[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

SMM, March 24: SHFE aluminum 2604 fluctuated downward in early trading, slightly higher than the previous trading day. Overall market buying sentiment was relatively good, and sellers held prices firm as aluminum prices remained at relatively low levels. Today’s mainstream transaction prices were concentrated at SHFE aluminum 04 contract +10 yuan/mt. Today, the east China market shipments sentiment index was 2.79, up 0.07 MoM; the purchasing sentiment index was 3.34, up 0.04 MoM. As aluminum prices extended their decline, traders in the central China market showed weak purchase sentiment. With the month-end settlement date approaching, suppliers made heavy shipments and showed limited willingness to hold prices firm. Downstream processing enterprises were wary of further price declines, with no expectation of large-scale stockpiling at low prices for now. Overall market purchase activity was sluggish, and prices showed a continued price collapse trend. Ultimately, actual transaction prices in the central China market were concentrated in the range from a premium of 20 yuan over the central China price to a discount of 20 yuan to the central China price. Today, the central China market shipments sentiment index was 2.63, flat MoM; the purchasing sentiment index was 2.4, down 0.08 MoM. Inventory side, aluminum ingot inventory in major consumption areas increased by 6,500 mt MoM today, with destocking mainly coming from Gongyi and Guangdong. In the short term, after the Chinese New Year, aluminum ingot inventory continued to see seasonal inventory buildup. Affected by bullish sentiment, premiums are expected to remain on a narrowing trend.

As of March 24, titanium dioxide prices continued to rise, with the SMM index up 4.6% since early 2026. Two rounds of price hikes were issued in March amid low inventories. Strong exports and production cuts supported gains, though sustainability post-peak season remains uncertain, hinging on downstream acceptance.

Recently, Mingyang Hydrogen’s MYH-K-1000 electrolyzer completed the authoritative evaluation under the China Hydrogen Alliance’s “Leader Program” and received the official test report. With multiple industry-leading performance indicators, it has established a new benchmark for alkaline electrolyzers adapted to fluctuating new energy scenarios, marking a major technological milestone for the company in the field of hydrogen energy equipment. This product is the first 1,000 Nm³/h-class alkaline electrolyzer on the China Hydrogen Alliance’s field-testing platform to achieve the “15th Five-Year Plan” target of 20%–120% ultra-wide flexible load regulation . At the 20% minimum load, it can stably control hydrogen content in oxygen to within 1.5%, enabling long-term stable operation. It also features rapid load response capability of 5%/s to 10%/s. Its core performance is industry-leading and perfectly suited to the flexible operating conditions of wind and solar power generation, providing robust support for the development of the green fuel industry. The test certification presentation ceremony was held at Mingyang Hydrogen’s Beijing Center. Yu Tianxiao, Director of the Quality Value Center at Guoneng Hydrogen Innovation and Deputy General Manager of Hydrogen Testing Technology, presented the certification report to Pan Yongle, Executive Director and CEO of Mingyang Hydrogen, and both parties witnessed this important moment together. Rigorous Field Testing Validates Outstanding Performance, Strong Results Under Extreme Cold Conditions According to the alliance’s field-test data, under 100% rated load, the MYH-K-1000 kept hydrogen content in oxygen below 0.5% and successfully passed load ramp-up and ramp-down tests at 3%/s and 5%/s. Under the ultra-low load of 20%, hydrogen content in oxygen remained compliant, while DC power consumption was as low as 3.85 kWh, achieving efficient and stable operation. This long-duration test was conducted throughout in an outdoor environment at minus 20°C . The product still demonstrated excellent cold and hot start capabilities, as well as high reliability, high safety, and fully flexible operating characteristics, overcoming the longstanding low-temperature operating limitations of traditional electrolyzers and enabling adaptation to more extreme application scenarios. Breakthroughs in Core Technology Innovation Set a New Industry Benchmark This electrolyzer adopts advanced integrated die-casting technology, delivering high consistency in its internal structure. The area of its electrolysis unit is 75% larger than that of traditional designs, and it overcomes sealing challenges on the basis of zero-electrode-gap technology, significantly improving product performance and production efficiency and setting a new technological benchmark for the industry. Company Statement: Continuous Innovation-Driven Development and Deepening Commitment to Hydrogen Energy Equipment Pan Yongle, CEO of Mingyang Hydrogen, stated that this certification is the result of the team’s technological breakthroughs. The company will continue to uphold the philosophy of “innovation-driven, green future,” further increase R&D investment, launch more high performance products, provide global clients with high-quality hydrogen energy solutions, and support the industry’s high-quality development.

[SMM Analysis:Rare Earth Ore Imports Surge in Early 2026, Exceeding Demand and Causing Surplus] According to the latest data from the General Administration of Customs, from January to February 2026, China’s imports of mixed rare earth carbonate were about 3,013.7 mt, up 321% YoY. Over the same period, imports of unlisted rare earth oxides were about 12,860.4 mt, also posting a sharp increase of 209% YoY.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]