Taiwan began shutting down its final nuclear reactor at the Maanshan plant on Saturday as its 40-year license expired, removing a source that provided about 3% of the island’s electricity.

【Steel Mill Price Adjustment】On April 25, the guidance price for building materials from Anhui Changjiang Steel remained stable for rebar, coiled rebar, and wire rod.

【Steel Mill Price Adjustment】On April 24, Anhui Changjiang Steel adjusted the guidance price for building materials: rebar, coiled rebar, and wire rod increased by 20.

[Steel Mill Price Adjustment] On April 23, the guidance price for building materials from Anhui Changjiang Steel was as follows: rebar, coiled rebar, and wire rod remained stable. The current factory prices for Hefei, Maanshan, and Nanjing are as follows: seismic rebar at 3,320 yuan/mt, seismic coiled rebar at 3,560 yuan/mt, and high-speed wire rod at 3,560 yuan/mt; ordinary non-seismic products of the same specifications are priced the same. [SMM Steel]

【Steel Mill Price Adjustment】On April 23, the guidance price for building materials from Anhui Changjiang Steel remained stable for rebar, coiled rebar, and wire rod.

【Steel Mill Price Adjustment】On April 22, Anhui Changjiang Steel adjusted the guidance price for building materials: rebar, coiled rebar, and wire rod were increased by 20.

To achieve synergies and enhance market competitiveness, Baosteel (600019.SH) plans to invest 9 billion yuan in Maanshan Iron & Steel Co., Ltd. (hereinafter referred to as "Ma Steel Limited"), a subsidiary of Maanshan Iron & Steel Co., Ltd. (hereinafter referred to as "Ma Steel"). This evening, Baosteel announced its intention to invest 9 billion yuan in Ma Steel Limited, which will result in a 49% stake in the company upon completion of the transaction. Notably, as of the end of 2024, Ma Steel Limited's revenue was 70.66 billion yuan, but its net profit was -4.051 billion yuan, accounting for 86.95% of Ma Steel's total losses. Since both Ma Steel and Ma Steel Limited are indirectly controlled subsidiaries of China Baowu, the controlling shareholder of Baosteel, this transaction constitutes a related-party transaction. Baosteel stated that Ma Steel is one of the largest steel producers and sellers in China with a single production site, featuring a product structure of "special steel, wheel axles, long products, and sheets & plates." This related-party transaction aligns with Baosteel's strategic vision of "becoming the most competitive steel enterprise globally and the most valuable publicly listed firm for investment." It leverages the company's professional sector advantages, effectively enhances the competitiveness of both parties, achieves synergistic development and shared benefits, and further strengthens regional market influence and competitiveness. Based on the financial data disclosed by both parties, Baosteel's audited total assets at the end of 2023 reached 376.051 billion yuan, with net assets attributable to shareholders of the publicly listed firm at 20.0325 billion yuan. Its audited operating revenue for 2023 was 344.5 billion yuan, with net profit attributable to shareholders of the publicly listed firm at 11.944 billion yuan. The company has not yet announced its 2024 performance, but as of Q3 2024, its net profit was 5.882 billion yuan, demonstrating strong profitability despite the industry downturn. In contrast, Ma Steel performed poorly during the industry downturn, with audited operating revenue of 81.817 billion yuan and net profit attributable to parent company owners of -4.659 billion yuan as of 2024, and cumulative losses exceeding 6.8 billion yuan from 2022 to 2024. The specific details of the transaction are as follows: Baosteel plans to acquire a 35.42% stake in Ma Steel Limited held by Ma Steel for 5.139 billion yuan in cash, while simultaneously increasing its capital in Ma Steel Limited by 3.861 billion yuan in cash, with a total investment potentially reaching 9 billion yuan. According to the evaluation results of the appraisal company, as of February 28, 2025, the net asset value of Ma Steel Limited under the asset-based method was 14.506 billion yuan, representing an increase of 1.977 billion yuan, or 15.78%, compared to the audited consolidated net assets attributable to parent company shareholders of 12.529 billion yuan. Compared to the audited standalone net asset book value of 10.077 billion yuan, the evaluation increased by 4.429 billion yuan, or 43.95%. For Ma Steel, although its stake in Ma Steel Limited decreased from 100% to 51%, it still maintains a controlling position and will continue to consolidate Ma Steel Limited. Through Baosteel's investment, it will help optimize the capital structure, enhance capital strength, and provide financial support for future development. Additionally, leveraging Baosteel's resources and advantages will promote innovation in Ma Steel Limited's management and business models, enhancing its core competitiveness and overall strength. Baosteel's investment in Ma Steel Limited, a loss-making asset, also drives the consolidation of the steel industry, which will have a profound impact on both companies and the overall industry landscape, potentially injecting new vitality into the industry. However, the steel industry downturn has not yet ended, and this transaction faces numerous challenges. Effectively integrating the corporate cultures, management systems, and business processes of both parties to achieve true synergies is a significant challenge for Baosteel. Moreover, the complex and volatile market environment of the steel industry, including fluctuations in raw material prices and changes in market demand, may impact the future performance of Ma Steel Limited.

【Steel Mill Price Adjustment】On April 18, the guidance price for building materials from Anhui Changjiang Steel remained stable for rebar, coiled rebar, and wire rod.

The State Council conducted its 13th thematic study session under the theme "Strengthening Expectation Management and Coordinating Policy Implementation and Expectation Guidance." Premier Li Qiang, while presiding over the session, emphasized the need to thoroughly study and implement the important directives of General Secretary Xi Jinping and the decisions and arrangements of the CPC Central Committee regarding stabilizing expectations and strengthening confidence. He called for a deeper understanding of the importance of enhancing expectation management, aligning with the current situation, and making concerted efforts to promote stable and positive social expectations, thereby forming a strong synergy to address risks and challenges and jointly drive high-quality development.

2025 The 3rd China (Jiangxi) International Green Mining Expo The 3rd China (Jiangxi) International Green Mining Expo 2025 Date: November 3-5, 2025 Venue: Nanchang Greenland International Expo Center [Exhibition Introduction] Jiangxi Province boasts superior metallogenic geological conditions and abundant mineral resources, making it one of China's important bases for non-ferrous, rare, rare earth, and uranium minerals, with a relatively high degree of mineral resource integration. Jiangxi's seven major mineral resources, including copper, tungsten, rare earth, uranium, tantalum-niobium, gold, and silver, are known as the "Seven Golden Flowers." Among them, tungsten and ion-adsorption rare earth ores hold significant positions in the global mining industry, earning Jiangxi the titles of "World Tungsten Capital" and "Rare Earth Kingdom." The non-ferrous metal industry is Jiangxi's only traditional advantageous industry exceeding 500 billion yuan, serving as the "ballast stone" of Jiangxi's manufacturing sector and its largest pillar industry. Jiangxi is also the largest non-ferrous metal province in China. According to Jiangxi's "2+6+N" industrial high-quality leapfrog development action plan, the province's non-ferrous metal industry is expected to achieve a main business income of one trillion yuan. This mining expo is planned to cover an exhibition area of 30,000 m², with over 500 participating enterprises and more than 50,000 professional visitors. Invited renowned enterprises include BHP, Nonferrous Mining, Baosteel Group, Codelco, China Gold, Zijin Mining, Minmetals, Ansteel Mining, Western Mining Co., Ltd., Zhaojin Mining, Yuxi Dahongshan Mining, Silvercorp Metals, Caterpillar, FLSmidth, Liebherr, TAKRAF, Normet, Epiroc, Siemens, Metso Outotec, XCMG, Valin, Tongling Nonferrous Metals, Fujian Metallurgy, Chalco, Weir Minerals, GE, Mitsubishi Electric, Shenyang LONGi, Liming Heavy Industry, and other domestic and overseas mining producers and equipment manufacturers. To support the healthy and sustainable development of Jiangxi's mining industry in the new era and accelerate the widespread application of new products, technologies, and equipment, the 3rd China (Jiangxi) International Green Mining Expo will be held at the Nanchang Greenland International Expo Center from November 3 to 5, 2025. Government leaders, experts, scholars, corporate executives, and association leaders will be invited to analyze industry development trends, explore new momentum, and seek development ideas, jointly creating a global mining cooperation platform of "innovation, cooperation, development, and win-win." [ Invited Visitors and Sources ] Over 20 domestic government agencies and industry associations—from iron ore, non-ferrous metal mines, gold mines, rare earth mines, manganese mines, non-metallic mines, chemical minerals, cement mines, coal mines, etc. Nearly 3,000 professional buyers from over 30 countries—including Russia, Mongolia, Kazakhstan, Tajikistan, Kyrgyzstan, Ukraine, Poland, Brazil, Chile, Peru, South Africa, India, Indonesia, Australia, Canada, the US, etc. Over 300 mining design institutes and mining engineering contractors—including Beijing General Research Institute of Mining & Metallurgy, Changsha Institute of Mining Research, Sinosteel Maanshan Institute of Mining Research, MCC Group, China ENFI, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., China Nerin, Kunming Metallurgical Research Institute, Handan and Xingtai Mining and Metallurgy Research Institute, Anshan Metallurgical Design and Research Institute, MCC Northern, MCC Changtian, MCC Capital, 15th Metallurgical Construction Group, Changchun Gold Research Institute, Kunming Nonferrous Metals Research Institute, Changsha Mining and Metallurgy Research Institute, etc. [ Concurrent Events ] 2025 China Green Mining Development Forum 2025 Asia Smart Mining Development Forum 2025 Global Mining Sustainable Development Forum 2025 Mining Digital Intelligence High-Quality Development Summit [ Exhibition Scope ] Large mining enterprise image display, metal mineral products, non-metallic mineral products, mineral product trade, mine planning, engineering design, construction units, mining rights trading, mining rights investment and financing cooperation, government and industry institutions, etc. Geological (mining) exploration technology and equipment: geophysical exploration, geochemical exploration, aerial survey and remote sensing, surveying and mapping, geological data processing, mineral product analysis, laboratory instruments. Mining technology and equipment: excavation equipment, drilling and blasting equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mining dump trucks), lifting equipment, drilling, construction machinery, etc. Mineral processing equipment: crushing equipment, screening equipment, mine grinding equipment, conveying equipment (hydraulic transmission equipment), etc. Mineral beneficiation technology and equipment: flotation equipment, magnetic separation equipment, gravity separation equipment, electrostatic separation equipment, classification equipment, thickening equipment, filtration equipment, beneficiation reagents, and other mining chemicals. Mineral smelting technology and equipment: hydrometallurgy, electrolytic smelting technology and equipment, pyrometallurgy, high-temperature metallurgy technology and equipment, etc. Mining environmental protection and energy-saving equipment: tailings filling and treatment equipment; mining pumps and valves; mining waste and wastewater treatment; ventilation, dust removal equipment; digital mines, mining electrical, mining communication, mining logistics, etc. [Media Promotion] China Mining News, Natural Resources News, Jiangxi Daily, Jiangxi TV Economic Channel, Dajiang Net Finance Channel, Jiangxi Net, China.com, China Daily Net, China Finance Net, and 65 other authoritative financial media; Sohu, NetEase, Toutiao, and 10 other mass self-media platforms; China Mining Net, China Excavator Net, Smart Mining Online, Green Intelligent Mining Net, Metal Processing, and 53 other leading professional media, along with 180 other industry-related professional media; Baidu Promotion, 360 Promotion, and other online search platforms comprehensively cover key word search customers; [Exhibition Details] ★ Standard booth (3m×3m): Domestic enterprises: RMB 9,800/booth; Foreign enterprises: RMB 15,800/booth; ★ International brand booth (9 m², luxury decoration): RMB 12,800/booth; Foreign enterprises: RMB 18,800/booth; ★ Indoor bare space (starting from 36 m²): Domestic enterprises: RMB 1,000/m²; Foreign enterprises: RMB 2,000/m²; Booth equipment: two light tubes, one wastebasket, display board, header board, one table and two chairs, air conditioning, lighting, security, cleaning, etc. Note: Bare space does not provide any exhibition facilities, and special decoration management fees and utility fees charged by the venue are the responsibility of the exhibitor and their special decoration contractor. [Organizing Committee Secretariat] Contact: Jia Song, 150-9306-7551 (WeChat), 138-3921-4033 (WeChat)