On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Tin Midday Commentary: The Most-Traded SHFE Tin Contract Closed Up 3.19%, with Middle East Geopolitical Risks and Low Inventory Supporting Prices]

[SMM Tin Midday Commentary: Technical Recovery Coupled with Expectations of a Temporary Easing in Geopolitical Tensions Drives a Rebound in Tin Prices]

This week, the weekly operating rate of leading downstream aluminum processing enterprises in China rebounded 1.1 percentage points MoM to 64%.

SMM Nickel News, March 26: Macro and Market News: (1) On March 25, COSCO SHIPPING Lines issued a service notice announcing the immediate resumption of new bookings for services from the Far East to the following Middle East countries (dry containers): the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. The resumption of shipments did not mean that COSCO SHIPPING container vessels could pass through the Strait of Hormuz. (2) In the early hours of March 25, Tehran time, Iran's Permanent Mission to the United Nations said in a statement on social media that non-hostile vessels could safely pass through the Strait of Hormuz in coordination with relevant Iranian authorities, provided that the countries to which they belong or with which they are associated neither participate in nor support acts of aggression against Iran, and fully comply with the announced safety and security regulations. Spot Market: On March 26, the SMM price of #1 refined nickel rose by 1,550 yuan/mt from the previous trading day. In terms of spot premiums, the average premium for Jinchuan #1 refined nickel was 5,400 yuan/mt, down 750 yuan/mt from the previous trading day; domestic mainstream electrodeposited nickel was at -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2605) opened sharply higher in last night's session and then fluctuated downward, closing the morning session today at 135,250 yuan/mt, up 0.50%. Policy expectations that Indonesia may impose a nickel export tax, together with firm ore prices on the raw material side and easing macro sentiment, jointly drove nickel prices to rebound. Nickel prices are expected to hold up well in the short term, with the core trading range of the most-traded SHFE nickel contract at 133,000-143,000 yuan/mt.

Mar 2026 , Hong Kong’s shipping industry reached a pivotal moment in its green transition: Sinopec CNOOC Fuel Supply, a subsidiary of COSCO SHIPPING Group, together with Sinopec Hong Kong and CMG RoRo, successfully completed Hong Kong’s first green methanol bunkering operation , while also setting a national first record for green methanol bunkering at anchorage , marking Hong Kong’s official entry into a new stage of bunkering green alternative marine fuels. The operation was carried out throughout by the “Daqing 268” vessel , independently operated by Sinopec CNOOC Fuel Supply. The vessel was China’s first methanol dual-fuel powered bunkering ship for both oil products and chemicals, featuring advanced technical performance and independently controllable core equipment. Its propulsion system achieved 100% localisation and adopted a dual-fuel drive mode using methanol and conventional fuels. The vessel is 109.9 meters in length, has a deadweight of 7,500 mt, and a total tank capacity of 10,362 m³. It can transport and bunker multiple clean energy products, including methanol, biodiesel, and fuel oil, meeting the needs of multiple batches and multiple bunkering standards. It is also legally qualified to operate on Hong Kong and Macao routes, making it a critical link in green shipping services connecting the Guangdong-Hong Kong-Macao Greater Bay Area. The successful completion of the first bunkering operation through the coordination of multiple central state-owned enterprises fully demonstrated their collaborative strength in the field of green shipping. It not only aligned with the Hong Kong SAR Government’s green shipping plans, but also laid a solid foundation for the future normalised development of green methanol bunkering business between mainland China and Hong Kong and Macao.

Capacity side, according to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No offline delivery information was available this week. Project-related developments: Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Its indirectly wholly owned subsidiary, Xinjiang Guofu Mingzhi Hydrogen Energy Technology Co., Ltd., entered into a sales agreement with independent third party Hefei Zhongke Hecheng Green Energy Co., Ltd. for hydrogen production equipment for a green fuel base demonstration project featuring 20,000 mt of green electricity-based hydrogen production and flexible synthetic ammonia. The total contract value exceeded 55 million yuan. Under the agreement, Guofu Mingzhi will supply the client with six sets of 1,000 Nm³/hour alkaline electrolyzers and auxiliary equipment, such as rectifier transformers, rectifier cabinets, and separation and purification equipment. Xizang Zangqing Energy Equipment Co., Ltd.: A tender announcement was officially issued for the EPC project covering design and construction of Phase I of the zero-carbon intelligent equipment base for the new energy industry of green hydrogen and green methanol in the Zangqing Industrial Park. It is understood that the project mainly includes: an annual output of 100 sets of 1,500 Nm³-2,000 Nm³ alkaline electrolyzers; a 500 MW/year production line for plateau-type PEM electrolyzers; a standardized production line for a 40,000 t/d methanol synthesis unit and components; an annual output of 120 sets of 500 kW integrated hydrogen-oxygen heat and power co-generation units; and an annual output of 50 sets of 500 kg/day skid-mounted integrated methanol hydrogen refueling station equipment. Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd.: An announcement was issued on the signing of the EPC general contract for the Phase I, Stage I green ammonia project of the integrated 800,000 mt/year wind and solar power-hydrogen-ammonia project with Donghua Technology. It is understood that the contract was signed by both parties on March 5, with a contract value of 2.026 billion yuan (provisional estimate), and the construction period (mechanical completion) will run until June 18, 2028. Donghua Engineering Technology Co., Ltd. will mainly undertake the design, procurement, construction, operation assurance services, and guidance for startup and commissioning of the EPC project. Tangshan Haitai New Energy Technology Co., Ltd. : During the visit by the deputy secretary of the Abaqa Banner Committee in Inner Mongolia, the two sides further deepened cooperation on the 10 GW integrated wind and solar power-to-hydrogen project, working together to advance the project’s early commencement and commissioning. Maoming Binhai New Area Urban Investment Development Co., Ltd.: A public notice was issued on the shortlisted candidates for the construction of Phase I of the supporting road network project for the Green Chemical and Hydrogen Energy Industrial Park in Maoming Binhai New Area. The first shortlisted candidate was CCCC Fourth Harbor Engineering Co., Ltd., with a bid price of 98.210593 million yuan; the second shortlisted candidate was Hebei Xiangda Road & Bridge Engineering Co., Ltd., with a bid price of 98.23076 million yuan; and the third shortlisted candidate was Jiangxi Sitong Road & Bridge Construction Group Co., Ltd., with a bid price of 98.008929 million yuan. Fujian Tianchen Yaolong New Materials Co., Ltd.: A tender announcement was issued for the equipment procurement project for the hydrogen purification unit of the cyclohexanone technology upgrade and renovation project. It is understood that the project plans to procure one set of hydrogen purification unit equipment, with a maximum bid price of 7 million yuan. Inner Mongolia Juliyong Hydrogen New Energy Technology Co., Ltd.: Its new-type high-density, low-pressure solid-state hydrogen energy power R&D and industrialisation project was filed. The project will be constructed in Ordos City—Ordos Airport Logistics Park—Phase II, First Floor, Standardised Factory Buildings, Ordos Comprehensive Bonded Zone, Ejin Horo Banner, Ordos City, Inner Mongolia. The project is expected to be built in two phases, with a total investment of approximately 120 million yuan. It requires 10 million yuan in policy support funding, with Phase I investment of 40 million yuan and Phase II investment of 80 million yuan. The construction period is three years, and after completion, the project is expected to generate annual profit of 30 million yuan. Policy Review 1. At the press conference held during the fourth session of the 14th National People's Congress, Zheng Shanjie, Chairman of the National Development and Reform Commission, said that China would focus on developing the “six emerging pillar industries” and the “six future industries.” Among them, “green hydrogen energy and nuclear fusion energy” were included in the category of future industries. 2. The People's Government of Shandong Province issued the Implementation Plan on Supporting Jining in Accelerating Green and Low-Carbon Transformation and Building New Advantages in High-Quality Development. The document proposed supporting Jining in fostering and developing emerging industries and future industries such as hydrogen energy production, storage, and transportation, and supporting the construction of future industry acceleration parks; advancing R&D breakthroughs in key technologies such as hydrogen fuel cell vessels, building a leading inland new energy vessel manufacturing base in China; and supporting technological innovation and the promotion and application in fields such as hydrogen energy. 3. With the approval of the National Energy Administration, the Standardisation Technical Committee for the Hydrogen Energy Sector of the Energy Industry was established in Beijing. The establishment of the committee aims to improve the industry standard system, lead technological innovation, and regulate market order. Enterprise Updates Qinghang Times (Shenzhen) Technology Co., Ltd. : Qinghang Times was established on January 5, 2026, with a registered capital of 1 million yuan and legal representative He Rongjie. It was founded by a Tsinghua University master's and doctoral team, received support from Tsinghua innovation and entrepreneurship platforms such as Tsinghua i-Space and Tsinghua Chuang+, and was selected for the Sci-Tech Innovation Light “Future Sci-Tech Entrepreneur Program.” Through its technical solution combining liquid hydrogen storage and a high-temperature PEM hydrogen-electric coupling system, it increased aircraft driving range by more than 10 times and payload by 2–3 times. Recently, it completed seed-round financing worth several million yuan, with the investor undisclosed. Shenzhen Hydrogen Energy Co., Ltd.: Completed A+ round financing, with Shenzhen Energy Investment as the investor. Anhui Shuishui New Energy Technology Co., Ltd. : Anhui Shuishui Technology completed an A-round financing of over 100 million yuan, led by NIO Capital. This round of funding will be primarily used to fulfill large orders, increase R&D reserves, construct new factories, and support daily operations, in order to drive the integration and upgrading of the industry chain. SPIC Green Energy Co., Ltd.: held talks with Beijing Energy International Holding Co., Ltd., with both sides focusing on areas such as the construction of green electricity transmission channels into Beijing and pipeline transportation of green hydrogen, and conducting in-depth exchanges on deepening cooperation. Beijing Hydrosys Technology Co., Ltd. : helped successfully complete hydrogen refueling at Yunnan’s first integrated “PV–green electricity–hydrogen” refueling station. China Classification Society ​​​​​​​: supported the successful completion of the 16,136 TEU methanol dual-fuel container ship project. China Classification Society​​​​​​​​​​​​​​: the “COSCO 9802,” a single methanol-powered chemical tanker for which it carried out drawing approval and construction inspection, was successfully delivered. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​ (China) disclosed 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 a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications​​ 1. A team from Xi’an Jiaotong University and Peking University jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and economics of hydrogen production from AEM water electrolysis and 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 in PEM fuel cells and electrolyzers, substantially reducing the carbon footprint. 3.​​Research teams from the School of Electrical Engineering of Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed the Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard Technical Specification for Wind and Solar Power, PV+ESS, and Green Electricity Coupled Electrolysis Hydrogen Production (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it had developed a next-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

The port and shipping sector once again defied the market downturn today, attracting significant attention. As of the time of writing, SITC International Holdings Co., Ltd. (01308.HK) surged by over 5%, while T.S. Lines Limited (02510.HK) rose by more than 4%. Other stocks, including COSCO SHIPPING Development Co., Ltd. (02866.HK), Qingdao Port International Co., Ltd. (06198.HK), and COSCO SHIPPING Holdings Co., Ltd. (01919.HK), also followed suit with gains. On the news front, due to concerns over the uncertainty of tariff risks, there has been a concentrated surge in demand for rush shipments in recent times, which has been beneficial for the shipping sector's prosperity. According to data from the Shanghai Shipping Exchange, as of June 9, 2025, the Shanghai Containerized Freight Index (SCFI) for the Europe route stood at 1,622.81 points, marking a 29.5% increase compared to the previous period. Additionally, news from the Ningbo Shipping Exchange indicates that the South America East Coast route market experienced significant fluctuations last week: there was a substantial shortage of shipping capacity, leading to persistent tightness in cargo space and a continued rise in freight rates. The freight rate index for the South America East Coast route reached 2,324.2 points, up 43.7% from the previous week. Furthermore, data from the General Administration of Customs show that China's exports in May, valued in US dollars, increased by 4.8% YoY, continuing to demonstrate resilience. In a research report issued on June 9, Guosheng Securities stated that while the decline in exports to the US widened in May, exports to the EU increased, and exports to emerging markets remained at a high level. Specifically, exports to ASEAN increased by 14.8% YoY, with exports to Vietnam surging by 22.0% YoY, reflecting a clear re-exporting trend. Guosen Securities also noted that the resilience of exports in May was mainly driven by positive factors such as the marginal strengthening of exports to non-US countries and the upward trend in export growth rates for products like integrated circuits and automobiles, indicating improvements in both the geographical distribution of trade and the composition of exported products.

[Shipbuilding enterprises are fully booked, with some having orders scheduled up to 2029] Amid the current complex global trade situation, China's shipbuilding industry continues to demonstrate strong market resilience and competitiveness, accelerating its industrial growth. From January to April this year, China's shipbuilding industry maintained its global leadership in new orders, accounting for the largest share of the world market. Currently, many shipbuilding enterprises are fully booked, with production tasks scheduled several years ahead. Luo Wenqing, General Manager of Dalian COSCO KHI Ship Engineering Co., Ltd., stated that Dock No. 1 is continuously constructing large 16,000 TEU container ships, while Dock No. 2 is building six large dual-fuel LNG (liquefied natural gas) crude oil tankers. The current orders on hand have both docks scheduled up to the first half of 2029. (CCTV Finance)

Against the backdrop of the 90-day window period between China and the US, cargo volumes at ports have recently shown signs of recovery. Liner companies have also taken measures to restore capacity on US routes. "The current container shipping market is volatile and unpredictable. However, one thing is certain: the market demand for transportation this year is strong," Anne-Sophie Zerlang Karlsen, President of Maersk's Asia-Pacific Operations Center, told a Cailian Press reporter. During the "2025 Maritime Silk Road Port Cooperation Forum" held from May 27 to 28, Teng Yahui, Director and Deputy General Manager of Ningbo Port (601018.SH), said in an interview with media including Cailian Press that in response to the recent significant reduction in tariff hikes imposed by the US, the volume of containers exported to the US is expected to rebound significantly, with regular operations on US routes expected to resume by mid-June. Based on this, the company plans to take measures such as increasing cabin supply, improving service levels including terminal production efficiency, and strengthening empty container availability. According to Teng Yahui, from January to April this year, Ningbo Zhoushan Port handled 13.568 million TEUs of container throughput, up 9.9% YoY. Among them, the volume of laden export containers for foreign trade increased by over 10% YoY, with emerging market regions such as Southeast Asia, South America, and Africa seeing growth rates exceeding 20%. During the period when the US imposed tariff hikes on China, the company strengthened communication and coordination with shipping companies to ensure that the "quantity decreased slightly, but quality remained unchanged" on US routes. In response to the reduction in cargo sources on US routes, the company collaborated with shipping companies to jointly solicit cargo and actively developed new routes and cargo sources. Cailian Press also learned from Shanghai International Port Group (600018.SH) that from May 19 to 25, Shanghai Port handled 107,000 TEUs of container loading and unloading on US routes, up 75,000 TEUs MoM. As of now, suspended US route flights have been fully restored, with the weekly number of US route flights reaching 42, returning to normal levels. Liner companies are also increasing their capacity investments to ensure transportation. "During the previous tariff shock period, many customers still had shipping demands, so Maersk retained its services on China-US routes. The 'Gemini' alliance between Maersk and Hapag-Lloyd has a very flexible route network that can quickly adjust capacity, which is also a major solution the company provides to customers. Through the approach of 'replacing large vessels with smaller ones,' route capacity has been reduced by about 20%," Karlsen said. Currently, the company is fully committed to taking measures to return this capacity to the US route market. Karlsen further stated that Maersk has also been maintaining close cooperation with ports, including Ningbo Port, to facilitate timely adjustments to operational operations (such as adjusting vessel sizes) and improve operational efficiency. Subsequent capacity increases on Maersk's China-US routes will primarily focus on matching cargo owners' demands. Freight rates on relevant routes will be adjusted according to the market supply-demand relationship. As for COSCO SHIPPING Holdings (601919.SH), COSCO SHIPPING Lines has also strengthened market capacity supply by optimizing the layout of main routes, increasing the frequency of services in core markets, and opening up channels to emerging markets. For example, in the US West Coast market, the AAC route has been optimized, with additional calls at Yangpu Port. Due to the current robust market demand and limited supply, spot freight rates are still on the rise. Data provided by Jiyu Technology to a Caixin reporter shows that freight rates for voyages departing in June on the Shanghai-Los Angeles and Shanghai-Long Beach routes have all exceeded $4,500/FEU. The quote for the voyage departing on June 3, which Maersk inquired about today, is $5,205/FEU. Although this is a decrease from the opening price of $6,005/FEU, it is a significant increase compared to the quote of $3,705/FEU for the voyage departing at month-end inquired about on May 16. Regarding the trend in the US trade market, the head of a freight forwarding company in Ningbo revealed to a Caixin reporter: "Our current business volume on the US trade routes has recovered to about 120% of the level before the tariff impact. There are significant uncertainties this year, and shippers tend to ship goods as early as possible. It is expected that the peak season for shipping Christmas goods will also arrive earlier this year." Ke Ansu believes that from now until at least mid-July, the market will see very tight capacity on (US trade) routes. Although it is still unclear how much capacity will be available in the market, strong demand is certain. "Overall, it is expected that there will be a 'small peak' in port cargo volume in June. At that time, the market will have two factors supporting the shipping volume, namely robust shipping demand and an increase in capacity deployment by liner companies," Dai Zhanglu, Director of the Container Center at the Business Department of Ningbo Zhoushan Port Co., Ltd., told a Caixin reporter.