[Flat Products] Flat-product exports steady day-on-day, HRC deals at 489-497 USD/tonne On 8 July, Chinese HRC and other flat-product export prices were steady day-on-day, with HRC export deals concluded at 489-497 USD/tonne FOB. A rally in the domestic futures board that day lifted inquiries somewhat, but most participants judged the upward move to lack staying power, mills showed limited willingness to raise offers, and actual transactions reportedly improved little. At the same time, renewed US-Iran tensions kept Middle East inquiries from recovering meaningfully, and overseas buying stayed cautious overall. Regional fundamentals were soft: Vietnam's Formosa cut its domestic HRC price for August-September delivery by about 40 USD/tonne, with SAE1006 HRC quoted around 545 USD/tonne in Ho Chi Minh City, while Hoa Phat had earlier trimmed its August HRC offer by about 34 USD/tonne, and falling Southeast Asian import prices further capped any upside in Chinese flatproduct export offers. [Billet] Billet export FOB edges up to 459-462 USD/tonne On 8 July, Chinese billet export FOB prices rose by about 1 USD/tonne day-on-day, quoted in a range of 459-462 USD/tonne. On specific terms, 3sp billet in 150*150mm was offered at 462 USD/tonne FOB out of Jiangyin port. Inquiries reportedly increased on the day, but buyers largely stayed on the sidelines after checking prices, so concluding deals remained difficult; the gain reflected a modest lift in offers rather than any pickup in transacted volume. [Rebar] Rebar export prices little changed, order intake recovers slowly On 8 July, market feedback indicated that Chinese rebar export prices had shown little movement recently, with limited room for negotiation. On specific terms, B500B rebar in Φ18mm was offered at 483 USD/tonne FOB out of Tianjin port. Overall, export order intake was recovering slowly and booked volumes had shrunk, with a few export-oriented mills cutting output for maintenance; with both supply and demand subdued, prices lacked clear direction.

In H1 2026, the nickel salt (nickel sulphate) market experienced wild swings of "two rallies and two pullbacks," with price movements dominated by a pattern of cost support and demand-side drive.

Weichai Power’s WP15 direct-injection heavy-duty hydrogen internal combustion engine recently passed the authoritative environmental emission certification test, becoming the first product of its kind in China and globally to complete all core verifications under the China VI regulation. This achievement provides new technical support for the commercial application of zero-carbon power in heavy equipment. It is understood that the WP15 direct-injection heavy-duty hydrogen internal combustion engine completed rigorous validation under full operating conditions, with pollutant emission levels significantly better than national standard requirements and CO₂ emissions close to zero. Leveraging technologies such as Weichai Power’s independently developed flexible direct injection, the product achieves ultra-low NOx emissions and can adapt to stricter future environmental regulations through a simple after-treatment system. In terms of performance parameters, the WP15 hydrogen engine has a displacement of 14.6L, and in this test achieved a maximum power of 600 hp , peak torque of 2,800 N·m, and a maximum effective thermal efficiency of 46.8%. Its overall performance ranks among the first tier of global products with the same displacement. In terms of industrialisation adaptability, the parts commonality between this model and traditional fuel engines exceeds 90%, retaining the advantages of internal combustion engines such as reliability, durability, mature manufacturing systems, and ease of maintenance. At the same time, the product has relatively lenient requirements for hydrogen purity, which helps reduce end-user costs and improve the economics of promotion in heavy-duty scenarios. From an application scenario perspective, the WP15 heavy-duty hydrogen engine can be promoted for use in trunk heavy trucks, mines, ports, power generation units and other fields, and is particularly suitable for heavy-duty equipment scenarios with high loads, long operating times and high requirements for refueling efficiency. In recent years, Weichai Power has been continuously laying out hydrogen power technology, having established an R&D and industrial system for hydrogen internal combustion engines and formed a product matrix covering multiple technology routes and the full power range. The enterprise led the industry’s first National Key R&D project for hydrogen internal combustion engines, once set a new global record for thermal efficiency among similar products, and jointly launched China’s first commercially operated hydrogen internal combustion engine heavy truck with Sinotruk, achieving the first grid-connected operation of a pure hydrogen power generation unit in China. The emission certification of the WP15 direct-injection heavy-duty hydrogen internal combustion engine marks an important progress for Weichai Power in the zero-carbon power field. In the future, as the product enters mass production and demonstration projects advance, hydrogen internal combustion engines are expected to accelerate application in heavy transportation, mine transport, port operations, distributed power generation and other scenarios, providing support for the hydrogen energy industry and the upgrade of green equipment.

The DCE iron ore futures moved weakly today, with contract I2609 closing at 746 yuan/mt, up 0.88% from the previous trading day. Port spot prices rose about 5-7 yuan/mt from the previous trading day. Trader activity was mediocre; steel mills purchased as needed. As of now, spot trading sentiment was lackluster. The latest SMM survey data further confirmed the weakening trend in iron ore demand. According to statistics, the national blast furnace operating rate fell to 89.78%, and daily average pig iron production dropped to 2.4406 million mt, down 15,400 mt MoM. Furthermore, affected by the commemorative activities in Tangshan, local environmental protection-related maintenance intensity is expected to increase, and the weakening momentum of hot metal is expected to have room to intensify. In the short term, the bearish fundamentals are worsening, but considering the currently high proportion of short positions in the futures market, selling pressure is nearly exhausted and the downward momentum on prices has begun to weaken. Short-term iron ore prices may move sideways. Subsequently, watch for short covering to drive a price rebound [SMM Steel]

[Magnesium market stable with weak trading, insufficient demand limits upside] Today, magnesium ingot prices were stable. Producers’ high inventory pressure remained unabated, the demand side was weak and pushed for lower prices, and support for price increases was insufficient. Continued attention should be paid to the subsequent implementation of production halts and maintenance by producers.

Recently, 30 hydrogen fuel cell sanitation vehicles, powered by hydrogen power systems provided by Weishi Energy, were delivered to Baoding Gaoxin Environmental Technology Co., Ltd. These vehicles will mainly be used for road washing and sweeping, water spraying and dust suppression on main roads in the Baoding High-tech Zone, further promoting the green upgrading of urban sanitation equipment in the area. The vehicles delivered this time include two types: hydrogen-powered water sprinklers and hydrogen-powered washing and sweeping vehicles, jointly developed by Weishi Energy, Dongfeng Special Vehicle Co., Ltd., and Changsha Yingfeng Environmental Industry Co., Ltd. The vehicles are respectively equipped with Weishi Energy’s self-developed commercial vehicle fuel cell systems and hydrogen storage systems, featuring zero emission, pollution-free, and low noise , suitable for continuous operation on urban roads, in parks, and in public areas. Compared with purely electric sanitation vehicles, hydrogen fuel cell sanitation vehicles have advantages in refueling efficiency and environmental adaptability. These vehicles take approximately 5 to 8 minutes to refuel, and a single refueling can support continuous operation for more than 10 hours, meeting the heavy-load, high-frequency, and long-duration operational requirements of sanitation vehicles. Sanitation operations typically involve fixed routes, centralized parking, and continuous duty, which align well with the hydrogen refueling infrastructure and maintenance management conditions required for promoting hydrogen-powered vehicles. Therefore, hydrogen-powered sanitation vehicles have become one of the important scenarios for the large-scale deployment of fuel cell commercial vehicles. Previously, Weishi Energy had promoted the implementation of several hydrogen demonstration projects in Baoding, including the country's first "hundred-unit-level" hydrogen heavy-duty truck demonstration line, Hebei province's first 200-unit hydrogen-powered cold chain transport vehicle project, and the country's first 406-unit hydrogen-powered sanitation vehicle demonstration project. With this delivery, the scale of hydrogen vehicle promotion in Baoding has further expanded, moving toward the **"thousand-unit-level" application stage**. After these vehicles are put into operation, they will expand the scale of the hydrogen sanitation fleet in Baoding's core areas, improve sanitation operation efficiency and cleanliness levels, and provide a demonstration reference for the commercial application of hydrogen-powered commercial vehicles in the field of urban public services. As an important city in the Beijing-Tianjin-Hebei fuel cell vehicle demonstration city cluster, Baoding has continued to promote the demonstration operation of hydrogen vehicles and the coordinated development of the industry chain in recent years. The delivery of hydrogen sanitation vehicles by Weishi Energy this time will further consolidate the local first-mover advantage in the large-scale application of hydrogen vehicles. In the future, Weishi Energy will continue to deepen collaboration around fuel cell systems, hydrogen storage systems, and vehicle application scenarios, promote the expanded application of hydrogen-powered commercial vehicles in sanitation, logistics, cold chain, heavy-duty trucks, and other fields, and contribute to the construction of urban green transportation and low-carbon public service systems.

SMM July 8: Today, the SHFE aluminum 2608 contract opened at 22,940 yuan/mt, rose to a high of 23,140 yuan/mt, dipped to a low of 22,940 yuan/mt, and settled at 23,075 yuan/mt, up 155 yuan/mt or 0.68% from the previous trading day. Trading volume was 148,400 lots, and open interest was 232,000 lots, with a daily change of -14,047 lots. The price stood above the 5-day MA (22,828) and 10-day MA (22,802.50), but remained below the 20-day MA (23,378.75), 40-day MA (23,943.13), and 60-day MA (24,261.75). The short-term recovery continued, but the medium and long-term weak trend has not been reversed. On the MACD indicator, DIFF (-408.99) was slightly above DEA (-409.92), and the histogram recorded 1.86, indicating that bearish momentum clearly narrowed. Trading volume remained low, and the daily change in open interest of -14,047 lots showed continued capital outflow. Today's rise was still mainly driven by short-covering. SMM Comment: The indirect technical talks between the US and Iran made progress, with discussions around fund returns and strait security, and nuclear consultations are about to start. The geopolitical risk premium continued to converge. Although disputes over the management of the Strait of Hormuz persisted, the resumption of strait navigation still faced uncertainties. The US Fed's hawkish shift boosted the US dollar index, and base metal prices were pressured. Under macro headwinds, aluminum prices in and outside China fell. In the short term, bearish factors dominate, and aluminum prices are expected to remain in the doldrums. Today, the alumina 2609 contract opened at 2,701 yuan/mt, rose to a high of 2,725 yuan/mt, dipped to a low of 2,692 yuan/mt, and settled at 2,716 yuan/mt, up 10 yuan/mt or 0.37% from the previous trading day. Trading volume was 174,800 lots, and open interest was 346,300 lots, with a daily change of -6,243 lots. The price remained below the 5-day MA (2,718), 10-day MA (2,760.80), 20-day MA (2,829.25), 40-day MA (2,810.70), and 60-day MA (2,814.22). All moving averages maintained a bearish alignment, and the weak futures pattern has not been repaired yet. On the MACD indicator, DIFF (-33.35) was below DEA (-15.92), and the histogram recorded -34.86, indicating that bearish momentum still existed. Trading volume pulled back slightly, and the daily change in open interest of -6,243 lots showed some capital outflow. Today's rebound was more of a short-covering repair at low levels, with sustained upward momentum remaining insufficient. SMM Comment: According to SMM statistics, as of last Thursday, total alumina inventory in China edged down WoW. By inventory structure, aluminum smelter raw material inventory continued to destock slightly, but due to large price fluctuations recently and market divergence on the outlook, restocking willingness was weak, and end-users mainly stood on the sidelines. In-factory alumina inventory fell, mainly affected by some enterprises in the north conducting scheduled maintenance, where production constraints led to priority consumption of in-factory inventory. It is expected that after maintenance ends next week, this impact will gradually fade. Port inventory continued to accumulate, with ex-China port arrivals remaining high. Imported resources supplemented spot supply and increased market pressure. Overall, the oversupply pattern has not changed. Before Guinea's bauxite quota policy is implemented, the market lacks a clear bullish catalyst. It is expected that next week, inventory will shift from weak destocking to slight buildup, supply-demand will remain loose, and alumina prices will continue to consolidate on a weak note. [The information provided is for reference only. This article does not constitute direct investment research advice. Clients should make decisions prudently and not use this as a substitute for independent judgment. Any decisions made by clients have no connection with SMM.]

The General Office of the Ministry of Human Resources and Social Security recently issued the "Announcement on Soliciting Public Opinions on the Proposed Release of Occupational Information for Ship Shore-Based Management Engineering Technical Personnel, etc." The announcement plans to release 12 new occupations and is soliciting opinions and suggestions from the public. The deadline for feedback is Jul 17, 2026 . Among the new occupations to be released, two green occupations have been added to the hydrogen energy sector: Hydrogen Fuel Cell Manufacturing Worker and Electrolytic Water Hydrogen Production Worker . This means that the positions of fuel cell manufacturing and electrolytic water hydrogen production in the hydrogen energy industry chain are expected to receive clearer occupational identities and skill standard support. According to the public information, a Hydrogen Fuel Cell Manufacturing Worker refers to a person who uses equipment and tools such as mixers, coating machines, hot presses, laser cutters, and testing platforms to process materials, prepare components, and complete the assembly, testing, and manufacturing of hydrogen fuel cell stacks and systems. An Electrolytic Water Hydrogen Production Worker mainly operates equipment such as rectifier cabinets, electrolyzers, gas drying and purification units, compressors, and hydrogen storage tanks, and performs tasks including fluctuating power supply adjustment, raw material preparation, hydrogen production, separation and purification, storage and transportation. This occupation corresponds to the green hydrogen production stage and is one of the key positions in the construction and operation of renewable energy hydrogen production projects. The newly released occupations in this announcement also include Ship Shore-Based Management Engineering Technical Personnel, Animal Experiment Engineering Technical Personnel, Digital Twin Engineering Technical Personnel, Embodied AI Robot Application Technician, Industrial Product Digital Modeler, Enterprise Sustainable Development Planner, Microgrid Administrator, Sports Data Analyst, Incense Artisan, Satellite Navigation Equipment Assembly and Adjustment Worker, etc. Among them, Digital Twin Engineering Technical Personnel, Embodied AI Robot Application Technician, Industrial Product Digital Modeler, and Sports Data Analyst are labeled as digital occupations, while Microgrid Administrator, Hydrogen Fuel Cell Manufacturing Worker, and Electrolytic Water Hydrogen Production Worker are labeled as green occupations. From the perspective of industrial development, hydrogen fuel cells and electrolytic water hydrogen production are key links in the hydrogen energy industry chain. As fuel cell vehicles, hydrogen-powered heavy trucks, green hydrogen projects, hydrogen storage and transportation, and industrial hydrogen use scenarios continue to expand, the industry's demand for skilled personnel in equipment manufacturing, system debugging, operation and maintenance, and safety management is rising. The inclusion of two hydrogen energy-related new occupations in the public notice list will help promote the standardization of hydrogen energy positions, the systematic development of personnel training, and the normalization of vocational skill evaluation. In the future, if these occupations are officially released, they will provide clearer bases for vocational education, enterprise training, skill certification, and industrial employment. According to the announcement, the public can submit opinions and suggestions via email or fax. Emails can be sent to , with the subject line clearly indicating "Feedback on the Public Notice of Occupational Information for Ship Shore-Based Management Engineering Technical Personnel, etc."; faxes can be sent to 010-84207467, including the name, organization, and contact information of the suggester.

The 1.5 million standard cubic meter hydrogen storage facility located in a salt layer 1,418 meters underground in Pingdingshan, Henan, was officially put into operation in H1. This project is Asia’s first large-scale deep-underground salt cavern hydrogen storage initiative and is also referred to as “China’s first salt cavern hydrogen storage facility.” During project construction and operation, two 22MPa diaphragm hydrogen compressors independently developed by Sinopec Petrochemical Machinery Co., Ltd. performed the core pressurization task and completed gas injection smoothly throughout the entire process. Operational data show that all equipment indicators surpassed design standards, validating the reliability and adaptability of domestically manufactured hydrogen energy equipment in deep-underground salt cavern hydrogen storage scenarios. Salt cavern hydrogen storage demands high equipment performance. Because hydrogen molecules are extremely small and prone to leakage, the hydrogen storage injection and withdrawal process imposes stringent requirements on compressor sealing performance, medium purity, and long-cycle operational stability. The diaphragm hydrogen compressors deployed this time isolate hydraulic oil from hydrogen via metal diaphragms, preventing medium contamination and reducing leakage risk, making them key equipment for ensuring the safe pressurization and injection of high-purity hydrogen. To address issues such as low volumetric efficiency, short diaphragm service life, and insufficient operational stability in China’s diaphragm hydrogen compressors, the R&D team at Petrochemical Machinery carried out technical research, focusing on breakthroughs in key technologies including high-efficiency diaphragm cavity profiles, long-life sealing under high-speed conditions, and high-efficiency oil replenishment and overflow systems, thereby forming a high-efficiency, large-displacement diaphragm compressor design. This type of equipment features high working medium purity, excellent sealing performance, adaptability to high pressure ratio conditions, high single-unit displacement, and stable operation , meeting the demand for high-pressure, high-purity hydrogen pressurization in scenarios such as salt cavern hydrogen storage, hydrogen supply centers, and hydrogen energy storage systems. Previously, Petrochemical Machinery’s large-displacement diaphragm hydrogen compressor had been deployed in a 50,000 standard cubic meter horizontal tunnel-type rock cavern hydrogen energy storage system and was selected for the fourth batch of major first-of-a-kind technical equipment in the energy sector by the National Energy Administration. Related product series have also achieved large-scale application in multiple 10,000 standard cubic meter-level hydrogen supply centers across China, accumulating long-term operational experience under complex hydrogen supply conditions. Participation in the commissioning of Asia’s first 1.5 million standard cubic meter salt cavern hydrogen storage facility served as a full-process engineering validation for Petrochemical Machinery—from design and manufacturing to on-site operation and maintenance. Project operation results demonstrate that domestically manufactured diaphragm hydrogen compressors now possess the capability to support large-scale deep-underground hydrogen storage engineering applications. As the green hydrogen industry and large-scale hydrogen storage demand accelerate, salt cavern hydrogen storage is poised to become a vital pathway for long-cycle, high-capacity hydrogen energy storage. The engineering validation of Petrochemical Machinery’s equipment in this project also provides a reference case for the application of core domestically manufactured hydrogen energy equipment in national-level hydrogen storage projects.

[SMM Stainless Steel Daily Review] SS Futures Return to Downtrend, Spot Stainless Steel Prices Weak with Sluggish Transactions According to SMM on July 8, SS futures overall fell and pulled back. Affected by capital operations, SS futures ended the previous rally and returned to a weakening trend. At the close, the most-traded SS contract settled at 14,450 yuan/mt. In the spot market, dragged by the pullback in SS futures, spot stainless steel quotes fell in tandem. The "rush to buy amid continuous price rise and hold back amid price downturn" mentality, combined with the ongoing consumption off-season, made it hard to reverse the sluggish trading pattern. For the most-traded SS futures contract, at 10:15 AM, SS2608 was quoted at 14,490 yuan/mt, down 300 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 530-980 yuan/mt range. In the spot market, the average price of Wuxi cold-rolled 201/2B coil rose 50 yuan/mt; for cold-rolled mill-edge 304/2B coil, the average price in Wuxi fell 25 yuan/mt, while in Foshan it rose 50 yuan/mt; the price of cold-rolled 316L/2B coil in Wuxi remained flat; hot-rolled 316L/NO.1 coil in Wuxi was quoted unchanged; cold-rolled 430/2B coil prices in both Wuxi and Foshan stayed flat. This week, the game between macro and industry logic dominated the futures trend. US inflation data pulled back, expectations for US Fed interest rate hikes cooled further, and the US dollar index weakened, which overall boosted valuations of commodities and nonferrous metals and provided macro support for the metals sector. However, sentiment on the industry side remained bearish. The issue of Indonesia's nickel ore supplementary quota remained unresolved, and the market had strong concerns about an easing supply of nickel resources going forward, ...