[SMM Silicon-Based PV Morning Conference Summary] Silicon Metal: Post-Chinese New Year, the market exhibited strong wait-and-see sentiment, with silicon enterprise offers remaining basically stable compared to pre-holiday levels. Yesterday, SMM assessed oxygen-blown #553 silicon in east China at 9,200-9,400 yuan/mt and #441 silicon at 9,300-9,600 yuan/mt. The most-traded futures contract fluctuated near 8,350-8,450 yuan/mt, while some futures-spot traders saw their spot-futures price spread quotes strengthen slightly. On the first trading day after the holiday, market activity was dominated by inquiries, with limited spot transaction volumes. Silicone: Yesterday's transaction price stood at 13,800-14,000 yuan/mt, holding steady from pre-holiday levels. During the Chinese New Year holiday, demand remained stagnant. Post-holiday, as downstream plants resumed operations and the first wave of rigid restocking demand gradually emerged, coupled with low operating rates on the supply side and the upcoming silicone monomer industry conference in Zhejiang from late February to early March, silicone prices are still expected to rise.

On January 27, Jiang Huamao, Director of the Road Passenger Transport Department of the Beijing Municipal Commission of Transport, led a delegation to visit Qingdong Technology for a special survey, conducting a field trip to observe the enterprise's hydrogen vehicle operations and safety production management. Zhang Jingxing, Deputy Director of the Road Passenger Transport Department, and Huang Jinlong, Director of the Yanqing District Transport Bureau, accompanied the survey. Both government and enterprise sides worked together to discuss pathways for high-quality development of the hydrogen transportation industry. During the survey, Jiang Huamao listened in detail to Qingdong Technology’s report on operational layout, market expansion, and safety production system construction. He focused on reviewing materials such as safety management systems, vehicle operation and maintenance records, and emergency response plans, affirming the enterprise’s standardized procedures for the full life cycle safety management of hydrogen vehicles. At the symposium, Jiang Huamao, in light of Beijing’s hydrogen energy industry development plan, put forward work requirements for Qingdong Technology. He emphasized that hydrogen energy is a core direction for green transformation in the transportation sector, and the enterprise must prioritize safety production, improve the full-chain safety management system, and refine emergency procedures to strengthen the safety baseline. He encouraged the enterprise to deepen its involvement in the hydrogen transportation sector, aiming to set an industry benchmark, build a standardized industrial system, and create a core competitive brand. This survey has clarified the development direction for Qingdong Technology. Both government and enterprise sides will take this opportunity to deepen cooperation, promote the large-scale and safe application of hydrogen technology in the transportation sector, and support Beijing in building a green transportation system that “uses electricity where appropriate and hydrogen where suitable,” making hydrogen energy a “green engine” for regional high-quality development.

Metals generally rose, with LME zinc and coking coal up over 1%, while crude oil, NYMEX gold, and SHFE gold fell [Overnight Market]

[SMM Steel Morning Meeting Summary] Yesterday, rebar futures fluctuated rangebound, closing at 2,981, up 0.17% from the previous trading day. In terms of spot prices, spot prices in most regions remained stable, while prices in a few regions fell by 10 yuan/mt. The market sentiment was one of wait-and-see, with trading performance throughout the day falling short of the previous day. On the fundamental side, EAF steel mills, facing intensified profit losses, saw some mills reducing operating hours or halting production. Blast furnace steel mill profits remained considerable. According to the SMM survey, the impact from maintenance on building materials this week was 1.262 million mt, down 57,000 mt WoW, with supply increasing slightly...

[SMM Daily Briefing on Coal and Coke] In terms of supply, affected by environmental protection and inventory accumulation, some coke enterprises have slightly cut production, leading to a tightening of coke supply. Demand side, steel mill profits are moderate, and there have been no large-scale maintenance activities. There is a rigid demand for coke, but pig iron production has peaked. Moreover, steel mills have the intention to continue driving down coke prices, with some controlling the arrival of coke and lacking the willingness to purchase. In summary, the market sentiment is weak, and there is an expectation for a fourth round of coke price cut this week.

On June 5, Shaanxi Hydrogen and Northern Investment Company held a discussion on strengthening cooperation in hydrogen technology applications, empowering the high-quality development of the Xi'an Ordnance Base through industrial synergy, and visited the base's exhibition hall and ordnance museum. Huang Ye, Party Secretary and Chairman of Shaanxi Hydrogen, and Tan Jin, Chief Accountant of Northern Investment Company and Chairman of Xi'an Ordnance Industry Technology Development Co., Ltd., attended the meeting. At the symposium, Huang Ye provided a detailed introduction to the basic situation, current business development, project planning progress, and construction and operation achievements of Shaanxi Hydrogen. He stated that as a central state-owned enterprise based in Shaanxi, Northern Investment Company carries forward the glorious history and fine traditions of "national heavyweights." As the "chain leader" company in the provincial hydrogen industry chain, Shaanxi Hydrogen has a highly complementary industrial layout with Northern Investment Company, presenting significant potential for cooperation. Shaanxi Hydrogen is expected to leverage their respective strengths, adhering to the principles of "joint research, co-creation of scenarios, and capital linkage," to jointly conduct specialized hydrogen research, technological breakthroughs, and pilot applications of fuel cell equipment. A working group will be established to jointly incubate innovative hydrogen projects, providing industrial support for the high-quality economic and social development of the region. Tan Jin warmly welcomed the visit by Huang Ye and his team, and gave a detailed account of the historical evolution, planning and construction framework, enterprise settlement, and management model of Northern Investment Company and the Ordnance Base. He noted that as a demonstration project of collaboration between the Ordnance Industry Group and the governments of Shaanxi Province and Xi'an City, the Ordnance Base has accumulated rich experience in park development, construction, and industrial operations. It is hoped that both parties will take this exchange as a starting point to fully explore areas of cooperation, accelerate the implementation of specific cooperative projects, and jointly open up a new situation of coordinated development between central enterprises and localities. Ma Biao, Deputy General Manager and member of the Party Committee of Shaanxi Hydrogen, along with representatives from the Strategic Planning Department, Safety Production Department, and Hydrogen Ridge Investment Company; and relevant responsible persons from the Development Planning Department, Science and Technology Development Department, Financial Services Department, Quality and Safety Department, and Park Operations Department of Northern Investment Company participated in the discussion.