[SMM Tungsten Daily Review: Strong Wait-and-See Sentiment as the Tungsten Market Awaited Stabilization in Transactions] SMM News, March 18 Tungsten market prices were largely stable today, with only minor fluctuations, and the market showed strong wait-and-see sentiment. Trading volume in segments such as tungsten ore and APT was sparse, with transaction prices mostly hovering around the quoted price range. Transactions for downstream products such as powder were also limited, and transaction prices showed a slight downward trend.

Middle East tensions have sparked a massive steel trade "mismatch." Iran's blocked exports created a 2.3-million-ton billet vacuum in Southeast Asia, while the Red Sea crisis stalled China's flat steel shipments to the Gulf. Consequently, China and India are rapidly absorbing SEA's diverted billet orders. SMM projects that blocked flat steel returning to China's domestic market, combined with surging overseas billet demand, will accelerate the narrowing of the domestic HRC-rebar spread.

Only 15 days remain until the opening of the 14th Energy Storage International Summit and Exhibition, ESIE 2026! New business models, new products, and new technologies in the global energy storage industry will be showcased in a concentrated manner on the ESIE 2026 platform! The countdown has begun, and the world’s largest, highest-level, and most influential gathering of ideas and technologies in the global energy storage industry is about to open! ●Exhibition Dates: April 1–April 3 ●Summit Dates: March 31–April 3 ●Venue: Beijing · Capital International Exhibition & Convention Center Scan the QR code above for free exhibition admission Six themed exhibition halls, over 160,000 m² of exhibition space, 800+ exhibitors/sponsors—the full detailed floor plan for all halls of ESIE 2026 is officially unveiled! Save and bookmark it to locate the brands and exhibition areas you are interested in! Detailed forum schedules have been released: Cutting-Edge Technology Led by 9 academicians! Detailed agenda for the 9th Energy Storage Frontier Technology Conference released Mechanism Innovation Detailed agenda released | ESIE 2026 Themed Forum: New-Type Energy Storage and the Electricity Market Detailed agenda released | Regional Characteristic Market Forum, Generation-Grid-Load-Storage and Green Electricity Direct-Connection Integration Forum Market-Driven Growth Detailed agenda released | ESIE 2026 Themed Forum: Development and Operation of Standalone ESS Projects Detailed agenda released | ESIE 2026 Themed Forum: Coordinated Development of Energy Storage + AIDC Detailed agenda released | ESIE 2026 Themed Forum: Energy Storage + New Business Models and New Development Global Perspective Detailed agenda released | ESIE 2026 Themed Forum: Development and Trends in the Global Energy Storage Market A Barometer of the Development of China’s Energy Storage Industry The 14th Energy Storage International Summit and Exhibition ESIE 2026 Exhibition Dates: April 1, 2026–April 3, 2026 Summit Dates: March 31, 2026–April 3, 2026 Venue: Beijing · Capital International Exhibition & Convention Center

As of March 16, tungsten prices in China saw a slight correction, with APT quoted at 1.505 million yuan/mt. The market's fear of high prices was released, entering a phase of rational wait-and-see. Outside China, supply remained persistently tight, with the average APT Rotterdam price at $2,200/mtu, while weekly gains in tungsten scrap prices in India and Europe exceeded 25%.

Recently, Kawasaki Heavy Industries of Japan and Kobe Steel jointly announced that the world’s first next-generation hydrogen-fueled power generation system for hydrogen-based power generation had officially commenced operation. The system features a liquid hydrogen energy supply model and is designed to provide stable power for future large gas turbine generators, filling the global technological gap in direct liquid hydrogen supply for power generation. The newly commissioned system was developed under the NEDO-funded project in Japan, “Development of Technologies to Improve Hydrogen-Fueled Power Generation Efficiency and Performance Under the Hydrogen CGS Regional Model,” and was deployed at the Kobe Hydrogen Energy Center on Port Island in Kobe. It is the world’s first hydrogen supply power generation system to adopt an intermediate fluid vaporizer (IFV) for hydrogen together with a liquid hydrogen pump , enabling liquid hydrogen to be pressurized above critical pressure and directly supplying hydrogen fuel to power plants in a stable manner. The project had a clear division of responsibilities: Kawasaki Heavy Industries was responsible for optimizing the liquid hydrogen pressurization fuel supply system for gas turbine generators, while Kobe Steel focused on the R&D of IFV equipment utilizing the cold energy of liquid hydrogen. At present, demonstration tests have successfully delivered hydrogen fuel to a wet gas turbine, and subsequent hydrogen supply tests for a dry gas turbine will be carried out, with a focus on verifying operating performance under high summer temperature conditions as well as the long-term operational reliability of the liquid hydrogen pump.

SMM March 13: This week, China’s domestic tungsten market exhibited high-level oscillations with intensified supply-demand competition. Multiple mines put products up for auction during the week, but transactions were bleak.As of March 13, tungsten prices remained largely stable, yet market sentiment became extremely divided.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

The Premier Academic Event in the Energy Storage Field—the 9th Energy Storage Frontier Technology Conference is expected to open soon. The conference is scheduled to be held from March 31 to April 3, 2026, at the Beijing·Capital International Exhibition & Convention Center, and is hosted by the Institute of Engineering Thermophysics, Chinese Academy of Sciences; the China Energy Research Society; and the Zhongguancun Energy Storage Industry Technology Alliance. This conference features nine major tracks: the Academician Forum, Advanced Energy Storage Materials, Energy Storage Design and System Integration, Grid-Forming ESS , Battery Cells, Hydrogen Energy, Long Duration Energy Storage (LDES), Short-Duration High-Frequency Energy Storage, and Safety and Standards . Led by nine academicians, with more than 50 experts from universities and research institutes and more than 70 representatives from leading enterprises gathering together, the conference will jointly explore frontier technologies, development trends, and future challenges in the ESS sector. Established in 2017, the Energy Storage Frontier Technology Conference is an important academic brand event actively developed by the Energy Storage International Summit and Exhibition (ESIE) . The conference aims to provide a platform for experts and scholars in the ESS sector to share research achievements and discuss frontier technologies. By showcasing the latest advances in energy storage technologies, it stimulates innovative thinking and drives technological breakthroughs; grounded in the integration of academic research and industry needs, it offers new ideas for the innovative development of the energy storage industry. Conference Highlights Led by Academicians, with a Strong Lineup Nine academicians will take the lead, with more than 50 experts from universities and research institutes and more than 70 representatives from leading enterprises gathering together to discuss frontier research achievements and share in-depth industry insights. Focused on the Frontier, Comprehensive Coverage Covering hot topic areas such as advanced energy storage materials, battery cells, hydrogen energy, long duration energy storage (LDES), short-duration high-frequency energy storage, grid-forming ESS, energy storage design and system integration, and safety and standards, it provides a comprehensive interpretation of the current development status and future trends of each technology pathway. Industry–Education Integration, Jointly Seeking Development Building a high-level platform for industry–academia–research exchange and cooperation, promoting the transformation of scientific and technological achievements, and pooling efforts to drive the high-quality development of the energy storage industry. Zhongguancun Energy Storage Industry Technology Alliance Student Registration Channel for Attendance 1、 The main forum and all technical tracks of the 9th Energy Storage Frontier Technology Conference are free of charge for enrolled students. The Zhongguancun Energy Storage Industry Technology Alliance has set up a dedicated student registration channel; attendance is permitted after approval by the organizers. 2、 Registration for the General Public Please contact the organizer Zhao Han 18210188771 Visitor Registration Channel Exhibition Dates: April 1–3, 2026 Exhibition Venue: Beijing·Capital International Exhibition & Convention Center How to Visit: Scan the QR code above to make a free reservation to visit the exhibition The Wind Vane for the Development of China’s Energy Storage Industry The 14th Energy Storage International Summit and Exhibition ESIE 2026 Exhibition Dates: April 1, 2026–April 3, 2026 Summit Dates: March 31, 2026–April 3, 2026 Venue: Beijing·Capital International Exhibition & Convention Center

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.

SMM, February 27: After the Chinese New Year, the tungsten market got off to a good start, re-entering an accelerated uptrend and repeatedly hitting new highs.