SMM Nickel News, April 17: Macro and market news: (1) On April 17, the State Council Information Office held a press conference in the "Getting Started on the 15th Five-Year Plan" series, introducing the promotion of high-quality economic and social development during the 15th Five-Year Plan period. The NDRC stated it would focus on expanding effective domestic demand and formulate an implementation plan for the strategy to expand domestic demand from 2026 to 2030. (2) Trump said Lebanon and Israel agreed to a 10-day ceasefire; the Israeli PM agreed to the ceasefire and said troops would remain stationed in southern Lebanon; the Lebanese PM welcomed Trump's ceasefire announcement. Spot market: On April 17, SMM #1 refined nickel prices rose 750 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 2,350 yuan/mt, down 200 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel premiums ranged from -700-600 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract surged sharply in the morning session, touching 145,000 yuan/mt, and closed at 143,730 yuan/mt, up 1.54%. Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially confirmed the implementation of the revised nickel ore benchmark price (HPM) calculation formula starting April 15, 2026, which is expected to significantly raise the floor support for nickel prices, driving a sharp rally. In the short term, nickel prices are expected to hold up well on sentiment following the release of the new pricing formula. Going forward, attention should be paid to the actual cost increase after the implementation of Indonesia's new HPM formula.

According to Reuters, trade sources said that Indian banks had suspended orders for importing gold and silver from suppliers outside China, with large quantities of precious metals stuck at customs , as the government had yet to issue a formal order authorizing the import of these precious metals. As India is the world's second-largest gold consumer and the largest silver buyer, with nearly all of its demand relying on ex-China purchases, the country could face a supply deficit without new imports. Weak Indian demand could weigh on global gold and silver prices , while narrowing the country's trade deficit and supporting the rupee. The rupee has been one of Asia's worst-performing currencies so far this year. Authorities had taken several measures to ease pressure on the rupee, including recently urging refiners to limit their spot dollar purchases. The suspension of gold and silver import orders by Indian banks from overseas suppliers, as well as the backlog of large quantities of precious metals at customs due to the lack of a formal government authorization order, had not been previously reported. The Directorate General of Foreign Trade (DGFT), under India's Ministry of Commerce and Industry, typically issues an order at the beginning of each fiscal year listing the banks authorized by the Reserve Bank of India to import gold and silver. The order previously issued in April 2025 was valid until the end of the last fiscal year (March 31), and banks were currently awaiting a new directive from the DGFT. The DGFT did not immediately respond to Reuters' request for comment. A bullion dealer at a private bank in Mumbai said that banks had expected the DGFT to issue the order in early April as in previous years, but no new announcement had been made so far, resulting in more than 5 mt of gold stuck and unable to clear customs . The dealer said the uncertainty over the timing of the DGFT order had led banks to suspend new import orders from overseas suppliers. The dealer requested anonymity as they were not authorized to speak to the media. Sources said that approximately 8 mt of imported silver was also stuck and unable to clear customs . Another bullion dealer said there was no point in placing new orders when previous shipments could not clear customs. According to data from the World Gold Council, India's gold demand fell to 710.9 mt in 2025, the lowest level in five years. Sources said that gold and silver inventory imported in previous months was being depleted, and the market was now relying on sales from exchange-traded funds, which were facing redemptions. Mehta Surendra, Secretary of the India Bullion and Jewellers Association, said: "Clear rules are needed to ensure imports resume." Mehta stated that without imports, a supply deficit would emerge, and premiums would rise after Akshaya Tritiya, India's second-largest gold-buying festival. A bullion dealer in Kolkata said that as the Iran conflict drove up prices of oil, natural gas, and fertilizers, India's import bill in April could rise, which might prompt the government to slow down gold and silver imports to control the trade deficit.

Yancoal Australia, the Australian-listed subsidiary of Yanzhou Energy, announced its plan to acquire an 80% interest in the Kestrel coking coal mine in Queensland for up to $2.4 billion, further expanding its high-quality coking coal assets outside China. According to the announcement submitted by Yancoal Australia to the Australian Securities Exchange, the transaction would involve acquiring 100% of the equity in the Kestrel Group to indirectly hold an 80% interest in the Kestrel mine. The consideration comprised a $1.55 billion upfront payment and contingent payments of up to $550 million, with a total consideration cap of $2.4 billion. The transaction was expected to be completed by the end of the September quarter this year, subject to approval from relevant regulatory authorities. This acquisition represented an important step in Yanzhou Energy's continued deepening of its resource portfolio outside China, helping to further consolidate high-quality coking coal assets. Expanding Presence in Premium Global Coking Coal Regions The Kestrel mine is located in the Bowen Basin, Queensland. The basin is one of the world's major coking (metallurgical) coal producing regions, with its coking coal sold to major steel enterprises worldwide. The mine was previously held by a joint venture comprising EMR Capital and Adaro Capital. In 2018, the joint venture acquired the 80% interest in the Kestrel mine from Rio Tinto for $2.25 billion, with the remaining 20% held by Mitsui. Yancoal Australia is the Australian-listed platform under Yanzhou Energy Group, currently operating multiple thermal and coking coal mines in New South Wales and Queensland. This acquisition continued the Yanzhou Energy group's ongoing expansion of coal assets in Australia. Upon completion, Yancoal Australia will secure a significant strategic foothold in the Bowen Basin, one of the world's premier coking coal producing regions, further strengthening its position in the global coking coal supply chain.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, the PEM electrolyzer market remained at 2.7 GW, with no new capacity additions for the time being. No offline public delivery information was available this week. Project-related updates: Guangdong Liquid Sunshine Green Energy Co., Ltd.: The company officially signed a memorandum of cooperation with Johnson Matthey, a global leader in sustainable technology, and East China Engineering Science and Technology Co., Ltd. in Hefei. The three parties will jointly advance the implementation of the 150,000 mt biomass green methanol demonstration project invested and constructed by Liquid Sunshine Green Energy in Tiandong County, Guangxi. Jiang Xi, Executive President of Liquid Sunshine Green Energy, Zhong Ling, General Manager of Johnson Matthey China, and Meng Chenzhou, General Manager of East China Engineering, completed the signing on behalf of their respective parties. Zhongneng Kehang (Baotou) New Energy Technology Co., Ltd.: The annual 300 million m³ green electricity-to-hydrogen production project received filing approval. The project is located in Baotou City — Guyang County — Jinshan Economic Development Zone, Guyang County, Baotou City, Inner Mongolia Autonomous Region, with a total investment of 500 million yuan. Construction scale and content: 18 new hydrogen production lines, office buildings, workshops, shift dormitories, etc. Planned construction period: 2026/08–2028/07. Guoneng Xinjiang Electric Power Co., Ltd.: In collaboration with the New Energy Research Institute, the company successfully completed China's first 660 MW coal-fired boiler hydrogen co-firing pilot test, achieving a maximum hydrogen blending ratio of 45%, marking a pilot-scale breakthrough in coal-hydrogen co-combustion and pure hydrogen combustion. Heilongjiang Jiayirongyuan Green Chemical Co., Ltd.: Jidong County, Jixi City held the groundbreaking ceremony and technical exchange conference for the 300,000 mt green hydrogen-methanol-aviation fuel chemical co-production project. The project is invested and constructed by Heilongjiang Jiayirongyuan Green Chemical Co., Ltd., a subsidiary of Jiaze New Energy Co., Ltd., with a planned total investment of approximately 3.557 billion yuan. The core of the project is to build an annual 300,000 mt green methanol production site and establish a sustainable aviation fuel (SAF) sustainable development system. China Energy Engineering Overseas Investment Co., Ltd.: The commissioning ceremony for Central Asia's first AEM electrolysis hydrogen production research equipment was grandly held in Astana, the capital of Kazakhstan, marking a substantive breakthrough in joint R&D and application demonstration of key green hydrogen technologies between China and Kazakhstan. The equipment was jointly developed by the Overseas Investment Company and Shanghai Jiao Tong University, with the Overseas Investment Company also responsible for coordinating project investment and application scenario development. Leveraging advanced AEM electrolysis hydrogen production technology, the project demonstrates promising application prospects in improving hydrogen production efficiency and reducing system costs. Haiwang (Ningdong) New Materials Co., Ltd.: Its annual 5,000 mt carbazole project successfully completed trial production with feedstock. The project not only continuously produced high-grade products but also achieved batch delivery to multiple clients across different industries. It is understood that Haiwang (Ningdong) New Materials Co., Ltd. is a project jointly funded by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Technology Venture Capital Co., Ltd. The company is located in the New Materials Park of Ningxia Ningdong Energy and Chemical Industry Base, covering 65 mu of land, and construction of an annual 5,000 mt-class continuous carbazole production line has been completed. Zhongneng Jian Bochuang Green Fuel (Shenyang) Co., Ltd.: China's first 500,000 mt-class biomass green methanol-oil demonstration project — the Liaoning Shenyang 500,000 mt-class wind and solar power hydrogen production integrated with biomass green methanol-oil demonstration project — officially commenced construction. The demonstration project has a total investment of 32 billion yuan, fully leveraging the local unique resource advantages of "wind power + biomass," and is committed to building an annual 500,000 mt biomass green methanol-oil project, equipped with 2 GW centralized wind power, with an estimated annual biomass demand of approximately 3 million mt. It is understood that the project will be advanced in three phases. After Phase I completion, annual green methanol production of 100,000 mt will be achieved; after Phase II completion, annual green aviation fuel production of 300,000 mt will be achieved; after Phase III completion, annual green ammonia production of 100,000 mt will be achieved, at which point the overall capacity target of 500,000 mt-class green fuel will be fully met. Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: The company co-hosted an industry-academia-research cooperation signing ceremony with the School of Chemistry and Chemical Engineering of Inner Mongolia University of Science and Technology. As a wholly-owned subsidiary of Jiangsu Xindao Energy Group, Xindao Hydrogen Energy Technology (Baotou) Co., Ltd. is actively engaged in the construction of a hydrogen-based green fuel off-grid green electricity direct-connection project, aiming to achieve annual targets of 1.485 billion kWh of green electricity, 291 million m³ of green hydrogen, and 200,000 mt of green methanol. The company is committed to promoting the commercialization and application of key technologies for "electricity-hydrogen-carbon" integrated high-efficiency balanced synergy, and has reached a cooperation agreement with a well-known South Korean shipping enterprise on long-term green methanol supply and sales. Policy Review 1. Notice of the Shaanxi Provincial People's Government on Issuing the 15th Five-Year Plan for National Economic and Social Development. The document stated that hydrogen-related industrial clusters should be accelerated with a focus on Yulin, Xi'an, and other areas, building a full industry chain of hydrogen energy covering "production, storage, transportation, refueling, and utilization," reducing hydrogen production costs, and expanding hydrogen energy application scenarios. 2. Notice of the Guangzhou Municipal Administration and Comprehensive Law Enforcement Bureau on Issuing the Guidelines for Applying for Special Subsidies for Hydrogen Refueling Station Construction and Operation in Guangzhou. 3. The People's Government of the 8th Division Shihezi City of the Xinjiang Production and Construction Corps released the Administrative Measures for Hydrogen Energy Industry Development of the 8th Division Shihezi City (Trial) (Draft for Public Comments). The document stated that the safety management of hydrogen energy product production, storage, transportation, filling, and use within the administrative area of the Division and City shall be governed by these measures. Where other laws and administrative regulations provide otherwise, those provisions shall apply. Enterprise Updates Zibo Wangji Transportation Co., Ltd.: The first batch of 40 hydrogen-powered heavy-duty trucks were lined up and officially put into operation. These hydrogen heavy-duty trucks are all equipped with Guohong Hydrogen Energy's fuel cell systems and will primarily undertake trunk-line transportation of bulk materials such as ore powder, cement powder, and coal ash. Under typical conditions of a 100 km one-way trip with a full load of 40 mt, the vehicles can complete refueling in just 20 minutes using the supporting skid-mounted hydrogen refueling station. Sichuan Energy Investment Kuanzhai Green Supply Chain Co., Ltd.: The company released a competitive inquiry for the 2026–2027 comprehensive leasing service procurement project for five 49 mt hydrogen heavy-duty trucks. The tender announcement showed that the procurement covers comprehensive leasing services for five 49 mt hydrogen heavy-duty trucks (including tractor + semi-trailer + driving service + insurance + maintenance). Lease period: the contract term is one year in total, with the initial period of 3 months signed first, followed by contract renewals based on actual demand. This project does not accept consortium participation in the inquiry. Changsha Municipal Bureau of Industry and Information Technology: The bureau released the transaction announcement for the hydrogen energy industry foundation and comprehensive application scenario research service project. The announcement showed that the Fifth Electronics Research Institute of the Ministry of Industry and Information Technology successfully won the bid, with a winning amount of 192,000 yuan. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd. : The company officially reached a sales agreement with Guangzhou Yue'ancheng Trading Co., Ltd., under which Yuntao Hydrogen Energy will deliver 100 hydrogen heavy-duty trucks to Yue'ancheng Trading. It is understood that the 100 dump trucks in this successful order came from the key account development department of Yuntao Hydrogen Energy's dump truck business division, and will comprehensively support Yue'ancheng Trading's core transportation operations. To meet its high-frequency, high-volume transportation needs, these vehicles are equipped with fuel cell systems independently developed by Yuntao Hydrogen Energy, featuring advantages such as a driving range of up to 400 km, hydrogen refueling time of no more than 15 minutes, peak power of 355 kW, and payload capacity exceeding 14 mt. Shanghai Hydrogen Maple Energy Technology Co., Ltd.: The company officially issued a certification to CSSC 712 Research Institute, marking a key breakthrough in China's marine SOFC technology and entering a new stage of standardized and industrialized development. Suzhou Qingqiji Environmental Protection New Energy Co., Ltd.: Following its successful bid for the Sinopec Group Zhongtian Hechuang Ordos coal chemical project and securing the first batch order of 8 electrolyzers, the company won additional orders for the same project in subsequent months. Specifically, after the initial bid win, Qingqiji leveraged its strengths to secure an additional order of 8 alkaline water electrolysis hydrogen production electrolyzers for the Zhongtian Hechuang project four months later, making it the supplier with the largest tied share (16 electrolyzers in total) in the project. It is understood that the Zhongtian Hechuang wind and solar power hydrogen production integration project is not only Sinopec Group's second large-scale renewable energy hydrogen production project globally, but also a landmark project in China's hydrogen energy sector. School of Materials Science and Engineering, Shanghai Jiao Tong University: The first AEM hydrogen production–magnesium-based solid-state hydrogen storage integrated system, independently developed by its Hydrogen Science Center, was officially commissioned in Kazakhstan. The system integrates two core technologies — efficient hydrogen production and safe hydrogen storage — achieving deep intelligent coupling of hydrogen production and storage. It employs non-precious metal, low-cost green electricity dynamic direct-connection hydrogen production and directly delivers hydrogen at low pressure to the magnesium-based solid-state hydrogen storage module, eliminating high-pressure compression and cryogenic liquefaction steps, pioneering a new pathway for large-scale green hydrogen applications. ITM Power Plc: UK electrolyzer producer ITM Power Plc (LON:ITM) secured government funding of £86.5 million ($115.8 million/€99.3 million). The funding includes national equity investment and grants, and will support the construction of a 1 GW production line for its next-generation Chronos electrolyzer stack. 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 lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode, a core part for seawater hydrogen production. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining asymmetry in electron distribution. 3. A research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 5. Teams from Xi'an Jiaotong University and Peking University jointly developed a novel osmium-based catalyst, significantly improving AEM water electrolysis hydrogen production efficiency and economics, facilitating large-scale low-cost green hydrogen production.

In recent years, spot premiums in the European zinc market have shown significantly greater volatility amid fluctuations in energy costs, regional supply-demand mismatches, frequent temporary smelter curtailments, and shifts in inter-regional trade flows. As one of Europe’s most important hubs for non-ferrous metals logistics, warehousing and spot trade, Rotterdam has long played a key role in the distribution, storage and circulation of imported refined zinc in Europe......

Samsung SDI said on the 15th that it is focusing on battery development for robotics and urban air mobility (UAM) applications. Speaking at the SNE Research Global Battery Conference NGBS 2026 in Seoul, a senior vice president from the company’s advanced development and technology strategy teams emphasized that batteries will play a key role in connecting AI and human-centered environments as AI converges with humanoid robotics. The company also confirmed that it is internally preparing mass production plans for sodium-ion batteries and may make an official announcement by the end of this year or next year.

According to the announcement, in order to actively respond to changes in the international trade environment, Boway Alloy planned to sell 100% equity of its wholly-owned subsidiary Boviet Solar Technology (North Carolina) LLC (hereinafter referred to as "Boviet (North Carolina)"), which has 3 GW of solar module capacity in the US.

Dear Users, In recent years, the Southeast Asian lead market has developed rapidly, particularly as Chinese-funded enterprises have concentrated investments in lead-acid batteries, electric bicycles, and the automotive industry, further driving up lead demand. However, the expansion of lead smelting capacity in countries such as Vietnam and Malaysia has lagged behind the growth in consumption, making it difficult to meet the rapidly increasing demand for lead. As a result, imported lead has become the primary source of lead ingot supply in these countries. In 2024 and 2025, SMM subsequently launched CIF premiums for Malaysian lead ingots and Vietnamese lead ingots. Thanks to the diversity of global lead ingot production standards, SMM's pricing references the London Metal Exchange (LME) lead futures delivery standards (EN 12659:1999, GB/T 469-2013, and ASTM B29-03 (2014)). During the period of increased lead demand in Southeast Asia, the demand for lead ingots with a purity of ≥ 99.99% has been particularly prominent due to the needs of lead-acid battery production, leading to increased trading activity in the lead market and a widening price gap between lead ingots with different purity levels. To keep pace with the development of the lead market and reflect the true situation of spot transactions, SMM upgrade overseas lead ingot pricing with the following price points: The SMM Malaysia and Vietnam lead ingot CIF premium is an indicative price developed and published by SMM in accordance with the methodology described above. It may be used by both trading parties as a reference for the settlement of CIF lead ingot premium transactions in overseas markets. This price reflects the actual or potentially tradable spot price range at the time of publication of the Malaysia and Vietnam lead ingot CIF premium on each full trading day. The six price points mentioned above will be officially launched on April 15, 2026. Historical data can be viewed on the SMM website (smm.cn and metal.com). The price is published every trading day during local market operating hours, on the morning of the trading day. SMM will continue to monitor developments in the lead industry chain and further optimize pricing points to better serve the industry! For any questions regarding mentioned-above pricing points, please contact Lead Analyst Xia Wenming at 021-51666839 or xiawenming@smm.cn . Shanghai Metals Market, Lead & Zinc Industry Research and Analysis Team Shanghai, April 14, 2026.

[Announcement on Adjustments to Ansteel and Bensteel Group's May 2026 Domestic Futures Selling Prices for Sheets & Plates] Ansteel's product pricing policy for May 2026 was adjusted based on the April 2026 product pricing policy as follows: 1. Hot-rolled: raised by 100 yuan/mt. 2. Pickled: raised by 50 yuan/mt. Automotive steel raised by 100 yuan/mt. 3. Cold-rolled: unchanged. Automotive steel unchanged. Additionally: Anshen high-strength wire 590MPa, 780MPa, 980MPa, and 1180MPa grades unchanged. 4. Cold-hardened: unchanged. 5. Galvanizing: unchanged. 6. Non-oriented silicon steel: raised by 100 yuan/mt. 7. Color-coated: unchanged. 8. Medium-thickness plates: raised by 100 yuan/mt. 9. Wire rod: unchanged. 10. Rebar: unchanged. 11. Alloy surcharge: refer to the price list for details. Ansteel Co., Ltd. Marketing Center Apr 2026 Bensteel Group's product pricing policy for May 2026 was adjusted based on the April 2026 product pricing policy as follows: 1. Hot-rolled: raised by 100 yuan/mt. 2. Pickled: raised by 50 yuan/mt. Automotive steel raised by 100 yuan/mt. 3. Cold-rolled: unchanged. Automotive steel unchanged. 4. Cold-hardened: unchanged. 5. Galvanizing: unchanged. 6. Electrogalvanization: unchanged. 7. Non-oriented silicon steel: raised by 100 yuan/mt. 8. Wire rod: unchanged. 9. Rebar: unchanged. 10. Special steel: raised by 100 yuan/mt. 11. Alloy surcharge: refer to the price list for details. Bensteel Sheets & Plates Marketing Center, Beiying Business Center Apr 2026

1. Procurement Conditions The purchaser of this procurement project for copper cathode plates (AGGZLZHHD260413281308) is the Raw Material Division of the Procurement Department of Ansteel Lianzhong (Guangzhou) Stainless Steel Co., Ltd. The project funds are self-raised. The project has met the procurement conditions, and an open single-round negotiation is now being conducted. 2. Project Overview and Procurement Scope 2.1 Project name: Copper cathode plates 2.2 In case of procurement failure, the procurement method shall be changed to: direct procurement 2.3 For details of the procurement content, scope, and scale of this project, please refer to the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Joint venture bidding is not permitted for this procurement. 3.2 This procurement requires bidders to possess the following qualification requirements: Please refer to the attachments (if necessary) 3.3 This procurement requires bidders to meet the following registered capital requirements: Registered capital: 500 (10,000 yuan) and above 3.4 This procurement requires bidders to possess the following performance requirements: Please refer to the attachments (if necessary) 3.5 This procurement requires bidders to possess the following capability requirements, financial requirements, and other requirements: Financial requirements: Please refer to the attachments (if necessary) Capability requirements: Please refer to the attachments (if necessary) Other requirements: Please refer to the attachments 3.6 For projects that are required by law to undergo tender and bid, bids submitted by persons subject to enforcement for breach of trust shall be invalid. 4. Obtaining the Procurement Documents 4.1 All parties interested in bidding are requested to log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic procurement documents from 17:00 on April 13, 2026 to 13:00 on April 17, 2026 (Beijing time, the same hereinafter). Click to view tender details: