[Price Review] Silver prices continued to weaken early this week amid the fermentation of Trump's speech from last week, but on Wednesday (April 8), supported by the US-Iran ceasefire agreement and a weaker US dollar, silver prices began to rebound, surging nearly 5% on April 8 alone. Short-term capital momentum, investment demand, and industrial demand had not recovered, with strong wait-and-see sentiment among market traders. Downstream transactions were still dominated by significantly reduced premium prices, and precious metal price gains remained relatively limited. Gold/silver ratio, as of April 8, the LBMA gold/silver ratio stood at 62, maintaining a fluctuating trend in the short term. [Key Data] Bearish: US March seasonally adjusted non-farm payrolls came in at 178,000, above expectations and the previous value US March unemployment rate was reported at 4.3%, below expectations and the previous value US EIA crude oil inventory for the week ending April 3 was 308.1, above expectations and the previous value US API crude oil inventory for the week ending April 3 was above expectations and the previous value On April 7, the US and Iran reached a ceasefire agreement, but Trump threatened that any country providing military weapons to Iran would be immediately subject to a 50% tariff. Data and macro news releases to watch next week include: On April 10 (Friday), the US is set to release March CPI data. Affected by energy price surges caused by the Iran war, the market widely expects inflation to rise significantly. Geopolitics, Iranian Parliament Speaker Ghalibaf will lead an Iranian delegation to negotiate with the US in Islamabad, Pakistan, with the US side led by Vice President Vance. Pakistani Prime Minister Shehbaz invited both the Iranian and US delegations to further negotiate in Islamabad on April 10 to reach a final agreement resolving all disputes. Regarding the Strait of Hormuz situation, cracks appeared in the US-Iran ceasefire agreement, with Iran claiming three key provisions were violated, and the Strait of Hormuz has been closed again. [Price Forecast] In the short term, the trajectory of the US-Iran conflict remains the primary factor determining whether silver prices will sustain the rebound, with insufficient support from short-term industrial demand and investment demand. China fundamentals side, silver ingot spot cargo had shown a slight surplus and inventory buildup trend. Due to relatively pessimistic expectations for the PV industry in April, just-in-time procurement demand for silver nitrate, silver powder, and silver paste enterprises declined. As the SHFE April delivery approaches, suppliers showed a notably increased intention to deliver and liquidate, and the upward trend in silver ingot social inventory is likely to continue. Although silver prices next week may be boosted by the ceasefire and a weaker US dollar, the overall in the doldrums situation for precious metals has not been fully reversed. Spot transaction expectations remain at a slight premium or shifting to parity, and close attention should continue to be paid to changes in geopolitical conflicts and their impact on market sentiment and capital flow adjustments.

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. Sungrow Hydrogen's alkaline electrolyzer systems and proton exchange membrane electrolyzer systems were simultaneously delivered to Oman, Europe, and South America; Trina Green Hydrogen delivered multiple sets of second-generation Tianqing series 1,000 Nm³/h alkaline electrolyzers to green hydrogen-ammonia-methanol projects in China; Hande completed the delivery of one set of 1 Nm³ PEM hydrogen production system to a Chinese university. Project-related developments: Shandong Energy Group Inner Mongolia Branch: The winning bid candidates for the 2026 Shenglu Power Plant hydrogen production station electrolyzer project were publicly announced. The first winning bid candidate was Beijing Mingyang Hydrogen Energy Technology Co., Ltd., and Tianjin Dalu Hydrogen Production Equipment Co., Ltd. ranked second. CNMC Orient Tantalum Industry: For the 50 m³ electrolytic hydrogen production and purification system, the first winning bid candidate was Tianjin Dalu Hydrogen Production Equipment Co., Ltd. with a bid price of 1.68 million yuan. The second and third candidates were Shenzhen Wenshi Hydrogen Energy Technology Co., Ltd. and Beijing Zhongdian Fengye Technology Development Co., Ltd., with bid prices of 1.79 million yuan and 1.99 million yuan, respectively. Beijing Zhongdian Fengye Technology Development Co., Ltd.: Officially signed a strategic cooperation framework agreement with Haitai New Energy. The in-depth cooperation will focus on five key areas: first, integrated development of PV-to-hydrogen systems to create standardized solutions; second, advancing integrated wind-solar-storage-green hydrogen projects to build benchmark projects in regions of China rich in wind and solar resources; third, conducting technology R&D and process optimization to overcome key technologies and jointly develop new energy hydrogen production process packages; fourth, leveraging both parties' resources for marketing and sales to jointly expand China and non-China markets; fifth, jointly applying for scientific research and industrial support projects and participating in the formulation of industry standards. CNOOC (Shanxi) Precious Metals Co., Ltd., Jinzhong City: Its Shanxi Province's first MW-class proton exchange membrane (PEM) water electrolysis hydrogen production unit was successfully commissioned. Zaoyang Tongda Passenger Transport Co., Ltd.: Issued a tender announcement for the procurement of 20 hydrogen energy buses. The procurement covers 20 hydrogen energy buses with a maximum price limit of 21 million yuan. The project does not accept consortium bidding. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Announced the signing of an agreement with its affiliated company GF Hydrogen Africa Sarl to provide a 20 MW green hydrogen production system for Morocco, with a total consideration of approximately $6.2 million. China Coal Shaanxi Energy Chemical Group Co., Ltd.: Published the transaction result announcement for the feasibility study report compilation service for the China Coal Shaanxi Xi'an Kang green electricity-coupled biomass-to-green methanol integration project. The supplier is Hualou Engineering Technology Co., Ltd. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: Its green electricity-green hydrogen shaft furnace reduction-electric furnace short-process all-green steel production line project released the winning bid announcement for the preliminary survey and mapping portion. The winning bidder was Tianjin Geological Engineering Survey and Design Institute Co., Ltd., with a winning bid amount of 3.0362 million yuan. It is reported that the tender for the civil construction portion of the project was completed in February. Inner Mongolia Huadian Huayang Hydrogen Energy Technology Co., Ltd.: The winning bid result for the survey and design service for the wind-solar-storage portion of the Inner Mongolia Huadian Damao Banner 1 million kW wind-solar-to-hydrogen integration project was announced. Power supply engineering: total new energy installations of 1,000 MW, including 700 MW wind power and 300 MW PV, with supporting construction of one 100 MW/200 MWh LFP battery ESS power station, two 220 kV step-up substations, access roads, collector lines, and other equipment and facilities. Hydrogen production plant: construction of 88 units of 1,000 Nm³/h water electrolysis hydrogen production equipment and supporting facilities, with an annual hydrogen output of 547 million Nm³; supporting construction of one 220 kV hydrogen production main step-down substation and other facilities and equipment. The total project investment is 6.7645 billion yuan, with 30% self-owned capital. Ordos Hanxia New Energy Co., Ltd.: At the hydrogen production plant of the Narisong PV-to-hydrogen industrial demonstration project in Jungar Banner, Ordos, Inner Mongolia Autonomous Region — the site of China's first 10 kt-class PV-to-hydrogen project — the first truckload of high-purity green hydrogen meeting the 99.999% national standard was successfully dispatched after completing the filling operation, marking the first shipment of 2026. Policy Review 1. The National Development and Reform Commission issued the "Standards for Determining Major Accident Hazards in the Electric Power Sector and Regulations on Governance, Supervision and Administration," Order No. 41 of 2026. The document states that under the major hazard determination standards, any of the following conditions occurring in the power grid or power equipment and facilities shall be determined as a major hazard, including: for DC ±800 kV and AC 1000 kV and above transformers (converter transformers), monitored acetylene content reaching 0.000005 liters per liter or weekly increment exceeding 0.000002 liters per liter, or hydrogen content exceeding 0.00045 liters per liter, or total hydrocarbon content exceeding 0.00045 liters per liter. 2. The Henan Provincial Development and Reform Commission issued a notice on the list of key construction projects in Henan Province for 2026. The document states that Henan Province has 1,418 provincial key projects for 2026 with a total investment of approximately 3.2 trillion yuan, aiming to complete annual investment of over 1 trillion yuan. 3. The General Office of the Gansu Provincial People's Government issued a notice on the implementation plan for accelerating scenario cultivation and opening up to promote large-scale application of new scenarios. The document states, in the clean energy sector, the plan is to promote the coordinated layout of "generation-grid-load-storage-production," accelerate the construction of industrial cluster scenarios for wind power, PV, concentrated solar power, hydrogen energy, energy storage equipment, and new energy battery industries. A number of green electricity direct-connection scenario projects are expected to be promoted, and new energy consumption models such as virtual power plants and smart microgrids are expected to be popularized. The plan is to accelerate the deployment of green electricity-to-hydrogen scenarios through multiple models including new energy direct supply, off-grid operation, and green electricity trading, expand the diversified application of green hydrogen in industry, transportation, energy storage, and power generation, and strive to build the Hexi "Green Hydrogen Corridor" innovation scenario. Enterprise Developments Shanghai Hydrogen Maple Energy Technology Co., Ltd.: Partnered with US-based Apollo Mechanical Contractors to secure a commercial order for low-temperature solid-state hydrogen storage technology from Klickitat Valley Health Hospital in Washington State, US. Its independently developed titanium-based solid-state hydrogen storage technology successfully entered the US application market. AiH2 Technology (Group) Co., Ltd.: Officially signed a cooperation agreement with Chongqing Wansheng Economic and Technological Development Zone. Both parties will leverage the by-product hydrogen resources of the Wansheng Economic and Technological Development Zone to build the largest kt-class magnesium-based solid-state hydrogen supply and storage base in south-west China. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd. : The groundbreaking ceremony for the hydrogen refueling station construction project at Qingdao Hydrogen Energy Industrial Park was officially held in Boli Town, West Coast New Area, Qingdao. Panzhihua Huacheng New Energy Co., Ltd. : The pre-acceptance work for the Madian hydrogen refueling station's liquid hydrogen and gaseous hydrogen expansion project was successfully completed. China Classification Society (CCS) Wuhan Branch : Officially issued a certificate of approval to CSSC 712 Research Institute, marking a key breakthrough in China's marine SOFC technology and entering a new stage of standardized and industrialised development. Yunnan Energy Investment Weixin Energy Co., Ltd.: Issued an inquiry letter for the procurement of hydrogen storage tanks for the turbine department, with a procurement quantity of 4 units. AECC Hunan Aviation Powerplant Research Institute: Its independently developed MW-class hydrogen-fueled aviation turboprop engine AEP100 successfully completed its maiden flight. The flight lasted 16 minutes and covered a distance of 36 kilometers. Shandong Hi-Speed Service Development Group Co., Ltd.: The winning bid candidates for the Phase II PEM water electrolysis hydrogen production and energy storage portion of the hydrogen highway and zero-carbon service area key technology integration and demonstration Gaomi Service Area hydrogen refueling station comprehensive utilization project were publicly announced. According to the announcement: the first winning bid candidate was Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. with a bid price of 21.27 million yuan; the second winning bid candidate was Luyu Hydrogen Energy (Xiamen) Technology Co., Ltd. with a bid price of 21.95 million yuan; the third winning bid candidate was Jiangsu Huade Hydrogen Energy Technology Co., Ltd. with a bid price of 21.75 million yuan. 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 to maintain the asymmetry of electron distribution. 3. The 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 the scale-up of low-cost green hydrogen.

The 2026 SMM (21st) Lead & Zinc Conference and Industry Expo opened grandly at Howard Johnson Agile Plaza in Chengdu, Sichuan during March 25–27 2026. Organized by SMM, the event brought together global enterprises, professional experts and industry peers from across the entire lead and zinc supply chain. Participants focused on industry hot topics, analyzed market trends and explored development strategies, establishing a highly efficient platform for communication and collaboration to support high-quality growth of the sector. To further strengthen the overseas delegation’s comprehensive understanding of China’s lead and zinc industrial chain and build closer connections between international industry peers and key producers in China, SMM led a high-level overseas delegation on a multi-day industrial tour starting on the afternoon of March 27. The delegation included representatives from global giants, such as Nyrstar, a top European lead and zinc smelting firm, Nexa Resources, a South American giant in lead-zinc mining and smelting, and Befesa, a pioneer in zinc recycling. During the tour, the delegation visited 8 Chinese enterprises. including: COSCO Shipping Sichuan Chengtun Zinc & Germanium Technology Sichuan Kunshun Zinc Industry Yunnan Luoping Zinc & Electricity Hongzhou Hongqian Nonferrous Chemical Yunnan Zhenxing Industrial Group Mengzi Mining & Metallurgy Danxia Smelter of Shenzhen Zhongjin Lingnan Nonfemet The delegation members went deep into production sites, held in-depth discussions and exchanges, and gained a full picture of China’s lead and zinc industry in terms of production operations, technological innovation, capacity scale and market layout, greatly enhancing their insight into and understanding of the entire industrial chain. SMM has systematically compiled detailed information of all enterprises that were visited during this tour, with details below: COSCO Shipping On the afternoon of March 27, the delegation visited COSCO Shipping for an exchange, where they received a warm welcome from the company's leadership. Both sides engaged in discussions on topics such as equipment transportation and technological upgrades. Sichuan COSCO Shipping Logistics Supply Chain Management Co., Ltd. is a wholly-owned subsidiary of COSCO Shipping Logistics Supply Chain Co., Ltd., registered and established in Chengdu, Sichuan Province, with an investment of 30 million yuan. COSCO Shipping Logistics Supply Chain Co., Ltd. is affiliated with China COSCO Shipping Corporation Limited and serves as a core member of the "shipping, ports, and logistics" segment of COSCO Shipping Group, as well as an important component of its global digital supply chain system. The company operates warehouse space exceeding 6 million m², including 19 futures delivery warehouses. China COSCO Shipping Corporation Limited is a globally leading shipping enterprise group, with a combined fleet capacity of 130 million DWT across 1,535 vessels, ranking first in the world. Sichuan COSCO Shipping Logistics Supply Chain Management Co., Ltd. holds business qualifications and an operational scope covering multiple transportation modes including sea, land, air, and rail, providing comprehensive logistics services spanning both international and Chinese markets. Since entering the non-ferrous metals delivery warehouse business in 2016, the company has adhered to the principle of "client-centered and market-oriented," continuously enhancing its service capabilities and achieving steady business growth. Currently, at key logistics periods such as Shanghai Baoshan, Shanghai Yangshan, and Yixing in Jiangsu, the company successfully operates delivery warehouses designated by the Shanghai Futures Exchange for copper, nickel, zinc, and other products. It has become one of the three major non-ferrous metals warehouses of SHFE and was honored with the title of "Top Ten Designated Non-Ferrous Metals Delivery Warehouses" by the Shanghai Futures Exchange for two consecutive years. Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. On March 28, the delegation visited Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. (Shimian City). Both sides engaged in in-depth exchanges on the development of the zinc smelting industry, with a focus on thorough discussions regarding product processing, production techniques, capacity scale, market trends, and the current challenges facing the industry. Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. was established on December 6, 2015, with a registered capital of 1.6 billion yuan. The company has an annual capacity of 300,000 mt of electrolytic zinc, 150,000 mt of sulphuric acid, 400,000 mt of electrolytic zinc waste residue processing, and 40 mt of high-purity germanium dioxide. On January 16, 2019, the company was approved by the China Securities Regulatory Commission and merged into the publicly listed firm Chengtun Mining Group Co., Ltd. The company's main business includes smelting and R&D of zinc-germanium series products, as well as comprehensive recovery of multiple metals. It has formed a complete industry chain from zinc concentrates entering the plant to finished products leaving the plant. Its production lines include zinc calcine, electrolytic zinc, electrolytic zinc waste residue processing, and comprehensive recovery of rare and precious metals. Sichuan Kunshun Zinc Industry Co., Ltd. (Shimian City) On March 28, the delegation headed to Sichuan Kunshun Zinc Industry Co., Ltd. (Shimian City) for a visit and exchange, where they received a warm reception from the enterprise. Both parties held in-depth discussions and exchanges on zinc smelting, covering topics such as production costs, production and market landscape, raw material procurement and processing, industry chain competitive advantages, and distinctive process technologies. Sichuan Kunshun Zinc Industry Co., Ltd. is a specialized and green environmental protection enterprise jointly invested and established by Sichuan Metallurgical Holding Group Co., Ltd. and Shimian Dongshun Zinc Industry Co., Ltd. to implement the national green production philosophy, actively develop the circular economy, and promote the comprehensive utilization of solid waste resources. It integrates solid waste treatment, recycling, and resource regeneration. The company primarily uses high-tech methods to carry out clean utilization and harmless treatment of heavy metal-containing waste generated by industries such as metallurgy and chemicals, eliminating the environmental impact of heavy metal solid waste at the source. The company was established in 2021 and is located in Zhuma Industrial Park, Shimian County, Ya'an City, Sichuan Province, covering an area of 65 mu with a total investment of 180 million yuan. The company has built a 3.5m × 50m Waelz rotary kiln production line, equipped with advanced and well-established low-grade zinc oxide production technology, achieving a resource recovery utilization rate of over 95% and effectively managing waste gas, noise, solid waste, and groundwater risks. It is also equipped with supporting facilities including desulphurization, denitrification, and flue gas defogging towers, as well as a wastewater treatment station, raw material warehouse, raw material pre-washing workshop, water slag processing workshop, biomass semi-gasification furnace, zinc crystallized salt workshop, production safety and environmental protection center, and laboratory for detection and testing. The company holds qualifications for treating hazardous waste categories including HW12, HW17, HW23, HW48, and HW49, with an annual capacity to process 100,000 mt of zinc-containing waste. Its main products include low-grade zinc oxide and zinc crystallized salt. The company has always upheld the green and environmentally friendly development philosophy, adhering to the fundamentals of "being responsible for the environment, for clients, and for employees," guided by technological innovation, and targeting the "reduction, recycling, and detoxification" of solid waste pollution prevention and control. The company is committed to building a modern "solid waste" management and disposal service provider, actively carrying out emergency environmental protection disposal, proactively assuming social service functions, and making positive contributions to promoting the circular economy development in Sichuan and strengthening the ecological civilization construction of lucid waters and lush mountains! Yunnan Luoping Zinc & Electricity Co., Ltd. (Qujing City) On March 30, the delegation visited Yunnan Luoping Zinc & Electricity Co., Ltd. (Qujing City) for exchanges. During the meeting, both sides conducted in-depth discussions on key topics including magnesium removal process optimization, production management organization, and raw material substitution plans, and put forward constructive suggestions on improving the plant environment. Yunnan Luoping Zinc & Electricity Co., Ltd. was established to fully leverage Luoping's local hydropower and lead-zinc mineral resource advantages. In accordance with the "ore, electricity, and smelting integration" development strategy proposed by the Luoping County Party Committee and County Government, and the overall requirements of the Municipal Party Committee and Municipal Government for the reform of industrial enterprises across the city, the company was registered and established at the Yunnan Provincial Administration for Industry and Commerce on December 21, 2000. It was listed on the Shenzhen Stock Exchange A-share market in 2007 and is a state-controlled enterprise under Luoping County. The company's assets are an optimized combination of three components: hydropower, lead-zinc mines, and zinc smelting. In terms of company assets, they are primarily composed of three advantageous resources of Luoping: mineral, hydropower, and zinc smelting. These mainly include six production units: Luoping County Fule Lead-Zinc Mine with an annual processing capacity of 100,000 mt of raw ore, Lazhuang Power Plant with annual power generation of 250 million kWh (installed capacity of 60,000 kW), a zinc smelter with an annual output of 120,000 mt of electrolytic zinc, a zinc powder plant with an annual output of 12,000 mt of ultra-fine zinc powder, a comprehensive utilization plant with an annual processing capacity of 129,500 mt of zinc slag, and a sulphuric acid plant with an annual output of 140,000 mt of sulphuric acid, achieving a total annual industrial output value exceeding 2 billion yuan. The company has six wholly-owned subsidiaries. The company's main businesses include hydropower generation, mining of lead, zinc, and other non-ferrous metals, as well as the production and sales of zinc smelting and its extended products. It is currently the only publicly listed firm in China's zinc smelting industry that integrates mining, power generation, chemical processing, and smelting. Its products include zinc sulphide concentrates, lead concentrates, zinc ingots, industrial sulphuric acid, ultra-fine zinc powder, cadmium, germanium concentrates, silver concentrates, copper concentrates, zinc alloys, industrial and residential electricity, edible oils and fats, among others. Its main product, "Jiulong" brand zinc ingots, is popular in non-ferrous product markets in and outside China thanks to its superior product quality and corporate reputation. Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. On March 31, the delegation visited Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. for exchanges. The two sides held in-depth discussions on topics including the economic benefits of smelting by-products, energy utilization efficiency, the current status of enterprise development, and future cooperation intentions. Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. was established on August 1, 2007, with a registered capital of 50 million yuan. The total investment in project construction was 475.5543 million yuan. The company currently has over 600 employees and covers an area of 443 mu. The plant is located in the Heishenmiaobo Industrial Zone, situated in the central area of the Gejiu-Kaiyuan-Mengzi urban cluster. The company is a new-type joint-stock enterprise centered on crude lead smelting, integrating sulphur dioxide acid production, waste heat power generation, lead electrolysis, and recovery of precious and rare metals such as gold, silver, antimony, and bismuth, with further extension into deep processing of lead-series products including red lead, massicot, electrode plates, and storage batteries. It is a benchmark enterprise among private lead smelters in the city, featuring a relatively large scale, advanced technology, compliance with environmental protection standards, comprehensive utilization of resources, and a complete industry chain. The company pioneered the application of new technologies to upgrade and transform the traditional crude lead smelting model among private enterprises in the city. The company has formulated the working philosophy of "prioritizing environmental protection, ensuring safety, attracting talent, enforcing strict management, and enhancing efficiency," and continues to drive high-quality development. In April 2007, the company commissioned China ENFI Engineering Technology Co., Ltd. to conduct a feasibility study on the lead smelting technological transformation project, and determined a comprehensive industrial facility technological transformation project with a total investment of 490 million yuan and an annual capacity of 60,000 mt of crude lead. On December 21, 2009, the "Demonstration Project of Oxygen-Enriched Bottom-Blowing Lead Smelting Technology with Annual Output of 60,000 mt of Crude Lead" was designated by the Provincial Department of Science and Technology as a 2009 Yunnan Provincial Science and Technology Innovation Project. In 2010, it was further designated as a key industrial project by the provincial, prefectural, and municipal governments. On November 14, 2011, the company obtained ISO9001:2008 quality management system certification. On March 7, 2012, "HSPb99.94PCT" was successfully registered on the London Metal Exchange. In 2019, the company successively passed the safety completion acceptance and environmental impact assessment completion acceptance, fully achieving compliant operations and sustainable development. Yunnan Zhenxing Industrial Group Co., Ltd. On March 31, the delegation headed to Yunnan Zhenxing Industrial Group Co., Ltd. for a visit and exchange. Both parties conducted in-depth discussions on topics including Yunnan Province's mineral resource endowment, smelting industry development trends, corporate business strategies, and technological innovation applications, jointly assessing the current status and prospects of the industry and analyzing the challenges and opportunities ahead. Yunnan Zhenxing Industrial Group Co., Ltd. (hereinafter referred to as "the Group") was founded in 1996 and is located in the Chongposhao New Materials Industrial Park, Shadian Sub-district Office, Gejiu City. The Group currently has 7 subsidiaries, 2 holding companies, and 1 equity-participation company, with approximately 3,000 employees. Its capacity reaches annual output of crude lead (100,000 mt), electrolytic lead (60,000 mt), zinc ingot (20,000 mt), lead-acid battery plates (9 million sets), lead-acid batteries (6 million units), superphosphate (350,000 mt), sulphuric acid (200,000 mt), and monoammonium phosphate (MAP) (60,000 mt). The Group has established five major production sites and five major product brands covering crude lead raw material, lead-zinc smelting, power supply manufacturing, fertilizer and chemical production, and resource recovery. It has formed an internal industrial cycle spanning lead ore mining—lead-zinc smelting—lead-based alloy melting—battery manufacturing—waste battery recycling—precious metals production, making it one of the few private non-ferrous enterprises in China with a complete lead industry chain. Since 2013, the Group has been consecutively recognized as one of the Top 100 Non-Public Enterprises in Yunnan Province. In 2025, it ranked 41st among the "Top 100 Non-Public Enterprises in Yunnan Province" and was selected for the first time into the "Top 20 Private Enterprises in Innovation Capability," ranking 7th. Yunnan Shadian Lead Industry Co., Ltd., a subsidiary controlled by the Group, ranked 71st. The Group has received nearly 100 honors at various levels, including "High-tech Enterprise," "Outstanding Private Technology Enterprise," "Enterprise with Harmonious Labor Relations," "Provincial Model Collective for Ethnic Unity and Progress," and "Key Enterprise for Industrial Development in Honghe Prefecture" in Yunnan Province. The Group's Yunsha brand lead ingot was successfully registered on the London Metal Exchange in 2007 and on the Shanghai Futures Exchange in 2020. In 2021, the Group was rated AAA in enterprise credit rating in the national non-ferrous metals industry. In August 2024, it was designated as a "Qiangyuan Zhuqi" Industry-Finance Service Base by the Shanghai Futures Exchange. Looking ahead, the Group will pursue the philosophy of "seeking survival, pursuing development, and accelerating enterprise transformation and upgrading," adhering to the working approach of "rooting in Honghe, basing in Yunnan, radiating to surrounding regions, and expanding across China." It will thoroughly implement strategies of enterprise management transformation, technology-driven development, talent empowerment, and sustainable development, striving to achieve significant increases in capacity and production of major products by 2035, with gross industrial output value up YoY, and to build itself into a 10 billion green lead-zinc comprehensive recycling technology enterprise. Mengzi Mining and Metallurgy Co., Ltd. On March 31, SMM and the field trip delegation headed to Mengzi Mining and Metallurgy Co., Ltd. for a visit and exchange. Both parties engaged in in-depth discussions on the entire zinc smelting process, covering topics including production technology, raw material supply, product sales, environmental protection governance, and future development plans, aiming to share experience, address industry pain points, and jointly clarify the direction of development. Mengzi Mining and Metallurgy Co., Ltd. was established in 1996. It is a resource-based mining and metallurgy enterprise integrating R&D, exploration, mining, mineral processing, smelting, and trading, with a focus on comprehensive utilization of resources. The company is one of the few comprehensive private enterprises in the non-ferrous metal industry that possesses an entire industry chain and operates independent trading and supply chain business platforms. It is among the top 100 enterprises in Yunnan Province and a key enterprise in Honghe Prefecture. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. — Danxia Smelter On April 2, the SMM delegation visited Zhongjin Lingnan's Danxia Smelter for a survey and field trip to the core plant area. In-depth discussions were held on production operations, technological R&D, and raw material procurement, covering key topics such as production capacity, technical cooperation, and raw material procurement strategies. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. (hereinafter referred to as "Zhongjin Lingnan") was established in September 1984 and listed on the Shenzhen Stock Exchange in January 1997 (stock code: 000060). It is an internationalized entire industry chain resource company primarily engaged in lead, zinc, and copper mining, mineral processing, and smelting, as well as comprehensive recovery of rare, scattered, and precious metals. It is a publicly listed firm controlled by Guangsheng Holdings Group, a key wholly state-owned enterprise under Guangdong Province. Zhongjin Lingnan's business covers segments including mines, smelting, new materials, and supply chains. It has 23 directly affiliated enterprises, wholly-owned and controlled subsidiaries. Major operating entities include Fankou Lead-Zinc Mine, Shaoguan Smelter, Danxia Smelter, Zhongjin Copper Co., Guangxi Mining Co., Perilya Limited in Australia, Zhongjin Technology Co., and Huajiari Co. The company has an annual output of 300,000 mt of lead and zinc metal content in concentrates, 450,000 mt of smelted lead and zinc products, 450,000 mt of copper cathode, 21,000 mt of aluminum extrusion, 20,000 mt of battery zinc powder, and 5,400 mt of composite metal materials. Among these, its battery zinc powder ranked first in Chinese market share, nickel-metal hydride and nickel-cadmium battery electrode sheets & plates materials ranked first in Chinese market share, and thermal bimetal ranked first in Chinese market share. The 2026 field trip brought together some global lead and zinc industry leaders for an inspiring and highly productive journey across China’s leading smelters and enterprises. The warm welcome, operational excellence, and innovative technologies on display made this event a resounding success — and we extend our deepest gratitude to all the companies and participants who made it happen. Looking ahead – Save the date for 2027: We are excited to announce that the 2027 SMM (22nd) Lead & Zinc Conference and Industry EXPO will take place from March 17–19, 2027 in Kunming, Yunnan, China . This premier event will once again bring together the global lead-zinc community for high-level networking, insight sharing, and industrial exploration. Interactive call – We want to hear from you: As we plan the field trip for the 2027 conference, we’d love your input. Which smelters or companies would you most like to visit for technical exchange and on-site learning? Please share your suggestions in the comments below — your feedback will help shape the 2027 experience. Let us know where the industry should go next!

Since the outbreak of the US-Iran war on February 28, 2026, financial and commodity markets have experienced a severe correction and roller-coaster ride.

Due to declining operating enthusiasm among lead smelters and the recovery of supply from lead-zinc mines in China, lead concentrates in the Chinese market were slightly more abundant in April. In addition, affected by weak silver prices and unclear expectations, smelters actively negotiated prices as by-product revenue declined. It is understood that the tender and bid prices for lead concentrates at some lead-zinc mines have already risen slightly by varying amounts of 30-50 yuan/mt Pb, while smelters maintained strong wait-and-see sentiment. In regions such as Hunan and Yunnan, some small-scale smelters still extended their maintenance-related shutdown cycles. Although sentiment in the precious metals market was pessimistic in the short term, the payable indicator for silver content in lead concentrates with various silver grades in the market has not yet been adjusted. Negotiations between mines and smelters mainly focused on increasing TCs. Except that some silver concentrates whose coefficient was raised in Q1 (with silver content above 3,000 g/t) no longer quoted high prices above 0.97, the silver payable indicators of other types of silver-bearing lead concentrates remained stable.

Thu, 02-Apr-2026 12:23 Gold investing sentiment never stronger outside financial or Covid crisis... GOLD's SHARPEST price drop in 13 years just saw a record number of investors buy the precious metal on BullionVault as the US and Israel went to war with Iran, writes Adrian Ash at the world-leading marketplace. Private investors have seized on gold's price drop because this sudden retreat has given buyers the chance to reset the clock back before January's historic price spike. After setting new all-time highs and rising for 9 months in a row − gold's longest-ever run of unbroken gains − the price of gold sank by 11.8% in March (-10.5% in UK Pounds, -9.7% in Euros) as the oil-price shock drove profit-taking by central banks, institutional investors and traders needing to cover losses in stocks and bonds. Jumping on the price drop, the number of investors choosing to buy gold on BullionVault − now used by 130,000 private investors worldwide and finding 9-in-10 of its clients in Western Europe and North America − rose by almost one-fifth from February's count (+18.2%). That meant buyers topped this New Year's previous record and outnumbered sellers (who rose 0.4%) nearly 3-to-1. It also means that investing sentiment in gold has only been stronger at the peak of the financial crisis and then the Covid pandemic. Tracking the number of buyers versus sellers on BullionVault each month, the Gold Investor Index is a unique gauge of sentiment built solely from actual gold trading decisions. Rebased so that a reading of 50.0 would signal a perfect balance of buyers and sellers, the Global Gold Investor Index set a lifetime high of 71.7 in September 2011, and it hit a series low of 47.5 in March 2024 when gold prices rose to what were then fresh record prices in the absence of any notable economic or financial stress. This March the Gold Investor Index rose to 60.7, adding 2.3 points to reach its highest reading since August 2020 and extending the uptrend begun on the eve of the US presidential election in autumn 2024 . Having risen so sharply during Trump's first year back in the White House, gold has shocked many observers by falling during the Iran War so far. But while gold now faces headwinds from higher inflation threatening a rise in interest rates, the danger of economic stagflation only boosts the need to spread portfolio risk as the geopolitical order breaks down. The breadth of demand says that gold remains a compelling investment in today's uncertain and increasingly dangerous world. In contrast to gold, investing sentiment in silver fell in March as the more industrially-useful precious metal sank in price, with BullionVault's gauge dropping to a 4-month low. But that still put the Silver Investor Index at 60.1, greater than all but 12 of the series' 170 previous monthly readings. Silver's price crash of 19.2% in US Dollar terms was its worst 1-month loss since September 2011 (the worst in GBP since Sept '11 at 17.5%; the worst since March 2020 in EUR at 16.8%). In response, investors using BullionVault bought almost 1.5 tonnes more than they sold as a group, taking total client holdings to 1,134 tonnes worth more than $2.6bn (£2.0bn, €2.3bn). Gold's price drop meanwhile saw BullionVault users buy more gold than they sold by weight for the first time since October, growing their total holdings by 0.2% to more than 43.4 tonnes worth $6.4 billion (£4.8bn, €5.5bn). New account openings fell by 1/3rd from February's figure (-33.2%) and totalled less than 2/5ths of January's all-time record (-60.5%). But March still marked the 8th strongest month for first-time users of BullionVault in the West London fintech's 21-year history. Altogether, the first 3 months of 2026 have now brought more new customers to BullionVault than all but 3 full calendar years since it opened in April 2005. Adrian Ash Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver, platinum and palladium market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times , MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ , plus Italy's Il Sole 24 Ore. See the full archive of Adrian Ash articles on GoldNews. Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News . Source: https://www.bullionvault.com/gold-news/gold-investor-index/buy-gold-iran-war-040220261