[SMM Precious Metals Market Bulletin] In the silver ingot trading market last week, some suppliers reported that, as spot premiums in China declined and short-term expectations for price increases failed to materialize, import profits could no longer support price locking for April orders. At present, spot cargoes of imported large and small silver ingots were generally being sold off at reduced prices, and some suppliers even sold at a loss due to the need to recover funds or concerns that spot premiums would continue to fall. Approaching the weekend, spot cargoes of imported silver ingots and expectations for short-term supply both decreased, and selling pressure in the market eased marginally.

[SMM Lead Market Bulletin] This week (March 22-26, 2026), the average operating rate of primary lead smelters in three provinces was 62.81, up 0.22 percentage points WoW from the previous week's operating rate.

[SMM Hydrogen Energy Bulletin] On March 27, the Ministry of Commerce announced in Announcement No. 18 of 2026 that it had initiated a trade barrier investigation into US practices and measures that hinder trade in green products. Preliminary evidence and information obtained by the Ministry of Commerce showed that the US had implemented multiple practices and measures in trade-related areas that hinder trade in green products, including but not limited to restricting exports of green products to the US, slowing the deployment of new energy, and restricting technology cooperation related to green products. The above practices and measures may have seriously harmed the trade interests of Chinese enterprises, and some of these measures were suspected of violating WTO rules and other economic and trade treaties or agreements jointly concluded or participated in by China and the US.

[SMM Hydrogen Energy Bulletin] On March 25, the foundation-laying and pile foundation commencement ceremony was held in the Dagang Petrochemical Industrial Park of Tianjin Binhai New Area for China’s first closed-loop giant reed biomass green methanol integrated project, the 100,000 mt/year green methanol biomass energy integrated polygeneration project of Tianjin Saihong Environmental Engineering Co., Ltd., with a total investment of 1.2 billion yuan. It was understood that the project took the polyploid giant reed “Lüzhou No. 1,” carefully cultivated by Ruihengmao Group, as its core raw material, successfully overcoming the bottlenecks of existing gasification technology and the economic challenges of biomass raw materials.

[SMM Hydrogen Energy Bulletin] On March 26, during the 2026 China Hydrogen Energy Exhibition and International Hydrogen Energy Conference, Yuchai Xinlan (Jiangsu) Hydrogen Energy Co., Ltd. and Henan Hitalent Co., Ltd. officially reached a strategic cooperation agreement. The two parties will carry out in-depth cooperation around key links in the hydrogen energy industry chain, and jointly advance hydrogen energy technological innovation, product R&D, and market applications.

[SMM Hydrogen Energy Bulletin] Recently, Juna Technology, an enterprise specializing in electrodes for hydrogen production via water electrolysis, completed a new round of financing, exclusively invested by CATL, which has become the company's largest external institutional shareholder at present. Previously, Juna Technology had completed its first round of financing led by Legend Star and its second round of financing led by Changjiang Innovation. This round of financing also marked the company's first introduction of industrial capital. To date, the company has accumulated a total of eight external institutional shareholders.

[SMM Rare Earth Bulletin] Chilean rare earth producer Aclara Resources announced that its rare earth separation pilot plant in Blacksburg, Virginia, has commenced operations. The plant sources mixed rare earth carbonate from the company’s ionic clay deposits in Brazil and Chile, and is designed to produce dysprosium, terbium, and Pr-Nd. It is expected to produce light rare earth oxides for the first time in May 2026 and heavy rare earth oxides in August.

[SMM Hydrogen Energy Bulletin] Recently, the 100-kg-class hydrogen-powered hexacopter UAV "Hydrogen Peak No. 1," developed under the leadership of CSIC 712 Research Institute, successfully completed its maiden flight. It is understood that Hanqing Power, as the primary supplier of the hydrogen supply system for hydrogen fuel cell UAVs, participated in the formulation of T/CEEIA265-2017, Technical Specifications for Fuel Cell Fuel Systems for Unmanned Aerial Vehicles, by the China Electrotechnical Society.

On March 20, the Information Office of the Inner Mongolia Autonomous Region Government held a press conference in the series “Implementing the ‘1571’ Work Deployment and Promoting High-Quality Development in Inner Mongolia,” providing a special briefing on the region’s achievements in green hydrogen industry development, key tasks for 2026, and the 15th Five-Year Plan. It made clear that, by leveraging its advantages in wind and solar power resources, Inner Mongolia will advance the full-chain layout of green hydrogen and continue to lead the nation’s green hydrogen industry. Key Focuses of the Hydrogen Energy Industry in 2026: Building a Pioneer Zone for Green Hydrogen Development In 2026, with the construction of a national pioneer zone for the green hydrogen industry as its core goal, Inner Mongolia will comprehensively advance the large-scale deployment of green hydrogen. It will launch pilot projects for large-scale off-grid hydrogen production, expand application scenarios such as blending green hydrogen into natural gas and coupling with the chemical and metallurgical industries, while simultaneously building green hydrogen industrial parks and broadening channels for the non-power use of green electricity. Within the year, construction will begin on three green hydrogen pipelines, including the Ulanqab–Beijing-Tianjin-Hebei route, to improve the transmission network. At the same time, the region will focus on breakthroughs in hydrogen energy technology, deepen collaboration among industry, academia, research, and application, and advance the implementation of demonstration projects for the first unit (set) of hydrogen energy equipment and collaborative innovation projects integrating wind and solar power, hydrogen, and energy storage, so as to consolidate the industry’s technological foundation. Green Hydrogen Industry Achievements Lead the Nation, with Advantages in Both Scale and Cost Becoming Prominent Inner Mongolia is richly endowed with wind and solar power resources, with technically developable wind and solar power resources exceeding 10 billion kW, accounting for one-quarter of the national total, laying a solid foundation for the green hydrogen industry. At present, multiple industry indicators ranked among the top nationwide. A total of 19 policies covering the entire industry chain of green hydrogen had been introduced; 7 projects were included in national demonstration programs; 8 projects were completed and put into operation, forming annual capacity of 80,000 mt. Green hydrogen production reached 12,694 mt in 2025, surging 3.6 times YoY; production in January and February 2026 was 2,653.6 mt, with production costs at 17-20 yuan/kg, only 60% of the national average. In addition, the country’s first provincial-level green hydrogen pipeline plan had been implemented, and the pipeline network featuring “one trunk line, two loops, and four outlets” was being accelerated. The hydrogen pipeline from Darhan Muminggan Banner to urban Baotou had already been completed, while green hydrogen applications now covered transportation, chemicals, power, and other fields, with the consumer market maturing rapidly. Precise Planning Under the 15th Five-Year Plan to Build a Strong Hydrogen Energy Industry Cluster During the 15th Five-Year Plan period, based on its existing foundation, Inner Mongolia will build a distinctive hydrogen energy industry cluster and focus on advancing four major tasks: scientifically formulate industry plans and reasonably lay out clusters by producing based on sales; tackle core technologies such as off-grid hydrogen production and flexible electrolyzers to raise the industry’s technological level; expand diversified application scenarios, improve business models, and open up the entire chain of production, storage, transportation, refueling, and utilization; accelerate the construction of green hydrogen pipelines within the region and across provinces, reduce transportation costs, comprehensively enhance the competitiveness of the green hydrogen industry, and support the industry in continuing to lead the nation.

Regarding the question of “how many cabinets the company is expected to launch this year,” Sinnet stated on the interactive platform on March 23 that, as of now, the company had put into operation more than 82,000 cabinets, with a rack utilization rate of approximately 60%. In 2026, the company will continue to advance the construction of its data centers under development in an orderly manner, ensure the on-schedule delivery of orders on hand, and further improve the rack utilization rate of the cabinets already put into operation.