North American Air Conditioner Market: Policy Disruptions and Disrupted Pace. Frequent and disorderly adjustments to US tariff policies and AC energy efficiency standards have kept trade uncertainty on the rise, significantly increasing procurement and compliance risks for the industry. Dealers generally adopt a small-batch, wait-and-see stockpiling strategy; the traditional seasonal restocking pace has been disrupted, and market demand release is unstable and fluctuates greatly.

This week, the price spread between SGE T+D and the SHFE August contract remained in the range of 40-60 yuan/kg. As of Thursday, premiums for mainstream quotations of standard silver ingot in the Shanghai market against T+D rose to parity to slight premium, with transaction quotes mostly falling within the range of parity to a premium of 20 yuan/kg against SGE T+D. Silver prices this week were mainly driven by the US Fed's interest rate meeting in the early hours of Thursday and the formal signing and taking effect of the US-Iran memorandum of understanding. Downstream consumption was overall sluggish as silver prices rebounded slightly during the week. Inventories, as the holiday approached, some suppliers cleared their inventories, coupled with long-term contracts locked in and export quota reservations weakening the willingness to sell, and some upstream smelters started routine maintenance, social inventories of silver ingot in Shanghai and Shenzhen regions saw overall destocking.

[Price review] Silver prices stabilized and rebounded this week (6.15-6.18) after a continuous early decline. Easing US-Iran tensions saw both domestic and overseas futures hold up well, with the price center edging up slightly WoW. Market attention was focused on the Fed’s FOMC meeting early Thursday morning. The Fed kept the target range for the federal funds rate unchanged, the fourth straight hold, but the latest dot plot showed a generally more hawkish shift among officials—the majority expected no rate cuts this year, and nearly half saw further rate hikes as possible. The statement noted inflation remains above target, and rising energy costs and geopolitical risks add to inflation uncertainty. Fed Chairman Warsh reiterated at the press conference that the Fed is firmly committed to bringing inflation back to its 2% long-term goal and will not pivot to accommodative policy in the short term. Following the meeting, silver dipped briefly but then recovered on technical buying as expectations of further rate hikes did not materially increase. On the geopolitical front, a US-Iran memorandum of understanding was formally signed and took effect, kicking off a 60-day negotiation period. In industrial demand, premiums for mainstream quotations of national standard silver ingots against TD in the Shanghai market were basically flat WoW; mainstream quotations stayed at parity to slight premiums, with most trades concluded at parity to a premium of 20 yuan/kg against TD on the Shanghai Gold Exchange. Downstream consumption turned sluggish as silver prices rebounded slightly. On the inventory side, as the holiday approached, some suppliers cleared their stock, while the willingness to sell was weak given locked long-term contracts and reserved export quotas. Additionally, some upstream smelters started routine maintenance. Social inventories of silver ingots in Shanghai and Shenzhen saw overall destocking. As for the gold/silver ratio, the LBMA gold/silver ratio was around 67 as of June 17. [Key data] Bearish: The June FOMC meeting kept rates at 3.50-3.75% unchanged, but the dot plot showed the majority of members expected no rate cuts this year and some supported further hikes, indicating an overall hawkish Fed stance. Fed Chairman Warsh said inflation remains clearly above the 2% target, monetary policy will stay restrictive, and clear rate-cut signals are unlikely in the near term. The U.S. labor market remains resilient, with unemployment around 4.3%, dampening market expectations for rapid easing. Bullish: A US-Iran memorandum of understanding was formally signed and took effect, initiating a 60-day negotiation period. Peru's energy crisis persists, with the nationwide state of emergency extended to year-end. Already 12 large mines have adopted staggered production, and May silver output is expected to decline 5-8%. The global supply-demand gap remains, offering some floor support to silver prices. [Near-term Focus] June 20: US June University of Michigan consumer sentiment index preliminary; June 26: US Q1 GDP final; June 27: US May core PCE price index; Key focus: changes in US inflation data, developments in the Middle East situation, and the progress of strait reopening. [Price Forecast] Silver is expected to hold up well next week. Ongoing attention is needed on the uncertainty surrounding the US-Iran situation. Trump has threatened Iran with further strikes if it fails to comply with the terms of the agreement. After the Fed’s June policy meeting concluded, market uncertainty about the policy path temporarily subsided. Although the Fed’s overall tone remains hawkish, expectations for additional rate hikes have not increased. Silver’s previous bearish factors have been largely released. However, US Treasury yields will continue to exert some pressure on silver, and prices may move sideways. On the domestic fundamentals side, downstream enterprises maintain rigid demand-based purchases while pushing for lower prices. Selling pressure on low-priced spot cargo has eased, and social inventory of spot silver ingots has been destocking overall. Yet sentiment has not fully recovered. Mainstream spot transaction discounts/premiums are expected to remain within the range of parity to a premium of 20 yuan/kg against the Shanghai Gold Exchange TD contract. A shift toward higher premiums in the short term appears unlikely.

SMM June 18 News: In metals markets: Overnight, base metals on both domestic and overseas markets collectively rose. LME zinc led the gains with a 1.4% increase, LME tin rose 0.85%, LME aluminum gained 0.99%, SHFE zinc climbed 0.67%, and SHFE nickel added 0.6%. All other metals saw small fluctuations. Alumina main contract rose 0.52% and aluminum casting main contract rose 0.17%. Overnight, the ferrous metals complex generally fell. Iron ore dropped 1.13%, recording a three-day losing streak. HRC, rebar, and stainless steel all fell within 1%. Coking coal and coke both declined, with coking coal down 2.26% and coke down 1.25%. Overnight in precious metals, COMEX gold fell 1.79% and COMEX silver fell 2.93%. Domestically, SHFE gold fell 0.84% and SHFE silver fell 1.36%. Overnight closing prices as of 6:43 AM on June 18: Macro Front China: [PBoC: Improve the Short-End Interest Rate Adjustment Mechanism] Pan Gongsheng, Governor of the People's Bank of China, stated that the short-end interest rate adjustment mechanism will be improved. Building on the temporary overnight repo and reverse repo tools established in July 2024, the mechanism for using the tools will be improved, and the operating rates will be adjusted to the 7-day reverse repo rate plus and minus 25 basis points, narrowing the corridor from 70 basis points to 50 basis points. The open market operations toolbox will be further enriched, and overnight reverse repo operation varieties will be added at appropriate times to better match the short-term liquidity needs of the banking system. (CCTV News) [PBoC Optimizes the Mechanism for Temporary Overnight Repo and Reverse Repo Open Market Operations] To flexibly and efficiently utilize temporary overnight repo and reverse repo open market tools, the People's Bank of China decided to optimize the operational elements effective immediately. The operation time is adjusted to 15:00-15:30 on working days, and the operating rates are adjusted to the 7-day reverse repo rate minus 25bp and plus 25bp, respectively. The rules for using the tools are further clarified. When the money market overnight rate (DR001) is persistently lower or higher than the corresponding tool's operating rate, the People's Bank of China will initiate corresponding operations based on the needs of primary dealers. (People's Bank of China) [Wu Qing‘s Speech at Lujiazui Forum: Expand the Scope of the Fifth Set of Standards to the AI Field, Support Hong Kong-Listed Companies for Domestic Listing] Wu Qing, Chairman of the China Securities Regulatory Commission, intensively released policy signals at the 2026 Lujiazui Forum on the 17th, covering reforms to the tech listing system, capital market opening-up, guiding long-term capital, and AI regulation, outlining the regulatory layer's policy blueprint for deepening capital market reforms. In his speech, Wu Qing said that the scope of the fifth set of listing standards will be expanded to the artificial intelligence field, actively supporting the listing of high-quality AI large model companies, and supporting qualified Hong Kong-listed companies to list domestically. He also stated that research on promoting RMB foreign exchange futures pilot programs will be accelerated. He further stated that efforts will be made to enhance cross-border regulatory collaboration, support legal and compliant cross-border investment and financing activities, and lawfully crack down on various cross-border illegal activities. Guiding opinions for regulating the development of capital market AI will be released in due course, with strict investigations and punishments for illegal activities such as riding hot topics, hyping concepts, or even market manipulation and insider trading in the name of technology. US Dollar: As of the overnight close, the US dollar index rose 0.82% to 100.38. The US Federal Reserve's monetary policy meeting this week stood pat as widely expected. The post-meeting statement emphasized the commitment to price stability by reducing high inflation, and the dot plot reflected a strong hawkish bias among Fed policymakers. On Wednesday, June 17 US Eastern Time, the Federal Reserve announced after its FOMC meeting that it would keep the target range for the federal funds rate unchanged at 3.50% to 3.75%. To date, after cutting rates at three consecutive meetings through last year-end, the FOMC has stood pat at all four monetary policy meetings in 2026. This decision was completely within market expectations. This was the first FOMC meeting with Warsh as Fed Chairman. Judging from the rate decision, his first major act in the new role was to significantly shorten the statement, including the rate guidance. The new statement emphasized only the inflation side of the dual mandate on employment and inflation. Its assessment of inflation and other economic areas was consistent with the previous one, reiterating that inflation remains high and noting that the Middle East conflict brings high uncertainty to the economy. Compared with the statement, the dot plot released after the meeting reflected an even more pronounced hawkish tilt: half of the Fed officials providing rate forecasts projected at least one rate hike this year. Bloomberg rates strategist Ira Jersey commented that given half of Fed officials foresee hikes, the market focusing on the dot plot makes the bear-flattening of the Treasury yield curve look logical. Nick Timiraos, a veteran Fed correspondent known as the "new Fed wire," described the dot plot as "very hawkish." He pointed out in the article title that the Fed held rates steady, but more officials expect the next move to be a hike. (Wall Street CN) According to CME "FedWatch": The probability that the Fed keeps rates unchanged in July stands at 64.0% (was 91.0% before the decision). The probability of a cumulative 25-basis-point rate hike is 35.1% (was 8.9%), and the probability of a cumulative 50-basis-point hike is 1% (was 0%). For December, the probability that the Fed holds rates steady is 14.2% (was 38.2%), with the chances for a cumulative 25-basis-point hike at 36.4% (was 43.0%), a 50-basis-point hike at 33.8% (was 16.2%), a 75-basis-point hike at 13.5% (was 2.4%), and a 100-basis-point hike at 2.1% (was 0.1%). (Jin10 Data App) Data: Today, China's May Swift RMB share in global payments, the US Federal Reserve's June 17 interest rate decision (upper bound), US initial jobless claims for the week ending June 13, the US Philadelphia Fed Manufacturing Index for June, and the US Conference Board Leading Index month-over-month change for May will be released. Also due are Switzerland's May trade balance and Swiss National Bank policy rate on June 18, the UK's ILO unemployment rate for the three months to April, UK May unemployment rate, UK May claimant count change, and the Bank of England‘s June 18 interest rate decision, as well as the Eurozone’s seasonally adjusted current account for April, among other data. In addition, China will open a new refined oil product pricing window. The Fed's FOMC will release its interest rate decision and Summary of Economic Projections. Fed Chairman Warsh will hold a monetary policy press conference. The Swiss National Bank and the Bank of England will announce their interest rate decisions, with the BoE also releasing meeting minutes. Notably, on June 18, there will be no night trading session on the Shanghai Gold Exchange, SHFE, Zhengzhou Commodity Exchange, and DCE in China due to the eve of the Dragon Boat Festival. On June 19, the NYSE will be closed for Juneteenth. On the same day, trading of precious metals, energy, foreign exchange, equity index, and US Treasury futures contracts on the US-based CME will close early at 01:00 Beijing Time on June 20 for Juneteenth. Also due to Juneteenth, trading of Brent crude oil futures contracts on the US-based ICE will close early at 01:30 Beijing Time on June 20. Crude Oil: As of the overnight close, both oil benchmarks fell. Brent crude fell 0.38% and WTI crude fell 0.35%. On June 17 local time, senior US officials read out the 14 terms of a US-Iran memorandum of understanding aimed at ending the war and promoting the reopening of the Strait of Hormuz to the media. According to the arrangement, both sides will begin 60 days of further negotiations this Friday (June 19) in Switzerland to reach a final agreement. The US commits that, effective immediately upon the signing of this memorandum and until sanctions are lifted, the US Treasury Department will issue exemption licenses for Iran's exports of crude oil, petroleum products, and derivatives, as well as related supporting services (including banking transactions, insurance, and transportation). (Jin10 Data App) Amid the chain reaction from easing Middle East tensions, the International Energy Agency (IEA) judged in its monthly oil market report released Wednesday that if a peace arrangement proves sustainable, the global crude market could shift to a clear oversupply next year. The IEA systematically assessed the impact of the end of the Iranian conflict for the first time in this report. The agency analyzed that as oilfields shut down for months due to the conflict gradually resume production, supply from the Gulf region will show a "gradual" recovery trend this year. On this basis, global crude oil production is expected to increase by 8 million barrels per day by next year, reaching a total scale of 110 million barrels per day. In contrast, global demand growth is estimated at about 2 million barrels per day, described as "relatively mild." The IEA noted in the report that this supply-demand mismatch will lead to a "massive surplus," which it suggested "could provide a welcome breathing space for the market and an opportunity to replenish depleted stocks or build new strategic reserves." Currently, oil inventories in OECD countries have fallen to their lowest levels since 1990. (Jin10 Data) The IEA also noted that oil prices experienced a sharp correction between May and mid-June, driven by market optimism about a peace deal and changes in Asian demand. Reduced crude oil procurement from Asia exerted clear downward pressure on prices. Affected by these combined factors, North Sea crude prices cumulatively fell by more than $40 per barrel during this period to around $82, indicating the market had already priced in expectations of increased supply and slowing demand. (Jin10 Data)

On June 16, in accordance with the mandatory national standard development and revision plan issued by the Standardization Administration of China, the Ministry of Industry and Information Technology organized the completion of the compilation of two mandatory national standards (draft for approval), including the Intelligent Connected Vehicles — Automated Driving System Safety Requirements, and the foreign language version of the mandatory national standard In-vehicle Accident Emergency Call System (draft for approval). To further solicit opinions from all sectors of society, the draft standards for approval and their compilation notes are now made public. Publicity period: June 17, 2026 to June 24, 2026.

As the global green transition and the “dual-carbon” goals continue to advance in depth, the nonferrous metals industry accelerated its pace of low-carbon, intelligent, and high-end upgrading. As a core industrial cluster, South China featured a complete industry chain, outstanding resource endowments, strong policy support, and robust development momentum. Hosted by SMM,was scheduled to be held in Nanning, Guangxi, from September 9 to 11. Centering on five key themes—price trends, market trends, trade environment, policy direction, and low-carbon technologies—the conference aimed to build a high-end platform for industry exchange and cooperation. Guangdong Hongmingchang Technology Co., Ltd. sincerely invited industry peers from all sectors to gather in Nanning to make the event a success, jointly promote technological innovation and industrial transformation, help enterprises seize opportunities and address challenges, and jointly advance the high-quality development of the nonferrous metals industry. Clickto register for attendance now! Guangdong Hongmingchang Technology Co., Ltd. was established in 2023 and was a technology-driven enterprise deeply engaged in the entire aluminum industry chain and expanding into markets in and outside China. Leveraging the industrial advantages of the Guangdong-Hong Kong-Macao Greater Bay Area, the company adhered to professional, honest, and efficient service standards, providing one-stop aluminum product solutions for industrial manufacturing, construction and building materials, renewable resources, and equipment supporting industries. Main Products A full range of aluminum semis, including aluminum ingot, aluminum billet, aluminum extrusion, aluminum scrap, and aluminum processing equipment. The company established a standardized quality control system, strictly controlling quality, specifications, and delivery lead times. It offered both spot supply and customized services to meet clients’ diverse needs such as raw material procurement, recycling and reuse, and equipment supporting. In 2026, the company established a professional warehousing base in Linyi, Shandong, focusing on two major businesses: intelligent sorting of secondary aluminum and finished aluminum trading . It worked in close synergy with Chalco Group’s Linyi industrial base to build an integrated secondary aluminum industrial platform of “recycling—intelligent sorting—finished product sales,” ensuring stable supply for Chalco’s secondary aluminum projects and enterprises in surrounding areas of Shandong, and promoting intelligent and standardized upgrading of the local secondary metals industry. Relying on a complete supply chain and a comprehensive logistics network, its business covered the whole country and expanded into the Southeast Asian market, winning long-term trust from clients in and outside China with stable supply and rapid response. Upholding the business philosophy of “quality first, customer foremost, innovation for long-term success,” the company integrated upstream and downstream resources and improved industry services, striving to become a leading integrated service provider for the aluminum industry chain in China with an international reach, and to create new industry opportunities together with partners. Contact Information Chang Xinhui 189 3910 0161 SMM Conference Contact Ding Weiquan 18029344837

Capacity-wise, according to incomplete statistics, China’s alkaline electrolyzer market stands at 43.77 GW, and the PEM electrolyzer market at 2.7 GW. This week, no offline delivery information was publicly available. Project-related updates: Jiyuan (Siping) Green Energy Co., Ltd.: SPIC Green Energy issued the termination announcement for the centralized tender of the 12th batch of infrastructure projects in 2026. The D12-01 Biochar Preparation Unit EPC General Contracting Section under the subsidiary Lishu Wind and Solar-Based Green Hydrogen Coupled with Biomass Green Methanol Project has been officially terminated. The reason cited was notification from the bid inviter, without disclosure of details such as project adjustments or plan changes. It is understood that this section planned to build a new biochar preparation unit with an annual capacity of 240,000 mt, adopting an end-to-end EPC general contracting model covering supporting systems including biomass pretreatment, drying, torrefaction, and cooling, as well as a carbon shaping core system, heat supply, conveying, civil works, and intelligentization. Huawang (Qingdao) Hydrogen Technology Group Co., Ltd.: Re-tender announcement for the general contracting of the hydrogen purification station project at the Hydrogen Industrial Park. The project is located in Dongjiakou Chemical Park, Huangdao District, Qingdao, with a total investment of 46.2968 million yuan, an engineering cost of 27 million yuan, a maximum bid ceiling of 26.8 million yuan, and a design fee ceiling of 200,000 yuan. The site covers 720 m² and includes one 5,000 Nm³/h PSA purification unit for upgrading hydrogen-rich tail gas, designed to produce over 3,600 mt/year of high-purity hydrogen with a purity ≥ 99.999%, meeting China’s national standards for vehicle-grade hydrogen. Guohua (Ningxia) New Energy Co., Ltd.: Open tender for the PC construction general contracting of the integrated hydrogen production portion of the Solar-Storage-Hybrid Off-Grid Hydrogen Production Key Technology Research and Demonstration Project. The project is located south of the Qingshuiying hydrogen production station in Ningdong Town, covering about 33 mu, with utilities relying on the existing hydrogen station. It plans six hydrogen production trains — Train E is a 1,000 Nm³/h hybrid pilot unit; Trains F through J consist of five new hydrogen production systems each rated at 1,000 Nm³/h (maximum operating load 1,200 Nm³/h), each paired with an 800 Nm³/h alkaline electrolyzer, a 200 Nm³/h PEM electrolyzer, and purification equipment, achieving hydrogen purity of 99.999%. China Coal Green Energy (Ordos) Energy Technology Co., Ltd. : The prequalification results for the basic design of the first-phase hydrogen-ammonia project and supporting utilities of the Uxin Banner Wind and Solar-Based Hydrogen-to-Ammonia Integrated Project have been published. Wuhuan Engineering Co., Ltd. ranked first with a bid price of 1.698 million yuan. Goldwind Green Hydrogen Technology (Xing’an League) Co., Ltd. : The Xing’an League Goldwind Science & Technology Wind-to-Hydrogen (Phase III) Project has released its first environmental impact assessment public notice. The project is located in the Xing'an League Economic and Technological Development Zone, an expansion project with a hydrogen production capacity of 160,000 Nm³/h. It is being constructed in three phases: the first and second phases each have a hydrogen production capacity of 32,000 Nm³/h, and upon completion of the third phase, total self-owned green hydrogen capacity will reach 224,000 Nm³/h, with an additional 56,000 Nm³/h of green hydrogen purchased externally. The supporting green methanol project has a combined capacity of 1.575 million mt across the three phases. Pre-construction work is currently progressing in an orderly manner. Guohua (Rudong) New Energy Co., Ltd.: The solar-hydrogen-energy storage integrated project has been fully completed and put into operation. It is the largest project of its kind in China and a key national PV base project, integrating PV, energy storage, and green electricity hydrogen production facilities to build a complete green electricity industry chain. The project generates 468 million kWh of electricity annually, sufficient to meet the power needs of nearly 200,000 households, and reduces carbon dioxide emissions by more than 300,000 mt per year. The energy storage system supports stable grid operation and enhances new energy consumption levels. The project produces 482 mt of high-purity green hydrogen annually, achieving zero-carbon production, with the green hydrogen supplied directly to the Yangtze River Delta region. The entire system has been commissioned and all indicators meet the standards. CSSC (Handan) Peric Hydrogen Technologies Co., Ltd.: The Shuangyashan Jixian electrolyzer project has completed filing. It is invested and constructed by Heilongjiang Hai Rui Ke Energy Technology Co., Ltd. The project is located in Jixian County, Shuangyashan City, with a total investment of 612 million yuan, including fixed asset investment of 238.7 million yuan, and a construction period of two years. It is planned to build a new production line with an annual output of 500 sets of 1,000 Nm³/h alkaline electrolyzers and complete hydrogen production equipment, with a total capacity of 2.5 GW. The project covers an area of 63.23 mu, where factory buildings, office buildings, and supporting facilities will be constructed, and equipment such as CNC machining, welding, assembly, and detection equipment will be procured. Junrui Green Hydrogen (Alxa League) Energy Co., Ltd.: A change announcement for the winning bid result of the first phase of the 14,400 mt/year green hydrogen base project in the Alxa High-tech Zone has been released. The original first-ranked winning candidate, a consortium led by Xinjiang Xingyu Construction Engineering Co., Ltd., failed to collect the bid acceptance notice within the specified time as required. According to the tender document provisions, this is deemed an automatic forfeiture of the winning qualification. After this change, the second-ranked winning candidate, a consortium led by Guangxi Construction Engineering Group No.4 Construction Engineering Co., Ltd., becomes the project's winning bidder. The winning bid amount is 915,185,806.17 yuan, and the project duration is 18 months (549 calendar days). The project had previously completed the public announcement of winning candidates and the release of the initial winning bid result in April. China Coal Green Energy (Ordos) Energy Technology Co., Ltd. : The winning bid result for the design and survey services of the first phase of China Coal Green Energy (Ordos) Uxin Banner wind-solar hydrogen production and ammonia synthesis integrated project's hydrogen production, storage, and transportation engineering has been announced. China Power Engineering Consulting Group North China Electric Power Design Institute Co., Ltd. won the bid for 4.75 million yuan. The project is located in Uxin Banner, Ordos. Phase I will construct large-scale electrolytic water-based hydrogen production equipment, spherical tanks, and solid-state hydrogen storage facilities, with a total hydrogen storage capacity of 308,000 Nm³, accompanied by supporting systems for hydrogen transport and automatic control. The project encompasses the entire industry chain of wind and solar power generation, hydrogen production and storage, and ammonia synthesis. Gansu Huanshui Energy Chemical Co., Ltd. : Gansu Huanshui Energy Chemical issued the tender announcement for the EPC contract of electrolytic hydrogen production supporting the Huadian flexible ammonia project, a key project under the Ministry of Industry and Information Technology (MIIT). Located in the Tianshui Chemical Park, Huan County, Qingyang, Gansu, the project covers an area of 524.43 mu. It will construct new facilities for sodium chloride electrolysis and mercury-free polyethylene and related supporting infrastructure, with a total investment of 2.6112 billion yuan. Relying on green electricity for production, it will produce 31.50 million Nm³ of hydrogen annually, primarily supplying the flexible ammonia project. The construction period is 24 months, and consortium bids are allowed, with a maximum of 4 members; the lead partner must possess construction qualifications. Sinopec Xinxing Xinjiang Green Hydrogen New Energy Co., Ltd. : The candidate for the general construction contracting (Section 1) of the new-type electrolyzer industrial application demonstration project was announced, with Sinopec Henan Oil Construction Engineering Co., Ltd. ranking first. The project will build multiple electrolyzer testing platforms, along with supporting civil engineering, substation, automatic control, and fire protection facilities, covering construction, material procurement, and subsequent maintenance and related work. Zhongxiang Fuguang Energy Technology Co., Ltd.: The integrated energy project coupling green electricity-based hydrogen production with CO₂ capture has been filed in Zhongxiang city, Jingmen, Hubei. With a total investment of 2.8 billion yuan, the project focuses on green hydrogen preparation, direct air carbon capture, and green fuel synthesis. Once completed, it is expected to produce 10,000 mt of green hydrogen, 10,000 mt of sustainable aviation fuel (SAF), and 150,000 mt of China VI standard diesel annually, with construction scheduled to start in February 2027. The project site is in Zhongxiang city, planned to lease 1,000 mu of land, and will construct 260,000 m² of new factory buildings, a 20,000 m² standardized hydrogen storage yard, and supporting auxiliary facilities, procuring 216 units (sets) of core equipment including electrolyzers, storage tanks, and control systems. Shanghai Yiwei Industrial Technology Co., Ltd.: won the bid for the general contracting project of the 1500Nm³/h integrated biomethane-based hydrogen production and refueling station in Pinggu Mafang for Beijing Gas. This project is Pinggu's first integrated hydrogen production and refueling demonstration project and a key demonstration project for Beijing Gas to promote green energy transition. The project is configured with three Hysail-500Nm³/h containerized hydrogen generators, with a total production capacity of 1500Nm³/h. Leveraging biomethane-based hydrogen production technology, it creates a model of 'on-site production, immediate refueling, and nearby consumption,' yielding 99.999% high-purity hydrogen compliant with the GB/T37244-2018 national standard for vehicle hydrogen. Once completed, it will become a critical hub for hydrogen energy supply in eastern Beijing. Policy Review 1. The National Development and Reform Commission (NDRC) and other departments issued a notice on printing and distributing the "Guidelines for Accounting Non-Fossil Energy Electricity Consumption (Trial)". The content pointed out the need to strengthen alignment with energy statistics and carbon emission accounting systems, holistically consider factors such as physical connections, electricity energy trading, and green electricity certificate trading, and clearly categorize the rules for recognizing non-fossil energy electricity consumption and the accounting methods for users at the province (autonomous region, municipality directly under the central government; the same hereinafter) and city (prefectural) levels. Recognition methods for non-fossil energy electricity consumption: Physical Recognition. Self-generated and self-consumed non-fossil energy electricity and self-consumed electricity from new business models like direct green electricity connections are recognized as the electricity user's non-fossil energy electricity consumption. Electricity consumed for the production of non-fossil energy power generation projects is recognized as the generation enterprise's non-fossil energy electricity consumption. Transaction Recognition, encompassing electricity energy trading (including conventional non-fossil energy electricity trading, green electricity trading, etc.; the same hereinafter) and green certificate trading (including green certificate transfers, etc.; the same hereinafter). 2. The Energy Bureau of Jilin Province and the Development and Reform Commission of Jilin Province jointly issued the notice on the "Implementation Plan for Accelerating the Integrated and Converged Development of New Energy in Jilin Province". Overall goal: By 2030, integrated and converged development shall become a major approach for new energy expansion in the province, with new scenarios featuring integration and convergence emerging continuously. The province's new energy development model will become more flexible, consumption channels more diverse, application scenarios richer, and the electricity market more dynamic, with over 50 new integrated application projects and scenarios being newly established, strongly supporting the comprehensive green transformation of the province's economic and social development. 3. The Administration for Market Regulation of Guangdong Province issued a notice soliciting opinions on the provincial local standard "Operational Specifications for Integrated Hydrogen Production, Storage, and Refueling Equipment (Draft for Review)". The document states that this standard specifies the basic requirements, personnel management, equipment and facility management, hydrogen quality management, refueling operation management, safety management, archive management, and data recording for the operation of integrated hydrogen production, storage, and refueling equipment. Corporate Dynamics Guohong Hydrogen Energy Technology (Jiaxing) Co., Ltd. : Hydrogen heavy-duty trucks from Hongjing Logistics, equipped with Guohong Hydrogen Energy fuel cell systems, officially commenced commercial operation in Xinjiang. The first batch of vehicles departed fully loaded with coke from the Yongxin Coal Chemical Plant in Fukang city, traveling 130 km one way to arrive at the Urumqi Bayi Steel Plant. Beijing Future Hydrogen Energy Technology Co., Ltd. : drafted and released the group standard "Long-term Stability Assessment Method for AEM Water Electrolysis Hydrogen Production Membrane Materials"(T/CIET 2226-2026). Hubei Inteli Electric Co., Ltd. : has seen its cumulative hydrogen project performance in the European export market exceed 1GW. It previously secured contracts to supply 38 units of 4000 Nm³ (alkaline) hydrogen production power supply equipment for a green hydrogen green steel project and 50MW megawatt-class IGBT PWM hydrogen production power supplies for a petrochemical enterprise in Greece. Sungrow Hydrogen Energy Technology Co., Ltd. : won the bid for the green hydrogen coupling coal chemical section of the first-phase project of the 600,000 kW off-grid renewable energy-based hydrogen production project in the Pingshuo coal mining subsidence area of China Coal Group, becoming the primary supplier of alkaline electrolyzer packages for this project with a 48MW scale. The project adopts a pure off-grid hydrogen production technology route, relying on PV and other renewable energy sources to produce green hydrogen, which is directly supplied to coal chemical production lines. It serves as a benchmark project for low-carbon transition using wind and solar hydrogen production in the coal mining industry. According to the supply plan, Sungrow Hydrogen will provide 8 units of 1200Nm³/h electrolyzers, 2 sets of 4800Nm³/h gas-liquid separation and purification systems, along with its self-developed '4-to-1' flexible hydrogen production integrated solution, effectively enhancing the integration level of the equipment package and the long-term operational economy. The company's relevant off-grid hydrogen production package system has undergone long-term verification at a 30MW electrolytic water hydrogen production empirical base, possessing core advantages such as wide load regulation, millisecond-level power response, and long-cycle stable operation, perfectly adapting to fluctuating PV power conditions and addressing pain points in off-grid hydrogen production operations. Anscombe (Beijing) Hydrogen Energy Technology Co., Ltd.: successfully won the bid for the green hydrogen coupling coal chemical section of the first-phase project of the 600,000 kW off-grid renewable energy-based hydrogen production project in the Pingshuo coal mining subsidence area of China Coal Group. The project utilizes an off-grid hydrogen production model, preparing green hydrogen from PV renewable energy, with the hydrogen output supplied directly for coal chemical production use. This project is a core initiative of China Coal Group's 'green hydrogen + coal chemical' coupled low-carbon pathway. Its scale is leading, and the off-grid operation mode imposes extremely high technical requirements on hydrogen equipment enterprises for system integration and adaptability to fluctuating new energy conditions. According to the cooperation plan, Anscombe will supply 4 units of 1200Nm³/h electrolyzers, 1 set of 4800Nm³/h gas-liquid separation and purification system, and provide a '4-to-1' flexible hydrogen production overall solution, comprehensively matching unstable off-grid wind/solar power operating conditions. Transportation Energy Company of Yanchang Petroleum & Gas Group: The hydrogen refueling demonstration station it constructed at the Fuping Service Area (North Zone) on the G5 Beijing-Kunming Expressway has successfully achieved mechanical completion and entered the feed test phase. This station is the first hydrogen refueling demonstration station on an expressway in north-west China, with a total investment exceeding 18.30 million yuan. It is a standardized Level 3 hydrogen refueling station, designed with a daily refueling capacity of 1,000 kg, equipped with an intelligent hydrogen refueling management and control system, capable of serving hydrogen-powered heavy-duty trucks and intercity buses, improving the Shaanxi expressway hydrogen energy supply network. Ai Hydrogen Technology (Group) Co., Ltd. : signed the contract for the western China integrated solid-state hydrogen production, storage, and utilization project with the People's Government of Zhong County, Chongqing. The project will address the shortage of hydrogen sources in Chongqing and guarantee hydrogen demand for transportation and industrial users in eastern Chongqing during the '15th Five-Year Plan' period. Relying on the enterprise's proprietary magnesium-based solid-state hydrogen storage core technology, the project can solve industry challenges such as high hydrogen storage and transportation costs and insufficient safety, enabling large-scale, low-cost, and safe hydrogen storage and transport. China Power Engineering Consulting Group Co., Ltd. : The 10,000 mt-level biomass pressurized gasification pilot plant successfully completed a 72-hour continuous operation test. Industry experts witnessed that the parameters were stable, the equipment operated normally, and multiple core capabilities were verified, marking key progress in the engineering R&D of this technology. The project was led by CPEIC Zhonghe Institute, collaborating with multiple entities to systematically verify biomass pressurized gasification, operating condition optimization, and engineering scale-up aspects. Lanzhou LS Group Co., Ltd.: its self-developed 1000 Nm³ PEM electrolytic water hydrogen production system successfully passed industrial testing. The project's hydrogen production power supply was provided by Hubei Inteli Electric, featured a containerized integrated solution; the equipment completed installation and commissioning ex-factory, offering convenient deployment and strong adaptability, which can effectively shorten construction periods. 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), submitted patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation, with activity approaching that of platinum-based materials. Technical Footprints / Technical Specifications 1. Lei Tong, Haiwei Liang from USTC, and Liang Zhang's team from Tsinghua University proposed the Carbon Mesoporous Depth Engineering (CMDE) strategy. By utilizing hollow mesoporous carbon spheres to regulate ionomer penetration depth, it resolves the inherent contradiction between kinetic activity and oxygen mass transport in low-platinum fuel cells, developing a PtCo low-platinum catalyst that balances poisoning resistance, high mass transport, and excellent durability, achieving power, activity, and durability targets set by the US DOE at an ultra-low platinum loading of 0.1mgPt cm⁻². 2. Professor Zhizhang Li's team at Northwestern Polytechnical University innovatively constructed a three-dimensional multi-physics field coupled model for tubular solid oxide fuel cells, systematically revealing the quantitative influence rules of temperature, electrode thickness, porosity, and oxygen domain geometric parameters on battery output performance. 3. China Automotive Engineering Research Institute's National Hydrogen Energy Power Quality Inspection and Testing Center completed a 0-400 kW hydrogen-involved load-bearing three-comprehensive vibration testing platform and opened it for commercial use, addressing the gap in domestic testing for high-power, hydrogen-involved multi-physics coupling. 4. The high specific power cathode closed-cathode air-cooled stack technology developed by the team of Academician Zhongwei Chen and Associate Researcher Meng Zhang at the Dalian Institute of Chemical Physics' State Key Laboratory of Energy Catalysis and Conversion 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 transport in air-cooled fuel cells, solving technical challenges such as low-humidity performance degradation, carbon corrosion, dry membrane water flooding, and high-power thermal management. 5. Two group standards related to water electrolysis-based hydrogen production were officially released and implemented, namely "Safety Technical Specifications for Water Electrolysis Hydrogen Production" and "Economic Performance Indicator Calculation Methods for Water Electrolysis Hydrogen Production." 6. Petronor and H2SITE collaborate to advance membrane technology for hydrogen production, enhancing high-purity hydrogen in refining and low-carbon efficiency.

Today, the spot zinc ingot pricing in the Guangdong region has switched to the new front-month contract, with the benchmark contract shifting from the JH2607 contract to the JH2608 contract. Under the contango structure, today's quotes in the Guangdong region are at a discount of 110 yuan/ton to the JH2608 contract. How will the spot premium/discount perform in the coming period?

Recently, the hydrogen supply capacity of Sichuan Petrochemical continued to climb, and the scale of market delivery achieved significant growth. Data shows that in the first five months of 2026, the company's ex-factory volume of fuel cell hydrogen products increased by 66.7% YoY , and the ample supply of high-grade hydrogen has laid a solid foundation for the popularization of hydrogen transportation scenarios in Sichuan and the construction of the Chengdu-Chongqing Hydrogen Corridor. At present, transport vehicles at the enterprise's hydrogen filling station are being dispatched in a normalized and orderly manner, with clean fuel cell hydrogen being continuously delivered to major hydrogen refueling stations across the province, ensuring stable energy use for regional hydrogen end-users. With the rapid development of Sichuan's hydrogen energy industry, end-user demand for hydrogen in the market continued to expand. To meet the large-scale hydrogen supply gap, Sichuan Petrochemical launched a 24-hour uninterrupted loading operation mode since 2025. Through a series of optimization measures such as streamlining approval processes, refining loading standards, and strengthening full-process safety control, the company unblocked all bottlenecks across the entire chain from hydrogen production, filling to ex-factory delivery, achieving maximum supply efficiency. According to Wang Yongzhen, a local process engineer, the safety standards for fuel cell hydrogen filling are stringent. Through institutional reform and process optimization, the enterprise has now steadily achieved a daily average loading and dispatch scale of 7 trucks, fully ensuring stable and reliable hydrogen supply in the region. Backed by stable hydrogen supply, Chengdu's hydrogen fuel cell buses have been deployed on a large scale and put into operation, becoming a landmark scenario for green and low-carbon urban travel. Wang Hui, a driver with over ten years of experience at Chengdu Public Transport Group, said that compared to traditional fuel buses, hydrogen buses offer faster power response, smoother start-up acceleration, convenient and efficient hydrogen refueling, and a single refueling can meet about two days of operational needs, with significantly superior overall user experience. Currently, Sichuan is making every effort to promote the construction of the Chengdu-Chongqing Hydrogen Corridor and Chengdu as a "Green Hydrogen Capital," with commercial application scenarios for hydrogen energy continuously expanding. As the core hydrogen supply base in Sichuan Province, Sichuan Petrochemical leverages its resource and location advantages, works with upstream and downstream enterprises in the industry chain, and has successfully established an integrated hydrogen industry system covering production, storage, transportation, and utilization , consistently supplying hydrogen to multiple PetroChina refueling stations in Sichuan and capable of meeting the refueling needs of over one hundred hydrogen vehicles daily. Earlier in 2025, the production and sales volume of fuel cell hydrogen at Sichuan Petrochemical climbed steadily, and the company successfully fulfilled the critical task of hydrogen supply for the first Carbon-Neutral World Games, fully demonstrating the enterprise's supply capabilities and responsibility as a central state-owned enterprise, and further enhancing PetroChina's brand influence in the hydrogen energy field. While industrial benefits have grown steadily, the green and low-carbon value of the project continues to stand out. Since the fuel cell hydrogen project was put into operation, the enterprise has supplied a cumulative total of over 970 mt of hydrogen. It is estimated that this clean hydrogen can support hydrogen buses to drive a cumulative total of over 10 million kilometers, helping reduce regional CO2 emissions by over 10 kt , providing solid support for improving urban air quality and promoting the green transformation of regional energy. Currently, hydrogen energy has been clearly identified as a new economic growth track for China, officially entering a new stage of large-scale and industrialized development. Going forward, Sichuan Petrochemical will continue to deeply cultivate the hydrogen energy sub-sector, continuously optimize production processes, increase capacity scale, improve the supply system, consistently deliver high-quality clean hydrogen, empower the high-quality development of the hydrogen energy industry in the Chengdu-Chongqing region, and use green "hydrogen power" to promote the coordinated development of regional economy and ecology.

Recently, Steel Research Huapu (Wuhan) Technology Co., Ltd. completed the comprehensive construction and precise commissioning of its high-end fuel cell system production line. All process parameters and performance indicators met the standards, officially achieving the scaled mass production and market delivery of hydrogen fuel cell engine systems and core parts. The smooth commissioning of this line marks a new level in the enterprise's fuel cell intelligent manufacturing capabilities, effectively addressing the capacity shortfall of hydrogen energy equipment in Central China, accelerating the commercial application of hydrogen in the region, and injecting new momentum into the high-quality development of the national hydrogen energy industry. It is understood that the newly commissioned fuel cell mass production base is located in Junshan New City, Chedu Auto Parts Industrial Park, Wuhan Economic and Technological Development Zone . The first phase covers approximately 7,000 m² and is planned with full-function zones including production and processing, warehousing, performance testing, and office support, forming a standardized and intelligent fuel cell engine dedicated production line. The base has a stable capacity of annual production of 500 fuel cell systems , with the core product being the SY200 fuel cell engine system . It also achieves a key fuel cell parts localisation rate exceeding 90% , significantly enhancing the independent and controllable level of domestic fuel cell equipment and effectively reducing industrial supporting costs. Leveraging solid technical expertise, Steel Research Huapu's fuel cell products have passed multi-scenario, long-cycle practical operation tests, demonstrating outstanding operational stability, fuel economy, and environmental adaptability, fully suitable for high-intensity commercial operation scenarios. Under the demanding conditions of coke heavy-haul transport, hydrogen-powered heavy-duty trucks equipped with SY135 fuel cell engine systems have been operating long-term at high frequency, with a daily average round-trip mileage of 300 km. As of May 2026, the safe driving mileage per supporting vehicle has exceeded 150,000 kilometers , with a measured average hydrogen consumption as low as 8.5 kg per 100 km. These data fully confirm the product's core advantages of low energy consumption, long lifespan, and high reliability. Meanwhile, the lightweight design further increases the vehicle's effective payload, allowing it to adapt to various extreme conditions such as low temperatures and complex road surfaces, comprehensively meeting the commercial operation standards for heavy-duty commercial vehicles. Drawing on the parent company's deep material technology R&D strengths, Steel Research Huapu's fuel cell products can achieve multi-scenario, full-coverage applications, precisely matching the market's diverse hydrogen usage demands and building a comprehensive zero-emission hydrogen energy application system. The products are not only suitable for hydrogen-powered heavy-duty trucks, port container trucks, and muck transport and other heavy-duty logistics scenarios, but also widely serve municipal transport sectors such as urban buses, sanitation operations, and urban distribution, helping to build a regional green transport system. Additionally, this series of fuel cell equipment can be paired with on-site hydrogen forklifts, meeting zero-pollution operation needs in factories and warehouses. It can also be extended to special energy fields such as offshore platform hydrogen power supply, hydrogen cogeneration, and emergency backup power, continuously expanding the boundaries of industrial hydrogen applications. The commissioning of this fuel cell production line in Wuhan is expected to effectively drive the clustering development of the entire hydrogen energy industry chain in Wuhan Economic and Technological Development Zone and even Central China, including hydrogen production, storage, refueling, and vehicle manufacturing of the entire hydrogen energy industry chain, generating high-quality industrial job opportunities, promoting a green and low-carbon transition in regional transport, and providing solid industrial and technological support for the implementation of the national "dual carbon" strategy. Moving forward, Steel Research Huapu will use the Wuhan mass production base as a core hub, continuing to promote capacity expansion and technology iteration, constantly optimizing product performance, enriching the product portfolio, and expanding diverse application scenarios. The commissioning of this production line is a key milestone in the enterprise's hydrogen energy industrialisation layout. In the future, the company will continue to supply high-quality fuel cell core equipment, persistently supporting the transformation of the national energy structure and the scaled, high-quality development of the hydrogen energy industry.