Japanese steel trading giant Metal One finalized the acquisition of all remaining shares in PSCTH (Pacific Sheet & Coil (Thailand) Co., Ltd.), converting it into a wholly owned subsidiary. PSCTH operates an integrated processing system in the Thai market, offering high-quality services across various widths. Since adding a coil polishing machine in 2018, sales of its premium polished products have grown significantly. Metal One now aims to leverage the subsidiary's bonded factory status and its own global network to boost high-value product sales and expand international export operations.

【SMM Steel】U.S. Steel restarted Blast Furnace B at Granite City Works to meet rising demand. The facility returned to active production after a restart process that began in Dec 2025. About 400 new employees were hired to support operations. The company emphasized safety and collaboration with the United Steelworkers. The restart aligns output with current market requirements.

Rio Tinto officially announced the resumption of its iron ore port operations in the Pilbara region of Western Australia on March 30, 2026, after the passage of Tropical Cyclone Narelle. While ship loading at East Intercourse Island, Parker Point, and Cape Lambert B recommenced on March 28, repairs are ongoing at the Cape Lambert A facility, which is expected to return to service in early April. The company estimated that recent weather events, including Cyclone Mitchell in February, have impacted total shipments by approximately 8 million tonnes, though it maintains its annual shipment guidance of 323 to 338 million tonnes for 2026.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,724.5/mt. In early trading, it fluctuated upward to a high of $12,829.5/mt, after which the center of copper prices shifted straight downward to a low of $12,721/mt. It then fluctuated upward in a pullback and finally closed at $12,780/mt, down 1.07%. Trading volume reached 17,000 lots, and open interest stood at 293,000 lots, down 8,255 lots from the previous trading day, mainly due to longs reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 99,120 yuan/mt. In early trading, it rose to 99,530 yuan/mt, then fluctuated downward all the way to a low of 98,900 yuan/mt. Afterwards, the center of copper prices moved upward and finally closed at 99,140 yuan/mt, down 0.92%. Trading volume reached 27,700 lots, and open interest stood at 177,000 lots, down 1,993 lots from the previous trading day, mainly due to longs reducing positions.

Philippines Market: Tight Supply and Surging Freight Rates Supported Ore Prices to Fluctuate at Highs Philippine nickel ore prices rose sharply this week. In terms of prices, Philippine nickel ore CIF China quotes were $64-68/wmt for Ni 1.3% grade, $71-75/wmt for Ni 1.4% grade, and $78-82/wmt for Ni 1.5% grade, up $6 WoW. The average CIF price from the Philippines to Indonesia was $65.5/wmt for 1.3% grade and $72.5/wmt for 1.4% grade. Supply side, although the Philippines was transitioning into the dry season, mining hubs such as Surigao and Homonhon continued to see heavy rainfall due to a low-pressure area (LPA) east of Mindanao. Although Metro Manila and most parts of Luzon saw hot and sunny weather, the probability of rainfall exceeding 50 mm in Surigao and Caraga remained “very high.” Strong thunderstorms and scattered precipitation were expected to further intensify during March 9 to 13. Affected by the trough of the low-pressure area and the easterlies, persistent rainfall may continue to disrupt open-pit mining and vessel loading operations in southern regions. Market supply remained scarce. Driven by both supply tightness caused by cuts in Indonesia’s RKAB quotas and expected supply gaps, mainstream prices for Philippine nickel ore have surged recently. As of Friday, March 13, nickel ore inventory at Chinese ports stood at 5.23 million mt, down 500,000 mt WoW. Current total port inventory was equivalent to about 41,100 mt Ni in metal content. Demand side, China’s NPI prices rose this week, with spot transaction prices up about 1,089.9 yuan per nickel unit. As smelters had sufficient stockpiling earlier and showed limited acceptance of recently high-priced nickel ore, most were currently taking a wait-and-see stance. In terms of ocean freight rates, affected by a sharp jump in oil prices, nickel ore freight rates climbed, with the ocean freight rate from the Philippines to Lianyungang reaching $15/mt or above. Looking ahead, Philippine nickel ore prices are expected to continue fluctuating at highs. Indonesia Market: Under Weather Disruptions and RKAB Policy Clarification, Tight Supply Continued Indonesia's local nickel ore prices rose somewhat this week. Indonesia’s nickel ore benchmark price (HPM) for the first half of March was set at $17,104/dmt, down 3.21% MoM. According to SMM Indonesia nickel ore premium data, average premiums for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $35, $39, and $39.5/wmt, respectively. Among them, the port arrivals under domestic trade price for 1.6% grade was $65.2-74.2/wmt. The simultaneous strengthening in premiums this month reflected both the release of smelters’ restocking demand and pessimistic expectations over RKAB quota cuts, while the delivered price of 1.2% grade limonite ore also edged up to $24-26/wmt. From the supply and demand fundamentals, as of March 13, Indonesia’s key nickel ore producing areas of Morowali, Konawe, and Halmahera were affected this week by strong thunderstorms and extremely high humidity of up to 94%. Weather continued to fluctuate, causing soil to become highly saturated and seriously hindering mine drying and transport operations. Morowali and Konawe will face a heavy rainfall system over the weekend with precipitation probability as high as 80%, while Halmahera, under high-humidity conditions, is expected to see rainfall intensity rebound again next Friday, with overall logistics capacity remaining constrained. At present, RKAB approvals for most small- and medium-sized mines remained pending. As existing quotas could no longer be used for next month’s production and sales, rising supply uncertainty was pushing nickel ore prices higher. Demand side, as some Indonesian smelters faced uncertainty over nickel ore resources and found it difficult to secure high-grade saprolite ore, nickel ore prices remained firm. To secure raw material supply, some smelters even raised trading bonuses. Overall, although the impact of the current MOMS system failure on mines had largely faded, overall nickel ore supply remained tight. Although spot supply of limonite ore was relatively sufficient, some related production lines were currently running at low load due to a tailings dam landslide accident at some MHP projects in an Indonesian industrial park, leading to temporary weakness in overall demand. However, considering concerns among some Indonesian smelters over RKAB approval uncertainty, raw material stockpiling demand from newly commissioned projects, and continued growth in demand from outer islands, limonite ore prices are expected to closely track saprolite ore and remain high. On the policy side, in response to recent market rumors that “production quotas (RKAB) will be uniformly supplemented by an additional 25%-30%,” Tri Winarno, Director General of Minerals and Coal at Indonesia’s Ministry of Energy and Mineral Resources (ESDM), clarified on March 3, 2026, that RKAB supplements would be based on individual assessments of enterprise production capacity and compliance, rather than a uniform proportional increase, and indicated that the approval process would start in H2 2026. Officials emphasized that this was a routine regulatory process for resource optimization, rather than a passive countermeasure to the previous output cap policy. Looking ahead, affected by the relatively slow progress of RKAB approvals, nickel ore prices are expected to remain more likely to rise than fall in April.

This week marked the first trading week after the Lunar New Year holiday. At the beginning of the week, the import window briefly opened, attracting importers to take cargo. However, as inventories both domestically and overseas continued to build significantly, the import window gradually closed thereafter.

Facing the global spatial mismatch challenge between green hydrogen production hubs (such as the Middle East, North Africa, and China) and consumption centers (such as Europe, Japan and South Korea), large-scale, economical, and safe cross-sea transportation has become key to the commercialization of hydrogen trade. On September 17, Haiwang Hydrogen proposed that its developed organic liquid hydrogen storage technology, with features such as "inherent safety, strong infrastructure compatibility, and significant comprehensive cost advantages," is expected to become the "optimal solution" for green hydrogen to go global, offering a highly promising solution for building a global hydrogen supply chain. I. Core Argument: Analysis of the Cross-Sea Transportation Advantages of Organic Liquid Hydrogen Storage Systematically elaborates on the competitive advantages of organic liquid hydrogen storage compared to other mainstream technological routes such as liquid hydrogen and liquid ammonia: Core Advantage: The hydrogen storage liquid is classified as a non-hazardous chemical (Class B), storable at room temperature and pressure, with no special transportation packaging requirements and low fire risk. Disruptive Advantage: It can directly utilize existing global logistics infrastructure, such as oil storage tanks and ordinary chemical tankers, significantly reducing initial investment. Convenience Advantage: As an ordinary chemical, it faces no special restrictions in cross-border customs clearance, vessel selection, port operations, and other processes, ensuring smooth procedures. Economic Advantage: The hydrogen storage/release reaction conditions are mild, with low comprehensive energy consumption; taking the China-South Korea route as an example, its total cost is competitive, especially with significant advantages in the storage segment. II. Technical Principle and Business Logic: Building a Closed-Loop Hydrogen Cycle The technology and business operation model of organic liquid hydrogen storage: Technical Process: Hydrogen is fixed into organic liquid (hydrogen-rich liquid) through a "hydrogenation" reaction, enabling stable hydrogen storage and transportation; upon reaching the destination, hydrogen is released through a "dehydrogenation" reaction, and the resulting hydrogen-lean liquid can be recycled. Business Closed Loop: Forms a complete trade closed loop of " hydrogen production at origin → hydrogenation into hydrogen-rich liquid → maritime transportation → dehydrogenation at destination → return transportation of hydrogen-lean liquid ." Although return logistics are involved, the overall cost is still considered controllable due to the use of ordinary carriers. III. Strategic Positioning and Market Prospects: Targeting the Global Hydrogen Trade Circle Positions organic liquid hydrogen storage technology within the broader context of global energy transition: Addressing Core Pain Points: Directly targets the biggest obstacle to hydrogen becoming a global standardized commodity—the storage and transportation challenge, particularly cross-sea transportation. Targeting Key Markets: Clearly aligns with the two emerging cross-regional green hydrogen trade circles: "Middle East-North Africa-Europe" and "China-Japan and South Korea." Citing Authoritative Endorsements: Referencing research conclusions from international consulting institutions like Roland Berger to provide third-party support for its cost advantages and feasibility, thereby enhancing persuasiveness. IV. Objective Evaluation and Industry Insights The source is the technology enterprise Haiwang Hydrogen Energy, which carries a clear technology promotion attribute. While acknowledging the enormous potential it proposes, it is also essential to objectively view the challenges it faces: Technology Maturity: There are still relatively few large-scale commercial cases of organic liquid hydrogen storage, and its long-term operational reliability, cycle life, as well as the efficiency and cost of catalysts in the dehydrogenation process, require further empirical validation. Energy Efficiency: Although the article claims its energy consumption is lower than that of liquid hydrogen/liquid ammonia, the chemical reaction of "hydrogenation-dehydrogenation" inherently involves energy loss. The full-chain energy efficiency is a key factor affecting its ultimate economic viability and low-carbon nature. Infrastructure Dependence: While leveraging existing facilities is an advantage, establishing a comprehensive logistics system for the recovery of "hydrogen-lean liquid" also requires coordination and incurs costs. Conclusion: It powerfully argues for the unique value and enormous potential of organic liquid hydrogen storage as a solution for the large-scale global expansion of green hydrogen. It is not intended to negate other technological pathways but rather provides an innovative approach prioritizing "safety" and "economy" to address the core bottlenecks in global hydrogen trade . As global green hydrogen projects accelerate their implementation, whether organic liquid hydrogen storage can become the dominant cross-sea transportation solution will depend on the pace of its technological iteration, the success of large-scale demonstration projects, and the construction of the entire industry chain ecosystem. In any case, its development will undoubtedly add an important option to the global hydrogen market, accelerating the arrival of the hydrogen era.

This week, the prices of imported iron ore first declined and then rebounded. During the Dragon Boat Festival holiday, the US White House announced that it would increase tariffs on imported steel, aluminum, and their derivatives from 25% to 50%. This news heightened market concerns about the uncertainty of steel exports, leading to the spread of pessimistic sentiment. However, as the US and Chinese heads of state held a phone call on Thursday night, releasing positive signals and confirming that the existing tariff policies would remain unchanged, market sentiment was significantly boosted. From a fundamental perspective, the supply side showed a contractionary trend, with global iron ore shipments and port arrivals declining simultaneously last week, and the supply increase falling short of expectations. The demand side remained relatively resilient. Although pig iron production continued to decline slightly, the absolute value still maintained a high level of over 2.4 million mt/day. Coupled with the continuous slight destocking at ports, the supply-demand pattern supported prices. Under the dual influence of easing macro policies and fundamental support, iron ore prices completed the transition from weakness to strength, showing an overall pattern of fluctuating rangebound. In the spot market, the weekly average price of PB fines at Shandong ports dropped slightly by 7 yuan/mt MoM. Chart-: SMM 62% Import Ore MMi Index Data source: SMM This week, domestic ore prices declined slightly, and it is expected that domestic ore prices will still have room to decline next week. In Hebei's Tangshan, Qian'an, and Qianxi regions, prices fell by 5-10 yuan/mt. In west Liaoning, prices in Chaoyang, Beipiao, and Jianping dropped by 1-5 yuan/mt. In east China, prices fell by 50-55 yuan/mt. The supply and demand in the iron ore concentrates market in Tangshan, Hebei, were in a wait-and-see mode, with relatively stable prices. The dry-basis, tax-inclusive delivery-to-factory price for 66% grade iron ore concentrates was 920-930 yuan/mt. Overall market transactions were sluggish. Local independent beneficiation plants faced losses and shipping pressure, and production shutdowns for maintenance were common. The cost-effectiveness of domestic iron ore concentrates declined, and steel mills mainly purchased as needed. Amid weak supply and demand, there was no significant pricing activity in the market. The domestic ore market in west Liaoning was sluggish. Affected by the price-driving actions of local leading steel enterprises and the continuous weakness of the market, the ex-factory prices of 66% grade wet-basis, tax-exclusive iron ore concentrates in the region were 690-700 yuan/mt. Currently, traders lack confidence in the future market and have low purchasing enthusiasm. Considering the limited profit margins, their offers are generally low. Mines and beneficiation plants, considering the relatively high cost support for iron ore concentrates, have temporarily halted shipments. Overall, market trading sentiment is weak. Most mines and beneficiation plants in east China are operating normally as planned, but recent shipping conditions have been average. The cost-effectiveness of domestic ore has shown a weakening trend, and overall market transactions have been relatively sluggish. From a pricing perspective, the average price index of imported ore this week declined slightly WoW, and it is expected that local iron ore concentrate prices will still have some room to decline. Chart: Price Spread Between Imported and Domestic Ores Source: SMM Outlook for Next Week Imported Ore Perspective: Looking ahead to next week, the iron ore market is expected to exhibit a pattern of weak supply and demand, yet with underlying support remaining. From the supply side, despite the anticipated rebound in global shipments, the efficiency of port operations will be significantly constrained by the persistent heavy rainfall in South China, and the actual port arrivals are expected to remain at a low level. On the demand side, influenced by seasonal maintenance, the operating rate of blast furnaces at steel mills may continue to drop back slightly. However, considering that pig iron production will still be maintained at a relatively high level of over 2.4 million mt/day, the support from end-use demand for ore prices remains strong. From a macro perspective, with the marginal easing of Sino-US tariff issues and the rising expectations for domestic growth-stabilizing policies, particularly the potential support measures in infrastructure investment and consumption stimulus, the market's risk appetite is expected to improve further. Overall, driven by multiple factors such as short-term supply constraints, persistent demand resilience, and an improved macro environment, iron ore prices are expected to fluctuate upward next week, with room for a slight rebound. Domestic Ore Perspective: In summary, the supply of domestic iron ore concentrates remains tight. However, influenced by cost-effectiveness, steel mills are mainly purchasing as needed, leading to weakened demand. Coupled with the recent weak trend in the iron ore futures market, it is expected that the prices of domestic iron ore concentrates may have some room to decline. 》Click to View SMM Metal Industry Chain Database

According to a report released last Friday (May 23) by London-based maritime consultancy Drewry, port congestion at major hubs in Northern Europe is intensifying due to the tariff policies successively announced by US President Donald Trump, and this situation is expected to worsen. The report pointed out that container ships are facing increasing berthing delays at major European ports, including Antwerp, Rotterdam, Hamburg, and Bremerhaven, and are currently struggling to address the backlog of cargo. Data from the report showed that during the period from late March to mid-May, the waiting time for berthing at Germany's Bremerhaven increased by 77%; delays at Hamburg Port increased by 49%; and delays at Antwerp Port increased by 37%. During the same period, waiting times also extended at Rotterdam Port and Felixstowe Port in the UK. Several factors have contributed to the causes of port congestion include labor shortages, low river water levels, and the trade war initiated by the US. It is reported that a nationwide strike on May 20 at the Port of Antwerp-Bruges in Belgium further strained port operations. Prior to this, the Port of Antwerp was already facing multiple operational challenges, including a backlog of cargo from previous strikes, tight yard capacity, an imbalance between import and export cargo, and adjustments to berthing times due to alliance restructuring. At this juncture, Belgium announced another nationwide strike for May 20, which will result in the suspension of all shipping operations at the Port of Antwerp during the strike. Combined with the already strained situation, this is expected to pose additional challenges for container port departures and arrivals. In addition, low water levels on the Rhine River have limited barge capacity, particularly at the ports of Antwerp and Rotterdam, further exacerbating inland logistics strains. To make matters worse, the US's repeated tariff policies have caught exporters completely off guard, making it difficult for them to arrange orders, which has also led to non-seasonal fluctuations in shipping. For example, the previous mutual tariff concessions between China and the US led to a surge in cargo transportation between the two countries, with companies eager to transport goods during the "truce" period. Trump's latest flip-flop occurred over the weekend. Last Friday, US President Trump publicly denounced the EU for unfair trade practices and threatened to impose a 50% tariff on the EU early next month. Just two days later, Trump's attitude shifted again, as he agreed to extend the deadline for imposing the 50% tariff on the EU to July 9 and claimed to have had good communication with the EU. This policy uncertainty has also prompted shipping giants such as MSC Mediterranean Shipping to implement freight rate increases and peak season surcharges starting from June, particularly for cargo originating from Asia. "Additional policy uncertainty has inflicted heavy losses on global economic activity," said a research report from Oxford Economics on Saturday (May 24). The institute estimated that the countries most affected include Germany, Belgium, Ireland, Italy, and the Netherlands, as these countries are highly dependent on exports to the US. In fact, the shipping bottleneck issue is not confined to Europe. According to a report by Drewry, similar situations have emerged in Shenzhen, Los Angeles, and New York, where the number of container ships waiting to berth has been increasing over the past three weeks. Given this situation, shipping companies are adjusting their routes and imposing congestion-related surcharges on exporters.

On May 15, the cooperation between H2 Energy (Lingniu) and Jiaxing Port Authority was upgraded once again, with H2 Energy (Lingniu) delivering and operating 100 hydrogen-powered container trucks for Jiaxing Port Authority. This marked the fourth large-scale procurement since the two parties first collaborated in 2022, signifying the continuous deepening of their cooperation in the field of hydrogen energy applications. It also meant that the number of hydrogen-powered container trucks operated by Jiaxing Port Authority officially exceeded 100, achieving a milestone in the construction of the "Oriental Hydrogen Port." Since 2022, H2 Energy (Lingniu) has been working closely with Jiaxing Port Authority, pioneering the pilot operation of a small batch of hydrogen-powered container trucks in port scenarios. As the cooperation deepened, H2 Energy (Lingniu) continuously optimized product performance based on the characteristics of port operations, gradually achieving the transition from demonstration applications to large-scale deployment. A relevant person in charge from H2 Energy (Lingniu) stated, "The repurchase for the fourth time in four years is not only a testament to Jiaxing Port Authority's high trust in us but also reflects the determination and confidence of both parties to jointly promote the construction of green ports. The practice at Jiaxing Port has proven that hydrogen-powered container trucks possess dual advantages in terms of economic efficiency and environmental protection in port scenarios." With the deployment of 100 hydrogen-powered container trucks, the total fleet size of hydrogen-powered container trucks operated by Jiaxing Port Authority has exceeded 100. These trucks will play a crucial role in port operations, effectively reducing fuel costs while significantly cutting carbon emissions, providing strong support for the construction of a green and low-carbon port. Through the joint efforts of both parties, the "Oriental Hydrogen Port" has gradually formed a replicable and scalable development model for hydrogen energy ports. This successful practice serves as a reference sample for the green transformation of ports nationwide and even globally, injecting strong momentum into the large-scale application of hydrogen energy transportation. In the future, H2 Energy (Lingniu) will continue to adhere to the concept of innovation-driven development, continuously improving product performance and service quality, and providing more suitable, safe, economical, green, and intelligent hydrogen energy solutions for the Oriental Hydrogen Port and more customers. Meanwhile, H2 Energy (Lingniu) will also continue to deepen its strategic cooperation with Jiaxing Port Authority, jointly promoting the development model of the "Oriental Hydrogen Port," assisting global ports in achieving green and low-carbon development, and contributing to addressing climate change and promoting sustainable development.