On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

Recently, the Malaysian stainless steel market has been roiled by supply chain disruptions as multiple shipments of cold-rolled stainless steel from Indonesian Tsingshan faced severe customs clearance hurdles. This abrupt "stuck at customs" situation triggered strong concerns among local downstream processors regarding supply stability and spot price volatility. However, a recent gazette issued by the Malaysian Federal Government has finally turned the tide, though the underlying policy chess game is far from over. The Resolution: Official Exemption for Specific Indonesian Entity On March 6, 2026, the Attorney General's Chambers of Malaysia officially published the Customs (Anti-Dumping Duties) Order 2026 (Amendment) Order 2026 under gazette P.U. (A) 120. This document provides a crucial correction to the anti-dumping policy regarding Indonesia. Under the amended schedule for "The Republic of Indonesia," the broad category of "Other producer or exporter" has been redefined to explicitly exclude PT Indonesia Ruipu Nickel and Chrome Alloy (a subsidiary of Tsingshan Holding Group) . Effective Period and Retroactivity: The amendment is backdated, officially effective from January 15, 2026, to April 23, 2026 . Affected Products and HS Codes: The policy applies to cold-rolled stainless steel in coils, sheets, or any other form with a thickness of not more than 6.5 millimeters. The specific Malaysian Harmonized System (HS) Codes are: 7219.31.00 00 7219.32.00 00 7219.33.00 00 7219.34.00 00 7219.35.00 00 7220.20.10 00 7220.20.90 00 (Note: Excludes cold-rolled stainless steel with bright annealed (BA), No. 8 mirror finish, embossed, rigidised, etched, or coloured finishes, or those with a hardness value exceeding 250HV). Historical Trace: Was the "Customs Hold-Up" an Administrative Glitch? SMM's review of historical gazettes reveals that Indonesian Tsingshan had long held a "tax-free shield." Back on April 26, 2021, when Malaysia enacted the Customs (Anti-Dumping Duties) Order 2021 [P.U. (A) 197], which imposed a 5-year anti-dumping duty on cold-rolled stainless steel from Indonesia and Vietnam, PT Indonesia Ruipu Nickel and Chrome Alloy was explicitly exempted from the onset. However, as the policy entered a renewal/transition phase in early 2026 (post-January 15), it appears an administrative oversight occurred. The exemption clause was not automatically carried over, causing incoming shipments to be slapped with the maximum 34.82% duty designated for "Other Indonesian producers," leading to the customs blockage. The retroactive amendment published on March 6 essentially rectifies this glitch, reinstating the company's exemption status and allowing the stranded cargoes to clear customs rapidly. The Ultimate Suspense: The "April 23" Sunset Countdown While the immediate clearance crisis is resolved, SMM notes that a much larger policy countdown is looming. The "April 23" deadline set in the latest gazette is not arbitrary. According to the original 2021 directive, Malaysia's 5-year anti-dumping measure against Indonesian stainless steel has a statutory expiration date of April 23, 2026 . This means the entire Southeast Asian stainless steel trade network will face a critical Sunset Review node in just over a month: Import Rush: With only a month left in this guaranteed "tax-free window," Indonesian exporters will likely expedite shipments. This could result in a short-term flood of Indonesian spot materials into the Malaysian market, pressuring local prices. Policy Reshuffle: Post-April 23, if the Ministry of Investment, Trade and Industry (MITI) does not extend the anti-dumping duties, other Indonesian mills will regain low-cost access to Malaysia. Conversely, given Malaysia's strong protectionist stance—evidenced by the 2023 administrative review [P.U. (A) 225] which levied duties against China, Korea, and Thailand—if MITI extends the measures, can Tsingshan maintain its exclusive exemption in the new cycle? This decision will dictate ASEAN stainless steel pricing dynamics in the second half of the year. SMM will continue to track MITI's upcoming sunset review announcements and customs data to monitor shifts in Southeast Asian stainless steel trade flows.

Silver prices steadied into the end of the week, with the metal recovering modestly after the sharp swings seen earlier in March.

SMM Analysis: According to SMM, the operating rate of China's copper foil enterprises was 84.26% in February 2026, down 4.3 percentage points MoM and up 16.61 percentage points YoY...

As global focus on sustainable development intensifies, the recycling and reuse of metal resources can effectively reduce waste, alleviate environmental pollution, and drive the green transformation of the economy. With deeper global integration in the recycled metals industry, international scrap yards and traders are playing an increasingly vital role.

SMM Morning Meeting Minutes: On Friday night last week, LME copper opened at $12,871.5/mt. After fluctuating rangebound in early trading, it dipped to $12,805.5/mt, then the center rose to a high of $12,927.5/mt, and finally closed at $12,869/mt, up 0.08%. Trading volume fell by 3,517 lots from the previous trading day to 24,000 lots; open interest increased by 2,377 lots from the previous trading day to 308,000 lots, mainly reflecting bulls adding positions overall. On Friday night last week, the most-traded SHFE copper 2604 contract opened at 100,250 yuan/mt. It bottomed at 100,180 yuan/mt in early trading, then the center rose to a high of 100,820 yuan/mt, and finally closed at 100,250 yuan/mt while fluctuating rangebound, down 0.53%. Trading volume fell by 58,000 lots from the previous trading day to 69,000 lots; open interest increased by 1,229 lots from the previous trading day to 197,000 lots, mainly reflecting bears adding positions overall.

I. Supply-Demand Pattern Shift Puts Iron Ore Prices on a Downtrend In 2021, driven by inflation expectations from global quantitative easing, frequent supply-side disruptions in Brazil and Australia, resilient demand in China, and strong speculative sentiment, iron ore prices hit a record high of $219.77/mt in July that year, with Platts’ annual average price as high as $160/mt ; they then entered a prolonged downtrend. In 2025, the annual average iron ore price was $102, down about 36% from the 2021 average. Source: SMM Iron ore prices have continued to fall in recent years, mainly due to the global project investment boom spurred by high prices before 2021. After 2024, multiple large iron ore projects worldwide entered a concentrated commissioning phase, and the market’s supply-demand pattern shifted from tight to loose, with the supply-demand gap widening from -12 million mt to 46 million mt. Meanwhile, China has implemented crude steel production cuts since 2022, significantly curbing iron ore demand. Coupled with persistent weakness in real estate, an overall downturn in the steel industry, and an overseas economic slowdown, among other factors, iron ore demand declined markedly. Entering 2025, a rebound in China’s steel exports drove iron ore demand to increase slightly, while capacity in emerging steel-producing countries such as Southeast Asia was gradually released, narrowing the supply-demand gap somewhat. Over the long term, however, iron ore supply is still on a growth trend, market expectations remain bearish, and prices are pressured to set new lows repeatedly. Source: SMM (the forecast assumes an extreme balance under normal commissioning of new mines and no voluntary production cuts by mines) II. Mine Costs Form a Solid Bottom Support for Iron Ore Prices From the global iron ore cost curve, about 90% of global mine cash cost is no higher than $85/mt, and about 93.8% is no higher than $90/mt. International mining giants represented by FMG, BHP, Rio Tinto, and Vale have costs far below those in China and other non-mainstream countries, forming the main body on the left side of the cost curve in the chart—low and relatively flat—which explains their strong cost competitiveness and earnings resilience in the global market. At present, the $85-90 cost line is the lifeline for the vast majority of mines; once prices remain below this range for an extended period, high-cost capacity will be forced to exit, thereby supporting prices. China’s iron ore mines due to low raw ore grade and high underground mining costs, among other reasons, currently have a nationwide per-mt processing cost of about 595 yuan/mt, equivalent to around $85 . Its costs have long been at the high end globally, serving as the "anchor point" and "ceiling" of the cost curve. The high cost and low production of China's domestic iron ore mines have led the steel industry to heavily rely on imports for raw materials, and fluctuations in international ore prices directly impact the profit stability of the domestic steel industry. Therefore, promoting domestic resource supply, investing in low-cost overseas resources, and developing steel scrap recycling are crucial for the strategic security of China's steel industry. Data source: SMM III. The global iron ore supply has long been characterized by a landscape dominated by the "Big Four" mines, supplemented by "non-mainstream" mines. Currently, the iron ore production industry is highly concentrated, primarily following a pattern dominated by the "Big Four" mines, supplemented by "non-mainstream" mines. Australia and Brazil have long contributed over half of the global iron ore production. Australia, leveraging advantages such as high resource concentration, low mining costs, and stable supply, firmly holds its position as the world's largest producer and exporter; while Brazil is renowned for its high-grade ore and is the world's second-largest iron ore exporter. Data source: SMM The "Big Four" mines, consisting of Rio Tinto, BHP, FMG, and Vale, have long dominated global iron ore supply, accounting for approximately 70% of global production. Data source: SMM The Rise of Emerging Mines Promoting the Multipolar Development of Global Iron Ore In recent years, India has actively promoted domestic mining development, leading to a significant increase in production; since 2023, its iron ore production has surpassed that of China, and it shows a continuous expansion trend, maintaining an annual growth rate of 7%, gradually becoming a new force in regional supply growth. Emerging enterprises such as India's National Mineral Development Corporation (NMDC) and South Africa's Anglo American are gradually expanding capacity, enhancing their influence in the international market. Meanwhile, countries such as Russia, Kazakhstan, Iran, and regions in Africa are also actively developing domestic iron ore resources, seeking to increase their voice in regional markets, driving the global iron ore supply landscape from high concentration towards gradual multipolar development. Data source: SMM IV. Australia Firmly Holds the Top Spot, India Becomes a New Growth Engine From the perspective of major producing countries, Australia still firmly ranks first globally, with iron ore production of approximately 900 million mt in 2025, accounting for one-third of the global total, and maintaining a stable annual growth rate of about 2%. Brazil ranks second; after the 2019 dam collapse, production once fell sharply. Although it has recovered somewhat over the past two years, the increase has been relatively limited. China’s production scale is relatively large, but due to frequent safety incidents and the continued impact of the environmental protection-driven production restriction policy, production has not increased but instead declined in recent years. By contrast, India, as an emerging producer, has seen production rise steadily over the past decade, and is expected to post an increase of about 7% by 2030. Source: SMM V Over the next three years, the world will usher in a new peak in mine commissioning In addition to supply from existing mines, there are currently multiple large-scale iron ore projects under construction worldwide, with the number of mines expected to be commissioned in 2026 at six, mainly located in Africa and Brazil. Representative projects include Vale’s northern expansion “S11D +20mtpa,” the northern block of Guinea’s Simandou iron ore project, and the Nimba iron ore project. 2026 will be the year with the most concentrated new supply over the next three years. With the northern block of Simandou officially commencing production, the overall capacity ceiling of the mining area will, with capacity ramp-up, rise to 120 million mt, becoming the core incremental source of global iron ore supply over the next five years. From 2027 to 2028, projects expected to commence production will mainly come from China, including the Xi’an Mountain iron ore mine and the Honggenan iron ore mine, adding about 25 million mt of iron ore supply to the domestic market. Overall, as emerging producers continue to release capacity, and traditional suppliers such as Australia and Brazil consolidate their export advantages through expansion projects, the global iron ore supply structure will become more diversified. A new cycle of capacity release has gradually begun, and the loose supply landscape is expected to continue deepening over the next several years. Source: SMM Simandou Project Commissioning Reshaping the Global Iron Ore Supply Landscape Among the many new projects, Africa’s Simandou iron ore is particularly noteworthy. The mine is expected to reach annual capacity of 120 million mt, and the ore’s average grade exceeds 65%, providing the market with a high-grade, high-quality option beyond Australia and Brazil, and becoming an important variable in the recent contest over the global iron ore supply landscape. In terms of project progress, the Simandou iron ore project has entered a substantive shipment phase; as logistics corridors are gradually opened up, the mining area’s substantive impact on global supply will gradually become evident. Source: SMM Nearly 400 million mt of Capacity Release by 2030, Global Iron Ore Market Faces Impact With the entry of emerging producers, iron ore supply is beginning to diversify. Projects led by Simandou iron ore are breaking the industry landscape and taking the iron ore market into a new stage. Looking ahead to the next five years, global iron ore capacity is expected to see a wave of concentrated releases, with incremental supply mainly coming from two major regions: Africa and Australia . Leveraging the development of new high-grade mines such as Simandou, Africa is reshaping the global supply landscape; meanwhile, Australia, relying on its existing capacity base and ongoing expansion projects, is further consolidating its export-dominant position. Overall, the global iron ore supply landscape is evolving toward greater diversification and a looser market. Source: SMM VI Simandou High-Quality Iron Ore Enters the Market; Global Iron Ore Enters an Era of “Quality Upgrading” As some older mines gradually enter a period of resource depletion , coupled with the fact that many newly commissioned projects are dominated by mid- to low-grade ore, the average global iron ore grade shows a downward trend from 2025 to 2026 . However, as high-grade mines such as Simandou are commissioned one after another, the share of high-grade ore supply is expected to increase, and is projected to drive a rebound in the overall global iron ore grade in 2027. Source: SMM VII “Green Steel” Reshapes the Global Crude Steel Production Landscape From a policy perspective, the low-carbon transition represented by “green steel” is profoundly reshaping the global crude steel production landscape . Whether in China or Europe, carbon neutrality has become the core theme for the future development of the steel industry. Therefore, whether it is China’s ongoing capacity replacement policy or the EU’s Carbon Border Adjustment Mechanism (CBAM) that is about to be fully implemented , both clearly indicate that the global steel industry is accelerating its transition toward low-carbon and green development. Achieving carbon neutrality across the entire industry chain is no longer an isolated task for a single link, but must rely on close upstream-downstream coordination and deep integration of technological pathways. Source: SMM Technology Reshaping: Green Iron Supply + Green Production Demand Against the broader backdrop of carbon neutrality, merely maintaining the current supply-demand structure dominated by iron ore can no longer meet future low-carbon requirements. The deeper need of industry transformation lies in reconstructing metallurgical processes: resource-rich countries—such as Australia and Brazil, traditional major iron ore exporters—need to fully leverage their renewable energy endowments and mineral advantages, shifting from simply exporting iron ore to producing high-grade, low-carbon-footprint direct reduced iron (DRI) or hot briquetted iron (HBI) and other high value-added intermediate products. By shipping this clean-energy-driven “green DRI” to steel consumption hubs and integrating it with local green electric arc furnace (EAF) processes, it can effectively replace the traditional “blast furnace–converter” long process, thereby substantially reducing carbon emissions at the source. This multinational collaborative model of “high-quality resources + green energy + short-process” is not only a critical measure to address trade barriers such as the Carbon Border Adjustment Mechanism, but also an essential pathway to build a new global green steel supply chain and drive deep decarbonization across the industry. Data source: SMM Rising Share of Electric-Furnace Steelmaking, Stronger Substitutability of Steel Scrap, Squeezing Iron Ore Demand Driven by carbon-neutrality targets, the steel industry, as a major source of carbon emissions in the industrial sector, has drawn close attention for its emissions-reduction pathway. Among these, the traditional long-process route centered on “blast furnace–converter,” due to its heavy reliance on coke and iron ore, is regarded as a primary source of carbon emissions and has therefore become a key focus of regulation and retrofitting in various countries. By contrast, the short-process route represented by “steel scrap–electric furnace,” with a significantly lower carbon-emissions intensity, is being favoured by an increasing number of countries. This structural shift has driven the share of electric-furnace steelmaking in global crude steel production to continue rising. Data source: SMM From an economic perspective, the substitution relationship between steel scrap and pig iron is typically measured by the price spread. Generally, after factoring in steelmaking costs and losses, pig iron costs should be about 100-150 yuan/mt higher than steel scrap prices ; this range is viewed as the cost-performance equilibrium band: if steel scrap prices are lower than pig iron costs by more than this threshold, steel scrap is more economical; otherwise, pig iron has a more pronounced advantage. In 2025, the average price spread between pig iron and steel scrap was 122 yuan/mt, lower than the 2024 average of 211.8 yuan/mt, and also largely within the cost-performance equilibrium band. By contrast, the 2024 spread was significantly above the upper limit of the equilibrium band, indicating that steel scrap offered a more prominent cost-performance advantage at that time. After the spread narrowed in 2025, the economic advantage of steel scrap weakened somewhat. As a result, in the short term, there is limited room for China to increase the share of electric-furnace steelmaking; overall, it remains at a relatively low level and still lags far behind the global average. This also reflects that, at the current stage, cost factors still impose a substantive constraint on the choice of smelting process routes. Data source: SMM Taken together, the blast furnace–converter long-process route will remain the dominant model for global steel production over the next five years, but the shares of electric furnaces and steel scrap usage will increase year by year; in the long run, this trend will suppress iron ore demand, causing it to weaken gradually. Data source: SMM VIII Global Total Iron Ore Demand in 2030 to Be About 2.4 Billion mt, with Gradual Shifts in Global Flows As China began encouraging domestic steel mills to develop overseas markets while adjusting the domestic industry chain’s transformation toward producing high value-added products needed by the manufacturing sector, global crude steel production began to rebound gradually. Data Source: SMM From the perspective of the global demand structure, although crude steel production outside China is entering a new round of development, with capacity expansion particularly notable in regions such as India and Southeast Asia, a considerable portion of the incremental increase comes from electric furnace processes, providing limited substantive boost to iron ore demand. Meanwhile, as the world’s largest iron ore consumer, China’s crude steel production has entered a downward trajectory, constituting the primary source of demand-side reductions. Overall, overseas increments are unlikely to fully offset China’s reductions. It is expected that by 2030, total global iron ore demand will be approximately 2.4 billion mt, with overall growth trending toward a slowdown. Compared with the mild growth on the demand side, the supply side remains in a phase of continuous expansion. The oversupply landscape will become an important factor that suppresses ore prices over the long term. Data Source: SMM SMM will continue to track the impact of changes in iron ore supply and demand on prices. Comments are welcome—scan the code to follow us! Data Source Statement: Except for publicly available information, all other data are processed and derived by SMM based on publicly available information, market communication, and SMM’s internal database models, for reference only and not constituting decision-making advice. Scan the code to access information for free

[SMM Aluminum Morning Meeting Minutes: Middle East Geopolitical Risks Heighten Supply Concerns; Aluminum Prices to Trend Strongly Higher in the Short Term] Overall, although domestic social inventory continues to build up, the current geopolitical situation in the Middle East is the focus of global attention. If the geopolitical conflict continues, expectations for a tightening in global aluminum supply will remain strong, and aluminum prices will have strong upward momentum. In the short term, aluminum prices are expected to hold up well.

Philippine Ore Prices Strengthened Sharply, With Multiple Supply-Side Risks Supporting the Cost Floor Philippine nickel ore prices rose sharply this week. In terms of pricing, Philippine nickel ore CIF China: NI 1.3% grade at $58-63/wmt, NI 1.4% grade at $65-69/wmt, and NI 1.5% grade at $72-76/wmt, up $4 from the previous week. The average CIF price from the Philippines to Indonesia was $62.5/wmt for 1.3% grade and $69.5/wmt for 1.4% grade. Supply side, the Philippines was in a transition to the dry season, but affected by a developing low-pressure area (LPA) east of Mindanao, heavy rainfall continued in mining hubs such as Surigao and Homonhon Island. Although Metro Manila and most of Luzon had sunny and hot weather, the probability of weekly rainfall exceeding 50 mm in Surigao and the Caraga region was “high to extremely high,” and strong thunderstorms and scattered rainfall were expected to further intensify from March 9 to 13. Influenced by the LPA trough and the Dongfeng, this persistent rainy weather could continue to disrupt open-pit mining and vessel loading operations in the southern regions mentioned above. Currently, available spot cargo in the market was limited; coupled with the tightness in nickel ore supply and a potential demand gap driven by expectations of RKAB quota cuts in Indonesia, mainstream prices for Philippine nickel ore have risen markedly in recent periods. As of Friday, March 6, China’s port nickel ore inventory stood at 5.73 million mt, down 370,000 mt WoW. Current total port nickel ore inventory was equivalent to metal content of about 45,000 mt Ni. Demand side, domestic NPI prices rose this week, while spot transaction prices fell by about 1,092.6 yuan/nickel unit. From the perspective of smelters’ procurement departments, given ample earlier stockpiling and limited acceptance of recently extremely high-priced ore, most were currently staying on the sidelines. In terms of ocean freight rates, ocean freight rates rose sharply recently due to the situation in Iran, with the ocean freight rate from the Philippines to Tianjin Port at $11/mt. Looking ahead, Philippine nickel ore prices are expected to fluctuate at highs. Indonesia Market: Tight Supply and Demand Drove Premiums Higher; Authorities Clarified the RKAB Supplement Mechanism Indonesia's local nickel ore prices rose significantly this month. For the first half of March, the Indonesian nickel ore benchmark price (HPM) was set at $17,104/dmt, down 3.21% MoM. According to SMM data on Indonesia nickel ore premiums, the average premiums for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $34, $38, and $38.5/dmt, respectively. Among them, the port arrivals under domestic trade price for 1.6% grade was $65.2–72.2/wmt. The dual strengthening of premiums this month reflected the release of smelters’ restocking demand and pessimistic expectations over RKAB quota reductions; meanwhile, the delivered price of 1.2% grade limonite ore also edged up in tandem to $24–26/wmt. Supply and demand fundamentals, as of March 6, Sulawesi and Halmahera were in a period of wild swings at the tail end of the rainy season, and intermittent heavy rainfall continued to hinder mine logistics. Morowali was currently overcast with extremely high humidity (94%); although rainfall remained light for now, a strong rainfall system was expected around March 13, with precipitation reaching 48 mm. Konawe likewise remained mostly cloudy with daily thunderstorms. Meanwhile, Halmahera was set to face a high-precipitation weekend, with the probability of thunderstorms as high as 65% on March 7–8. Although Indonesia’s Meteorology, Climatology, and Geophysics Agency (BMKG) forecast that the dry season would arrive earlier in April, the above areas were still unable to reach full-load mining and loading capacity due to highly saturated soil moisture and localized gusts. Under the dual pressure of tight tradable availability and uncertainty over RKAB quotas, some NPI smelters were forced to significantly step up procurement this month to secure raw material supply. While spot supply of limonite ore was relatively ample, a tailings dam landslide incident at certain MHP projects in an Indonesian industrial park kept the relevant production lines operating at low load, resulting in a phase of overall demand weakness. However, considering concerns among some Indonesian smelters over uncertainty in RKAB approvals, raw material stockpiling needs for newly commissioned projects, and continued growth in demand from outer islands, limonite ore prices were expected to closely track saprolite ore and remain elevated. Policy side, regarding recent widespread market rumors that “production quotas (RKAB) will be uniformly increased by an additional 25%–30%,” Tri Winarno, Director General of Minerals and Coal at Indonesia’s Ministry of Energy and Mineral Resources (ESDM), clarified on March 3, 2026 that RKAB increases would be based on individual assessments of enterprises’ production capability and compliance, rather than a uniform proportional increase, and indicated that the approval process would begin in H2 2026. Officials emphasized that this move was a routine regulatory process to optimize resources, not a passive offset against the previous production cap policy.

Capacity side, according to incomplete statistics, the domestic alkaline electrolyzer market remained at 43.77 GW and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. The 16 green electricity smart hydrogen production systems built by Shuangliang Group for ACME Group’s Oman green ammonia project with a daily output of 300 mt officially commenced shipment. Updates on electrolyzer projects: Xinjiang Hynda Energy Technology Co., Ltd.: The EPC tender was released for an integrated production line project with an annual production of 120,000 mt of green hydrogen and 700,000 mt of green ammonia. It is understood that this project is the largest green ammonia producer in China in terms of both scale and production, with a total investment of 10 billion yuan. At present, company registration, project filing, and equipment selection have been completed. The preliminary site is in Wusu West Industrial Park, covering about 600-800 mu; the next step will be to accelerate project planning and design, EIA, energy assessment, safety assessment, and other pre-project procedures, striving to commence production and achieve results as early as possible. Sinopec Sales Co., Ltd. Xinjiang Jiangbei Petroleum Branch: The first public notice for the EIA information disclosure of the new construction project of the Kunlun Road integrated energy supply station in Karamay District was released. Construction location: opposite the bus company on Kunlun Road, Karamay District. Construction content: the project covers an area of 7,504.01 m², with a newly built station building of 390 m² and a canopy of 450 m²; it will include 4 oil storage tanks, 2 fuel dispensers, 1 set of LNG skid-mounted equipment, 2 fast charging piles, 1 set of water electrolysis hydrogen production equipment, a set of hydrogen storage cylinders, and one set of hydrogen skid-mounted and refueling equipment. Annual sales: 3,500 mt of refined oil products, 800 mt of LNG, and 120 mt of hydrogen. China Coal Pingshuo Group Co., Ltd. : A change announcement was released for the procurement project of complete sets of alkaline electrolyzer equipment and ancillary facilities for Phase I of the 600,000 kW off-grid renewable energy hydrogen production project in the coal mining subsidence area of China Coal Pingshuo Group (green hydrogen coupled with the coal chemical segment), and the bid opening time was postponed to March 17, 2026. It is understood that the project adopts a main-and-auxiliary supply model, and the quotation includes 12×1,200 Nm³/h alkaline electrolyzers, 3×4,800 Nm³/h gas-liquid separation systems, 3×4,800 Nm³/h gas purification systems, etc. Junrui Green Hydrogen Energy (Shangdu County) Co., Ltd. : The 30,000 mt/year hydrogen production project in Lingyuan City completed filing. Total investment was 146,037 yuan; the project covers 375 mu, including an electrolysis workshop, 2 purification and compression workshops, a power station, a hydrogen tank farm, etc.; core equipment includes 84 sets of 1,000 Nm³/h electrolyzers, hydrogen storage tanks, as well as hydrogen purification units, compressors, etc. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: The filing for the green electricity and green hydrogen steel mill plant construction project, a banner/county industrial project, was successfully completed. It was learned that the project’s main construction location is Guyang County, Baotou City; total investment: 1.02 billion yuan, funded by self-owned capital; planned construction period: from March 2026 to October 2027; construction content: construction of green electricity, green hydrogen, and green steel plant buildings and auxiliary facilities. Inner Mongolia Junhong Technology Co., Ltd.: Cancellation of the Green Methanol Plant Building Construction Project. It was learned that the Green Methanol Plant Building Construction Project of Inner Mongolia Junhong Technology Co., Ltd. is located in Baotou City—Guyang County—Jinshan Industrial Park. The project entity is Inner Mongolia Junhong Technology Co., Ltd., with a total investment of 1.5 billion yuan. Policy Review 1. Premier Li Qiang delivered the Government Work Report at the Fourth Session of the 14th National People’s Congress, emphasizing that efforts must be made to advance the development of a green, low-carbon economy. Specific measures include: improving relevant policies to promote green and low-carbon development; carrying out actions to improve quality, reduce costs, and cut carbon emissions in key industry; further advancing the development of zero-carbon industrial parks and factories; establishing a national low-carbon transition fund and actively fostering emerging growth drivers such as hydrogen energy and green fuels; implementing strong and effective controls over high energy-consuming and high-emission projects, accelerating the phase-out of outdated capacity, while supporting innovation and application of green and low-carbon technology and equipment; improving the mechanism for total resource volume management and the comprehensive conservation system, and strengthening the recycling and utilization of renewable resources. 2. The European Commission stated that it will maintain the fertilizer carbon tariff mechanism, while simultaneously implementing temporary tariff reductions and exemptions for fertilizers such as ammonia and urea, in order to balance environmental protection goals with agricultural cost pressure, ensure fair competition, and stabilize clean energy investment. 3. The European Commission approved a 4 billion euro dedicated fund for electrolyzers, providing a 30% equipment cost subsidy for projects with capacity ≥500MW/year, and setting the 2030 electrolyzer efficiency target for green hydrogen projects at ≥60% (LHV basis). Enterprise Updates Shandong Port Qingdao Port (Group) Co., Ltd. : At the Qianwan Port Area of Shandong Port Qingdao Port, the methanol bunkering vessel “Jianhang Lida” successfully carried out 2,500 mt of green methanol ship-to-ship bunkering operations for two international seagoing vessels. SPIC Green Energy Co., Ltd.: Tender Announcement for the 10th Batch of Centralized Tenders in 2026 (infrastructure projects). This includes multiple tenders related to the Lishu wind and solar power hydrogen-ammonia-methanol project: the foundation pile detection service project for the Lishu wind and solar power green hydrogen biomass-coupled green methanol project; the non-destructive detection service project for the Lishu wind and solar power green hydrogen biomass-coupled green methanol project; and the EPC project for the design and construction of the fine interior fit-out of the office building and canteen in the plant-front area of the chemical section of the Lishu wind and solar power green hydrogen biomass-coupled green methanol project. Hangzhou Fenghua Hydrogen Energy Technology Co., Ltd. : The major project approved by the Zhejiang Provincial Department of Marine Economic Development, jointly applied for with Windey, Baimahu Laboratory, Zhejiang University of Technology, and others—R&D and application demonstration of key equipment for an offshore wind power direct-coupled hydrogen production off-grid system—was approved. Tangshan Haitai New Energy Technology Co., Ltd. : Held a symposium with Beijing Energy International Holding Co., Ltd. The two sides focused on areas such as the construction of green electricity transmission corridors into Beijing and green hydrogen pipeline transportation, and conducted discussions and exchanges on deepening cooperation. China Huadian Corporation Ltd. : Party Secretary and Chairman Jiang Yi held talks in Baotou with Chen Zhichang, Member of the Standing Committee of the Inner Mongolia Autonomous Region Party Committee and Party Secretary of the Baotou Municipal Party Committee, and Meng Qingwei, Deputy Party Secretary and Mayor. The two sides exchanged views on further deepening cooperation between central enterprises and local governments. CIMC Enric Holdings Limited​​​​​​​: Formally signed the Strategic Cooperation Framework Agreement in Jakarta with PT SAMATOR Group, an Indonesian provider of industrial gases and energy solutions. Based on their deep accumulation in energy equipment, industrial gases, and clean energy, the two sides reached a consensus on long-term strategic cooperation. Zhizi Automobile Technology Co., Ltd.​​​​​​​: Completed a Series B financing of several hundred million yuan, with investors including Shengshi Juxin, Guoxin Venture Capital, Hebei Industrial Investment, Green Era, Youda Shangrong, the Private Economy Fund, Huoshui Capital, and Huitou Zhizao. The funds will mainly be used for R&D of core technologies such as intelligent driving and autonomous driving, replenishment of working capital, and global market expansion. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested service life 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. Xi’an Jiaotong University and a Peking University team jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and cost-effectiveness of AEM water electrolysis for hydrogen production, 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 from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 3. Relevant research teams from the School of Electrical Engineering of Xi’an Jiaotong University and the National Key Laboratory of Electrical Insulation and Power Equipment Materials successfully developed a Ru/Ti3C2Ox@NF seawater electrolysis bifunctional electrocatalyst. 4.《Technical Specification for Wind and Solar Power + ESS Coupled Green Electricity Electrolysis Hydrogen Production (No. T/CIEP 0272—2025), a group standard, was issued and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully conducted R&D of a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it had developed a new-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.