriously harmed the trade interests of Chinese enterprises, and some of these measures were suspected of violating WTO rules and other economic and trade treaties or agreements jointly concluded or participated in by China and the US.

[SMM Hydrogen Energy Bulletin] On March 25, the foundation-laying and pile foundation commencement ceremony was held in the Dagang Petrochemical Industrial Park of Tianjin Binhai New Area for China’s first closed-loop giant reed biomass green methanol integrated project, the 100,000 mt/year green methanol biomass energy integrated polygeneration project of Tianjin Saihong Environmental Engineering Co., Ltd., with a total investment of 1.2 billion yuan. It was understood that the project took the polyploid giant reed “Lüzhou No. 1,” carefully cultivated by Ruihengmao Group, as its core raw material, successfully overcoming the bottlenecks of existing gasification technology and the economic challenges of biomass raw materials.

[SMM Hydrogen Energy Bulletin] On March 26, during the 2026 China Hydrogen Energy Exhibition and International Hydrogen Energy Conference, Yuchai Xinlan (Jiangsu) Hydrogen Energy Co., Ltd. and Henan Hitalent Co., Ltd. officially reached a strategic cooperation agreement. The two parties will carry out in-depth cooperation around key links in the hydrogen energy industry chain, and jointly advance hydrogen energy technological innovation, product R&D, and market applications.

[SMM Hydrogen Energy Bulletin] Recently, Juna Technology, an enterprise specializing in electrodes for hydrogen production via water electrolysis, completed a new round of financing, exclusively invested by CATL, which has become the company's largest external institutional shareholder at present. Previously, Juna Technology had completed its first round of financing led by Legend Star and its second round of financing led by Changjiang Innovation. This round of financing also marked the company's first introduction of industrial capital. To date, the company has accumulated a total of eight external institutional shareholders.