The Ha Tinh Provincial Economic Zone Management Board has approved the detailed 1/500-scale planning for VinMetal Ha Tinh Steel Factory, covering nearly 460 hectares in Vung Ang Economic Zone. Located within Vinhomes Vung Ang Industrial Park, the project will feature a modern steel production complex with subdivisions for raw materials, smelting, rolling, power generation, and waste treatment. The facility will allocate 57.26% of its land for industrial production and warehouses, 28.6% for green spaces, and the remainder for infrastructure, offices, and parking. The plan includes technical systems for water supply (17,550m³/day), circulating water (106,350m³/day), and wastewater treatment (8,300m³/day), with pre-treated effluents directed to the industrial park’s centralized system.

【25k-ton Waste LIB Comprehensive Utilization Project Launched in Leshan, Sichuan】 Recently, Leshan News Network released the first EIA announcement for the new energy waste LIB comprehensive utilization and dismantling project. The project is located in the High-tech Zone, Leshan, Sichuan. It consists of one LIB Pack cascade utilization production line and two LIB dismantling lines, with supporting warehouses and environmental facilities. Upon completion, it will achieve an annual comprehensive utilization and dismantling capacity of 25,000 tons of new energy LIBs, including 5,000 tons/year of cascade utilization and 20,000 tons/year of LIB dismantling.

Indonesia is predominantly a thermal-coal producer serving power generation and industrial boilers; metallurgical coal represents a comparatively small part of the country’s production and export mix. Indonesia entered 2026 with the coal market expecting a government-led correction after two years of exceptionally high output. Policymakers signalled tighter RKAB approvals to control oversupply, support prices, preserve reserves and prioritise domestic demand. The result was a sharp recovery in the country’s core low and medium-CV coal prices, even though mine production did not fall as quickly as sentiment initially implied. The full H1 picture is therefore more complex than a simple supply-cut story. Indonesia retained abundant mining capacity and large headline production, but policy uncertainty, domestic obligations, coal-quality mismatches and selective marketing reduced the amount of coal immediately available to export buyers. At the same time, LNG disruption in Q2 encouraged greater coal burn in Asia and gave the rally a real demand component. 1. Indonesia’s coal foundation: scale, cost and Asian proximity Indonesia’s competitive advantage is not simply the size of its coal reserves. It is the combination of large-scale and relatively low-cost mining, short shipping distances to major Asian buyers and the ability to supply a wide range of thermal-coal qualities. This makes Indonesia the dominant volume supplier in seaborne low- and medium-CV coal, particularly to China, India, the Philippines, Malaysia and South Korea. Indonesia had approximately 97.96 billion tonnes of coal resources at end-2024. The supplied 2025 reserve chart reports 33.25 billion tonnes (33,250 Mt) of proved-plus-probable coal reserves. Kalimantan holds 69.3% and Sumatra 30.7%, with East Kalimantan and South Sumatra the two largest reserve regions. Around 69% of identified resources were low-calorific coal of 4,200 kcal/kg GAR or below. Indonesia approximately reports national coal reserves at 33.25 billion tonnes. East Kalimantan alone accounts for 47.2%, followed by South Sumatra at 23.5%; other islands collectively contribute only about 0.05%. This structure is visible from Indonesia’s mining-permit distribution. Kalimantan is the core export base, supported by established river, barging and seaborne logistics. Sumatra has greater domestic relevance through PLN supply, mine-mouth power plants and consumption of lower-CV coal. Higher-CV material exists, but it is not the dominant volume base of the Indonesian system. That quality profile creates both an advantage and a vulnerability. Low-CV coal is inexpensive on a per-tonne basis, but it is not always inexpensive after adjusting for energy content. Export competitiveness can therefore change quickly when freight rates rise or buyers switch toward more energy-dense coal from Australia, South Africa or other origins. 2. Coal-quality classification: where Indonesian supply sits Indonesian thermal coal is conventionally classified by calorific value on a gross-as-received basis. GAR reflects the energy value of coal including its as-received moisture and is closely linked to the typical moisture, ash, sulphur, combustion behaviour and end-use of each cargo. Indonesia’s commercial identity is concentrated in the low- and medium-CV portion of this spectrum, which are usually in the range of ICI 3 to ICI 5. The quality labels are broad commercial descriptors. Actual cargo value also depends on moisture, sulphur, ash, mine location and logistics. Both the ICI commercial assessment system and the HBA administrative system are structured around the qualities Indonesia actually mines and sells, although they use different reference specifications and serve different purposes. ICI has five grades; the current HBA framework has four. 3. Production expanded rapidly before the 2026 policy turn Indonesia’s coal production illustrates a decade of steady output growth interrupted by a first pullback in 2025. Production rose from 563.7 million tonnes in 2020 to a peak of 836 million tonnes in 2024, a compound annual growth rate of roughly 10.4%, a pace driven largely by expanding export demand from China and India alongside rising domestic industrial consumption. That growth reversed in 2025, with output easing to approximately 817 million tonnes, a decline of about 2.3% year-on-year, marking the first contraction in the series and an early signal of the tighter production discipline that would carry into the 2026 RKAB cycle. A notable feature of the underlying data is that Indonesia's Domestic Market Obligation has been met, and generally exceeded, in every year shown. Actual domestic allocation has consistently run in the range of roughly 25% to 30% of total production, comfortably above the regulatory minimum requirement, rather than sitting at the statutory floor. This suggests domestic supply commitments have not been a binding constraint on producers during this period; rather, the recent tightening in domestic allocation reflects deliberate policy intent to raise that share further, not a response to prior shortfalls. Exports have remained the larger channel throughout, but their share of total production has gradually narrowed as the domestic allocation has grown, consistent with the broader shift toward prioritising Indonesia's power and smelting demand. After this high-output period, the government initially sought a much sharper reduction for 2026, with an ambition to move production toward the 600 Mt range. Many companies reportedly received initial RKAB quotas 40–70% below their 2025 levels. The policy objectives were broader than price support: they included controlling oversupply, preserving reserves and ensuring that domestic power and strategic industries received priority. 4. Why Indonesia runs two coal benchmarks 4.1 HBA: the government’s administrative reference Harga Batubara Acuan is set monthly by the Ministry of Energy and Mineral Resources. Its main role is administrative: HBA forms the basis for the Harga Patokan Batubara reference selling price, royalty and PNBP calculations, and DMO-price compliance. Cargo adjustments reflect actual calorific value, moisture, sulphur and ash against four reference specifications: HBA at 6,322 kcal/kg GAR, HBA-I at 5,300, HBA-II at 4,100 and HBA-III at 3,400. HBA History Timeline Before 2023, HBA used a weighted basket that included the Indonesian Coal Index, Newcastle Export Index, GlobalCoal Newcastle Index and Platts 5900 alongside Indonesian assessments. Because several components represented premium high-CV coal from outside Indonesia, HBA could detach sharply from the value realised by Indonesian sellers of low-CV cargoes. In October 2022, for example, HBA reached about $330/t while ICI 4, representative of a grade many Indonesian producers were actually shipping, was around $91–95/t. Producers argued that the gap overstated royalty obligations for companies not selling premium coal. Kepmen ESDM No. 41/2023 replaced the international-index basket with a formula based on actual realised FOB-vessel transaction prices reported through the e-PNBP Minerba system. The calculation assigns 70% weight to the prior month’s average sales price and 30% to the month before that. The supplied material identifies Kepmen ESDM No. 72/2025 as the current governing regulation and says it retains the transaction-based approach and four-tier structure. 4.2 ICI: the commercial market benchmark The Indonesian Coal Index is a weekly market-assessed price series jointly produced by Argus Media and PT Coalindo Energy. It covers five FOB grades, 6,500, 5,800, 5,000, 4,200 and 3,400 kcal/kg GAR, and draws on input from buyers, sellers and intermediaries active in the physical market. ICI is more commonly used in commercial negotiation because of its frequency, independence, granular mapping to actual cargo qualities and comparability with Newcastle and Richards Bay benchmarks. HBA remains indispensable, but for a narrower fiscal and administrative function. Since HBA is now derived from domestic transactions that themselves reflect market conditions, the two series move more closely than before 2023, although HBA still tends to lag. That breadth is a large part of why ICI functions as the leading price reference for Indonesian coal more broadly, used for both domestic and international contracts, royalty and tax calculations, corporate finance, and production planning, rather than a narrower, origin-specific price series. Its weekly cadence, relative to HBA's monthly and backward-looking construction, is the other key reason it remains the benchmark commercial parties actually negotiate against: it responds to current market conditions rather than lagging by up to two months, it is derived independently of government administration, and it is quoted alongside Newcastle and Richards Bay for cross-market comparison. HBA continues to serve a narrower but essential function, determining royalty obligations and DMO-price settlement rather than commercial transaction value. 5. Early-2026 production: policy tightened faster than mine output Indonesia’s coal production did not collapse in early 2026. The market became more constrained because production was increasingly shaped by RKAB policy rather than mining capability. Preliminary figures cited in the supplied analysis put January–May output at 302 Mt, only 6% lower year on year, while coal sales and marketing fell much more sharply to 257.27 Mt, down 17%. An indicative H1 estimate of about 362.4 Mt would already equal more than 60% of a 600 Mt annual target and imply an annualised pace above 700 Mt. This was the core contradiction of H1: supply policy was bullish for prices, but implementation remained incomplete. Miners were still producing at a relatively high rate while market absorption, exports and domestic allocations became more selective. 6. Exports, Asian demand and Indonesia’s global position In the 2025 customs mirror-data comparison, Indonesia remained the world’s largest coal exporter by volume at 531.15 Mt, equal to 41.9% of reported export-side declarations. Australia followed at 356.45 Mt. The United States, South Africa, Colombia, Russia and Canada were substantially smaller. Australia competes most directly in high-CV thermal and metallurgical coal; Indonesia leads total export volume through its large low- and medium-CV thermal-coal base. Top 20 coal-exporting countries in 2025 (million tonnes; customs mirror-data ranking). On the import side, China was the largest reported buyer in 2025 at 491.09 Mt, or 32.5% of import-side declarations, followed by India at 253.46 Mt, or 16.8%. Japan, South Korea, Vietnam and Taiwan formed the next group. Global seaborne coal demand is therefore heavily concentrated in Asia. For Indonesia, China and India remain the main external demand centres because of their scale and ability to consume Indonesian low- and medium-CV coal. Top 20 coal-importing countries in 2025 (million tonnes; customs mirror-data ranking). 6.1 H1 2026 reported shares and June destination mix According to SMM-processed data and available customs information, January-June 2026 export-side declarations totalled 469.32 Mt. Indonesia accounted for 195.58 Mt, or 41.7% of this reported origin-side total, followed by Australia at 29.8%, the United States at 8.1% and South Africa at 6.9%. On the importer side, combined January-June destination demand was led by China at 182.82 Mt, or 30.4% of the reported total, followed by India at 17.0%, Japan at 11.0% and South Korea at 9.5%. These proportions describe the January-June global origin structure and importer-side destination demand; they are not an Indonesia-to-China bilateral matrix. Because late-period customs reporting is incomplete, SMM treats them as provisional H1 proportions that may be revised after additional declarations. 7. DMO, "penugasan" and the difference between total and usable supply Indonesia’s Domestic Market Obligation is a domestic-priority rule. The general benchmark requires coal producers to allocate 25% of approved annual production to domestic users. Compliance is linked to RKAB approvals and annual domestic assignments, with reporting, quality and delivery obligations that protect PLN, coal-fired power plants and strategic industries. The 25% benchmark is therefore a minimum policy reference rather than a uniform realised ratio for every miner. Non-compliance may trigger compensation funds, fines or restrictions on overseas coal sales. "Penugasan" refers to the practical assignment of domestic supply, identifying which miner supplies which domestic buyer, usually PLN or another strategic user. DMO is the broad quota, while penugasan is the allocation mechanism. This makes the burden uneven: miners with large PLN or state-linked assignments can effectively supply more than the headline percentage. Indonesia’s domestic coal challenge is less about aggregate national availability than the allocation of suitable coal to specific users. DMO establishes producers’ broad domestic sales obligations, while the government may appoint particular producers or traders to address urgent supply shortages. However, the resulting burden cannot be inferred solely from the share of demand associated with state-linked users; company-level assignments and delivery data are needed to show which suppliers carry the largest obligation. PLN Group and independent power producers were estimated to require 152.51 Mt in 2026. The reported January–May shortfall of approximately 9.4 Mt comprised 5.67 Mt of medium-rank coal and 3.76 Mt of low-rank coal. However, the stated receipt average of 10.7 Mt per month does not fully reconcile with these figures and should be checked against PLN’s actual monthly delivery schedule. The shortage nevertheless illustrates that sufficient national production does not guarantee the availability of the correct coal grade, location and delivery timing for each power plant. Price-cap framework: Coal supplied for public electricity generation is capped at US$70/t FOB vessel at the 6,322 kcal/kg GAR reference specification under MEMR Decree 139.K/HK.02/MEM.B/2021. Coal supplied to domestic industrial users, including cement, is capped at US$90/t under Decree 58.K/HK.02/MEM.B/2022. Both marker prices are adjusted for actual calorific value, moisture, sulphur and ash. The US$90/t regime excludes metal-mineral processing and refining, so smelter coal should not automatically be treated as cement-price-capped. The commercial tension becomes material when export-equivalent netbacks exceed the domestic caps. Take example for the first May 2026 period, the official 6,322 GAR HBA was US$106.57/t, implying a headline benchmark gap of US$36.57/t versus the PLN cap and US$16.57/t versus the industrial cap before quality, freight, contract and royalty effects. A miner carrying a high DMO or penugasan share may therefore earn less revenue and margin than on an export sale of comparable coal, creating an incentive to limit domestic exposure to required or assigned volumes. This is a margin concern, not a legal option to avoid DMO: non-compliance can trigger fines, compensation payments and export restrictions. If export prices fall below the caps, or quality and logistics adjustments absorb the spread, the export premium can narrow or disappear. 8. H1 2026 price trend: policy-led Q1, demand-led Q2 For analysing 2026 prices, ICI 3, ICI 4 and ICI 5 provide the clearest view because they represent Indonesia’s physical medium- and low-CV market. HBA remains relevant for administrative and fiscal purposes, but its monthly look-back means it tends to follow the physical market with a delay. Q1: RKAB expectations, weather, and tighter spot supply Q1 was initially driven by expectations that Indonesia would reduce its 2026 coal production target from 790 million tonnes in 2025 to around 600 million tonnes. While company-level RKAB allocations were still being finalised, delayed approvals and uncertainty over individual quotas made some miners cautious about production planning and forward sales. This tightened immediately available spot cargoes, particularly from smaller and medium-sized producers. Seasonal rainfall reinforced the policy-driven supply concerns by disrupting open-pit mining, haul roads and barging operations in parts of Kalimantan and Sumatra. January exports fell to 39.56 million tonnes, down 22.7% month on month, while BPS subsequently confirmed that national coal production declined during Q1. However, the impact was uneven: some producers front-loaded output and DMO deliveries ahead of potential quota reductions, meaning the market faced constrained marginal supply rather than a uniform nationwide production cut. From January 2 to March 27, ICI 3 rose 23.0% from $60.91/t to $74.89/t, ICI 4 increased 32.7% from $45.46/t to $60.31/t, and ICI 5 gained 17.6% from $30.97/t to $36.41/t. ICI 4 recorded the strongest percentage increase, consistent with tighter availability and stronger competition for Indonesia’s core 4,200 kcal/kg GAR export grade. Nevertheless, part of its outperformance reflected its lower starting price, while the LNG disruption beginning in early March also contributed to the final stage of the Q1 increase. Q2: LNG disruption and gas-to-coal demand During Q2, market support shifted toward regional energy security. Disruption to oil and LNG flows through the Strait of Hormuz removed a substantial portion of global energy supply, sharply raising Asian gas and international oil prices. Higher LNG prices encouraged utilities with sufficient fuel flexibility and available coal-fired capacity to reduce spot-gas consumption and increase coal generation. The disruption also affected coal supply costs. Brent rose from around $71/bbl on February 27 to $104/bbl on March 9 and remained volatile during Q2, while diesel and other refined-product prices increased even more sharply. Because Indonesian open-pit coal production depends heavily on diesel-powered mining equipment, trucks, barges and support vessels, higher fuel prices raised production and logistics costs. The coal rally therefore reflected both stronger gas-to-coal switching demand and a higher cost base across the Indonesian supply chain. From March 27 to June 26, ICI 3 rose another 13.3% to $84.83/t, ICI 4 gained 9.3% to $65.92/t, and ICI 5 increased 14.1% to $41.54/t. Prices peaked around June 12 before easing modestly into month-end. Across H1, ICI 3 increased 39.3%, ICI 4 gained 45.0% and ICI 5 rose 34.1%. Overall, the rally reflected the combined effects of RKAB-related supply expectations, weather and operating constraints, LNG-driven fuel switching and higher oil-related production and transportation costs. 9. H2 2026 outlook: a pause before a possible Q4 recovery The H1 rally has stalled. Overseas buyers are pushing back on higher offers, and comfortable inventories have taken the urgency out of restocking. Absent a fresh catalyst, price action into H2 looks more like consolidation than a resumption of the uptrend. RKAB is the decisive H2 variable. Producers are seeking to maximise economically usable approvals, and SMM’s indicative scenario places total 2026 quota availability at around 730-750 Mt. This is an analytical scenario, not an announced official total, and it is conditional mainly on domestic coal requirements being met. DMO compliance, cargo quality and actual delivery capacity will determine how much approved volume can become exportable supply. Winter demand offers some support, but seasonality alone won't do much heavy lifting. A real rebound needs more than a calendar effect — tight RKAB discipline, a weather or logistics disruption, or restocking that outpaces the norm. If approvals land near the top of our range and get fully drawn down, the extra tonnage argues for a longer correction, not a shorter one. SMM believes that RKAB size is the swing factor for Q4 price direction The size of 2026 RKAB approvals is the single variable that decides which way H2 prices move. If approvals land large, quota issued near the top of the range and largely usable, it is expected the correction to continue. More approved tonnage means more coal eligible for export, and that supply overhang caps any price recovery through year-end. If approvals stay tight, and DMO enforcement holds firm, the exportable pool shrinks. Combine that with the seasonal demand pickup that typically accompanies Q4 rainy-season disruption to output and logistics, and the setup shifts toward a price recovery into year-end — tight supply meeting a seasonal demand bump, rather than seasonality doing the work on its own. In short: large RKAB → correction persists. Tight RKAB + strict DMO → year-end price recovery. The quota decision is the fork in the road; everything else (winter demand, rainy-season logistics) just determines how sharp the move is once that fork is decided.

Capacity side, according to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market at 2.7 GW. This week, Qinghui Energy’s 15 MW PEM hydrogen production integrated system was officially shipped to a project in Romania, Europe, linking renewable energy electrolysis for hydrogen production; Wenshi Hydrogen’s three AEM hydrogen production units were shipped to the Netherlands, representing the first repeat order from a European client, with this equipment delivered to a local farm. Project-related updates: Henan Shunli Alcohol Hydrogen Energy Technology Co., Ltd. : Henan Shunli Alcohol Hydrogen Energy Technology Co., Ltd. released a public inquiry for the supervision services for an integrated power generation, biomass gasification and green methanol synthesis project. The project is located in the Coal Chemical Park, Tongye Town, Yindu District, Anyang City, with a total investment of about 1.6 billion yuan, and a supporting raw material pretreatment sub-project investment of about 120 million yuan. The tender scope covers full-cycle supervision services for the raw material pretreatment project, with the service period initially planned from early August 2026 to July 2027. The project uses agricultural and forestry waste as raw material, and plans to produce 70,000 mt/year of non-food biomass green ethanol and 244,000 mt/year of green methanol, with construction in phases. Junrui Green Hydrogen Energy (Chahar Right Rear Banner) Co., Ltd. : The 80,000 mt/year green ammonia production site project has been filed. The project is located in the New Materials Industrial Park, Chahar Right Rear Banner, Ulanqab City, Inner Mongolia, with a total investment of 905.6 million yuan. The project plans to build an 80,000 mt/year ammonia synthesis plant and supporting utilities and auxiliary facilities, relying on upstream wind and solar power green hydrogen production, with an air separation unit to supply nitrogen and ammonia synthesis process to produce green ammonia, and a turndown ratio of 30% to 110%. The project covers an area of 509 mu, with a total floor area of 99,188 m². Construction is planned to start in October 2026 and complete in December 2027. Huaneng Xi’an Thermal Power Research Institute : The scientific research project’s alkaline electrolysis hydrogen production equipment and instruments tender has announced the shortlisted candidates. The first candidate is Fuxin Zhongqing Innovation Technology Co., Ltd., with a bid price of 1.1992 million yuan; the second is Shenzhen Ruilin Technology Co., Ltd., at 1.5808 million yuan; the third is Beijing Leidong Zhichuang Technology Co., Ltd., at 1.6334 million yuan. The project is located at the Baotou Third Thermal Power Plant of North United Power in Baotou, Inner Mongolia, and involves the procurement of a complete alkaline electrolysis hydrogen production system and supporting instruments. The supplier shall provide on-site installation guidance and commissioning services to support the development of high-efficiency single-cycle super alkaline electrolysis hydrogen production equipment. The project does not accept consortium bids, and delivery is required within 70 days after contract signing. CSSC (Handan) Peric Hydrogen Energy Technology Co., Ltd. : secured two orders from an Ecuadorian partner, one for equipment renovation and the other for new equipment for production line expansion, extending their strategic cooperation of over 20 years. Reports indicate that the Ecuadorian partner enterprise introduced Peric hydrogen production equipment in 2004. The equipment has operated stably for 22 consecutive years under complex overseas working conditions with zero failures. Long-term field verification highlights the excellent stability, durability, and environmental adaptability of Peric's electrolytic hydrogen production equipment. Maoming City Public Transport Co., Ltd. The inauguration ceremony for Maoming's first hydrogen fuel cell buses was held at the Maoming Railway Station North Square bus terminal. The vehicles deployed are customized Chery Wanda models, suited for urban, urban-rural, and township passenger transport scenarios, and are equipped with the Tianneng Hydrogen Electric Chenxing-T80 fuel cell system. The buses require only 15 minutes for hydrogen refueling, significantly reducing energy replenishment time compared to pure electric buses, extending operating hours and improving vehicle turnover efficiency, supporting the development of green transport in western Guangdong. PowerChina Beijing Engineering Corporation Limited: The Jiuyuan District hydrogen production and storage integration demonstration project has been filed and will be located in the Jiuyuan Industrial Park, Baotou City. The project has a total investment of RMB 1.4695 billion and is planned to include an annual hydrogen production unit of 7,366 mt, a hydrogen storage facility of 168,900 standard cubic meters, along with supporting hydrogen production testing platforms, a hydrogen quality inspection center, a hydrogen R&D center, and a science popularization base. The project is scheduled to start construction in October 2026 and be completed and operational by December 2028. China Energy Engineering Group Bochuang Green Fuel (Shenyang) Co., Ltd. China Energy Engineering Group's East China Institute has secured the EPC contract for the first phase of the Shenyang wind-solar hydrogen production integrated with biomass green methanol oil demonstration project, involving 10kt of green methanol. The project is located in Kangping County, Shenyang, and is a benchmark project among the first domestic initiatives combining wind-solar electrolytic hydrogen production with biomass gasification to methanol. It leverages local wind power and straw resources to establish a complete 'green electricity-green hydrogen-green methanol' industry chain, producing 10kt of green methanol annually. The project can consume local wind power and agricultural/forestry waste, reducing full life-cycle carbon emissions by about 70% compared to traditional coal-to-methanol processes, with significant environmental and economic benefits. Envision Zero-Carbon Technology (Chifeng) Co., Ltd. The 12 electrolytic hydrogen production rectifier transformers independently developed by XD Electric for the Envision Energy Chifeng Zero-Carbon Hydrogen-Ammonia Phase I project have been fully energized. This project is the world's largest green hydrogen-ammonia project, with core equipment fully deployed. It is planned to produce 1.52 million mt of green ammonia annually, making it the world's first commercial green hydrogen-ammonia project. It builds an entire integrated industry chain of wind, solar, storage, hydrogen, ammonia, and methanol, relies on 100% green electricity to produce liquid ammonia, and holds the world's first renewable ammonia certification issued by Bureau Veritas, showcasing outstanding industry demonstration value. Inner Mongolia Energy Group: The winning candidates for the hydrogen production system equipment procurement of the Jinshan Power Plant 2×660MW coal-fired power expansion project have been announced. The tender covers complete hydrogen production equipment for two 660MW high-efficiency ultra-supercritical air-cooled coal-fired units, with an estimated contract value of RMB 5.5 million. The candidates and their quoted prices are as follows: First candidate Beijing Zhongdian Fengye, quoting RMB 2.46 million; Second candidate Shanghai Qingrui Technology, quoting RMB 2.0833 million; Third candidate Changzhou Xingran Technology, quoting RMB 2.1 million. The project is located in Dongtaosuhao Village, Huangheshao Town, Saihan District, Hohhot. Construction started in December 2024, with Unit #1 planned to be commissioned in June 2027 and Unit #2 in October 2027. Zhuzhou CRRC Times Electric Co., Ltd.: has announced a direct procurement notice for the hydrogen power supply container assembly. The procuring entity is the Green Energy Branch of Zhuzhou CRRC Times Electric, with a procurement target of three sets of hydrogen power supply container assemblies. The designated supplier for this project is Guangdong Anpei Electric Power Co., Ltd. Policy Review 1. Scientifically plan the development of green hydrogen, ammonia, and methanol. Coordinate factors such as wind and solar resources, carbon sources, and water sources, integrate infrastructure construction for transportation, refueling, and transshipment, and plan the layout of green hydrogen, ammonia, and methanol production bases according to local conditions. Based on market demand, build integrated wind-solar hydrogen-ammonia-methanol projects for nearby consumption and utilization. Encourage the development of wind-solar hydrogen production in weak-grid or off-grid modes. Large-scale development projects for green hydrogen, ammonia, and methanol. Focus on northeast China, planning to build green hydrogen, ammonia, and methanol production bases primarily for outward transmission. Based on local conditions, plan to build green hydrogen, ammonia, and methanol production bases for nearby utilization in regions such as the 'Jiziwan' area of the Yellow River, northern North China, and the northern foothills of the Tianshan Mountains. 2. The Department of Economy and Information Technology of Zhejiang Province issued a notice on the 'Work Plan for Accelerating Scenario Cultivation and Openness to Promote Large-Scale Demonstration Applications of New Technologies, New Products, and New Scenarios.' Hydrogen energy application scenarios: Leverage the advantage of industrial by-product hydrogen resources to build the Yangtze River Delta Hydrogen Highway and Hydrogen Corridor, promote fuel cell vehicles such as port heavy-duty trucks, cold chain logistics, and bus passenger transport, and develop demonstration application scenarios for hydrogen transportation such as ships, forklifts, two-wheelers, and drones. For industrial application scenarios, advance the integrated construction of renewable energy hydrogen production projects, produce green hydrogen at scale or further synthesize green ammonia and green methanol, and promote the substitution of hydrogen-based chemical raw materials and green fuels. In industrial and civil fields, on the premise of ensuring safety, explore hydrogen-ammonia-methanol co-firing application scenarios. 3. The Beijing Municipal Administration for Market Regulation, the Tianjin Municipal Market Regulation Commission, and the Hebei Provincial Administration for Market Regulation jointly formulated the 'Technical Specification for Carbon Inclusive Project Emission Reduction Accounting - Hydrogen Fuel Cell Vehicles' (DB11/T 3054-2026), released on July 6, 2026, and will be implemented from October 1, 2026. This standard defines the terms and definitions related to hydrogen fuel cell vehicles in the carbon inclusive project emission reduction accounting for the Beijing-Tianjin-Hebei region, and stipulates the basic requirements, greenhouse gas types, project boundaries and crediting periods, accounting methods, data monitoring and management, and key verification points for hydrogen fuel cell vehicle carbon inclusive projects. This document applies to the design, construction, and operation of hydrogen fuel cell vehicle carbon inclusive projects within the administrative region of Beijing-Tianjin-Hebei. Enterprise Developments Shaanxi Hydrogen Energy (Xianyang) Development Co., Ltd. has settled in the Shaanxi Hydrogen Energy Quality Technology Innovation Base. It will subsequently focus on the layout of liquid hydrogen storage system R&D and industrialization projects within the base. Leveraging the platform advantages of the base in inspection and testing, standard research, and industry-university-research collaboration, it will conduct performance testing, safety verification, and process optimization for liquid hydrogen storage equipment, accelerating product iteration for liquid hydrogen storage tanks and complete refueling systems. China Energy Engineering Group (Jiuquan) New Energy Co., Ltd. is a new energy company established by China Energy Engineering Group with a registered capital of RMB 1 million, located in the Economic and Technological Development Zone, Northwest Street Subdistrict, Suzhou District, Jiuquan City, Gansu Province. Its business scope includes permitted projects: power generation business, power transmission business, power supply (distribution) business; power supply operations (projects subject to legal approval can only be carried out after approval by relevant departments). General projects: contract energy management; engaging in investment activities with its own funds; power generation technical services; sales of hydrogen refueling station and hydrogen storage facilities, etc. Shanghai Hyfun Energy Technology Co., Ltd. : Its Shanghai Standardization Pilot Project has been successfully accepted. Companies in the same hydrogen refueling field can directly reuse the mature model established by Hyfun for this standard system, including grounded verification and iterative optimization, significantly reducing standardization construction costs. The complete set of standardized R&D and production processes for hydrogen refueling station equipment can be transferred and reused in hydrogen refueling production scenarios across various regions nationwide. Shanghai Xinran Compressor Co., Ltd.: has successfully signed a hydrogen compressor procurement project with Shandong Taihe Technology Co., Ltd., with both parties having completed the project signing. This customized equipment is designed for the operating conditions of a large PetroChina hydrogen production station, relying on the group's mature liquid-driven compression technology, with advantages in high-pressure output, stable continuous operation, and convenient maintenance. The equipment has completed full-process simulated operating condition testing before leaving the factory, strictly meeting the standards for hydrogen refueling, storage, and transportation in the oil and gas industry. Jiangsu Huade Hydrogen Energy Technology Co., Ltd.: A set of CarNeu-500 500kW large-power hydrogen power generation system has completed manufacturing and factory acceptance testing, and has been officially shipped to Brazil, marking the first project delivery in the South American market. This system is also the largest single-unit power station product delivered by the company to date. Tianneng Hydrogen Energy Technology Co., Ltd.: The first batch of officially operational hydrogen fuel cell buses in Maoming City, Guangdong Province, are equipped with the Chenxing-T80 fuel cell system independently developed by Tianneng Hydrogen Energy Technology Co., Ltd., aiming to support the construction of the local green public transportation system. Guangzhou Shipbuilding Industry Co., Ltd.: The 2000-ton hydrogen fuel cell powered cargo ship 'Yuntao No.1', undertaken by the company and developed by the 605th Research Institute for Guangdong Yuntao Hydrogen Energy Technology Co., Ltd., has been launched in Zhaoqing, Guangdong. The ship is the largest hydrogen-powered multipurpose cargo vessel in China. The ship has an overall length of 69.3 meters, a beam of 13.7 meters, and a maximumdwt of 2,000 mt. The ship uses hydrogen fuel as its power source, paired with an efficient electric propulsion system, achieving zero carbon emissions. It is equipped with an integrated energy management system that intelligently optimizes and precisely distributes energy to ensure high-efficiency energy utilization. Zaihe Automobile Technology (Suzhou) Co., Ltd.: has teamed up with Jieqing Technology to launch a new hydrogen-electric heavy truck. The two parties have reached a strategic partnership to jointly promote the popularization of hydrogen-powered heavy trucks. Patent Applications 1. The Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory test life of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprints / Technical Specifications 1. The latest research achievement of Professor Hu Wenbin's team at Tianjin University has been published online in the international top journal Science. The study overcomes a key challenge in the precise preparation of platinum group catalysts, opening up a new technical pathway for the atomically precise preparation of platinum group catalysts. 2. The teams of Tong Lei and Liang Haiwei from the University of Science and Technology of China (USTC), together with Zhang Liang from Tsinghua University, proposed a Carbon Mesopore Depth Engineering (CMDE) strategy. Based on hollow mesoporous carbon spheres to regulate ionomer penetration depth, it solves the inherent contradiction between kinetic activity and oxygen mass transfer in low-platinum fuel cells, developing a PtCo low-platinum catalyst with poisoning tolerance, high mass transfer, and excellent durability, achieving power, activity, and durability targets set by the US DOE at an ultra-low platinum loading of 0.1 mgPt cm⁻². 3. Professor Li Zhipeng's team at Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics field coupling model for tubular solid oxide fuel cells, systematically revealing the quantitative influence laws of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on the cell's output performance. 4. The National Hydrogen Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute has built a 0-400kW hydrogen-related loaded three-comprehensive vibration test platform and opened it for commercial use, filling the gap in large-power hydrogen-related multi-physics field coupled testing in China. 5. The high specific power cathode closed air-cooled stack technology developed by the team of Academician Chen Zhongwei and Associate Researcher Zhang Meng at the State Key Laboratory of Energy Catalytic Conversion, Dalian Institute of Chemical Physics, has passed the scientific and technological achievement appraisal by the China Petroleum and Chemical Industry Federation. This technology effectively overcomes the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, solving technical challenges including low-humidity performance degradation, carbon corrosion, membrane dry-out/flooding, and high-power thermal management.

Recently, the group standard *Rules for Cost Estimation of Complete Vehicles in China's Automotive Industry*, led by the China Association of Automobile Manufacturers (CAAM) and jointly compiled by 18 major domestic vehicle manufacturers, was officially released. As China’s first unified set of cost estimation standards for finished automobiles, it resolves the long-standing industry issue of inconsistent accounting calibers and lack of benchmarking basis. It serves as a key measure for the auto sector to curb disorderly price competition and advance high-quality development, as well as a major achievement of the whole industry in reaching consensus and establishing self-regulation norms.

In Q2 2026, the solid‑state battery industry reached a critical policy and standards inflection point. China’s MIIT designated all‑solid‑state batteries as a key R&D priority, and the world’s first national standard for automotive solid‑state batteries (GB/T 43568‑2026) took effect on July 1.

On 1 July 2026, the EU replaced the steel safeguard measures implemented since 2018 with a significantly stricter import quota system—this is not merely a continuation of the old policy, but a complete reconstruction of its underlying logic: the core objective has upgraded from "preventing trade diversion" to "targeted defense against high carbon and excess capacity."

SMM June 30 News: News 7: [25k-ton Li-ion Battery Resource-Optimized Cascade Regeneration Project Launched in Huzhou, Zhejiang] Recently, the ecological environment authority released the approval announcement for the new energy LIB resource-optimized cascade regeneration 25,000-ton project. The project involves a total investment of RMB 350 million, located in Meixi Town Lingang Industrial Park, Anji County, Huzhou, Zhejiang. It consists of one cascade utilization line, one waste LIB discharging line, two waste LIB crushing & recycling lines, and two waste electrode sheet crushing & screening lines. Upon completion, it will achieve an annual capacity of 10,000 tons of cascade-utilized waste LIBs, 10,000 tons of crushed & recycled waste LIBs, and 5,000 tons of crushed & screened waste electrode sheets, totaling 25,000 tons per year. News 8: [New Energy Vehicle and Power Battery Recycling Industrialization Project Launched in Yongping, Yunnan] Recently, the local government released the public notice on the acceptance of EIA documents for the new energy vehicle and power battery recycling industrialization project in Dali Prefecture. The project involves a total investment of approx. RMB 125 million, located in Taoxin Area, Yongping Industrial Park, Yunnan. It consists of new energy vehicle charging/swapping and LNG refueling stations, new energy vehicle dismantling and power battery cascade utilization production lines, and new energy vehicle and battery recycling technology R&D center. Upon completion, it will achieve comprehensive production capacity for new energy vehicle dismantling and power battery cascade utilization. News 9: [40k-ton Li-ion Battery Circular Demonstration Production Base Project Launched in Wenzhou, Zhejiang] Recently, the local state-owned capital investment platform, together with the local state-owned assets platform and a national high-tech enterprise, signed a Series B+ equity investment agreement. The total investment of the project is RMB 500 million, located in Wenzhou Haixiang District. It consists of a 40k-ton-level LIB circular demonstration production base. Upon completion and operation, it will fill the gap in Wenzhou's new energy battery carbon cycle recycling industry, and complete the full green chain of battery "production—application—recycling—regeneration". News 10: [20k-ton Waste Li-ion Battery Processing Project Launched in Hanchuan, Hubei] Recently, the development and reform authority released the public notice on the filing of the annual 20,000-ton waste LIB processing project. According to the notice, the project is located in Hanchuan, Hubei. It consists of facilities for annual processing of 20,000 tons of waste LIBs. Upon completion, it will achieve an annual processing capacity of 20,000 tons of waste LIBs. News 11: [55k-ton Waste New Energy Battery Recycling and Comprehensive Utilization Project Launched in Taihe, Anhui] Recently, the local government released the public notice on the draft EIA report for the annual 55,000-ton waste new energy battery recycling and comprehensive utilization project. The project involves a total investment of RMB 1.176 billion, located in the Green New Energy Base of Taihe Economic Development Zone. It is constructed in two phases. Upon completion, it will achieve an annual processing capacity of 55,000 tons of waste new energy batteries. After Phase I, it will produce 1,058.59 tons of lithium carbonate and 6,431.06 tons of iron phosphate per year. After Phase II, it will produce 2,417.5 tons of cascade-utilized batteries, 19,997.40 tons of nickel sulfate, 6,665.80 tons of cobalt sulfate, and 4,223.12 tons of lithium carbonate per year. News 12: [20k-ton Waste New Energy Battery Comprehensive Utilization Project Launched in Taihe, Anhui] Recently, the company launched the first public announcement on EIA for the annual 20,000-ton waste new energy battery comprehensive utilization project. The project involves a total investment of RMB 210 million, located in the New Energy Industrial Park, Xiaokou Town, Taihe County, Fuyang, Anhui. It consists of annual processing of 20,000 tons of waste new energy batteries and supporting sewage treatment and recycling facilities. Upon completion, it will achieve an annual processing capacity of 20,000 tons of waste LIBs (10,000 tons of NCM, 10,000 tons of LFP) and 5,000 tons of cascade utilization per year, yielding 7,000 tons of battery-grade lithium carbonate and 1,000 tons of copper powder per year.

SMM June 30 News: News 1: [2k-ton Waste Li-ion Battery Recycling Project Launched in Changsha, Hunan] Recently, the ecological environment authority released the public notice on the draft EIA report for the waste power battery recycling and resource utilization project (Phase I). The project involves a total investment of RMB 30 million, located in Ningxiang Economic and Technological Development Zone, Changsha, Hunan. It consists of one dismantling and pyrolysis production line for waste LIBs and separators. Upon completion, it will achieve an annual processing capacity of 10,000 tons of waste LIBs and separators, yielding 4,100 tons of lithium battery black mass and 2,590 tons of copper/aluminum materials per year. News 2: [20k-ton Waste New Energy Li-ion Battery Recycling Project Launched in Jieshou, Anhui] Recently, the local government released the first public announcement on EIA for the project of recycling 20,000 tons of waste new energy LIBs and producing 30,000 tons of recycled plastic products annually. The project involves a total investment of RMB 100 million, located in Tianying Science and Technology Park, Jieshou High-tech Zone. It consists of two waste LIB crushing production lines, four plastic pellet production lines, and four plastic product production lines. Upon completion, it will achieve an annual processing capacity of 20,000 tons of waste new energy LIBs, and an annual output of 20,000 tons of modified plastic pellets and 10,000 tons of plastic products. News 3: [80k-ton Waste Li-ion Battery Dismantling and Comprehensive Utilization Project Launched in Gao County, Sichuan] Recently, the local government released the public notice on the draft EIA report for the 80,000-ton waste LIB dismantling and comprehensive utilization project. The project involves a total investment of RMB 300 million, located in Yibin Circular Economy Industrial Park, Gao County. It consists of 10 battery dismantling and crushing production lines, including three LFP battery crushing lines, two NCM battery crushing lines, two LFP cathode sheet processing lines, two LFP anode sheet processing lines, and one battery cascade utilization line. Upon completion, it will achieve an annual dismantling and comprehensive utilization capacity of 80,000 tons of waste LIBs. News 4: [300k-ton Waste LFP Battery Regeneration Project Launched in Yichang, Hubei] Recently, the ecological environment authority released the public notice on the draft EIA report for the 300,000-ton waste LFP battery regeneration project. The project involves a total investment of approx. RMB 1.07 billion, located in Yaojiagang Chemical Park, Yichang, Hubei. It consists of hydrometallurgical leaching, impurity removal, lithium salt synthesis, iron phosphate synthesis, and supporting water treatment, warehousing and logistics systems. Upon completion, it will achieve an annual processing capacity of 300,000 tons of waste LFP battery packs, yielding 22,500 tons of lithium carbonate, 90,000 tons of iron phosphate, and 64,000 tons of sodium sulfate per year. News 5: [20k-ton Waste Power Battery Crushing and 50k-group Cascade Utilization Project Launched in Kashgar, Xinjiang] Recently, the ecological environment industry association released the first public announcement on EIA for the integrated project of cascade utilization and crushing & recycling of new energy vehicle waste power batteries in Kashgar Economic Development Zone. The project is located in the Chengbei Area of Kashgar Economic Development Zone. It consists of one cascade utilization production line with an annual processing capacity of 50,000 groups of waste power batteries, and one crushing and sorting production line with an annual processing capacity of 20,000 tons of waste power batteries. Upon completion, it will achieve the above-mentioned annual processing capacities. News 6: [100k-ton Retired Li-ion Battery Recycling Project Launched in Lixian, Hunan] Recently, the local government released the announcement on the launch of the new energy circular economy and energy storage equipment industry project in Lixian. According to public information, the Phase I investment is RMB 500 million, located in Lixian, Changde, Hunan. It consists of production lines for recycling and processing 100,000 tons of retired LIBs and 100,000 tons of retired PV modules annually. Upon completion, it will achieve an annual processing capacity of 100,000 tons of retired LIBs, with an estimated annual output value of RMB 1 billion.

Recently, the ecological environment authority released the approval announcement for the new energy LIB resource-optimized cascade regeneration 25,000-ton project. The project involves a total investment of RMB 350 million, located in Meixi Town Lingang Industrial Park, Anji County, Huzhou, Zhejiang. It consists of one cascade utilization line, one waste LIB discharging line, two waste LIB crushing & recycling lines, and two waste electrode sheet crushing & screening lines. Upon completion, it will achieve an annual capacity of 10,000 tons of cascade-utilized waste LIBs, 10,000 tons of crushed & recycled waste LIBs, and 5,000 tons of crushed & screened waste electrode sheets, totaling 25,000 tons per year.