Gold demand in China surged 67 percent year-on-year to a record 207t, considerably higher than the previous quarterly record of 155t in Q2 2013

According to news from "Huazhi Energy," Huazhi Energy recently completed a Series B equity financing round of over 100 million yuan, with investors including Lite-On Technology, Zhejiang Beisheng Holdings, and Zhongsheng Smart Energy. The funds will be primarily used for core energy storage technology R&D, business expansion outside China, and upgrading global delivery capabilities, injecting strong momentum into its globalization strategy.

[SMM Hydrogen Energy News Brief: China's First Million-Cubic-Meter-Level Salt Cavern Hydrogen Storage Demonstration Project Put into Operation in Henan] On April 25, China's first million-cubic-meter-level salt cavern hydrogen storage demonstration project, led by the Wuhan Institute of Rock and Soil Mechanics under the Chinese Academy of Sciences, was officially put into operation in Pingdingshan City, Henan Province. This project marked China's first hydrogen storage facility built in bedded salt rock formations, identifying the multi-scale migration patterns of hydrogen in ultra-low-permeability rock salt, overcoming the core technology of precise site and layer selection for salt cavern hydrogen storage, and effectively verifying the long-term sealing performance and engineering application feasibility of hydrogen storage in bedded salt rock.

[Geopolitical Tensions Boost LME, China Inventory Buildup and Weakening Demand Under Pressure] In the short term, the core pattern of LME outperforming SHFE in the aluminum market is difficult to reverse. The strength in LME will support room for SHFE aluminum to catch up after the holiday, but high inventory and weak demand in China will suppress overall gains. Going forward, the focus should be on the pace of aluminum ingot destocking in China and the strength of rigid demand release from downstream resumption of work and production resumptions.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon was quoted at 34-36 yuan/kg. Polysilicon prices remained relatively stable during the holiday, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Post-holiday surveys and conferences were scheduled, and the market was watching subsequent developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers were 1.00-1.03 yuan/piece, and 210N wafers were 1.2-1.23 yuan/piece. During the holiday, wafer prices remained stable, and cell prices were expected to rise after the holiday.

[SMM Express] Today, the inventory of secondary aluminum alloy ingots in China's major consumption areas increased by 363 mt from the pre-holiday level (April 30) to 30,900 mt, maintaining a slight inventory buildup trend.

[SMM Cast Aluminum Alloy Morning Comment: Secondary Aluminum Prices Continued to Fall Before the Holiday, Stocking Demand Significantly Insufficient] On the last day before the holiday, the ADC12 market overall continued to be in the doldrums. Affected by the pullback in primary aluminum prices and sluggish downstream demand, enterprises actively lowered their quotes by small margins, and the mainstream transaction center shifted downward. Meanwhile, as the Labour Day holiday approached, downstream enterprises successively entered production suspension or production cuts mode, stocking demand before the holiday was significantly insufficient, and market trading sentiment turned sluggish. In the short term, ADC12 prices may remain in the doldrums, and after the holiday, attention should be focused on the pace of downstream production resumption and demand recovery.

[SMM Lead Morning Brief: LME Lead Rose During Holiday Period, SHFE Lead Resumed Trading Today] SMM May 6: Overnight, LME lead opened at $1,948/mt. During the Asian session, LME lead continued the previous day's consolidation trend, fluctuating around $1,950/mt...

[SMM Lead Morning Meeting Minutes: Accident at Ex-China Lead Smelter, Lead Prices May Be Boosted in the Short Term] The US Secretary of Defense stated that the ceasefire has not ended, that the "freedom plan" in the Strait of Hormuz is a temporary mission, and that engagement is not being sought. During the Labour Day holiday, downstream enterprises in China went on concentrated holidays, while from April to May, more lead smelters underwent maintenance or production shutdowns...

[SMM Morning Meeting Minutes: Macro and Industry Support Intertwined with Geopolitical Risks, Tin Prices Expected to See Short-Term Volatile Recovery]