SMM, June 9: On the metals market front: Overnight, base metals on the domestic market showed mixed performance. SHFE copper rose 0.31%. SHFE aluminum rose 0.15%, while SHFE lead fell 1.19%. SHFE zinc rose 0.3%. SHFE tin fell 0.79%. SHFE nickel fell 0.77%. In addition, the most-traded alumina futures contract rose 0.22%, and foundry aluminum main contract rose 0.15%. Overnight, ferrous metals all fell, with iron ore down 0.13%, hot-rolled coil down 0.65%, stainless steel down 1.16%, and rebar down 0.51%. In the coking coal and coke sector: the most-traded coking coal futures contract fell 6.01%, and the most-traded coke futures contract fell 3.03%. Overnight on the overseas market, LME base metals mostly fell. LME copper rose 0.54%. LME aluminum rose 0.11%, while LME lead fell 0.7%. LME zinc fell 0.17%. LME tin fell 2.07%. LME nickel fell 0.94%. Overnight, on the precious metals front : Overnight, COMEX gold fell 0.26%, and COMEX silver fell 1.13%. Overnight, the most-traded SHFE gold contract rose 0.06%, while the most-traded SHFE silver contract fell 0.65%. As of 7:19 on June 9, overnight closing prices: Macro Front Domestically: [State Council Issues the "15th Five-Year Plan for Modernizing Emergency Response Systems"] The State Council recently issued the "15th Five-Year Plan for Modernizing Emergency Response Systems," deploying tasks for work safety, disaster prevention, reduction, and relief during the 15th Five-Year Plan period. The plan proposes that by 2030, significant progress will be made in modernizing China's emergency management system and capabilities, effectively establishing a governance model focused on pre-incident prevention. The centralized, unified, efficient, and authoritative emergency management system with Chinese characteristics will be further improved. The emergency command mechanism under the comprehensive safety and emergency response framework will be more robust. Capabilities for handling major and catastrophic emergencies and grassroots emergency response capacity will be significantly enhanced. The rule of law, scientific, and intelligent levels of emergency management will be substantially raised, leading to sustained stability in work safety and disaster prevention, reduction, and relief. By 2035, a major-country emergency response system with Chinese characteristics compatible with basic modernization will be established, fully realizing law-based, science-based, and smart emergency management, creating a positive interaction between high-quality development and high-level safety. (Xinhua News Agency) [Regarding Data Empowering AI Development: First Systematic Deployment at National Level] The National Data Administration released the "Implementation Plan for Promoting Action on Building High-Quality Industry Datasets," marking the first systematic deployment at the national level for data empowering artificial intelligence development. Centering on key links such as the supply, circulation, and application of high-quality industry datasets, the "Implementation Plan" deploys six major special actions. It proposes continuously advancing the construction of high-quality multi-modal datasets covering text, images, audio, and video to meet AI application needs; focusing on key directions like intelligent agents, embodied AI, and world models, requiring accelerated dataset construction; and guiding regions with suitable conditions to carry out pilot construction of data annotation innovation zones based on local circumstances. Experts stated that data is the core raw material for AI training, and high-quality datasets can accelerate improvements in large model performance. (Jin10 Data APP) [NFRA: Steadily Advance Risk Resolution for Local Small and Medium-Sized Financial Institutions, Resolutely Guard the Bottom Line Against "Implosions"] The Communist Party Committee of the National Financial Regulatory Administration (NFRA) held an expanded meeting to study and deploy recent key tasks. The meeting emphasized the need to practically enhance the sense of responsibility and urgency in preventing and resolving financial risks. It called for steadily advancing risk resolution for local small and medium-sized financial institutions, resolutely guarding the bottom line against "implosions." Further leverage the role of the "home delivery guarantee" whitelist system and accelerate the formulation of financing systems compatible with the new model for real estate development. Actively cooperate in resolving local government debt risks and support the exit and transformation of financing platforms. Fully utilize the inter-ministerial joint meeting's comprehensive platform role, taking an overall approach to continuously improve the effectiveness of comprehensive and systematic governance for preventing and combating illegal financial activities. Closely guard against risks from external shocks and continuously improve contingency plans. (Jin10 Data APP) On the US dollar front: Overnight, the US dollar index fell 0.05% to 100.02. According to a survey by the New York Fed, consumer expectations for future inflation remained stable in May, which is good news for the US Fed, as officials worry that accelerating price increases could become entrenched. The report showed that consumer inflation expectations for the coming year fell by 0.1 percentage points, while three-year and five-year inflation expectations remained largely around 3%, with no significant changes. The survey also indicated relatively small changes in consumer views on labour market conditions. Consumers saw a slight decrease in the likelihood of unemployment rising further in the future. On the other hand, they also grew more pessimistic about the ease of finding a new job if needed. According to the CME "FedWatch" tool: The probability that the US Fed will hold interest rates steady through June is 98.1%, with a 1.9% probability of a cumulative 25-basis-point cut. For July, the probability of holding rates steady is 84.7%, the probability of a cumulative 25-basis-point hike is 13.6%, and the probability of a cumulative 25-basis-point cut is 1.6%. Morgan Stanley strategists stated in a report that the US dollar may weaken in the coming months if risk appetite rebounds and the US Fed avoids raising interest rates. They noted that positive risk sentiment is unfavorable for the dollar in an environment where rates do not rise. However, they indicated that if the US economy outperforms others, leading to larger rate hikes than elsewhere, this would be more beneficial for the dollar. "Given that both the ECB and the BOJ are expected to hike rates this month, narrowing interest rate differentials should prompt a rise in risk appetite, thereby exerting pressure on the dollar." (Jin10 Data APP) On other currencies: Shigeto Nagai, an analyst at Oxford Economics, noted in a report that the Bank of Japan is highly likely to raise its policy rate to 1% from 0.75% in June, rather than July. Due to heightened global inflation concerns and market expectations that the US Fed may hike rates in the coming year, the central bank is unlikely to delay a rate hike. "Doing so (delaying a hike) would disappoint financial markets and could lead to further depreciation of the yen," said the head of Japan economics research. However, Nagai also pointed out that uncertainty from Middle East conflicts is a significant reason for caution regarding rate hikes, given Japan's sensitivity to terms-of-trade shocks. (Jin10 Data APP) Macro Front: Data releases today include Germany's April seasonally adjusted industrial output month-on-month, Germany's April seasonally adjusted trade balance, the US May NFIB Small Business Optimism Index, the weekly change in US ADP employment for the week ending May 23, the US April trade balance, US May existing home sales annualized total, US April wholesale sales month-on-month, and China's May trade balance in US dollar terms, among others. Also, attention should be paid to: Apple's WWDC developer conference, running until June 13. On the crude oil front: Overnight, both oil futures rose, with WTI up 0.82% and Brent up 1.1%. Crude oil retreated after a rapid rise amid a phased easing of Middle East geopolitical tensions. However, predictive market data showed the probability of a permanent peace agreement being reached within the year declined throughout the weekend, indicating that geopolitical uncertainty has not completely dissipated. (Wall Street CN) According to Iran's Tasnim news agency, Iran responded to Trump's claims of victory, stating: "In his latest attempt to curb energy market fluctuations, Trump failed to offer a practical solution and instead resorted to the old tactic of 'verbally manufacturing victory.' He pledged to 'totally defeat' Iran within the next two weeks, attempting to link a vague political concept to economic variables in a bid to positively influence global oil markets. But it is clear that these statements are not reality-based predictions, but a psychological tool aimed at controlling oil price volatility and preventing further economic pressure on his administration as the election approaches." (Jin10 Data APP) A research report from China Securities pointed out that the market is underestimating the short- and medium-term upside risks for oil prices. In the short term, the Strait of Hormuz has been closed for several weeks, forcing the shutdown of more oil wells, and prolonged closures will lead to permanent loss of some capacity. In the long term, against a backdrop of low capital expenditure, the number of US drilled-but-uncompleted wells (DUCs) and new drilling activity have repeatedly hit new lows, implying that high US crude oil production is unsustainable. Future spare supply capacity and pricing power are expected to rest in the hands of the Middle East. The market previously overly optimistically estimated the end timeline for Middle East conflicts; however, real-world contradictions have become increasingly prominent. Recently, the market has begun to gradually price in a long-term rise in oil prices, and potential inflation risks also warrant attention. (Jin10 Data APP)

SMM June 8 News: On the metals market front: Overnight last Friday, base metals across domestic and overseas markets fell broadly. In the domestic market, SHFE tin led the decline with a drop of 5.27%, while LME tin fell 4.92%. LME copper dropped 2.78%. LME aluminum, LME zinc, and SHFE copper all fell over 1%, with LME aluminum down 1.84%, LME zinc down 1.52%, and SHFE copper down 1.84%. Declines for the remaining metals were all within 1%. The alumina main contract rose 0.65%, while the cast aluminum main contract fell 0.61%. Overnight last Friday, ferrous metals generally rose. Only stainless steel fell, with a decline of 0.14%, while the remaining metals all increased. HRC and rebar saw gains of around 0.4%, with HRC up 0.47% and rebar up 0.44%. For coking coal and coke, coking coal rose 1.73%, and coke rose 0.15%. In the precious metals market, overnight last Friday, COMEX gold fell 3.35%, recording a weekly decline of 5.21%. COMEX silver plunged 8.08%, with a weekly decline of 10.39%, marking its fourth consecutive weekly drop. Domestically, SHFE gold fell 2.93%, with a weekly decline of 0.66%. SHFE silver fell 7.43%, with a weekly decline of 3.72%. The US achieved another strong month of job growth in May, raising concerns about a potential interest rate hike later this year. As of 8:27 on June 6, the closing market data from overnight last Friday: Macro Front [Foreign Ministry Introduces Arrangements for General Secretary Xi Jinping’s Visit to North Korea] At the invitation of Kim Jong Un, State Affairs Commission Chairman of the Democratic People's Republic of Korea, Xi Jinping, General Secretary of the Central Committee of the Communist Party of China and President of the People’s Republic of China, will pay a state visit to the Democratic People’s Republic of Korea from June 8 to 9. Foreign Ministry Spokesperson Mao Ning stated during a regular press conference on the 5th that this visit marks General Secretary Xi Jinping’s first state visit to North Korea in seven years. During the visit, the top leaders of the two Parties and two countries will exchange views on bilateral relations and issues of common concern. In recent years, under the strategic guidance of General Secretary Xi Jinping and General Secretary Kim Jong Un, the traditional friendly and cooperative relationship between China and the DPRK has maintained sustained, healthy, and stable development, bringing tangible benefits to both countries and their peoples. This year marks the 65th anniversary of the signing of the Treaty of Friendship, Cooperation and Mutual Assistance Between the People’s Republic of China and the Democratic People’s Republic of Korea. The two sides will take this visit as an opportunity to push for greater progress in China-DPRK relations that keeps pace with the times, enhance the well-being of both peoples, and make greater contributions to peace, stability, development, and prosperity in the region and the world. (Xinhua News Agency) Domestic front: On June 5, Premier Li Qiang presided over a State Council executive meeting. The meeting pointed out the need to further strengthen forward-looking layout and increase promotion efforts based on the characteristics of future industries, to firmly grasp the initiative in development. It is necessary to solidify the technological foundation, continuously increase investment in basic research, and systematically deploy breakthroughs in original and disruptive technologies. Ecological construction must be emphasized, promoting the deep integration of industry, academia, research, and application, encouraging close cooperation between upstream and downstream segments of the industry chain, and fostering more startups and unicorn enterprises in key tracks. [Ministry of Housing and Urban-Rural Development Seeks Public Comments on the Regulations on the Administration of Housing Provident Fund (Revised Draft for Comments)] The Ministry of Housing and Urban-Rural Development issued a notice to solicit public comments on the Regulations on the Administration of Housing Provident Fund (Revised Draft for Comments). Under any of the following circumstances, an employee may withdraw the balance stored in their housing provident fund account: (1) Paying rent; (2) Purchasing, constructing, renovating, or overhauling a self-occupied dwelling; (3) Repaying the principal and interest of a housing purchase loan; (4) Decorating a self-occupied dwelling, up to a certain limit; (5) Paying property management fees for a self-occupied dwelling; (6) Retiring or leaving their post; (7) Completely losing the ability to work and terminating the labor (personnel) relationship with their employer; (8) Emigrating and settling abroad; (9) Other housing consumption circumstances approved by the State Council. (Wall Street CN) The Ministry of Transport and ten other departments issued the Three-Year Action Plan for Promoting High-Quality Development of Small and Mini Passenger Vehicle Rental (2026–2028). The plan proposes accelerating the construction of electric vehicle charging facilities in expressway service areas, with 30,000 EV charging facilities (charging guns) of 60 kW power or above to be newly built or renovated in expressway service areas (including parking areas) by year-end 2028. The plan proposes accelerating the construction of electric vehicle charging facilities in expressway service areas, with 30,000 EV charging facilities (charging guns) of 60 kW power or above to be newly built or renovated in expressway service areas (including parking areas) by year-end 2028. US Dollar front: As of overnight closing last Friday, the US dollar index rose 0.62% to 100.07. Previously released data showed strong US employment data for May. The US Bureau of Labor Statistics disclosed that non-farm payrolls added 172,000 jobs in May. Employment data for the previous two months were revised upwards, and job gains over the last three months marked the best performance in more than two years. The unemployment rate held steady at 4.3%, with labour market resilience significantly exceeding overall market forecasts. Nick Timiraos, the Fed mouthpiece, noted that the re-acceleration of spring hiring this year will provide more ammunition for Fed officials who worry about inflation and believe current interest rates are too low to contain a new round of price pressures. Some officials recently hinted that the Fed should be ready to raise interest rates later this year, at least clawing back some of the three 25-basis-point cuts implemented in H2 last year. Those cuts were implemented to stabilize the labour market, which now looks much healthier. This jobs report will not entirely settle the debate over how much the Fed should consider raising rates later this year, but it does further suggest the case for near-term cuts has largely evaporated. The stronger argument for raising rates now comes from the inflation outlook. Multiple overlapping shocks—from AI infrastructure build-out, tariffs, and energy—could keep inflation persistently above the Fed’s 2% target, even if progress is made in restoring commercial shipping traffic through the Strait of Hormuz. If the Fed holds steady as inflation rises, inflation-adjusted real rates would fall. Even if the labour market is not the primary driver, this mechanism could become a key factor driving rate hike discussions. (Jin10 Data APP) Fed official Hammack stated that with the labour market appearing to be roughly balanced, a rate hike may be appropriate soon. Hammack said that while she never over-emphasizes any single data point, today’s employment report confirms again that the labour market appears to be mostly in balance. She noted the unemployment rate remains at 4.3%, which is basically consistent with what I define as maximum employment. “Given the uncertainty in the economic outlook, holding rates steady is appropriate for now. But if recent trends continue, action may soon be needed.” This essentially repeats remarks she made on June 2. (Jin10 Data APP) According to foreign media reports, May non-farm payrolls data far exceeded market expectations, and the US interest rate futures market significantly increased bets on a Fed rate hike at the December meeting. Based on data from LSEG, the rate futures market now prices in a 65% probability of a Fed rate hike in December, up from 48% before the jobs report. For the June meeting, the market still broadly expects the Fed to keep rates unchanged in the 3.50% to 3.75% range. The stronger-than-expected jobs data indicates the US labour market remains resilient, further weakening market expectations for near-term rate cuts while strengthening investor assessment that the Fed may need to resume rate hikes later to counter inflationary pressures. (Jin10 Data APP) According to CME FedWatch: The probability of the Fed keeping rates unchanged in June is 96.6% (compared to 96.4% before the non-farm payrolls release), with a 3.4% probability of a cumulative 25-basis-point cut. The probability of the Fed keeping rates unchanged through July is 90.6%, with a 6.2% probability of a cumulative 25-basis-point hike and a 3.2% probability of a cumulative 25-basis-point cut. (Jin10 Data APP) Macro front: This week, in China, data releases include the China May CPI year-over-year rate, China May PPI year-over-year rate, China May trade balance (TBD), and China May M2 money supply year-over-year rate (TBD), among others. In the US, data releases include the US May New York Fed 1-year inflation expectations, US May NFIB Small Business Optimism Index, US weekly change in ADP employment for the week ending May 23, US April trade balance, US May existing home sales annualized rate, US April wholesale sales month-over-month rate, US May unadjusted CPI year-over-year rate, US May seasonally adjusted CPI month-over-month rate, US May seasonally adjusted core CPI month-over-month rate, US May unadjusted core CPI year-over-year rate, US 10-year note auction yield for June 10, US 10-year note auction bid-to-cover ratio for June 10, US initial jobless claims for the week ending June 6, US May PPI year-over-year rate, US May PPI month-over-month rate, US June preliminary one-year inflation expectations, and US June preliminary University of Michigan Consumer Sentiment Index, among others. In Germany, data releases include the German April seasonally adjusted industrial output month-over-month rate, German April seasonally adjusted trade balance, and German May final CPI month-over-month rate, among others. In the Eurozone, data releases include the Eurozone June Sentix Investor Confidence Index, Eurozone ECB deposit facility rate for June 11, and Eurozone ECB main refinancing rate for June 11, among others. In the UK, data releases include the UK April three-month GDP month-over-month rate, UK April manufacturing output month-over-month rate, UK April seasonally adjusted goods trade balance, and UK April industrial output month-over-month rate, among others. Data including the Bank of Canada interest rate decision for June 10, French May final CPI month-over-month rate, Japan April trade balance, and Switzerland May Consumer Confidence Index will also be released. Furthermore, the Bank of Canada will announce its interest rate decision, and BoC Governor Macklem and Senior Deputy Governor Rogers will hold a monetary policy press conference. The European Central Bank will announce its interest rate decision, and ECB President Lagarde will hold a monetary policy press conference. Crude Oil front: As of overnight closing last Friday, oil prices in both markets fell together, with WTI oil down 3% and Brent oil down 2.37%. However, both recorded weekly gains, with WTI oil up 3.31% weekly and Brent oil up 1.82% weekly. The decline in crude oil prices overnight last Friday was primarily due to reduced market perceptions of a renewed US-Iran conflict. US President Trump stated at a campaign event in Wisconsin on the 5th that the war with Iran would be ended quickly, thus removing a significant factor contributing to high prices. With the midterm elections approaching, US public opinion widely believes the US-Iran war has driven up oil prices and the cost of living, putting pressure on Republican election prospects. (CCTV) Fitch stated in a new report that the closure of the Strait of Hormuz created a logistical supply shock but did not alter the market trend. The agency expects a rapid recovery in regional production, strong supply growth from non-OPEC countries, and potentially more aggressive OPEC policies to re-trigger an oversupply situation in Q4 2026, pushing oil prices downward once the Strait reopens. Based on an assumption that the Strait of Hormuz reopens around month-end July (implying an effective closure period of five months), our baseline expectation is that Brent crude will average $87 per barrel in 2026. Significant uncertainty remains regarding the exact timing of the Strait's reopening, and the risks facing oil prices are binary. The current price increase reflects a transitory logistical supply shock rather than a permanent loss of production capacity. We expect the Strait to reopen around end-July and anticipate a significant decline in Brent prices from the highs seen between March and July. (Jin10 Data APP) According to a Bloomberg survey, OPEC crude oil production fell to its lowest level in decades in May, as the US blockade on Iran and turmoil in the Persian Gulf region continued to suppress output. OPEC oil production dropped by 1.22 million barrels per day in May (half of which came from Iran), falling to 16.33 million barrels per day, its lowest level in at least 37 years. This figure excludes the UAE, which withdrew from OPEC last month. The survey indicated Iran’s oil production plunged last month by 710,000 barrels per day to 2.34 million barrels per day, a five-year low. US Central Command continues to enforce a blockade on all maritime traffic to and from Iranian ports. (Jin10 Data APP) Notably, however, the UK government has raised its domestic crude oil price forecast, believing that even if the US and Iran reach a peace deal, crude oil prices could remain around $100 per barrel through 2028, as it now anticipates energy supply recovery in the Gulf region will take longer. A new analysis warns that pressure on energy prices is higher than previously expected, amid a deteriorating global economic outlook. The UK government previously estimated Persian Gulf supply could recover about six months after the end of the war, but it now believes recovery could take as long as 14 months. (Jin10 Data APP)

[Tungsten News Flash] SMM June 5: On May 29 local time, the DRC Council of Ministers reviewed and approved a special decree, officially incorporating six mineral categories—lithium, tantalum, niobium, tungsten, uranium, and rare earths—into the national strategic minerals list. According to the relevant provisions of the DRC's current Mining Code, strategic minerals are subject to a royalty rate of 10%, while the base royalty rate for ordinary non-ferrous metals is 3.5%. After the new policy takes effect, the royalty costs for local mining enterprises involved in newly designated strategic minerals such as lithium and tungsten will increase to nearly three times the original level. This expansion of the catalog is a significant implementation measure by the country to optimize critical minerals revenue distribution and strengthen control over domestic strategic resources. The policy will be officially implemented through a cabinet enforcement decree.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, Peric Hydrogen, a subsidiary of CSSC 718 Research Institute, exported customized integrated hydrogen production and refueling station equipment to Indonesia. Suzhou Suqing Hydrogen Production Equipment Co., Ltd. completed the shipment of a 5 MW containerized green electricity hydrogen production system, serving the first "five-in-one" integrated energy station project combining oil, gas, hydrogen, electricity, and storage in Northwest China. Project-related updates: CGN (Wuhai Hainan District) New Energy Co., Ltd. : CGN (Wuhai Hainan District) New Energy's hydrogen-based green fuel grid-connected green electricity direct-connection project (hydrogen production section) was officially registered. The project is located in the High-tech Low-carbon Industrial Park in Hainan District, Wuhai City, with a total investment of 313.6992 million yuan. The project plans to build a 22,000 Nm³/h hydrogen production facility, equipped with 22 alkaline water electrolysis units each with a capacity of 1,000 Nm³/h, along with supporting gas-liquid separation and hydrogen purification facilities, producing hydrogen with a purity of 99.999%. The construction period is scheduled from November 2026 to November 2028. Jiyuan (Siping) Green Energy Co., Ltd. : Jiyuan (Siping) Green Energy selected its affiliated party, State Nuclear Electric Power Planning Design & Research Institute, through public tender to undertake the EPC general contracting project for the hydrogen production facility, with a fixed contract price of 204.96 million yuan. The general contracting scope covers the design of the hydrogen production facility, procurement of equipment and materials excluding Party A-supplied electrolysis water complete sets of equipment and rectifier cabinets, civil construction, commissioning, operation and maintenance, and full-process warranty services, with qualified hydrogen output scheduled before August 30, 2027. Wojiang Clean Energy (Xinjiang Zhundong Economic and Technological Development Zone) Co., Ltd.: The general contracting contract for the Zhundong 2 billion m³/year coal-to-natural gas project was signed in Urumqi. The project is located in Changji Zhundong Economic Development Zone, with a total investment of 15.486 billion yuan. It is expected to commence production by the end of October 2026, with supporting output of multiple types of by-products. The project includes supporting electrolysis hydrogen production integrated with green methanol production, and plans a 650,000 mt/year CCUS carbon capture facility to be implemented in two phases, progressively achieving full green electricity coverage while simultaneously demonstrating large-scale crushed coal pressurized gasifiers to advance the scaling-up of coal-to-gas equipment. Da'an Jidian Green Hydrogen Energy Co., Ltd. : The Da'an wind and solar green hydrogen-to-ammonia integrated demonstration project issued a tender for additional equipment, planning to add one set of 1,000 Nm³/h alkaline electrolysis hydrogen production unit. The project broke ground in May 2023 and commenced production in July 2025, supported by 800 MW of wind and solar power capacity. It adopts a dual-route hydrogen production approach of 36,000 Nm³/h alkaline plus 9,600 Nm³/h PEM, with an annual output of 32,000 mt of green hydrogen and 180,000 mt of green ammonia, while simultaneously deploying two types of large-capacity hydrogen storage facilities using solid-state and organic liquid technologies. Longyuan Power Group Co., Ltd.: Longyuan Power announced the winning candidate for the procurement of 500 Nm³/h PEM electrolyzer equipment for the Zhangye Carbon Neutrality Industrial Base Wind-Solar-Hydrogen-Storage Integration Project. Dongfang Electric (Chengdu) Hydrogen Energy ranked first with a bid of 6.3 million yuan. The project is located in the Circular Economy Demonstration Park of Zhangye Economic Development Zone and is SPIC Gansu's first green electricity-to-hydrogen project. It plans to build a 22,000 Nm³/h alkaline hydrogen production main unit with supporting hydrogen storage tanks, and simultaneously construct a 2,000 Nm³/h hydrogen production pilot platform including a 500 Nm³/h PEM unit. Yanchang Petroleum Gas Group Transportation Energy Company: The hydrogen refueling demonstration station at the Fuping Service Area (North Zone) on the Beijing-Kunming Expressway, constructed by the company, successfully achieved mechanical completion and entered the commissioning phase. The station is a standardized Level 3 hydrogen refueling station equipped with an intelligent hydrogen refueling control system capable of automated operations and full-process monitoring and traceability. After commissioning, the station will primarily serve hydrogen-powered heavy trucks and intercity hydrogen buses, filling the gap in hydrogen refueling infrastructure along the Weinan section of the Beijing-Kunming Expressway and improving the hydrogen refueling network for the green freight loop from Hancheng to Fuping and Huangling. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd.: Two major hydrogen energy projects of Yuntao Hydrogen Energy were launched. Its Beitai Road hydrogen refueling station was officially put into operation, becoming a new benchmark hydrogen refueling station in south China. The station is a supporting project for the Minke Park, benchmarked against the Liangtian model hydrogen refueling station. It covers an area of 3,100 m², is equipped with 4 hydrogen dispensers and 8 hydrogen refueling nozzles, with a maximum 24-hour refueling capacity of 4,000 kg, capable of serving 200 hydrogen-powered dump trucks or 400 cold chain logistics vehicles per day, further improving the vehicle hydrogen refueling network in the Greater Bay Area. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd. : The pre-award announcement for the hydrogen refueling station equipment procurement project of Qingdao Hydrogen Energy Industrial Park was released. Shanghai Hydrogen Maple Energy and Jiangsu Guofu Hydrogen Energy were listed as the top two candidates, with bids of 14.18 million yuan and 13.67 million yuan, respectively. The project was jointly tendered by Huawang (Qingdao) Hydrogen Energy and PetroChina Pipeline Bureau Engineering. The total project investment is 70 million yuan, with a construction cost of 14.5 million yuan. The project covers an area of 5,761 m² and plans to build a Level 3 hydrogen refueling station with a building area of 1,302 m², designed for a maximum daily 12-hour hydrogen refueling capacity of 2,500 kg, equipped with 4 units of 35 MPa hydrogen dispensers and 8 hydrogen refueling nozzles. This tender covers the full process including complete hydrogen refueling equipment, valves, automation, electrical supply, and on-site installation and commissioning. Huadian New Energy Group Co., Ltd. Fujian Branch: The Quanzhou Municipal Bureau of Ecology and Environment approved the environmental impact assessment document for Huadian Fujian's 5 MW flexible off-grid seawater hydrogen production technology research and pilot verification project. The project is constructed by Huadian New Energy Group Co., Ltd. Fujian Branch and is located at the No. 10 wind turbine site of Quanhui Wind Farm in Quanhui Petrochemical Industrial Park. As a seawater-to-hydrogen pilot project, it relies on two on-site wind turbines for power supply to conduct off-grid electrolysis seawater hydrogen production experiments. The project covers a total area of 1,683.80 m², with a total operation duration of 1,000 hours and a total investment of 18.7 million yuan, of which 1.681 million yuan is for environmental protection. The overall system consists of six major functional modules and supporting utilities. Policy Review 1. The National Development and Reform Commission (NDRC) and other departments issued a notice on the release of the Guidelines for Non-fossil Energy Electricity Consumption Accounting (Trial). The document states that coordination with energy statistics, carbon emission accounting, and other systems should be strengthened. Factors such as physical connections, electricity energy trading, and green electricity certificate and green electricity trading should be comprehensively considered to classify and clarify the rules for recognizing non-fossil energy electricity consumption and the accounting methods at the provincial (autonomous region, municipality directly under the central government, the same hereinafter) and municipal (prefecture-level) levels, as well as for electricity users. Recognition methods for non-fossil energy electricity consumption: Physical recognition. Self-generated and self-consumed electricity from non-fossil energy sources, and self-consumed electricity from new business models such as green electricity direct connection, are recognized as the non-fossil energy electricity consumption of the electricity user. Production electricity consumed by non-fossil energy power generation projects is recognized as the non-fossil energy electricity consumption of the respective power generation enterprise. Transaction recognition. This includes two recognition methods: electricity energy trading (including conventional non-fossil energy electricity trading, green electricity trading, etc., the same hereinafter) and green electricity certificate trading (including green electricity certificate transfers, etc., the same hereinafter). 2. The Jilin Provincial Energy Bureau and the Jilin Provincial Development and Reform Commission jointly issued a notice on the Implementation Plan for Accelerating the Integrated and Converged Development of New Energy in Jilin Province. Overall objectives: By 2030, integrated and converged development will become an important approach for new energy development across the province. New scenarios featuring integration and convergence will continue to emerge. The province's new energy development models will be more flexible, consumption pathways more diversified, application scenarios more abundant, and the electricity market more dynamic. More than 50 integrated and converged projects and application scenarios will be completed, providing strong support for the comprehensive green transformation of the province's economic and social development. 3. The Guangdong Provincial Administration for Market Regulation issued a public notice soliciting opinions on the Guangdong provincial local standard Operational Specifications for Integrated Hydrogen Production, Storage, and Refueling Devices (Review Draft). The document states that this standard specifies the basic requirements, personnel management, equipment and facility management, hydrogen quality management, hydrogen refueling operation management, safety management, archive management, and data recording for the operation of integrated hydrogen production, storage, and refueling devices. Enterprise Updates Tianji Hydrogen Energy Technology (Beijing) Co., Ltd. : Tianji Hydrogen Energy successively signed agreements with Jiaqing New Energy and Manst Hydrogen Energy. The three parties will conduct in-depth industry chain cooperation in green hydrogen equipment and project development. According to the agreements, the parties will cooperate in multiple dimensions including electrolyzer and post-processing system procurement, joint project bidding, and agency sales. They will also establish strict intellectual property protection and exclusive collaboration mechanisms to ensure the stability and competitiveness of cooperative projects, and jointly tackle hydrogen energy application challenges across multiple scenarios. SPIC Green Energy Co., Ltd.: Huang Qiang, Secretary of the Jilin Provincial Party Committee, conducted a survey on major project construction in Changchun and Siping. He emphasized the need to fully implement the important instructions of General Secretary Xi Jinping regarding work in Jilin, focus on building a modern industrial system and modern infrastructure system, and accelerate the advancement of major project construction. Jiangsu Trina Green Hydrogen Technology Co., Ltd. : Trina Green Hydrogen signed a strategic cooperation agreement with the Nanjing Institute of the Fifth Electronics Research Institute of MIIT. The two parties will focus on the urgent needs for high-quality development of the PV+ESS+hydrogen industry, and conduct in-depth collaboration across five major areas: joint construction of a comprehensive PV+ESS+hydrogen testing platform, joint research on cutting-edge technologies, product detection and evaluation, industry standard development, and full-chain industrial technology services. Through the strong alliance model of "industry leader + authoritative scientific research and detection institution," they aim to address the shortcomings in PV+ESS+hydrogen equipment testing and verification. Enric (Bengbu) Compressor Co., Ltd. : Two large skid-mounted hydrogen pipeline compressors independently designed and with core technologies self-developed by the company successfully completed factory acceptance testing and were officially shipped for delivery. The equipment will support China's first long-distance green hydrogen transmission pipeline project. China Southern Power Grid Power Technology Co., Ltd.: The company completed core technology breakthroughs for long-endurance hydrogen-powered drones and successfully conducted pilot applications in mountain power grid inspection scenarios at the Meizhou Power Supply Bureau of Guangdong Power Grid. Wuhu Shipyard (Wuhu Shipyard Co., Ltd. : The Tongzhouwan site at Wuhu Shipyard's Nantong base completed the semi-submersible float-off launching of the vessel "18515." The vessel is an 18,500-deadweight-tonnage methanol dual-fuel high-end chemical tanker and is the first vessel in the series. It has a total length of 149.8 meters, a design speed of 14 knots, and can use methanol as clean fuel. This launching cleared a key step in standardized construction and will help promote local shipbuilding industry development. Zhangjiagang Port Group Co., Ltd. : The first round of bidding for Zhangjiagang Port's 10 hydrogen fuel cell tractor project had only two valid suppliers, failing to meet the bid opening requirements. The procurement method was changed to negotiated procurement. This procurement involves 10 units of 45 kN hydrogen fuel cell tractors, including 1 unit with intelligent assisted driving, for intra-port transfer operations and required to be compatible with existing flatbed trailers. Taiyuan Public Transport Holdings (Group) Co., Ltd. : The company selected a local gas supply service provider through merit-based evaluation to ensure daily hydrogen supply for 6 hydrogen-powered buses, with unit price settlement based on actual gas consumption. The supplied hydrogen must comply with the GB/T3634.2-2011 high-purity hydrogen standard. The service provider is required to deploy fixed hydrogen refueling stations in Taiyuan, prioritize emergency hydrogen refueling for public buses, implement one-card-per-vehicle hydrogen refueling management, with a project service period of two years. Lanzhou Lanshi Petroleum Equipment Engineering Co., Ltd.: The second-generation 45 MPa ionic liquid hydrogen compressor and 22 MPa hydraulic-driven piston hydrogen compressor, customized for a domestic energy station, successfully completed all testing procedures including boost commissioning and electrical control system joint debugging. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint/Technical Specifications 1. The team led by Professor Li Zhipeng from Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics coupling model for tubular solid oxide fuel cells, systematically revealing the quantitative effects of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on battery output performance. 2. The National Hydrogen Energy Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute completed and commercially opened a 0–400 kW hydrogen-involved loaded tri-axial vibration testing platform, addressing the shortcomings in large power hydrogen-involved multi-physics coupling testing in China. 3. The high specific power cathode-closed air-cooled fuel cell stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng from the National Key Laboratory of Energy Catalytic Conversion at the Dalian Institute of Chemical Physics passed the scientific and technological achievement appraisal by the China Petroleum and Chemical Industry Federation. This technology effectively resolves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, addressing technical challenges such as low-humidity performance degradation, carbon corrosion, membrane drying and flooding, and high-power thermal management. 4. Two group standards on hydrogen production by water electrolysis were officially released and implemented: Technical Specifications for Safety of Hydrogen Production by Water Electrolysis and Accounting Methods for Economic Operation Indicators of Hydrogen Production by Water Electrolysis. 5. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, improving high-purity hydrogen and low-carbon efficiency in refining. 6. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining the asymmetry of electron distribution.

SMM June 4 News: Metals market: Overnight, base metals fell broadly across both domestic and overseas markets. LME nickel closed flat at $18,820/mt, LME copper rose 0.07%, while all other metals declined. SHFE aluminum and SHFE nickel both fell over 1%, with SHFE aluminum down 1.14% and SHFE nickel down 1.94%. Other metals fell less than 1%. Alumina main contract edged down 0.07%, and casting aluminum main contract fell 1.07%. Overnight, ferrous metals showed mixed performance. Stainless steel led declines with a 1.89% drop. Iron ore and rebar both edged down, while hot-rolled coil rose 0.12%. For coking coal and coke, coking coal rose 3.32% and coke rose 2.05%. Precious metals: Overnight, COMEX gold fell 1.27% and COMEX silver fell 3.41%. In China, SHFE gold fell 0.74% and SHFE silver fell 2.24%. As of 6:45 on June 4, overnight closing prices: Macro Front China: [PBOC Reverse Repo Scale Continuously Reduced to Zero; Policy Tone of "Maintaining Ample Market Liquidity" Remains Unchanged] In early June, the PBOC gradually reduced reverse repo operations. Today it was further reduced to zero. Notably, on August 7, 2024, the PBOC's 7-day reverse repo operation volume was also zero, under a similar backdrop, mainly due to financial institutions' lack of funding demand in this area. Data showed that while DR001 and DR007 declined at the beginning of the month, the 1-year commercial bank (AAA-rated) interbank certificate of deposit yield fell to 1.4275% on June 1, hitting a new low, and remained at this low level on June 2, which may have been a trigger for the PBOC's consecutive reduction of open market reverse repo scale to zero at the beginning of the month. Wang Qing, chief macro analyst at Oriental Jincheng, stated that this was likely mainly due to the absence of sustained significant increases in government bond issuance in the short term, mild credit extension, and declining financing demand from commercial banks toward the PBOC. Based on this trend, outright reverse repos of both tenors in June may continue to shrink. Wang Qing expected that the PBOC would continue to flexibly conduct open market operations based on changes in key market rates such as DR001, DR007, and interbank certificate of deposit yields, guiding market rates to operate steadily around the policy rate through coordinated volume and price adjustments. (Xinhua Finance) (Jin10 Data APP) US dollar: Overnight, the US dollar index rose 0.31% to 99.53, posting a three-day winning streak. The US Fed stated in its Beige Book economic report that the US labour market remained stable in recent weeks, but inflation continued to rise across most of the country due to the impact of the Middle East war on energy prices. Among the 12 regional Fed districts, 10 reported overall economic activity growing at a slight to mild pace. "Districts noted that energy costs related to the Middle East conflict were the primary factor driving up inflationary pressures, with spillover effects spreading to shipping, packaging, groceries, and fertilizers. Several districts noted consumer uncertainty and concerns about rising fuel prices impacting household spending." Rising costs had not yet dealt a significant blow to demand, but enterprises expressed concerns about deteriorating sentiment. "The business outlook for the next six months showed little change in expected growth, as persistently high uncertainty and signs of weak consumer spending weighed on market sentiment." In several districts, manufacturing hiring was the strongest, "supported by national defense-related activities and rising data center demand." Most districts continued to describe the labour market as a state of "low hiring, low firing." The report stated: "Hiring remained selective, primarily focused on critical positions or filling vacancies left by natural attrition." Note: The Federal Open Market Committee (FOMC) is about to hold its next monetary policy meeting on June 16-17, which will be the first rate decision since Fed Chairman Kevin Warsh was sworn in in May. (Wallstreetcn) Dallas Fed President Lorie Logan (2026 FOMC voter) said officials may need to raise interest rates later this year to bring inflation back to the US Fed's 2% target. The US labour market "remains broadly balanced," financial conditions are "on the loose side," but inflation does not appear to be pulling back toward the US Fed's 2% target. "If inflation stays above target for too long, it could become entrenched," and she noted inflation appeared to be heading toward a mid-range level around 2.5% rather than fully returning to 2%. (Wallstreetcn) According to CME "FedWatch": The probability of the US Fed maintaining rates unchanged through June was 98.4%, with a 1.6% probability of a cumulative 25 basis point interest rate cut. The probability of the US Fed maintaining rates unchanged through July was 90.2%, with an 8.4% probability of a cumulative 25 basis point rate hike, and a 1.4% probability of a cumulative 25 basis point interest rate cut. (Jin10 Data APP) Macro: Today will see the release of US May Challenger job cuts, US initial jobless claims for the week ending May 30, US May Global Supply Chain Pressure Index, Eurozone April retail sales MoM, Switzerland May CPI MoM, and Switzerland May seasonally adjusted unemployment rate. In addition, at 2:00 the US Fed released the Beige Book on economic conditions, and 2026 FOMC voter and Dallas Fed President Logan delivered a speech. At 15:00, the Ministry of Commerce will hold its first regular press conference in June, and China's refined oil products will open a new round of price adjustment window. ECB President Lagarde will deliver a speech, 2027 FOMC voter and Richmond Fed President Barkin will participate in a fireside chat, and Bank of England Governor Bailey will speak at the Investment Association conference. Crude oil: Overnight, oil prices rose across both markets, with WTI up 2.6% and Brent up 1.45%, both posting a three-day winning streak, as Middle East tensions escalated again and the market continued to monitor the progress of negotiations between the US and Iran. The US Energy Information Administration report showed that US crude oil inventory fell for the sixth consecutive week, while exports increased and refinery capacity neared saturation. For the week ending May 29, commercial crude oil inventory excluding strategic reserves decreased by 7.974 million barrels to 434 million barrels, approximately 3% below the five-year average for the same period. Strategic petroleum reserves decreased by 8 million barrels due to continued emergency release, falling to 357.1 million barrels. Gasoline inventory ended a 15-week downtrend, increasing by 3.4 million barrels to 215 million barrels, 5% below the five-year average for the same period. Daily gasoline demand decreased by 662,000 barrels to 8.6 million barrels. (Jin10 Data APP) Analysts warned that US oil inventory had fallen to a one-year low, and once a sustained disruption occurs at the Strait of Hormuz, the market buffer would be extremely limited. Rabobank energy strategist Florence Schmit stated: Until agreements are reached on Iran's highly enriched uranium issue, the Strait of Hormuz, and the Lebanon situation, the likelihood of a credible peace deal materializing remains low, and uncertainty is the dominant theme in the current market. (Wallstreetcn)

The 2025 2nd SMM Southeast Asia Automotive Supply Chain Conference was successfully held, featuring the on-site launch of 10 new car models, Southeast Asia brand strategies from three automakers, and SMM's local steel prices in Thailand. The event facilitated efficient matchmaking between 12+ buyers and 60+ suppliers, and preliminarily established a communication platform for the entire industry chain of the Southeast Asian automotive industry. Currently, the NEV industry in Southeast Asia is entering a critical development phase. Thailand, Indonesia, and Vietnam each have their own strategic layouts and breakthroughs, while the industry also faces challenges such as supply chain restructuring, competition over technology roadmaps, and localization compliance. Thanks to the support of all parties, SMM's local pricing systems in Thailand and Indonesia have been implemented and adopted by core enterprises, establishing a credible cost benchmark for the industry. The 2026 3rd Conference will focus on three core themes: exploring the auto sales potential of NEVs in Southeast Asia; connecting the last mile of the supply chain and integrating regional industry chain resources; and advancing SMM's Southeast Asia metal pricing from a price reference to a transaction benchmark, implementing electrification material procurement applications and establishing an executable pricing system. We firmly believe that true progress comes from turning consensus into action. At this conference, sincerely invites you to gather again in Bangkok to transform strategic blueprints into competitive market advantages, to witness and participate in this extraordinary and far-reaching industry event, and to co-create a brilliant new chapter! Click the to register now. Francool Technology (Shenzhen) Co., Ltd. was founded in April 2001 and is headquartered in Longhua District, Shenzhen. It is a national high-tech enterprise and national-level Specialized, Refined, Unique & Innovative "Little Giant" enterprise specializing in the R&D, production and sales of metal & new material working fluids, lubricants and intelligent environmental protection treatment equipment. Committed to the vision of becoming a world-leading one-stop supplier of fluid solutions, the company has over two decades of industry experience and has been listed among Shenzhen Top 100 Quality Enterprises and Shenzhen Top 400 Enterprises. Francool Technology (Shenzhen) Co., Ltd. founded in April 2001 and headquartered in Longhua District, Shenzhen, FRANCOOL Technology (Shenzhen) Co., Ltd. is a national high-tech enterprise and national-level Specialized, Refined, Unique & Innovative "Little Giant" enterprise specializing in the R&D, production and sales of metal & new material working fluids, lubricants and intelligent environmental protection treatment equipment. Committed to the vision of becoming a world-leading one-stop supplier of fluid solutions, the company has over two decades of industry experience and been listed among Shenzhen Top 100 Quality Enterprises and Shenzhen Top 400 Enterprises. In terms of development history, the company upholds the philosophy of "Customer-oriented, People-focused, Technology-driven, Sustainable Development" , and has progressively achieved a global layout. It has successively established multiple production sites in Shenzhen, Zhongshan, Kunshan, Vietnam, and Thailand. Through Francool Advanced Industrial Fluid Technology (Thailand) Co., Ltd. , the company has implemented localized production and operations in Thailand, achieving full coverage of core manufacturing clusters in China and key industrial markets across Southeast Asia. Guided by the corporate philosophy of "Customer-oriented, People-focused, Technology-driven, Sustainable Development", the company has steadily rolled out its global footprint with manufacturing bases across Shenzhen, Zhongshan, Kunshan, Vietnam and Thailand. Its localized production and operation in Thailand are implemented via Francool Advanced Industrial Fluid Technology (Thailand) Co., Ltd., enabling full market coverage of core domestic manufacturing clusters and key industrial hubs across Southeast Asia. The core business focuses on three major segments, forming an entire industry chain service capability. Products span six major series and are widely applied in key fields such as consumer electronics and auto parts. Leveraging its self-developed OWS oily wastewater treatment system , the company provides one-stop environmental protection solutions, fulfilling its social responsibilities. Centered on three core business segments, the enterprise has built a full industrial chain service portfolio consisting of six major product lines widely adopted in consumer electronics, auto parts and other pivotal industries. Supported by its self-developed OWS oily wastewater treatment system, FRANCOOL delivers integrated one-stop environmental solutions to fulfill corporate social responsibilities. In terms of technical strength, the company has 3 R&D centers along with postdoctoral and doctoral research platforms, and has assembled a global R&D team. It holds a cumulative total of 122 patents of various categories and 2 software copyrights. Core products have passed multiple international system certifications, with some reaching internationally advanced levels. In terms of technical capacity, the company operates three R&D centers together with postdoctoral and doctoral research platforms and a global R&D workforce. It holds 122 patents of various categories and 2 software copyrights; core products have obtained multiple international system certifications, with some reaching world-class advanced standards. In terms of global layout, the company has 11 wholly-owned subsidiaries and over 20 offices in China. Outside China, with the Vietnam production site as the core and supported by branch offices across multiple regions, the company provides full-lifecycle services to global clients through a direct sales model. In the future, the company will focus on high-end environmental protection products, advance its global layout, and strive to build a world-leading brand for industrial lubricants . For global layout, FRANCOOL owns 11 wholly-owned subsidiaries and over 20 representative offices in China. Overseas operations pivot around its Vietnam manufacturing base and regional branches, adopting a direct sales model to deliver full-lifecycle services to worldwide clients. Going forward, the company will focus on high-end eco-friendly products, accelerate global expansion and strive to grow into a world-leading brand for industrial lubricants. Contact Information Contact Tel: 0755 28130169 Contact Us Yan Caowei 15618581967

SMM News, May 29: Metals market: Overnight, domestic base metals mostly rose. SHFE copper was up 1.17%. SHFE aluminum was up 0.39%, SHFE lead was down 0.24%. SHFE zinc was up 0.89%. SHFE tin was up 2.66%. SHFE nickel was up 0.61%. In addition, the most-traded alumina futures contract was up 0.63%, and the most-traded casting aluminum futures contract was up 0.39%. Overnight, ferrous metals mostly fell. Iron ore and hot-rolled coil edged down, stainless steel edged up 0.03%, and rebar was down 0.1%. Coking coal and coke: the most-traded coking coal futures contract was down 0.23%, and the most-traded coke futures contract was up 0.08%. Overnight, overseas market metals saw LME base metals rise across the board. LME copper was up 1.71%. LME aluminum was up 1.47%, LME lead was up 0.9%. LME zinc was up 1.44%. LME tin was up 2.47%. LME nickel was up 1.06%. Overnight precious metals : A weaker US dollar drove gold to reverse from losses to gains. Overnight COMEX gold ultimately rose 1.02%, and COMEX silver was up 1.36%. Overnight the most-traded SHFE gold contract was up 1.91%, and the most-traded SHFE silver contract was up 2.71%. As of 7:24 AM on May 29, overnight closing prices: Macro front China: [The State Council issued the Urban Renewal 15th Five-Year Plan: increasing improvement-oriented housing supply based on city-specific policies and regulating the development of the housing rental market] The State Council issued the Urban Renewal 15th Five-Year Plan. The plan proposed conducting a comprehensive survey of existing urban asset resources, promoting classified disposal of supplied but undeveloped land and projects under construction, and revitalizing idle and inefficient old factory buildings, commercial office spaces, commodity housing, and public housing. It called for accelerating the construction of a new model for real estate development, improving fundamental systems for commodity housing development, financing, and sales. The plan aims to optimize the supply of affordable housing, strengthen housing security for low-income urban families with housing difficulties, better meet the basic housing needs of working-class groups with housing difficulties and modest incomes, and gradually address the transitional housing difficulties of new urban residents and young people. It will increase improvement-oriented housing supply based on city-specific policies and regulate the development of the housing rental market. The plan promotes the transformation and development of real estate developers and their participation in urban renewal. It will deepen the reform of the housing provident fund system, expand its scope of use, strive to meet the diversified housing needs of contributors at different stages, and support flexible employment workers in participating in the housing provident fund system. It will also strengthen and regulate the management of existing urban infrastructure assets. [The National Development and Reform Commission (NDRC) organized a video conference to arrange and deploy national energy supply assurance work for the summer peak] Recently, the NDRC organized the 2026 national video conference on energy supply assurance for the summer peak, thoroughly studying and implementing the spirit of the 20th National Congress of the CPC and all plenary sessions of the 20th Central Committee, earnestly implementing the decisions and deployments of the CPC Central Committee and the State Council, and arranging energy supply assurance work for the summer peak. The meeting required that all regions and relevant enterprises fully recognize the importance, complexity, and long-term nature of summer peak energy supply assurance tasks, closely monitor key regions and critical periods, conduct rolling assessments, strengthen dispatching, fully implement all supply assurance measures, prepare and utilize supply assurance contingency plans, and ensure safe and stable energy operations during the summer peak. It called for ensuring stable generation and supply, securing the production and supply of primary energy sources such as coal and natural gas, strengthening coal transportation for power generation, and meeting peak power generation demand. It urged continued promotion of efficient fulfillment of medium and long-term contracts for electricity, thermal coal, and natural gas. It emphasized strengthening power equipment operation and maintenance management to achieve stable and reliable output, optimizing power dispatching, and fully leveraging the peak-shaving capacity of various power supply sources. (NDRC) [Two departments jointly lay out systematic plans for AI metrology capacity building] The State Administration for Market Regulation and the NDRC jointly issued the Guidelines for AI Metrology System and Capacity Building (2026 Edition), systematically laying out AI metrology capacity building. The Guidelines are organized around six major sections—basic support, general technology, core technology, metrology technical specifications, metrology services for industry, and intelligent empowerment of metrology—bridging the "last mile" between laboratory innovation and industry application. Focusing on the challenge of "measurement inaccuracy" to make AI more trustworthy, the Guidelines deploy key technology research on AI system internal state monitoring and characterization to address pain points such as algorithmic "black boxes" and poor decision explainability, promoting the establishment of reliable, safe, and trustworthy metrology standards for AI, achieving "measurable, comparable, and traceable" AI technical performance. (CCTV News) [SHFE takes restrictive position-opening regulatory measures against certain clients] SHFE announced that on May 28, 2026, three groups of accounts with actual control relationships exceeded the intraday position-opening trading volume limits on relevant contracts, reaching the exchange's action threshold. The trading behavior of the above clients violated Article 16 of the Shanghai Futures Exchange Measures for the Administration of Abnormal Trading Behavior. The exchange decided to impose restrictive position-opening regulatory measures on the relevant clients in the corresponding products. (Jin10 Data APP) [Chinese automakers surpass the 100 million cumulative production and sales milestone for the first time] On the afternoon of May 28, SAIC delivered its 100 millionth vehicle, marking the birth of the first auto group in Chinese automotive history to surpass 100 million units in cumulative production and sales, in Shanghai. The emergence of China's first "100-million-unit automaker" is a vivid testament to over 70 years of Chinese automotive industry development from nothing to something, from weak to strong, and represents an important milestone for "Made in China." (Xinhua) US dollar: Overnight, the US dollar index fell 0.22% to 99.01. According to Wallstreetcn, April PCE inflation came in below expectations MoM, Q1 GDP annualized growth was revised down to 1.6%, new home sales declined sharply, and initial jobless claims also slightly exceeded expectations. Weak US data combined with ceasefire hopes jointly boosted interest rate cut expectations. According to data released Thursday by the US Bureau of Economic Analysis (BEA), the US April PCE price index was 3.8% YoY, in line with expectations, the highest level since May 2023, with the Iran war driving energy prices higher as the main factor. The Fed's preferred inflation gauge—the core PCE price index (excluding food and energy)—rose 3.3% YoY in April, hitting a new high since November 2023. Meanwhile, another BEA report showed that US Q1 GDP annualized growth was revised down to 1.6%, below the initial estimate of 2.0%. The coexistence of weak consumption and elevated inflation made the market's judgment on the Fed's monetary policy direction increasingly complex. (Wallstreetcn) Other currencies: Meeting minutes released Thursday showed that the European Central Bank's decision to hold rates unchanged last month was a "difficult choice" for some policymakers; given signs of persistently high inflation, they found it hard to ignore the shock triggered by energy factors. The ECB noted in the minutes: "Several members indicated that this decision was a difficult choice; had a rate hike proposal been on the agenda for this meeting, they would not have opposed it." The ECB also stated: "Since the last meeting, the value of 'pausing rate hikes to preserve policy options' has diminished; at the same time, the approach of taking no monetary policy action and merely adopting a 'temporary disregard' attitude toward the current situation has become increasingly less appropriate." (Jin10 Data APP) Macro: Today will see the release of France's May CPI monthly preliminary reading, France's Q1 GDP annual final reading, Germany's May seasonally adjusted unemployment figures, Germany's May seasonally adjusted unemployment rate, Germany's May CPI monthly preliminary reading, Canada's March GDP monthly rate, and the US May Chicago PMI, among other data. In addition, attention should be paid to: 2027 FOMC voter and Richmond Fed President Barkin participating in a fireside chat at a conference hosted by Johns Hopkins University Carey Business School; 2026 FOMC voter and Minneapolis Fed President Kashkari participating in an exchange event at Korea University; Bank of England Governor Bailey delivering a speech; 2028 FOMC voter and Kansas City Fed President Schmid delivering a speech; Fed Governor Bowman delivering a speech; and 2026 FOMC voter and Philadelphia Fed President Paulsen delivering a speech on the economic outlook. Crude oil: Thursday saw US-Iran ceasefire rumors flip-flopping, with oil prices swinging wildly throughout the day before closing flat. Reports of a memorandum of understanding between the US and Iran sent WTI futures plunging from $91 to near $87—before instantly rebounding to near $90. Ultimately, overnight WTI was down 0.17% and Brent was up 0.16%. (Wallstreetcn) According to CCTV, on May 28 local time, US and Iranian negotiators reached an agreement framework on a 60-day memorandum of understanding, intended to extend the ceasefire and launch negotiations on Iran's nuclear issue, but still requiring final approval from US President Trump. US officials said the terms of the agreement were largely finalised before the 26th, but both sides still needed approval from their respective top leadership. The US side said Iran subsequently indicated it had obtained the necessary authorization and was ready to sign, but Iranian officials had not yet confirmed this. US officials said negotiators had briefed Trump on the final agreement, but he did not immediately approve it, stating he "needed a few days to consider." According to CCTV, on May 28 local time, Saeed Aghalou, a member of the Iranian negotiating delegation's media team, stated that as of now, Iran has not agreed to any memorandum of understanding, nor has it confirmed to Pakistani mediators that it has approved the memorandum. Furthermore, he explicitly stated that Iran made no commitments on nuclear issues during negotiations with the US. A source close to the negotiating team said the text of the potential memorandum of understanding has not been finalised or confirmed. Western media reports claiming that an agreement between Iran and the US has been finalised are not true. Iran has not informed Pakistani mediators that the text has been finalised. Once finalised, Iran will announce the matter to Pakistani mediators and the public. Until then, any claims by Western sources that the matter has been "finalised" are not credible. The Islamic Revolutionary Guard Corps Navy said on social media on the 28th that 23 ships passed through the Strait of Hormuz in the past 24 hours. (Xinhua) US Energy Information Administration (EIA) data showed: US crude oil imports from Iraq fell to zero last week, hitting a record low. For the week ending May 22, US Strategic Petroleum Reserve (SPR) inventory decreased by 9.063 million barrels to 365.1 million barrels, a decline of 2.42%. Commercial crude oil inventory excluding strategic reserves decreased by 3.327 million barrels to 442 million barrels, a decline of 0.75%. US commercial crude oil inventory excluding strategic reserves for the week ending May 22 was at its lowest since the week of February 27, 2026. US EIA Strategic Petroleum Reserve inventory for the week ending May 22 was at its lowest since the week of April 12, 2024. (Jin10 Data APP)

During December 2025 to May 2026, the CAS Institute of Metal Research completed 2,800 kg of ammonium perrhenate procurement amid concentrated supplier supply and a nearly 90% six-month price surge, with tight market supply driven by manufacturers’ inventory hoarding and robust institutional and corporate demand, keeping prices upward.

I. Background of China's Demand Decline ◼ In 2026, the global iron ore market is facing a critical turning point. As the Chinese government continues to strengthen steel capacity regulation and accelerate the industry's green and low-carbon transition, compounded by global trade barriers constraining export opportunities, China's steel production is expected to continue its YoY decline. As the world's largest iron ore consumer (absorbing approximately 75% of seaborne iron ore volume), China's weakening demand coincides with the supply side being about to see massive volume releases—represented by the phased commissioning of the Simandou project with a designed annual capacity of 120 million mt. With supply and demand moving in opposite directions, global iron ore prices will face significant downward pressure. Data source: SMM ◼ Against this backdrop, market attention naturally turns to the world's second-largest crude steel producer— India . As an emerging market in steel consumption, India is driven by infrastructure and real estate as its core growth engines, with downstream steel consumption growing rapidly, strongly propelling the robust development of crude steel production, with an average annual growth rate of 10.5% . Although countries such as Vietnam, Indonesia, Turkey, Mexico, and the US also maintain relatively fast development in their steel industries, over the next five years, the highest compound annual growth rate among these countries is only 5%, forming a notable gap with India. Data source: SMM II. Analysis of India's Iron Ore Supply-Demand Structure 2.1 India's Iron Ore Production Continues to Grow, but Structural Differentiation Is Evident ◼ 2.1.1 India Is Rich in Iron Ore Resources, Ranking Third Globally ◼ From a resource perspective, India is relatively rich in iron ore resources. According to the latest 2024 Iron Ore Resource Annual Report released by India's Ministry of Mines, India's iron ore resource reserves total 35.29 billion mt. Magnetite accounts for 33%, and hematite accounts for 67%. The predominant hematite resources are mainly distributed across Odisha, Goa, Chhattisgarh, Jharkhand and Karnataka — these five states. Among them, Odisha in the east (production accounting for over half of the national total, grade 62%-65%) and Chhattisgarh (home to the large Bailadila mining area, with estimated total reserves of 3 billion mt and grade as high as 65%), as well as Karnataka in the south (primarily magnetite). Data source: SMM 2.1.2 India's Iron Ore Production Is Largely Concentrated in State-Owned Mines ◼ India's iron ore mining market combines state-owned and private enterprises. By company ownership, 36% of mines are controlled by state-owned enterprises, with the remaining 64% controlled by private enterprises. Representative state-owned mine enterprises include National Mineral Development Corporation (NMDC) , Steel Authority of India Limited (SAIL) , and Kudremukh Iron Ore Company (Kudremukh); representative private mine enterprises include Tata Steel Company, etc. ◼ In FY2025/26 (April 2025–March 2026), India's iron ore production is expected to reach 305–310 million mt, up approximately 7% YoY. Specifically: NMDC (state-owned producer) production reached 53.15 million mt, up 20.6% YoY; OMC production reached 40 million mt, up 11% YoY. Commercial mine production grew 15% to 190 million mt, while captive mine production declined 3% to 120 million mt. Production growth was primarily driven by commercial producers, and the supply structure is shifting, but growth is concentrated among a few large producers, meaning supply conditions are not balanced. Data source: WSA, SMM 2.1.3 India's New Iron Ore Project Capacity to Increase by 60 Million mt by 2030 ◼ Facing tight balance pressure from downstream steelmaking capacity expansion on supply and demand, industry leader NMDC is actively implementing a capacity expansion strategy. By accelerating mine development and technological upgrades, it is committed to enhancing supply-side flexibility and resilience to ensure continuous fulfillment of the widening rigid demand in the Chinese market. ◼ In addition to NMDC planning to increase capacity from 45 million mt to 67 million mt in FY2025/26, Tata Steel plans to invest 100 billion rupees (approximately $1.18 billion) over the next five years to expand mining capacity from 40 million mt to 55 million mt, and some private enterprises are also increasing iron ore capacity. Based on existing new iron ore capacity estimates, India's iron ore capacity is expected to increase by 60 million mt by 2030. Data source: SMM 2.1.4 Imbalanced Iron Ore Grade Structure — Both an Exporter and Importer ◼ According to the latest India resource report, although India has abundant iron ore reserves, the raw ore grade varies significantly. Currently, total explored reserves across India stand at 6.21 billion mt, of which high-grade iron ore accounts for 23%, medium-grade ore approximately 42%, and low-grade ore approximately 25%. Based on product classification of India's industry leaders, iron ore with grade above 60% accounts for 43% of production, while that below 60% accounts for approximately 57%, indicating that India's iron ore products are predominantly low-grade. However, India's major steel producers have high raw material requirements and prefer iron ore with grade above 60%. Therefore, iron ore below 60% grade is mainly exported to China, Japan, and other countries. The high-grade shortfall is mainly met through imports from Brazil, Oman, Australia, and other countries. Data sources: India Resources Report, WSA, SMM III. Key Constraints on India's Ability to Absorb China's Declining Iron Ore Demand 3.1 Vast Volume Gap Hard to Bridge, but Incremental Offset Can Provide a Floor ◼ In recent years, China's annual iron ore imports were approximately 1.2 billion mt, while India remains primarily an exporter, with annual exports of 23.56 million mt and imports of 12.31 million mt—its import scale being only 1% of China's. Even if India redirected all its export resources to meet its own demand, the absolute scale would still be two orders of magnitude smaller than China's demand decline. ◼ However, as China's iron ore demand declines and India's demand rises in the future, India's share in the global iron ore market will grow significantly. According to World Steel Association data, China accounted for 59% of global iron ore demand in 2025, while India accounted for only 10%; by 2030, China's share is expected to decline to 52%, while India's will rise to 15%, with particularly impressive growth momentum. The incremental demand from India will offset part of China's decline, providing a floor for iron ore prices. Data sources: WSA, SMM 3.2 Government Policies & Import Grade Restrictions Limiting Imports ◼ Based on India's iron ore import and export data, India's exports in 2025 declined 34% compared to 2024, while imports surged 129%. Despite the massive increase in imports and significant room for further growth driven by rising domestic demand, the Indian government has already introduced measures requiring priority fulfillment of domestic demand and reducing exports, which will to some extent suppress the growth potential of its iron ore imports. Meanwhile, the continued degradation of resource endowments at major global mines has intensified the structural shortage of high-grade ore, making the high-grade resources available for India's future imports relatively limited. Furthermore, as requirements for green steel production increase in and outside China, China's future demand for high-grade iron ore will also rise correspondingly, a trend that will further constrain India's iron ore import capacity. ◼ In the long run, if demand for high-grade ore continues to trigger structural tightness, the price spread between high-, medium-, and low-grade iron ore will continue to widen. Against this backdrop, India's own ore product mix may undergo significant adjustments, and its exports may continue to decline. Data sources: WSA, SMM 3.3 Green Steel Policies Driving Higher Electric Furnace Share, Iron Ore Demand Growth Under Pressure to Slow Down ◼ From a production process perspective, India's share of electric furnace steelmaking far exceeds China's, at approximately 30% in 2024. According to India's *National Steel Policy (2017)*, the country plans to raise its annual crude steel capacity to 300 million mt by FY2030 (ending March 31, 2031), with blast furnace-converter process capacity accounting for 60%-65% and electric furnace process capacity accounting for 35%-40%. As global carbon emission policies advance further, the share of green steel will increase significantly in the future, which aligns with the electric furnace capacity share target in India's National Steel Policy. Under this trend, the rising share of electric furnace steelmaking will, to some extent, curb the incremental demand for iron ore in India. Data sources: WSA, SMM IV. India's Iron Ore Demand Growth: Sufficient to Offset, Insufficient to Reverse ◼ According to the World Steel Association's forecast, global total iron ore demand is expected to maintain a modest growth trend from 2026 to 2030. China's iron ore demand is expected to decline by 8%, a reduction of approximately 113 million mt, while benefiting from continued expansion in steel production, India's total iron ore demand over the same period will grow by 55%, an increase of approximately 128 million mt. Meanwhile, based on estimates of global iron ore project capacity and commissioning pace, by 2030, approximately 300 million mt of new iron ore capacity is expected to be added globally on a cumulative basis. Overall, although India's demand growth is robust, it remains difficult to offset the large-scale supply increase on a global scale. However, the rise in India's demand can, to some extent, counteract the negative impact of declining demand from China, providing floor support for iron ore prices. ◼ In addition, as global carbon emission policies advance further, blast furnace capacity will gradually contract and crude steel production will trend downward, while the share of direct reduced iron (DRI) and electric furnace steelmaking is expected to continue rising. Against this backdrop, demand for high-grade iron ore will grow significantly in both China and India, which will further intensify the structural tightness in the high-grade ore market, thereby pushing up high-grade premiums. The price spread between high- and medium-grade iron ore is expected to widen notably in the future. Data source: SMM Data source disclaimer: Data other than publicly available information is derived by SMM based on public information, market communication, and SMM's internal database models, for reference only and does not constitute decision-making advice. Note: This article is an original article of this official account. For reprinting, whitelisting, cooperation, or other needs, please contact us. Without permission, it is prohibited to reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the above content to third parties in any other form, or license third parties to use it. Otherwise, once discovered, SMM will pursue legal liability for infringement through legal means, including but not limited to demanding liability for breach of contract, return of unjust enrichment, and compensation for direct and indirect economic losses. Scan the QR code to get information for free

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