Recently, Donghua Engineering Technology Co., Ltd. (Donghua Technology) released a major contract announcement. On March 5, 2026, in Hefei, Anhui province, the company formally signed an EPC general contracting agreement for Phase I, Stage 1 Green Ammonia Works of the 800,000-mt/year wind and solar power hydrogen-ammonia integration project with Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd. (“Renewable Green Hydrogen”), supporting the scaled implementation of Inner Mongolia’s green hydrogen and green ammonia industry. I. Core Project Overview The project signed this time is the first-phase works of the 800,000-mt/year wind and solar power hydrogen-ammonia integration project. The plant’s design capacity is **200,000 mt/year of green ammonia**. The scope of construction covers a complete supporting system including newly built process production units, storage and transportation units, auxiliary facilities, utilities, and front-of-plant living facilities. Relying on wind and solar power renewable energy to produce hydrogen and synthesize green ammonia, it will build a clean, low-carbon chemical industry chain. II. Key Contract Information Contract Value : 2.026 billion yuan (provisional estimate) Schedule Arrangement : The contract duration is approximately 27 months, and the planned mechanical completion date is expected to be June 18, 2028 Scope of Contracting : Donghua Technology is fully responsible for the full-process EPC work, including pre-project consulting, design, procurement, construction and installation, testing and detection, cooperation for completion acceptance, operation support, construction-period insurance, handover, and start-up commissioning guidance. III. Project Entity and Performance Assurance The entity responsible for the project’s construction and operation is Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd. Its controlling shareholder is Yijingxing Green Hydrogen Energy Investment (Hainan) Co., Ltd., and the ultimate controlling party is Renewable Green Hydrogen Energy Technology Asia Co., Ltd. Currently, the project has completed the investment project filing with the Inner Mongolia Autonomous Region, and the partners have sufficient performance capability, laying a solid foundation for the smooth advancement of the project.

[Supply Disruptions Persist, Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC of SMM Zn50 domestic ore was unchanged at 1,550 yuan/mt in metal content, and the SMM imported zinc concentrate index fell $4.13/dmt MoM to $11.25/dmt...

Capacity side, according to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No offline delivery information was available this week. Project-related developments: Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Its indirectly wholly owned subsidiary, Xinjiang Guofu Mingzhi Hydrogen Energy Technology Co., Ltd., entered into a sales agreement with independent third party Hefei Zhongke Hecheng Green Energy Co., Ltd. for hydrogen production equipment for a green fuel base demonstration project featuring 20,000 mt of green electricity-based hydrogen production and flexible synthetic ammonia. The total contract value exceeded 55 million yuan. Under the agreement, Guofu Mingzhi will supply the client with six sets of 1,000 Nm³/hour alkaline electrolyzers and auxiliary equipment, such as rectifier transformers, rectifier cabinets, and separation and purification equipment. Xizang Zangqing Energy Equipment Co., Ltd.: A tender announcement was officially issued for the EPC project covering design and construction of Phase I of the zero-carbon intelligent equipment base for the new energy industry of green hydrogen and green methanol in the Zangqing Industrial Park. It is understood that the project mainly includes: an annual output of 100 sets of 1,500 Nm³-2,000 Nm³ alkaline electrolyzers; a 500 MW/year production line for plateau-type PEM electrolyzers; a standardized production line for a 40,000 t/d methanol synthesis unit and components; an annual output of 120 sets of 500 kW integrated hydrogen-oxygen heat and power co-generation units; and an annual output of 50 sets of 500 kg/day skid-mounted integrated methanol hydrogen refueling station equipment. Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd.: An announcement was issued on the signing of the EPC general contract for the Phase I, Stage I green ammonia project of the integrated 800,000 mt/year wind and solar power-hydrogen-ammonia project with Donghua Technology. It is understood that the contract was signed by both parties on March 5, with a contract value of 2.026 billion yuan (provisional estimate), and the construction period (mechanical completion) will run until June 18, 2028. Donghua Engineering Technology Co., Ltd. will mainly undertake the design, procurement, construction, operation assurance services, and guidance for startup and commissioning of the EPC project. Tangshan Haitai New Energy Technology Co., Ltd. : During the visit by the deputy secretary of the Abaqa Banner Committee in Inner Mongolia, the two sides further deepened cooperation on the 10 GW integrated wind and solar power-to-hydrogen project, working together to advance the project’s early commencement and commissioning. Maoming Binhai New Area Urban Investment Development Co., Ltd.: A public notice was issued on the shortlisted candidates for the construction of Phase I of the supporting road network project for the Green Chemical and Hydrogen Energy Industrial Park in Maoming Binhai New Area. The first shortlisted candidate was CCCC Fourth Harbor Engineering Co., Ltd., with a bid price of 98.210593 million yuan; the second shortlisted candidate was Hebei Xiangda Road & Bridge Engineering Co., Ltd., with a bid price of 98.23076 million yuan; and the third shortlisted candidate was Jiangxi Sitong Road & Bridge Construction Group Co., Ltd., with a bid price of 98.008929 million yuan. Fujian Tianchen Yaolong New Materials Co., Ltd.: A tender announcement was issued for the equipment procurement project for the hydrogen purification unit of the cyclohexanone technology upgrade and renovation project. It is understood that the project plans to procure one set of hydrogen purification unit equipment, with a maximum bid price of 7 million yuan. Inner Mongolia Juliyong Hydrogen New Energy Technology Co., Ltd.: Its new-type high-density, low-pressure solid-state hydrogen energy power R&D and industrialisation project was filed. The project will be constructed in Ordos City—Ordos Airport Logistics Park—Phase II, First Floor, Standardised Factory Buildings, Ordos Comprehensive Bonded Zone, Ejin Horo Banner, Ordos City, Inner Mongolia. The project is expected to be built in two phases, with a total investment of approximately 120 million yuan. It requires 10 million yuan in policy support funding, with Phase I investment of 40 million yuan and Phase II investment of 80 million yuan. The construction period is three years, and after completion, the project is expected to generate annual profit of 30 million yuan. Policy Review 1. At the press conference held during the fourth session of the 14th National People's Congress, Zheng Shanjie, Chairman of the National Development and Reform Commission, said that China would focus on developing the “six emerging pillar industries” and the “six future industries.” Among them, “green hydrogen energy and nuclear fusion energy” were included in the category of future industries. 2. The People's Government of Shandong Province issued the Implementation Plan on Supporting Jining in Accelerating Green and Low-Carbon Transformation and Building New Advantages in High-Quality Development. The document proposed supporting Jining in fostering and developing emerging industries and future industries such as hydrogen energy production, storage, and transportation, and supporting the construction of future industry acceleration parks; advancing R&D breakthroughs in key technologies such as hydrogen fuel cell vessels, building a leading inland new energy vessel manufacturing base in China; and supporting technological innovation and the promotion and application in fields such as hydrogen energy. 3. With the approval of the National Energy Administration, the Standardisation Technical Committee for the Hydrogen Energy Sector of the Energy Industry was established in Beijing. The establishment of the committee aims to improve the industry standard system, lead technological innovation, and regulate market order. Enterprise Updates Qinghang Times (Shenzhen) Technology Co., Ltd. : Qinghang Times was established on January 5, 2026, with a registered capital of 1 million yuan and legal representative He Rongjie. It was founded by a Tsinghua University master's and doctoral team, received support from Tsinghua innovation and entrepreneurship platforms such as Tsinghua i-Space and Tsinghua Chuang+, and was selected for the Sci-Tech Innovation Light “Future Sci-Tech Entrepreneur Program.” Through its technical solution combining liquid hydrogen storage and a high-temperature PEM hydrogen-electric coupling system, it increased aircraft driving range by more than 10 times and payload by 2–3 times. Recently, it completed seed-round financing worth several million yuan, with the investor undisclosed. Shenzhen Hydrogen Energy Co., Ltd.: Completed A+ round financing, with Shenzhen Energy Investment as the investor. Anhui Shuishui New Energy Technology Co., Ltd. : Anhui Shuishui Technology completed an A-round financing of over 100 million yuan, led by NIO Capital. This round of funding will be primarily used to fulfill large orders, increase R&D reserves, construct new factories, and support daily operations, in order to drive the integration and upgrading of the industry chain. SPIC Green Energy Co., Ltd.: held talks with Beijing Energy International Holding Co., Ltd., with both sides focusing on areas such as the construction of green electricity transmission channels into Beijing and pipeline transportation of green hydrogen, and conducting in-depth exchanges on deepening cooperation. Beijing Hydrosys Technology Co., Ltd. : helped successfully complete hydrogen refueling at Yunnan’s first integrated “PV–green electricity–hydrogen” refueling station. China Classification Society ​​​​​​​: supported the successful completion of the 16,136 TEU methanol dual-fuel container ship project. China Classification Society​​​​​​​​​​​​​​: the “COSCO 9802,” a single methanol-powered chemical tanker for which it carried out drawing approval and construction inspection, was successfully delivered. ​​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 a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications​​ 1. A team from Xi’an Jiaotong University and Peking University jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and economics of hydrogen production from AEM water electrolysis and supporting the large-scale deployment of low-cost green hydrogen. 2. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolyzers, substantially reducing the carbon footprint. 3.​​Research teams from the School of Electrical Engineering of Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed the Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard Technical Specification for Wind and Solar Power, PV+ESS, and Green Electricity Coupled Electrolysis Hydrogen Production (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it had developed a next-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

Recently, Dr. Du from US Plug Power, a globally leading provider of hydrogen energy solutions, and his delegation visited Suzhou Xinsichuang Hydrogen Energy Technology Co., Ltd. for exchanges. The two sides held in-depth discussions on hydrogen technology R&D, industry ecosystem development, and global market positioning, laying a foundation for subsequent cross-border collaborative cooperation. As a pioneer in the hydrogen fuel cell industry, Plug Power has cultivated the hydrogen energy sector for many years and is committed to building an entire industry chain ecosystem covering green hydrogen production, storage, transportation, and terminal power generation. Its business is extensively deployed across diverse scenarios such as material handling, stationary power supply, and on-road EVs, making it a benchmark enterprise in the development of the global green hydrogen industry. During the field trip, Dr. Du and his delegation visited Xinsichuang’s production workshop and gained a detailed understanding of the company’s hydrogen equipment manufacturing capabilities and latest progress in technology R&D. At present, Xinsichuang is accelerating its transformation from a hydrogen equipment manufacturer into a **comprehensive green electricity and green fuels service provider**. Leveraging its core technological advantages in hydrogen production equipment, the company is making every effort to connect the entire chain of the hydrogen industry from the manufacturing end to the supply end and build differentiated competitive advantages. During the discussion session, General Manager Zeng of Xinsichuang highlighted the company’s project deployment and implementation in Hainan, Indonesia, the Middle East, and other regions, as well as the progress of exporting its hydrogen equipment technologies to Japan, Singapore, Europe, and other countries and regions. Dr. Du expressed strong interest in Xinsichuang’s strategic transformation direction and pace of global expansion. The two sides conducted thorough exchanges on topics including collaborative technological innovation and jointly building a global hydrogen energy ecosystem, and reached multiple cooperation consensuses. As the global energy transition continues to accelerate, the hydrogen energy industry has moved from the technology validation stage into a window period for large-scale application. Xinsichuang stated that in the future, it will continue to uphold an open and cooperative philosophy, deepen exchanges and collaboration with leading global hydrogen energy enterprises, steadily advance project implementation in China and overseas, bring high-quality green energy solutions to broader markets, and contribute to the high-quality development of the global hydrogen energy industry.

SMM, March 11: According to official news from Baiyin Nonferrous Group Co., Ltd., Baiyin Nonferrous Group Co., Ltd. plans to sell 33 mt of crude selenium, with pricing based on bidding for premiums through auction. The floor premium is 10,500 yuan/mt. This project requires registration by three parties before the auction can proceed normally. The registration deadline is 17:00 on March 16, 2026. Bidding will begin at 15:00 on March 17, 2026. As recent market transaction results for crude selenium tenders have been relatively strong, with high transaction prices, market participants expect the premium auction results this time to be worth looking forward to.

1. Tender Conditions The tender project March Titanium Metal Petroleum Coke No. 2 Public Tender (PGWZMYHGZHD260310272703) had the Bid Inviter as the Materials Division of Pangang Group Material Trading Co., Ltd. The funds for the tender project came from self-raised sources. The project had met the tender conditions, and a public tender was now being conducted. 2. Project Overview and Tender Scope 2.1 Project Name: March Titanium Metal Petroleum Coke No. 2 Public Tender 2.2 Alternative Procurement Method Upon Tender Failure: Negotiated procurement 2.3 For the tender content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf" for details. 3. Bidder Qualification Requirements 3.1 Consortium bidding was not permitted for this tender. 3.2 This tender required bidders to meet the following qualification requirements: See the attachment for details (if necessary). 3.3 This tender required bidders to meet the following registered capital requirement: Manufacturer registered capital: 6 million yuan or above 3.4 This tender required bidders to meet the following performance requirements: When submitting bids, bidders were required to provide proof of performance for petroleum coke products from 2022.1.1 to the bid submission deadline (scanned copies of invoices; if no Pangang supply performance was uploaded, the bidder would be deemed a new supplier). 3.5 This tender required bidders to meet the following capability requirements, financial requirements, and other requirements: Financial requirement: registered capital ≥ 6 million yuan Capability requirement: provide valid enterprise qualification certificates, namely scanned copies of the original or duplicate business license; Other requirements: see the attachment for details (if necessary). 3.6 For projects that must be tendered in accordance with the law, bids submitted by dishonest persons subject to enforcement were invalid. 4. Acquisition of Tender Documents 4.1 Any interested bidder shall, from 08:45 on March 12, 2026 to 08:45 on April 1, 2026 (Beijing time, the same hereinafter), log in to the Angang Smart Tendering and Bidding Platform at http://bid.ansteel.cn to download the electronic tender documents. Click to View Tender Details:

[Information on Angang and Bensteel Group's Product Price Policy Adjustments for April 2026] Angang's product price policy for April 2026 was adjusted as follows based on the product price policy for March 2026: 1. Hot-rolled: raised by 200 yuan/mt. 2. Pickling: raised by 200 yuan/mt. 3. Cold-rolled: raised by 200 yuan/mt. Automotive steel was raised by 200 yuan/mt. In addition, Angangshen high-strength wire in the 590 MPa, 780 MPa, 980 MPa, and 1180 MPa grades was raised by 200 yuan/mt. 4. Cold-hard: raised by 200 yuan/mt. 5. Galvanizing: raised by 200 yuan/mt. 6. Non-oriented silicon steel: raised by 200 yuan/mt. 7. Color-coated: raised by 100 yuan/mt. 8. Medium-thickness plates: raised by 200 yuan/mt. 9. Wire rod: raised by 200 yuan/mt. 10. Rebar: raised by 200 yuan/mt. 11. Alloy surcharge: please refer to the price list for details. Angang Co., Ltd. Marketing Center Mar 2026 Bensteel Group's product price policy for April 2026 was adjusted as follows based on the product price policy for March 2026: 1. Hot-rolled: raised by 200 yuan/mt. 2. Pickling: raised by 200 yuan/mt. 3. Cold-rolled: raised by 200 yuan/mt. Automotive steel was raised by 200 yuan/mt. 4. Cold-hard: raised by 200 yuan/mt. 5. Galvanizing: raised by 200 yuan/mt. 6. Electrogalvanization: raised by 200 yuan/mt. 7. Non-oriented silicon steel: raised by 200 yuan/mt. 8. Wire rod: raised by 200 yuan/mt. 9. Rebar: raised by 200 yuan/mt. 10. Special steel: raised by 200 yuan/mt. 11. Alloy surcharge: please refer to the price list for details. Bensteel Group Sheets & Plates Marketing Center, Beiying Operation Center Mar 2026

SMM News on March 11: According to SMM, the Northwest Lead and Zinc Smelter of Baiyin Nonferrous Group Co., Ltd. launched a public tender sale for about 100 mt of crude cadmium under its operation. According to the official announcement, the bidding floor price was set at a discount of 500 yuan/mt to the average SMM price, and the highest bidder after the auction won the lot. This project required at least three registrants for the auction to proceed normally. The registration deadline was 17:00 on March 16, 2026, and bidding was scheduled to begin at 10:00 on March 17, 2026. Market participants said that, as cadmium prices had shown an upward trend recently, this tender was also well worth close attention. To a certain extent, it could reflect the strength of market demand and provide some reference as to whether cadmium prices could continue to rise steadily.

SMM News, March 11: According to the official announcement from Nandan County Nanfang Nonferrous Metals Co., Ltd., a public tender for 147 mt of refined bismuth ingots began today, with a specification of 99.99%; implementation standard: GB/T915-2010. The settlement method was payment before delivery. The payment schedule required a prepayment deposit equal to 10% of the total cargo value within two working days after winning the bid, with the remaining balance to be paid in full within two working days after the contract was signed. For this tender, quotes currently needed to be submitted directly on the platform. Users could search for the "Nanfang Nonferrous Metals Group" official account on WeChat, log in to the Nanfang Nonferrous Bulk Materials Sales Platform → User Login → and submit a quotation. The deadline for this quotation was 15:00 on March 12, 2026. No reserve price was set for this bidding sale. If the bidding price deviated significantly from market transaction levels, Nandan County Nanfang Nonferrous Metals Co., Ltd. reserved the right to cancel the bidding. This tender was expected to test the trading activity of the bismuth ingot market, and SMM would continue to follow and report on it.

This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.