According to SMM statistics, as of March 26, inventory of aluminum billet in China’s major consumption regions totaled 341,500 mt, down 28,000 mt WoW from last Thursday, with the destocking trend steadily accelerating.

February 2026 proved to be a pivotal month of challenge and adjustment for the global stainless steel market. Driven by the compounding pressures of the Carbon Border Adjustment Mechanism (CBAM), intensifying geopolitical trade friction, significantly tightened raw material quotas, and sudden supply chain disruptions, the market navigated a complex landscape.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Rare and Scattered Metals Forum (Indium, Germanium, Gallium, Bismuth, Selenium, Tellurium), hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Long Wensheng, General Manager of Changsha Aochang Nonferrous Metals Co., Ltd., elaborated on "The Current Application Status and Future Prospects of Minor Metal Selenium.

[Japan Proposes Rare Earth Partnership with U.S. as Trade Negotiation Leverage] Japanese Prime Minister Shigeru Ishiba has proposed strengthening cooperation with the United States in critical minerals, particularly rare earths, during a recent call with U.S. President Donald Trump. The move is seen as part of broader negotiations aimed at reducing the U.S. trade deficit with Japan. Rare earths, which have become a flashpoint in U.S.-China trade tensions, are considered strategic resources due to China’s dominance—over 60% of global rare earth mine production and near-total control over processing. Between 2019 and 2022, China accounted for 72% of U.S. rare earth imports, while Japan supplied 6%, mostly processed from Chinese concentrates. According to The Yomiuri Shimbun, Japan is considering offering technical support to the U.S. for rare earth processing and refining. One option includes establishing processing operations in third countries with lower costs but relevant expertise. Beyond rare earths, Japan also proposed cooperation in semiconductors and shipbuilding—key strategic industries. Japan currently hosts the most semiconductor fabs worldwide, while the U.S. is seeking to reshore production to boost exports. In shipbuilding, where China commands a 70% global share, Japan suggested jointly developing next-generation vessels to counter Beijing’s dominance.

The latest data shows that after the global tariff issues have cooled down, particularly with the easing of trade relations between the two largest economies, cross-Pacific shipping trade continues to be encouraged. US-bound container shipping rates remained strong in the third week after the May 12 joint China statement, despite a gradual slowdown in container shipping bookings. The latest report released on Thursday by maritime research and consulting firm Drewry showed that the price to transport a 40-foot equivalent unit (FEU) from Shanghai to Los Angeles recorded the largest weekly increase of the year in the week ending May 29—rising nearly 17% to $3,738. Although the current freight rate per container is still nearly one-third lower than the peak in January this year, it is significantly higher than the low point of $2,487 at the end of March, just before Trump announced the "Liberation Day" tariffs. Transportation data company Xeneta expects that freight rates could double in the coming weeks and may even rise higher due to the latest ruling on tariffs by the US Court of International Trade. On Wednesday, the US Court of International Trade unexpectedly ruled that Trump did not have the authority to impose a blanket of comprehensive tariffs on nearly all countries under the International Emergency Economic Powers Act (IEEPA). Prior to this week, the surge in US-bound container shipping rates was almost entirely driven by importers rushing to place orders. After Trump increased tariffs on China to 145% in early April, many importers suspended shipments of their orders. Nathan Strang, head of ocean freight at Flexport, said that some container lines were once fully booked, with sailings scheduled as far out as July. People were operating in almost complete uncertainty, so once they saw an opportunity, they would rush to request shipments. Balsam Brands, a US company that sells artificial Christmas trees and holiday decorations, said it will import 500 containers of Halloween decorations, Christmas trees, and ornaments from China in the coming weeks. It expects to pay approximately $1 million more in additional transportation costs compared to the average spot rate in mid-May. However, despite the continued high container shipping rates, the tightness in container shipping bookings has at least eased somewhat. Data from logistics technology companies Vizion and Dun & Bradstreet show that in the first three days of this week, the total number of container shipping bookings was approximately 106,000 twenty-foot equivalent units (TEUs), a decrease from the 137,000 TEUs in the same period of the previous week. Globally, the week starting May 19 was the highest booking week of the year so far. Data tracking actual shipping over the past two weeks—which tends to lag behind container booking data in terms of changes—also shows a similar slowdown trend. Over the past 15 days, approximately 34 vessels have sailed from Chinese ports to the US, a decrease from the rolling 15-day figure of 48 vessels in the previous week. The number of containers carried by these vessels has also decreased by one-third. "This is a constantly evolving situation," said Jayendu Krishna, Director of Drewry Maritime Services. "What we are witnessing is a continuous rebalancing between the supply chain and indicators such as freight rates, bookings, and sailings." Meanwhile, capacity on relevant trans-Pacific routes is also beginning to recover. Major container liner companies have committed to increasing capacity, and as demand improves, smaller freight forwarders are returning to the route after years of absence. CULines is capitalizing on the sudden boom in the trans-Pacific route and will begin offering shipping services across the Pacific, connecting multiple Chinese ports with Long Beach Port in the US; South Korea's KMTC Line will also resume trans-Pacific route services after decades of absence. China's overall trade volume remains high, with the total number of containers handled at Chinese ports last week increasing by 6% YoY, marking the 16th consecutive week of YoY growth.

Recently, Silfab Solar announced that it had acquired a portfolio of patents on back-contact (BC) PV cell technology from EnPV.

On May 19, 2025, the first "green hydrogen production-smart hydrogen refueling" integrated benchmark project in Taiwan, China, which was EPC-contracted by Xinsichuang Hydrogen Energy, was successfully launched. As an innovative solution for key consumables in the semiconductor industry, the plant achieves a stable localized supply of ultra-high-purity hydrogen (99.999%) through a closed-loop system covering the entire chain of "green hydrogen production-purification-smart hydrogen supply." This supports leading enterprises such as TSMC in breaking through "carbon barriers" and reshaping the competitive landscape of Taiwan's wafer foundry industry. The project marks the first deep integration of green hydrogen technology with semiconductor consumables, breaking the bottleneck of long-term reliance on imports for high-purity hydrogen. Its annual supply capacity can cover 80% of the hydrogen energy demand of 12-inch wafer fabs in Taiwan, China. By directly supplying green electricity for hydrogen production, it helps customers achieve their RE100 global emission reduction commitments. Xinsichuang Hydrogen Energy has simultaneously launched the "Hydrogen as a Service" (H2aaS) model, providing fully managed services for semiconductor enterprises, ranging from purification equipment to exhaust gas recycling, and driving industry cost reductions of over 30%. Xinsichuang Hydrogen Energy will continue to take innovation as its engine, leading the hydrogen energy technology revolution, and deeply integrating the entire industry chain of "green electricity-green hydrogen-green applications" to support the global transition to zero carbon. We will strive to collaborate with industry partners to promote the large-scale implementation of hydrogen energy technology across various fields and scenarios, reshaping the future of energy with the power of technology and injecting inexhaustible clean momentum into sustainable development.

[TSMC: 9 New Plants to Be Built Globally This Year, with Fab 25 to Be Constructed in Taichung by Year-End] Zhang Zongsheng, Deputy General Manager of Operations at TSMC, stated at a forum that TSMC built an average of three new plants per year from 2017 to 2020, and an average of five new plants per year from 2021 to 2024. This year, the company will further accelerate its pace, with plans to build nine new plants globally, including eight wafer fabs and one advanced packaging plant. Zhang Zongsheng revealed that Fab 20 in Hsinchu and Fab 22 in Kaohsiung will serve as the mass production bases for 2-nanometer technology. Construction of both plants began in 2022, and they are scheduled to commence production this year.

So, what was the actual situation of domestic aluminum ingot arrivals during the Labour Day holiday? According to SMM's latest statistics, the actual arrivals in the three regions during the holiday were approximately 56,000 mt, about 16,000 mt less than pre-holiday expectations and about 6,000 mt less than the same period last year. Specifically, the actual arrivals in Wuxi were 18,000 mt, in Foshan were 18,000 mt, and in Gongyi were approximately 20,000 mt, all lower than expected.

As the earnings reporting season nears its end, annual reports and first-quarter reports for some publicly listed firms have begun to be released in rapid succession. By examining the revenue performance data of industry leaders, we can gain important insights into the future direction of the industry. Recently, Shanghai Silicon Industry Group Co., Ltd. (hereinafter referred to as "National Silicon Industry Group") successively disclosed its 2024 annual report and 2025 first-quarter report. The data shows that in 2024, the company achieved an operating revenue of 3.388 billion yuan, up 6.18% YoY; net profit attributable to shareholders of the listed company was -971 million yuan, down 620.28% YoY; net profit attributable to shareholders of the listed company excluding non-recurring gains and losses was -1.243 billion yuan, down 649.09% YoY. In terms of the first-quarter report, the company's total operating revenue was 802 million yuan, up 10.60% YoY, and net profit attributable to shareholders of the listed company was -208.5285 million yuan, down 5.47% YoY. In its annual report, the company stated that due to the impact of the market environment in the semiconductor industry, its operating revenue during the reporting period had not yet returned to the level of 2022. However, benefiting from a significant increase of over 70% in sales volume and over 50% in revenue of 300mm semiconductor silicon wafers compared to the same period in 2023, the company's total operating revenue during the reporting period rose 6.18% YoY against the trend. However, on the profit side, affected by the decline in industry prosperity, the average price of 200mm silicon wafers fell significantly. Coupled with factors such as the company's valuation adjustments for the acquired targets Okmetic and Xin'ao Technology, and the provision for impairment of goodwill of approximately 300 million yuan, the company's performance still faced short-term pressure. As one of the largest semiconductor silicon wafer manufacturing enterprises in the Chinese mainland, National Silicon Industry Group is mainly engaged in the R&D, production, and sales of semiconductor silicon wafers and other materials. It is the first enterprise in the Chinese mainland to achieve large-scale production and sales of 300mm semiconductor silicon wafers. After listing on the STAR Market in 2020, the company continued to make small profits year after year until it incurred a loss of nearly 1 billion yuan for the first time last year, exceeding the total net profit after listing. In the view of many industry insiders, 2024 was a year when both global silicon wafer shipments and sales revenue contracted. In recent years, the pace of localisation substitution for large-size silicon wafers has accelerated, but the continuous weakness in demand for consumer electronics has led to a pullback in shipment area and prices, thereby increasing the profit pressure on relevant producers. According to data from SEMI's Semiconductor Industry Network, global silicon wafer shipments fell 2.7% to 12,266 million square inches (MSI) in 2024, hitting a recent low, while silicon wafer sales revenue declined 6.5% to $11.5 billion in the same period. In the second half of 2024, global wafer demand began to recover from the industry downturn in 2023. However, due to weak end-use demand in some segments, it affected the utilization rate of wafer fabs and wafer shipments for specific applications, resulting in a slower pace of inventory adjustment. Ma Liang, an analyst at Guotai Junan Securities, believes that as a leader in the domestic semiconductor silicon wafer industry, National Silicon Industry Group's 300mm silicon wafer products have capacity scale and technological advantages in the Chinese mainland, providing a foundation for revenue growth driven by increased product shipments. Meanwhile, the company has continued to integrate its high-end silicon wafer business in recent years, collaborating with multiple subsidiaries such as Shanghai Xinsheng and Xin'ao Technology to target the high-end market, and still possesses competitive strength for long-term profitability improvement. It is worth noting that National Silicon Industry Group issued the first science and technology innovation corporate bond by a STAR Market-listed company in China in 2023. Recently, it reappeared in the exchange bond market, with its "25 National Silicon Industry Group MTN001" science and technology innovation note winning the bid at an interest rate of 2.4%, the company's lowest bond issuance coupon rate to date. Currently, the company has a total of three science and technology innovation notes with a cumulative amount of 2.84 billion yuan, and there are no bonds due within the next year. In terms of debt repayment indicators, due to the weakening of net profit and operating cash flow, the overall indicators show a downward trend. First-quarter report data shows that working capital was 2.84 billion yuan, and the cash ratio dropped to 1.19 times. Currently, the company's interest coverage ratio is -6.36 times, the lowest level in recent years. However, considering that the company can obtain support from various parties such as low-interest loans, bond issuances, equity financing, capital increases from industrial funds, and state-backed shareholders, and enjoys subsidy policies for R&D, its overall debt repayment ability remains relatively stable.