According to BJX Power News, all power grid projects under construction in Zhejiang, from UHV to distribution networks, have fully resumed work. State Grid Corporation of China has launched an investment plan of over 4 trillion yuan for the 15th Five-Year Plan period. As a core part of this plan, State Grid Zhejiang Electric Power’s total investment in 2026 will exceed 51 billion yuan. Of this massive investment, 33.46 billion yuan will be directly allocated to power grid infrastructure construction. To ensure a strong start to the annual tasks, State Grid Zhejiang Electric Power is striving to complete over 10 billion yuan of investment in Q1.

[SMM Tin Morning Brief: The most-traded SHFE tin contract opened slightly higher in the night session and maintained rangebound fluctuations, with market transactions expected to gradually become sluggish.]

[SMM Analysis] Global Steel Market Weekly Review Issue 12 Steel prices moved down first then up last week, while export prices fluctuated rangebound. As of February 4, China's HRC FOB offers stood at $467/mt, and steel billet at $440/mt. Market transactions showed that order-taking momentum for steel billet improved compared to earlier periods, with traders preferring to secure downstream orders first before opportunistically sourcing from upstream suppliers. For sheets & plates, order intake remained robust over the past two weeks; however, following this week's price decline, traders' willingness to sell weakened. Some steel mills in north China faced scheduling pressure, and a few product varieties temporarily suspended offers. Overseas markets, Southeast Asia: Vietnam, in particular, is currently a region with robust demand, as accelerated infrastructure construction directly boosted construction steel prices. Capacity expansion by local leading enterprises such as Hoa Phat Group is altering the regional supply landscape and enhancing the competitiveness of domestic products. Meanwhile, the CFR transaction price for China-origin wide coil to Vietnam was referenced at $485-490/mt, up WoW from previous levels, mainly benefiting from pre-Chinese New Year local procurement demand release. Middle East market: Market sources indicated that billet exporters, after pausing due to political and internet restrictions, are gradually returning to the market, with KSC planning to tender large volumes of steel billet and slab. Recent exports of sheet & plate products from China to the Middle East also increased, with current HRC CFR prices around $500-505/mt. The demand center in the Middle East is shifting, as Saudi Arabia moves from pursuing landmark mega-projects toward more pragmatic logistics, mining, and industrial infrastructure, which could represent potential demand growth points for pipe materials. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[SMM Tin Morning News: The most-traded SHFE tin contract opened slightly higher in the night session and maintained a high-level sideways trend, with spot cargo transaction willingness showing initial signs of rebound]

Recently, Steel Authority of India Limited (SAIL) signed a Mining Services Agreement with engineering services firm Kalinga Commercial Corporation Ltd, entrusting Kalinga with the development and operation of the Rowghat iron ore project in Chhattisgarh, which has a capacity of 14 million mt per year. The long-term contract spans 28 years, including an initial three-year construction period. Under the agreement, Kalinga will be fully responsible for mine development, infrastructure construction, and subsequent operations. The project is expected to significantly enhance SAIL’s integrated steel mills’ security, providing critical support for the steel giant’s continuous production and long-term raw material stability. Earlier, SAIL’s Rourkela Steel Plant signed a major agreement with Adani Enterprises Limited to develop and expand the Taldih iron ore mine. This partnership also adopts a mine-developer-and-operator model and is expected to raise Taldih mine’s capacity from 2 million mt to 7 million mt per year. The project includes new plants and supporting infrastructure, scheduled for completion by the end of 2026. Mining operations are expected to begin in 2027 and continue for 25 years. Currently, under SAIL’s management, Taldih mine relies on mobile crushing and screening equipment and small earthmoving machinery for production. SAIL is India’s third-largest producer, after NMDC and Tata Steel, operating 15 iron ore mines located in Jharkhand, Odisha, and Chhattisgarh, managed by Bokaro Steel Plant (BSL), Rourkela Steel Plant (RSP), and Bhilai Steel Plant (BSP) respectively to meet the raw material needs of all SAIL steel mills. Earlier this year, several Indian media outlets reported that the Ministry of Steel is considering establishing a dedicated mining business unit within SAIL to boost iron ore production. The move aims to support SAIL’s target of increasing steel capacity to 35 million mt per year by 2030.

[Huawei Digital Power and SchneiTec Collaborate to Build Cambodia's First ESS Power Station] As a leading local energy enterprise, SchneiTec had previously successfully developed Cambodia's largest PV power station. The newly completed 12 MWh ESS project includes 2 MWh dedicated to validating Huawei's intelligent string-level grid-forming ESS technology in off-grid and weak power grid scenarios, ensuring grid stability, achieving smooth output of intermittent renewable energy, and obtaining authoritative certification from TÜV SÜD. This marks the implementation of Cambodia's first-ever grid-forming ESS project, laying the foundation for subsequent project expansions and large-scale energy infrastructure construction.

On Friday (June 13), US stocks opened lower and continued to decline, with all three major indices closing in the red. At the close, the Dow Jones Industrial Average fell 1.79% to 42,197.79 points; the S&P 500 fell 1.13% to 5,976.97 points; and the Nasdaq Composite Index fell 1.3% to 19,406.83 points. For the week, the Dow fell 1.32%, the S&P 500 fell 0.39%, and the Nasdaq fell 0.63%, all ending a two-week winning streak. In the early hours of Friday (June 13) local time, tensions in the Middle East escalated, causing several popular US stocks to decline significantly during the night session. Affected by geopolitical tensions, international crude oil futures settled sharply higher, rising over 7%. WTI July crude oil futures rose 7.26%, and Brent August crude oil futures rose 7.02%. US COMEX gold futures rose 1.47%. Despite the overall decline in US stocks, sectors such as energy and precious metals rallied against the trend. ExxonMobil rose 2.18%, ConocoPhillips rose 2.4%; VanEck Gold Miners ETF rose 1.74%, and Newmont Corporation rose 3.54%. Louis Navellier, Chief Investment Officer at Navellier & Associates, said, "The lasting damage could be to crude oil prices. If oil prices do not pull back soon, it will certainly cause some damage to US inflation data." Performance of Popular Stocks Most large-cap tech stocks declined, with (ranked by market capitalization) Microsoft falling 0.82%, NVIDIA falling 2.09%; Apple falling 1.38%, Amazon falling 0.53%, Alphabet Class C falling 0.62%, Meta falling 1.51%, Broadcom falling 2.88%, and Tesla rising 1.94%. Oracle rose 7.69%, gaining 23.68% for the week, marking its best weekly performance since 2001. Drone manufacturer AIRO Group surged 140% on its first day of trading. Among Chinese stocks listed in the US, the Nasdaq Golden Dragon China Index fell 2.74%, declining 0.77% for the week. Most popular Chinese stocks listed in the US closed lower, with Pony.ai falling 7.24%, XPeng Motors falling 5.46%, Li Auto falling 3.84%, Alibaba falling 3.22%, NIO falling 3.04%, Pinduoduo falling 2.76%, JD.com falling 2.53%, New Oriental falling 2.33%, Tencent Music Entertainment falling 2.13%, and Baidu falling 2.06%. Company News [Amazon Restructures Healthcare Business] To streamline its structure, Amazon is reorganizing its healthcare business into six "pillars." Previously, Amazon had lost several healthcare executives in recent months. After acquiring PillPack and One Medical and launching some of its own services, Amazon has been struggling to find a consistent strategy in the healthcare market. [AMD Unveils Two Generations of Flagship AI Chips to Compete with NVIDIA; Morgan Stanley: MI400 Could Be a Key Inflection Point] At the AMD Advancing AI conference, AMD showcased its strongest lineup of AI products ever, including flagship AI chips for data centers, AI software stacks, AI rack-level infrastructure, AI network cards, and DPUs, fully demonstrating its ambition to compete with NVIDIA. Morgan Stanley stated that AMD has released the MI350 as expected, but the focus remains on the rack-level MI400/450 products to be launched next year. If these products can be delivered on schedule, they could have a greater impact. [US eVTOL Giant Archer Raises $850 Million] Archer Aviation, a well-known US electric vertical takeoff and landing (eVTOL) aircraft company, announced that it has raised $850 million through the sale of shares. Archer stated that it plans to use the $850 million to support new infrastructure construction and launch an AI-based aviation software platform.

[CATL's standardized battery swapping model, "Chocolate," will be launched in Hong Kong, with plans to establish 10 battery swapping stations by the end of next year] CATL's subsidiary, Contemporary Amperex Service Technology Co., Ltd. (CAES), and Contemporary Amperex Technology Xiaoju New Energy Technology Co., Ltd., along with China FAW Group Import & Export Co., Ltd. and Longsheng New Energy Holdings Limited, signed a strategic cooperation agreement in Hong Kong, announcing the joint promotion of the large-scale application of battery swapping-enabled commercial vehicles in Hong Kong and the simultaneous initiation of the construction of battery swapping infrastructure in Hong Kong. The four parties have clear divisions of labor: FAW is responsible for car model development and after-sales support, CAES is responsible for battery asset operation and recycling, Contemporary Amperex Technology Xiaoju New Energy Technology Co., Ltd. provides digital operation support for battery swapping stations, and Longsheng New Energy is responsible for local infrastructure construction and vehicle promotion. According to the cooperation plan of the relevant parties, 10 stations will be established by the end of 2026, forming a battery swapping network covering all districts of Hong Kong.

On June 11, 2025, a delegation led by the district leaders of Licheng District, Quanzhou, visited the headquarters of United Hydrogen for a field trip and exchange activity, embarking on an in-depth exchange journey focused on the hydrogen energy industry. The field trip was led by Li Chuiju, Deputy Secretary of the Licheng District Committee of the Communist Party of China and District Governor, accompanied by Li Xiaodong, Director of the District Government Office; Huang Wenming, Director of the District Culture and Tourism Bureau; Yang Chengwen, Deputy Director of the District Government Office; Wu Jianzhong, Deputy Director of the Investment Promotion Office; and Chen Pengxiang, Chairman of Quanzhou Jiangnan Urban Construction Group, among other leaders. United Hydrogen's CEO and Chairman Ma Xia, Vice President Zhang Jihua, and other company executives warmly received the delegation. The purpose of the field trip was to gain an in-depth understanding of the current development status and future trends of the hydrogen energy industry, and to explore cooperation opportunities between United Hydrogen and Licheng District, Quanzhou, in the hydrogen energy sector. In the exhibition hall of the Yangtze River Delta Hydrogen Energy Industrial Park, Ma Xia, the company's Chairman and CEO, along with the senior management team, provided a detailed introduction to the Licheng District leaders on the application scenarios of hydrogen energy, the hydrogen lifestyle product ecosystem, and the company's latest achievements in the layout of the entire hydrogen energy industry chain, enabling the delegation to gain a comprehensive understanding of the hydrogen energy industry. Hydrogen Energy for Life: A Life Energy Refueling Station During the subsequent visit to the company's exhibition hall, it was elaborated that United Hydrogen is constructing a hydrogen energy ecosystem closed loop centered around hydrogen, with end-use application products serving as the consumption carrier. This encompasses energy production, storage and transportation, infrastructure construction, hydrogen energy product applications, core parts production, carbon asset management, and more, aiming to provide one-stop services for the entire industry chain. Jointly Exploring Cooperation Opportunities in the Hydrogen Energy Industry At the symposium, both sides engaged in in-depth exchanges on the development trends, technological innovations, market applications, and policy support of the hydrogen energy industry. The exchange was highly productive, laying a solid foundation for potential future cooperation. Both sides look forward to strengthening communication and coordination in the future, jointly exploring cooperation opportunities in hydrogen energy infrastructure construction, application scenario expansion, industrial ecosystem construction, and other areas, to promote the high-quality development of the hydrogen energy industry and contribute to the realization of the national "dual carbon" goals. United Hydrogen warmly welcomed the visit of the Licheng District government leaders of Quanzhou and looks forward to deeper cooperation with Licheng District in the hydrogen energy sector, jointly promoting innovation and development in the hydrogen energy industry. United Hydrogen will adhere to its vision of "becoming China's largest hydrogen service provider and the most valuable linker of the hydrogen energy ecosystem," collaborating with more partners to drive the transformation of the energy structure and industrial upgrading through hydrogen energy, jointly painting a new picture of green and low-carbon urban development.

According to CCTV News, on June 12, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the meeting of the China-U.S. Economic and Trade Consultation Mechanism. Lin Jian stated that he would like to emphasize that this meeting was held under the strategic guidance of the heads of state of the two countries. The two sides reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. The Chinese side has always delivered on its promises. Now that a consensus has been reached, both sides should abide by it. It is hoped that the U.S. side will work with the Chinese side to implement the important consensus reached during the phone call between the heads of state of the two countries, give full play to the role of the China-U.S. Economic and Trade Consultation Mechanism, and enhance consensus, reduce misunderstandings, and strengthen cooperation through communication and dialogue.