On the morning of March 10, the unveiling ceremony and construction launch meeting for the Shanghai Key Laboratory of Efficient Green Fuel Synthesis Systems Engineering (Preparatory) were successfully held at Shanghai Boiler Works Co., Ltd. Xuan Fuzhen, President of East China University of Science and Technology, and Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, jointly unveiled the laboratory, marking the official entry of the key laboratory’s development into a new stage of substantive progress. Zheng Guanghong, Second-Level Inspector of the Shanghai Municipal Science and Technology Commission, witnessed the ceremony on site. Led by Shanghai Boiler Works Co., Ltd. and jointly established with East China University of Science and Technology, the laboratory focuses on tackling critical “bottleneck” technological challenges in the application field of efficient synthesis of green fuels such as green methanol, green ammonia, and sustainable aviation fuel (SAF). It has precisely laid out three core research directions: efficient synthesis of diversified green fuels, high-efficiency clean power equipment, and AI + digital twin flexible regulation and control. It is committed to building a full-chain innovation system spanning basic R&D, pilot-scale verification, and industrialisation, thereby supporting breakthroughs in green fuel technologies and their industrial application. Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, stated at the event that the high-standard development of the key laboratory for green fuels is an important practice for Shanghai Electric in implementing the national development strategy for new quality productive forces in the energy sector and promoting the deep integration of green fuel technological innovation with industry. Shanghai Electric will use the laboratory’s development as an important lever, providing comprehensive support in policy, resources, funding, and other aspects, fully integrating high-quality internal and external resources, and making every effort to advance technological research, professional talent cultivation, and the commercialisation of scientific research achievements, thereby contributing wisdom and strength to the high-quality development of China’s green fuel industry. Xuan Fuzhen, President of East China University of Science and Technology, pointed out that the university will give full play to its disciplinary strengths, carry out close and pragmatic cooperation with Shanghai Electric, vigorously promote the deep integration of industry, academia, and research, focus on core challenges in green fuel synthesis technologies and equipment, strive to achieve major technological breakthroughs, and work together to build a benchmark for collaborative innovation among industry, academia, and research. Jin Xiaolong, Member of the Party Committee and Vice President of Shanghai Electric Group, Vice President Qiu Jiayou, and relevant leaders from the Shanghai Municipal Science and Technology Commission, East China University of Science and Technology, and Shanghai Electric Power Station Group attended the event.

As of March 24, titanium dioxide prices continued to rise, with the SMM index up 4.6% since early 2026. Two rounds of price hikes were issued in March amid low inventories. Strong exports and production cuts supported gains, though sustainability post-peak season remains uncertain, hinging on downstream acceptance.

Silver prices fluctuated and stabilized today, and the spot-futures price spread between TD and the most-traded SHFE silver contract widened slightly. Suppliers' premium quotations rose slightly from yesterday. In the Shanghai market, during early trading, mainstream quotations from suppliers of national-standard silver ingots were at premiums of 100-120 yuan/kg against TD, or at a premium of 50 yuan/kg against the SHFE silver 2604 contract. A few suppliers were reluctant to sell small volumes at premiums of 120-150 yuan/kg against TD. After negotiations, mainstream transaction prices for mt-level volumes in the market were close to premiums of 70-100 yuan/kg against TD, or near parity against the 2604 contract. Downstream enterprises actively negotiated and bought the dip, and consumption improved slightly compared with yesterday.

[SMM Daily Review: High-Grade NPI May Still Have Downside Room Under the Dual Pressure of End-Users and Steel Scrap] March 24 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.59, down 0.04 MoM.

[SMM Shanghai Spot Copper] Copper prices rose from yesterday, but both buying and selling sentiment pulled back intraday, indicating that downstream acceptance of current price levels remained limited. In terms of market structure, under the current price spread between futures contracts structure, suppliers showed strong willingness to sell, with some offloading cargo, driving overall spot discounts down rapidly, while downstream willingness to make counteroffers was relatively evident. Entering the second trading session, after premiums were cut further, market transactions improved somewhat, but downstream procurement remained generally cautious, mainly focused on restocking on dips, with insufficient willingness to chase higher prices. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, Shanghai spot copper discounts were expected to remain under pressure tomorrow.

Recently, Mingyang Hydrogen’s MYH-K-1000 electrolyzer completed the authoritative evaluation under the China Hydrogen Alliance’s “Leader Program” and received the official test report. With multiple industry-leading performance indicators, it has established a new benchmark for alkaline electrolyzers adapted to fluctuating new energy scenarios, marking a major technological milestone for the company in the field of hydrogen energy equipment. This product is the first 1,000 Nm³/h-class alkaline electrolyzer on the China Hydrogen Alliance’s field-testing platform to achieve the “15th Five-Year Plan” target of 20%–120% ultra-wide flexible load regulation . At the 20% minimum load, it can stably control hydrogen content in oxygen to within 1.5%, enabling long-term stable operation. It also features rapid load response capability of 5%/s to 10%/s. Its core performance is industry-leading and perfectly suited to the flexible operating conditions of wind and solar power generation, providing robust support for the development of the green fuel industry. The test certification presentation ceremony was held at Mingyang Hydrogen’s Beijing Center. Yu Tianxiao, Director of the Quality Value Center at Guoneng Hydrogen Innovation and Deputy General Manager of Hydrogen Testing Technology, presented the certification report to Pan Yongle, Executive Director and CEO of Mingyang Hydrogen, and both parties witnessed this important moment together. Rigorous Field Testing Validates Outstanding Performance, Strong Results Under Extreme Cold Conditions According to the alliance’s field-test data, under 100% rated load, the MYH-K-1000 kept hydrogen content in oxygen below 0.5% and successfully passed load ramp-up and ramp-down tests at 3%/s and 5%/s. Under the ultra-low load of 20%, hydrogen content in oxygen remained compliant, while DC power consumption was as low as 3.85 kWh, achieving efficient and stable operation. This long-duration test was conducted throughout in an outdoor environment at minus 20°C . The product still demonstrated excellent cold and hot start capabilities, as well as high reliability, high safety, and fully flexible operating characteristics, overcoming the longstanding low-temperature operating limitations of traditional electrolyzers and enabling adaptation to more extreme application scenarios. Breakthroughs in Core Technology Innovation Set a New Industry Benchmark This electrolyzer adopts advanced integrated die-casting technology, delivering high consistency in its internal structure. The area of its electrolysis unit is 75% larger than that of traditional designs, and it overcomes sealing challenges on the basis of zero-electrode-gap technology, significantly improving product performance and production efficiency and setting a new technological benchmark for the industry. Company Statement: Continuous Innovation-Driven Development and Deepening Commitment to Hydrogen Energy Equipment Pan Yongle, CEO of Mingyang Hydrogen, stated that this certification is the result of the team’s technological breakthroughs. The company will continue to uphold the philosophy of “innovation-driven, green future,” further increase R&D investment, launch more high performance products, provide global clients with high-quality hydrogen energy solutions, and support the industry’s high-quality development.

SMM News, March 24: Aluminum ingot: On March 24, SMM A00 aluminum (Foshan) was reported at 23,440, up 30, at a discount of 170 against the current-month contract, narrowing by 5 (unit: yuan/mt) The SHFE aluminum 04 contract generally stabilized today. Supported by aluminum prices halting their decline and edging up slightly, the South China spot market stabilized and improved, and buyers generally showed good purchasing sentiment today. Spot prices were significantly below the monthly average price, and sellers firmly held prices firm. However, amid weekend inventory buildup and ample circulating cargo, overall support for firm prices was clearly constrained under high inventory pressure. Mainstream transaction prices in the market today were concentrated at premiums of -175 yuan/mt to -165 yuan/mt against the SHFE aluminum 04 contract.

[SMM Stainless Steel Daily Review] News-Driven Disturbances Pushed SS Futures Higher to Test the Upside, Confidence in the Stainless Steel Spot Market Gradually Recovered SMM News, March 24: SS futures rose strongly. Affected by market fluctuations triggered by news of geopolitical conflict yesterday, SS futures rose sharply in the night session, and the daytime session maintained a fluctuating but relatively strong trend, closing at 14,290 yuan/mt by midday. In the spot market, boosted by the sharp rise in SS futures, market confidence somewhat recovered; although the increase in traders' spot quotations was limited, both inquiries and transactions showed signs of recovery during the week. The current market is heavily disturbed by news factors, and changes in the geopolitical conflict still need close attention. The most-traded SS futures contract strengthened and moved higher. At 10:15 a.m., SS2605 was quoted at 14,305 yuan/mt, up 125 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the range of 115-315 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi rose by 50 yuan/mt; for cold-rolled trim-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan was unchanged; cold-rolled 316L/2B coils in Wuxi were unchanged; for hot-rolled 316L/NO.1 coils, Wuxi quotations were unchanged; cold-rolled 430/2B coils in both Wuxi and Foshan were also unchanged. As the market entered the traditional peak consumption season of "Golden March and Silver April," although the stainless steel market ushered in a seasonal recovery window, end-use demand fell short of expectations, downstream wait-and-see sentiment gradually intensified, and the procurement side only maintained a restocking pace for rigid demand, with none of the transaction momentum typically seen in the peak season emerging. The market's view on stainless steel prices...

[SMM Tin Brief Commentary: SHFE Tin Stopped Falling and Rebounded, Closing Up 2.94% as Macro Pressure and Bottom Support Vied Against Each Other]

According to the latest data from China Customs, China imported a total of 5,561 mt in metal content of nickel sulphate in February 2026, down 20% MoM and up 54% YoY. China exported 33 mt in metal content of nickel sulphate, down 74% MoM and down 75% YoY. China's net imports of nickel sulphate were 5,528 mt in metal content in February 2026, down 19% MoM and up 59% YoY. By country, exports to Japan pulled back this month, dragging down total exports; on the import side, imports from Indonesia and other countries also pulled back this month. Although imports from Finland increased, total imports still declined. Net imports of nickel salts also pulled back this month, broadly in line with last month's expectations.