In July 2026, magnesium prices fluctuated within a narrow band of RMB 15,650‑16,000/ton, with the monthly average price at RMB 15,835/ton, down 2.55% month‑on‑month.

Update: 29 July 2026 June imports climb to 173.34 tons, highest since March 2024, according to customs data International gold price falls 8% in first half, while yuan-denominated price drops 10% China’s gold imports surged 89.1% year-on-year in the first half of 2026 as falling bullion prices, a stronger yuan and sustained demand from investors and commercial banks encouraged overseas purchases. The country imported 864.95 tons of gold between January and June, compared with 457.39 tons in the same period last year, according to figures from China’s General Administration of Customs. China imported 94.16 tons in January, up from 16.52 tons a year earlier. Imports rose to 113.18 tons in February from 76.33 tons and to 161.86 tons in March from 73.67 tons. Purchases stood at 159.84 tons in April, compared with 127.53 tons in the same month last year, before increasing to 162.55 tons in May from 99.55 tons. Imports reached 173.34 tons in June, rising from 63.79 tons a year earlier and marking the third consecutive monthly increase. The June figure was the highest since March 2024. Cheaper international prices and the appreciation of the yuan helped keep Chinese investors interested in bullion, while commercial banks increased imports to replenish inventories and meet commitments related to retail gold sales and accumulation plans. Gold accumulation plans, offered by Chinese banks, allow individuals to purchase bullion in small increments and are among the main channels through which retail investors gain exposure to the precious metal. Lower prices support investment demand The international gold price declined 8% during the first half, while the yuan-denominated price dropped 10%, according to a July 14 report by the World Gold Council, or WGC. The WGC calculations were based on the LBMA Gold Price PM, administered by ICE Benchmark Administration, and the Shanghai Benchmark Gold Price PM published by the Shanghai Gold Exchange, or SGE. Both benchmarks fell 11% in June, according to the WGC, which attributed the decline partly to hawkish messages from US Federal Reserve Chair Kevin Warsh that pushed real yields and the dollar higher. The stronger Chinese currency amplified the decline in local gold prices and made internationally sourced bullion relatively cheaper for domestic buyers, according to analysis published by Bloomberg and the WGC. The first-half decline resulted in gold’s first semiannual loss since 2021, the WGC said. Chinese gold-backed exchange-traded funds recorded net demand of 29 tons during the first half, the second-strongest first-half performance on record, according to WGC calculations based on company filings. The funds’ total assets under management stood at 243 billion yuan ($36 billion) at the end of June, while their aggregate holdings reached 277 tons, the WGC said. Chinese gold ETFs suffered record monthly outflows of 15 billion yuan ($2.2 billion) in June, reducing their holdings by 17 tons, according to the WGC. The council attributed the June outflows to weaker gold prices and rising investor interest in Chinese equities, as reflected in increased stock-market account openings. Despite the monthly outflow, Chinese gold ETFs attracted about 40 billion yuan ($5.6 billion) during the first half, the WGC said, based on data from fund company filings. Institutional investor participation and uncertainty surrounding geopolitical and economic developments also supported first-half ETF demand, according to the council. Daily average trading volumes in gold futures on the Shanghai Futures Exchange, or SHFE, rose by 4 tons month-on-month to 305 tons in June, according to SHFE data compiled by the WGC. The June volume remained below the 2025 average of 457 tons per day but exceeded the five-year average of 265 tons, the WGC said. Gold futures turnover averaged 386 tons per day during the first half as price volatility and increased hedging needs supported activity, according to the council’s analysis of SHFE data. Open interest in gold futures stood at 274 tons at the end of June, down 8% during the month and 13% from the end of 2025, the WGC said, citing SHFE figures. Central bank extends record buying streak Gold withdrawals from the SGE rose 36% month-on-month to 87 tons in June, according to SGE data compiled by the WGC. The council attributed the rebound to opportunistic restocking across the supply chain, continued demand for bars and coins, and comparison with May, when withdrawals fell to their lowest level in 16 years. Despite the monthly recovery, June withdrawals remained close to the lowest levels recorded during the past decade because of continued weakness in gold jewelry demand, according to the WGC. Total SGE withdrawals reached 598 tons during the first half, down 12% year-on-year and 27% below the 10-year average, the council said. The historical comparison was based on SGE data covering 2016 to 2025. The WGC said resilient bullion investment was insufficient to offset weak jewelry consumption, which made manufacturers and retailers cautious about replenishing inventories. The PBoC added 15 tons of gold to its reserves in June, its largest monthly purchase since October 2023, according to the WGC, citing figures from China’s State Administration of Foreign Exchange. The June purchase brought the central bank’s first-half acquisitions to 40 tons and extended its gold-buying streak to 20 consecutive months, the longest on record, the council said. China’s official gold reserves reached 2,346 tons, equivalent to about 8% of the country’s official foreign exchange assets, according to data from the State Administration of Foreign Exchange cited by the WGC. The central bank accumulated 82 tons of gold during the 20-month purchasing streak, according to WGC calculations based on China’s official reserve disclosures. The WGC said heightened geopolitical tensions, trade disputes and financial-market volatility continued to support gold’s appeal to central banks as an asset without credit risk. Looking ahead, the WGC said Chinese jewelry consumption was likely to remain weak during the seasonal slowdown, although stabilizing gold prices could provide some support. Source： https://www.aa.com.tr/en/economy/factbox-china-s-gold-imports-jump-89-in-first-half-as-prices-retreat/4012362

Shanghai Metals Market (SMM) is thrilled to announce that our Net Zero Europe 2026 will officially kick off at the Hilton Barcelona in Barcelona, Spain, on November 2–3, 2026. This event is Europe's premier deal-focused leadership summit, bringing together senior decision-makers, project developers, utilities, investors, and technology innovators shaping the future of solar, energy storage, and grid flexibility. Conference Background Negative power prices, grid congestion, and sharp price volatility have become the new normal in Europe’s energy market. Against this backdrop, energy storage has evolved from an option into a system necessity. Meanwhile, the policy landscape is being reshaped: CfD 2.0 caps renewable revenues, dynamic tariffs expose assets to real-time market signals, and the proposed Industrial Accelerator Act introduces “EU-made” localisation requirements for batteries and inverters. These are not just compliance thresholds—they are redefining competitiveness. Yet within the challenges lie enormous opportunities. GW-scale hybrid plants are moving from ambition to bankable reality, while revenue stacking and co-location are rewriting project profitability. This is the moment to rethink strategies, secure financing, and build resilient assets. Join us in Barcelona to help shape the next decade of European solar-storage. Four Core Values of Net Zero Europe 2026 1. Swiftly Responding to Market Shifts and Capturing Business Opportunities Faced with policy adjustments such as negative electricity prices, dynamic electricity pricing, capacity markets, and CfD 2.0, how can enterprises quickly respond to market changes and find new profit opportunities? The conference will bring together front-line developers, investment institutions, and industry experts from the European market to jointly analyze the latest market trends, business models, and investment opportunities, helping enterprises grasp the development direction of the European PV+ESS market. 2. A Premium Platform for Investment & Cooperation on High-Quality Projects As large-scale PV+ESS projects continue to emerge, how can you find reliable partners, high-quality projects, and investment opportunities? The conference will gather project developers, IPPs, utility companies, EPCs, equipment suppliers, and financial institutions to build an efficient business cooperation platform for participating enterprises, promoting project collaboration, supply chain alignment, and capital exchange. 3. Pooling Industry Resources and Expanding Global Connections The conference will attract key decision-makers from the PV+ESS industry chain in Europe and around the world, including energy company executives, government agencies, industry associations, investment institutions, and technology enterprise representatives. Whether you are looking for partners, expanding overseas clients, or establishing long-term business relationships, you will gain high-value networking resources and face-to-face communication opportunities. 4. Gaining First-hand Information and Insights into the Industry’s Future As European energy policies, market demand, and industry landscape continue to evolve, mastering market information as early as possible is a competitive advantage. The conference will focus on hot topics such as European energy transition, supply chain layout, energy storage market, AI data centers, and power grid upgrades, helping enterprises stay up-to-date with the latest policy orientations, market opportunities, and industry development trends, thereby providing decision-making references for their overseas business layout. Why You Must Not Miss This Event Our Net Zero Europe 2025 delivered expressive results: 500+ senior-level attendees, 20+ countries, and 60+ speakers. Among the attendees, 35% were from project developers, IPPs and large utilities; 25% from financial institutions, investors and ESG funds; 20% from technology providers, EPC and consulting firms; and 20% from government and regulatory bodies. By job title, 25% were C-suite and founders, 35% directors and department heads, and 20% senior managers and project leaders. This year, we have upgraded our confernce by offering more in-depth agendas, more precise matchmaking, and more actionable insights. Attendee Breakdown by Industry The 2026 summit brings together professionals from Europe and across the global new energy industry chain, covering policy-making, project development, equipment manufacturing, and financial investment, to build a high-quality industry exchange platform. ► Technology Suppliers & Equipment Manufacturers: 35% ► Developers & EPC Contractors: 18% ► Financial Institutions: 17% ► Other Industry Representatives: 17% ► Government & Policy-Making Bodies: 12% Attendee Breakdown by Job Title Attendees are predominantly corporate decision-makers and senior management, providing high-value networking for business cooperation, project matchmaking, and strategic exchange. ► Directors & Department Managers: 33% ► Marketing, Sales & Business Leads: 25% ► Project Managers and Technical Leads: 17% ► Chairpersons and CEOs: 15% ► Policy and Regulatory Experts: 10% ✅ Understand the new revenue logic under CfD 2.0, dynamic electricity prices, and capacity markets ✅ Master the financing and implementation pathways for gigawatt-scale PV+ESS hybrid projects ✅ Understand the changing landscape of the European supply chain and its practical impact on equipment selection and project costs ✅ Connect with 500+ core decision-makers in the European PV+ESS industry chain Senior Speakers 2025 (Partial) Conference Agenda Day 1, Monday, Nov 2 09:10-09:20 Opening Remarks 09:20-09:40 Keynote Speech：Europe's Solar-Storage & Power Market Outlook 2026–2030: Policy Drivers, Market Transformation & Strategic Pathways 09:40-10:00 Keynote Speech：From Cost Center to Grid Backbone： Why Energy Storage Is Europe’s Most Strategic Energy Infrastructure 10:00-10:50 Panel Discussion: From Gigawatt Ambition to Bankable Reality: The Rise of Europe's Massive Solar-Storage Hybrids 10:50-11:20 Coffee Break & Networking 11:20-11:40 Keynote Speech: Safety as Profitability: How High-Reliability Batteries Maximize Long-term Asset Value in Solar-Storage Projects 11:40-12:00 Keynote Speech: Merchant & CFD 2.0: Revenue Model Innovation for Europe's Next-Generation Solar-Storage Projects 12:00-12:20 Keynote Speech: From Market Reform to System Transformation: The Strategic Role of Energy Storage in Europe‘s New Power Landscape 12:20-13:30 Lunch & Networking 13:30-13:50 Keynote Speech: From Passive Monitoring to Predictive Care: How Battery Data Platforms De-risk and De-carbonise Storage Assets 13:50-14:40 Panel Discussion: Powering the AI Revolution: How Data Centres Become the Next Catalyst for Solar-Storage Growth in Europe 14:40-15:00 Keynote Speech: Reserved for SMM 15:00–15:50 Panel Discussion: How Next-Generation Module Technologies (TOPCon, HJT, BC) Reshape Project Profitability in Europe 15:50–16:20 Coffee Break & Networking 16:20–16:40 Keynote Speech: When Prices Speak by the Hour: How Germany‘s Dynamic Tariff Reform Reshapes the Value of Behind-the-Meter (BTM) ESS 16:40–17:00 Keynote Speech: From Reactive to Proactive: Maximising Asset Value Through Advanced O&M Strategies in Europe’s Solar-Storage Era Day 2, Tuesday, Nov 3 09:30-09:50 Keynote Speech: From “Consumer Market” to “Manufacturing Rebalancing”: The New Landscape and Strategic Pathways for the Localisation of Europe‘s Solar-Storage Industry 09:50-10:40 Panel Discussion: A Key Pillar of European Energy Transition: Unlocking the Growth Potential of Distributed Solar-Storage 10:40-11:10 Coffee Break & Networking 11:10-11:30 Keynote Speech: Capturing the Price Spread: How Intelligent Residential Storage Turns Dynamic Tariffs into Daily Revenue 11:30-11:50 Keynote Speech: Reserved for SMM 11:50-13:00 Lunch & Networking 13:00-13:20 Keynote Speech: Reconstructing LCOS: How High‑Efficiency n‑Type Modules Unlock Greater Value in PV‑Storage Hybrids 13:20-14:10 Women Leadership Panel: She Powers the Sun: Women Driving the Next Wave of Solar-Storage Growth in Europe Scan the QR Code Below to Secure your 10% Off Early Bird Price (Available until 31 August 2026)

In H1 2026, China’s sulphur market experienced a full transmission chain of “import collapse – output pressure – export stagnation”. Key figures: Production: National sulphuric acid output in January–May fell 1.6% y‑o‑y, with significant declines in traditional phosphate fertiliser producing provinces like Hubei, Guizhou, and Yunnan, while Anhui and other smelter‑acid‑concentrated regions saw growth. Exports: Sulphuric acid exports practically halted in June......

Over the past three weeks, the domestic spot market for platinum group metal (PGM) compounds has exhibited the following pattern: raw materials fluctuate sharply in tandem with macro sentiment, compound quotations passively rise and fall accordingly, while trading volume remains sluggish and dominated by rigid demand. Platinum and palladium raw materials have been pulled back and forth by Federal Reserve interest rate expectations and geopolitical conflicts in the Middle East, triggering wide swings on the Guangzhou Futures Exchange platinum and palladium futures market. Mainstream compounds including chloroplatinic acid, chloropalladic acid and rhodium nitrate adjust in line with primary metal feedstocks. However, processing margins for compounds remain thin, resulting in weaker price volatility compared with primary platinum and palladium ingots. The market features low inventory levels, slow shipments and batch-based purchasing. Midstream manufacturers avoid exposure risks to raw material prices, while downstream end-users adopt production-based procurement strategies. The signing of long-term contracts slows down, spot bulk orders account for a higher share, and widespread market caution prevails. Divergence across PGM compound varieties persists: platinum-based compounds receive incremental demand support from hydrogen energy and semiconductor sectors; palladium-based compounds remain under pressure; minor varieties including rhodium, ruthenium and iridium show greater independent price swings subject to fluctuations in segmented orders. Platinum-based Compounds Stable rigid demand stems from capacity expansion of electronic glass fibre fabrics, catalytic precursors for hydrogen fuel cells, and catalysts for nitric acid chemical production. Demand for diesel vehicle exhaust aftertreatment stays steady. Diversified demand offsets headwinds from the automotive catalyst segment. Palladium-based Compounds Output of internal combustion engine vehicles faces downward pressure, while July and August mark the seasonal low for automobile manufacturing. Several automakers conventionally arrange high-temperature production shutdowns and maintenance from late July to August, dragging down shipment momentum. Rhodium-based Compounds Rhodium raw material prices have trended higher over the past month amid divergent market expectations between buyers and sellers. Downstream clients prioritise inventory drawdown and procure only as needed. Holders are reluctant to cut prices substantially to offload stocks, extending negotiation cycles for spot orders and leading to generally slow shipment speeds. Ruthenium & Iridium-based Compounds Ruthenium raw material prices have surged significantly and traded at elevated levels in mid-to-late July. Trading merchants and smelters hold back supply out of reluctance to sell. They prioritise fulfilling existing long-term contracts and delay releasing spot supplies. The spot market sees quoted prices paired with limited available material, with abundant enquiries but limited concluded trades.

In the first half of 2026, the price trends of the three major black mass categories diverged significantly. LFP black mass was highly correlated with the spot and futures prices of lithium carbonate. Ternary battery powder, supported by the multi-metal value of nickel, cobalt, and lithium, exhibited a "high-then-low, wide-range oscillation" pattern.