As of this Friday, SiMn 6517 (cash) in north China was at 5,700-5,750 yuan/mt, up WoW from last Friday; SiMn 6517 (cash) in south China was at 5,750-5,800 yuan/mt, up WoW from last Friday, and SiMn 6014 (cash) in south China was at 5,350-5,450 yuan/mt, flat WoW from last Friday. Recently, SiMn futures moved sideways in a narrow range with a weak tone, market sentiment was heavily bearish, market prices consolidated at lows, and futures and spot prices were basically in sync.

According to Xinhua News Agency, the International Energy Agency recently reported that disruption to shipping through the Strait of Hormuz caused Japan’s average wholesale spot electricity price to reach USD 90 per 1,000 kWh in the second quarter of this year, up approximately 30% year-on-year. Kyodo News reported on August 1, citing the IEA report, that the disruption to LNG supply from the Middle East due to the shipping blockage in the Strait of Hormuz was responsible for this impact.

On August 7, data from the General Administration of Customs showed that China exported 10.211 million mt of steel products in July 2026, down 199,000 mt MoM, or 1.9% MoM; cumulative exports from January to July reached 64.995 million mt, down 4.4% YoY. In July 2026, China imported 445,000 mt of steel products, up 4,000 mt MoM, or 0.8% MoM; cumulative imports from January to July were 3.14 million mt, down 10.1% YoY. Table 1: Steel Imports and Exports Data Summary, January-July Source: SMM • China's steel exports stayed elevated with fluctuations in July According to SMM's July export schedule survey, the planned HRC export volume for the month was 1.059 million mt, slightly higher than actual exports in June. SMM export order data showed that export orders for steel products declined from a high level in May. At that time, port inspections on MD and other activities were relatively strict, which slowed down the pace of some export orders. However, orders at steel mills improved slightly. Coupled with the fact that cargoes delayed due to earlier inspections were gradually shipped out in July, overall steel exports in July still delivered a relatively decent performance. Table 2: China's Total Steel Exports Source: SMM • July steel imports remained low On the import side, steel imports in July were 445,000 mt, up 4,000 mt MoM, or 0.8% MoM; cumulative imports from January to July were 3.14 million mt, down 10.1% YoY. Net exports of steel reached 61.855 million mt. Short-term Steel Export Outlook 1. Global manufacturing slid further MoM; overseas demand remained in off-season mode According to J.P. Morgan's global PMI data, the Global Manufacturing PMI for July 2026 came in at 52.1. Although it remained in expansion territory, the pace of expansion slowed for the third consecutive month. The preemptive steel stockpiling demand earlier triggered by geopolitical disruptions in Middle Eastern shipping has been fully cleared. Combined with persistently weak demand for consumer goods, property, and infrastructure among end-users in Europe and the US, global commodity and physical steel orders collectively fell into contraction territory. Alongside this, ASEAN manufacturing PMI also declined again. China's Manufacturing New Export Orders Index for July was 49.6%, down 0.5 percentage points MoM, slipping back into contraction territory. 2. Overseas steel mills have proactively controlled production; supply contraction lacks sustainability In June 2026, global crude steel production fell 0.3% YoY to 157.9 million mt. In China, as the southern rainy season and high-temperature off-season deepened, downstream steel product construction was significantly hampered. Under heavy pressure from persistently inverted profit margins, steel mills' monthly output edged down 0.8% MoM. Excluding China, production in the rest of the world declined 2.0% MoM, with performance diverging in Asia's core regions. India and Vietnam both saw flat MoM output in June; the former was supported by robust domestic infrastructure resilience, while the latter benefited from earlier concentrated stockpiling and steady operation following new capacity ramp-up. In contrast, Japan and South Korea were dragged by slowing production schedules in downstream automotive and manufacturing sectors, showing a seasonal slight correction. Notably, the Middle East and CIS regions, which had plunged deeply in May, saw marginal recovery. Meanwhile, Europe and the US collectively entered a seasonal weakening trajectory. EU production in June dropped significantly by 5.3% MoM, with Germany tumbling 9.4%; North America declined 5.9% MoM and the US also fell 4.0%. The main reasons for the pullback in Europe and the US were, on one hand, the industry's entry into the routine summer maintenance period, and on the other, the high summer electricity prices and steel scrap prices squeezing electric furnace margins, significantly dampening mills' willingness to operate. The decline in overseas production theoretically offers structural opportunities for China's exports. However, the drops in end markets like Europe and the US were more due to proactive production cuts driven by falling demand. Coupled with India and Vietnam still maintaining high output, China's exports continue to face pressure. Figure 1: Global Crude Steel Production by Region Source: SMM 3. Price advantage continued to narrow; export order-taking pressure persisted As of July 31, 2026, the HRC export offers (FOB) for India, Turkey, and the CIS stood at $515/mt, $575/mt, and $515/mt, respectively, while China's HRC export offer (FOB) was $486/mt. China's HRC offers were -$29/mt, -$89/mt, and -$29/mt lower than those other countries, respectively. China's steel export price advantage further narrowed MoM from June. Overseas markets remained in the off-season, and low-price promotions remained the main channel for those countries to ease domestic pressures. In contrast, domestic sales pressure was not evident, and prices remained relatively firm. The price spread between Chinese and overseas markets continued to narrow, and pressure on export order-taking persisted. Figure 2: HRC Offers in Major Global Markets Source: SMM 4. Export orders rebounded from a bottom in June-July; order-taking improved slightly According to SMM's latest steel mill export order schedule, the planned HRC export volume this month was 1.023 million mt, down 2.8% MoM from the actual level last month. SMM steel export order data showed that although overseas markets remained in the off-season, recent restrictions on resource exports from the Middle East (especially Iran) created a notable supply gap in semi-finished products in overseas markets, particularly in Southeast Asia. This shortfall was quickly filled by Chinese resources. On the other hand, traders took profits from spot-futures price spread operations in late July, offering lower actual prices to facilitate transactions, which led to a bottoming rebound in export order data in July. In reality, overseas demand had not yet emerged from the off-season, and a steady recovery in export order-taking still faces pressure. Figure 3: SMM Steel Export Order Volume Source: SMM 5. Anti-dumping cases related to steel increased in July In July, the number of new anti-dumping cases related to steel initiated against China increased, covering products such as steel pipes, coated steel, sections, coiled rebar, wire rod, and hot-rolled coils. Details of specific cases and affected volumes are shown in the table below: Table 3: New Anti-Dumping Cases in July Source: SMM Taking all factors into account, lower actual transaction prices stimulated some volume growth, with semi-finished products accounting for a larger share. Given that July export numbers have already been significantly elevated, SMM expects that total steel exports in August will not sustain a strong unilateral upward trend. Instead, they will move sideways in a high range, while semi-finished product exports will remain relatively high. Figure 4: Steel Exports and Forecast, 2024-2026 Source: SMM Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database models. They are for reference only and do not constitute decision-making advice. Note: This article is an original work of this official account. For requests related to reprinting, whitelisting, cooperation, etc., please contact us. Without permission, no part may be reproduced, modified, used, sold, transferred, displayed, translated, compiled, disseminated, or otherwise disclosed to any third party, nor may any third party be authorized to use it. Otherwise, once discovered, SMM will pursue legal action for infringement, including but not limited to holding the infringing party liable for breach of contract, restitution of unjust enrichment, and compensation for direct and indirect economic losses. 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As of this Friday, SiMn 6517 (cash) in north China stood at 5,600-5,650 yuan/mt, down WoW; SiMn 6517 (cash) in south China stood at 5,700-5,750 yuan/mt, flat WoW; SiMn 6014 (cash) in south China stood at 5,350-5,450 yuan/mt, up WoW. Recently, SiMn futures moved sideways weakly, market sentiment was deeply pessimistic, spot prices fell, and futures and spot prices largely moved in tandem.

SMM, August 3 According to SMM data, the average tax-inclusive full cost of the domestic electrolytic aluminum industry rose 0.9% month-on-month in July 2026, while falling 1.7% year-on-year, mainly driven by slight increases in the monthly average price of alumina, prebaked anode prices, and electricity prices during the period. The monthly average SMM A00 spot price in July (June 26 – July 25) stood at RMB 22,977 per tonne, down 4.2% month-on-month. Electrolytic aluminum profit margins narrowed by RMB 1,146 per tonne to RMB 6,999 per tonne, with average profitability up 56.8% year-on-year. Measured by the monthly average price, 100% of domestic operating electrolytic aluminum capacity was in profit in July. By cost component: Alumina: According to SMM data, the monthly average SMM Alumina Index in July (June 26 – July 25) was RMB 2,745 per tonne, up 1.6% month-on-month. Alumina prices fluctuated within a range through the month as inventories continued to accumulate; overseas alumina prices, however, rose on restocking ahead of production restarts and new capacity ramp-ups. Entering August, the alumina market is expected to maintain its current supply structure. Against a backdrop of net imports, there is no sign of an inflection point toward inventory drawdown, but cost support has lifted Guinean sellers' asking prices, lending upward momentum to alumina costs. In the near term, the tug-of-war between cost support and loose supply in the spot alumina market is set to continue. With prices relatively low at the start of the month, the August average price is expected to edge down slightly. Auxiliary materials: In July, rigid demand from electrolytic aluminum underpinned domestic anode consumption, while export demand from Southeast Asia offset reductions in the Middle East, leaving the prebaked anode market relatively steady. Long-term contract procurement prices rose marginally by RMB 30 per tonne month-on-month. In the fluoride salt market, downstream buyers maintained rigid procurement and held off on purchases to push prices lower, leading to declines in procurement prices at major producers. Entering August, with cost support softening and supply continuing to expand, prebaked anode prices are expected to edge down slightly; fluoride salt prices, by contrast, are projected to rise on the back of rigid cost support combined with low operating rates. Overall, auxiliary material costs for electrolytic aluminum are expected to decline slightly in August. Electricity prices: Electricity prices rose modestly month-on-month in July. Entering August, electricity prices are expected to remain broadly stable, and overall power costs for electrolytic aluminum are projected to hold steady. In summary, the weighted average tax-inclusive full cost of SMM's domestic electrolytic aluminum industry rose slightly in July 2026; electrolytic aluminum costs are expected to decline modestly in August, with the average hovering around RMB 15,700–16,100 per tonne.

According to SMM data, in July 2026, the average tax-inclusive full cost of domestic aluminum industry rebounded 0.9% MoM and fell 1.7% YoY, mainly due to slight rebounds in average monthly alumina prices, prebaked anode prices, and electricity prices during the period. In July, the aluminum profit margin narrowed by 1,146 yuan/mt to 6,999 yuan/mt, with average profit up 56.8% YoY.

As of this Friday, SiMn 6517 (cash) was 5,650-5,700 yuan/mt in north China, flat WoW; in south China, SiMn 6517 (cash) was 5,700-5,750 yuan/mt, unchanged WoW from last Friday; south China SiMn 6014 (cash) was 5,350-5,400 yuan/mt, flat WoW. Recently, SiMn futures moved sideways in a weak trend, market sentiment was heavily cautious, prices fell, and futures prices were basically in sync with spot prices.

AEMO data show that cumulative rooftop solar capacity in Australia’s National Electricity Market increased from 25.7GW at the end of Q1 2026 to 26.4GW by the end of Q2, across around 3.9 million installations. Household battery storage capacity in the NEM grew by almost 3.3GWh, or 41%, during the quarter. A total of 14 new grid-scale generation and storage projects reached full output in Q2, adding 3.9GW of capacity, including 2.7GW of battery capacity. These additions lifted the renewable share of NEM generation to a Q2 record of 42.1%, while distributed PV output averaged a record 2,520MW, up 6.9% YoY. AEMO said higher renewable output pushed average wholesale electricity prices down 47% YoY to AUD 74/MWh.

Shanghai Metals Market (SMM) is thrilled to announce that our Net Zero Europe 2026 will officially kick off at the Hilton Barcelona in Barcelona, Spain, on November 2–3, 2026. This event is Europe's premier deal-focused leadership summit, bringing together senior decision-makers, project developers, utilities, investors, and technology innovators shaping the future of solar, energy storage, and grid flexibility. Conference Background Negative power prices, grid congestion, and sharp price volatility have become the new normal in Europe’s energy market. Against this backdrop, energy storage has evolved from an option into a system necessity. Meanwhile, the policy landscape is being reshaped: CfD 2.0 caps renewable revenues, dynamic tariffs expose assets to real-time market signals, and the proposed Industrial Accelerator Act introduces “EU-made” localisation requirements for batteries and inverters. These are not just compliance thresholds—they are redefining competitiveness. Yet within the challenges lie enormous opportunities. GW-scale hybrid plants are moving from ambition to bankable reality, while revenue stacking and co-location are rewriting project profitability. This is the moment to rethink strategies, secure financing, and build resilient assets. Join us in Barcelona to help shape the next decade of European solar-storage. Four Core Values of Net Zero Europe 2026 1. Swiftly Responding to Market Shifts and Capturing Business Opportunities Faced with policy adjustments such as negative electricity prices, dynamic electricity pricing, capacity markets, and CfD 2.0, how can enterprises quickly respond to market changes and find new profit opportunities? The conference will bring together front-line developers, investment institutions, and industry experts from the European market to jointly analyze the latest market trends, business models, and investment opportunities, helping enterprises grasp the development direction of the European PV+ESS market. 2. A Premium Platform for Investment & Cooperation on High-Quality Projects As large-scale PV+ESS projects continue to emerge, how can you find reliable partners, high-quality projects, and investment opportunities? The conference will gather project developers, IPPs, utility companies, EPCs, equipment suppliers, and financial institutions to build an efficient business cooperation platform for participating enterprises, promoting project collaboration, supply chain alignment, and capital exchange. 3. Pooling Industry Resources and Expanding Global Connections The conference will attract key decision-makers from the PV+ESS industry chain in Europe and around the world, including energy company executives, government agencies, industry associations, investment institutions, and technology enterprise representatives. Whether you are looking for partners, expanding overseas clients, or establishing long-term business relationships, you will gain high-value networking resources and face-to-face communication opportunities. 4. Gaining First-hand Information and Insights into the Industry’s Future As European energy policies, market demand, and industry landscape continue to evolve, mastering market information as early as possible is a competitive advantage. The conference will focus on hot topics such as European energy transition, supply chain layout, energy storage market, AI data centers, and power grid upgrades, helping enterprises stay up-to-date with the latest policy orientations, market opportunities, and industry development trends, thereby providing decision-making references for their overseas business layout. Why You Must Not Miss This Event Our Net Zero Europe 2025 delivered expressive results: 500+ senior-level attendees, 20+ countries, and 60+ speakers. Among the attendees, 35% were from project developers, IPPs and large utilities; 25% from financial institutions, investors and ESG funds; 20% from technology providers, EPC and consulting firms; and 20% from government and regulatory bodies. By job title, 25% were C-suite and founders, 35% directors and department heads, and 20% senior managers and project leaders. This year, we have upgraded our confernce by offering more in-depth agendas, more precise matchmaking, and more actionable insights. Attendee Breakdown by Industry The 2026 summit brings together professionals from Europe and across the global new energy industry chain, covering policy-making, project development, equipment manufacturing, and financial investment, to build a high-quality industry exchange platform. ► Technology Suppliers & Equipment Manufacturers: 35% ► Developers & EPC Contractors: 18% ► Financial Institutions: 17% ► Other Industry Representatives: 17% ► Government & Policy-Making Bodies: 12% Attendee Breakdown by Job Title Attendees are predominantly corporate decision-makers and senior management, providing high-value networking for business cooperation, project matchmaking, and strategic exchange. ► Directors & Department Managers: 33% ► Marketing, Sales & Business Leads: 25% ► Project Managers and Technical Leads: 17% ► Chairpersons and CEOs: 15% ► Policy and Regulatory Experts: 10% ✅ Understand the new revenue logic under CfD 2.0, dynamic electricity prices, and capacity markets ✅ Master the financing and implementation pathways for gigawatt-scale PV+ESS hybrid projects ✅ Understand the changing landscape of the European supply chain and its practical impact on equipment selection and project costs ✅ Connect with 500+ core decision-makers in the European PV+ESS industry chain Senior Speakers 2025 (Partial) Conference Agenda Day 1, Monday, Nov 2 09:10-09:20 Opening Remarks 09:20-09:40 Keynote Speech：Europe's Solar-Storage & Power Market Outlook 2026–2030: Policy Drivers, Market Transformation & Strategic Pathways 09:40-10:00 Keynote Speech：From Cost Center to Grid Backbone： Why Energy Storage Is Europe’s Most Strategic Energy Infrastructure 10:00-10:50 Panel Discussion: From Gigawatt Ambition to Bankable Reality: The Rise of Europe's Massive Solar-Storage Hybrids 10:50-11:20 Coffee Break & Networking 11:20-11:40 Keynote Speech: Safety as Profitability: How High-Reliability Batteries Maximize Long-term Asset Value in Solar-Storage Projects 11:40-12:00 Keynote Speech: Merchant & CFD 2.0: Revenue Model Innovation for Europe's Next-Generation Solar-Storage Projects 12:00-12:20 Keynote Speech: From Market Reform to System Transformation: The Strategic Role of Energy Storage in Europe‘s New Power Landscape 12:20-13:30 Lunch & Networking 13:30-13:50 Keynote Speech: From Passive Monitoring to Predictive Care: How Battery Data Platforms De-risk and De-carbonise Storage Assets 13:50-14:40 Panel Discussion: Powering the AI Revolution: How Data Centres Become the Next Catalyst for Solar-Storage Growth in Europe 14:40-15:00 Keynote Speech: Reserved for SMM 15:00–15:50 Panel Discussion: How Next-Generation Module Technologies (TOPCon, HJT, BC) Reshape Project Profitability in Europe 15:50–16:20 Coffee Break & Networking 16:20–16:40 Keynote Speech: When Prices Speak by the Hour: How Germany‘s Dynamic Tariff Reform Reshapes the Value of Behind-the-Meter (BTM) ESS 16:40–17:00 Keynote Speech: From Reactive to Proactive: Maximising Asset Value Through Advanced O&M Strategies in Europe’s Solar-Storage Era Day 2, Tuesday, Nov 3 09:30-09:50 Keynote Speech: From “Consumer Market” to “Manufacturing Rebalancing”: The New Landscape and Strategic Pathways for the Localisation of Europe‘s Solar-Storage Industry 09:50-10:40 Panel Discussion: A Key Pillar of European Energy Transition: Unlocking the Growth Potential of Distributed Solar-Storage 10:40-11:10 Coffee Break & Networking 11:10-11:30 Keynote Speech: Capturing the Price Spread: How Intelligent Residential Storage Turns Dynamic Tariffs into Daily Revenue 11:30-11:50 Keynote Speech: Reserved for SMM 11:50-13:00 Lunch & Networking 13:00-13:20 Keynote Speech: Reconstructing LCOS: How High‑Efficiency n‑Type Modules Unlock Greater Value in PV‑Storage Hybrids 13:20-14:10 Women Leadership Panel: She Powers the Sun: Women Driving the Next Wave of Solar-Storage Growth in Europe Scan the QR Code Below to Secure your 10% Off Early Bird Price (Available until 31 August 2026)

As of this Friday, SiMn 6517 (cash) in north China was 5,650-5,700 yuan/mt, down WoW; SiMn 6517 (cash) in south China was 5,700-5,750 yuan/mt, down from last Friday, and SiMn 6014 (cash) in south China was 5,350-5,400 yuan/mt, flat WoW. Recently, SiMn futures were weak and moved sideways in a narrow range, the market was in a strong wait-and-see mood, spot prices fell, and futures and spot prices were largely aligned.