Exelon, a leading US nuclear power company, recently warned that the US could face blackouts as early as 2027 due to growing electricity demand putting pressure on the power grid, and that higher electricity rates will be needed to fund new infrastructure. The operator of AI hyperscale data centers caught everyone "off guard" and "underestimated" the headwinds their data centers would face.

A consortium led by Korea Hydro & Nuclear Power (KHNP) has been named the preferred bidder for the 800-MW Jeonbuk Southwest Offshore Wind Expansion Complex 1 in South Korea. The project, part of a planned 2.4-GW offshore wind zone off Jeonbuk Province, will be developed under a consortium in which public institutions hold a majority stake. The group is expected to sign an implementation agreement with Jeonbuk Province by the end of August, supporting the country's offshore wind expansion strategy.

SMM, June 26: Metals market: As of the midday close, base metals on the domestic market almost all fell. SHFE copper edged down, SHFE aluminum fell 0.38%, SHFE lead rose 0.15%, SHFE zinc fell 1%, SHFE tin dropped 1.7%, and SHFE nickel declined 1.81%. In addition, the most-traded foundry aluminum futures fell 0.4%, the most-traded alumina contract dropped 1.41%, the most-traded lithium carbonate contract tumbled 5.26%, the most-traded silicon metal contract lost 0.89%, and the most-traded polysilicon futures fell 3.53%. Ferrous metals all fell. Iron ore dropped 0.67%, rebar lost 0.64%, hot-rolled coil slipped 0.51%, and stainless steel dipped 0.21%. Coking coal and coke: the most-traded coking coal contract fell 0.92%, and the most-traded coke contract fell 1.21%. Overseas base metals: as of 11:43, LME metals all fell. LME copper dropped 1.55%, LME aluminum fell 0.97%, LME lead lost 0.39%, LME zinc declined 1.38%, LME tin tumbled 1.99%, and LME nickel fell 1.36%. Precious metals: as of 11:43, COMEX gold fell 0.9% and COMEX silver plunged 3.4%. Domestic precious metals: SHFE gold edged down 0.11%; the most-traded SHFE silver contract extended losses from the previous five trading days, falling another 2.72%, and hit an intraday low of 13,513 yuan/kg, the weakest since December 2025. Additionally, as of the midday break, the most-traded platinum futures rose 0.31%, while the most-traded palladium futures fell 0.85%. As of the midday close, the most-traded container shipping (Europe route) futures added 0.7% to 3,686.5 points. Selected futures midday quotes as of 11:43, June 26: Spot and fundamentals Aluminum: The futures market stopped falling and edged up today. Spot aluminum in South China gradually weakened amid divergence. Low aluminum prices and strong destocking continued to support suppliers holding prices firm in selling... Macro front China: [National Energy Administration: During the 15th Five-Year Plan period, it will continue to open up energy projects and issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects] Wan Jinsong, deputy director and spokesperson of the National Energy Administration, stated at a State Council Information Office press conference that during the 15th Five-Year Plan period, the administration will persist in the approach of open construction and service-driven investment, increasing support for private enterprises to engage in building a new-type energy system. For major energy projects, it will expand the investment space for private enterprises. For major projects with certain returns, such as nuclear power, hydropower, and oil and gas storage and transportation facilities, the feasibility of private enterprise participation will be assessed on a case-by-case basis. During the 15th Five-Year Plan period, we will continue to open up energy projects, issue investment guidelines for private enterprises to participate in large and medium-sized hydropower projects and others, so that their investments have direction and returns are guaranteed. We will further improve the electricity market and pricing mechanism, and support private enterprises in investing in projects such as virtual power plants, charging facilities, and new-type energy storage. [Wang Hongzhi, Director of the National Energy Administration: China's installed power capacity is expected to reach 5.4 billion kW by 2030] Wang Hongzhi, member of the Party Leadership Group of the National Development and Reform Commission (NDRC) and Director of the National Energy Administration, stated at a press conference of the State Council Information Office that China's installed power capacity has now exceeded 4 billion kW and is expected to reach 5.4 billion kW by 2030. Among this, new energy will account for over 50% of installed capacity, becoming the mainstay of power capacity, while non-fossil fuel power generation will account for 50% of total electricity output, becoming the main source of electricity. Coal and oil consumption will have peaked. The PBOC conducted a 231.5 billion yuan 7-day reverse repo operation today at an interest rate of 1.4%, unchanged from the previous rate. No reverse repos matured today. The PBOC injected a net 329.7 billion yuan into the open market this week. (From Wallstreetcn APP) US dollar aspect: As of 11:43, the US dollar index rose 0.01% to 101.47. According to CME "FedWatch": the probability that the Fed will keep interest rates unchanged in July is 69%, while the probability of a cumulative 25-basis-point hike is 31%. For September, the probability of keeping rates unchanged is 36.6%, cumulative 25-bp hike is 48.8%, and cumulative 50-bp hike is 14.6%. Fed Williams stated that the current monetary policy stance is well positioned to bring inflation back to the Fed's 2% target while acknowledging that risks to achieving its dual mandate remain. Williams said, "Given that inflation is elevated, we must bring it back sustainably to the 2% longer-run goal. The current stance of monetary policy is fully capable of achieving that." Williams noted that inflation is "clearly elevated" and well above the Committee's 2% objective. He expects inflation data to pull back slightly over the next few quarters, although significant risks remain. Fed Goolsbee said on Thursday that while the latest US inflation report showed a glimmer of hope for improvement in services inflation, underlying inflation pressures remain too high and concerning. In an interview with CNBC, Goolsbee declined to offer specific views on whether the Fed should raise rates or keep them unchanged. He said he agreed with Fed Chairman Warsh's view that fueling speculation about future interest rate paths should be avoided. (Jin10 Data APP) US data sent mixed signals while oil prices fell below pre-conflict levels. The May PCE inflation YoY matched average expectations, accelerating from 3.8% to 4.1%. Lower energy costs are expected to cool future inflation. May durable goods orders fell 4.5%, versus average expectations for a 4% decline. Meanwhile, Q1 real GDP annualized quarterly rate was revised up from 1.6% to 2.1%, compared to expectations of 1.7%. Initial jobless claims for the week fell to 215,000, against average expectations of 223,000. (Jin10 Data APP) A CITIC Securities research report said the US dollar index has strengthened rapidly in recent days, driving gold prices below the $4,000/oz mark. Fading inflation concerns did not push the dollar lower. We believe political “re-dollarization” may partly explain the dollar’s recent strength, but a more important driver likely comes from expectations of tightening dollar liquidity. We expect the dollar index to find support this year but struggle to sustain a strong rally, and the next US inflation data could be a catalyst for the market to adjust trading strategies. On the data front: The final US June University of Michigan consumer sentiment index and final June one-year inflation expectations will be released today. Also to watch: FOMC permanent voter and New York Fed President Williams delivers a speech; 2027 FOMC voter and Chicago Fed President Goolsbee speaks; 2026 FOMC voter and Minneapolis Fed President Kashkari speaks. On the crude oil front: As of 11:43, both crude benchmarks fell, with WTI down 1.67% and Brent down 1.54%. As shipping through the Strait of Hormuz resumed, supply concerns eased somewhat. However, a cargo vessel was attacked near Oman on Thursday, and markets will closely monitor geopolitical developments. S&P Global Energy reported on the 25th that 78 vessels transited the Strait of Hormuz on the 24th, the highest single-day tally since the outbreak of the Iran war. The daily average number of vessels transiting the Strait this month has recovered to about 57% of pre-conflict levels. As of the 24th, a cumulative total of 551 vessels had transited the Strait this month, putting it on track to be the busiest month since the war began. The report noted that recent departures from the Strait included vessels that had been stranded for long periods due to the conflict as well as recent arrivals, signaling early signs of normalization in shipping activity. However, whether the rebound in transit volumes can be sustained remains to be seen, and related agreements still need further consolidation and implementation. ((Xinhua News Agency) US Secretary of Energy Wright expects Iran's daily crude oil exports to reach up to 2 million barrels. Additionally, market sources say that crude oil exports from the Persian Gulf have rebounded to 75% of pre-war levels; in the past three days through Wednesday, the region exported 13 million barrels of crude oil. (Jin10 Data App) An earlier Wallstreetcn article reported that the UAE formally withdrew from OPEC on May 1, and Iraq subsequently threatened to follow suit unless granted greater production freedom. Meanwhile, a series of geopolitical shocks—including the US takeover of Venezuelan oil assets and US-Israeli military actions against Iran—have significantly eroded OPEC's market control capability. Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

The Trump administration will provide $17.5 billion in loans to support utilities in ordering reactor equipment designed by Westinghouse, aiming to revive the construction of large-scale nuclear power plants in the US. Trump views nuclear reactors as a core power source for data centers and economic growth, targeting 10 large conventional reactors under construction by 2030 and a tripling of the nation's nuclear capacity to 400 GW.

H1 Price Review: In H1 2026, China’s grain-oriented silicon steel market fluctuated overall, with prices first suppressed and then rebounding. At the start of the year, market prices edged down, but as downstream demand gradually recovered, prices saw a rebound. Performance diverged notably by product type: competition intensified for regular grades amid mediocre demand, keeping prices generally weak; high-end high-permeability grades, supported by rigid demand from power infrastructure, remained firm throughout. On the supply side, regular grades were in ample supply and competition intensified, while high-end products, limited by technological barriers, saw constrained capacity deployment and persistently tight supply. The demand side showed pronounced structural divergence, with ongoing UHV construction and power grid upgrades sustaining solid rigid demand for high-end products, whereas demand for regular grades remained weak. H1 Fundamentals Review: From a production perspective, the production schedule of grain-oriented silicon steel in China in H1 2026 followed a trend of rising, then falling, and then rising again. Only the January-February production schedule volume exceeded the level in the same period of 2025, while the schedule from March to June all fell short of the year-earlier level. In March, it dropped to the H1 low of about 171,000 mt, and in May-June, it recovered to around 183,000 mt as production arrangements were stepped up. However, the overall production schedule center was lower than in H1 2025, and Q2 saw a marked contraction in production activity. Over the same period, the capacity utilization rate trend was highly synchronized with the production schedule. In January-February, the utilization rate was slightly higher than last year, then declined continuously from March to April, hitting the H1 low of 74% in April, and rebounded to 76% in May-June as the schedule recovered. For each month of H1, the utilization rate was significantly lower than the same period in 2025, with the full-year range kept at 74%-81%. This diverging pattern—"slight strength at the start of the year and simultaneous weakening of production schedule and utilization rate in Q2"—indicates that downstream demand support in H1 was weaker than in 2025. Enterprises proactively lowered their Q2 production plans, and the pace of capacity commissioning slowed down. Even with moderate supplementary production in May and June, overall actual operating loads remained weaker than in the same period last year. From the perspective of grain-oriented silicon steel consumption driven by power grid installations, overall demand in H1 2026 (January-April) showed a gradual weakening trend, with monthly consumption declining step by step. January marked the H1 demand peak, with total consumption of approximately 150,000 mt, supported simultaneously by PV, thermal power, and wind power. In February, total demand pulled back slightly, with consumption contracting across all sub-sectors. March fell to the H1 trough, as total monthly consumption was under 80,000 mt, and PV and thermal power installation releases slowed markedly. April saw a slight recovery in demand, but the overall volume remained low. In terms of demand structure, solar, wind, and thermal power remained the core consumption sources in H1, together accounting for nearly 80% of consumption, with nuclear power providing a small supplement and hydropower contribution consistently low. In January, thermal power and PV provided strong boosts, while wind power, which saw concentrated year-end commissioning, had limited release in H1. PV, the largest demand segment, saw continuously declining consumption from January to April, becoming the primary factor dragging down H1 demand. Compared with the full year, overall installation demand in H1 (January-April) was far below the two peak season highs of last May and December. The release pace of new installations was weak, with insufficient commissioning increments across all power sources. Overall, the end-use demand for grain-oriented silicon steel exhibited market characteristics of underperforming in the peak season and coming under monthly pressure. H2 Outlook: In H1 2026, only the Phase II 80,000 mt HIB grade grain-oriented silicon steel capacity of Angang Longdu Electromagnetic New Materials in central China came on stream in Q2, with limited new capacity additions in H1. H2 will mark a concentrated period for GO silicon steel capacity commissioning, with enterprises across multiple regions gradually starting up capacity: in east China, Baoshan Iron & Steel Co., Ltd.'s 220,000 mt HIB grade GO silicon steel capacity will simultaneously commence production in H2, Zhejiang Jinlei Soft Magnetic Materials will start up 100,000 mt CGO grade GO silicon steel capacity in Q3, and Jiangsu Zhongsheng Electromagnetic Technology (180,000 mt HIB) and Jiangxi Chongxin New Materials (80,000 mt HIB) both plan to start production in Q4; in central China, Wuhan Iron & Steel Co., Ltd. plans to launch its 200,000 mt HIB grade GO silicon steel capacity in Q3. Looking ahead to H2, market divergence will persist. The industry’s capacity structure continues to optimize, with new capacity focusing on high-end categories. Supported by energy efficiency upgrade policies and power infrastructure projects, rigid industry demand is expected to be steadily released. Overall, ordinary grades still face downward price pressure, while high-end, high magnetic induction grain-oriented silicon steel will maintain a stable to positive trend backed by favorable demand.

According to data from the National Bureau of Statistics (NBS), in May, raw coal production at industrial enterprises above the designated size (hereafter, large industrial enterprises) remained at a relatively high level, crude oil production grew steadily, natural gas production edged down, and power generation growth picked up. 1. Raw Coal, Crude Oil, and Natural Gas Production and Related Conditions Raw coal production remained at a relatively high level. In May, large industrial enterprises produced 400 million mt of raw coal, down 1.7% YoY, with a daily average production of 12.81 million mt. From January to May, raw coal production at large industrial enterprises reached 1.98 billion mt, down 0.3% YoY. Crude oil production grew steadily. In May, large industrial enterprises produced 18.57 million mt of crude oil, up 0.5% YoY, with growth slowing by 0.7 percentage points from April; daily average production was 599,000 mt. From January to May, crude oil production at large industrial enterprises totaled 91.31 million mt, up 1.1% YoY. The decline in crude oil processing widened. In May, large industrial enterprises processed 53.72 million mt of crude oil, down 9.1% YoY, with the decline expanding by 3.3 percentage points from April; daily average processing volume was 1.733 million mt. From January to May, crude oil processed at large industrial enterprises reached 292.8 million mt, down 2.2% YoY. Natural gas production edged down. In May, large industrial enterprises produced 21.7 billion m³ of natural gas, down 2.2% YoY, compared to a 1.9% increase in April; daily average production was 700 million m³. From January to May, natural gas production at large industrial enterprises amounted to 111.7 billion m³, up 1.7% YoY. 2. Power Generation Power generation growth at large industrial enterprises accelerated. In May, power generation at large industrial enterprises reached 784.3 billion kWh, up 4.2% YoY, with growth accelerating by 1.6 percentage points from April; daily average generation was 25.3 billion kWh. From January to May, power generation at large industrial enterprises totaled 3,912.9 billion kWh, up 3.6% YoY. By type, in May, growth in thermal power at large industrial enterprises slowed, while growth in hydropower and solar power accelerated, and nuclear and wind power shifted from decline to growth. Specifically, thermal power at large industrial enterprises grew 2.1% YoY, with growth slowing by 1.0 percentage point from April; hydropower increased by 13.0%, with growth accelerating by 0.8 percentage points; nuclear power grew 5.0%, compared to an 8.7% decline in April; wind power edged up 0.5%, reversing a 5.0% drop in April; and solar power rose 12.1%, with growth accelerating by 5.0 percentage points.