[SMM Lead Market News Flash] It was reported that CME Group, in a statement released last Friday, approved the application of GKE Metal Logistics Pte. Ltd., allowing it to store aluminum ingots and lead ingots meeting the delivery standards of New York Mercantile Exchange (COMEX) aluminum and lead futures contracts in the Hong Kong Special Administrative Region of China. The approved indoor storage capacity for aluminum and lead at GKE is 6,500 mt.

Delaware Depository, a COMEX/NYMEX Depository for the storage and delivery of gold, gold (enhanced delivery), silver, platinum, and palladium deliverable against the Exchange’s respective futures contracts, will implement new rates in connection with Storage of Gold, Gold (Enhanced Delivery), and Silver at its facilities located in Delaware. The new rates reflect the maximum amounts of fees that can be charged and will be effective July 1, 2026.

March 13 (Reuters) - Gold was on track for a second straight weekly loss, even as it edged higher on Friday, as surging oil prices dampened rate cut bets and caused investors to cover margin calls, while a rising dollar and U.S. yields also pressured prices.

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

Capacity side, according to incomplete statistics, the domestic alkaline electrolyzer market remained at 43.77 GW and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. The 16 green electricity smart hydrogen production systems built by Shuangliang Group for ACME Group’s Oman green ammonia project with a daily output of 300 mt officially commenced shipment. Updates on electrolyzer projects: Xinjiang Hynda Energy Technology Co., Ltd.: The EPC tender was released for an integrated production line project with an annual production of 120,000 mt of green hydrogen and 700,000 mt of green ammonia. It is understood that this project is the largest green ammonia producer in China in terms of both scale and production, with a total investment of 10 billion yuan. At present, company registration, project filing, and equipment selection have been completed. The preliminary site is in Wusu West Industrial Park, covering about 600-800 mu; the next step will be to accelerate project planning and design, EIA, energy assessment, safety assessment, and other pre-project procedures, striving to commence production and achieve results as early as possible. Sinopec Sales Co., Ltd. Xinjiang Jiangbei Petroleum Branch: The first public notice for the EIA information disclosure of the new construction project of the Kunlun Road integrated energy supply station in Karamay District was released. Construction location: opposite the bus company on Kunlun Road, Karamay District. Construction content: the project covers an area of 7,504.01 m², with a newly built station building of 390 m² and a canopy of 450 m²; it will include 4 oil storage tanks, 2 fuel dispensers, 1 set of LNG skid-mounted equipment, 2 fast charging piles, 1 set of water electrolysis hydrogen production equipment, a set of hydrogen storage cylinders, and one set of hydrogen skid-mounted and refueling equipment. Annual sales: 3,500 mt of refined oil products, 800 mt of LNG, and 120 mt of hydrogen. China Coal Pingshuo Group Co., Ltd. : A change announcement was released for the procurement project of complete sets of alkaline electrolyzer equipment and ancillary facilities for Phase I of the 600,000 kW off-grid renewable energy hydrogen production project in the coal mining subsidence area of China Coal Pingshuo Group (green hydrogen coupled with the coal chemical segment), and the bid opening time was postponed to March 17, 2026. It is understood that the project adopts a main-and-auxiliary supply model, and the quotation includes 12×1,200 Nm³/h alkaline electrolyzers, 3×4,800 Nm³/h gas-liquid separation systems, 3×4,800 Nm³/h gas purification systems, etc. Junrui Green Hydrogen Energy (Shangdu County) Co., Ltd. : The 30,000 mt/year hydrogen production project in Lingyuan City completed filing. Total investment was 146,037 yuan; the project covers 375 mu, including an electrolysis workshop, 2 purification and compression workshops, a power station, a hydrogen tank farm, etc.; core equipment includes 84 sets of 1,000 Nm³/h electrolyzers, hydrogen storage tanks, as well as hydrogen purification units, compressors, etc. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: The filing for the green electricity and green hydrogen steel mill plant construction project, a banner/county industrial project, was successfully completed. It was learned that the project’s main construction location is Guyang County, Baotou City; total investment: 1.02 billion yuan, funded by self-owned capital; planned construction period: from March 2026 to October 2027; construction content: construction of green electricity, green hydrogen, and green steel plant buildings and auxiliary facilities. Inner Mongolia Junhong Technology Co., Ltd.: Cancellation of the Green Methanol Plant Building Construction Project. It was learned that the Green Methanol Plant Building Construction Project of Inner Mongolia Junhong Technology Co., Ltd. is located in Baotou City—Guyang County—Jinshan Industrial Park. The project entity is Inner Mongolia Junhong Technology Co., Ltd., with a total investment of 1.5 billion yuan. Policy Review 1. Premier Li Qiang delivered the Government Work Report at the Fourth Session of the 14th National People’s Congress, emphasizing that efforts must be made to advance the development of a green, low-carbon economy. Specific measures include: improving relevant policies to promote green and low-carbon development; carrying out actions to improve quality, reduce costs, and cut carbon emissions in key industry; further advancing the development of zero-carbon industrial parks and factories; establishing a national low-carbon transition fund and actively fostering emerging growth drivers such as hydrogen energy and green fuels; implementing strong and effective controls over high energy-consuming and high-emission projects, accelerating the phase-out of outdated capacity, while supporting innovation and application of green and low-carbon technology and equipment; improving the mechanism for total resource volume management and the comprehensive conservation system, and strengthening the recycling and utilization of renewable resources. 2. The European Commission stated that it will maintain the fertilizer carbon tariff mechanism, while simultaneously implementing temporary tariff reductions and exemptions for fertilizers such as ammonia and urea, in order to balance environmental protection goals with agricultural cost pressure, ensure fair competition, and stabilize clean energy investment. 3. The European Commission approved a 4 billion euro dedicated fund for electrolyzers, providing a 30% equipment cost subsidy for projects with capacity ≥500MW/year, and setting the 2030 electrolyzer efficiency target for green hydrogen projects at ≥60% (LHV basis). Enterprise Updates Shandong Port Qingdao Port (Group) Co., Ltd. : At the Qianwan Port Area of Shandong Port Qingdao Port, the methanol bunkering vessel “Jianhang Lida” successfully carried out 2,500 mt of green methanol ship-to-ship bunkering operations for two international seagoing vessels. SPIC Green Energy Co., Ltd.: Tender Announcement for the 10th Batch of Centralized Tenders in 2026 (infrastructure projects). This includes multiple tenders related to the Lishu wind and solar power hydrogen-ammonia-methanol project: the foundation pile detection service project for the Lishu wind and solar power green hydrogen biomass-coupled green methanol project; the non-destructive detection service project for the Lishu wind and solar power green hydrogen biomass-coupled green methanol project; and the EPC project for the design and construction of the fine interior fit-out of the office building and canteen in the plant-front area of the chemical section of the Lishu wind and solar power green hydrogen biomass-coupled green methanol project. Hangzhou Fenghua Hydrogen Energy Technology Co., Ltd. : The major project approved by the Zhejiang Provincial Department of Marine Economic Development, jointly applied for with Windey, Baimahu Laboratory, Zhejiang University of Technology, and others—R&D and application demonstration of key equipment for an offshore wind power direct-coupled hydrogen production off-grid system—was approved. Tangshan Haitai New Energy Technology Co., Ltd. : Held a symposium with Beijing Energy International Holding Co., Ltd. The two sides focused on areas such as the construction of green electricity transmission corridors into Beijing and green hydrogen pipeline transportation, and conducted discussions and exchanges on deepening cooperation. China Huadian Corporation Ltd. : Party Secretary and Chairman Jiang Yi held talks in Baotou with Chen Zhichang, Member of the Standing Committee of the Inner Mongolia Autonomous Region Party Committee and Party Secretary of the Baotou Municipal Party Committee, and Meng Qingwei, Deputy Party Secretary and Mayor. The two sides exchanged views on further deepening cooperation between central enterprises and local governments. CIMC Enric Holdings Limited​​​​​​​: Formally signed the Strategic Cooperation Framework Agreement in Jakarta with PT SAMATOR Group, an Indonesian provider of industrial gases and energy solutions. Based on their deep accumulation in energy equipment, industrial gases, and clean energy, the two sides reached a consensus on long-term strategic cooperation. Zhizi Automobile Technology Co., Ltd.​​​​​​​: Completed a Series B financing of several hundred million yuan, with investors including Shengshi Juxin, Guoxin Venture Capital, Hebei Industrial Investment, Green Era, Youda Shangrong, the Private Economy Fund, Huoshui Capital, and Huitou Zhizao. The funds will mainly be used for R&D of core technologies such as intelligent driving and autonomous driving, replenishment of working capital, and global market expansion. 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 service life of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications 1. Xi’an Jiaotong University and a Peking University team jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and cost-effectiveness of AEM water electrolysis for hydrogen production, supporting the large-scale deployment of low-cost green hydrogen. 2. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum-group metals and ionomers from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 3. Relevant research teams from the School of Electrical Engineering of Xi’an Jiaotong University and the National Key Laboratory of Electrical Insulation and Power Equipment Materials successfully developed a Ru/Ti3C2Ox@NF seawater electrolysis bifunctional electrocatalyst. 4.《Technical Specification for Wind and Solar Power + ESS Coupled Green Electricity Electrolysis Hydrogen Production (No. T/CIEP 0272—2025), a group standard, was issued and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully conducted R&D of a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it had developed a new-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

Key Points: Silver extends its breakout above the 50-day MA as bullish momentum builds toward the February high of $92.20. A 31% drop in COMEX inventories fuels concerns over a growing physical supply crunch. Registered silver stocks fall below 90M oz, raising liquidity fears as open interest exceeds available metal fourfold.

[SMM Zinc Morning Meeting Minutes: LME Zinc Ingot Inventory Remains Low, LME Zinc Fluctuates at Highs] Overnight, LME zinc opened at $3,387.5/mt, fluctuated upward after opening, touched a high of $3,416.5/mt, then pulled back all the way, approaching the end of the session, LME zinc touched a low of $3,362.5/mt, then rebounded from the low to near the daily average line, and finally closed down at $3,387/mt...

Last week, the overseas rare earth market exhibited distinct characteristics, including accelerated exploration of futures financialization, diversified development of global resource projects, deepened supply chain strategies in major consumer countries, progress in alternative technology R&D, and continuous expansion of international cooperation networks. Next week, as China enters the Chinese New Year holiday, overseas markets will maintain this pace of advancement.

Futures: Overnight, LME lead opened at $1,974/mt, touched a high of $1,981.5/mt during the Asian session before fluctuating downward; it probed a low of $1,960.5/mt during the European session, then rose in late trading to close at $1,977.5/mt. Overnight, the most-traded SHFE lead 2603 contract opened at 16,660 yuan/mt, touched a low of 16,635 yuan/mt early in the session before fluctuating upward to a high of 16,750 yuan/mt, and finally closed at 16,705 yuan/mt, up 0.24%, forming a small bullish candlestick. On the macro front: CME Group: Plans to launch single-stock futures this summer. US Fed—①Hammack: Economic outlook is positive, inflation remains high, no urgent need for interest rate cuts this year. ②Logan: Adopts a "cautiously optimistic" stance on the effectiveness of current interest rate policy, more concerned about inflation. US December retail sales month-on-month recorded 0%, below the median forecast of 0.4%, previous value 0.60%. According to the EU-China Chamber of Commerce, the European Commission accepted Volkswagen's price commitments for China-made pure electric vehicles. China's National Development and Reform Commission (NDRC) issued implementation opinions on accelerating the promotion and application of artificial intelligence in the bidding sector. Li Qiang: Reasonably develop rare earth resources, actively promote breakthroughs in key core technologies. The central bank released the China Monetary Policy Execution Report for Q4 2025: Continue to implement appropriately accommodative monetary policy. : Market circulation cargoes were limited in Jiangsu, Zhejiang, and Shanghai, coupled with most logistics being suspended, suppliers' quoting enthusiasm significantly decreased, with a few quoting following the market, mainly cargoes self-picked up from production site. Quotations for mainstream origin primary lead cargoes self-picked up from production site against the SMM #1 lead average price were at discounts of 30 yuan/mt to premiums of 50 yuan/mt ex-works. Secondary lead side, smelters awaited the holiday, quotations were scarce, a few secondary refined lead quotations against the SMM #1 lead average price were around parity ex-works. Additionally, most downstream enterprises had halted production, some operating enterprises were also in the final stage, spot order procurement basically stopped, and transactions were rare in the spot market. Inventory side: On February 10, LME lead inventory was flat from the previous day at 232,750 mt. As of February 9, SMM lead ingot social inventory across five areas rose to a five-month high. Today's lead price forecast: Enterprises across the lead industry chain successively entered the holiday period, trading activity significantly decreased. Most primary lead suppliers completed clearing inventory last week, spot order quotations were scarce; many secondary lead smelters were on holiday and reluctant to sell at low prices, most enterprises suspended quotations. Downstream enterprises generally entered the year-end final stage, stockpiling targets were completed, and inquiry willingness was low. Additionally, as the Chinese New Year holiday approaches, logistics and transportation have tightened, and the spot market is experiencing light trading activity. Overall, the impact of fundamentals on lead price trends before the holiday has weakened, with attention turning to fluctuations in overseas markets that may affect lead prices. Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice.

[SMM Morning Meeting Summary: Precious Metals Decline and Inventory Drop, LME Zinc Maintains Fluctuating Trend] Overnight, the LME zinc contract opened at $3,324/mt, initially reaching a high of $3,327.5/mt before its center quickly dropped to $3,271.5/mt. During the European trading session, the price gradually rebounded with fluctuations, closing above the daily average line by the end of the session. It finally settled at $3,298.5/mt, down $7/mt, a decrease of 0.21%.