According to the Ministry of Energy, President Hakainde Hichilema has commissioned the 100 MW Phase II expansion of the Chisamba Solar Power Plant in Central Province, bringing the facility's total installed capacity to 200 MW. The project represents another step in Zambia's efforts to diversify its electricity generation mix and strengthen energy security as demand from key economic sectors continues to increase. Speaking at the commissioning ceremony, President Hichilema said additional generation capacity would support households, businesses and industrial development, while highlighting the importance of reducing Zambia's dependence on hydropower. The country experienced significant electricity supply challenges during recent drought conditions, which affected hydropower generation and placed pressure on energy-intensive industries. ZESCO Managing Director Justine Loongo said the project created approximately 1,480 jobs during construction, with 95% of positions filled by local residents, highlighting the wider economic benefits of energy infrastructure investment. The expansion comes as Zambia aims to significantly increase copper production towards its long-term target of 3 million tonnes annually. Copper mining operations require large and stable electricity supplies for activities including ore processing, concentration and smelting. Recent power shortages demonstrated the vulnerability of relying heavily on hydropower, particularly during periods of low rainfall. By expanding solar generation capacity, Zambia is strengthening the resilience of its national power system and creating additional support for future mining investments, including new copper projects, mine expansions and processing facilities. A more diversified energy mix could help reduce operational risks for mining companies and improve the country's ability to attract further investment into the copper sector.

Commodity trader Trafigura has withdrawn from a proposed 2,000 MW electricity transmission project intended to supply surplus Angolan hydropower to copper and cobalt mining operations in the Democratic Republic of Congo (DRC) and Zambia, according to foreign media reports. The initiative originated in July 2024 when Trafigura signed a non-binding agreement with engineering firm ProMarks and the Angolan government to conduct feasibility studies for a high-voltage interconnector. According to foreign media reports, the line aimed to monetize Angola's northern hydropower capacity to help alleviate chronic electricity deficits affecting mining assets in the Central African Copperbelt. The withdrawal highlights the complex financing and risk dynamics associated with large-scale cross-border energy infrastructure in emerging markets, as reliable grid power remains a primary constraint for scaling up copper and cobalt production across Zambia and the DRC. According to foreign media reports, despite Trafigura's exit, other transmission ventures linking Angola to regional mining centers are progressing. These include Meridia Energy's planned Lauca–Kolwezi line (1,400 MW) and Soyo–Inga–Cabinda line (800 MW), targeted for commercial operation by 2030, as well as a separate $1.5 billion interconnector proposed by U.S.-based HYDRO-LINK aimed at Lualaba and Katanga provinces. While the delay of this specific 2,000 MW line creates a short-term hurdle for cross-border power sharing, broader efforts to connect Angola's surplus generation to the Southern African Power Pool (SAPP) and Copperbelt miners remain active under revised consortia, according to foreign media reports.

Alvance British Aluminium is carrying out a maintenance and upgrade programme at its Lochaber Power Station to ensure reliable renewable power for its Lochaber aluminium smelter. As part of the 2026 programme, all five hydro generators will undergo inspection and refurbishment, while two additional Automatic Voltage Regulators (AVRs) will be installed under a £400,000 three-year investment plan. The upgrades are expected to enhance power reliability, support low-carbon primary aluminium production, and strengthen grid balancing services.

SMM, July 21 – To deepen industry exchanges, smooth information channels, and accurately grasp development trends and market dynamics in the zinc and indium sectors, on July 21, a team from SMM Information & Technology Co., Ltd. (SMM) — including Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc; Li Hanyu, Senior Zinc Analyst; and Dai Junxiu, Senior Business Manager — visited Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. for an exchange and was warmly received by relevant leaders of the company. During the exchange, the two parties had in-depth discussions on core industry topics, such as current zinc and indium price trends, the enterprise’s comprehensive recovery technologies for zinc and indium metals, existing production and processing capacity, and the regional layout of new mine capacity. Meanwhile, the SMM team introduced in detail the platform’s existing pricing system, pricing logic, and mainstream market application scenarios, conducted in-depth exchanges with the enterprise on industry pricing standards and market quotation applications, fully listened to frontline production and market demands, and further broke down information barriers between upstream and downstream. This visit effectively consolidated the foundation for information sharing across the industry and provided strong support for accurately assessing zinc and indium market trends and promoting the green, high-quality, and standardized development of the industry. Profile of Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. is a wholly-owned subsidiary of Yunnan Tin Co., Ltd. Established in May 2016 with a registered capital of 1.1 billion yuan and 843 registered employees, it is a state-owned enterprise integrating production, R&D, and trade, mainly engaged in the smelting, processing, sales, and trading of non-ferrous metals and ore products. After six years of independent process and equipment R&D, the company overcame the industrialization challenges of hematite technology and equipment. In 2018, it invested 2.44 billion yuan to build China’s first and the world’s second demonstration plant for hematite iron removal hydrometallurgical zinc smelting. The plant reached full production and standards within one year, with core indicators leading the industry: zinc recovery rate >98%, indium recovery rate >83%, copper recovery rate >95%, lead and silver recovery rate >99%, iron resource utilization rate >95%, comprehensive energy consumption for zinc electrowinning 99.96%, and tail gas SO 2 <60 mg/Nm 3 . Leveraging its technological and green development strengths, the company has received more than 30 honors, including national-level “Quality Engineering” award, national-level specialized and sophisticated key “Little Giant” enterprise, national-level green factory, and high-tech enterprise. It holds 42 authorized patents (including 21 invention patents), and three of its core technologies have won the First Prize of China Nonferrous Metals Industry Science and Technology Award. The “New Green and Efficient Zinc Smelting Technology for Complex Polymetallic Iron-bearing Sphalerite” and the “Hematite Process for Iron Removal and Zinc Smelting” have been respectively listed by the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology (MIIT), and other authorities in the industry carbon peak action plan and energy-saving and carbon-reduction guide, and are promoted as key advanced technologies. SMM Contact: Geng Zhiyao Tel: 13818541149

Recently, Inner Mongolia Hydrogen Power Technology Co., Ltd. completed a filing amendment for the Dalad Banner Grid-Side (Incremental Distribution Network) Standalone Energy Storage Demonstration Project, with simultaneous adjustments to the project's construction content and certain technical plans. This amendment involves multiple aspects including investment scale, energy storage configuration, hydrogen storage systems, and hydrogen transmission facilities, further optimizing the project construction plan. According to the filing information, the total investment of the project has been adjusted from 194.8091 million yuan to 153.332 million yuan , and the energy storage scale has been adjusted from the originally planned 8MW/72MWh to 2MW/4MWh. The number of hydrogen fuel cell power generation systems has been adjusted from 8 to 2, the hydrogen storage system capacity has been adjusted from 108,000 standard cubic meters to 90,000 standard cubic meters, and the hydrogen storage equipment has been simultaneously optimized to a 2,000-cubic-meter, 1.6 MPa spherical tank hydrogen storage system, with the number of hydrogen storage tanks adjusted from 4 to 3. At the same time, the project adds new construction content, including facilities related to the hydrogen production process, an emergency oil pool, an electrical building, battery cabins, a pump house, a maintenance workshop, an air compressor room, a hazardous waste storage room, a hydrogen production machine room, and other supporting facilities, along with the completion of auxiliary works such as production areas, office buildings, and ground hardening. It is noteworthy that the project adds the construction of approximately 10 kilometers of pure hydrogen transmission pipeline , with a design pressure of 2.0 MPa and an annual hydrogen transmission capacity of approximately 4,000 mt, which will further enhance the project's hydrogen delivery capability. The project site is located within the Dalad Economic Development Zone, Dalad Banner, Ordos City, Inner Mongolia, and the construction unit is Inner Mongolia Hydrogen Power Technology Co., Ltd. According to the plan, construction of the project is planned to begin in September 2025, with completion and operation is expected in December 2026.

Recently, Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. announced that its wholly-owned subsidiary has officially signed a supply agreement with RCT GH GmbH (hereinafter referred to as "RCT Hydrogen") to provide core hydrogen production equipment for a 10MW green hydrogen project in Portugal. This is one of the larger commercial green hydrogen projects in the region, and also marks GuoFu Hydrogen's further expansion into the European green hydrogen equipment market through a localized cooperation model. It is understood that the project is located in the Port of Sines, Portugal, and is planned to include a 10MW alkaline pressurized electrolyzer hydrogen production system, complemented by a green hydrogen refueling station network and EV ultra-fast charging facilities, aiming to build a comprehensive green energy hub integrating hydrogen production, storage, and refueling . According to the plan, the project is planned to complete delivery within 2026 and is expected to be officially put into operation in 2027. Once completed, the green hydrogen produced will mainly supply the transportation sector, while also being injected into the natural gas pipeline network operated by Portuguese energy enterprise EDP, further improving the comprehensive utilization level of green hydrogen and supporting the low-carbon transformation of the local energy mix. This cooperation represents a significant step in GuoFu Hydrogen's internationalization strategy, further enhancing the company's business presence in the European green hydrogen equipment market and providing a new practical case for domestically produced hydrogen equipment participating in green hydrogen project construction outside China.

Recently, the Jiujiang Municipal Transportation Bureau interpreted the subsidy policy for the demonstration application of hydrogen fuel cell vehicles, further clarifying the subsidy recipients, application conditions, subsidy standards, application procedures, and regulatory requirements, thereby providing policy guidance for the local promotion of hydrogen fuel cell vehicles and advancing the green and low-carbon transformation of the transportation sector. According to the policy, market entities actually operating hydrogen fuel cell vehicles within Jiujiang’s jurisdiction, possessing lawful road transport operating qualifications, good credit records, and no major safety accidents, are eligible to apply for relevant subsidies. The subsidy recipients cover hydrogen buses, hydrogen tourist coaches, hydrogen cruising taxis and ride-hailing vehicles, cold chain transport, as well as hydrogen sanitation and medium- and heavy-duty freight enterprises and other operational sectors. Regarding vehicle eligibility, vehicles applying for subsidies must meet multiple conditions, including being listed in the national recommended NEV promotion and application catalog, having hydrogen storage systems compliant with national standards, being registered as commercial vehicles in Jiujiang and achieving regular operations, while also connecting to the municipal hydrogen energy data monitoring platform to upload real-time operational data such as mileage, hydrogen consumption, and positioning. The fuel cell system must also comply with relevant national and industry technical standards. The subsidy policy consists of two parts: a vehicle purchase subsidy and an operational subsidy. The purchase subsidy is granted as a one-time payment, calculated at a maximum of 3,000 yuan per kW based on the rated power of the fuel cell system . The operational subsidy is categorized by vehicle type and operating mileage: light-duty vehicles receive a maximum subsidy of 5,000 yuan per 10,000 km, while medium- and heavy-duty vehicles receive a maximum of 10,000 yuan per 10,000 km, with the actual subsidy amount determined by the proportion of mileage run on pure hydrogen. The total annual operational subsidy per enterprise is capped at 3 million yuan. As for the application process, enterprises are required to submit application materials as specified, including car purchase vouchers, operational data, mileage certificates, hydrogen refueling records, etc. After joint review by the Municipal Transportation Bureau, the Municipal Urban Management Bureau, and other relevant departments, and verification of operational status against data from the vehicle monitoring platform, the subsidy funds will be disbursed. Additionally, the policy specifies that its validity period is from January 1, 2025 to December 31, 2026 . For the same enterprise and the same project, subsidies will be implemented on a “highest priority, non-duplication” basis. Enterprises must establish complete vehicle archives, properly preserve relevant original documents, and are strictly prohibited from tampering with operational data or fabricating operational and hydrogen refueling records. Violations involving fraudulent subsidy claims will be subject to legal liability.

India's stainless steel market is projected to reach approximately US$15.8 billion by 2030, growing at 9.1% annually, though domestic plants currently operate at only 60–65% of their 7.5 million-tonne capacity, with 25–28% of local demand supplied by imports — primarily from China. ISSDA President Rajamani Krishnamurti stated that stainless steel is indispensable for India's clean energy ambitions, including green hydrogen, ammonia handling, and ethanol production, positioning the country for potential leadership in specialized stainless steel manufacturing. To capture this opportunity, ISSDA has partnered with the Global Stainless Steel Expo (GSSE) to organize technical conferences and buyer-seller meets across infrastructure, mobility, and renewable energy sectors, while renewing calls for a National Stainless Steel Policy to secure domestic raw material supply.

[7.22 Morning Briefing] The CSRC held an investor symposium to hear opinions and suggestions. Investor representatives suggested adopting multiple measures to guide medium and long-term funds into the market, and regulating the development of quantitative trading and AI applications. The most-traded SHFE nickel 2609 contract fluctuated higher in the morning session, and as of the morning close it was quoted at 130,370 yuan/mt, up 0.09%. As the conflict between the US and Iran escalates, shipping in the Strait of Hormuz has been restricted, and sulfur cost support has strengthened somewhat. However, refined nickel inventory remains difficult to reduce, with domestic and international inventories still at high levels and a slow destocking speed. In the short term, the price of the most-traded SHFE nickel contract is expected to trade in the range of 125,000–130,000 yuan/mt.

SMM July 22 news: In the metals market: Overnight, base metals on the domestic market mostly rose. SHFE copper rose 1.69%, SHFE aluminum added 0.56%, SHFE lead fell 0.95%, SHFE zinc rose 0.55%, SHFE tin gained 1.02%. SHFE nickel climbed 0.77%. In addition, the most-traded alumina futures rose 0.22%, and the most-traded casting aluminum futures rose 0.5%. Overnight, ferrous metals mostly rose. Stainless steel added 0.2%, iron ore fell 0.13%, and rebar and hot-rolled coil both rose within 0.2%. As for coking coal and coke: the most-traded coking coal contract rose 1.84%, and the most-traded coke contract rose 0.52%. In the overnight overseas metals market, LME base metals nearly all rose. LME copper climbed 1.91%, LME aluminum added 0.81%, LME lead fell 0.48%, LME zinc rose 0.94%, LME tin jumped 1.53%, and LME nickel gained 1.12%. In overnight precious metals, : COMEX gold rose 1.65%, COMEX silver surged 3.5%. The most-traded SHFE gold contract rose 1.36%, and the most-traded SHFE silver contract climbed 3.01%. As of 7:07 on July 22, overnight closing prices: Macro front Domestic market: [State Administration for Market Regulation: During the 15th Five-Year Plan period, it will proactively lay out high-level testing platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots] The State Administration for Market Regulation held a press conference on July 21 to introduce the achievements of China’s testing and inspection service industry during the 14th Five-Year Plan period. During the 15th Five-Year Plan period, it will implement a three-year action to promote industrial optimization and upgrading and quality improvement of national quality inspection centers through innovative pilot programs, proactively lay out high-level testing platforms for strategic emerging industries such as integrated circuits, new energy, biomedicine, and humanoid robots, and drive service model innovation through digital transformation. It will strengthen deep collaboration with industry chain leaders and research institutes, jointly overcome a number of key core technologies, promote the upgrading of testing and inspection from single services to “industry chain synergy,” and transform the role from a “post-event quality gatekeeper” to an “innovation enabler throughout the whole process.” It will coordinate the building of testing capabilities for green and low-carbon development, food safety, and high-risk industrial products, and reinforce the quality defense line for industrial development and public safety. (Jin10 Data App) [Southwest China Adds Large-Scale Hydrogen Source Base] News from CIMC Group: the integrated steel and coke clean energy project in Liupanshui, Guizhou Province, has been officially commissioned and achieved stable operation, becoming a key hydrogen supply node on the “Chongqing-Guizhou-Guangxi” hydrogen corridor. The project commissioned this time is currently the leading industrial tail-gas-to-hydrogen and resource-utilization demonstration project in south-west China. Leveraging surplus local coke oven coal gas resources from the steel industry, the project uses independently developed full-chain process technology to complete component separation, converting industrial tail gas that was originally used for combustion power generation into high-value clean energy. It can produce 24 million m³ per year of 99.999% fuel cell, battery-grade high-purity hydrogen and approximately 140,000 mt of liquefied natural gas, achieving efficient on-site resource conversion. (CCTV News) US dollar: Overnight, the US dollar index rose 0.24% to 101.21. Rising oil prices put pressure on the rates market, and the market’s assessment of the likelihood of US Fed rate hikes in July and September both increased today. Christopher Hodge, Natixis’ Chief US Economist, believed that energy price fluctuations should drive US Fed decision-making. (Wallstreetcn) According to CME “FedWatch”: the probability that the US Fed would keep rates unchanged in July was 74.9%, and the probability of cumulative rate hikes of 25 basis points was 25.1%. The probability that the US Fed would keep rates unchanged by September was 28.9%, the probability of cumulative rate hikes of 25 basis points was 55.7%, and the probability of cumulative rate hikes of 50 basis points was 15.4%. (Jinshi Data APP) In addition, according to a Reuters poll: 78 of 104 economists (78 of 102 in last month’s poll) expected the US Fed to keep the federal funds rate unchanged at 3.50%-3.75% throughout 2026. On the macro front: Today, data including the UK June CPI m/m and the UK June Retail Price Index m/m were due to be released. Crude oil: Overnight, both crude oil futures rose, with WTI up 2.5% and Brent up 2.71%. The US-Iran military conflict entered its 10th day, and the Houthi armed group announced a maritime blockade against Saudi Arabia, with traffic through the Bab el-Mandeb Strait in the Red Sea plunging 34% within two weeks. (Wallstreetcn) Data: US crude oil inventory increased last week. For the week ended July 17, API crude oil inventory was 2.603 million barrels (expectations: -500,000; previous: -564,000). For the week ended July 17, API gasoline inventory was -1.379 million barrels (expectations: -1.81 million; previous: -1.664 million). In addition, Iraq’s oil minister said that during the Iraqi prime minister’s visit to the US, the total value of agreements expected to be signed between Iraq’s Ministry of Oil and US enterprises would reach $200 billion. In a statement, Fatih Birol, Executive Director of the International Energy Agency (IEA), said that the recent escalation of hostile actions against energy infrastructure in and around the Strait of Hormuz had heightened concerns over global energy supply security and increased uncertainty about the market outlook. The threats facing the Bab el-Mandeb Strait, a key passage bypassing the Strait of Hormuz, have further intensified these concerns. However, he noted that the crude oil market is currently supported by several buffering factors. Gulf producers such as Saudi Arabia and the UAE are maintaining supply through alternative shipping routes, and some crude continues to be exported via the Strait of Hormuz. The IEA estimates that crude exports from the Gulf region, while below the end-June high, remain significantly above the levels from March to mid-June. Additionally, increased exports from producers including the US, Brazil, Venezuela, and Kazakhstan have partially offset supply losses from the Gulf. China’s nearly 50% reduction in crude oil imports has also helped stabilize the market. The IEA stated that since the announcement of the release of 400 million barrels from strategic petroleum reserves on March 11, member countries have released about 290 million barrels into the market, and the ongoing release of emergency inventories is providing support to the market. (Jinshi Data App) Due to the contract rollover, NYMEX crude oil August futures will see floor trading conclude at 2:30 a.m. on July 22, and electronic trading end at 5:00 a.m. Please pay attention to the exchange's expiration and rollover notices to manage risks. Additionally, some trading platforms' US oil contracts typically expire one day earlier than the official NYMEX expiration, so please take extra care. Recommended Reading: