The University of Tsukuba in Japan successfully developed a new-type magnesium-air solid-state battery, using a nitrogen-doped porous graphene cathode to solve the problem of chloride corrosion, providing a high-safety, low-cost technological pathway for flexible electronics and wearable devices. At the same time, the Record Ridge magnesium mine project in British Columbia, Canada, has triggered strong opposition from the local tourism community over plans to transport ore to China for processing, and has been halted by litigation, with a court hearing scheduled for March 10. The two developments respectively highlight magnesium’s cutting-edge applications in new energy technology and the real-world tensions in resource development.

On February 10, ERG Africa, a subsidiary of Eurasian Resources Group (ERG), and Enterprise Générale du Cobalt (EGC), a state-owned entity of the Democratic Republic of the Congo (DRC), signed a memorandum of understanding on the sidelines of the Mining Indaba in Cape Town. The agreement establishes a public-private partnership aimed at promoting the formalization, professionalization, and regulation of artisanal and small-scale mining (ASM) in the DRC. Under the agreement, EGC will obtain mining rights to an exploitation area owned by ERG in Lualaba Province and will implement a pilot project to develop a more structured mining model.

Recently, African media reported that the cross-border, world-class iron ore resource of the Mbalam-Nabeba Iron Ore Project, located between Congo Republic and Cameroon in Africa, is expected to commence production in December 2025 , with the supporting railway construction to start simultaneously. The Mbalam-Nabeba Iron Ore Project is situated on the border between Cameroon and Congo Republic, with Mbalam located in Cameroon and Nabeba in Congo Republic. According to a 2015 exploration report, the iron ore reserves of this mine are estimated at 5.64 billion mt (mainly hematite, with a grade of 33.4%), including 805 million mt of high-grade iron ore (with a grade of 57.3%), making it a world-class large-scale high-quality open-pit iron ore mine. According to the latest information, the total iron ore resources of the entire Mbalam-Nabeba Project exceed 6.44 billion mt. Among them, the mining areas in Congo Republic cover three ore deposits: the Nabeba Iron Ore Mine, the Avima Iron Ore Mine, and the Badondo Iron Ore Mine , with estimated iron ore reserves of 1.5 billion mt, 1.4 billion mt, and 679 million mt, respectively. On August 17, 2022, Cameroon Mining Company Sarl (CMC) obtained the mining license for the Mbalam Iron Ore Mine. Bestway Finance, an investment vehicle headquartered in Singapore that shares the same parent company as CMC, and the Australian publicly listed firm AustSino Resources announced a joint development of this project. Behind these two shareholders is a large number of Chinese engineering, construction, infrastructure, or mining companies, including China Railway 20th Bureau Group Corporation, China Machinery Engineering Corporation, China Civil Engineering Construction Corporation, China National Chemical Engineering Heavy Machinery Co., Ltd., and China Construction Mining Group Co., Ltd., among others. On May 7, 2024, representatives from Bestway Finance and representatives from the Cameroonian government, including Professor Fuh Calistus Gentry, the interim Minister of Mines, Industry, and Technological Development, signed the development agreement for the Mbalam Iron Ore Mine. Driven by the upcoming production of the Simandou Project in Guinea, it may bring greater impetus and stimulation to this world-class project in Cameroon. Let's wait and see for the official commencement of production at the end of the year!

As the world places greater emphasis on sustainable development, the recycling and reuse of metal resources not only effectively reduces resource waste but also mitigates environmental pollution, thereby promoting a green transformation of the economy.

According to Kumba Iron Ore's latest quarterly report, the company sold 9 million mt of iron ore in Q1, which is equivalent to its total production. Kumba has been collaborating with Transnet and the Ore Users Forum to prioritize maintenance work related to independent technical assessments of the iron ore line. Following this positive start, Kumba maintained its full-year iron ore production and sales guidance between 35 million mt and 37 million mt. The company's average FOB export price for iron ore this quarter was $98/mt, 11% higher than the benchmark price of $88/mt. CEO Mpumi Zikalala stated that amidst the uncertain global macro environment, it is even more crucial for Kumba to focus its strategy on operational excellence and cost optimization. "We successfully restructured our business in 2024, significantly enhancing our resilience in a more challenging operating environment. We are pleased to continue unlocking value through our high-quality iron ore products, achieving an average price 11% higher than the benchmark." In this quarter, Kumba increased its waste stripping volume by 8% to 40.5 million mt, thanks to an optimized mine plan that operates as an integrated mining complex and develops greater flexibility in the production process. Although production at the Sishen mine decreased by 9% YoY to 6 million mt, production at the Kolomela mine increased by 12% YoY to 3 million mt. Importantly, iron ore shipped to ports by rail increased by 5% YoY to 9.8 million mt.

At the Lithium Battery Recycling Forum of the CLNB 2025 (10th) New Energy Industry Chain Expo hosted by SMM Information & Technology Co., Ltd. (SMM), Bao Wei, Assistant General Manager of Qiantong Environmental Technology (Suzhou) Co., Ltd. and EMBA Instructor at Jiangnan University, shared the application and case studies of DRCC® low-energy deep concentration technology in lithium recovery.

As a typical recent trend in US stocks, the three major indices collectively rose after the Trump administration expressed a conciliatory stance on a series of recent conflicts. At the close, the S&P 500 Index increased by 2.51% to 5,287.76 points, the Nasdaq Composite Index rose by 2.71% to 16,300.42 points, and the Dow Jones Industrial Average climbed by 2.66% to 39,186.98 points. (S&P 500 Index daily chart, source: TradingView) As the latest development after the close, US President Trump solemnly stated at the swearing-in ceremony of the new SEC Chairman Paul Atkins that he has no intention of firing Fed Chairman Powell, and it is all media hype. Trump also made some softening remarks on trade conflicts. As background, White House National Economic Council Director Hassett just stated last Friday that Trump is studying whether he has the ability to fire Powell. Moreover, Trump himself has repeatedly discussed in front of the media "whether he has the authority to dismiss Powell." Earlier on Tuesday, US Treasury Secretary Besant also told a group of investors during a closed-door meeting that "the current state of trade conflicts is unsustainable," which is also the reason for the US stock market's rise throughout the day. It is important to emphasize that the cause of market turmoil is precisely Trump and his aides. Therefore, it is currently unclear when their next change of stance will occur. The only certainty is that the situation in the US stock market, where one or two people's remarks can cause the market to fluctuate, will continue for the foreseeable future. Regarding the Trump administration's remarks, Steven Blitz, chief US economist at TS Lombard, believes that this is a message they are conveying to stabilize the market, and Besant is merely stating an obvious fact. Hot Stock Performance Against the backdrop of recovering market sentiment, US tech giants collectively rebounded. Apple rose by 3.41%, Microsoft by 2.14%, Amazon by 3.5%, NVIDIA by 2.04%, Google-A by 2.57%, Tesla by 4.6%, Meta by 3.22%, and AMD by 0.82%. Chinese concept stocks also performed well. At the close, the Nasdaq Golden Dragon China Index rose by 3.69%. Among them, Alibaba increased by 5.20%, JD.com fell by 1.15%, Baidu rose by 1.63%, Pinduoduo by 4.22%, Bilibili by 3.15%, NIO by 4.17%, NetEase by 2.44%, Futu Holdings by 6.38%, Li Auto by 2.46%, XPeng Motors by 4.78%, and EHang by 6.67%. Company News [Tesla's Poor Earnings Data, but Market Celebrates Musk's Refocus on Business] After the market closed on Tuesday, Tesla, deeply embroiled in political turmoil, released a first-quarter report with core performance completely below expectations. Due to a sharp drop in car deliveries, the company's revenue, profit, and other core financial indicators were all significantly lower than expected. The market's most focused issue was Musk's statement during the earnings call that he would significantly reduce the time spent on the "Government Efficiency Department," causing a sharp rise in the stock price after hours. Musk said, "I think starting next month, May, my time investment in DOGE will be greatly reduced." Musk predicts that he will still maintain a certain level of involvement during the "remaining term of the presidency," but will soon allocate more time to Tesla. He also stated that he will continue to advocate for tariff reductions. Affected by this, as of the time of writing, Tesla's after-hours stock price rose by more than 3%. [Apple's US Website Removes "Now Available" Label for AI Feature Upon Request] On Tuesday local time, the US advertising industry self-regulatory organization National Advertising Division (NAD) issued a notice detailing the investigation results of Apple's AI advertising. In short, the agency determined that Apple engaged in misleading advertising and proposed modifications. Apple responded that although the company disagrees with the investigation's conclusions, it appreciates the opportunity to cooperate with NAD and has followed its advice to adjust the relevant pages, including removing the "Now Available" label for Apple Intelligence. [OpenAI Interested in Acquiring Google's Chrome Browser] Nick Terry, head of OpenAI's ChatGPT, stated during a court hearing on Google's monopoly case on Tuesday that if the court orders the breakup of Google, OpenAI is interested in acquiring Google's Chrome browser. [Boeing Sells Digital Aviation Solutions Business for $10.55 Billion] Boeing announced on Tuesday that it has agreed to sell part of its digital aviation solutions business to acquisition company Thoma Bravo for $10.55 billion. Boeing hopes to focus on its core business and alleviate the pressure of huge losses through this transaction. [Meta Officially Launches Edits, a Competitor to CapCut] Meta announced on Tuesday the official launch of Edits, a video creation application that competes with CapCut. All features of the app are free to use initially, but paid items may be added later.

SMM April 19 News: In the metal market, domestic base metals generally rose overnight, with SHFE tin up 0.48%. SHFE copper fell 0.12%, SHFE nickel dropped 0.48%, SHFE lead increased 0.39%, SHFE aluminum rose 0.43%, and SHFE zinc climbed 0.98%. Additionally, alumina fell 1.09%. In the ferrous metals series, iron ore rose 0.35%, stainless steel fell 0.27%, rebar slightly declined, and HRC slightly increased. For coking coal and coke, coking coal rose 0.9%, while coke fell 0.45%. Overseas, LME base metals were closed on April 18 due to Good Friday. In the precious metals sector, COMEX gold and COMEX silver trading was suspended all day on April 18 for Good Friday. COMEX gold rose for two consecutive weeks, up 2.98% this week; COMEX silver also rose for two weeks, up 1.99% this week. SHFE gold rose 0.36%, marking seven consecutive weeks of gains, up 5.09% this week; SHFE silver fell 0.07%, up 2.87% this week. As of 10:12 AM on April 19, overnight closing prices. Click to view SMM futures data dashboard. On the macro front, domestically, the State Council executive meeting chaired by Premier Li Qiang discussed measures to stabilize employment and the economy, promoting high-quality development. The meeting emphasized stabilizing foreign trade and investment, supporting foreign enterprises' reinvestment in China, and promoting consumption in services like elderly care, childbirth, culture, and tourism. It also called for expanding effective investment and boosting private investment enthusiasm, continuing to stabilize the stock market, and promoting the healthy development of the real estate market. Click for details. Shanghai Mayor Gong Zheng met with NVIDIA President and CEO Jensen Huang on April 18. Gong welcomed global high-tech companies like NVIDIA to leverage China's vast market and Shanghai's high-level opening-up opportunities, deepening cooperation with local enterprises. Huang noted the importance of the Chinese market to NVIDIA, not only for its size but also for its quality customer base and industrial ecosystem. Shanghai is a key R&D base for NVIDIA, offering a favorable business and industrial environment. In the US dollar market, the US dollar index fell 0.21% to 99.24 overnight, marking four consecutive weeks of decline, down 0.56% this week. Due to the Easter holiday, the foreign exchange market remained open but was sluggish, with the dollar remaining weak. After falling below the 100 mark last week, the dollar repeatedly tested to return above 100 this week but faced significant pressure. Trade war concerns continued to erode market confidence in the dollar as a safe-haven asset. Market sentiment was cautious, influenced by tariff uncertainties, US trade negotiations, and central bank officials' comments. On monetary policy, Fed Chair Powell stated the Fed would wait for more economic data before deciding on rate adjustments, calling Trump's tariff plan a "fundamental change" with no historical precedent for businesses and economists to reference. (Huitong Finance) In other currencies, Australia's March labor data showed the unemployment rate remained at 4.1%, but job growth fell short of expectations, increasing market expectations for a 25 basis point rate cut by the RBA in May, with some traders even anticipating a 50 basis point cut. (Huitong Finance) Japan's March "core-core" CPI (excluding fresh food and energy) rose to 2.9% from 2.6% in February. National CPI rose 3.6% YoY, above the Bank of Japan's 2% inflation target for three consecutive years but slightly below February's 3.7%. The Bank of Japan is expected to keep rates at 0.5% at its May 1 policy meeting but may lower growth expectations due to global trade tensions. (Huitong Finance) On the macro front, next week will see the release of China's April one-year and five-year LPR, New Zealand's March trade balance, Australia's ANZ consumer confidence index for the week ending April 20, the eurozone's April consumer confidence index, France's April SPGI manufacturing PMI, Germany's April SPGI manufacturing PMI, the eurozone's April SPGI manufacturing PMI, the UK's April SPGI services PMI, the eurozone's February seasonally adjusted trade balance, the US April SPGI manufacturing PMI, US March seasonally adjusted new home sales annualized total, China's April 24 MLF rate, Germany's April IFO business climate index, the UK's April CBI industrial orders difference, Canada's April CFIB business barometer, US March durable goods orders MoM, US initial jobless claims for the week ending April 19, US continuing jobless claims for the week ending April 19, US March existing home sales annualized total, the UK's April GfK consumer confidence index, Japan's April Tokyo CPI YoY, the UK's March seasonally adjusted retail sales MoM, the UK's March seasonally adjusted core retail sales MoM, Canada's February retail sales MoM, and the US April University of Michigan consumer sentiment index final. Additionally, next week will feature a State Council Information Office press conference on the "Comprehensive Pilot Work Plan for Accelerating the Opening of the Service Industry," interviews with 2025 FOMC voter and Chicago Fed President Goolsby on CNBC, remarks by Fed Vice Chair Jefferson at the Economic Mobility Summit, the IMF's "World Economic Outlook" report, an interview with ECB President Lagarde on CNBC, remarks by 2026 FOMC voter and Minneapolis Fed President Kashkari, opening remarks by 2025 FOMC voter and St. Louis Fed President Moussalem and Fed Governor Waller at an event, the G20 Finance Ministers and Central Bank Governors meeting until April 24, remarks by Bank of England Governor Bailey at the IIF conference, the Fed's Beige Book, remarks by Swiss National Bank President Schlegel, and global financial leaders attending the IMF-World Bank Spring Meetings until April 26. On April 21, the Sydney Stock Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, LME, and Hong Kong Exchange will be closed for Easter. Overseas exchange holiday arrangements are as follows (all in Beijing time): In the crude oil market, both oil futures were suspended all day on April 18 for Good Friday. With only four trading days this week, the crude oil market was active. Weekly, US oil futures rose 3.66%, and Brent crude rose 4.77%. Oil prices were supported this week by market sentiment fluctuations driven by US President Trump's trade policies, new US sanctions on Iranian oil exports, and OPEC+ production cut plans. Economic data and geopolitical events further shaped market dynamics. Notably, NYMEX New York crude oil May futures will complete floor trading at 2:30 AM and electronic trading at 5:00 AM on April 23 due to contract rollover. Please pay attention to exchange announcements for risk control. Additionally, some trading platforms' US oil contract expiration times are usually one day earlier than NYMEX's official schedule, so please be aware.

On the evening of the 14th, the three major US stock indices collectively rose at the opening, and European stock markets also surged across the board. Some analysts noted that after the global financial markets experienced an epic level of turbulence, a temporary tariff exemption policy by the Trump administration provided a brief respite for the US tech industry, alleviating market panic. The VIX fear index once plummeted by over 14%. The US Customs and Border Protection previously issued a notice stating that the federal government had agreed to exempt smartphones, computers, chips, and other electronic products from "reciprocal tariffs." Wall Street analysts believe that the exemption of some products from "reciprocal tariffs" indicates Trump's willingness to compromise on the agreement. It is worth noting that the "tariff storm" has not completely dissipated. On April 13, local time, US President Trump stated that he would soon announce tariffs on semiconductors, though he hinted that certain products might be exempt. When asked whether specific products like Apple phones and tablets would be subject to tariffs, Trump said he would discuss the issue with companies. The Nasdaq Golden Dragon China Index surged over 5% at the opening, the 2x leveraged China stock ETF rose over 8%, the 3x leveraged FTSE China ETF increased over 6%, and the China Overseas Internet ETF climbed over 4%. Popular Chinese stocks strengthened across the board, with Niu Technologies up over 9%, Full Truck Alliance up over 7%, Pinduoduo, Trip.com, and Jinko Solar up over 6%, Atour Lifestyle and Gaotu Techedu up over 5%, Alibaba, Tencent Music, and JD.com up over 4%, and iQiyi, MINISO, XPeng Motors, and Weibo up over 3%. Notably, Webull Securities (WEBULL) closed up 374.72%, repeatedly hitting circuit breakers. Public information shows that Webull Securities was founded in 2016 by Anquan Wang, a veteran of the internet industry born in 1979. Wang joined Alibaba in 2006, holding important positions such as architect, technical director, director of the Taobao Loan Business Unit, and assistant general manager of Alibaba Finance. Webull Securities is a digital investment platform dedicated to providing global individual investors with one-stop services for stocks, ETFs, options, and digital currency trading, covering multiple markets including the US, Singapore, and Hong Kong, China. Webull Securities received a filing notice from the China Securities Regulatory Commission on April 8, 2025, with the filing date being March 29, 2024, and subsequently disclosed this information on December 13, 2024. On April 11, local time, Webull Securities successfully listed on Nasdaq. As of the close on April 11, Webull Securities closed at $13.25, with a market value of approximately $6.087 billion. The company accelerated its entry into the US capital market through a backdoor listing. At the close, the three major US stock indices collectively rose. The Nasdaq Golden Dragon China Index closed up 3.23%. Popular Chinese stocks collectively rose, with Alibaba and XPeng Motors up over 5%, JD.com and Pinduoduo up over 4%, Baidu up over 3%, and Li Auto and NIO up over 2%. OPEC significantly lowered its crude oil demand forecast for the next two years. In the crude oil monthly report released on the evening of the 14th, OPEC significantly lowered its global crude oil demand growth forecast for 2025 and 2026, while also lowering its global economic growth forecast, citing the Trump administration's tariff policies potentially severely impacting global crude oil consumption. OPEC lowered its crude oil demand growth forecast for 2025 and 2026 by over 100,000 barrels per day, expecting demand growth for both years to be 1.3 million barrels per day. Previously, OPEC had forecast demand growth for these two years at 1.45 million and 1.43 million barrels per day, respectively. However, OPEC's forecast remains much more optimistic than other industry institutions. The US Energy Information Administration last week significantly lowered its 2025 crude oil demand growth forecast by 30%, to 900,000 barrels per day, while Goldman Sachs expects crude oil demand growth to be only 500,000 barrels per day. SHFE gold continued to hit a record high, and China Construction Bank warned of precious metal risks. In mid-April, gold prices hit a new record high, with both COMEX gold futures and spot gold prices breaking through $3,200 per ounce. On April 14, SHFE gold continued to hit a record high, closing at 763.64 yuan per gram, up 1.45%; the most-traded SHFE silver contract closed at 8,091 yuan per kilogram, up 2%. On April 14, China Construction Bank issued a "Notice on Recent Market Risks in Precious Metal Business" on its official website, stating that recent domestic and overseas precious metal price fluctuations have intensified, increasing market risks. Investors are advised to enhance risk awareness in precious metal business, reasonably control positions, promptly monitor open interest and margin balance changes, and invest rationally. Under the influence of the continuous surge in gold prices, domestic jewelry gold prices also climbed, once breaking through the 1,000 yuan per gram mark. Jianan Gu, assistant general manager of Haitong Futures Research Institute, believes that the main reason for the recent sharp rise in precious metal prices is the surge in global financial market demand for safe-haven assets due to the Trump administration's tariff policies. On April 2, the Trump administration announced a "reciprocal tariff" policy, with tariff rates far exceeding market expectations. The market expects the "reciprocal tariff" policy to have a significant negative impact on global economic growth, with the risk of long-term inflation also significantly increasing. Therefore, after the announcement of the "reciprocal tariff" policy, financial markets reacted violently, with global risk assets plummeting. "Although the 'reciprocal tariff' policy was subsequently temporarily suspended, the probability of stagflation in some economies due to global trade friction remains high. Currently, the global market has a consensus expectation for the medium and long-term upward trend of gold. At the same time, as global capital flows out of US dollar assets, the US dollar index continues to decline, also providing strong support for the rise in gold," said Jianan Gu. In the view of Tian'ao Zhang, a macro researcher at Hongye Futures, although gold has been short-term affected, it is less impacted by tariffs, and the current international situation is turbulent, with safe-haven and inflation pressures potentially pushing gold prices up again in the medium term. After market sentiment stabilized last week, the pressure of a US economic recession increased, and the US Fed may cut interest rates faster, with the US dollar continuously falling, driving gold prices to continue rising and hitting new highs. "Due to excessively high gold prices, consumer wait-and-see sentiment has risen, and domestic jewelry gold consumption has significantly declined in recent years, while investor buying of gold bars has trended upward, and national gold reserves have also continued to rise. Overall, spot jewelry gold consumption has declined, gold shop profitability is poor, but investment gold consumption has risen, and bank gold trading is relatively active," said Tian'ao Zhang. Zhang stated that the main factors currently affecting the precious metal market are as follows: first, safe-haven sentiment, influenced by the repeated changes in US tariff policies, market safe-haven sentiment has significantly risen, with the VIX fear index hitting a new high since 2020, making gold the most certain safe-haven asset; second, under the influence of tariffs and US government agency streamlining policies, the US faces dual uncertainties of inflation and economic recession in the medium term, and the US Fed's monetary policy faces a dilemma, with the market expecting a significant increase in the probability of a US Fed rate cut, the US dollar continues to weaken, pushing up gold prices; third, a large amount of US debt is due this year, and US fiscal tension creates uncertainty in repayment, leading some countries and a large number of institutional investors to reduce US debt and buy gold for safe-haven purposes. Gu said that the main driving force behind the recent surge in gold prices is gold's safe-haven attribute. Whether it is inflation, economic recession risks, or even geopolitical risks, gold can provide some protection for investors' holdings. Looking ahead, Gu believes that the marginal impact of the trade war will weaken in the short term, and global market risk appetite is expected to continue to rebound, with the pace of gold's rise likely to slow, or even experience a brief pullback. However, the impact of the trade war is difficult to completely dissipate, and the safe-haven attribute will keep gold in a state more likely to rise than fall. In the long term, the Trump administration's tariff policies will further drive the "de-globalization" process, and the strengthening of trade barriers will lead to a decline in US dollar settlement demand, with the US dollar credit system inevitably contracting. The monetary attribute will drive gold prices to continue rising. For investors, it is recommended to adopt a long-term gold holding strategy and avoid frequent trading. Zhang believes that although gold prices are currently dominated by financial attributes, under complex international situations, the overall trend remains strong, and gold prices have not yet peaked. In the medium term, the US Fed may start cutting interest rates in June, with a possible 100 basis point cut within the year, and the US dollar index may further decline. Therefore, the upward trend in gold prices may continue in the medium term. However, investors need to be vigilant, as gold prices may experience significant fluctuations if the trade war gradually eases. Medium and long-term investors can hold gold futures, while short-term investors need to keep an eye on market news and be wary of market volatility risks. "The trend of silver may be significantly weaker than gold, mainly because the current gold market is basically driven only by financial attributes, while silver, in addition to financial attributes, also has strong industrial attributes, and industrial attributes are affected by trade blockages, rising US economic recession expectations, and traditional industry downturns, with medium-term bearish forces likely to dominate," said Zhang.

01 Two Core EU Policy Backgrounds Carbon Border Adjustment Mechanism (CBAM) Objective: Prevent "carbon leakage" through carbon pricing and promote emission reductions across global industry chains. Scope: Covers aluminum and its products (e.g., aluminum extrusion, aluminum plate/sheet, strip and foil), requiring importers to declare embedded carbon emissions and purchase CBAM certificates (transition period began in October 2023, full implementation in 2026). Impact: Chinese aluminum export enterprises must account for direct and indirect emissions (e.g., electricity carbon emissions during electrolysis), potentially leading to significant cost increases. Due Diligence Legislation (e.g., CSDDD/CSRD) Requirements: Enterprises must conduct due diligence on environmental and human rights risks in supply chains to ensure compliance with EU sustainability standards. Focus: The aluminum industry must address ESG risks in raw material (e.g., bauxite) mining, supply chain traceability, and supplier compliance. 02 Expert Insights "EU regulations present both challenges and a watershed moment for the aluminum industry. Enterprises must accelerate low-carbon transformation through technological innovation, supply chain collaboration, and third-party professional services (e.g., SGS), turning compliance pressure into market differentiation advantages." Core Impacts on the Aluminum Supply Chain 1. Surging Cost Pressures High-carbon aluminum enterprises (reliant on coal power) face CBAM certificate costs and must reassess export viability. Supply chain upgrades (e.g., green electricity substitution, process improvements) require upfront investments, disproportionately affecting small and medium-sized enterprises. 2. Increased Compliance Complexity Enterprises must establish life cycle carbon footprint accounting systems (Scope 1-3), relying on third-party certifications (e.g., SGS’s ISO 14064, PAS 2050). Due diligence demands granular supply chain data (e.g., alumina sources, aluminum scrap recycling pathways), potentially forcing supply chain transparency. 3. Trade Barrier Risks EU buyers may prioritize low-carbon aluminum (e.g., hydropower aluminum, secondary aluminum), threatening orders for traditional high-carbon capacity. Regional green trade alliances (e.g., US-EU "Steel and Aluminum Club") could squeeze China’s market share. Potential Opportunities and Transformation Pathways 1. Seizing the Low-Carbon Aluminum Market Expand green power aluminum capacity (e.g., Yunnan hydropower aluminum) and increase secondary aluminum ratios (China’s aluminum scrap recycling rate below 30%, with high potential). Develop low-carbon certified products (e.g., ASI certification, EPD declarations) to meet EU buyer preferences. 2. Supply Chain Digitization and Collaboration Leverage blockchain for carbon data traceability (e.g., tracking emissions from bauxite to end-use products). Collaborate across supply chains to build green industrial clusters (e.g., green electricity partnerships with energy firms, closed-loop recycling systems with automakers). 3. Policy Incentives and Financial Tools Utilize domestic carbon markets and green credit to offset transition costs. Explore carbon tariff cost-sharing mechanisms with EU clients to jointly bear low-carbon premiums. For in-depth analysis, join the [Aluminum Industry Chain Sustainable Development Forum] hosted by AICE Aluminum Industry Expo at Suzhou International Expo Center on April 17, 2025! 3 Expert Profile Joined SGS (Standard Technical Services Co., Ltd.) in 2001. Currently serves as China General Manager of the Risk Management Solutions Center and Energy & Low-Carbon Business Unit, providing consulting and training services in quality, environment, occupational health, safety, energy, and low-carbon fields. Extensive expertise in supply chain risk management, having served global clients including Canon China, Denso China, Eaton China, Volkswagen, and Saint-Gobain Asia Pacific, supporting their compliance and development in China and overseas. Key Professional Qualifications IRCA-certified ISO 9001/14001/18001 Lead Auditor National Clean Production and Energy Technical Service Expert AEE Certified Energy Manager Compliance Management System Assessor USGBC LEED AP Senior Verifier for Carbon Product Certification Services Shanghai Carbon Industry Alliance Technical Expert GRI-certified ESG Lead Auditor 4 Forum Overview AICE 2025 SMM (20th) Aluminum Conference & Expo A premier platform integrating upstream and downstream industries—mining, smelting, metal processing, and end-use consumption—will convene at Suzhou International Expo Center, April 16-18, 2025. Aluminum Industry Chain Sustainable Development Forum A flagship event of AICE 2025 on April 17, featuring discussions on global aluminum sustainability standards, automotive industry impacts, smelter ESG practices, national standards for aluminum carbon footprint accounting, and EU CBAM/due diligence laws, delivering an unparalleled spring gathering for the industry.