The UK construction industry has strongly criticized proposed trade measures that would introduce stricter steel tariffs of 50% alongside quota reductions of up to 60%. Industry representatives warn these measures will drastically inflate costs for private housing and public infrastructure, particularly threatening the viability of companies involved in the €115 billion HS2 railway project, where large volumes of imported steel are already contracted. Thorsten Gerber, CEO of the Gerber Group, warned that these protectionist approaches disproportionately harm SMEs, automotive manufacturers, and the entire downstream metal processing sector, urging both London and Brussels to reconsider their strategies to avoid massive economic damage and widespread job losses.

[SMM Aluminum Express News] Prime Minister Narendra Modi dedicated India's first fully automated dry-bulk cargo terminal, the Haldia Bulk Terminal (HBT), to the nation on Saturday (March 2026). Developed by Adani Ports and Special Economic Zone Limited (APSEZ) at the Haldia Dock Complex (Syama Prasad Mookerjee Port, Kolkata), the facility has an annual handling capacity of 4 MMTPA. Key features: 1. Full mechanisation and automated cargo handling 2. Direct rail connectivity via a 1.54 km dedicated rail line 3. 2,000-tonne Railway Wagon Loading System (RWLS) for seamless ship-to-train transfer The eastern seaboard handles ~60% of India's dry-bulk imports (coal, bauxite, limestone), vital for steel, aluminium, and power sectors.

【1至2月全国铁路完成固定资产投资722亿元】 中国铁路公众号消息，今年1至2月，全国铁路完成固定资产投资722亿元，同比增长5.4%，铁路建设优质高效推进，为区域经济社会发展注入了新动能。

[SMM Aluminum Flash News] Recently, an international freight block train branded “Yunnan” and fully loaded with Lao fluorite powder departed from Kasi, Laos, traveled via the China–Laos Railway, arrived at Kunming Tengjun International Land Port on March 6, and was then transported onward to Zibo, Shandong through a “rail-to-rail intermodal” model, providing sufficient raw material support for domestic industrial production and industrial development. In March, four additional trains carrying about 3,000 mt of fluorite powder will arrive at Tengjun International Land Port in succession, gradually forming a normalized, stable, and scaled cross-border cargo supply system.

SMM Morning Meeting Summary: Last Friday evening, LME copper opened at $13,474.5/mt, initially fluctuating rangebound and reaching $13,527/mt. Later, the center of copper prices gradually shifted downward, touching $13,290/mt near the end of the session, and finally closed at $13,296/mt, with a gain of 0.28%. Trading volume reached 25,300 lots, and open interest stood at 315,000 lots, down by 497 lots from the previous trading day, mainly due to bears reducing their positions. The most-traded SHFE copper 2604 contract opened at 104,230 yuan/mt, quickly rising to 104,520 yuan/mt, then fluctuated downward, bottoming out at 103,100 yuan/mt, and finally closed at 103,280 yuan/mt, with a gain of 0.45%. Trading volume reached 77,700 lots, and open interest stood at 202,000 lots, down by 2,150 lots from the previous trading day, also characterized by bears reducing their positions.

After the Chinese New Year holiday, the domestic aluminum market entered the traditional resumption cycle, but the problem of aluminum ingot inventory buildup became prominent. Warehouses in major consumption areas faced comprehensive capacity constraints, and congestion at railway stations was widespread. Overall inventory pressure is expected to persist until the end of March...

Recently, the National Railway Administration organized the compilation of the "Administrative Regulations on the Renovation of Power Source Systems for Aging Railway Diesel Locomotives" (hereinafter referred to as the "Regulations"), and is now soliciting public opinions on the draft. Article 3 of the Regulations clearly states that the renovation of the power source systems for aging railway diesel locomotives involves replacing the fossil fuel-based power systems of aging railway diesel locomotives with power systems such as "diesel engine + power battery system," "power battery system," and "hydrogen fuel cell system + power battery system," which offer superior energy efficiency and emission levels. With the introduction of these Regulations, the railway system has finally initiated a transformation towards hydrogen energy applications, following in the footsteps of the highway, low-altitude aviation, and waterway sectors! The key piece of the hydrogen energy transportation system has fallen into place, and a comprehensive shift towards hydrogen energy substitution is becoming an inevitable trend. The Inevitability of Applying Hydrogen Energy in Railways 1. An Inevitable Choice for Low-Carbon/Zero-Carbon Power Innovation Aging diesel locomotives rely on fossil fuels for power, contributing to over 70% of the railway system's total carbon emissions. Hydrogen-powered locomotives, driven by electricity generated from fuel cells, produce only water as their byproduct and emissions. When paired with green hydrogen (produced through water electrolysis using renewable energy), they can achieve "zero-carbon operation" throughout their entire life cycle. The Mireo Plus H hydrogen fuel cell train, already in operation by Deutsche Bahn (DB), boasts a driving range exceeding 1,000 kilometers and reduces emissions by over 90% compared to diesel locomotives, providing a reference for China's heavy-haul freight transportation and electrification renovation of remote railway lines. 2. Breaking Geographical Limitations in Railway Energy Supply Railway electrification requires the installation of overhead catenary systems. Given China's vast territory and complex geographical environments, including mountainous regions, deserts, and gobi deserts, the construction of railway catenary systems poses significant challenges. Hydrogen-powered locomotives can be powered by onboard hydrogen storage tanks, eliminating the need for reliance on a fixed power grid. This makes them highly adaptable to regions in north-west and south-west China that are rich in renewable energy but have weak power grids. By utilizing locally produced renewable energy for hydrogen production, a closed-loop system of "local hydrogen production - locomotive hydrogen consumption" can be achieved, reducing the costs associated with long-distance electricity transmission. Core Advantages of Hydrogen-Powered Locomotives Hydrogen-powered locomotives possess three major advantages: strong driving range and payload capacities, robust environmental adaptability, and high energy replenishment efficiency. Strong Driving Range and Payload Capacities: Hydrogen fuel cells have an energy density of 3-5kWh/kg and high overall energy efficiency. Hydrogen energy of the same volume can provide locomotives with longer-lasting power supply and higher-power output, enhancing their driving range and payload capacities, making them suitable for long-haul freight transportation. Robust Environmental Adaptability: The design of hydrogen fuel cells combined with insulated hydrogen storage tanks enables the locomotive's power system to operate under a wide range of conditions, adapting to various external climatic conditions and geographical environments. High energy replenishment efficiency: Hydrogen-powered locomotives have a short refueling time, which can be completed within a few minutes. Compared to the several hours required for charging, this is more suitable for the "high-capacity and high-speed" demands of trunk railways. Enhancing the economic efficiency of hydrogen refueling stations The retrofitting of hydrogen-powered locomotives can drive profound changes in the existing hydrogen energy industry system. The certainty of railway routes and the stability of hydrogen consumption are advantages not found in other scenarios, allowing for unified planning and construction. Sharing hydrogen refueling stations with hydrogen fuel cell vehicles and hydrogen-powered rail transit systems can achieve "synchronized hydrogen network operations," expand the market size of applications, and reduce infrastructure construction costs. This will further enhance the economic efficiency of hydrogen refueling station construction and operation, helping hydrogen refueling stations gain greater development space in the energy market. Dual value of "transportation revolution + energy security" 1. Carbon reduction and quality improvement, optimized energy use The application of hydrogen energy power systems will gradually reduce the railway system's reliance on fossil fuels, marking a transformation in the energy structure of railway locomotives. With the development of hydrogen application technologies and power technologies, hydrogen-powered railway locomotives will complement the end-use applications of hydrogen energy in the transportation sector, driving a broader national transportation energy revolution. 2. Reshaping the energy transportation landscape Hydrogen-powered locomotives can transform the "West-to-East Electricity Transmission" into "West-to-East Hydrogen Transportation," significantly expanding the range of hydrogen energy transportation through the railway system. Compared to ultra-high-voltage power transmission, the integrated energy conversion efficiency of hydrogen energy production, storage, and transportation is higher, and it can avoid energy waste caused by long-distance power transmission losses (approximately 6-8% for ultra-high-voltage power transmission). The railway system is a super scenario for hydrogen energy applications. The hydrogenation retrofitting of old locomotive power systems has already sent positive signals. Once hydrogen energy is applied on a large scale in railway locomotives, the market demand for hydrogen energy will grow rapidly, inevitably leading to profound changes in the entire industry chain of hydrogen production, storage, transportation, and utilization.

In 2024, the national railway achieved total transportation revenue of 990.18 billion yuan, up 2.7% YoY, with total profits reaching a record high. In 2024, the China State Railway Group deepened comprehensive budget management, strengthened the guiding role and rigid constraints of the budget, and enhanced cost control, saving 24.2 billion yuan compared to the annual budget. Key business sectors were promoted for healthy development, with non-transportation sectors achieving total profits of 34.54 billion yuan. The management of joint-venture railways was improved, with China Railway-controlled joint ventures generating overall profits of 24.58 billion yuan, up 28.2% YoY. Efforts were made to raise low-cost debt funds through market-oriented approaches and optimize the railway debt structure, resulting in an asset-liability ratio of 63.8% by the end of 2024, down 1.7 percentage points from the previous year-end.

According to China State Railway Group, in January-February, the total amount of coal transported by the national railway reached 301 million mt, including 232 million mt of thermal coal. The coal stock at railway-direct power plants remained at a high level, providing strong support for various regions in coping with peak winter demand.

Recently, the National Railway Administration has publicly solicited opinions on the "Administrative Provisions on the Retrofitting of Power Source Systems for Aging Railway Diesel Locomotives (Draft for Public Consultation)". The document states that the retrofitting of power source systems for aging railway diesel locomotives involves replacing the fossil fuel power systems of aging railway diesel locomotives with power systems such as "diesel engine + power battery system", "power battery system", and "hydrogen fuel cell system + power battery system", which offer superior energy efficiency and emission levels. Locomotive owners should strengthen the operational safety management of power batteries, construct ground support facilities such as charging and hydrogen fuel refueling stations in accordance with relevant national standards, and recycle and dispose of power batteries in compliance with relevant national regulations.