Recently, Wanzhou, Chongqing accelerated the construction of a red mud comprehensive utilization project. Some equipment had already been installed, and the project was expected to be completed and put into operation by the end of June this year. Reportedly, the project was one of three subprojects under an aluminum semis comprehensive utilization project with a total investment of 5.2 billion yuan. Covering about 450 mu, the project used industrial solid waste such as red mud generated from alumina production by Chongqing Jiulong Wanbo New Materials Technology Co., Ltd. as raw material, adopted the rotary kiln sintering process, and produced 1.5 million mt of high-alumina clinker annually, promoting resource recycling and achieving cost reduction, efficiency improvement.

[Domestic Iron Ore Brief: Iron Ore Concentrate Prices in West Liaoning May Have Some Upside Potential] According to SMM tracking, iron ore concentrate prices in west Liaoning experienced a slight decrease. The current ex-factory price for 66% grade iron ore concentrates on a wet basis, excluding tax, is 750-755 yuan/mt. Some small and medium-sized local mines and processing plants suspended production for maintenance during the Chinese New Year and have not yet resumed normal operations. Most large mines and processing plants maintained normal production, but overall iron ore concentrate output remains relatively low.

On February 19, 2026, US startup Bert Thin Films (BTF) announced the launch of its new-type copper paste product, CuBert™, specifically designed for the backside metallization of TOPCon solar cells. The technology achieved two major breakthroughs: first, it enables screen printing and sintering to be completed in ambient air without the need for inert gas protection; second, it allows for one-step co-firing with commercially available front-side silver paste, demonstrating strong process compatibility.

The board of Tata Steel has formally approved the commencement of the engineering and regulatory process for a 1 million tonne per annum (mtpa) HIsarna plant in Jamshedpur, India. The HIsarna technology allows for the production of liquid iron directly from iron ore and coal powder, bypassing the traditional sintering and coking stages, which is expected to reduce CO2 emissions by at least 20%.

On June 1, Fangda Dazhou Steel's 2 million mt pellet travelling grate production line successfully produced pellets, marking a significant achievement in the construction of the pellet unit project in the new plant area and the official commissioning of the first pellet production line since the establishment of Dazhou Steel. Fangda Dazhou Steel has built a new 2 million mt pellet production line that applies advanced, environmentally friendly, and energy-efficient travelling grate technology. Its main economic and technical indicators have reached the advanced domestic level. It adopts efficient wet desulfurization + SCR denitration technology to fully achieve ultra-low flue gas emissions. The travelling grate pelletizing technology represents the development direction and mainstream process of the industry, and it is also a production line encouraged by the state in the steel industry. Centered on low-carbon economy, energy conservation, emission reduction, clean production, and efficient resource utilization, the process energy consumption is ≤25 kg, making it a landmark project. The travelling grate in the pelletizing process is equipped with dedicated coal gas burners arranged on both sides. Each burner is equipped with an automatic regulating device to precisely adjust the temperature and coal gas pipe pressure. With a designed annual production capacity of 2 million mt of pellet ore, it can produce two types of pellet ore: acidic oxidized and basic, effectively improving the permeability and reducibility of the blast furnace, and providing strong support for the enterprise to achieve the "win-win" goal of energy conservation, environmental protection, and economic benefits. Since the project commenced construction in January 2024, the Sintering and Pelletizing Material Yard Project Department has closely focused on the construction goals and tasks, working in close collaboration with the general contractor, WISDRI Engineering & Research Corporation Limited (Wuhan Iron and Steel Design & Research Institute Co., Ltd.), and organizing elite teams. They have overcome unfavourable factors such as summer rainstorms and high temperatures, as well as winter fog and severe cold, to complete the construction task on schedule with high standards and quality, laying a solid foundation for the timely commissioning of the 2 million mt pellet production line.

1. Procurement Conditions The purchaser of this procurement project, Pangang Vanadium & Titanium's sintering coal (Gansu sintering coal) (PGWZMYHHD250530214120) for June 2025, is Pangang Group Material Trading Co., Ltd. The funds for this procurement project are self-raised. The project now meets the procurement conditions and is undergoing a public single-round negotiation. 2. Project Overview and Procurement Scope 2.1 Project Name: Pangang Vanadium & Titanium's sintering coal (Gansu sintering coal) for June 2025 2.2 Alternative procurement method in case of procurement failure: Switch to direct procurement 2.3 For details on the procurement content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Joint bidding is not allowed for this procurement. 3.2 This procurement requires bidders to meet the following qualification requirements: (1) Circulation-type business license (2) Production-type business license 3.3 This procurement requires bidders to meet the following registered capital requirements: Registered capital for production-type enterprises: 5 million yuan or above Registered capital for circulation-type enterprises: 5 million yuan or above 3.4 This procurement requires bidders to meet the following performance requirements: Bidders must provide performance records of similar projects in the past three years (copies of contracts must be provided). 3.5 This procurement requires bidders to meet the following capability, financial, and other requirements: Financial requirements: The registered capital of the bidder for this project shall be no less than 5 million yuan. Multiple bidders are allowed to win the bid. The registered capital of bidders who are production-type suppliers or circulation-type suppliers shall be no less than 30% of the bid section or quantity amount (excluding tax). Capability requirements: Please refer to the attachment for details (if necessary). Other requirements: (1) Scanned copy of the business license (or duplicate); (2) Scanned copy of the tax registration certificate (or duplicate) (except for those with a unified three-in-one certificate); (3) Scanned copy of the organization code certificate (or duplicate) (except for those with a unified three-in-one certificate). (4) New suppliers must provide, at the time of bidding, a valid sample evaluation report issued by Pangang's technical and quality department, with a validity period of three months from the date of the tender announcement. 3.6 For projects that must undergo tendering in accordance with the law, bids from dishonest persons subject to enforcement are invalid for this procurement. 4. Acquisition of Procurement Documents 4.1 All interested bidders are requested to log in to the Ansteel Smart Tendering and Bidding Platform at http://bid.ansteel.cn from 10:00 on May 31, 2025, to 13:45 on June 4, 2025 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to view tender details: 》Pangang Vanadium & Titanium June 2025 Sintering Coal (Gansu Sintering Coal) Procurement Announcement

US PV manufacturer SEG Solar has announced the official launch of Phase I of its first 2GW solar cell production plant in Indonesia. The plant will mass-produce SEG's independently developed high-efficiency n-type solar cells, with an average conversion efficiency of 26.4%. The initial construction phase includes a total of four production lines utilizing screen printing technology, equipped with double-sided alternating printing equipment. The average production cycle time for a single cell is 0.75 seconds. SEG stated that this speed is 20% faster than the traditional industry standard.

On May 16th, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsors including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgy Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., Zhang Meng, Director of the Powder R&D Department at Suzhou Xinghan New Materials Technology Co., Ltd., shared insights on the production of silver-copper micro-nano powders using the wet chemical method. Wet Chemical Production of Silver-Copper Micro-Nano Powders ► Objectives To provide silver, copper, nickel, silver-coated copper, and silver-coated nickel micro-nano powders in tonnage quantities while ensuring batch-to-batch stability. ► Monitoring Indicators Morphology, size, particle size distribution, crystallinity, specific surface area, tapped density, bulk density, impurity content, resistivity, oxidation resistance resistivity, density, pH, compatibility, etc. ► Challenges 1. Controllable preparation of metal powders Permutations and combinations of parameters: reactants, temperature, pressure, concentration, time, stirring, additives, pH, etc. Chemical thermodynamics/kinetics, electrochemistry, crystal growth, Ostwald ripening, etc. 2. Scale-up of the system From mL/g level to L/kg level to m³/t level; three transfers (momentum, heat, mass) and one reaction, with scale-up effects. 3. Batch-to-batch stability Preparation stage: Determine the process window based on the allowable data fluctuation range. Post-processing stage: Sieving, powder blending, modification, etc. Cost issues, quality inspection, and quality control. Wet Chemical Silver Powder Silver powder production: High-purity silver powder is prepared using a liquid-phase chemical method with silver nitrate as the raw material. Particle morphology and size can be controlled by adjusting process parameters such as temperature, reaction time, and reducing agent dosage during the reaction process. Application areas: Suitable for use in silver paste for crystalline silicon solar cells, 5G filters, and low-temperature electronic silver paste. Product characteristics: 1. It has good dispersibility and can be well integrated with solvents and organic phases; it is not prone to agglomeration and can be easily formulated into a paste. 2. High crystallinity. 3. Low shrinkage and good filling properties. 4. Low burning loss. 5. Adjustable sintering temperature and good electrical conductivity. 6. Adjustable particle size distribution from tens of nanometers to several micrometers, mainly including spherical powder, flake powder, rod powder, wire powder, etc. • Low-temperature sintering high-activity silver powder It can be pressureless sintered below 150°C to form an integrated conductive and thermal conductive network, exhibiting excellent conductive and thermal conductive properties. The stable integrated conductive and thermal conductive network enables low-temperature sintering and high-temperature service. It is used in fields such as conductive adhesives, thermal conductive adhesives, electronic pastes, and functional device packaging. • One-dimensional silver powder Conductive ink, transparent electrodes: high electrical conductivity, strong anti-interference ability, high stability, strong flexibility, and resistance to bending. Applications of silver powder: PV pastes Low contact resistance, low line resistance, high filling rate, good printability, and linearity. Applications of silver powder: conductive/thermal conductive adhesives The conductive/thermal conductive adhesives formulated by our partner using Xinghan silver powder have a volume resistivity as low as the 10⁻⁶ Ω·cm magnitude and a thermal conductivity coefficient of approximately 10 W/m·K. Wet-chemical silver-coated copper powder The silver-coated copper powder with a dense and uniform coating is prepared using the displacement-reduction method. The developed production process can achieve efficient coating from submicron to micron scale, and from spherical, flake, and rod shapes. Application Scope (Application) It is used for preparing medium-to-low temperature pastes such as conductive pastes, conductive printing inks, conductive adhesives, and membrane switches, and can replace silver powder in the electronics industry. Product Features (Features) 1. Uniform and dense silver layer with strong oxidation resistance; 2. High crystallinity; 3. Concentrated particle size and good dispersibility; 4. Good electrical conductivity; 5. Adjustable silver content. Development of silver-coated copper powder with low silver content, high density, and high oxidation resistance (spherical and flake shapes) When silver-coated copper powder with 14% silver content is placed in an air environment at 140°C, the resistivity increases after 8 days and eventually stabilizes at around 2.3×10⁻⁵ Ω·cm. The suspected causes of silver-coated copper failure are: 1) copper diffusion into the silver layer, 2) silver ion migration, and 3) copper oxidation. Through theoretical calculations and experimental verification, 1) and 2) can be neglected under the service conditions of silver-coated copper. Therefore, we have focused our R&D efforts on how to inhibit copper oxidation. The first row in the figure below shows the state before failure, and the second row shows the state after failure. Quantitative detection of the coating density of silver-coated copper powder HP targets copper to react and produce copper ions. HP flows into the copper surface through the gaps in the silver layer and reacts with the copper. Due to the varying degrees of silver coating density, the contact area between HP and copper differs, leading to varying degrees of corrosion on the copper. The amount of corroded copper is thus reflected by the final measured copper ion content, which is then converted into an indication of oxidation resistance. This system reacts rapidly and allows for precise detection. As the same sample is left for a longer period, its color deepens, indicating more copper precipitation. At the same time, for different samples, the lighter the color, the less copper precipitates, and the better the density. The amount of precipitated copper can be accurately titrated using EDTA. Nickel powder coated with wet-chemical silver Compared to silver-coated copper, it has stronger oxidation resistance and can be used at higher temperatures. The purity of the nickel core is >99.95%, and the thickness of the silver shell is adjustable from 50-300 nm. The composite structure of the nickel core and silver shell combines the high strength of nickel with the high electrical conductivity of silver. • Copper powder production: High-purity copper powder is prepared using a liquid-phase chemical method with copper salts as the raw material. Controlled preparation can be achieved at the nanoscale, submicron, and micron levels in terms of particle size, and directional adjustment can be achieved in terms of morphology, including spherical, flake, and dendritic shapes. Application: Used in the manufacturing of terminals and internal electrodes for multilayer ceramic capacitors, electronic pastes for electronic components, etc. Features: 1. Uniform particle size with good dispersibility, 2. High crystallinity, 3. Oxidation resistance. Development of monocrystalline copper powder with high electrical conductivity and oxidation resistance Key to excellent performance: Monocrystalline structure, preferred crystal plane: The resistance of monocrystalline copper is close to that of silver; the (111) plane is the preferred crystal plane, significantly enhancing the oxidation resistance of Cu. Submicron and nanoscale copper powder: Its room-temperature resistance is of the same order of magnitude as that of silver powder; its sintered resistance can be comparable to that of silver powder; after oxidation resistance treatment, its oxidation resistance resistance is significantly improved. In addition, a brief introduction to Suzhou Xinghan New Material Technology Co., Ltd. is provided. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference

On May 16, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsor organizations including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgy Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., Ding Gangqiang, Deputy Chief Engineer and Researcher at CSSC Huanggang Precious Metals Co., Ltd., discussed the topic of "Current Status and Prospects of Silver Applications in the Photovoltaic Industry." 1. Background Overview ► Photovoltaic Industry Chain: ► Applications of Silver in the Photovoltaic Industry: ► Structural Diagram of Solar Cells: In addition, he shared the technology roadmap for crystalline silicon solar cells. 2. Analysis of the Current Status of Silver Applications in the Photovoltaic Industry ► Current Status Analysis • Silver Nitrate: Silver nitrate is an important product of deep processing of silver and serves as a raw material for many other deep-processed products. It is mainly used in fields such as photovoltaics, electronics, petrochemicals, mirror manufacturing, pharmaceuticals, and photography. • PV Silver Powder: The requirements for PV silver powder include high sphericity, high dispersibility, narrow particle size distribution, high tap density, and surface roughness, which enable the paste products to achieve good photoelectric conversion efficiency and stable electrical performance. • PV Silver Paste: PV Silver Powder: The size of silver powder particles affects the contact resistance and open-circuit voltage, as well as the resistivity of the silver grid lines. Glass Frit: Glass frit serves to etch the silicon nitride layer. The type of glass frit affects the performance of the front-side silver paste, thereby influencing the photoelectric conversion efficiency of solar cells. Organic Vehicle: The organic vehicle acts as a carrier for the ultrafine silver powder and glass frit, providing a dispersing effect, which in turn affects the processability of screen printing. • Silver Paste Consumption in Crystalline Silicon Solar Cells: With advancements in various electrode and printing manufacturing technologies, the silver consumption per unit for mainstream cell types such as PERC, TOPCon, and HJT has been decreasing year by year. • Laser-Enhanced Contact Optimization (LECO) decouples passivation damage and ohmic contact, enhancing cell metallization. The core principle of laser-assisted sintering technology lies in leveraging the high energy concentration and controllability of lasers to separate the two steps of passivation layer erosion and ohmic contact formation during the high-temperature sintering process, thereby achieving efficient and precise control over the sintering process. • Silver-coated copper paste: PV companies are actively exploring electrode technologies that utilize base metals such as copper to replace silver, primarily divided into silver-coated copper paste combined with screen-printing technology and copper electroplating technology. The silver-coated copper powder technology reduces silver usage by coating silver onto the surface of copper powder. By adjusting the ratio of silver to copper, it ensures conversion efficiency while lowering the cost of silver paste. Silver-coated copper powder: Contains 15% silver. • Silver recovery from PV modules: According to forecasts by the Zero Carbon Research Institute, by 2030, the cumulative amount of discarded PV modules in China is expected to reach around 18GW, approximately 1.5 million mt, with an output value of about 6.1 billion yuan. By 2050, the cumulative amount of discarded PV modules is projected to reach 253GW, approximately 20 million mt, with an output value of 90 billion yuan. • Circular economy of PV modules 3. Analysis of the current market situation and development prospects of silver in the PV industry ► Market Analysis • Global and Chinese new PV installations The global market demand for PV power generation is expected to improve, with major countries such as the US, Europe, and India experiencing stable growth in demand for PV power generation. Emerging countries in the Middle East, Africa, and Latin America are anticipated to see steady growth in demand for PV modules due to declining levelized costs of electricity (LCOE) from PV, urgent power shortages, and strong government support for renewable energy transitions, driving global demand growth. • Demand for PV silver paste and PV silver powder: The market size for PV silver paste is expected to continue growing in the coming years. In 2024, the demand for PV silver powder is estimated to be around 7,217 mt, with a corresponding market size exceeding 40 billion yuan. • Production statistics of silver nitrate in China Statistics show that the production of silver nitrate in China has been increasing year by year, with an annual growth rate exceeding 20%. Major domestic silver nitrate producers: CSSC Huanggang Precious Metals Co., Ltd., Tongbai Hongxin New Materials Co., Ltd., Lanzhou Jinchuan Science and Technology Industrial Park Co., Ltd., Xilong Scientific Co., Ltd., Zhejiang Hongda New Materials Development Co., Ltd., etc. • Production statistics of silver nitrate in China from 2022 to 2024 It introduces the monthly production statistics of SMM silver nitrate in China from 2022 to 2024. • Proportion of silver demand in China by sector It elaborates on the breakdown of silver applications in the industrial sector and the distribution of China's silver consumption structure in 2024. • Production of major silver nitrate producers in China It introduces the production proportion of major silver nitrate producers in China. It also elaborated on other major domestic silver nitrate enterprises, including Quanda New Materials (Ningbo) Co., Ltd., Guangdong Vital New Materials Co., Ltd., Fujian Fuxuan Technology Co., Ltd., Hunan CNGR New Silver Materials Technology Co., Ltd., and Changzhou Guoyu Environmental Protection Technology Co., Ltd. Finally, it introduced the development history and main industries of CSSC Huanggang Precious Metals Co., Ltd. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference

Recently, the People's Government of Datong City issued a notice on the implementation plan for achieving peak carbon emissions in Datong City. The document states that support should be given to coal mines to fully utilize spatial resources and supporting facilities in coal mining subsidence areas and industrial sites, actively developing new energy sources such as wind, solar, biomass, geothermal, and hydrogen energy on a large scale and with cost-effectiveness. It also emphasizes the coordinated development of Energy Storage System (ESS) projects to achieve the integrated development of coal and new energy. The requirement to allocate new wind and solar power generation indicators to coal-fired power plants and coal mining enterprises should be implemented, and joint ventures between coal-fired power and new energy enterprises should be encouraged through methods such as renting regulation capacity, cross-shareholding, and environmental value cooperation. Planning should be made for future industrial clusters such as hydrogen energy and energy storage, cutting-edge new materials, and future health, aiming to establish a Beijing-Tianjin-Hebei base for incubating and transforming low-carbon, zero-carbon, and negative-carbon industries in the future. Explore and carry out demonstrations of low-carbon metallurgical technologies such as hydrogen-rich or pure hydrogen sintering and smelting, all-steel scrap electric furnace processes, and carbon capture, utilization, and storage (CCUS) in blast furnace gas and hot blast stoves. Promote the equipment manufacturing industry, including general-purpose equipment, special-purpose equipment, and aerospace, to increase the proportion of green electricity application and optimize the energy utilization structure; carry out comprehensive applications of digital technologies to enhance energy utilization efficiency. Encourage manufacturers of new energy heavy-duty trucks to collaborate with enterprises in related industry chains such as batteries, charging, and battery swapping equipment, fully promoting the coordinated development of the entire industry chain for battery swapping heavy-duty trucks. Actively expand the application of new energy sources such as electricity and hydrogen in the transportation sector, gradually reducing the proportion of fuel vehicles. Accelerate the phase-out of old, high-energy-consuming, and high-emission vehicles, and promote the use of electric vehicles for newly added and updated taxis, sanitation vehicles, postal vehicles, and light urban logistics vehicles. Accelerate the adoption of new energy vehicles for public institution vehicles, and encourage party and government organs, enterprises, and institutions at all levels to take the lead in using new energy vehicles (NEVs). Accelerate the construction of a high-quality charging and battery swapping infrastructure system in accordance with the principles of "moderate advancement, balanced layout, and intelligent efficiency," increasing support for land use, funding, and other aspects for the construction of charging and battery swapping facilities. New and existing public parking lots should be equipped with charging and battery swapping facilities for electric vehicles (EVs) or reserve installation conditions for such facilities. Orderly promote the construction of infrastructure for other new energy and clean energy sources such as gas stations, hydrogen refueling stations, and methanol refueling stations.