[SMM Express] The global ruthenium-iridium titanium anode market is projected to grow from USD 1.2 billion in 2025 to USD 2.5 billion by 2034, representing a compound annual growth rate (CAGR) of 9.3% over 2026-2034, according to a recent industry market report. Demand is expected to be supported by expanding applications in chlor-alkali production, electrolysis, electroplating, wastewater treatment, fuel cells and battery technologies, as industries seek more durable and energy-efficient electrode materials. Ruthenium-iridium titanium anodes are valued for their corrosion resistance, electrochemical stability and long operating life in aggressive industrial environments. Green hydrogen production is credited to be one of the strongest long-term growth drivers, alongside stricter environmental regulations encouraging advanced water treatment and cleaner chemical manufacturing. Growth in the electronics, semiconductor and energy sectors is also expected to support demand. However, the market continues to face challenges from the high cost and limited availability of ruthenium and iridium, with supply concentrated in a small number of producing countries.

① Policy: China's first national standard for vehicle solid-state batteries (GB/T43568-2026) took effect, paired with a consumption tax exemption; ② Materials: multiple hundred-ton-level sulfide production lines commenced commissioning in Q3, with a leading EV manufacturer completing a 1‑ton electrolyte tender (awarded below RMB 2 million/ton), signaling the industry's shift to "ton‑level transactions"; ③ Products ：SVOLT Energy's hybrid solid-liquid batteries entered volume production in Q3,

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, there were no offline public delivery updates. Project-related updates: Inner Mongolia Source Code Environmental Protection Technology Co., Ltd. : The integrated project for coal chemical carbon dioxide capture, conversion to green methanol and reuse of Inner Mongolia Source Code Environmental Protection Technology Co., Ltd. received filing. The project is located opposite the Xin'ao coal chemical enterprise park in Dalad Banner, Ordos City, with a total investment of 3.78 billion yuan, including self-owned funds of 3.213 billion yuan and bank loans of 567 million yuan. The construction period is from March 2027 to March 2030. The project plans to capture and purify 1.5 million mt of industrial flue gas CO₂ annually, combined with green hydrogen catalytic synthesis to produce green methanol. Upon completion, it will produce 1 million mt of green methanol per year. Supporting facilities for CO₂ capture, water electrolysis for hydrogen production, methanol synthesis, distillation units, storage and transportation, and environmental protection will also be constructed. Sinopec Star (Inner Mongolia) West Hydrogen East Transmission New Energy Co., Ltd. : The path planning and demonstration, land pre-examination, and planning site selection project (Tianjin section) for the Inner Mongolia Ulanqab to Beijing-Tianjin-Hebei region hydrogen transmission pipeline demonstration project, Section 1, has issued a tender announcement. This pipeline passes through Tianjin's Jinghai District, Binhai New Area, Xiqing District, and Jinnan District, with a total length of approximately 99 km, and plans to construct 1 station and 5 valve chambers. The tendering work includes path demonstration, preparation of a planning site selection report, and compilation and submission for land pre-examination, with the ultimate goal of obtaining the land pre-examination and site selection opinion letter. The estimated contract value for the section is 3.72 million yuan (tax inclusive), and consortium bids are not accepted for this tender. Guizhou Energy Shuicheng Coal-Electricity-Chemical Integration Co., Ltd. : The 300,000 mt/year methanol technological transformation and production resumption comprehensive utilization project at Guizhou Energy Shuicheng Xinsheng Coal Chemical has entered the environmental assessment stage. The project is invested and constructed by Guizhou Energy Shuicheng Coal-Electricity-Chemical Integration Co., Ltd., located in Shihe Community, Laoyingshan Subdistrict, Shuicheng District, Liupanshui City, covering an area of 125.2 mu. The total investment is 674.894 million yuan, with environmental protection investment of 57.25 million yuan, accounting for 8.48% of the total investment. The project will build a new 300,000 mt/year methanol plant, using coke oven gas and calcium carbide furnace gas as raw materials, with supporting utilities including conversion, synthesis, distillation, air separation, a methanol tank farm, and a flare. Raw material gas demand is 58,775.8 Nm³/h of coke oven gas and 11,202.8 Nm³/h of calcium carbide furnace gas. CGN New Energy Holdings Co., Ltd.: The tender for the feasibility study report preparation service for the CGN New Energy Yunnan Chuxiong Wind and Solar Integrated Green Ammonia Synthesis Project has announced the winning bidder. A consortium composed of China Energy Engineering Group Yunnan Electric Power Design Institute Co., Ltd. and China Huanqiu Contracting & Engineering Co., Ltd. won the bid. This project is included in the 2026 Yunnan Province Green Electricity Hydrogen Production Integration Demonstration Project List and is Yunnan's first wind and solar integrated green ammonia project. The project is sited in the chemical industry area of Chuxiong Yundian Industrial Park, leveraging 143.75 MW of wind and solar clean energy resources around the park, using a water electrolysis process to prepare green hydrogen, and then combining it with nitrogen from air separation to synthesize green ammonia, achieving green and low-carbon production throughout the entire process. The project occupies approximately 140 mu, with a hydrogen production scale of 9,000 Nm³/h. After completion, it is expected to produce 4,300 mt of green hydrogen annually, with a supporting facility to produce 35,000 mt/year of green ammonia. Sinopec Qingdao Refining & Chemical Co., Ltd. : The new energy team from Sinopec Qingdao Refining & Chemical conducted a field survey at Lankun Hydrogen Energy. The two parties plan to jointly build an innovative demonstration project for seawater floating PV off-grid hydrogen production, pioneering a new path for the industrialisation of marine green hydrogen. The project adopts an isolated grid operation mode, where power generated by the floating PV is supplied directly to Lankun's atmospheric pressure hydrogen production system without needing to be connected to the public power grid, creating a closed-loop model of "seawater floating PV directly connected to atmospheric pressure hydrogen production." This solution can avoid pain points such as grid connection approvals, grid consumption, and large-scale energy storage support, producing green hydrogen to replace traditional grey hydrogen and promoting the enterprise's green and low-carbon transformation. Hunan Guoye New Energy Co., Ltd. : The Miluo Municipal National Development and Reform Commission (NDRC) issued the record-filing certificate for the Tianjingshan 48 MW vertical-axis wind farm supporting PEM hydrogen production project, marking the official completion of project filing. This project is invested and constructed by Hunan Guoye New Energy Co., Ltd., located at Tianjing Village, Tianjingshan, Luojiang Town, Miluo City. Relying on green electricity from a 48 MW vertical-axis wind farm, it will use PEM water electrolysis technology to produce green hydrogen. The project is designed for a hydrogen production scale of 13,350 Nm³/h, with an annual green hydrogen output of 3,000 mt, and will be constructed in two phases with a total investment of 240 million yuan. Phase one will produce 1,080 mt/year of green hydrogen with an investment of 90 million yuan; phase two will produce 1,920 mt/year with an investment of 150 million yuan. The project will construct PEM electrolysers, purification units, hydrogen storage facilities, and related supporting works. CGN New Energy (Lufeng) Co., Ltd.​​​​​​​ : The Shanwei Municipal Bureau of Ecology and Environment issued a pre-approval public notice for the "Environmental Impact Report for the Integrated Energy Island Onshore Test Base Project (Phase II)." The project is invested and constructed by CGN New Energy (Lufeng) Co., Ltd., sited in the Dishui Village area of Jieshi Town, Lufeng, Shanwei. The project will deploy 500 Nm³/h ALK and 200 Nm³/h PEM electrolysers for hydrogen production testing, with an annual hydrogen production of 700,000 Nm³ and a total hydrogen storage scale of 1,050 kg. It will be equipped with hydrogen supply and utilisation devices such as fuel cells and hydrogen dispensers, as well as facilities including a marine climate simulation environmental chamber and a floating sway test platform, excluding tests related to green ammonia production, storage, and transportation. The total project investment is 42.44 million yuan, with environmental protection investment of 300,000 yuan. Zhongyuan Oilfield Branch Company​​​​​​​: Petroleum Engineering Machinery successfully won the bid for the electrolytic water hydrogen production unit Balance of Plant (BOP) project at Zhongyuan Oilfield. It will provide core supporting equipment for China's first domestically produced 1,000 Nm³/h-class PEM electrolytic water hydrogen production demonstration project, supporting Sinopec's large-scale deployment of green hydrogen. The BOP equipment won in this bid has a rated hydrogen production capacity of no less than 1,000 Nm³/h, with system operating flexibility covering 10%–125%, capable of matching fluctuating wind and solar green electricity conditions. The output hydrogen purity reaches 99.999%, meeting various high-purity hydrogen application requirements. Zhangye Dawei Energy Co., Ltd.​​​​​​​: The signing and groundbreaking meeting for the Zhangye Dawei Energy industrial tail gas resource utilisation coupled with renewable energy for green hydrogen and green methanol demonstration project was held at the headquarters of China Chengda Engineering Co., Ltd. The project will be located in the Circular Economy Demonstration Park of the Zhangye Economic and Technological Development Zone in Gansu, serving as a provincial-level key new energy demonstration project. The project will adopt Chengda's proprietary low-pressure methanol synthesis process, supported by a 10,000 m³-class water electrolysis hydrogen production unit. It will utilise local wind and solar power to produce green hydrogen, coupled with industrial tail gas to produce green methanol. Upon completion, it is expected to achieve an annual green methanol capacity of 500,000 mt. Huzhou Municipal Development and Reform Commission : Huzhou Renhuang Engineering Consulting Co., Ltd. issued a competitive consultation announcement for the Huzhou Hydrogen Energy Industry Development Research Project. The project budget and maximum price limit are both 180,000 yuan, and consortium bids are not accepted. Policy Review​ 1. The General Office of the National Energy Administration issued a notice to publicly solicit opinions on the 2026 energy sector industry standard development and revision plan and the foreign language translation plan. Among them, the 2026 energy sector industry standard development plan involves 43 hydrogen energy standard projects. Standard categories include safety, products, methods, engineering construction, and management. 2. The Bureau of Ecology and Environment of Dadukou District, Chongqing, issued a notice to publicly solicit opinions and suggestions on the "Dadukou District '15th Five-Year Plan' Beautiful Dadukou Construction Plan (Draft for Comments)." The document indicates accelerating low-carbon upgrades of transportation equipment. Following municipal requirements, it will accelerate the retirement of old operating ships, encourage enterprises to build new energy and clean energy ships, and promote the green transformation of waterway transportation. It will accelerate the elimination and renewal of old gas vehicles and promote the use of new energy for newly added and updated urban public service vehicles across the district, including buses, taxis, urban logistics, sanitation, and postal vehicles. Efforts to promote hydrogen fuel cell vehicles will be intensified to drive energy conservation and carbon reduction in the transportation sector. 3. The Energy Administration of Inner Mongolia Autonomous Region issued a notice to publicly solicit opinions and suggestions on the "Inner Mongolia Autonomous Region Renewable Energy Hydrogen Production Industry Safety Management Measures (Draft for Comments)." The "Measures" state that the site selection and layout of green hydrogen construction projects should comply with territorial spatial planning and the "three zones and three lines" control requirements, and should fully consider cross-safety risks. The construction of green hydrogen projects and integrated hydrogen production and refuelling stations outside chemical industrial parks is permitted. Green hydrogen projects do not require a hazardous chemical production safety permit, etc. Enterprise Developments​​ Beijing Hypert Hydrogen Technology Co., Ltd.: ​​​​​​​ The production ceremony for the upgraded hydrogen fuel cell heavy-duty truck H49 production line was grandly held at the New Chufeng Manufacturing Base. This upgrade was comprehensively advanced in three directions: intelligence, automation, and quality. New cab sub-assembly lines, fuel cell sub-assembly lines, and power battery and chassis sub-assembly lines were added. Advanced equipment such as AGVs, glass gluing robots, and electric assembly tools were introduced. Production stations were optimised and restructured, with multiple new quality inspection checkpoints added, achieving dual improvements in production efficiency and manufacturing quality. Zhejiang Guwei Technology Co., Ltd.​​​​​​​ : It officially launched a strategic cooperation on hydrogen sensors with Seek Treasure Co., Ltd. The two parties will focus on joint R&D in core technology optimisation, product performance upgrades, and localised adaptation development for hydrogen sensors. Shenzhen Pengfei Green Energy Development Co., Ltd.​​​​​​​: It issued its 2026 H1 performance forecast. The forecast shows that Pengfei Green Energy expects a net loss attributable to the parent company's shareholders of 10.5 million yuan to 15 million yuan in H1 2026, compared to a loss of 10.0004 million yuan in the same period last year. Deducted non-recurring profit or loss is expected to be a loss of 14 million yuan to 20 million yuan, compared to a loss of 21.4119 million yuan in the same period last year. Basic earnings per share are expected to be -0.008 yuan/share to -0.0114 yuan/share. Shaanxi Hydrogen Energy Industry Development Co., Ltd.​​​​​​​​​​​​​​​​​​​​​: Shaanxi Hydrogen Energy held a discussion meeting with State Grid Yulin Power Supply Company, focusing on grid access, direct green electricity supply, optimisation of electricity purchasing and sales business, and efficient utilisation of new energy power. CIMC Enric Holdings Limited​​​​​​​​​​​​​​: An anhydrous ammonia transport vehicle escorted the world's largest single shipment of green ammonia for export, with 3,750 mt of green ammonia produced in Da'an, Jilin, shipped from Lianyungang, Jiangsu, bound for South Korea, setting a new global single-shipment export record for green ammonia. Qingyang Public Transportation Group Co., Ltd. ​​​​​​​: The Qingyang Public Trading Center issued a competitive negotiation announcement for Package 2 of the hydrogen fuel cell vehicle procurement project (third round) for Qingyang Public Transportation Group. The budget and maximum price limit for this section is 6.7568 million yuan, with plans to purchase 4 hydrogen fuel cell buses. The supply period is 45 calendar days after contract signing. The project implements post-qualification review, does not accept consortium bids, and is not a procurement project specifically targeted at small and medium-sized enterprises. Beiben Trucks Group Co., Ltd.​​​​​​​​​​​​​​: Beiben Trucks signed a strategic cooperation framework agreement with the Benxi Municipal People's Government, simultaneously advancing the Benxi Steel Union new energy heavy-duty truck project. At the event, Beiben Trucks and Benxi Steel Union signed a purchase order for 200 units of new energy heavy-duty trucks. Guangdong Yuntao Hydrogen Technology Co., Ltd.​​​​​​​​​​​​​​: The National Energy Administration announced the results of the renewal and expansion of the China-IRENA cooperation special working groups. Yuntao Hydrogen was successfully selected for both the Hydrogen Energy Working Group and the Energy Storage Working Group, becoming the only hydrogen energy enterprise to be shortlisted for two major working groups simultaneously. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​(China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. ​​2. Johnson Matthey​​(UK) filed patent WO2025109876, disclosing a ternary Fe-Ni-Mo non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprints/Technical Specifications​​ 1. The latest scientific research achievement by Professor Hu Wenbin's team from Tianjin University was published online in the prestigious international academic journal Science. This research overcame the key challenge of precisely preparing platinum group catalysts, pioneering a new technical pathway for atomic-level precise preparation of platinum group catalysts. 2. Tong Lei and Liang Haiwei from the University of Science and Technology of China, along with Zhang Liang from Tsinghua University, proposed a carbon mesoporous deep engineering (CMDE) strategy. Using hollow mesoporous carbon spheres to regulate ionomer penetration depth, they resolved the inherent contradiction between kinetic activity and oxygen mass transfer in low-platinum fuel cells. They developed a PtCo low-platinum catalyst that combines poisoning resistance, high mass transfer, and excellent durability, achieving the power, activity, and durability indicators specified by the US DOE at an ultra-low platinum loading of 0.1 mgPt cm⁻². 3. Professor Li Zhipeng's team from Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics coupled model for tubular solid oxide fuel cells, systematically revealing the quantitative influence of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on cell output performance. 4. The National Hydrogen Power Quality Inspection and Testing Center of China Automotive Engineering Research Institute built a 0-400kW hydrogen-related, load-bearing three-comprehensive vibration testing platform and opened it for commercial use, filling a gap in China for high-power hydrogen-related multi-physics coupled testing. 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 National Key Laboratory of Energy Catalytic Conversion, Dalian Institute of Chemical Physics, passed the scientific and technological achievement appraisal by the China Petroleum and Chemical Industry Federation. This technology effectively solves the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, addressing technical challenges such as low-humidity performance degradation, carbon corrosion, dry membrane and flooding, and high-power thermal management.

MTU Aero Engines recently disclosed the latest progress of its aviation hydrogen power project. The company stated that the fuel cell propulsion system R&D has achieved phased results and continues to advance in areas such as onboard applications, supply system testing and industrialisation layout laying the foundation for the development of future low-carbon aviation power technologies. It is understood that MTU is collaborating with the European Union Aviation Safety Agency (EASA) to advance relevant airworthiness certification while focusing on testing hydrogen and air supply systems. To date, both supply systems have successfully completed validation and passed acceptance at the Munich plant in Germany providing strong support for subsequent system integration and demonstration applications. In terms of system R&D, MTU has shifted its focus to the integration testing of the overall powertrain. The first 350 kW fuel cell stack has been produced in Munich and a system-level testing platform has been established simultaneously. Subsequent efforts will prioritise verifying the coordinated operation capabilities of various components and subsystems in preparation for the next phase of technology validation and large-scale application. Meanwhile, the European Clean Aviation research project HEROPS continues to support related R&D. The project focuses on developing aviation power technology with an output of approximately 2 megawatts able to meet the needs of regional aircraft with around 40 seats. R&D is currently advancing at MTU's Munich facility and the project plans to further expand to the 2 to 4 MW power class to drive the continuous upgrade of aviation power technology. On the industrialisation front, MTU is continuously refining its related industrial layout. In July this year, the company announced the establishment of a joint venture with its partners to conduct full life cycle business encompassing R&D, production, testing, marketing and client services around aviation power systems thereby accelerating the transformation and commercial application of technological achievements. Furthermore, MTU and EASA have maintained a five-year partnership engaging in continuous technical collaboration on airworthiness certification for aviation power systems. Going forward, both parties will further deepen cooperation in the establishment of relevant regulatory frameworks providing strong support for the development of the aviation hydrogen energy industry.

Recently, French marine fuel cell enterprise Genevos and Dutch maritime enterprise Koodood Marine Group signed a letter of intent for cooperation. The two parties will collaborate on the application of fuel cell systems in inland and maritime transport , exploring the deployment and promotion of related technologies and driving the further application of clean energy in the maritime sector. It is understood that the letter of intent was jointly signed by Phil Sharp, co-founder and CTO of Genevos, and Toon Muhlheim, Business Development Director of Koodood Marine Group, during a signing ceremony held at the Advanced Maritime Technology Show 2026 in Amsterdam. According to information disclosed by both parties, Koodood Marine Group has long been involved in marine clean energy projects, accumulating extensive experience in ship power technology, and is currently participating in relevant collaborations with Mitsubishi Heavy Industries and TNO. This time, the two parties will focus on studying how to utilize fuel cell systems to help ship operators advance low-emission operations and fleet transformation. Genevos stated that Koodood Marine Group not only possesses deep maritime industry experience but also fully understands ship operation needs. This cooperation will be an important step in promoting the implementation of fuel cell solutions in inland and maritime transport scenarios, helping to provide shipowners with more efficient, practical, and scalable clean energy solutions while continuously reducing emissions during ship operations. The industry believes that with the growing market demand for rapidly deployable clean energy solutions and the maritime sector's ongoing push for low-emission development, this cooperation is expected to further promote the exploration and promotion of ship fuel cell technology in the shipping sector.

Toyota Motor Corporation, Volvo Group and Daimler Truck have signed an agreement for Toyota to acquire a one-third stake in heavy-duty fuel cell systems developer cellcentric, making the three companies equal shareholders. The partnership aims to strengthen cellcentric's technological leadership, manufacturing scale and competitiveness in hydrogen fuel cell systems for heavy-duty transport. The companies also plan to work with industry stakeholders to accelerate hydrogen supply chain and infrastructure development, while cellcentric will continue to operate as an independent company serving multiple transport and industrial sectors.

Recently, BeiBen Trucks, in collaboration with Shanghai Reshape Energy Technology Co., Ltd., achieved a phased milestone in a "Challenge-Driven" special project with the official rollout of a 300kW large-power hydrogen fuel cell tractor unit , which simultaneously completed the national motor vehicle product announcement submission, further enriching the company's high-power hydrogen fuel cell heavy-duty truck product lineup. The newly rolled-out hydrogen fuel tractor is equipped with a 300kW large-power fuel cell system, achieving a peak system efficiency of 65.95% while offering high gravimetric power density and volumetric power density. The vehicle adopts technologies such as autonomous stack heating and BOP directional water drainage, and optimizes system thermal management, vehicle lightweighting, and air compressor waste heat recovery. In terms of low-temperature adaptability, the model can achieve rapid cold start in extreme cold environments as low as **-40.2°C**. Meanwhile, the vehicle is equipped with fuel cell energy management technology based on intelligent driving planning, enabling the two power sources—hydrogen and electricity—to operate efficiently, meeting green and low-carbon transportation needs while balancing vehicle operational economy. It is understood that the progress of this "Challenge-Driven" project has not only achieved a technological breakthrough for a single vehicle model but also further promoted upstream and downstream collaboration in the hydrogen energy equipment manufacturing industry chain. Through industry chain cooperation, it is expected to drive the concentration of technical talent and industrial resources in the R&D and manufacturing of hydrogen-powered vehicles, injecting new momentum into Inner Mongolia's efforts to build a clean, low-carbon modern energy system.

Analysis of China's Platinum and Palladium Imports in H1 2026 In H1 2026, China's platinum and palladium imports diverged. Imports of unwrought platinum and platinum powder maintained steady growth, with the cumulative H1 increase standing at roughly 17.8% YoY; imports of unwrought palladium and palladium powder surged significantly, with the cumulative H1 increase reaching 116% YoY. Overall, PGM imports remained resilient, driven by industrial demand from glass fiber, hydrogen energy, and other sectors, while the spike in palladium imports was closely tied to a low base, arbitrage on the price spread between Chinese and overseas markets, and a policy window for Russian palladium trade. The H2 trajectory warrants attention to global mine supply, shifts in automotive and new energy demand, the ongoing impact of international geopolitics on Russian palladium trade, and the arbitrage space between domestic and overseas markets. Imports of Unwrought Platinum and Platinum Powder Up 2.5% MoM in June Cumulative H1 Total Up 17.8% YoY In June 2026, China’s imports of unwrought platinum and platinum powder totaled 10.67 mt, up 2.5% MoM and up 27.9% YoY; the cumulative H1 import volume reached 48.18 mt, up 17.8% YoY. By trade mode, imports of unwrought platinum were dominated by Ordinary Trade, accounting for over 90%. By import source, South Africa remained the top supplier, followed by Russia, Zimbabwe, and others. As the world’s largest platinum producer, South Africa’s mine supply situation significantly affects China's import volumes. Since the start of 2026, power shortages in South Africa have eased somewhat, and mine expansions have advanced, but aging mines and inadequate capital expenditure continued to suppress supply elasticity, keeping overall supply rigid. Support for platinum import growth from the demand side stemmed from two main factors: First, robust platinum demand from the glass fiber industry, where platinum demand surged 83% YoY to 12 mt, driving overall industrial demand up 9% YoY; second, the continued expansion of platinum demand from the hydrogen energy and fuel cell sectors, with PEM electrolyzers, fuel cell vehicles, and other fields becoming core growth drivers for platinum demand; However, platinum prices were under pressure and consolidated in H1 2026. Affected by a hawkish US Fed stance, a strengthening US dollar index, and global growth concerns, NYMEX most-traded platinum futures fluctuated around the $1,930–$2,070/oz range in late May, while the most-traded platinum futures contract on GFEX consolidated near 485 yuan/g. The high and fluctuating price environment fostered a strong wait-and-see sentiment among downstream consumers, spot trading was sluggish, and the pace of imports slowed in stages. Looking ahead to H2, as global platinum inventories continue to destock and electronic & hydrogen energy projects accelerate, China's platinum imports are expected to maintain mild growth, though caution is needed regarding the drag on industrial demand from a macroeconomic downturn. In June, imports of unwrought palladium and palladium powder increased 17.6% MoM, with H1 cumulative imports doubling YoY In June 2026, China's imports of unwrought palladium and palladium powder stood at 4.75 mt, up 17.6% MoM and up 114% YoY. Cumulative H1 imports reached 26.97 mt, up 116% YoY. By trade mode, imports of unwrought palladium were also dominated by Ordinary Trade. By import source, Russia and South Africa were the primary countries of origin. Based on China’s May 2026 customs subcategory data, China imported 1.93 mt of palladium from Russia and 1.89 mt from South Africa that month, with the two countries together accounting for over 85% of the total. The sharp increase in palladium imports was driven by three main factors: First, the low base effect from the same period in 2025, when monthly palladium imports in H1 2025 were mostly in the 1–3 mt range. Second, in March–April 2026, as the US Commerce Department's final antidumping determination on Russian unwrought palladium approached, some traders accelerated imports of Russian palladium ahead of the USITC's final ruling and potential tariff imposition. In April, China's palladium imports reached a multi-year monthly record. Third, significant arbitrage opportunities emerged in Q1, with cross-market arbitrage participants locking in overseas supply via import channels and selling on the futures market, leading to large volumes of warrant creation and increased spot supply of palladium in China. However, palladium market fundamentals remain under pressure. Globally, auto catalysts account for as much as 83% of palladium consumption, and the ongoing electrification of vehicles is exerting a long-term drag on gasoline vehicle catalyst demand. The core demand for palladium faces structural contraction risk, and heightened concerns over global economic growth may drive palladium into a structural surplus cycle. Supply side, in May 2026, Norilsk Nickel’s Q1 platinum and palladium production fell sharply due to the impact of Western sanctions, providing some support for the bottom of palladium prices, but this has not been sufficient to reverse the weak demand landscape. H2 outlook: as the impact of the USITC's final ruling is gradually absorbed and earlier concentrated arrivals of cargo are digested by the market, palladium imports are expected to pull back from Q2 highs. For the full year, palladium imports will still maintain a high YoY growth rate, though a MoM decline in H2 is highly likely. H2 outlook Overall, China's platinum and palladium imports in H1 2026 reflected a pattern of "stable platinum and strong palladium." Supported by demand from fiberglass and hydrogen energy, platinum imports showed resilience and are expected to sustain mild growth in H2. Palladium imports surged sharply amid a trade policy window and price spreads between Chinese and overseas markets, but import growth is likely to moderate in H2 as policy impacts fade and structural demand-side pressures emerge. In H2, the following factors require close attention: Mine supply: disruptions in platinum supply caused by South Africa's power situation and mine capital expenditure, and the impact of changes in Nornickel's production on palladium supply; Trade policy: the impact of anti-dumping measures and sanctions progress on Russian palladium on the pace of China's palladium imports; End-use demand: the boost to real platinum and palladium demand from China's automobile production and sales, implementation of hydrogen energy projects, and technological shifts in the glass and glass fiber sectors; Price spreads and futures market: the impact of the price spread between Chinese and overseas markets and GFEX platinum and palladium futures delivery conditions on import windows.

Over the past three weeks, the domestic spot market for platinum group metal (PGM) compounds has exhibited the following pattern: raw materials fluctuate sharply in tandem with macro sentiment, compound quotations passively rise and fall accordingly, while trading volume remains sluggish and dominated by rigid demand. Platinum and palladium raw materials have been pulled back and forth by Federal Reserve interest rate expectations and geopolitical conflicts in the Middle East, triggering wide swings on the Guangzhou Futures Exchange platinum and palladium futures market. Mainstream compounds including chloroplatinic acid, chloropalladic acid and rhodium nitrate adjust in line with primary metal feedstocks. However, processing margins for compounds remain thin, resulting in weaker price volatility compared with primary platinum and palladium ingots. The market features low inventory levels, slow shipments and batch-based purchasing. Midstream manufacturers avoid exposure risks to raw material prices, while downstream end-users adopt production-based procurement strategies. The signing of long-term contracts slows down, spot bulk orders account for a higher share, and widespread market caution prevails. Divergence across PGM compound varieties persists: platinum-based compounds receive incremental demand support from hydrogen energy and semiconductor sectors; palladium-based compounds remain under pressure; minor varieties including rhodium, ruthenium and iridium show greater independent price swings subject to fluctuations in segmented orders. Platinum-based Compounds Stable rigid demand stems from capacity expansion of electronic glass fibre fabrics, catalytic precursors for hydrogen fuel cells, and catalysts for nitric acid chemical production. Demand for diesel vehicle exhaust aftertreatment stays steady. Diversified demand offsets headwinds from the automotive catalyst segment. Palladium-based Compounds Output of internal combustion engine vehicles faces downward pressure, while July and August mark the seasonal low for automobile manufacturing. Several automakers conventionally arrange high-temperature production shutdowns and maintenance from late July to August, dragging down shipment momentum. Rhodium-based Compounds Rhodium raw material prices have trended higher over the past month amid divergent market expectations between buyers and sellers. Downstream clients prioritise inventory drawdown and procure only as needed. Holders are reluctant to cut prices substantially to offload stocks, extending negotiation cycles for spot orders and leading to generally slow shipment speeds. Ruthenium & Iridium-based Compounds Ruthenium raw material prices have surged significantly and traded at elevated levels in mid-to-late July. Trading merchants and smelters hold back supply out of reluctance to sell. They prioritise fulfilling existing long-term contracts and delay releasing spot supplies. The spot market sees quoted prices paired with limited available material, with abundant enquiries but limited concluded trades.

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.