Downstream Purchasing Activity for Nickel Intermediate Products Increased, Tight Supply and Demand Drove Prices Higher

Refined Cobalt: This week, spot refined cobalt prices generally fluctuated around 430,000 yuan/mt. During the week, prices briefly surged on news of procurement by overseas traders and export controls in the DRC, but later pulled back into the fluctuation range as macro sentiment weakened and downstream procurement follow-through proved insufficient. In terms of supply, ex-factory prices at mainstream smelters remained stable, traders' spot-futures price spread quotations were steady, and there were no significant changes in the structure of cargoes circulating in the market. In terms of demand, affected by weak cost pass-through, downstream enterprises still showed low acceptance of high-priced raw materials and only maintained a pace of just-in-time stockpiling, with no significant increase seen in actual transactions. Fundamentally, the DRC's export control policy further increased uncertainty over cobalt intermediate products exports, while the pattern of structural tightness in China's raw material supply remained unchanged, continuing to provide bottom support for cobalt prices. Cobalt Intermediate Products: This week, cobalt intermediate product prices continued to hold steady, and the market remained in a pattern of "prices quoted but no trading." In terms of supply, the impact of the DRC's export control policy continued to unfold, market concerns over whether miners could ship smoothly intensified, suppliers' bullish expectations heated up, and they continued to withhold quotations, leaving extremely scarce spot cargoes available in the market. In terms of demand, although smelters still had willingness to procure raw materials, constrained by cobalt salt prices that struggled to catch up, and with downstream orders yet to become clear, enterprises maintained a cautious wait-and-see stance, and actual transactions remained sluggish. Overall, ongoing disruptions in the DRC's export process continued to cast doubt on the timing of bulk arrivals at port, and the structurally tight raw material situation in China may further intensify. Once downstream orders are gradually finalized and procurement demand restarts, intermediate product prices are still expected to have upward momentum. Close attention should be paid to the progress of DRC exports and the pace of downstream demand recovery. Cobalt Sulphate: This week, spot cobalt sulphate prices continued to remain stable. In terms of supply, supported by tight raw materials, most smelters held firm on quotations in the range of 95,000-98,000 yuan/mt. During the week, the DRC's export control document strengthened traders' expectations for a rise in future cobalt salt prices, and low-priced shipments in the market decreased significantly. In terms of demand, most enterprises remained concerned about future orders, and with their own raw material inventory relatively sufficient, they prioritized inventory consumption and only maintained sporadic just-in-time procurement, mainly at low prices. Overall, the market remained in the inventory digestion stage in the short term, with continued bargaining between sellers and buyers, and prices were mainly driven by rangebound adjustments. However, the DRC raw material supply issue has yet to be resolved, and cost support still exists. Once downstream inventories are depleted and procurement restarts, cobalt sulphate prices are expected to regain upward momentum.

This week, the Co3O4 market continued to operate steadily, with overall trading activity remaining relatively subdued. Quotations from mainstream enterprises still held firm at around 370,000 yuan/mt, supported by tight inventory of cobalt intermediate products on the cost side, which remained resilient. However, demand-side performance was even more mediocre WoW, as the procurement pace at downstream LCO material plants slowed down further, with most adopting produce based on sales and restocking only as needed, while inquiry and transaction sentiment cooled slightly. Amid the continued tug-of-war between suppliers holding prices firm and buyers remaining cautious, the market still lacked clear directional guidance in the short term. Prices were expected to remain largely stable, with limited room for fluctuations.

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

According to the investor relations activity record announced by Jintian Holdings on March 19 (March 10-12, 2026): 1. The Company’s 2025 earnings guidance and the reasons for the projected increase. Jintian Holdings replied: In 2025, the company implemented its “dual upgrade in products and clients” strategy, with product applications continuing to deepen in high-end fields; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operational and management efficiency, and the gross margin and profitability of its products improved YoY. The company expected net profit attributable to owners of the parent for 2025 to reach 700 million yuan to 800 million yuan, up 51.50%-73.14% YoY from the same period last year. 2. Progress of the company’s share repurchase. Jintian Holdings replied: From February 3, 2026 to February 28, 2026, the company had cumulatively repurchased 4,942,200 shares through centralized bidding, accounting for 0.29% of its current total share capital, with total funds paid of 56,676,944 yuan (excluding transaction costs). 3. The company’s industry position and competitive advantages. Jintian Holdings replied: The company had focused on the copper processing industry for 39 years and was one of the largest enterprises in China by scale and with the most complete industry chain. In 2024, the company achieved total production of 1.9162 million mt of copper and copper alloy materials, and its total production of copper semis ranked first globally. The company offered a wide range of copper products and could meet clients’ one-stop procurement needs for multiple categories of copper semis, including rods, tubes, plates and strips, and wires. Its copper products had been widely used in NEV, clean energy, communications technology, electrical power and equipment, chips and semiconductors, and other fields. At present, the company had developed a profound cultural heritage and outstanding organizational capability, with a significant market scale position and a global industrial footprint; it possessed leading manufacturing and R&D capabilities; it had built a specialized product matrix and formed a stable base of top-tier industry clients; and it had also established forward-looking green recycling technology barriers, laying a solid foundation for becoming a world-class base for copper products and advanced materials. 4. The capacity and business performance of the company’s rare earth permanent magnet products. Jintian Holdings replied: The company had entered the magnetic materials business in 2001. After more than 20 years of dedicated development, it had become one of the enterprises in China’s peer industry with relatively advanced technology and a well-developed product system. At present, the company had two magnetic material production sites in Ningbo and Baotou. Phase I of the Baotou site had commenced production, and the company’s annual capacity of rare earth permanent magnet materials had increased to 9,000 mt. The company was actively advancing the Phase II project at the Baotou site to further increase capacity to 13,000 mt. At the same time, through its newly established German subsidiary, the company accelerated its international expansion and increased its share in overseas markets. The company was among the first batch of enterprises to obtain a general export license for rare earth permanent magnet products, and it has continued to strengthen and advance export-related business. The company’s rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robotics, consumer electronics, and medical devices. 5. The Company’s Business Development in the Chip Computing Power Sector. Jintian Co., Ltd. responded: With its outstanding electrical and thermal conductivity, copper has become a core material for advanced AI industry chip interconnects and heat dissipation in computing power facilities, and the transition of copper-based materials toward high value-added products has further accelerated. The company has a solid client base and technical reserves in the chip computing power sector, and it is also among the first companies globally to achieve large-scale supply of copper-based materials to leading enterprises in the above fields. Among them, the company’s high-precision special-shaped oxygen-free copper busbar products have been applied in multiple top-tier GPU cooling solutions of several global first-tier thermal module enterprises. Products independently developed by the company, such as copper heat pipes and liquid-cooling copper pipe & tube, have been supplied in batches for computing power server products of multiple top-tier enterprises. The company will closely monitor and follow market demand in the chip computing power sector, further improve its product portfolio, and enhance the competitive advantages of its products. 6. The Company’s Position Advantages and Business Achievements in the Secondary Copper Sector. Jintian Co., Ltd. responded: The company has continuously innovated new pathways for the green development of copper-based high-tech materials and has become one of the enterprises in China with the largest utilization of secondary copper and the highest comprehensive utilization rate. It is also one of the few companies in the global industry to achieve a closed-loop entire industry chain covering secondary copper recycling, purification, and deep processing. The company’s independently developed low-carbon secondary copper products significantly reduce carbon emissions while ensuring product performance, enabling it to provide downstream clients across the industry chain with high-quality, comprehensive one-stop green solutions for copper semis. In H1 2025, sales of the company’s green, high-end, low-carbon secondary copper products increased 61% YoY. Its product matrix now covers copper strip, copper wire, magnet wire, copper pipe & tube, copper busbar, copper billet, and more, and has been applied in fields such as high-end consumer electronics, the automotive industry, and electrical equipment. Specific applications include laptop cooling modules, mobile phone vibration motors, NEV power battery connections, and AC/DC power supplies. The products have achieved mass production in the products of multiple world-renowned clients, forming a new performance growth driver represented by “green low-carbon secondary copper products.” An investor asked on the investor interaction platform: Have the company’s copper billet products now become core supplies for top-tier enterprises such as DJI Innovation or EHang Intelligent?With the boom in the low-altitude economy’s payload flight market, have the company’s PEEK materials or high-strength copper alloys developed for drone motor bearings and airframe structural components seen explosive growth in orders? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company had a solid client base and technical reserves in the low-altitude economy field. Among its products, high-precision free-cutting copper billet, with excellent properties such as high strength and wear resistance, had already been applied in airborne structural components of low-altitude aircraft. The company’s PEEK material products provide high-voltage drive stability technical solutions for the low-altitude economy’s payload flight market, and it had already carried out R&D cooperation with multiple top-tier enterprises in China. The company will closely monitor and follow market demand in the low-altitude economy field, further improve its product portfolio, and enhance its product competitive advantages. For specific related information, please refer to periodic reports. An investor asked on the investor interaction platform: Hello, Board Secretary. Recently, LME copper prices have risen sharply. Under the company’s strictly implemented hedging strategy, did this generate positive gains from closing positions during the reporting period, or was there a slight loss? Approximately how much was the amount? In addition, as the company’s revenue scale expanded, how well did net operating cash flow match net profit in 2025? Was there any cash flow strain caused by prepayments for raw material procurement? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company’s copper processing products adopted a pricing model of “raw material prices + processing fee” and carried out hedging operations in strict accordance with the Hedging Management System to reduce the impact of raw material price fluctuations on the company’s net profit. At present, fluctuations in copper prices had a relatively small impact on the company’s operating performance. For specific related information, please refer to periodic reports. On March 18, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that the company had continued to expand its technological leadership in high-voltage electromagnetic flat wire and had further advanced cooperation on new energy high-voltage electromagnetic flat wire projects with world-class OEMs and motor suppliers. As of H1 2025, the company had secured 23 new nominations for its 800V high-voltage platform for new energy drive motors, and had already achieved bulk supply for multiple projects, with the shipment share of high-voltage flat wire continuing to increase. For specific related information, please refer to periodic reports. On March 17, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that, with its outstanding electrical and thermal conductivity, copper had become a core material for chip interconnection in the advanced AI industry and heat dissipation in computing power facilities. The company had a solid client base and technical reserves in the AI computing power field. Among its products, the company’s high-precision shaped oxygen-free copper busbar products had already been applied in multiple top-tier GPU cooling solutions of several first-tier thermal module enterprises worldwide. The company will closely monitor and follow market demand in the AI computing power sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company continued to expand its technological leadership in the high-voltage electromagnetic flat wire industry, with both the number of designated projects on high-voltage platforms and shipment volume continuing to grow. Among them, the company's 1,000V flat wire products for drive motors have become an industry benchmark as supporting materials for "megawatt flash charging" technology in the NEV sector, while client-related certification for 1,200V flat wire for drive motors was also progressing in an orderly manner. In addition, the company had a solid client base and sound technical reserves in the chip and semiconductor sector. The company will closely monitor and follow market demand in the chip and semiconductor sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company remained committed to advancing its internationalization strategy, and construction of its newly built Thailand production site was progressing smoothly. The company's copper semis products exported outside China had an overall relatively high gross margin. In H1 2025, revenue from its principal operations outside China was up 21.86% YoY and continued to maintain a solid growth trend. The steady growth of business outside China laid a solid foundation for the company to deepen the upgrading of its global product and client mix. For specific information, please refer to the periodic reports. Jintian Co., Ltd.'s 2025 earnings forecast showed that, based on preliminary estimates by its finance department, the company expected net profit attributable to owners of the parent for 2025 to reach 700 million to 800 million yuan, representing an increase of 237.9574 million to 337.9574 million yuan from the same period last year (statutorily disclosed data), up 51.50% to 73.14% YoY. Net profit attributable to owners of the parent excluding non-recurring gains and losses for 2025 was expected to reach 440 million to 528 million yuan, representing an increase of 101.4004 million to 189.4004 million yuan from the same period last year (statutorily disclosed data), up 29.95% to 55.94% YoY. Regarding the main reasons for the expected increase in results for the period, Jintian Co., Ltd. stated: In 2025, the company implemented its "dual upgrade of products and clients" strategy, with product applications in high-end fields continuing to deepen; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operating and management efficiency, and its product gross margin level and profitability improved YoY. On January 23, Jintian Co., Ltd. said in response to investor questions on an interactive platform that Phase I of its Baotou base had been put into operation, and the annual capacity of rare earth permanent magnets had been increased to 9,000 mt. The company is currently actively advancing Phase II of the Baotou base project, with the aim of further increasing capacity to 13,000 mt. The company has a solid client base and technical reserves in the robotics field, and some rare earth permanent magnets have already been applied in the robotics sector. The company will closely monitor and follow market demand in the robotics field, further improve its product portfolio, and enhance its product competitiveness. A performance preview commentary on Jintian Co., Ltd. for 2025 released by Aijian Securities showed that the share repurchase demonstrated confidence in long-term development, while capital structure optimization was advancing steadily. The company’s high-end copper-based materials were being introduced at an accelerated pace to clients outside China in the computing power cooling sector, with sales rising rapidly and profitability improving significantly. 1) In terms of profitability, processing fees for copper busbar used in computing power are relatively high, and product mix upgrades are expected to continue lifting the company’s gross margin level; 2) In terms of shipment progress, in H1 2025, sales of the company’s copper busbar products in the cooling sector increased 72% YoY, and its high-precision profiled oxygen-free copper busbar has entered GPU cooling solutions of multiple global first-tier cooling module enterprises. The company’s copper heat pipes, liquid-cooling copper pipe & tube, and other products have also achieved bulk supply in computing servers of multiple top-tier enterprises. Copper prices fluctuations had a limited impact on the company’s profitability. 1) The company adopts a “copper prices + processing fee” pricing model, with revenue and profit primarily derived from processing fees rather than copper prices themselves. Processing fees are negotiated between the company and clients based on factors such as product specifications and process complexity, and show a certain degree of historical stickiness; 2) The company effectively hedges copper prices through hedging, while fluctuations in upstream raw material prices are mainly borne by downstream customers, resulting in a relatively small impact on the company’s profit; 3) Rapid copper prices fluctuations may affect downstream ordering willingness in phases and lengthen order cycles, but copper application scenarios are characterized by rigid demand, so the impact on total demand is limited, only changing the pace of copper product orders, and the company’s overall operating stability remains strong. The company is actively expanding into the “aluminum as an substitute for copper” direction, with material substitution optimizing the gross profit structure while enhancing its ability to hedge against copper prices fluctuations. 1) On a per-mt basis, the absolute value of processing fees for aluminum products is usually lower than that of copper-based solutions (at the same performance level, processing fees for high-precision aluminum extrusion are about 10,000 yuan/mt, versus about 20,000 yuan/mt for copper semis); however, since the per-mt price of aluminum semis is significantly lower than that of copper, usually about one-fourth of the latter, the material cost base is lower, increasing the share of processing fees in total product value. The corresponding processing fee rate of aluminum-based solutions is about 13–14 pct higher than that of copper-based solutions, providing positive support to the company’s overall gross margin; 2) In terms of supply progress, the company’s electromagnetic flat aluminum wire and aluminum 3D bent busbars for vehicles have entered the certification and mass supply stage, while inner-grooved aluminum pipe & tube for air conditioners has already begun small-batch supply. Risk Warning: Risks of lower-than-expected downstream demand for new energy or capacity release, rising copper prices, and changes in trade policies outside China.

[Sinomine Resource Group Engages with the Zimbabwean Government to Restart Its Lithium Export Business] Sinomine Resource Group confirmed that, after this African country recently suspended shipments of lithium concentrates, the company had been actively engaging with Zimbabwean government authorities to restart its lithium export business. The Chinese miner disclosed this development on Friday in response to an investor inquiry via the Shenzhen Stock Exchange’s official interactive platform. These talks came at a critical time for both Sinomine Resource Group and Zimbabwe. Lithium remained a sought-after mineral because of its essential role in producing batteries used in EVs and renewable energy storage systems. Zimbabwe, which holds substantial lithium reserves, had continued tightening its regulatory framework to ensure more value addition remained in China, rather than allowing the export of raw ore or materials that had undergone only preliminary processing. Sinomine Resource Group said in a statement that it was currently working closely with Zimbabwean government authorities on a new export approval application. The company stressed that the dialogue remained ongoing and formed part of its broader efforts to align with the country’s latest policies and compliance requirements. Although there was no clear timetable yet for when exports would resume, the engagement sent a positive signal that efforts were being made to resolve the issue. Source: https://www.chemanalyst.com/ [Vulcan Energy Achieves Drilling and Permitting Milestones at Its Geothermal Lithium Project in Germany] The company had officially broken ground at the Trappelberg drilling site in the Rohrbach area near Landau. This was Vulcan’s second drilling site after Schleidberg, where the company had completed the drilling and testing of its first geothermal well. Preparatory work at Trappelberg had begun to support the start of drilling in H2 2026. At present, a deep groundwater monitoring well had been completed to ensure the protection of near-surface aquifers during construction and drilling operations. Schleidberg and Trappelberg were 2 of the 5 new drilling sites that Vulcan would develop in the region. Thorsten Weimann, Chief Development Officer and Managing Director of Vulcan Energie Ressourcen GmbH, said: “The groundbreaking ceremony at Trappelberg marks an important step forward in the further development of our Lionheart project. With this new drilling site, we are further developing the geothermal reservoir and laying the foundation for climate-neutral heating in the region and sustainable lithium production in Europe.” Source: https://www.thinkgeoenergy.com/ [Core Lithium’s Finniss Project Secures a Strategic Financing Package of AUD 290 million] The fundamentals of global battery demand were reshaping investment strategies in the critical minerals sector, placing Australia’s lithium industry at a critical turning point. The combined effects of supply chain diversification needs, advances in energy storage technology, and geopolitical factors have created an environment in which strategic positioning determines the long-term value creation potential of mining. In addition, the restart of Core Lithium's Finniss project, backed by A$290 million, demonstrates how well-developed critical minerals strategies can unlock previously stalled projects through innovative financing structures. Against this backdrop, complex financing structures and operational optimization approaches have become key differentiators for projects seeking to capture the evolving market dynamics of the current lithium investment cycle. The sophisticated financing structure underpinning the restart of Core Lithium's Finniss project shows that contemporary mining finance has evolved beyond traditional debt-and-equity models into a strategic consortium model that disperses risk while maximizing operational synergies. Moreover, this financing approach reflects a broader trend across the mining sector. Source: https://discoveryalert.com.au/ [Copper, Cobalt, and Lithium Mines: US Critical Minerals Growth] In early 2026, Secretary of State Marco Rubio, together with senior US officials including Vice President JD Vance and Treasury Secretary Scott Bessent, received representatives from 54 countries and the European Commission at the Critical Minerals Ministerial meeting. The US announced new bilateral frameworks, financing initiatives exceeding $30 billion, and launched the Forum for Resource and Geostrategic Engagement (FORGE), aimed at building secure, diversified, and resilient critical minerals supply chains. Initiatives such as the Orion-Glencore memorandum of understanding and "Project Vault" indicate the US government's commitment to incentivizing private-sector investment and ensuring a stable and reliable supply of cobalt, copper, and other strategic materials, including those from the DRC. Source: https://miningdigital.com/ [Atlantic Lithium's Ewoyaa Project Financing Secures a Strategic Investment of $16.4 million] The global critical minerals landscape is undergoing a fundamental transformation, and institutional capital allocation strategies have moved beyond traditional mining investment models. Pension funds, sovereign wealth funds, and strategic investors now require more sophisticated financing structures to align long-term capital commitments with project de-risking milestones. This shift indicates the growing maturity of financing in the resources sector, which is moving away from speculative early-stage funding toward a more infrastructure-like investment approach that places greater emphasis on predictable returns rather than commodity price speculation. Contemporary lithium project development reflects this evolution, with financing solutions from diversified funding sources incorporating conditional capital structures, local ownership requirements, and ESG compliance frameworks. The combination of milestone-based warrant instruments, strategic partnership agreements, and domestic exchange listings has created an integrated financing ecosystem that balances capital efficiency with political and economic considerations. In addition, these innovations in the lithium industry are continuing to reshape the investment landscape. Source: https://discoveryalert.com.au/

Raw material side, spot lithium carbonate prices fluctuated this week, cobalt sulphate prices remained temporarily stable, and nickel sulphate prices dropped slightly.

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, with no new capacity added. No offline delivery information was available this week. Project-related updates: Guohua (Ningxia) New Energy Co., Ltd.: A price inquiry procurement was issued for the pre-feasibility study report preparation service for the Guohua Ningxia 100,000-mt Green Hydrogen Energy Supply Base Project (chemical section). It was understood that the Ningdong water electrolysis hydrogen production project of Guohua Ningxia had already put into operation a scale of 20,000 Nm³/h, with 6,000 Nm³/h under construction. Datang Inner Mongolia Duolun Coal Chemical Co., Ltd.: An inquiry-based procurement was launched for the feasibility study and green methanol certification consulting technical services for the CNCEC Duolun Coal Chemical coal-based process biomass co-firing coupled with green electricity green methanol production project. It was understood that the Datang Duolun 150,000-kW wind and solar power hydrogen production integrated demonstration project was China’s first medium-to-large-scale technology demonstration project for off-grid wind and solar power hydrogen production deeply coupled with coal chemical engineering. It was invested in and constructed by Datang Duolun Ruiyuan New Energy Co., Ltd., with a total investment of approximately 1.3 billion yuan. Construction officially began in November 2023, hydrogen was successfully produced on December 29, 2024, and it was formally connected to grid and put into operation on January 17, 2025. Shaanxi Construction Installation Group Co., Ltd.: The Guyang-Baiyun Obo gas transmission pipeline project, undertaken by Shaanxi Construction Installation Group, reached a major milestone, with its Guyang initial station and valve chamber having successfully passed completion acceptance. It was reported that the gas transmission pipeline project has a 20% hydrogen blending transmission capacity and is a key planned construction project under the “county-to-county coverage in western Inner Mongolia” initiative in the Inner Mongolia Autonomous Region’s 14th Five-Year Plan for oil and gas development. The pipeline has a total length of 125 km, starting from the Guyang initial station and generally running from south to north, successively passing through Guyang County, Darhan Muminggan Banner, and the Baiyun Obo mining district in Baotou City, and ultimately reaching Barun Industrial Park. Jiamusi Hanya New Energy Co., Ltd.: The Jiamusi Hanya wind power hydrogen production synthetic green methanol integrated project was filed. The project is located in Heilongjiang Province, with a total investment of 4 billion yuan. Construction scale and contents: mainly the construction of a 300,000-mt green methanol production unit and a thermal energy storage unit, with a planned land area of approximately 350,000 m². Windey Energy Technology Group Co., Ltd.: The list of winning candidates was announced for the biomass gasification process package and technical services project for the first-phase Handan Biomass Green Methanol Project. The top-ranked winning candidate was East China Engineering Science and Technology Co., Ltd. It was understood that East China Engineering has extensive experience in the gasification field, with experience in the design, construction, EPC general contracting, commissioning, and operation of more than 100 gasifiers, covering various mainstream processes such as fixed bed, fluidized bed, and entrained-flow bed. Zhongqing Xinneng (Baotou) Equipment Co., Ltd.: The annual production project for 100,000 hydrogen storage cylinders for hydrogen two-wheelers was filed. The project is located in Kundulun District, Baotou City, Inner Mongolia Autonomous Region. It plans to build a production line with an annual capacity of 100,000 hydrogen storage cylinders for hydrogen two-wheelers, including production workshop renovation and supporting utilities. Annual output value will reach 100 million yuan. The planned construction period is from April 2026 to September 2026. Shenneng North (Otog Banner) Energy Co., Ltd.: The change to the 30 MW-class pure hydrogen gas turbine hydrogen energy storage demonstration project under the Otog Banner integrated wind and solar power hydrogen production and green ammonia synthesis project was filed. After the change, the project site is located in the eastern project area of the Ordos Otog Economic Development Zone, within Shenneng's water electrolysis hydrogen production station in Ordos City, Otog Banner, bounded to the north by the green hydrogen-to-green ammonia project under the Otog Banner integrated wind and solar power hydrogen production and green ammonia synthesis project, to the east by Jingsan Street, to the west by Jinger Street, and to the south by Weisi Road. Construction scale and content: the project covers an area of 500 sq m, of which the hydrogen gas turbine occupies 300 sq m. As a hydrogen energy storage demonstration project, it includes one 30 MW pure hydrogen gas turbine, generator, hydrogen storage equipment, and supporting facilities. Through wind and solar power generation and water electrolysis for hydrogen production, the project has a total hydrogen storage capacity of 360,000 Nm³, an effective hydrogen storage volume of 270,000 Nm³, and is equipped with 12 spherical hydrogen storage tanks, each with a water capacity of 1,875 m³. Jiyuan (Siping) Green Energy Co., Ltd.: The EPC tender for the hydrogen production works of the SPIC Green Energy Lishu wind and solar power hydrogen production, biomass-coupled green methanol project was released. It is understood that the project is located in the chemical park of the Siping New-type Industrialized Economic Development Zone, Lishu County, Siping City, Jilin Province. It adopts a green hydrogen coupled with biomass gasification process to synthesize 197,200 mt/year of methanol, started construction in August 2025, and is expected to be commissioned in September 2027. The project includes three hydrogen production workshops. Workshops No. 1 and No. 2 each are arranged with 12 sets of 1,000 Nm³/h alkaline electrolytic hydrogen production electrolyzers plus three sets of 4,000 Nm³/h hydrogen purification units; Workshop No. 3 is arranged with four sets of 1,000 Nm³/h alkaline electrolytic hydrogen production electrolyzers plus one set of 4,000 Nm³/h gas-liquid separation unit, among others. Sinopec Sales Co., Ltd. Tibet Petroleum Branch : The tender notice for Section I of the general construction contracting project for the Shannan hydrogen-oxygen combined supply project was released. The construction site is in Naidong District, Shannan City, Tibet Autonomous Region; the planned construction period is 180 days; the estimated contract value for the section is 27.23 million yuan (tax included); the hydrogen production portion of the section tender includes an IGBT rectifier and control system skid, hydrogen production skid, oxygen purification unit, pure water machine and chiller unit skid, and related supporting facilities, while the hydrogen refueling portion includes a 35 MPa dual-nozzle hydrogen dispenser, 45 MPa hydrogen compressor skid, 45 MPa hydrogen storage cylinder bank, and sequence control panel. Ming Yang Smart Energy Group Co., Ltd.: It held a signing ceremony at Ming Yang Group headquarters for the hydrogen-fueled gas turbine complete-unit R&D and manufacturing project with the People's Government of Hudai Town, Binhu District, Wuxi City, Jiangsu Province, with both parties formally reaching a strategic cooperation agreement. Sichuan Zhongke Hydrogen Energy Technology Co., Ltd. : First Public Notice of Environmental Impact Assessment Information for Phase II of the Integrated Energy Station Project Featuring Hydropower, Wind and Solar Power, Hydrogen, and Natural Gas Multi-Energy Complementarity. According to the document, Phase II of the integrated energy station project featuring hydropower, wind and solar power, hydrogen, and natural gas multi-energy complementarity is located in Nanchong High-tech Zone, with Sichuan Zhongke Hydrogen Energy Technology Co., Ltd. as the project developer. It will build an integrated hydrogen production and refueling station, along with supporting public utility facilities, to realise the hydrogen refueling function of the integrated energy station for hydrogen-powered vehicles, and will also build one hydrogen energy industry R&D production site. GRINM Engineering Institute Co., Ltd. : The new materials pilot platform in Huairou Science City completed final acceptance upon completion, and four key pilot lines, including solid-state hydrogen storage and ceramic co-firing materials, entered the stage of commissioning and line integration. Among them, the total investment in the solid-state hydrogen storage project is 14.5 million yuan, and the total investment in the ceramic co-firing materials project is 12 million yuan, which will support the commercialisation of new material achievements and the industrialisation of hydrogen energy and key electronic materials. Policy Review​ 1. The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission (NDRC) issued a notice on carrying out pilot work for the comprehensive application of hydrogen energy. The document states that by 2030, hydrogen energy in city clusters is expected to achieve large-scale application across diverse fields, and the average price of hydrogen for end-use is expected to fall below 25 yuan/kg, with efforts to reduce it to around 15 yuan/kg in certain advantaged regions; national fuel cell vehicle ownership is expected to double from the 2025 level, with efforts to reach 100,000 units. Through the expansion of application scale, it will promote innovative breakthroughs in hydrogen energy application technologies, processes, and equipment, realise iterative upgrades of fuel cells, electrolyzers, storage and transportation devices, and materials, and promote hydrogen energy as a new economic growth driver to support a comprehensive green transformation of economic and social development. 2. The People's Government of Hunan Province issued the Hunan Province 2026 Plan for National Economic and Social Development. The document states that efforts will be made to advance the circular economy and cleaner production and build a number of zero-carbon parks and zero-carbon factories. It is expected to accelerate the green and low-carbon transformation of the energy system, optimise the management of new energy project pipelines, and speed up the construction of key wind and solar power projects. It will expand green energy consumption scenarios and implement a three-year doubling plan for the service capacity of charging facilities. It will also actively develop the hydrogen energy industry and expand the scale of natural gas utilisation. 3. With the approval of the National Energy Administration, the Standardization Technical Committee for Hydrogen Energy in the Energy Industry was established in Beijing. The establishment of this committee was intended to improve the industry standards system, lead technological innovation, and regulate market order. Enterprise Developments Haida Qingneng Ship (Dalian) Co., Ltd.: The nation's first inland 64-TEU hydrogen fuel cell-powered container vessel, Dongfang Qinggang, for which it supplied the powertrain, successfully completed its first long-distance trial voyage. The entire system operated stably, the navigation performance was excellent, and the trial voyage was a complete success. Hydrogen Power (Beijing) Technology Services Co., Ltd.: 100 hydrogen-powered refrigerated trucks were officially delivered to Hydrogen Cheng Times and will be operated by Hydrogen Power Technology as the agent. Rongcheng New Energy Group: Successfully delivered 50 hydrogen-powered heavy trucks to Cangzhou Huagang International Logistics Co., Ltd. This batch of vehicles will be put into service on the transport route from Huanghua Port to the Shandong Lubei Aluminum Industry Base. CSSC Engine Co., Ltd.: Its WinGD6X72DF-A-1.0 ammonia-fueled low-speed engine successfully passed functional integration approval and bench testing, and was successfully delivered in Qingdao. It is understood that this was the first ammonia-fueled marine engine in China to be formally delivered as a commercial product. Aerospace Engineering Company: Signed contracts for two major green hydrogen engineering projects in succession, namely the hydrogen refueling station water electrolysis hydrogen production project of Zhongqing Energy Development (Shandong) Co., Ltd., and the electrolytic hydrogen production unit project for the Inner Mongolia Fenglü green hydrogen-coupled coal-to-olefins project. For these two projects, Aerospace Engineering Company will provide a total of 16 sets of HTJSDJ-1000/1.6 alkaline electrolyzers, together with supporting post-processing systems and utility engineering equipment, and will be responsible for engineering design. This cooperation marked Aerospace Engineering Company's simultaneous breakthroughs in the two major fields of green transportation and green hydrogen chemicals. Qinghang Times (Shenzhen) Technology Co., Ltd. : Qinghang Times was established on January 5, 2026, with a registered capital of 1 million yuan and legal representative He Rongjie. Founded by a Tsinghua University master's and doctoral team, it received support from Tsinghua entrepreneurship and innovation platforms including Tsinghua i-Space and Tsinghua Chuang+, and was selected for the Sci-Tech Innovation Light "Future Tech Innovators Program." With a technical solution combining liquid hydrogen storage and a high-temperature PEM hydrogen-electric coupling system, it increases aircraft driving range by more than 10 times and payload capacity by 2-3 times. Recently, it completed seed-round financing of several million yuan, with the investor undisclosed. Shenzhen Hydrogen Zhi Energy Co., Ltd.: Completed A+ round financing, with Shenzhen Energy Investment as the investor. Anhui Mashui New Energy Technology Co., Ltd. : Anhui Mashui Technology completed A-round financing of over 100 million yuan, led by NIO Capital. This round of funding will be used primarily to fulfill large orders, increase R&D reserves, support new factory construction, and cover daily operations, so as to drive the integration and upgrading of the industry chain. China Energy Engineering Corporation Research Institute: The kick-off meeting for the international standard High-Pressure Liquid Hydrogen Pump for Hydrogen Refueling Stations, led and submitted by the Low-Carbon Institute, was held online. Since the standard was approved for project initiation in November last year, this meeting clarified the advancement plan and technical roadmap, bringing together 20 experts from China, the United States, Germany, France, Russia, Japan, and the European Industrial Gases Association, who reached consensus on core issues such as the standard’s scope and application scenarios, thereby laying a solid foundation for the high-quality and timely delivery of the standard. Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. : A delegation from Thailand’s water, electricity, and related institutions came to China for exchanges on the new energy industry and made a special trip to Zhangjiagang, Jiangsu, to visit the rooftop PV hydrogen production project jointly developed by Zonergy and Guofu Hydrogen Energy. It was understood that the project relied on a distributed PV system installed on factory rooftops and used PV power generation to provide clean and stable electricity for enterprise production and energy applications, balancing efficient energy utilization with green development; at the same time, it integrated hydrogen energy application scenarios and was equipped with an ESS to ensure a stable energy supply for hydrogen production. It is a leading distributed PV hydrogen production demonstration project in China by scale, showcasing China’s advanced achievements in the integrated development of PV and hydrogen energy. Beijing SinoHytec Co., Ltd.: Signed a strategic cooperation agreement with Haitai Solar and the Hebei Hydrogen Energy Society, relying on the National Energy Administration’s first batch of hydrogen energy pilot policies and centering on the Zhangjiakou-Chengde-Tangshan hydrogen energy regional pilot to advance the deep integration of “government, industry, academia, research, and application.” The three parties will focus on the Kangbao-Caofeidian long-distance hydrogen pipeline with annual hydrogen transmission capacity of 1.55 million mt, creating a “hydrogen production in Zhangjiakou and Chengde, application in Tangshan” model. Haitai Solar will provide SinoHytec with a stable hydrogen supply and storage and transportation services, addressing the industry’s high storage and transportation costs and supporting high-quality regional hydrogen energy development and the implementation of the “dual carbon” goals. The Sixth Academy of China Aerospace Science and Technology Corporation: Released four new hydrogen energy products in Beijing, including an onboard liquid hydrogen system, liquid hydrogen refueling equipment, a liquid hydrogen tank container, and an alkaline electrolyzer, and also released a blue book on the hydrogen energy industry to help build the hydrogen energy industry ecosystem. Beijing Hydrosys Technology Co., Ltd.: Its self-developed hydraulic-driven hydrogen compressor underwent rigorous assessment and passed EU CE certification. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028 and developed a ceramic-based anion exchange membrane, with a laboratory-tested service life of up to 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to that of platinum-based materials. Technology Footprint/Technical Specifications 1. A joint team from Xi’an Jiaotong University and Peking University jointly conducted R&D on a new-type osmium-based catalyst, significantly improving the efficiency and economics of hydrogen production via AEM water electrolysis and supporting the large-scale deployment of low-cost green hydrogen. 2. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 3. Relevant research teams from the School of Electrical Engineering at Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed the Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard Technical Specification for Hydrogen Production by Coupled Electrolysis with Wind and Solar Power, PV+ESS, and Green Electricity (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it has developed a next-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

Lead concentrate TCs remained stable this week, but it was no longer common in the Chinese market for silver-bearing lead concentrates to be extremely hard to find. As silver prices remained in the doldrums and there were no bullish expectations for lead prices for the time being, smelters also expected a decline in by-product revenue. As a result, smelters no longer accepted bargaining over lower TC quotes. Demand for all types of raw materials, including lead concentrates and silver-bearing lead concentrates, was mainly driven by rigid demand, and actual transactions were relatively muted. Silver prices retreated from highs, but market traders still held certain expectations for a catch-up rally in silver prices over the medium and long term. At present, the payable indicator for silver in lead concentrates with various silver contents remained stable, and neither mines nor smelters intended to adjust prices.

Recently, Joint Circular No. 00156 of the Ministry of Finance and the Ministry of Mines of the DRC / Cabinet of the Ministry of Mines / 2026 and Cabinet of the Ministry of Finance / 2026, concerning regulatory measures to standardize control over deviations in the detection of refined cobalt content in exported cobalt hydroxide under the quota system framework of the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets in the DRC, is translated as follows: The English translation of the above text is: