According to an announcement on Century Aluminum's official website on April 16, the first aluminum production from the restarted capacity at its Mt. Holly aluminum smelter in South Carolina has begun, with full production expected by the end of June. This will increase total US primary aluminum production by 10%. The total capacity involved is reportedly around 50,000 mt.

SMM April 18 Update: Metals market: Last Friday's overnight session saw broad gains across base metals in the domestic market. SHFE copper rose 0.78%; on a weekly basis, SHFE copper posted a four-week winning streak, gaining 4.07% for the week. SHFE aluminum fell 1.25%, SHFE lead rose 0.24%, SHFE zinc rose 0.71%, SHFE tin rose 0.03%, and SHFE nickel fell 2.19%. In addition, the most-traded alumina futures contract fell 1.01%, and the most-traded foundry aluminum continuous contract fell 1.18%. Last Friday's overnight session saw ferrous metals all fall. Iron ore fell 0.58%, stainless steel fell 0.27%, rebar fell 0.16%, and hot-rolled coil rose 0.09%. Coking coal and coke: coking coal fell 0.24%, and coke fell 0.18%. Overseas market metals last Friday overnight, LME base metals broadly rose. LME copper rose 0.81%; on a weekly basis, LME copper posted a four-day winning streak, gaining 3.83% for the week. LME aluminum fell 2.72%, LME lead rose 0.8%, LME zinc rose 0.25%, LME tin rose 0.03%, and LME nickel rose 1.69%. Precious metals last Friday overnight : COMEX gold rose 0.85%, posting a three-week winning streak with a weekly gain of 1.3%; COMEX silver rose 2.82%, posting a four-week winning streak with a weekly gain of 5.82%. Last Friday overnight, SHFE gold rose 0.94%, posting a three-week winning streak with a weekly gain of 0.12%; SHFE silver rose 3.74%, posting a four-week winning streak with a weekly gain of 5.18%. Gold prices rebounded amid optimistic sentiment over US-Iran negotiations, but further gains may be limited until the geopolitical situation becomes clearer. Commerzbank analysts noted: "Gold prices also rebounded on hopes of an end to the war, as this eased concerns that central banks would have to respond to higher inflation risks with tighter monetary policy, thereby increasing the opportunity cost of holding gold. However, as long as uncertainty remains elevated, the underlying recovery in the gold market may be temporarily exhausted." As of 7:45 AM on April 18, last Friday's overnight closing prices: Macro front China: [State Council Executive Meeting: Deeply Implement the Strategy to Upgrade Pilot Free Trade Zones and Promote High-Quality Development of Pilot FTZs] Li Qiang chaired a State Council executive meeting to hear reports on the development of pilot free trade zones. The meeting noted that since the 18th CPC National Congress, pilot FTZs had actively explored deepening reform, expanding opening-up, and promoting development, achieving a series of breakthrough and pioneering results and effectively serving as comprehensive pilot platforms. In the face of new circumstances and new tasks, it is necessary to thoroughly implement the strategy for upgrading pilot free trade zones, reform and improve institutional mechanisms, further optimize the layout and enhance capacity, and better serve the overall national development. Efforts should be made to adapt measures to local conditions, proceed in a steady and orderly manner, and pursue practical results. On the basis of scientific assessment and evaluation, and in accordance with local conditions and actual needs, tailored plans should be formulated for each zone to solidly advance related work and promote high-quality development of pilot free trade zones. Support should be given to pilot free trade zones such as Shanghai to leverage their functional positioning, proactively align with high-standard international economic and trade rules, steadily expand institutional opening-up in terms of rules, regulations, management, and standards, explore and develop more replicable and scalable experiences and practices, and better play a demonstrative, leading, and radiating role. (CCTV News) [MOF and Another Department: Adjusting the Scope of VAT and Consumption Tax Refund Goods for Pingtan Comprehensive Experimental Zone] The Ministry of Finance and the State Taxation Administration announced the adjustment of the scope of VAT and consumption tax refund goods for Pingtan Comprehensive Experimental Zone. Goods related to production sold from the mainland to Pingtan via the "second line" shall be treated as exports, and VAT and consumption tax refunds shall be implemented in accordance with current tax policy provisions. However, the following goods are excluded: 1 Exported goods to which the Ministry of Finance and the State Taxation Administration have stipulated that VAT refund (exemption) and tax exemption policies do not apply. 2 Goods procured for commercial real estate development projects in Pingtan. Commercial real estate development projects refer to the construction (including renovation and expansion) of hotels, office buildings, villas, apartments, residences, commercial shopping venues, entertainment and service facilities, catering establishments, and other commercial real estate projects. 3 Other goods sold from the mainland to Pingtan that are not eligible for tax refunds. The specific scope is detailed in the appendix. 4 Goods purchased by enterprises whose tax refund or exemption eligibility has been revoked in accordance with relevant regulations. (Ministry of Finance) (Jin10 Data APP) [General Administration of Customs: Supporting Local Governments in Building Bulk Commodity Collection, Distribution, Storage, and Transportation Bases Leveraging Comprehensive Bonded Zones to Conduct Storage and Distribution of Bulk Commodities Such as Energy and Mineral Products] On April 17, the General Office of the State Council forwarded the notice of the General Administration of Customs on Several Measures for Promoting the Expansion and Quality Improvement of Comprehensive Bonded Zones. Among the measures proposed, serving national strategic needs was highlighted. Support is given to local governments to build bulk commodity collection, distribution, storage, and transportation bases leveraging comprehensive bonded zones, and to conduct storage and distribution of bulk commodities such as energy and mineral products. Enterprises within the zones are allowed to carry out physical blending of metal ore products through bonded logistics. Differentiated conformity assessment shall be implemented. Support is given to enterprises within the zones to conduct key core technology research in areas such as artificial intelligence, integrated circuits, industrial master machines, medical equipment, instruments and meters, advanced materials, basic software, and industrial software. Differentiated conformity assessment shall be implemented for relevant equipment, reagents, and consumables imported by enterprises in accordance with national statutory inspection requirements. [CSRC Solicits Public Comments on the Measures for the Supervision and Administration of Futures Companies (Exposure Draft) and Supporting Implementation Provisions] Building on the public consultation conducted in March 2023, the CSRC, in light of new circumstances and issues encountered in futures industry regulatory practice, conducted further research and deliberation on the relevant institutional arrangements of the Measures for the Supervision and Administration of Futures Companies, and formulated a new Measures for the Supervision and Administration of Futures Companies (Exposure Draft). Concurrently, the CSRC drafted the Announcement on Matters Concerning the Implementation of the (Exposure Draft) as supporting implementation provisions. Public comments are now being solicited. The new Measures for the Supervision and Administration of Futures Companies (Exposure Draft) shifts futures market-making and derivatives trading businesses — previously operated by risk management subsidiaries with filing-based access and self-regulatory management by the China Futures Association — to be operated by futures companies, subject to licensing-based access and administrative supervision, and strengthens the regulation of futures companies' subsidiaries and branches. US dollar: Last Friday, the overnight US dollar index rose 0.02% to 98.22. On a weekly basis, the US dollar index fell for a third consecutive week, down 0.48% for the week. After Iran announced that the Strait of Hormuz was now "fully open" to commercial shipping, the US dollar erased all gains since the outbreak of the US-Iran conflict, further weakening demand for safe-haven assets. The index declined consecutively as investors focused on ceasefire and negotiations toward a potentially broader agreement. Jayati Bharadwaj, head of FX strategy at TD Securities, said: "The safe-haven bid has started to fade. That's why the dollar is lower." (Jin10 Data) Fed Governor Waller said he was cautious about whether an interest rate cut was needed in the near term due to the energy shock triggered by the Iran war, and warned that the conflict could have a lasting impact on inflation. In his remarks, Waller outlined two main scenarios. In the first scenario, if the Strait of Hormuz reopens and trade flows return to normal, officials would be able to look through the surge in energy prices and shift their focus to the weakening job market later this year. He said that if this were the case, "I think there is a prospect that underlying inflation will continue to pull back toward the 2% target, which would make me cautious about cutting interest rates now and more inclined to support the labour market through interest rate cuts later this year when the outlook is more stable." However, he warned that oil prices and the broader market were underestimating the risk of a prolonged conflict. "On the inflation front, the risk is that the longer the conflict lasts and the longer energy prices stay high, the greater the likelihood that these elevated prices seep into other prices, as enterprises factor high energy input costs into their pricing."He stated that if this occurred against a backdrop of a weak jobs market, it would limit the scope for policy response. In such a scenario, he would weigh the risks of higher inflation against a weaker labour market, adding that "if inflation risks outweigh labour market risks, this could mean keeping the policy rate at the current target range." (Jin10 Data) Other currencies: ECB Governing Council member De Marco: June is a more natural time to make a judgment; there is not much additional information in April; the situation seems to be heading toward an adverse scenario; the rate decisions in April or June are not yet set in stone. (Jin10 Data) Analysts at Berenberg Bank said in a report that once the worst of the Middle East conflict passes, Europe's positive fundamentals should re-emerge. Economic growth is likely to be led by Germany, which, in addition to fiscal stimulus, should accelerate pro-growth reforms. They stated: "We expect most eurozone member states to return to their 2025 growth rates by 2027." By 2028, eurozone growth is expected to be around 1.5%. The UK should experience a greater upside. By contrast, US growth is expected to slow down in the coming years. The analysts stated: "Tariff-induced capital misallocation, pervasive Trump policy uncertainty, and most importantly, the harsh crackdown on immigration will all take a toll." (Jin10 Data) On the macro front: Data to be released this week include: China's 1-year Loan Prime Rate as of April 20; Germany's March PPI MoM; Canada's March CPI MoM; Switzerland's March trade balance; UK February three-month ILO unemployment rate; UK March unemployment rate; UK March jobseeker's allowance claimant count; Germany's April ZEW Economic Sentiment Index; eurozone April ZEW Economic Sentiment Index; US March retail sales MoM; US February business inventory MoM; US March pending home sales index MoM; UK March CPI MoM; UK March Retail Price Index MoM; eurozone April consumer confidence index preliminary reading; China's March SWIFT RMB share in global payments; France's April manufacturing PMI preliminary reading; Germany's April manufacturing PMI preliminary reading; eurozone April manufacturing PMI preliminary reading; UK April manufacturing PMI preliminary reading; UK April services PMI preliminary reading; UK April CBI industrial orders balance; US initial jobless claims for the week ending April 18; US April S&P Global manufacturing PMI preliminary reading; US April S&P Global services PMI preliminary reading; Japan's March core CPI YoY; UK March seasonally adjusted retail sales MoM; Germany's April IFO Business Climate Index; Canada's February retail sales MoM; US April University of Michigan consumer sentiment index final reading; and US April one-year inflation expectations final reading. In addition, other events to watch this week included: German Chancellor Merz and European Central Bank (ECB) President Lagarde delivering speeches; the US Senate Banking Committee holding a hearing on Kevin Warsh's nomination as Fed Chairman; China opening a new round of refined oil price adjustment window; ECB President Lagarde delivering a speech; US President Trump hosting an early summer White House Correspondents' Dinner. (Jin10 Data) Crude Oil: Last Friday, both oil futures fell sharply overnight, with WTI crude dropping 7.86% and Brent crude falling 7.01%. On a weekly basis, WTI crude futures fell more than 10% for two consecutive weeks, down 13.02% for the week; Brent crude posted two consecutive weekly declines, down 2.92% for the week. Easing market sentiment from US-Iran nuclear negotiations, coupled with Iran's foreign minister stating that the Strait of Hormuz would be open to all commercial vessels during the Lebanon-Israel ceasefire, drove crude oil prices lower. Iran announced the opening of the Strait of Hormuz, and Trump confirmed. According to Xinhua News Agency, Iranian Foreign Minister Araghchi said on the 17th that, given the ceasefire between Lebanon and Israel, Iran would open the Strait of Hormuz to all commercial vessels during the ceasefire period. US President Trump subsequently confirmed this. (Wall Street Journal CN) However, according to the latest report from Xinhua News Agency: Iranian Islamic Parliament Speaker Ghalibaf posted on social media in the early hours of the 18th, stating that the seven statements US President Trump had previously posted on social media within one hour were "all untrue." The US failed to win wars through lies and would gain nothing in negotiations either. Ghalibaf emphasized that if the US continued to blockade Iranian ports, the Strait of Hormuz could not remain open. (Xinhua News Agency) According to Reuters, approximately 20 minutes before Iran's foreign minister announced the reopening of the Strait of Hormuz on local time Friday, investors placed approximately $760 million in short bets on oil prices, marking yet another large wager on the world's most actively traded commodity ahead of a major development during the Middle East conflict. According to LSEG data, between 20:24 and 20:25 Beijing time on Friday, investors sold a combined 7,990 lots of Brent crude oil futures. At prevailing prices, these trades were worth approximately $760 million. Then around 20:45, Iran's foreign minister posted that the Strait of Hormuz was fully open to all commercial vessels for the remainder of the ceasefire, and within minutes, oil prices extended their intraday decline to as much as 11%. In recent months, multiple precisely timed large trades have raised concerns among US lawmakers and legal experts that decisions surrounding war and diplomacy may be giving certain traders an advantage in volatile and opaque derivatives markets. It had previously been reported that the US Commodity Futures Trading Commission was investigating a series of crude oil futures trades, including those on March 23 and April 7, all of which occurred shortly before Trump made major policy shifts regarding Iran and the war. The US Department of Energy (DOE) said on Friday local time that it had lent 26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies, marking the third batch of loans by the Trump administration aimed at curbing fuel prices that had surged since the US-Iran war began. The DOE said in a statement that companies receiving SPR loans included BP North America, ExxonMobil, and Marathon Petroleum. (Jin10 Data) As Middle Eastern supply was disrupted due to weeks of shipping disruptions in the Strait of Hormuz, Asian refiners turned to importing US crude oil, and US crude oil shipments through the Panama Canal approached a four-year high. According to data from shipping intelligence firm Kpler for the first half of April, US crude oil exports via this shortest route connecting the US Gulf Coast to Asia exceeded 200,000 barrels per day, approaching the highest level since July 2022. Sources said waiting times to enter the Panama Canal had extended significantly, prompting crude oil shippers to pay over $3 million for priority passage. Although the Panama Canal cannot accommodate the largest tankers, it provides a shortcut to the Far East. Traveling from the US Gulf Coast to Japan via the canal typically takes close to one month, while routing around the Cape of Good Hope in Africa could take nearly twice as long. Data showed that the vast majority of tankers heading to the Pacific in March and April carried US crude oil destined for Japan and South Korea. (Jin10 Data) In addition, four energy sources said Iraq had resumed southern oil exports after a disruption of over one month due to disturbances in the Strait of Hormuz, with a tanker having begun loading. (Jin10 Data) Note: NYMEX WTI crude oil May futures are subject to contract rollover, with the last floor trading completed at 2:30 on April 22 and the last electronic trading completed at 5:00 a.m. Please pay attention to the exchange's expiration and contract rollover announcements to manage risk. In addition, the expiration time for US crude oil contracts on some trading platforms is typically one day earlier than the official NYMEX schedule. Please take note. Recommended reading:

SMM Nickel News, April 17: Macro and market news: (1) On April 17, the State Council Information Office held a press conference in the "Getting Started on the 15th Five-Year Plan" series, introducing the promotion of high-quality economic and social development during the 15th Five-Year Plan period. The NDRC stated it would focus on expanding effective domestic demand and formulate an implementation plan for the strategy to expand domestic demand from 2026 to 2030. (2) Trump said Lebanon and Israel agreed to a 10-day ceasefire; the Israeli PM agreed to the ceasefire and said troops would remain stationed in southern Lebanon; the Lebanese PM welcomed Trump's ceasefire announcement. Spot market: On April 17, SMM #1 refined nickel prices rose 750 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 2,350 yuan/mt, down 200 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel premiums ranged from -700-600 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract surged sharply in the morning session, touching 145,000 yuan/mt, and closed at 143,730 yuan/mt, up 1.54%. Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially confirmed the implementation of the revised nickel ore benchmark price (HPM) calculation formula starting April 15, 2026, which is expected to significantly raise the floor support for nickel prices, driving a sharp rally. In the short term, nickel prices are expected to hold up well on sentiment following the release of the new pricing formula. Going forward, attention should be paid to the actual cost increase after the implementation of Indonesia's new HPM formula.

According to Reuters, trade sources said that Indian banks had suspended orders for importing gold and silver from suppliers outside China, with large quantities of precious metals stuck at customs , as the government had yet to issue a formal order authorizing the import of these precious metals. As India is the world's second-largest gold consumer and the largest silver buyer, with nearly all of its demand relying on ex-China purchases, the country could face a supply deficit without new imports. Weak Indian demand could weigh on global gold and silver prices , while narrowing the country's trade deficit and supporting the rupee. The rupee has been one of Asia's worst-performing currencies so far this year. Authorities had taken several measures to ease pressure on the rupee, including recently urging refiners to limit their spot dollar purchases. The suspension of gold and silver import orders by Indian banks from overseas suppliers, as well as the backlog of large quantities of precious metals at customs due to the lack of a formal government authorization order, had not been previously reported. The Directorate General of Foreign Trade (DGFT), under India's Ministry of Commerce and Industry, typically issues an order at the beginning of each fiscal year listing the banks authorized by the Reserve Bank of India to import gold and silver. The order previously issued in April 2025 was valid until the end of the last fiscal year (March 31), and banks were currently awaiting a new directive from the DGFT. The DGFT did not immediately respond to Reuters' request for comment. A bullion dealer at a private bank in Mumbai said that banks had expected the DGFT to issue the order in early April as in previous years, but no new announcement had been made so far, resulting in more than 5 mt of gold stuck and unable to clear customs . The dealer said the uncertainty over the timing of the DGFT order had led banks to suspend new import orders from overseas suppliers. The dealer requested anonymity as they were not authorized to speak to the media. Sources said that approximately 8 mt of imported silver was also stuck and unable to clear customs . Another bullion dealer said there was no point in placing new orders when previous shipments could not clear customs. According to data from the World Gold Council, India's gold demand fell to 710.9 mt in 2025, the lowest level in five years. Sources said that gold and silver inventory imported in previous months was being depleted, and the market was now relying on sales from exchange-traded funds, which were facing redemptions. Mehta Surendra, Secretary of the India Bullion and Jewellers Association, said: "Clear rules are needed to ensure imports resume." Mehta stated that without imports, a supply deficit would emerge, and premiums would rise after Akshaya Tritiya, India's second-largest gold-buying festival. A bullion dealer in Kolkata said that as the Iran conflict drove up prices of oil, natural gas, and fertilizers, India's import bill in April could rise, which might prompt the government to slow down gold and silver imports to control the trade deficit.

Yancoal Australia, the Australian-listed subsidiary of Yanzhou Energy, announced its plan to acquire an 80% interest in the Kestrel coking coal mine in Queensland for up to $2.4 billion, further expanding its high-quality coking coal assets outside China. According to the announcement submitted by Yancoal Australia to the Australian Securities Exchange, the transaction would involve acquiring 100% of the equity in the Kestrel Group to indirectly hold an 80% interest in the Kestrel mine. The consideration comprised a $1.55 billion upfront payment and contingent payments of up to $550 million, with a total consideration cap of $2.4 billion. The transaction was expected to be completed by the end of the September quarter this year, subject to approval from relevant regulatory authorities. This acquisition represented an important step in Yanzhou Energy's continued deepening of its resource portfolio outside China, helping to further consolidate high-quality coking coal assets. Expanding Presence in Premium Global Coking Coal Regions The Kestrel mine is located in the Bowen Basin, Queensland. The basin is one of the world's major coking (metallurgical) coal producing regions, with its coking coal sold to major steel enterprises worldwide. The mine was previously held by a joint venture comprising EMR Capital and Adaro Capital. In 2018, the joint venture acquired the 80% interest in the Kestrel mine from Rio Tinto for $2.25 billion, with the remaining 20% held by Mitsui. Yancoal Australia is the Australian-listed platform under Yanzhou Energy Group, currently operating multiple thermal and coking coal mines in New South Wales and Queensland. This acquisition continued the Yanzhou Energy group's ongoing expansion of coal assets in Australia. Upon completion, Yancoal Australia will secure a significant strategic foothold in the Bowen Basin, one of the world's premier coking coal producing regions, further strengthening its position in the global coking coal supply chain.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, the PEM electrolyzer market remained at 2.7 GW, with no new capacity additions for the time being. No offline public delivery information was available this week. Project-related updates: Guangdong Liquid Sunshine Green Energy Co., Ltd.: The company officially signed a memorandum of cooperation with Johnson Matthey, a global leader in sustainable technology, and East China Engineering Science and Technology Co., Ltd. in Hefei. The three parties will jointly advance the implementation of the 150,000 mt biomass green methanol demonstration project invested and constructed by Liquid Sunshine Green Energy in Tiandong County, Guangxi. Jiang Xi, Executive President of Liquid Sunshine Green Energy, Zhong Ling, General Manager of Johnson Matthey China, and Meng Chenzhou, General Manager of East China Engineering, completed the signing on behalf of their respective parties. Zhongneng Kehang (Baotou) New Energy Technology Co., Ltd.: The annual 300 million m³ green electricity-to-hydrogen production project received filing approval. The project is located in Baotou City — Guyang County — Jinshan Economic Development Zone, Guyang County, Baotou City, Inner Mongolia Autonomous Region, with a total investment of 500 million yuan. Construction scale and content: 18 new hydrogen production lines, office buildings, workshops, shift dormitories, etc. Planned construction period: 2026/08–2028/07. Guoneng Xinjiang Electric Power Co., Ltd.: In collaboration with the New Energy Research Institute, the company successfully completed China's first 660 MW coal-fired boiler hydrogen co-firing pilot test, achieving a maximum hydrogen blending ratio of 45%, marking a pilot-scale breakthrough in coal-hydrogen co-combustion and pure hydrogen combustion. Heilongjiang Jiayirongyuan Green Chemical Co., Ltd.: Jidong County, Jixi City held the groundbreaking ceremony and technical exchange conference for the 300,000 mt green hydrogen-methanol-aviation fuel chemical co-production project. The project is invested and constructed by Heilongjiang Jiayirongyuan Green Chemical Co., Ltd., a subsidiary of Jiaze New Energy Co., Ltd., with a planned total investment of approximately 3.557 billion yuan. The core of the project is to build an annual 300,000 mt green methanol production site and establish a sustainable aviation fuel (SAF) sustainable development system. China Energy Engineering Overseas Investment Co., Ltd.: The commissioning ceremony for Central Asia's first AEM electrolysis hydrogen production research equipment was grandly held in Astana, the capital of Kazakhstan, marking a substantive breakthrough in joint R&D and application demonstration of key green hydrogen technologies between China and Kazakhstan. The equipment was jointly developed by the Overseas Investment Company and Shanghai Jiao Tong University, with the Overseas Investment Company also responsible for coordinating project investment and application scenario development. Leveraging advanced AEM electrolysis hydrogen production technology, the project demonstrates promising application prospects in improving hydrogen production efficiency and reducing system costs. Haiwang (Ningdong) New Materials Co., Ltd.: Its annual 5,000 mt carbazole project successfully completed trial production with feedstock. The project not only continuously produced high-grade products but also achieved batch delivery to multiple clients across different industries. It is understood that Haiwang (Ningdong) New Materials Co., Ltd. is a project jointly funded by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Technology Venture Capital Co., Ltd. The company is located in the New Materials Park of Ningxia Ningdong Energy and Chemical Industry Base, covering 65 mu of land, and construction of an annual 5,000 mt-class continuous carbazole production line has been completed. Zhongneng Jian Bochuang Green Fuel (Shenyang) Co., Ltd.: China's first 500,000 mt-class biomass green methanol-oil demonstration project — the Liaoning Shenyang 500,000 mt-class wind and solar power hydrogen production integrated with biomass green methanol-oil demonstration project — officially commenced construction. The demonstration project has a total investment of 32 billion yuan, fully leveraging the local unique resource advantages of "wind power + biomass," and is committed to building an annual 500,000 mt biomass green methanol-oil project, equipped with 2 GW centralized wind power, with an estimated annual biomass demand of approximately 3 million mt. It is understood that the project will be advanced in three phases. After Phase I completion, annual green methanol production of 100,000 mt will be achieved; after Phase II completion, annual green aviation fuel production of 300,000 mt will be achieved; after Phase III completion, annual green ammonia production of 100,000 mt will be achieved, at which point the overall capacity target of 500,000 mt-class green fuel will be fully met. Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: The company co-hosted an industry-academia-research cooperation signing ceremony with the School of Chemistry and Chemical Engineering of Inner Mongolia University of Science and Technology. As a wholly-owned subsidiary of Jiangsu Xindao Energy Group, Xindao Hydrogen Energy Technology (Baotou) Co., Ltd. is actively engaged in the construction of a hydrogen-based green fuel off-grid green electricity direct-connection project, aiming to achieve annual targets of 1.485 billion kWh of green electricity, 291 million m³ of green hydrogen, and 200,000 mt of green methanol. The company is committed to promoting the commercialization and application of key technologies for "electricity-hydrogen-carbon" integrated high-efficiency balanced synergy, and has reached a cooperation agreement with a well-known South Korean shipping enterprise on long-term green methanol supply and sales. Policy Review 1. Notice of the Shaanxi Provincial People's Government on Issuing the 15th Five-Year Plan for National Economic and Social Development. The document stated that hydrogen-related industrial clusters should be accelerated with a focus on Yulin, Xi'an, and other areas, building a full industry chain of hydrogen energy covering "production, storage, transportation, refueling, and utilization," reducing hydrogen production costs, and expanding hydrogen energy application scenarios. 2. Notice of the Guangzhou Municipal Administration and Comprehensive Law Enforcement Bureau on Issuing the Guidelines for Applying for Special Subsidies for Hydrogen Refueling Station Construction and Operation in Guangzhou. 3. The People's Government of the 8th Division Shihezi City of the Xinjiang Production and Construction Corps released the Administrative Measures for Hydrogen Energy Industry Development of the 8th Division Shihezi City (Trial) (Draft for Public Comments). The document stated that the safety management of hydrogen energy product production, storage, transportation, filling, and use within the administrative area of the Division and City shall be governed by these measures. Where other laws and administrative regulations provide otherwise, those provisions shall apply. Enterprise Updates Zibo Wangji Transportation Co., Ltd.: The first batch of 40 hydrogen-powered heavy-duty trucks were lined up and officially put into operation. These hydrogen heavy-duty trucks are all equipped with Guohong Hydrogen Energy's fuel cell systems and will primarily undertake trunk-line transportation of bulk materials such as ore powder, cement powder, and coal ash. Under typical conditions of a 100 km one-way trip with a full load of 40 mt, the vehicles can complete refueling in just 20 minutes using the supporting skid-mounted hydrogen refueling station. Sichuan Energy Investment Kuanzhai Green Supply Chain Co., Ltd.: The company released a competitive inquiry for the 2026–2027 comprehensive leasing service procurement project for five 49 mt hydrogen heavy-duty trucks. The tender announcement showed that the procurement covers comprehensive leasing services for five 49 mt hydrogen heavy-duty trucks (including tractor + semi-trailer + driving service + insurance + maintenance). Lease period: the contract term is one year in total, with the initial period of 3 months signed first, followed by contract renewals based on actual demand. This project does not accept consortium participation in the inquiry. Changsha Municipal Bureau of Industry and Information Technology: The bureau released the transaction announcement for the hydrogen energy industry foundation and comprehensive application scenario research service project. The announcement showed that the Fifth Electronics Research Institute of the Ministry of Industry and Information Technology successfully won the bid, with a winning amount of 192,000 yuan. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd. : The company officially reached a sales agreement with Guangzhou Yue'ancheng Trading Co., Ltd., under which Yuntao Hydrogen Energy will deliver 100 hydrogen heavy-duty trucks to Yue'ancheng Trading. It is understood that the 100 dump trucks in this successful order came from the key account development department of Yuntao Hydrogen Energy's dump truck business division, and will comprehensively support Yue'ancheng Trading's core transportation operations. To meet its high-frequency, high-volume transportation needs, these vehicles are equipped with fuel cell systems independently developed by Yuntao Hydrogen Energy, featuring advantages such as a driving range of up to 400 km, hydrogen refueling time of no more than 15 minutes, peak power of 355 kW, and payload capacity exceeding 14 mt. Shanghai Hydrogen Maple Energy Technology Co., Ltd.: The company officially issued a certification to CSSC 712 Research Institute, marking a key breakthrough in China's marine SOFC technology and entering a new stage of standardized and industrialized development. Suzhou Qingqiji Environmental Protection New Energy Co., Ltd.: Following its successful bid for the Sinopec Group Zhongtian Hechuang Ordos coal chemical project and securing the first batch order of 8 electrolyzers, the company won additional orders for the same project in subsequent months. Specifically, after the initial bid win, Qingqiji leveraged its strengths to secure an additional order of 8 alkaline water electrolysis hydrogen production electrolyzers for the Zhongtian Hechuang project four months later, making it the supplier with the largest tied share (16 electrolyzers in total) in the project. It is understood that the Zhongtian Hechuang wind and solar power hydrogen production integration project is not only Sinopec Group's second large-scale renewable energy hydrogen production project globally, but also a landmark project in China's hydrogen energy sector. School of Materials Science and Engineering, Shanghai Jiao Tong University: The first AEM hydrogen production–magnesium-based solid-state hydrogen storage integrated system, independently developed by its Hydrogen Science Center, was officially commissioned in Kazakhstan. The system integrates two core technologies — efficient hydrogen production and safe hydrogen storage — achieving deep intelligent coupling of hydrogen production and storage. It employs non-precious metal, low-cost green electricity dynamic direct-connection hydrogen production and directly delivers hydrogen at low pressure to the magnesium-based solid-state hydrogen storage module, eliminating high-pressure compression and cryogenic liquefaction steps, pioneering a new pathway for large-scale green hydrogen applications. ITM Power Plc: UK electrolyzer producer ITM Power Plc (LON:ITM) secured government funding of £86.5 million ($115.8 million/€99.3 million). The funding includes national equity investment and grants, and will support the construction of a 1 GW production line for its next-generation Chronos electrolyzer stack. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode, a core part for seawater hydrogen production. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining asymmetry in electron distribution. 3. A research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 5. Teams from Xi'an Jiaotong University and Peking University jointly developed a novel osmium-based catalyst, significantly improving AEM water electrolysis hydrogen production efficiency and economics, facilitating large-scale low-cost green hydrogen production.