[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

【SMM Steel】JFE Steel invested Rs 78.75bn for a 25% stake in JSW Kalinga Steel Ltd, per a Dec 2025 agreement. The partners now jointly control JSW Kalinga and its subsidiary. JFE will acquire another 25% for the same amount in the next phase. The JV is based on the Bhushan Power and Steel business, which will be transferred on a 50:50 basis.

According to a public notice issued by the Heilongjiang Provincial Department of Natural Resources on March 30, 2026, the first batch of total tungsten ore mining quota control indicators for Heilongjiang Province in 2026 amounted to 100 mt, all of which were allocated to Shuangyashan Jianlong Mining Co., Ltd. (Yangbishan Iron Mine of Shuangyashan Jianlong Mining Co., Ltd.), at 100 mt. The first batch of local mining quota in 2025 was 0.

Capacity side, according to incomplete statistics, China’s alkaline electrolyser market remained at 43.77 GW and the PEM electrolyser market remained at 2.7 GW, with no new capacity added. There was no offline delivery information this week. Project-related updates: PetroChina Shenzhen New Energy Research Institute Co., Ltd.: It issued a processing tender for its brine hydrogen production electrolyser. 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 included, but was not limited to, integrated electrolyser materials such as electrodes, end plates, bipolar plates, separators, and gaskets. Suppliers were also required to provide essential auxiliary accessories for the electrolyser, including cooling towers, chillers, and potassium hydroxide, in accordance with the purchaser’s requirements. Guangxi University of Science and Technology: It procured a hydrogen-fuel low-speed hybrid autonomous vehicle experimental system from Hefei Zhongke Shengu Technology Development Co., Ltd., with a transaction price of 844,800 yuan. Dalian Institute of Chemical Physics, Chinese Academy of Sciences: It issued a procurement notice for a 500 W hydrogen fuel cell testing platform. It is understood that the testing platform will be used for performance, efficiency, and durability testing of 500 W-class hydrogen fuel cell stacks and single cells. CGN New Energy Holdings Co., Ltd.: The Jilin Hydrogen Future Energy Factory Integrated Energy Project issued a procurement notice for an energy-saving assessment report. It is understood that the project had successively completed procurement for reports including water resources assessment, feasibility study, land-use pre-examination, hydrogen pipeline design, and power market analysis. Shaanxi Hydrogen Energy Industry Development Co., Ltd.: It released a public notice on the social stability risk assessment survey for Phase I of the 30 GW new energy green hydrogen production and hydrogen pipeline project (Inner Mongolia section). According to the notice, the project is located in Tuke Town, Uxin Banner, Ordos, Inner Mongolia Autonomous Region. It is understood that the hydrogen pipeline route is 19.6 km long, with a design pressure of 6.3 MPa, and uses L290QH steel pipe material (seamless steel pipe). Total project investment is about 449.38 million yuan. Allocated by route length (with the Uxin Banner section accounting for 53.4%), the estimated investment within the area is about 239.97 million yuan. The project construction period is 2026–2028. PetroChina Shenzhen New Energy Research Institute Co., Ltd. : Its hydrogen energy R&D department plans to custom-process one set of MW-class brine hydrogen production electrolyser equipment, with hydrogen production capacity of no less than 200 Nm³/h. Tender scope: procurement of one set of brine hydrogen production electrolyser equipment. Shanghai Electric Group Company Limited: It officially signed the Phase I project of the Inner Mongolia Baofeng coal-based new materials wind and solar power hydrogen production project. According to the agreement, Shanghai Electric will provide eight 1,250 Nm³/h alkaline electrolysers, the world’s largest single-set 5,000 Nm³/h separation and purification system, and an industry-first outdoor three-dimensional layout solution. Suqian Green Energy Hydrogen Innovation Technology Co., Ltd.: During the 5th China International Hydrogen Energy and Fuel Cell Industry Exhibition, Suqian Green Energy Hydrogen Innovation Technology Co., Ltd. and China Power Engineering Consulting Group Northwest Electric Power Design Institute Co., Ltd. held a strategic cooperation signing ceremony at the China National Convention Center in Beijing for a domestic MW-class AEM electrolyser testing project. Shenneng Northern Energy Holdings Co., Ltd.: It issued procurement for the preparation of a feasibility study report for the Etuoke Banner wind power hydrogen production integration green application project (Phase II), covering hydrogen production by water electrolysis and SAF synthesis. It is understood that the Etuoke Banner 505 MW wind and solar power hydrogen production integration green ammonia synthesis project (Phase I) was successfully selected in October 2025 as one of the first batch of hydrogen energy pilot projects in China’s energy sector, and is planned to be fully completed and put into operation in August 2026. 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 stated that by 2028, mass-produced water electrolysis hydrogen production equipment should achieve DC power consumption of less than 4.2 kWh/Nm³ under rated operating conditions. 2. Notice of the General Office of the National Energy Administration on issuing the Guidelines for the Establishment of 2026 Energy Industry Standard Plans. The key areas for the 2026 energy industry standard plan include eight items. In the hydrogen energy field, key directions include fundamentals and general applications, hydrogen production and conversion, hydrogen storage and transportation, hydrogen refuelling, hydrogen power and power generation, and hydrogen equipment. 3. Ministry of Commerce Announcement No. 18 of 2026: announcement of the launch of a trade barrier investigation into US practices and measures that hinder trade in green products. Preliminary evidence and information obtained by the Ministry of Commerce showed that the US had implemented multiple practices and measures in trade-related areas that hinder trade in green products, including but not limited to restricting exports of green products to the US, slowing new energy deployment, and restricting technology cooperation related to green products. Enterprise Updates​​ Xieqing (Shanghai) New Energy Technology Co., Ltd.: Its hydrogen-powered drone H100 was officially put into use for material transport by China Post in Suibin County/Bayan County, Heilongjiang, entering the stage of regularised operations. Henan Junheng Industrial Group Biotechnology Co., Ltd. : Five reactors for its 1 million mt/year waste oil and fat processing sustainable aviation fuel project were successfully hoisted into place. Hubei Yingteli Electric Co., Ltd.: The two sets of thousand-cubic-metre-class IGBT hydrogen production power supplies it provided were successfully applied in South Korea’s first off-grid green hydrogen production project. Ordos Hanxia New Energy Co., Ltd. : At the hydrogen production plant of the Narisong PV hydrogen production industry demonstration project in Jungar Banner, Ordos, Inner Mongolia Autonomous Region, the first truckload of 99.999% national-standard high-purity green hydrogen in 2026 was successfully dispatched after filling operations were completed. Hydshine Energy (Shenzhen) Co., Ltd.: It announced the completion of its Pre-B round of financing. This round was exclusively strategically invested by the Shenzhen Energy Storage Fund. It is understood that the funds will be mainly used for global market expansion, next-generation product R&D, and industrialisation capabilities. Shanghai Hydrogen Energy Group Co., Ltd.: It was successfully recognised as a “Shanghai Specialised, Sophisticated, Distinctive and Innovative SME” in the first batch list of Shanghai specialised and sophisticated small and medium-sized enterprises. Tianneng Battery Group Co., Ltd. : During the Tianneng 2026 Spring New Product Launch held in Tianjin, Tianneng signed strategic cooperation agreements with multiple partners on hydrogen fuel cells and solid-state batteries. In hydrogen energy, Tianneng joined hands with Guangdong Vision Holding Group and Tianjin Weida Space Technology to deepen the deployment of hydrogen-powered shared bicycle scenarios and promote the rollout of this model in more cities. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​ (China) disclosed patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 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 part 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 electrolysers, significantly reducing the 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 scale-up of low-cost green hydrogen.

On 1 April, the Indian iron ore miner NMDC officially published its production and sales performance report for the 2025-2026 The report demonstrates that full-year iron ore production reached 53.15 million tonnes, representing a year-on-year increase of 20.6 per cent and a substantial uplift from the 44.07 million tonnes recorded in the previous financial year. Over the same period, total iron ore sales volumes amounted to 50.23 million tonnes, marking a 13.1 per cent expansion compared to the 44.40 million tonnes registered in the prior year. This enhanced operational performance is primarily attributed to the steady growth and robust execution across the company's mining assets located in the states of Chhattisgarh and Karnataka.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to remain in the doldrums. Supply side, as the import window has opened, expectations for subsequent inflows of cargo from outside China have strengthened, and some imported cargo circulated in the market during the day, continuously pressuring spot discounts. Meanwhile, according to SMM, some smelters had a need to reduce inventory ahead of the holiday and intended to accelerate the pace of shipments, further increasing circulation pressure in the spot market. Demand side, downstream enterprises still showed limited acceptance of current price levels, with overall procurement still dominated by just-in-time procurement and insufficient willingness to chase higher prices. However, as the Qingming Festival approaches, some downstream enterprises may have pre-holiday stockpiling demand, which could provide some support to the spot market, but is expected to be insufficient to reverse the overall weak supply-demand pattern. Overall, Shanghai spot copper prices against the 2604 contract are expected to remain at the current level tomorrow.

[SMM Aluminum Express News] PT Bukit Asam (PTBA) is seeking partners to build a 1.25 GW coal-fired power plant in Mempawah to support Inalum’s 600,000 tpy aluminum smelter. The project, backed by an MoU between PTBA and Inalum, will require ~5.5 million tons of coal annually (180–200 million tons over 30 years). PTBA targets FID by end-2026, with potential project start in 2027. The smelter itself is part of a larger integrated bauxite–alumina–aluminum chain, with US$2.4 billion investment for the smelter and US$890 million for SGAR Phase 2. It will process 3 Mt bauxite into 1 Mt alumina, then into 600 kt aluminum, supplied by Antam mines. Overall, this strengthens Indonesia’s downstream strategy, boosting domestic alumina capacity to 2 Mt/year and bauxite absorption to 6 Mt/year.

[SMM Morning Meeting Summary: LME Zinc Posted a Four-Day Winning Streak; Focus on Trump's Speech Today] Overnight, LME zinc posted a four-day winning streak, with the center of the daily candlestick moving higher. Trump released a TACO signal, expectations for an end to the geopolitical conflict in the Middle East increased, the US dollar index fell, nonferrous metals saw bargain hunting, zinc inventory remained at low levels, and bears' exit provided support, driving zinc prices all the way up. Focus on......

On April 1, Wang Daoshu, Deputy Commissioner of the State Taxation Administration, said at a press conference held by the administration: the tax authorities had also achieved initial results in rectifying “circular invoicing” and “mutual invoicing.” China's data from the State Taxation Administration showed that from January 1 to March 25, invoicing amounts in the wholesale sector, where such enterprises were relatively concentrated, fell 2.6% YoY. Among them, invoicing amounts in the wholesale subsectors of coal and coal products, and metals and metal ore, declined 8.7% and 5.2% YoY, respectively.

Bhutan's Ministry of Energy and Natural Resources has issued an expression of interest ('EoI') inviting private developers to build rooftop and ground-mounted solar projects on a build-own-operate basis. Applicants must be locally registered and contribute at least 15% equity. To catalyze investment, a green financing facility will offer a blended package featuring 65-70% senior debt and 15-20% concessional equity. The framework targets 100 MW of capacity across the commercial and education sectors, with the first 'EoI' deadline set for April 30. This initiative aligns with Bhutan's broader energy policy, which aims to scale its solar capacity to 1 GW by 2030 and 5 GW by 2040, following the launch of its first utility-scale plant in 2025.