Recently, Hunan Angzhu Environmental Protection Technology Co., Ltd. signed an APP advertising cooperation agreement with SMM (Shanghai Metals Market). This partnership aims to expand pragmatic cooperation and promote industry exchange, thereby achieving deepened collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its advantages as a leading non-ferrous metals industry service platform to provide Hunan Angzhu Environmental Protection Technology Co., Ltd. with a one-stop online marketing solution through comprehensive online display, forming a virtuous cycle between production and market, and realizing mutual value for both parties. Hunan Angzhu Environmental Protection Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City, Hunan Province. It is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. Hunan Angzhu Environmental Technology Co., Ltd. was established in 2018 and is located at No. 1 Xincheng Road, Leiyang City, Hengyang City,Hunan Province. it is a comprehensive enterprise specializing in non-ferrous metal deep processing and trade sales. With pyrometallurgy #1 lead as its core product, the company has an annual capacity of 200,000 mt (based on pyrometallurgy #2 refined lead). It also engages in primary lead, lead-calcium alloy, lead-antimony alloy, secondary lead, and secondary refined lead businesses, building an entire industry chain service system from raw material procurement to finished product sales. Taking Pyrometallurgical Grade 1 Lead as its core product, the company has an annual production capacity of 200,000 tons (calculated by Pyrometallurgical Grade 2 Lead). It also engages in businesses such as electrolytic lead, lead-calcium alloy, lead-antimony alloy, recycled lead and recycled refined lead, and has built a full-industry-chain service system from raw material procurement to finished product sales. Core Strengths 1 Environmental Protection First Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to achieve the recycling of wastewater, waste gas, and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. Actively responding to the national call for green development, the company has invested in the construction of integrated environmental protection production facilities to realize the recycling of wastewater,waste gas and waste residue, creating a modern factory with "zero pollution and low energy consumption" and being awarded as a provincial-level green production demonstration unit. 2 Technology-Driven The core management team has 20 years of industry experience, has established a three-level quality inspection system, and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through intelligent equipment upgrades, production efficiency has increased by 40%, saving over 20 million yuan in annual production costs. The core management team has 20 years of industry experience, has established a three-level quality inspection system and has obtained ISO9001 quality management system certification, with product purity reaching over 99.996%. Through the intelligent transformation of equipment, production efficiency has increased by 40%, saving more than 20 million yuan in annual production costs. 3 Social Responsibility The company has cumulatively created over 200 jobs and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City." It has established industry-university-research cooperation with Central South University and trained over 50 professional and technical talents. It has created more than 200 jobs cumulatively and was awarded the title of "Outstanding Enterprise in Employment Contribution of Hengyang City".It has established industry-university-research cooperation with Central South University and trained more than 50 professional and technical talents. Business System • Raw Material Procurement: Crude lead, secondary crude lead • Main Products: Pyrometallurgy #1 lead (national standard GB/T 469-2023), primary lead, alloy lead • Trade Services: Providing value-added services such as warehousing and logistics, futures hedging, and supply chain finance Development Vision Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future," the company plans to establish a provincial-level technology center by 2026 and strives to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Adhering to the business philosophy of "Quality Builds Brand, Innovation Leads the Future", the company plans to establish a provincial-level technology center by 2026 and strive to become a benchmark enterprise in non-ferrous metal deep processing in Central China. We sincerely invite colleagues from all walks of life to visit and guide us for common development! Contact Information Lin Yuancai 139757991777/18768272777 SMM Contact Cao Juanjuan caojuanjuan@ly10000.com 19521491689

SMM May 18 Update: Metals market: Last Friday's overnight session saw a broad sell-off across both domestic and overseas metals markets, with most declining over 1%. LME tin led the decline at 4.03%, LME copper fell 3.15%, LME aluminum and SHFE tin dropped over 2% (LME aluminum -2.36%, SHFE tin -2.84%). LME lead, LME zinc, LME nickel, SHFE copper, and SHFE nickel all fell over 1% (LME lead -1.39%, LME zinc -1.35%, LME nickel -1.9%, SHFE copper -1.29%, SHFE nickel -1.3%). SHFE lead and SHFE zinc fell less than 1% (SHFE lead -0.6%, SHFE zinc -0.44%). The alumina front-month contract fell 1.19%, and the foundry aluminum front-month contract fell 0.99%. Last Friday's overnight session saw broad declines in ferrous metals. Stainless steel fell 0.94%, and iron ore fell 0.8%. Hot-rolled coil and rebar dropped over 0.6% (hot-rolled coil -0.63%, rebar -0.62%). For coking coal and coke, coking coal fell 0.49% and coke fell 1.32%. Last Friday's overnight session for precious metals: COMEX gold fell 3.02% overnight, down 3.96% on the week; COMEX silver plunged 10.59%, down 5.65% on the week. In China, SHFE gold fell 1.13%, down 3.37% on the week; SHFE silver fell 6.79%, down 3.26% on the week. This was mainly driven by rising US Treasury yields and the strengthening of the US dollar with no resolution in sight, while the US-Iran conflict intensified inflation concerns, further reinforcing market expectations of interest rate hikes. As of 8:24 AM on May 16, last Friday's overnight closing prices: Macro Front Wang Yi briefed the media on the China-US summit and the consensus reached. Wang Yi stated that the two heads of state interacted for nearly 9 hours and agreed that building a "China-US Constructive Strategic Stability Relationship" was the most important political consensus. At the invitation of President Trump, President Xi Jinping will pay a state visit to the US this autumn. The economic and trade teams of both countries reached overall balanced and positive outcomes, including continuing to implement all consensus from previous negotiations, agreeing to establish a Trade Council and an Investment Council, addressing each other's concerns on agricultural product market access, and promoting the expansion of two-way trade under a reciprocal tariff reduction framework. China: The Ministry of Foreign Affairs provided consolidated responses on China-US economic and trade issues including semiconductors, rare earths, Boeing, and oil purchases. On May 15, Ministry of Foreign Affairs spokesperson Guo Jiakun hosted a regular press conference and provided consolidated responses on China-US economic and trade issues. Regarding rare earth supply, China is committed to maintaining the stability of global supply chains. Regarding purchases of US oil and Boeing aircraft, China expressed willingness to jointly safeguard energy security and supply chain stability, emphasizing the mutually beneficial nature of China-US economic and trade relations. Qiushi Journal published an important article by General Secretary Xi Jinping titled "Making the Real Economy Stronger, Better, and Bigger." The article pointed out that manufacturing is the foundation of the real economy, and high-quality development of manufacturing should be given a more prominent position, with unwavering commitment to building a manufacturing powerhouse. It called for implementing industrial foundation re-engineering projects and major technical equipment breakthrough projects, supporting the development of specialized, refined, distinctive, and innovative enterprises, and promoting high-end, intelligent, and green development of manufacturing. It also called for promoting the integrated cluster development of strategic emerging industries and building a batch of new growth engines in areas such as next-generation information technology, artificial intelligence, biotechnology, new energy, new materials, high-end equipment, and green environmental protection. US dollar: As of last Friday's overnight close, the US dollar index rose 0.41% to 99.28, up 1.45% on the week. Rising energy prices and prolonged shipping disruptions intensified inflationary pressures, pushing up market expectations that the US Fed would raise interest rates this year. US interest rate futures prices fell sharply on Friday, reflecting growing conviction among bond market investors that elevated inflation would force the US Fed to raise interest rates later this year or in early 2027. According to the CME FedWatch tool, the market priced in approximately a 60% probability of a 25-basis-point rate hike by the Federal Open Market Committee (FOMC) meeting next January, with a 50% probability of a rate hike in December. US April retail sales grew further, but part of the increase may have stemmed from rising inflation, as the Iran conflict pushed up energy and other commodity prices. Data released Thursday showed April retail sales rose 0.5%, in line with market expectations, while the March increase was revised down to 1.6%. The Iran conflict is driving up inflation; US Energy Information Administration data showed gasoline prices rose 12.3% in April. Despite surging oil prices, consumer spending had not yet noticeably shifted away from other areas due to larger tax refund amounts this year. IRS data showed that as of April 25, the average refund amount increased by $323 compared to the same period in 2025. However, this support is fading. Economists at PNC Financial Services Group stated that based on internal data analysis, "consumers are spending their tax refunds faster than last year, especially among lower-income households," adding that "the amount of refund money being used to pay off credit card and other debts is also declining." (Jin10 Data APP) The Fed Board of Governors said in a statement on Friday that it had appointed Jerome Powell as chair pro tempore until his successor Kevin Warsh is officially sworn in. The US Fed stated: "This interim step of appointing the current chair as chair pro tempore is consistent with the practice followed during previous chair transitions." In response, Fed Governors Bowman and Milan stated that they did not support the interim appointment. On May 15, Powell's term as Fed Chairman expired. (Wallstreetcn) Analysts at BofA Global Research: If strong global economic growth prevents the US Fed from cutting interest rates, emerging markets could perform well. However, under scenarios of asymmetric growth (favoring the US) or a global stagflation shock, emerging markets would be more vulnerable. On the currency front, even though the election trigger point is still months away, commodity outlook and monetary policy should continue to provide support for the Brazilian real. (Wallstreetcn) Data: This week, China will release data including April total retail sales of consumer goods YoY, April industrial value added of enterprises above designated size YoY, the one-year Loan Prime Rate as of May 20, and April Swift RMB share in global payments. The US will release data including initial jobless claims for the week ending May 16, weekly ADP employment change for the week ending May 2, April pending home sales index MoM, April annualized housing starts, April building permits, May Philadelphia Fed Manufacturing Index, continuing jobless claims for the week ending May 9, May S&P Global Manufacturing PMI preliminary, May S&P Global Services PMI preliminary, May University of Michigan Consumer Sentiment Index final, May NAHB Housing Market Index, May one-year inflation expectations final, and April Conference Board Leading Index MoM. The UK will release data including March three-month ILO unemployment rate, April unemployment rate, April claimant count, April CPI MoM, April Retail Price Index MoM, May Manufacturing PMI preliminary, May Services PMI preliminary, May CBI Industrial Orders balance, May GfK Consumer Confidence Index, April public sector net borrowing, and April seasonally adjusted retail sales MoM. Germany will release data including April PPI MoM, May Manufacturing PMI preliminary, June GfK Consumer Confidence Index, Q1 final non-seasonally adjusted GDP YoY, and May IFO Business Climate Index. The eurozone will release data including March seasonally adjusted trade balance, April CPI YoY final, April CPI MoM final, May Manufacturing PMI preliminary, March seasonally adjusted current account, and May Consumer Confidence Index preliminary. Canada will release data including April CPI MoM and March retail sales MoM. Japan's April core CPI YoY, France's May Manufacturing PMI preliminary, and Australia's April seasonally adjusted unemployment rate will also be released. In addition, in China, the National Bureau of Statistics (NBS) will release the monthly report on residential property prices in 70 large and medium-sized cities, the State Council Information Office will hold a press conference on the national economic performance, and a new round of domestic refined oil price adjustment window will open. At 2:00 AM on May 21, the US Fed will release the minutes of its monetary policy meeting. The Reserve Bank of Australia will release the minutes of its May monetary policy meeting. ECB Chief Economist Lane and Fed Governor Waller will speak at an ECB research conference. 2026 FOMC voter and Philadelphia Fed President Paulsen will deliver a speech. Crude oil: As of last Friday's overnight close, the US-Iran standoff over Strait of Hormuz passage remained unresolved, and both benchmarks rose. WTI gained 4.44% and Brent gained 3.55%. On the week, WTI rose 10.73% and Brent rose 8.08%. As the Iran conflict cut off energy supplies from the Persian Gulf, US refiners are ramping up fuel production to fill supply gaps in gasoline, diesel, and jet fuel. Analysts said this rapid growth trend is expected to keep many refineries operating at effective maximum capacity for at least the remainder of 2026. Reduced spare crude oil supply in Europe and other regions, combined with the difficulty of restoring post-conflict infrastructure in the Middle East in the short term, is pushing up crude oil refining margins. Analysts said this rapid growth trend is expected to keep many refineries operating at effective maximum capacity for at least the remainder of 2026. Data from the US Energy Information Administration showed that the so-called "capacity utilization rate" has climbed for three consecutive weeks and is now approaching 92%. In recent weeks, gasoline production hit a nine-month high, while jet fuel production reached its highest level since the summer of 2024. (Jin10 Data APP) US Energy Secretary Wright said at an event in Sabine Pass, Texas on Friday that the US will replenish every barrel of crude oil released from the Strategic Petroleum Reserve (SPR). He said: "We are releasing oil now, and for every barrel released, we will put back at least 1.2 barrels into the reserve. Ultimately, we will make the reserve larger than when we started." (Jin10 Data APP) According to US media reports, the Trump administration plans to streamline the permitting process for oil projects within the National Petroleum Reserve-Alaska to boost crude oil production in the US Arctic region. The Interior Department's move aims to establish a new permitting framework for the construction and operation of oil production facilities and related infrastructure. Under the plan, eligible projects could receive analysis and authorization more quickly, potentially within just 30 days. This initiative could benefit companies holding leases in the reserve, such as ConocoPhillips, Santos, and Repsol, and accelerate government review of projects like ConocoPhillips' Willow project, which had drawn strong opposition from climate activists. During the Iran conflict, with approximately 20% of global supply trapped in the Persian Gulf, the Trump administration has stepped up calls for US oil companies to increase production. (Jin10 Data APP) US import and export prices surged in April, posting the largest increases in over four years, driven by oil market pressures related to the Iran conflict, further signaling rising inflation in the world's largest economy. Data released Thursday by the Bureau of Labor Statistics showed the import price index rose 1.9% MoM, the largest increase since March 2022, with petroleum costs surging 19%. Export prices rose 3.3% MoM, also the largest increase in over four years. (Wallstreetcn)

Recently, the industrial park of Aluminum Corporation of China (CHALCO) Qinghai Branch received the "Demonstration Zero-Carbon Industrial Park" evaluation certificate issued by the China Industrial Energy Conservation and Cleaner Production Association, becoming the first industrial park in China's electrolytic aluminum industry to pass this evaluation. This provides a replicable and scalable practical solution and typical experience for the zero-carbon transformation of China's energy-intensive industries, fully demonstrating the leading role and responsibility of central enterprises in the green development of industry.

The minutes of Tianhe Magnetics' investor briefing held on May 7 showed: 1. What is the trend in the revenue share of the NEV business, and how is the recovery in wind power, consumer electronics, and other segments? Tianhe Magnetics responded: Hello, thank you for your attention! The company's products are widely used in NEVs and parts, wind power, energy-efficient home appliances, consumer electronics, and other fields. Its clients are all industry leaders, and the company has been deeply integrated into the core supply chains of top-tier players in and outside China. During the reporting period, NEVs and parts remained the downstream segment with the highest share; wind power and consumer electronics segments recovered and grew YoY. The company adheres to a diversified strategy, deepens strategic cooperation with clients, strengthens client loyalty, and continues to expand downstream applications to support steady business growth. 2. What is the specific progress of "small-batch delivery" of dedicated magnets for humanoid robots, and what is the expected revenue contribution? Tianhe Magnetics responded: Hello, thank you for your attention! In the humanoid robot field, the company works closely with relevant clients to jointly conduct R&D and trial production of related projects. The specific revenue contribution is directly linked to the promotion and application progress of humanoid robots. 3. Against the backdrop of tightening rare earth export controls, how can the sustainability of the 44% ex-China business be ensured? Tianhe Magnetics responded: Hello, thank you for your attention! The company coordinates and obtains export licenses from the Ministry of Commerce in an orderly manner based on client orders to ensure the smooth and sustained operation of its export business. At the same time, the company actively expands markets outside China, deepens engagement with existing clients and develops new clients, increases efforts in developing zero-heavy-rare-earth products, and scales up product exports to ensure steady growth in ex-China performance. Tianhe Magnetics' Q1 2026 report disclosed on April 28 showed: the company achieved total operating revenue of 594 million yuan, up 13.12% YoY; net profit attributable to the parent company was 47.873 million yuan, up 33.41% YoY. Tianhe Magnetics' Q1 report showed: raw material prices remained at high levels, and selling prices of some sales orders were raised, which in turn affected related profit indicators. Tianhe Magnetics' annual report showed: 2025 was the inaugural year of Tianhe Magnetics' entry into the capital market, and the company embarked on a new phase of high-quality development. Positioned at the forefront of the industry, amid the trend of high-end, intelligent, and green development in the rare earth industry, the company anchored on technological innovation and intelligent management as its core, deepened collaborative partnerships with clients, continuously optimized its supply chain layout, steadily released capacity from IPO-funded projects, and progressively implemented automated production line upgrades and green process improvements. Meanwhile, the company actively expanded its product portfolio and industrial reach into injection-molded magnets, bonded magnets, and magnetic assemblies to provide clients with comprehensive rare earth permanent magnet solutions. In addition, the company accelerated its positioning in emerging sectors such as humanoid robots and the low-altitude economy to build momentum for long-term growth. In 2025, the company achieved operating revenue of 2.346 billion yuan, down 9.47% YoY, total profit of 170.908 million yuan, up 18.81% YoY, and net profit of 161.161 million yuan, up 18.43% YoY. In its annual report, when introducing its main business, products, and application fields, Tianhe Magnetics stated: The company is a leading high performance rare earth permanent magnet material provider in China. With the corporate vision of "being a leader in permanent magnet material innovation," the company is primarily engaged in the R&D, production, and sales of high performance rare earth permanent magnet materials such as sintered NdFeB and sintered SmCo, while extending its industrial reach into injection-molded magnets, bonded magnets, and magnetic assemblies to provide clients with comprehensive rare earth permanent magnet solutions. With independent R&D and technological innovation at its core, and guided by the application scenarios and development needs of downstream cutting-edge fields such as NEVs and auto parts, wind power generation, intelligent manufacturing, and 3C consumer electronics, as well as emerging industries such as humanoid robots and the low-altitude economy, the company effectively leverages the fundamental and pioneering role of rare earth permanent magnets as key strategic materials, continuously advancing the innovation and application of high performance, resource-efficient rare earth permanent magnet materials to drive downstream technological innovation, product upgrades, and industrial transformation. Regarding the company's business plan, Tianhe Magnetics stated in its annual report: 2026 is the second year since Tianhe Magnetics' listing and the opening year of the 15th Five-Year Plan. Standing at a new starting point, the company adopts "innovation" as its annual development theme, upholds the philosophy of "breaking conventions and embracing change," and continues to deepen its presence in the high performance rare earth permanent magnet material field. Leveraging its two rare earth bases in Baotou, the company plans to focus on core technology upgrades and high-end market expansion both in and outside China, seize the strategic opportunities of the global energy transition and intelligent development, and drive "development" through "innovation." Under the leadership of the board of directors, the company plans to further integrate resources, leverage its strengths, and systematically advance various initiatives around its business objectives to ensure high-quality and sustainable development. In 2026, the company plans to focus on the following initiatives: 1. With "innovation" at the core, continuously strengthen R&D investment and drive product and technology upgrades. 2. Pursue new frontiers: focus on expanding new products, new clients, and new markets. 3. Continuously strengthen production and quality management to improve yield and turnover efficiency. 4. Deepen the construction of digital smart factories to continuously enhance production efficiency. 5. Steadily advance IPO-funded and new project construction to expand capacity and support performance growth. (1) Continue to advance IPO-funded project construction. In 2026, the company plans to continue advancing the implementation of IPO-funded projects as planned. Upon full production, the company will reach an annual capacity of 12,300 mt. The company plans to continuously improve manufacturing efficiency through automated production line upgrades, digital management system deployment, and green production process transformation, ensuring capacity alignment across all stages from blank production to finished product inspection, and laying a solid foundation for performance growth. (2) Advance the Tianhe New Materials project construction. The Phase I of the "Tianhe New Materials Rare Earth Zero-Carbon Industrial Park (High Performance Rare Earth Permanent Magnets and Assemblies, Equipment Manufacturing and R&D Project)" invested and constructed by the company's subsidiary Tianhe New Materials has been launched. Upon completion, the project will further expand the business scale and enhance the company's overall profitability, market competitiveness, and risk resilience. 6. Enhance intelligent equipment manufacturing capabilities and cultivate new growth drivers. 7. Management empowerment: continuously strengthen organizational and talent development. 8. Continue to improve ESG efforts and promote sustainable development. 9. Strengthen investor relations and market capitalization management to drive sustained enhancement of company value. When disclosing the risk of raw material price fluctuations, Tianhe Magnetics stated: The main raw materials required for the company's production are rare earth metals, which are relatively expensive and subject to notable fluctuations due to multiple factors including macro economy, trade environment, industrial policies, and market supply and demand. Although rare earth permanent magnet material enterprises can dynamically adjust product selling prices based on factors such as raw material price changes, some existing order prices are locked in, and price adjustments for new orders also involve negotiation cycles, so product price adjustments typically lag behind raw material price fluctuations. If raw material prices continue to swing wildly in the future and the company fails to respond in a timely and effective manner, it may adversely affect business performance. Countermeasures: To address this risk, the company continuously strengthens supply chain management, signs long-term agreements with major suppliers to establish stable partnerships, and implements a scientific raw material reserve strategy to smooth out the impact of price fluctuations. A review of the 2025 price performance of Pr-Nd alloy, a key raw material for NdFeB, showed: the average price of Pr-Nd alloy on December 31, 2025 was 735,000 yuan/mt, up 50.31% compared with its average price of 489,000 yuan/mt on December 31, 2024. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, up 117,476.52 yuan/mt or 24.24% YoY compared with the annual daily average price of 484,704.55 yuan/mt in 2024. A review of the price trend of Pr-Nd alloy in Q1 this year showed: the average price of Pr-Nd alloy on March 31 this year was 880,000 yuan/mt, up 145,000 yuan/mt or 19.73% compared with its average price of 735,000 yuan/mt on December 31, 2025. The daily average price of Pr-Nd alloy in Q1 this year was 913,035.71 yuan/mt, up 385,018.17 yuan/mt or 72.92% compared with the Q1 2025 daily average price of 528,017.54 yuan/mt. On May 8, the price of Pr-Nd alloy was 925,000–930,000 yuan/mt, with an average price of 927,500 yuan/mt, down 0.8% from the previous trading day. Currently, rare earth market prices continue to weaken. Pr-Nd market, downstream purchasing inquiries showed no improvement, and suppliers of oxides maintained a low-price selling strategy to facilitate shipments. However, Pr-Nd oxide futures prices recovered somewhat on the morning of May 8, narrowing the price decline of Pr-Nd oxide. Metal market, constrained by sluggish downstream inquiries, factories showed limited willingness to actively quote, and some suppliers chose to continue lowering their offers. However, as the decline in spot oxide prices narrowed, the actual decline in Pr-Nd alloy prices also narrowed. Nevertheless, downstream wait-and-see sentiment remained strong, and the market trading atmosphere did not see effective improvement. In the short term, Pr-Nd product prices are expected to move sideways amid the tug-of-war between upstream and downstream players.

On May 14-15, 2026, the SMM WCCE 2026 (4th) Wire and Cable Industry Development Conference and Industrial Exhibition will grandly open at the Suzhou International Conference Hotel, focusing on precise matchmaking across the cable industry chain. Centered on full-chain resource integration and efficient supply-demand matching, the exhibition will build a premium bridge for business negotiation and technical exchange among industry partners. As a key enterprise attracted through investment promotion in Lanzhou New Area, Yongsheng Cable's products cover various power cables, overhead conductors, and more, popular across six northwestern provinces with both quality and reputation. Gansu Yongsheng Cable Co., Ltd., established in March 2012, is a key enterprise attracted through investment promotion in Lanzhou New Area — the only national-level new area in Gansu Province. The company is located in the geographic center of Northwest China and a key hub on the Silk Road under the Belt and Road Initiative — Lanzhou, Gansu Province. The company integrates R&D, manufacturing, sales, and export and is a professional wire and cable producer. The company's annual capacity exceeds 3 billion yuan , with a registered capital of 155 million yuan and a standardized production workshop covering an area of 21,700 m². The company has over 60 employees, and its sales network covers regions including Gansu, Shaanxi, Qinghai, Ningxia, Xinjiang, and Tibet. The company owns more than 50 sets of specialized equipment including copper, aluminum, and aluminum alloy wire drawing, stranding, extrusion, cabling, armoring machines, and crosslinking production lines, as well as over 30 sets of detection equipment and a high-standard laboratory fully equipped with instruments. All incoming raw materials, production processes, and finished products can be inspected. In terms of company qualifications , the company has successively obtained CCC certification, ISO 9001 quality management system certification, ISO 14001 environmental management system certification, and OHSAS 18000 occupational health and safety management system certification. Yongsheng Cable can produce a full range of supporting specialized cables, crosslinked polyethylene (XLPE) cables, steel-cored aluminum stranded wires, various wires and cables rated 0.6/1kV and below, and various flat copper wires. The company's main products include: aluminum stranded wires and steel-cored aluminum stranded wires, 1-10kV aerial insulated conductors, PVC and XLPE insulated power cables, control cables, pre-branched cables, computer cables, and fire-resistant cables. Customized wires and cables with special types and specifications such as flame-retardant, fire-resistant, water-blocking, rodent-proof and termite-proof, and low-smoke halogen-free can also be produced upon request. In the future, Yongsheng Cable will continue to focus on technological innovation, optimize its product structure, expand market boundaries, and balance green development with safe production. With higher-quality cable products and more comprehensive services, the company will empower infrastructure upgrades, light up countless homes, and strive to become an innovative leader and reliable service provider in the wire and cable industry of Northwest China. May 14-15, 2026, Suzhou International Conference Hotel, Jiangsu . We welcome friends from all sectors to attend the conference in person and visit the booth of Dongwu Futures Co., Ltd. (E06) to experience up close the technical strength and product appeal of this established futures company, explore new cooperation opportunities, and open a new chapter for the industry together. SMM WCCE 2026 (4th) Wire & Cable Industry Development Conference and Industrial Exhibition May 14-15 Suzhou International Conference Hotel, Jiangsu Participating Enterprises: Qifan Cable, Kunyi Cable, Senyuan Cable, Sanwu Cable, Huili Cable, Wanma Co., Ltd., Xinhai Gaodao, Chenfeng Yongliang, Xinhuang Group, Dongwu Futures, Guojia Conductor, Hongxing Meike, Dongfeng Cable, Qijia Industrial, Beijing Shougang Ferroalloy, Xinhongye, Yingtan Chaolong, Meichuangli, Jiuli Electric, Xinzi Nengke, Xindongang Electric, Hangtian Electric, Guochu Logistics, Jielüda, Jinhuijia, Xindian Aluminum Alloy, Gangwei Ultrasonic, Jinrui Qianyuan... Click to View ☛ |

SMM News, April 28: Metals market: As of the midday close, domestic market base metals fell nearly across the board. SHFE copper fell 0.6%, SHFE aluminum fell 1.24%, SHFE lead fell 0.18%, SHFE zinc fell 2.46%, SHFE tin fell 1.88%, and SHFE nickel rose 0.58%. In addition, the most-traded casting aluminum futures fell 1.17%, and the most-traded alumina futures fell 0.69%. The most-traded lithium carbonate futures fell 1.98%. The most-traded silicon metal futures fell 0.41%. The most-traded polysilicon futures continued the downtrend from the previous three trading days, falling 4.11%. Ferrous metals mostly fell. Iron ore fell 1.62%, rebar fell 0.88%, hot-rolled coil fell 0.97%, and stainless steel rose 1.66%. Coking coal and coke: the most-traded coking coal contract fell 1.3%, and the most-traded coke contract fell 2.52%. Overseas market base metals, as of 11:39, LME metals showed mixed performance. LME copper edged up 0.02%. LME aluminum fell 0.25%, LME lead fell 0.31%, and LME zinc fell 0.84%. LME tin rose 0.32%. LME nickel rose 0.65%. Precious metals, as of 11:39, COMEX gold fell 0.1% and COMEX silver fell 0.45%. Domestic market precious metals: the most-traded SHFE gold contract fell 0.89%, and the most-traded SHFE silver contract fell 1.65%. In addition, as of the midday close, the most-traded platinum futures fell 1.27%, and the most-traded palladium futures fell 1.95%. As of the midday close, the most-traded Europe containerized freight index contract rose 0.47% to 2,208.1 points. As of 11:39 on April 28, midday futures quotes for selected contracts: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 320 yuan/mt, up 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 230 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 170 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,320 yuan/mt, down 765 yuan/mt from the previous trading day; the average price of SX-EW copper was 102,215 yuan/mt, down 770 yuan/mt from the previous trading day. Spot market: Today, Guangdong inventory increased again, mainly due to increased arrivals and decreased warehouse withdrawals... Macro front China: [SASAC: Continue to push efforts in key areas such as NEVs and artificial intelligence, driving emerging industries to develop with greater momentum] A signed article by the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council published in Study and Research stated that during the 15th Five-Year Plan period, efforts must focus on opening up a "second curve" of growth, adopting tailored and coordinated policies for different enterprises, promoting smooth and strong succession of old and new growth drivers, accelerating the development of a batch of emerging pillar industries that lead future competition, and better supporting the construction of a modern industrial system with advanced manufacturing as its backbone. The article proposed coordinating the transformation of traditional industries with the development of emerging industries. On one hand, adhering to the direction of intelligentization, green development, and integration, deepening and expanding the "AI+" initiative, stepping up efforts in technological upgrading and equipment renewal, vigorously promoting energy conservation and carbon reduction in key industries, and further accelerating the transformation of traditional industries. On the other hand, following the approach of "leading a batch, catching up with a batch, and cultivating a batch," based on enterprise resource endowments and industrial foundations, adhering to differentiated layouts, further consolidating advantages in new energy, aerospace and other industries, continuing to push forward in key areas such as NEVs, artificial intelligence, and new materials, and proactively cultivating frontier tracks such as quantum information, nuclear fusion, and low-altitude economy, driving emerging industries to build stronger momentum. (Jin10 Data) [Guangdong: Increasing Support for Trade-in of Bulk Durable Consumer Goods Such as Automobiles and Home Appliances] The Outline of the 15th Five-Year Plan for National Economic and Social Development of Guangdong Province was officially released. It mentioned the bulk consumption upgrade initiative. Promoting the "fiscal subsidies + enterprise discounts + financial empowerment" model, increasing support for trade-in of bulk durable consumer goods such as automobiles and home appliances, and continuing to implement consumption-boosting policies such as "Guangdong Premium Shopping." Implementing automobile replacement and retirement and renewal policies, encouraging eligible cities to issue subsidies for new car purchases. Expanding after-market consumption such as automobile modification and leasing. Accelerating the construction of recycling systems for automobiles, electronic products, home appliances and furniture. Actively, prudently, and orderly advancing urban village renovation under new models, expanding the supply of affordable housing, and better meeting housing consumption demand. The PBOC conducted 43.5 billion yuan in 7-day reverse repo operations in the open market, with an operation rate of 1.40%. 5 billion yuan in reverse repo operations matured today. US dollar: As of 11:39, the US dollar index rose 0.02% to 98.5. The Congressional Budget Office (CBO) stated that recent US tariff policy adjustments could increase the federal budget deficit by $1.1 trillion over ten years, though the exact figure remained uncertain. CBO Director Swagel stated that the Supreme Court's ruling invalidating Trump's use of emergency economic powers to impose tariffs on his own would increase the fiscal deficit by $2 trillion over ten years, while other trade measures Trump had taken to offset this loss totaled $800 billion to $900 billion (in revenue). Swagel stated: "Because the Supreme Court eliminated some tariffs and the government reimposed some, the fiscal deficit over ten years would be approximately $1.1 trillion higher."The government has significant power to impose new tariffs and adjust them, so it is difficult to determine the exact deficit amount before the entire process is concluded." Bridgewater Associates founder Ray Dalio said on April 27 local time that with persistent inflationary pressures coupled with an economic slowdown, policymakers must remain cautious. Dalio said on Monday, "We are undoubtedly in a period of stagflation," warning that the US economy had fallen into a stagflationary environment. He noted that if Kevin Warsh, who is about to take over as Fed Chairman, chose to cut interest rates, it would be a policy mistake. According to CME "FedWatch": the probability of the US Fed keeping rates unchanged in April was 100%. The probability of a cumulative 25-basis-point interest rate cut by June was 4.5%, while the probability of keeping rates unchanged was 95.5%. (Jin10 Data) On the data front: Data to be released today include the US weekly ADP employment change for the week ending April 11, the US February FHFA House Price Index MoM, the US February S&P/CS 20-City non-seasonally adjusted Home Price Index YoY, the US April Conference Board Consumer Confidence Index, the US April Richmond Fed Manufacturing Index, and the Bank of Japan target rate as of April 28. Also worth watching: Bank of Japan Governor Ueda Kazuo will hold a monetary policy press conference; the Bank of Japan will release its interest rate decision and economic outlook report. On other currencies: [BOJ Kept Rates Unchanged as Expected, Three Members Advocated for a Rate Hike] The Bank of Japan kept interest rates unchanged on Tuesday, but three of the nine-member policy board proposed a rate hike, signaling concerns over inflationary pressures triggered by Middle East conflicts. The 6-to-3 vote also marked the largest split since Ueda Kazuo became governor. At the conclusion of its two-day meeting, the BOJ decided to keep the short-term policy rate unchanged at 0.75%, in line with broad market expectations. Board members Takada Hajime, Tamura Naoki, and Nakagawa Junko dissented, advocating for raising the rate to 1.0%. Nakagawa Junko argued that despite ongoing uncertainty over the Middle East situation, price risks were tilted to the upside under accommodative financial conditions given economic developments. Tamura Naoki argued that given price risks were significantly tilted to the upside, the BOJ should set the policy rate as close to the neutral rate as possible. Takada Hajime argued that Japan's price stability target had essentially been achieved, and price risks had clearly tilted to the upside due to second-round effects of price increases triggered by developments outside China. BOJ Governor Ueda Kazuo is expected to brief the media on the decision later. (Jin10 Data APP) Hirofumi Suzuki, chief FX strategist at Sumitomo Mitsui Banking Corporation, said that three votes in favor of a rate hike was somewhat surprising, and that policy board member Nakagawa Junko also switched to supporting a rate hike. In Japan, the impact of the Middle East shock has begun to show in consumer confidence, which is concerning in itself, and this impact is expected to further transmit to the price side. Meanwhile, the yen remains under depreciation pressure in financial markets. Overall, the Bank of Japan will have no choice but to maintain its rate-hike inclination. If easing of Middle East tensions can be confirmed, the bank is expected to raise rates further around June-July. (Jin10 Data) Crude oil: As of 11:39, oil prices in both markets rose, with WTI up 1.02% and Brent up 0.8%. The US-Iran deadlock remained unresolved, and market sentiment was generally cautious. According to the Wall Street Journal, as the US Navy enforced a blockade and negotiations remained deadlocked, Iran was scrambling to find new oil storage methods to avoid devastating production shutdowns. As oil piled up domestically, Iran was reactivating abandoned sites known as "junk storage," using makeshift containers, and attempting to continue exports by rail. These unconventional measures aimed to delay an infrastructure crisis and undermine US leverage in the Strait of Hormuz standoff. Huatai Securities noted in a research report that, considering hindered transportation through the Strait of Hormuz and limited alternative routes, combined with potentially months-long production resumptions at shut-in Middle East oil fields and a round of strategic restocking of crude oil, refined products, and other energy and chemical products globally after the strait reopens, the medium-term oil price center is expected to stay high, maintaining the 2026 Brent crude oil average price forecast at $90/barrel. (Jin10 Data) Spot market overview: ► ► ► ► ► ► ► ► ► ►

According to news from the Haidong Industrial Park, on April 20, the key project introduced by the Haidong Industrial Park in Qinghai Province — the sodium-ion battery and energy storage equipment manufacturing project of Qinghai Zhaorui New Energy Technology Co., Ltd. — officially broke ground.

Over the past half-century of industrialisation, the global seaborne iron ore market took shape and solidified into a "duopoly" supply structure dominated by Australia's Pilbara region and Brazil's Carajás and Iron Quadrangle regions. However, with the evolution of macroeconomic cycles, the structural shift in China's economic growth momentum, and the historic imperative for the global steel industry to transition toward low-carbonisation and green development, this traditional supply landscape is undergoing an unprecedented reshaping. On November 26, 2025, as the first commercial vessel loaded with Simandou iron ore slowly departed Mabariya Port for the open sea, Guinea's Simandou iron mine officially commenced production. As the world's largest and highest-quality greenfield iron ore project, this milestone signalled the gradual rise of the African continent—long relegated to a secondary position—as an important emerging force in the global ferrous metals market. Why should we pay attention to the African market? The African continent's iron ore resources are regarded as the third most important region for global iron ore supply, after Brazil's Carajás region and Australia's Pilbara region. The sheer scale and high grade of its resources account for 13.8% of global iron ore resources. It is also set to be the primary supply-side growth driver over the next five years. Therefore, changes in African iron ore will long remain a key market determining international iron ore prices . This article provides a comprehensive analysis of the current status and landscape of African iron ore and select steel markets, offers an in-depth discussion of future development trends, and presents a data-driven outlook on market changes. I. Global Iron Ore Background According to SMM survey data, as of 2025, global iron ore production is estimated at approximately 2.472 billion mt. Of this, Africa contributed approximately 95 million mt, accounting for nearly 4% of total global production. With the successive commissioning of various large-scale mining projects, Africa's iron ore capacity is expected to double by 2030, reaching a scale of nearly 259 million mt. Assuming no production cuts in other regions, Africa-produced iron ore's global market share is expected to rise to nearly 10%, while the global iron ore market's oversupply is estimated to increase to approximately 220 million mt. (Chart-1: Balance Sheet) Although the international iron ore market has already entered a prolonged cycle of loose supply, the substantive supply shock from African iron ore is expected to materialise gradually only over the next five years. In the short term, based on an estimated 15 million mt of new African shipments in 2026, their outstanding high-grade characteristics are expected to quickly meet steel mills' current demand for low-carbon ore blending, allowing the market to absorb them smoothly, with a relatively mild impact on absolute international iron ore prices. The key point to watch will be from 2028 to 2029. As railway, port, and other infrastructure facilities still under development in Africa are fully connected, the surge in high-grade iron ore production will exert heavy downward pressure on the right side of the global iron ore cost curve. This will not only systematically push down the price center of iron ore but also trigger intense structural squeeze; that is, the survival space for low-grade, high-cost mines will be significantly compressed. This price downcycle is expected to persist through 2028. When international ore prices fall below the marginal cost support level of $90/mt, non-mainstream small mines on the far right of the cost curve will be forced to shut down and exit the market. By then, the global iron ore supply landscape will have completed a new round of reshuffle, re-forming a multi-oligopoly ecosystem dominated by ultra-large, low-cost mines (including new African mines), supplemented by quality mid-sized mines. (Chart-2: Price Forecast Curve) II. African Market Current Landscape: South Africa as the Dominant Leader with Multiple Strong Players, West African Countries Actively Expanding Having analyzed the foundation of the global iron ore market landscape, the focus will now shift to the overall situation in Africa. As the primary driving force behind supply growth over the next five years, Africa's iron ore production is concentrated in West Africa and South Africa. Currently, Africa is dominated by three major countries. Among them, South Africa is the largest producer, with production reaching approximately 67 million mt in 2025, and its export shipments firmly hold an absolute dominant position of approximately 65% of Africa's total iron ore exports. However, constrained by potential structural limitations, the future organic growth potential of South Africa's iron ore industry is relatively limited. As major iron ore projects in other emerging resource-rich African countries successively come into production and release capacity, South Africa's share in Africa's overall export market is expected to face sustained contraction. Next is Mauritania, as Africa's second-largest iron ore producer, with production of 15 million mt in 2025 and export volumes of approximately 12 million mt, accounting for 12% of the African market. Mauritania borders the Atlantic Ocean, possesses abundant high-grade iron ore deposits deep in the Sahara Desert, and enjoys exceptionally favorable geographic location and mineral resources. Moreover, it is within close proximity to European and Middle Eastern markets that urgently need green industrial raw materials, providing it with unique advantages for absorbing the global transfer of green metallurgical capacity. It will be a highly promising iron ore supplier in the future. In addition, Sierra Leone, as another important supply hub in the region, also has an expected production of 12 million mt in 2025, holding a stable share of approximately 12% in the African export market. Chinese-invested iron ore mines within the country are actively expanding their operations. Macro trade flow perspective, based on full-year 2024 trade data, the proportion of African iron ore shipped to the Chinese market was relatively low compared to traditional mainstream mining regions, accounting for only about 60%, while the broader Asian market encompassing China, Japan, and South Korea collectively absorbed approximately 70% of African iron ore shipments. Meanwhile, Western European countries represented by the Netherlands and Germany constituted the core secondary shipping destination for African iron ore, with a trade flow share of nearly 14%. The remaining marginal trade flows exhibited a diversified pattern, radiating broadly to emerging steel capacity clusters in the Middle East, including Bahrain, Oman, and Saudi Arabia. (Chart-3: African Iron Ore Market Overview) Enterprise level, Kumba Iron Ore and Assmang , both based in South Africa, became Africa's largest and second-largest iron ore producers with annual production of 37 million mt and 17 million mt, respectively. Kumba's mines such as Sishen are globally renowned for producing high-grade fines (>62%) and premium lump with excellent physical and metallurgical properties (Premium Lump, Fe 65.2%). Under the current trend of blast furnace emission reduction, this type of lump ore that can be directly charged into furnaces and reduce sintering carbon emissions has been highly sought after by the market, commanding a significant premium. Assmang also possesses high-quality iron ore assets, jointly controlled by African Rainbow Minerals (ARM) and Assore at a 50:50 ratio. Its Assmang fines and Assmang lump (grade at 64-65%) are also high-quality direct furnace charge materials. However, for this enterprise, the biggest bottleneck lies not at the pit head but on the rails. Heavy reliance on Transnet's rail shipping capacity means that logistics bottlenecks frequently cap its shipment volumes. SNIM (Société Nationale Industrielle et Minière de Mauritanie) is Mauritania's state-owned mining company and Africa's third-largest iron ore producer after the two South African companies. Unlike mainstream Australian and Brazilian ore, SNIM's products occupy a unique niche in terms of physicochemical specifications and market segmentation. Its most widely traded product is TZFC fines, characterized by extremely low aluminum (Al2O3) and phosphorus (P) content. As an excellent blending raw material, major steel mills prefer to blend SNIM ore fines with high-aluminum Australian fines (such as certain Pilbara blend ores) to significantly dilute the impurity ratio in furnace charge and optimize blast furnace performance. (Chart-4: Top-Tier Enterprises) III. Transformation of the African Market: Major Producing Countries May Stagnate While Emerging Projects Become Key Growth Drivers So where will future growth come from? According to SMM observations, the African market is expected to undergo significant structural changes over the next five years. Multiple large-scale iron ore projects across African countries are already under construction and plan to commence production before 2030. Based on estimates, Africa's iron ore supply is expected to grow substantially from approximately 95 million mt currently to 260 million mt over the next five years, representing a cumulative increase of up to 85%. The market landscape will also shift from South Africa-dominated exports led by Western players to Guinea-dominated exports. (Chart-5: African Market Production Trend) The primary growth driver will come from Guinea in West Africa. The country's renowned Simandou iron ore mine, jointly developed by multiple enterprises, is currently the world's largest undeveloped high-grade open-pit hematite deposit. With resource reserves exceeding 5 billion mt and a designed capacity of 120 million mt, it is the project with the greatest strategic potential to reshape the existing iron ore market landscape. Since the first ore shipment in late November 2025, as of Q1 2026, Simandou's main export port, Morebaya Port, has cumulatively shipped nearly 1.6 million mt. Blocks 1 and 2, developed under the leadership of the Winning Consortium Simandou (WCS), have been successfully commissioned, with 2026 capacity expected to be achieved and shipments expected to reach full production of 60 million mt within the next 2–3 years. Blocks 3 and 4, which are expected to commence production in Q1 2026, are led by Simfer (a Rio Tinto & Baowu joint venture) and are expected to ship 5 million mt of ore in 2026, reaching full production of 60 million mt over 30 months. In other words, Guinea is expected to reach 120 million mt before 2030, vaulting to become the world's second-largest iron ore project, behind only Brazil's S11D project (with a post-expansion designed capacity of 200 million mt, expected to commence production in 2030). Other countries such as Liberia, Gabon, Sierra Leone, and Congo Republic all have iron ore projects under development, with a combined capacity of approximately 46 million mt planned to commence production by 2030. The largest among these is the Tokadeh Phase II project (Tokadeh Phase II) in Liberia, owned by ArcelorMittal (AML), which is expected to commence production in H2 2026 and reach full production of 20 million mt capacity by year-end, with iron ore concentrate expected to exceed Fe 66%. Given that AML's steelmaking capacity in Europe cannot absorb such a massive increase in the short term, the majority of Tokadeh 's products are expected to flow into the international market for trading, exerting downward pressure on iron ore concentrate prices. Currently, the largest exporting country, South Africa, is expected to largely maintain its production within the range of 63–67 million mt, with a risk of slight decline. The primary reason is that South Africa's iron ore transportation is highly dependent on the heavy-haul railway line (TFR) from Sishen to Saldanha Port. In recent years, Transnet Freight Rail (TFR), under South Africa's national transport company Transnet, has seen a significant decline in transport capacity due to numerous issues including locomotive and rolling stock shortages, frequent cable theft, and prolonged underinvestment in infrastructure, resulting in severely reduced transportation capacity for major bulk commodities such as iron ore and coal. South Africa's largest iron ore mine, Kumba, in its 2025 year-end financial report released in February 2026, indicated that its total finished product inventories reached as high as 7.5 million mt , increasing rather than decreasing compared to 6.9 million mt at the end of 2024. As railway transport capacity failed to match mine production capabilities, major South African iron ore producers were forced to accumulate large inventories at mine sites. To prevent inventory overflow, miners had to proactively lower production guidance. Although miners have been working to address transportation issues, the deep-rooted railway problems are difficult to resolve in the short term. Beyond 2030, there is also Mauritania's SNIM strategic growth blueprint. In the first phase (Horizon 1), the company plans to raise annual capacity to 45 million mt by 2031 through implementing lean production, equipment and technology upgrades, and joint development of new reserves. Of this, 20 million mt will be absorbed by SNIM's own wholly-owned capacity, while another 25 million mt will be achieved through attracting international capital to form joint ventures. Furthermore, SNIM has even set its sights on 2045 (Horizon 3), formulating a long-term goal of raising annual capacity to 80 million mt . In addition, there is the MIFOR project in the DRC. On March 26, 2026, the DRC signed a relevant memorandum of understanding with China, and the MIFOR project was listed as a flagship project with priority support. The mine is estimated to hold cumulative resources of 15 billion to 20 billion mt, with an average grade exceeding 60%. Its potential scale is considered to be approximately 2.5 times that of the Simandou project in Guinea. The first phase of the project is expected to cost $28.9 billion, involving the construction of a heavy-haul freight railway combined with Congo River shipping, ultimately connecting to the Banana deep-water port on the Atlantic coast. Initial annual production is expected to be 50 million mt, with a long-term goal of expanding to 300 million mt per year . All these projects are destined to make Africa an indispensable source of iron ore supply in the future. (Chart-6: Selected African Iron Ore Projects) IV. Global Steel Industry Chain Transformation: Will Africa, as a Hub of High-Grade Ore, Empower DRI Production? Notably, most of Africa's currently operating and planned iron ore projects have an average total iron grade (Fe) largely above 65% , with extremely low impurity content. This scarce high-grade ore is an ideal raw material for the direct reduced iron (DRI) process. As the DRI-EAF green steel route gains traction in Europe, the US, and China, future demand for iron ore with grades of 65% and above will surge exponentially. This will confer an exceptionally high "grade premium" on major iron ore projects including South Africa's Kumba, Guinea's Simandou, and other mines coming into production in the future. In the long run, the pricing benchmark for iron ore is inevitably shifting away from the traditional Platts 62% index, and African miners will gain bargaining leverage when renewing long-term agreements, thereby reshaping the global industry chain profit distribution landscape. In line with the global carbon neutrality trend, international investors, encouraged by local governments, are actively deploying high-value-added processing facilities, including DRI plants and high-grade pellet plants, aiming to fully leverage Africa's abundant high-grade iron ore resources and enormous energy potential for DRI production. Based on SMM's observations, approximately 200,000kt of DRI capacity is expected to emerge in Africa by 2030. The largest project among them is an 8.1 million mt DRI complex located in Libya, a joint venture between Turkish steel mill Tosyali and Libya's national steel company. (Chart-7: African DRI Projects) As China advances its "dual carbon" goals, the steelmaking industry is undergoing corresponding adjustments. China has set out a strategic blueprint for carbon peaking by 2030 and carbon neutrality by 2060. The traditional high-carbon-emission long-process steelmaking route dominated by blast furnace-converter operations is facing extremely stringent capacity replacement policies and environmental protection regulations. Meanwhile, the global trade system is also accelerating the imposition of carbon costs — for example, the implementation of the EU's Carbon Border Adjustment Mechanism (CBAM) — compelling the global steel supply chain to accelerate its transition from the source toward a low-carbon or even zero-carbon "green steel" era. Under this irreversible transformation trend, the short-process route combining DRI with electric furnace (EAF) has become the most commercially feasible decarbonization pathway. To meet the surging global demand for green steel in the future, market forecasts indicate that by the 2030s, global DRI designed capacity will need to increase by hundreds of millions of metric tons. This dramatic expansion in production scale will profoundly reshape the global steel supply landscape. The share of traditional pig iron production will gradually decline, while low-carbon DRI supply will directly determine the competitiveness of major economies in the global green steel market. In particular, the "hydrogen metallurgy" technology, which uses green hydrogen to replace natural gas and coal for iron ore reduction, is widely recognized by the industry as the core to achieving ultimate zero-carbon steelmaking. (Chart-8: Reshaping of the Steel Industry Chain Under Green Transformation) Represented by world-class high-quality iron ore projects such as Simandou in Guinea, the gradual commissioning of these super mines is expected to inject over 100 million mt of high-grade iron ore supply into the global market annually, significantly alleviating the global shortage of DRI-grade ore. More critically, North Africa and West Africa possess solar and wind energy potential that is second to none globally, enabling large-scale green hydrogen production at extremely low costs locally. This perfect combination of "high-grade ore + affordable green hydrogen" has led multinational capital and steel giants to increasingly favor establishing DRI production lines directly on African soil, reducing iron ore locally into low-carbon Hot Briquetted Iron (HBI) that is convenient for transport, before shipping it to electric furnaces in Asia and Europe for smelting. As a result, Africa will formally transition from the old era to become an indispensable part of the green iron production chain.

[China’s Aluminum Ingot Inventory Continues to Build Up, Aluminum Prices Remain in a High-Level Consolidation Pattern ]Overall, the geopolitical situation in the Middle East remained the core factor affecting the global aluminum market. A series of production cuts and damage incidents at Middle Eastern aluminum plants is expected to provide strong upward momentum for aluminum prices in and outside China, coupled with support from expectations of a gradual release of peak-season demand in China. In the short term, aluminum prices are expected to remain in a high-level consolidation pattern.

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. There was no offline delivery information this week. Project-related updates: Binyang County Haoyuan Industrial Investment Co., Ltd.: Competitive consultation was launched for the Binyang County Green Electricity Hydrogen Production Pilot Construction Project (procurement of hydrogen production equipment and facilities). The budget amount was 2.85 million yuan, with a maximum price limit of 2.85 million yuan. The project entity was Binyang County Haoyuan Industrial Investment Co., Ltd. It is understood that the company is a wholly owned subsidiary of Binyang County Kunpeng Water Affairs Co., Ltd. Kunpeng Water Affairs has registered capital of 448.6 million yuan, and its ultimate controller is the Binyang County Finance Center. Datang Inner Mongolia Duolun Coal Chemical Co., Ltd.: Inquiry-based procurement was conducted for the feasibility study and green methanol certification consulting technical services for the CNCEC Duolun coal chemical coal-based process biomass co-firing coupled with green electricity green methanol production project. It is understood that the Datang Duolun 150,000-kW integrated wind and solar power hydrogen production demonstration project was China’s first medium-to-large-scale technological demonstration project for off-grid wind and solar power hydrogen production deeply coupled with coal chemicals. It was invested in and constructed by Datang Duolun Ruiyuan New Energy Co., Ltd., with a total investment of about 1.3 billion yuan. Construction officially began in November 2023, construction officially began in November 2023, hydrogen was successfully produced on December 29, 2024, and the project was officially connected to the grid and put into operation on January 17, 2025. Shaanxi Construction Engineering Installation Group Co., Ltd.: The Guyang-Baiyun Obo gas transmission pipeline project, undertaken by Shaanxi Installation Group, achieved important progress, with its Guyang initial station and valve chamber successfully passing completion acceptance. It is reported that the gas transmission pipeline project has a 20% hydrogen blending transmission capacity and is a key planned construction project under the “County-to-County Coverage in Western Inner Mongolia” initiative in the Inner Mongolia Autonomous Region’s 14th Five-Year Plan for Oil and Gas Development. The pipeline has a total length of 125 km, starting from the Guyang initial station and running overall from south to north, successively passing through Guyang County, Darhan Muminggan Banner, and the Baiyun Obo mining district in Baotou City, and ultimately reaching Barun Industrial Park. PetroChina Shenzhen New Energy Research Institute Co., Ltd.: It released a processing tender for its brine hydrogen production electrolyzer. Funding for the tender project was self-raised by the enterprise, with a contribution ratio of 100%. It is understood that procurement of necessary raw materials and components includes, but is not limited to, integrated electrolyzer materials such as electrodes, end plates, bipolar plates, separators, and gaskets. Suppliers were also required to provide essential auxiliary electrolyzer accessories such as cooling towers, chillers, and potassium hydroxide in accordance with the purchaser’s requirements. Tianjin Saihong Environmental Engineering Co., Ltd.: A groundbreaking and pile foundation commencement ceremony was held in the Dagang Petrochemical Industrial Park of Tianjin Binhai New Area. It is understood that the project uses the polyploid giant reed “Lüzhou No. 1,” carefully cultivated by Ruihengmao Group, as its core raw material, successfully overcoming the bottlenecks of existing gasification technologies and the economic challenges of biomass raw materials. Tangshan Haitai New Energy Technology Co., Ltd.: recently entered into a strategic cooperation agreement with Beijing Shougang Gas Co., Ltd. During the meeting, Haitai New Energy gave a detailed presentation on the planning layout and current progress of its long-distance hydrogen pipeline project. The two sides then conducted in-depth discussions and exchanges on the development direction of the hydrogen energy industry and successfully signed a strategic cooperation agreement. In view of Shougang Gas’s continuously rising future demand for hydrogen, Haitai New Energy will leverage its comprehensive advantages in hydrogen transportation to provide Shougang Gas with stable and reliable green hydrogen supply services and comprehensive integrated solutions. Shanghai Juna New Material Technology Co., Ltd.: its water electrolysis hydrogen production electrode company, Juna Technology, completed a new round of financing, exclusively invested by CATL, which has become the company’s largest external institutional shareholder at present. Previously, Juna Technology had completed its first round of financing led by Lenovo Star and its second round led by Changjiang Innovation. This round of financing also marked the company’s first introduction of industrial capital. To date, the company has accumulated 8 external institutional shareholders. Shanghai Juna New Material Technology Co., Ltd.: formally signed a strategic cooperation agreement with Zhejiang Sunshine Green Hydrogen Technology Co., Ltd. This cooperation mainly focuses on the industrialisation and deployment of megawatt-class AEM electrolyzers. Leveraging its advanced JE series high performance AEM hydrogen production electrodes, Juna Technology will provide core component support for Sunshine Green Hydrogen in the R&D, testing, and scaled mass production of megawatt-class electrolyzers. Xinjiang Qingda Energy Technology Co., Ltd. : the environmental impact report for its integrated production line project with annual output of 120,000 mt of green hydrogen and 700,000 mt of green ammonia is planned for submission for approval and public disclosure. According to the disclosure, the project is a new-build project located in the western zone of Wusu Industrial Park and invested in and constructed by Xinjiang Qingda Energy Technology Co., Ltd., with a total investment of 4.1914 billion yuan. The project includes extensive construction content, specifically: six water electrolysis hydrogen production unit lines, each with annual output of 20,000 mt, to achieve annual output of 120,000 mt of green hydrogen; meanwhile, one ammonia synthesis unit line with annual output of 700,000 mt to produce 700,000 mt of green ammonia; in addition, one nitrogen production unit line with annual output of 560,000 KNm³ is also planned. In terms of auxiliary facilities, the project will build 6 electrolyzer workshops, 1 office building, 1 circulating water station, 1 central control room, 1 liquid ammonia tank farm, 1 hydrogen tank farm, 1 demineralised water station, and other supporting facilities, with total gross floor area of 127,083.72 m² and total site area of 330,883 m². The construction period is expected to be 12 months. In the water electrolysis hydrogen production segment, the project adopts the alkaline electrolyzer (ALK) hydrogen production process, equipped with 86 2,000-Nm³ electrolyzers, as well as 2 purification units and 2 gas-liquid treatment units, and is expected to produce 120,000 mt of hydrogen annually, mainly as raw material for ammonia synthesis. For the ammonia synthesis unit, the project will build one new unit adopting Casale axial-radial technology, with major equipment including ammonia compressors and synthesis towers, and is expected to produce 700,000 mt of liquid ammonia annually. CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd.: CRRC Zhuzhou Institute successfully won the bid for 8 water electrolysis hydrogen production systems for Phase I of Kaishan Group’s Kenya green fertilizer project. It is understood that this is the first export of CRRC electrolyzer products to Africa and also the world’s first project to produce green hydrogen/ammonia using geothermal new energy. The Kaishan fertilizer project uses geothermal steam from a Kenyan energy company to generate clean electricity, and then uses this clean electricity to produce hydrogen and green ammonia, ultimately producing more than 480,000 mt of green fertilizer. The hydrogen production section of the project uses a total of 90 sets of 1,000 Nm³/h. Xinqing Energy Technology (Fukang) Co., Ltd.: the EPC general contracting tender for the Xinqing Energy photovoltaic hydrogen production coupled resource clean utilisation low-carbon integrated project (chemical section) was recently released. It is reported that the project is located about 28 km east of Fukang City, Changji Prefecture, Xinjiang Uygur Autonomous Region, about 72 km west of Jimusar County, about 7 km north of Ganhezi Town, and adjacent to the east side of Xinjiang Jinxiang Sairui Coal Chemical Technology Co., Ltd. The project plans to build a new 383.3 MW PV power generation system to achieve hydrogen production capacity of 20,000 mt per year, together with a supporting ammonia synthesis system with annual output of 130,000 mt. In addition, one 220 kV step-down substation will also be built. Inner Mongolia Baofeng Coal-Based New Materials Co., Ltd.: Power Station Group has formally signed a cooperation agreement with Inner Mongolia Feng Coal-Based New Materials Co., Ltd. Power Station Group will supply key equipment for the Phase I water electrolysis hydrogen production project of the other party’s wind and solar power hydrogen production project, specifically including 8 alkaline electrolyzers of 1,250 Nm³/h and the world’s largest single-set 5,000 Nm³/h separation and purification system. In addition, Power Station Group will also provide the industry’s first outdoor three-dimensional layout design supporting services. Policy Review 1. Notice of the Ministry of Industry and Information Technology and Three Other Departments on Issuing the Implementation Plan for the High-Quality Development of Energy-Saving Equipment (2026-2028). The document states that by 2028, mass-produced water electrolysis hydrogen production equipment will achieve DC power consumption below 4.2 kWh/Nm³ under rated operating conditions. 2. Notice of the General Office of the National Energy Administration on Issuing the Guidelines for Project Approval of the 2026 Energy Industry Standards Plan. The key areas for project approval under the 2026 energy industry standards plan include 8 items. In the hydrogen energy field, the key directions include fundamentals and general applications, hydrogen production and conversion, hydrogen storage and transportation, hydrogen refueling, hydrogen power and generation, and hydrogen equipment. 3. Notice of the People’s Government of Heilongjiang Province on Issuing the Outline of the 15th Five-Year Plan for National Economic and Social Development of Heilongjiang Province. The document states that Heilongjiang will step up development of the bioenergy industry, foster green liquid fuel industries such as green hydrogen-to-ammonia, green methanol, and green aviation fuel, strive to achieve annual production capacity of 1 million mt of green hydrogen and 3 million mt of green liquid fuels, and accelerate the scaled and commercial development of bio-natural gas. Corporate Developments CIMC Enric Holdings Limited: Yang Baoying, honorary president of its hydrogen business center, and his delegation recently visited Pengfei Group. During the exchange, the two sides held discussions on promoting the implementation of the “hydrogen cylinder replacement” operating model for hydrogen heavy-duty trucks in Lvliang and ultimately reached consensus. This move has injected strong momentum into the commercialisation and scaled promotion of hydrogen heavy-duty trucks, pressing the “fast-forward button.” Yuchai Xinlan (Jiangsu) Hydrogen Energy Co., Ltd. : formally entered into a strategic cooperation agreement with Henan Hitachi Xin Co., Ltd. The two sides will carry out in-depth cooperation around key links in the hydrogen energy industry chain and jointly advance hydrogen technology innovation, product R&D, and market applications. Shaanxi Construction Engineering Installation Group Co., Ltd.: the Guyang first station and valve chamber of the Guyang-Baiyun Obo gas pipeline project, which it constructed, successfully passed completion acceptance. This milestone means that the innovative infrastructure project, equipped with 20% hydrogen blending transmission capability, is on the verge of official operation. It is understood that the Guyang-Baiyun Obo gas pipeline project not only has 20% hydrogen blending transmission capacity, but is also a key planned construction project under the “county-to-county connectivity in western Inner Mongolia” initiative in the Inner Mongolia Autonomous Region’s 14th Five-Year Plan for oil and gas development. The pipeline has a total length of 125 km, starting from the Guyang first station and generally running from south to north, passing through Guyang County, Darhan Muminggan Banner, and Baiyun Obo mining district in Baotou City before finally reaching Barun Industrial Park. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. : a delegation from Thailand’s water resources, electricity, and related institutions came to China for exchanges on the new energy industry and made a special trip to Zhangjiagang, Jiangsu, to visit the rooftop PV hydrogen production project jointly developed by ZNShine Solar and Guofu Hydrogen Energy. It is understood that the project relies on a distributed PV system installed on factory rooftops to provide clean and stable electricity for the enterprise’s production and energy applications through PV power generation, balancing efficient energy utilisation and green development. At the same time, it integrates hydrogen application scenarios and is equipped with an ESS to ensure stable energy supply for hydrogen production. It is a leading distributed PV hydrogen production demonstration project in China, showcasing China’s advanced achievements in the integrated development of PV and hydrogen energy. CSIC 712 Research Institute: the 100-kg-class hydrogen-powered hexacopter UAV “Hydrogen Peak No. 1,” which it led in developing, successfully completed its maiden flight. It is understood that Hanhydrogen Power, as the main supplier of the hydrogen supply system for hydrogen fuel cell UAVs, participated in the formulation of T/CEEIA265-2017 Technical Specification for Fuel Cell Fuel Systems of Unmanned Aerial Vehicles by the China Electrotechnical Society. Shanghai Yigong Hydrogen Energy Technology Co., Ltd.: Yigong Hydrogen Energy has seen concentrated batch shipments of its hydrogen compressor products, which have been delivered to project sites across the country for commercial operation. Guofu (Jinan) Hydrogen Energy Technology Development Co., Ltd.: registered capital is 2 million yuan, and the legal representative is Ding Leizhe. Equity information shows that Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. holds 80% of the company, while Zhejiang Lingniu Yishi New Energy Technology Co., Ltd. holds 20%. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with laboratory-tested service life reaching 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications 1. Professor Yu Ying’s team at Central China Normal University developed a three-dimensional graded nanostructured catalytic electrode, a core component for seawater hydrogen production. 2. Dalian University of Technology designed an electron-pump catalyst with an asymmetric photoresponse structure to maintain asymmetry in electron distribution. 3. Research teams from the School of Electrical Engineering at Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed a Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolyzers, significantly reducing carbon footprint. 5. Teams from Xi’an Jiaotong University and Peking University jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and economics of AEM water electrolysis hydrogen production and supporting the scaled deployment of low-cost green hydrogen.