[SMM Tungsten Daily Review: Strong Wait-and-See Sentiment as the Tungsten Market Awaited Stabilization in Transactions] SMM News, March 18 Tungsten market prices were largely stable today, with only minor fluctuations, and the market showed strong wait-and-see sentiment. Trading volume in segments such as tungsten ore and APT was sparse, with transaction prices mostly hovering around the quoted price range. Transactions for downstream products such as powder were also limited, and transaction prices showed a slight downward trend.

Recently, Kawasaki Heavy Industries of Japan and Kobe Steel jointly announced that the world’s first next-generation hydrogen-fueled power generation system for hydrogen-based power generation had officially commenced operation. The system features a liquid hydrogen energy supply model and is designed to provide stable power for future large gas turbine generators, filling the global technological gap in direct liquid hydrogen supply for power generation. The newly commissioned system was developed under the NEDO-funded project in Japan, “Development of Technologies to Improve Hydrogen-Fueled Power Generation Efficiency and Performance Under the Hydrogen CGS Regional Model,” and was deployed at the Kobe Hydrogen Energy Center on Port Island in Kobe. It is the world’s first hydrogen supply power generation system to adopt an intermediate fluid vaporizer (IFV) for hydrogen together with a liquid hydrogen pump , enabling liquid hydrogen to be pressurized above critical pressure and directly supplying hydrogen fuel to power plants in a stable manner. The project had a clear division of responsibilities: Kawasaki Heavy Industries was responsible for optimizing the liquid hydrogen pressurization fuel supply system for gas turbine generators, while Kobe Steel focused on the R&D of IFV equipment utilizing the cold energy of liquid hydrogen. At present, demonstration tests have successfully delivered hydrogen fuel to a wet gas turbine, and subsequent hydrogen supply tests for a dry gas turbine will be carried out, with a focus on verifying operating performance under high summer temperature conditions as well as the long-term operational reliability of the liquid hydrogen pump.

As a niche yet high-strategic rare metal, hafnium (Hf, atomic number 72) lags behind common metals like copper in public awareness, but its unique physicochemical properties make it irreplaceable for nuclear power, aerospace, semiconductors and other high-end fields. This concise breakdown covers its core traits, supply dynamics and critical applications to highlight its underrecognized role in advanced manufacturing. I. Core Properties A silver-gray, high-melting-point transition metal, hafnium exists solely as a zirconium-associated metal—no independent ore deposits. The near-identical atomic radius and chemical properties of zirconium and hafnium make separation/purification highly challenging, the root of its scarcity.Key strengths for harsh industrial use: 2233℃ melting point, exceptional high-temperature oxidation/structural stability Strong room-temperature plasticity, balanced strength and toughness Superior corrosion resistance (insoluble in dilute acids/alkalis, soluble only in hydrofluoric acid/aqua regia) ~600x higher thermal neutron absorption than zirconium (ideal for nuclear reactor control) High dielectric constant of hafnium oxide (critical for advanced semiconductors) Carbides/nitrides (melting point >2900℃) for ultra-high-temperature ceramics and hard alloys II. Supply & Scarcity Resources: Extremely scarce (crustal abundance ~3 ppm), exclusively tied to zirconium ores. Global resources concentrated in Australia, South Africa, the U.S. and Brazil; China faces low hafnium content in domestic zirconium ores, leading to high external dependence. Supply: Production hinges on zirconium smelting, with zirconium-hafnium separation as a core technical barrier. Only a handful of global players produce high-purity (nuclear/electronic-grade) hafnium at scale, forming an oligopoly. Annual output is ~hundreds of tons, with ultra-low supply elasticity—supply disruptions trigger sharp price swings. Ⅲ. Irreplaceable Core Applications Demand is rigid (no cost-effective substitutes) across high-end sectors: Nuclear Industry: Preferred material for pressurized water reactor control rods, regulating reaction rates and ensuring safety. Driven by global nuclear power revival, demand is steadily growing. Aerospace: Key nickel-based single-crystal superalloy additive, boosting high-temperature creep strength and lifespan for aero-engine turbine blades, combustors and rocket nozzles. Semiconductors: High-purity electronic-grade hafnium oxide overcomes silicon dioxide’s miniaturization limits, reducing leakage current and enabling advanced-node chip production—a key growth driver. Other High-End Fields: Used in cutting tool coatings, special electronic components, corrosion-resistant materials and emerging hydrogen storage research, with expanding use cases. Ⅳ. Conclusion Hafnium is a "scarce niche metal with rigid high-end demand," holding irreplaceable strategic value in China’s key industries (nuclear power, aerospace, semiconductors). The global market remains in long-term tight supply-demand balance, and its strategic and market value will rise alongside global advanced manufacturing upgrades.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,724.5/mt. In early trading, it fluctuated upward to a high of $12,829.5/mt, after which the center of copper prices shifted straight downward to a low of $12,721/mt. It then fluctuated upward in a pullback and finally closed at $12,780/mt, down 1.07%. Trading volume reached 17,000 lots, and open interest stood at 293,000 lots, down 8,255 lots from the previous trading day, mainly due to longs reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 99,120 yuan/mt. In early trading, it rose to 99,530 yuan/mt, then fluctuated downward all the way to a low of 98,900 yuan/mt. Afterwards, the center of copper prices moved upward and finally closed at 99,140 yuan/mt, down 0.92%. Trading volume reached 27,700 lots, and open interest stood at 177,000 lots, down 1,993 lots from the previous trading day, mainly due to longs reducing positions.

SMM March 13: This week, China’s domestic tungsten market exhibited high-level oscillations with intensified supply-demand competition. Multiple mines put products up for auction during the week, but transactions were bleak.As of March 13, tungsten prices remained largely stable, yet market sentiment became extremely divided.

Mar 2026 , Hong Kong’s shipping industry reached a pivotal moment in its green transition: Sinopec CNOOC Fuel Supply, a subsidiary of COSCO SHIPPING Group, together with Sinopec Hong Kong and CMG RoRo, successfully completed Hong Kong’s first green methanol bunkering operation , while also setting a national first record for green methanol bunkering at anchorage , marking Hong Kong’s official entry into a new stage of bunkering green alternative marine fuels. The operation was carried out throughout by the “Daqing 268” vessel , independently operated by Sinopec CNOOC Fuel Supply. The vessel was China’s first methanol dual-fuel powered bunkering ship for both oil products and chemicals, featuring advanced technical performance and independently controllable core equipment. Its propulsion system achieved 100% localisation and adopted a dual-fuel drive mode using methanol and conventional fuels. The vessel is 109.9 meters in length, has a deadweight of 7,500 mt, and a total tank capacity of 10,362 m³. It can transport and bunker multiple clean energy products, including methanol, biodiesel, and fuel oil, meeting the needs of multiple batches and multiple bunkering standards. It is also legally qualified to operate on Hong Kong and Macao routes, making it a critical link in green shipping services connecting the Guangdong-Hong Kong-Macao Greater Bay Area. The successful completion of the first bunkering operation through the coordination of multiple central state-owned enterprises fully demonstrated their collaborative strength in the field of green shipping. It not only aligned with the Hong Kong SAR Government’s green shipping plans, but also laid a solid foundation for the future normalised development of green methanol bunkering business between mainland China and Hong Kong and Macao.