As we near the midpoint of the year, zinc concentrate treatment charges (TCs) have repeatedly tumbled to historic lows. As of June 5, the average TC for domestic zinc concentrate fell to 50 yuan per metric ton of metal content, while the TC for imported zinc concentrate dropped to -70.75 US dollars per dry metric ton.

I. Coal-to-Hydrogen Shandong anthracite transaction range [1,730-1,830], hydrogen cost average price at [1.78 yuan/m³] Shanxi anthracite transaction range [1,040-1,040], hydrogen cost average price at [1.17 yuan/m³] Hebei anthracite transaction range [1,520-1,520], hydrogen cost average price at [1.61 yuan/m³] Henan anthracite transaction range [1,030-1,130], hydrogen cost average price at [1.25 yuan/m³] II. Natural Gas-to-Hydrogen Pearl River Delta natural gas transaction range [6,600-6,620], hydrogen cost average price at [3.04 yuan/m³] Zhejiang natural gas transaction range [6,520-6,800], hydrogen cost average price at [3.04 yuan/m³] Guangxi natural gas transaction range [6,630-7,020], hydrogen cost average price at [3.08 yuan/m³] Eastern Guangdong natural gas transaction range [6,600-6,620], hydrogen cost average price at [3.01 yuan/m³] Henan natural gas transaction range [6,200-6,420], hydrogen cost average price at [2.93 yuan/m³] Hebei natural gas transaction range [6,170-6,510], hydrogen cost average price at [2.92 yuan/m³] Hubei natural gas transaction range [6,520-6,770], hydrogen cost average price at [3.05 yuan/m³] Guizhou natural gas transaction range [6,380-6,740], hydrogen cost average price at [3 yuan/m³] Sichuan natural gas transaction range [6,415-6,660], hydrogen cost average price at [3.02 yuan/m³] Shanxi natural gas transaction range [6,010-6,300], hydrogen cost average price at [2.82 yuan/m³] Shandong natural gas transaction range [6,295-6,500], hydrogen cost average price at [2.96 yuan/m³] Heilongjiang natural gas transaction range [6,170-6,440], hydrogen cost average price at [2.89 yuan/m³] Inner Mongolia natural gas transaction range [6,200-6,380], hydrogen cost average price at [2.84 yuan/m³] III. Propane-to-Hydrogen South China propylene oxide transaction range [6,970-7,050], hydrogen cost average price at [3.95 yuan/m³] East China propylene oxide transaction range [6,620-6,960], hydrogen cost average price at [3.84 yuan/m³] Northeast China propylene oxide transaction range [6,140-6,450], hydrogen cost average price at [3.59 yuan/m³] Shandong propylene oxide transaction range [6,760-6,860], hydrogen cost average price at [3.87 yuan/m³] IV. Methanol-to-Hydrogen East China methanol transaction range [3,010-3,330], hydrogen cost average price at [2.69 yuan/m³] Central China methanol transaction range [2,950-3,250], hydrogen cost average price at [2.68 yuan/m³] North China methanol transaction range [2,780-2,940], hydrogen cost average price at [2.46 yuan/m³] South China methanol transaction range [3,350-3,450], hydrogen cost average price at [2.83 yuan/m³] Northwest China methanol transaction range [2,450-2,950], hydrogen cost average price at [2.34 yuan/m³] Southwest China methanol transaction range [2,940-3,220], hydrogen cost average price at [2.67 yuan/m³] Northeast China methanol transaction range [3,110-3,130], hydrogen cost average price at [2.65 yuan/m³]

As of Wednesday, the spot price of SiMn 6517 (cash) in the north China market was 5,900-6,000 yuan/mt, down WoW from the previous Wednesday; the spot price of SiMn 6517 (cash) in the south China market was 6,000-6,100 yuan/mt, also down WoW from the previous Wednesday. Currently, SiMn futures and spot prices were moving sideways within a mid-range overall, and the short-term support of raw material costs for spot prices had somewhat weakened.

Qiya Guizhou Group's fine alumina project achieved a significant milestone, with the first 200,000 mt production line officially commencing operations on May 30. It is understood that the project has a planned total annual capacity of 800,000 mt, and the entire project is expected to be completed by 2027.

According to the official website of Qiya Group, on May 30, Qiya Guizhou Group's fine alumina project reached a historic milestone — the first-phase 200,000 mt/year production line was officially put into operation. The project is expected to have a total capacity of 800,000 mt/year and is expected to be fully completed by 2027. At that time, it will fill the regional market gaps in major demand areas such as the Pearl River Delta, the Yangtze River Delta, and Hunan, driving over 460 types of fine alumina products and covering more than 2,000 industries, ushering in an industrial transformation from "ore" to "high-end precision."

SMM, MAY 31 – In May 2026, China's metallurgical-grade alumina production increased by 2.8% month-on-month, while edging down 0.19% year-on-year. As of the end of May, the national installed capacity stood at approximately 116.42 million tons, with new capacity commissioning increasing slightly compared to April. However, due to the slow recovery of maintenance work in the Guangxi region, coupled with concentrated maintenance in northern China, overall operating capacity fell by 0.43% month-on-month and decreased by 0.09% year-on-year, failing to sustain high operating levels during the month. In terms of production structure, average daily output in May declined from April levels. Specifically, in Shanxi and Henan provinces, output dropped due to minor maintenance and some plants yet to fully resume normal production lines. Meanwhile, a major alumina producer in northern China also initiated maintenance, further dragging down overall output in the north. In contrast, the southern region saw a recovery in production, supported by the release of new capacity. In addition, an alumina producer in Guizhou resumed operations, which helped offset the output decline in the north to some extent, preventing a sharp drop in national average daily output. Looking ahead to June, the supply surplus in the alumina market is expected to intensify. The main driving factors include the continued recovery of capacity in Guangxi, the full release of Phase I of new capacity projects, and the gradual conclusion of maintenance work in northern China. On balance, operating capacity in June is expected to rise to approximately 87.6 million tons, further increasing supply pressure.