Recently, the Jinta Baishuiquan 300MW/1200MWh grid-side independent energy storage station project of Gansu Jiuquan Jinchu New Energy Co., Ltd. is accelerating construction. This project is invested in and constructed by Jiuquan Jinchu New Energy Co., Ltd., a subsidiary of Beijing Hyperstrong Technology Co., Ltd., with a total investment of 900 million yuan. It is a planned integrated construction project for the first phase. The project will build a new 330kV booster station, connecting to the regional power grid through a combination of overhead lines and cables, with a total line length of 0.803 kilometers. The project plans for a total of 60 energy storage units of 5MW/20MWh each, along with complete supporting converter, substation, distribution, and secondary control equipment.

This week, the operating rate of China's downstream aluminum processing industry leaders was recorded at 64%, edging down 0.1 percentage point WoW, with significant divergence across sub-sectors. The operating rate of primary aluminum alloy edged up 1.2 percentage points WoW to 59.4%; although supply remained normal, demand recovery was slow, and the rate is expected to hold steady in the short term. The operating rate of aluminum plate/sheet and strip edged down 0.2 percentage points to 72.0%, with robust export orders offsetting weak domestic demand caused by high aluminum prices. The operating rates of aluminum wire and cable and aluminum extrusion held flat at 68.0% and 57.6% respectively; aluminum wire and cable benefited from a significant increase in aluminum stranded wire exports. Extrusion side, steady growth in home decoration orders partially offset the drag from weak real estate recovery, while industrial extrusion demand remained solid, expected to hold up well in the short term. The operating rates of aluminum foil and secondary aluminum producers declined 0.3 and 1 percentage point respectively to 73.3% and 53.9%, affected by multiple factors including fading peak season, air-conditioner foil drag, bill supervision tightening, and weakening demand, facing sustained downward pressure going forward. Overall, strong exports partially compensated for insufficient domestic demand, but high aluminum prices, cost pressure, and off-season factors continued to constrain the industry's upside room. Primary aluminum alloy: This week, the operating rate of China's industry leaders in primary aluminum alloy rose 1.2 percentage points WoW to 59.4%. Supply side, enterprises maintained normal production schedules overall. Some enterprises saw operating rates rebound recently as prior inventory had been largely depleted. Demand side, the aluminum price center shifted lower this month MoM, but downstream spot order quotes remained generally scarce, with the market primarily executing long-term contracts as usual. As downstream demand recovered slowly, primary aluminum alloy enterprises intensified competition for limited orders, leading to a slight increase in overall inventory. Overall, with aluminum prices maintaining current levels, the stimulus effect on downstream consumption remained limited. The operating rate of the primary aluminum alloy industry is expected to stay at current levels, likely remaining stable next week. Aluminum plate/sheet and strip: This week, the operating rate of aluminum plate/sheet and strip industry leaders edged down 0.2 percentage points WoW to 72.0%. Operations side, plate/sheet, strip and foil industry leaders maintained a generally stable production pace, but disrupted shipment pace had not yet eased due to persistently high aluminum prices and downstream speculative purchasing patterns. Orders side, stable domestic can stock packaging demand provided a floor; ESS sector battery casings, brazing materials and other products maintained high operating rates as downstream orders extended into Q3, forming a key support; auto sheets benefited from MoM rebound in new energy vehicle sales in May and strong exports, with orders recovering at the margin. Export side, a stronger overseas market significantly benefited China's exports, with enterprises reporting export orders already extended to late August and beyond, with full orders on hand. However, the domestic commodity plate market faced a severe situation: aluminum ingot average prices had long operated at a high level of 24,000 yuan/mt, civilian aluminum semis demand contracted sharply, fixed-price engineering orders were widely delayed as picking up goods meant immediate losses, and domestic orders showed signs of weakening. In the short term, although strong exports could offset some weak domestic demand, aluminum price fluctuation risks intensified, and enterprises tended to control production schedule pace while destocking simultaneously. The operating rate of aluminum plate/sheet and strip is expected to be under pressure in June. Aluminum wire and cable: The domestic aluminum wire and cable industry operating rate held steady at 68.0% this week, flat WoW. The industry operating rate stayed high during the week, mainly supported by strong export order activity. Resilient ex-China demand continued to drive enterprise production plans, and near-term industry orders remained focused on aluminum stranded wire export orders. In contrast, domestically, the pace of power grid construction project order placement was slower than expected at the beginning of the year. Recent power grid tenders were dominated by low-voltage and overhead lines, and the marginal boost from order production schedules to operating rates weakened. However, sustained volume growth in export orders effectively filled the gap in domestic demand, and the order structure continued to show a pattern of "strong exports, stable domestic." Under the current dynamic between high export growth and stable domestic demand, industry shipments maintained a dynamic balance, and operating rates are expected to remain resilient in the near term. Aluminum extrusion: The domestic aluminum extrusion operating rate held steady at 57.6% this week, with the industry continuing a mild operating trend overall. On the architectural extrusion side, home renovation orders maintained steady incremental growth recently. Combined with some enterprises having previously secured large-scale project orders such as supertall buildings and corporate headquarters, their volume advantage and longer delivery cycles provided sustained support for industry operations, partially offsetting the drag from weak real estate recovery. On the industrial extrusion side, demand in segments such as power systems, automotive lightweighting, and PV frames remained solid, supporting stable industry operations. Multiple large enterprises reported that May orders remained robust and held an optimistic outlook for June orders. However, some small and mid-sized industrial extrusion enterprises reported that to maintain healthy cash flow, they expect to moderately control order-taking to ease finished product inventory pressure. Some enterprises also proactively declined orders with low processing fees to maintain reasonable margins, leading to slight divergence in industry operations. Overall, off-season characteristics had not yet emerged, and the aluminum extrusion operating rate is expected to continue to hold up well next week. Aluminum foil: The operating rate of aluminum foil industry leaders pulled back 0.3 percentage points WoW to 73.3% this week. At the enterprise operation level, the traditional peak-season effect was gradually fading. Although orders on hand at industry leaders remained ample, structural divergence intensified. On the order side, demand for food packaging foil and pharmaceutical foil was at the tail end of the peak season, and domestic orders were set to face a seasonal pullback. Battery foil, on the other hand, benefited from robust battery end-use demand, with tight production schedules. However, the air-conditioner foil segment faced notable pressure: June household air conditioner domestic sales production schedules were sharply revised down YoY, downstream clients bargained aggressively, hydrophilic foil processing fees were running near cost, and the air-conditioner foil segment entered a downturn earlier than in previous years. In June, the packaging off-season effect and the drag from air-conditioner foil are expected to gradually dominate, with operating rates continuing to pull back. Secondary Aluminum: This week, the operating rate of secondary aluminum industry leaders fell 1 percentage point WoW to 53.9%, mainly weighed down by dual pressures from both the cost and demand sides. Cost side, invoice regulation continued to tighten with an expanded scope, and the shortage of compliant input invoices forced some secondary aluminum producers to cut production, significantly dampening their willingness to operate. Demand side, downstream consumption weakened further after June, with new orders for die-casting remaining sluggish. Although ADC12 prices were raised consecutively at the beginning of the week driven by costs, downstream buyers showed limited acceptance of high prices, restocking mainly on rigid demand with little willingness to rush to buy amid continuous price rise, and transaction volumes failed to increase in tandem. Overall, if invoice issues continue to escalate and the off-season deepens further, the industry operating rate still faces downward pressure.

SMM Weekly Stainless Steel Futures Review — week of May 25–29, 2026. Indonesian nickel ore and ferroalloy policy expectations and a low-inventory floor steady the benchmark contract near RMB 14,800/mt in the week of May 25 – May 29.

Tata Steel’s latest performance shows a company moving from a traditional volume-based steel business toward a more margin-focused and transformation-driven model. It is driving growth and profitability, financial performance is recovering through better margins and cost control, while the company’s key business activities are increasingly focused on downstream expansion, raw material security and low-carbon steelmaking.

China’s hydrogen market is showing clear divergence: alkaline electrolyzers are booming with frequent deliveries, PEM electrolyzers stay quiet, and AEM technology is quietly advancing. This “ice and fire” trend reveals competition over technical maturity and market selection. Meanwhile, breakthroughs in storage, transportation and refueling are reshaping the industry, marking a more rational and practical stage for China’s hydrogen sector. I. Alkaline Electrolyzers: Booming on Cost and Scale Alkaline electrolyzers dominate the market with surging deliveries and large-scale deployment. CRRC Zhuzhou Institute shipped 12 sets of 1200 Nm³/h alkaline electrolyzers for CHN Energy’s “Liquid Sunshine” project; CFHI delivered a 3,000 Nm³/h system; and PetroChina’s 2,000 Nm³/h unit successfully commissioned with hydrogen purity reaching 99.9995%.Sunshine Hydrogen won a 30,000 Nm³/h contract for a green methanol project, while EVE Hydrogen and Haozhen Hydrogen also completed deliveries. Driven by mature technology, low cost and a complete supply chain, alkaline electrolyzers have become the top choice for large-scale, cost-sensitive green hydrogen projects. II. PEM Electrolyzers: Silent Strategic Reserve PEM electrolyzers are largely absent from recent headlines mainly due to high costs from precious metal catalysts and proton exchange membranes. Its strength—fast response to wind and solar fluctuation—is not yet a must-have for most large projects, which prefer grid-supported alkaline systems.Yet PEM development has not stopped. Domestic firms are pushing for localization of core materials, waiting for cost declines and scenario maturity to unleash its advantages. III. AEM Electrolyzers: Laying Ground for Next-Gen Tech AEM combines the low cost of alkaline and high efficiency of PEM, seen as a promising next-generation route. It is still in pre-industrial phase, with focus on improving membrane durability and membrane electrode manufacturing. Enterprises are making steady breakthroughs in materials and processes for long-term competition. IV. Storage & Transportation: Key Breakthroughs for Scaling Large-scale gaseous hydrogen storage is moving forward: SPIC’s Da’an project plans six 1,850 m³ spherical tanks, greatly improving storage capacity.Liquid hydrogen sees a milestone: China’s first 5-ton/day hydrogen liquefaction plant started operation with 100% domestic equipment and 40% lower energy consumption, cutting costs for long-distance transport.Guofu Hydrogen built a hydrogen-natural gas blending platform supporting 0%–30% blending. SAMR launched safety standards for hydrogen refueling stations, filling gaps in liquid hydrogen refueling rules.Improved storage, transportation and standards expand the economic radius of green hydrogen and lay a foundation for large-scale application. Conclusion The divergence of hydrogen production routes reflects market choice based on technical maturity: alkaline leads for near-term economy, PEM reserves strength for flexible scenarios, and AEM targets next-generation innovation. The three routes are complementary rather than substitutive.Breakthroughs in storage and transportation are game-changers. With falling liquid hydrogen costs, better infrastructure and completed standards, the industry will enter a more diversified and dynamic era.

This insight follows panel discussions at SMM’s London H1 2026 seminar, where one theme stood out clearly: funds are trumping fundamentals in today’s copper market. At first glance, the setup looks contradictory. There is no clear physical shortage of copper: near-term time spreads are in contango, signalling adequate supply; SMM forecasts a small global refined surplus in 2026; global exchange stocks are rising. On traditional metrics, prices should be softer. Yet LME copper remains elevated at around $13,000/t. This leads us to believe that copper is no longer trading purely on market fundamentals. So What Is Driving Copper Higher? Financial flows dominate price formation Speculative inflows since the middle of last year have played a key role in pushing copper higher. The recent rally following the initial shock of the US-Iran war is no exception. While some capital has rotated into energy markets recently, inflows into copper and broader commodities have remained resilient, supported by macro funds and systematic positioning. Momentum-driven strategies (CTAs, macro funds) have reinforced upside moves, especially during periods of positive price signals and cross-asset risk appetite. This can be seen from the bottom right hand-side chart which shows speculative positions from the LME’s Commitment of Traders Report (COTR). There has also been selective physical support, particularly from China, where downstream buying and restocking have contributed to declining local inventories at times. However, this physical demand has been opportunistic rather than structural, and insufficient on its own to explain the persistence of elevated prices. Overall, barring the initial geopolitical shock, copper price strength has been largely investor-led rather than consumer-led, with financial capital remaining the dominant marginal driver of price formation. A persistent geopolitical premium Supply risks remain elevated across key producing regions; energy and input cost volatility (e.g. sulphuric acid and diesel) adds uncertainty to production; trade fragmentation and resource nationalism are reshaping supply chains; copper is increasingly priced as a strategic resource, not just a commodity. Policy distortions — particularly from the US Tariff expectations and US government policy aimed at securing domestic supply chains — including potential import tariffs on copper, incentives for local processing, and broader reshoring of manufacturing — have triggered regional stockpiling. This has tightened availability ex-US and distorted global trade flows, as material is increasingly drawn into the US market. In effect, policy is creating artificial tightness in specific regions, even as the global market remains broadly balanced. Structural narrative outweighs current balance Electrification, grid expansion, and AI infrastructure continue to anchor long-term demand; supply constraints (declining ore grades, permitting delays) remain unresolved. As such, the market is pricing future deficits today, not current surplus. Why Surplus Does Not Equal Lower Prices The key misunderstanding in today’s market is treating copper like a static balance sheet. The surplus is marginal and unevenly distributed. Inventories are not necessarily located where demand is strongest. The market reacts to marginal tightness and risk, not annual average. Most importantly, copper is a forward-looking asset — it prices sentiment and expectations, not just spot fundamentals. How Traders Think About Copper Now Copper price formation has evolved into a multi‑layered system according to our panellists: Price = Fundamentals + Financial Flows + Macro + Narrative By this, we mean that copper prices are driven by four interacting components — Fundamentals, Financial Flows, Macro, and Narrative — and traders now analyse each layer in more depth to anticipate price direction. They: Watch financial conditions — positioning, flows, momentum, correlations Traders look at who holds risk, how strong the flows are, and whether momentum is building or fading. Cross‑asset signals — especially from US equities and major commodity indices — show whether copper is trading as part of a broader risk‑on move or reacting to something more specific. Track macro drivers — interest rates, policy, USD, liquidity Copper reacts quickly to shifts in US real yields, Fed expectations, and the strength of the dollar. Easier financial conditions or a weaker USD can lift prices even when demand is soft. Global liquidity trends, including China’s credit cycle, influence how much speculative capital enters the market. Monitor policy and geopolitics — tariffs, sanctions, trade flows, disruptions Policy decisions now move copper as much as fundamentals. Tariffs, sanctions, and export controls reshape trade flows and create regional imbalances. Geopolitical tensions and supply disruptions — from strikes to permitting delays — reinforce the market’s focus on future scarcity. Stay grounded in physical stress points — inventories, premiums, scrap Headline stocks matter less than where the metal sits. Traders watch regional inventory tightness, premiums, treatment charges, and scrap availability to understand real physical stress. These signals reveal whether the market is genuinely tight or simply trading a narrative. The consensus is that as long as capital flows remain strong, geopolitical risks persist, and the market prices future scarcity, copper can stay elevated — even in surplus. Where Next for Copper? As for immediate near-term dynamics, the copper market is treading water, increasingly driven by headline risk. Recent price action has been closely tied to developments around the Iran crisis, highlighting just how far copper has shifted into the macro arena. The closure of the Strait of Hormuz presents a two-sided risk for copper: On the bullish side , the Gulf is a major exporter of sulphur, a critical input for sulphuric acid used in leaching processes. With solvent extraction and electrowinning accounting for roughly a quarter of global refined output, continued disruptions to acid supply could tighten production, particularly in the DRC, and support prices. On the bearish side , higher energy prices risk triggering a broader slowdown in global manufacturing, weakening copper demand. The longer the disruptions persist, the greater the downside risk to consumption. With investors firmly in control of price formation, copper has effectively become part of a multi-asset macro trade on the trajectory of the Iran conflict. In this environment, both bulls and bears are less anchored to supply-demand balances and more dependent on the next geopolitical headline. Author: Shairaz Ahmed, Principal Market Analyst For more information or to discuss market dynamics, you can contact me on shairazahmed@smm.cn

The Indonesian bauxite market in 2026 is being shaped by three concurrent developments that, when read together, point toward a meaningful and potentially rapid price recovery. Individually, each is significant. Together, they form a self-reinforcing mechanism that the market has not yet fully priced in.

SMM April 24 News: Metals market: Overnight, base metals generally fell across both domestic and overseas markets. LME nickel and SHFE nickel both rose over 1%, with LME nickel up 1.68% and SHFE nickel up 1.65%. SHFE copper rose 0.04%, and SHFE tin rose 0.11%. The remaining metals all declined. LME copper and LME tin both fell over 1%, with LME copper down 1.19% and LME tin down 1.35%. The rest of the metals fell less than 1%. The alumina front-month contract fell 0.25%, and the foundry aluminum front-month contract fell 0.04%. Overnight, ferrous metals generally rose. Stainless steel rose 1.14%, and iron ore rose 0.25%. Hot-rolled coil and rebar saw slight fluctuations. Coking coal and coke side, both coking coal and coke fell 0.51%. Overnight, precious metals side, COMEX gold fell 0.93%, and COMEX silver fell 3.21%. In China, SHFE gold fell 0.2%, and SHFE silver fell 1.58%. Overnight closing prices as of 6:42 AM on April 24: Macro Front China: [General Offices of the CPC Central Committee and the State Council: The NDRC, NBS, and National Energy Administration shall establish a dynamic monitoring and early warning system for key data] The General Office of the CPC Central Committee and the General Office of the State Council issued the "Comprehensive Evaluation and Assessment Measures for Carbon Peaking and Carbon Neutrality." The measures stipulate that the National Development and Reform Commission (NDRC), the National Bureau of Statistics (NBS), and the National Energy Administration shall establish a dynamic monitoring and early warning system for key data, regularly monitoring indicators such as carbon emissions, coal consumption, oil consumption, new electricity consumption, and new clean energy power consumption at the national level and across provinces (autonomous regions and municipalities directly under the central government), and issue reminders and warnings to relevant provinces (autonomous regions and municipalities directly under the central government) as appropriate. (Xinhua News Agency) (Jin10 Data APP) [National Energy Administration: As of end-March, China's cumulative installed power generation capacity reached 3.96 billion kW, up 15.5% YoY] The National Energy Administration released national electricity statistics for January-March. As of end-March, China's cumulative installed power generation capacity reached 3.96 billion kW, up 15.5% YoY. Among them, solar power installed capacity was 1.24 billion kW, up 31.3% YoY; wind power installed capacity was 660 million kW, up 22.4% YoY. From January to March, the cumulative average utilization hours of national power generation equipment were 703 hours, down 66 hours from the same period last year. (Jin10 Data APP) [Guangzhou Futures Exchange issued a notice on adjusting the trading fee standards for platinum and palladium futures-related contracts.] After deliberation, effective from the trading session on April 27, 2026, the trading fee standards for platinum futures PT2606 and palladium futures PD2606 contracts will be adjusted to 0.01% of the transaction value, and the intraday close-today trading fee standards will be adjusted to 0.01% of the transaction value. US dollar: As of the overnight close, the US dollar index rose 0.22% to 98.83. Mitsubishi UFJ: Uncertainty over US trade policy persists. The Trump administration appears to favor a weaker US dollar. Concerns over US Fed independence remain given Warsh's nomination as Fed Chairman. (Jin10 Data APP) At the Senate hearing held this week, Warsh's performance was largely in line with expectations: he reaffirmed the importance of US Fed independence and elaborated on his views regarding US Fed reform, balance sheet reduction, and long-term economic trends. Although Trump has been publicly calling for interest rate cuts, Warsh made it clear that Trump had not asked him to make any commitments on cutting interest rates. However, the real highlight of the hearing was Warsh's in-depth discussion on "how to measure inflation." This is likely to become the new framework for defining price trends once Warsh takes the helm of the US Fed. (Jin10 Data) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 1%, while the probability of keeping rates unchanged was 99%. The probability of a cumulative 25-basis-point interest rate cut by June was 2.6%, the probability of keeping rates unchanged was 96.4%, and the probability of a cumulative 25-basis-point rate hike was 1%. (Jin10 Data APP) On the macro front: Data to be released today include the US April University of Michigan Consumer Sentiment Index final reading, the US April one-year inflation rate expectations final reading, the UK April GfK Consumer Confidence Index, the UK March seasonally adjusted retail sales MoM, the German April IFO Business Climate Index, Japan's March core CPI YoY, and Canada's February retail sales MoM. Crude oil: As of the overnight close, oil prices in both markets rose together. WTI crude rose 4.35% and Brent crude rose 4.02%, marking a four-session winning streak, driven by renewed escalation in the Middle East situation and heightened tensions in the Strait of Hormuz. The Trump administration plans to extend a shipping waiver allowing foreign tankers to transport oil and gasoline within the US to address supply disruptions and price increases triggered by the Iran conflict. According to sources, the decision to continue exempting energy shipments from the Jones Act could be announced as early as local time Friday. The current waiver is set to expire on May 17. This move could provide some relief for US refiners that are beginning to book waterborne cargo for July. It remains unclear how long the extension will last or what range of commodities it will cover. A White House official said the extension was under consideration but provided no further details. (Jin10 Data APP) Analysts at ING said that due to slow progress in negotiations between the US and Iran, the market had to readjust expectations, as this raised concerns about the impact of prolonged supply disruptions on products. As regional mediators raced against time to get the diplomatic process back on track, and ship attacks in the Strait of Hormuz escalated tensions, Brent crude, the international oil benchmark, briefly rebounded above $100 per barrel. However, these analysts noted: "If negotiations make no progress, the market will become increasingly numb to the various rumors and headlines that have been dominating oil price movements recently." (Jin10 Data APP)

Capacity: 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. This week, CPU Hydrogen Power's independently developed 100 Nm³ containerized integrated hydrogen production system completed factory detection and was officially shipped to Sichuan; Trina Green Hydrogen completed the centralized delivery of a batch of 1,000 Nm³/h alkaline hydrogen production equipment, which had arrived at a large-scale green ammonia-methanol project site in China and was about to commence installation; Yigong completed the shipment and delivery of its independently developed and manufactured hydrogen compressor station units. Project-related updates: Jiamusi Hanya New Energy Co., Ltd. : officially signed a memorandum of cooperation in Hefei with Johnson Matthey, a global leader in sustainable technology, and East China Engineering Science and Technology Co., Ltd. The three parties will jointly advance the implementation of the 150,000 mt biomass green methanol demonstration project invested and constructed by Sunshine Green Energy in Tiandong County, Guangxi. Jiang Xi, Executive President of Sunshine Green Energy, Zhong Ling, General Manager of Johnson Matthey China, and Meng Chenzhou, General Manager of East China Engineering Science and Technology, signed the agreement on behalf of their respective parties. Zhongneng Kehang (Baotou) New Energy Technology Co., Ltd.: The annual 300 million m³ green electricity-to-hydrogen project received filing approval. The project is located in 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. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd.: plans to build a 5,000 Nm³/h PSA purification hydrogen production unit in Dongjiakou Chemical Industrial Park, Huangdao District, Qingdao City, Shandong Province. The project will utilize industrial by-product hydrogen resources within the park, and the purified hydrogen will be transported via pipeline to downstream hydrogen refueling stations. The company is now publicly soliciting interested partner manufacturers nationwide, collecting relevant equipment technical proposals and organizing evaluations. Suppliers with appropriate qualifications and project experience are welcome to participate. The project is located in Dongjiakou Chemical Industrial Park, Boli Town, Huangdao District, Qingdao City, with the liaison location at the Hydrogen Energy Building, Boli Town, West Coast New Area, Qingdao City. The available construction area for the unit is approximately 720 m² (30 m × 24 m). Bidding entities are required to complete the layout of process equipment, pipe racks, and maintenance access within the premises of meeting fire protection and safety clearance requirements. Utilities including electricity, circulating water, instrument air, nitrogen, and fire water can be connected to Jinneng Chemical's existing systems. Tieling Carbon Cycle Biotechnology Co., Ltd.: China Energy Engineering Group's CEEC Heilongjiang Institute won the EPC general contracting project for Tieling Carbon Cycle's biomass-to-green-methanol green electricity direct connection project. The project is located in the Chemical Industrial Park of Diaobingshan City, Tieling, Liaoning Province. In this phase, three 220 mt/h high-temperature and high-pressure circulating fluidized bed biomass boilers will be constructed, along with one 50 MW high-temperature and high-pressure extraction-condensing turbo-generator set. Supporting facilities including a desalinated water station, fuel storage yard, and main step-down substation will be built simultaneously. The project primarily provides green electricity and green steam for the overall green ethanol production project, serving as a supporting power plant project. Gansu Runlong Hongneng Energy Management Co., Ltd.: The Guazhou County wind and solar power hydrogen production coupled with biomass-based 250,000 mt/year green methanol integration project, with a total investment of 5.5 billion yuan, officially commenced construction at the Liugou Coal Chemical Industrial Park. The project is invested and constructed by Gansu Runlong Hongneng Energy Management Co., Ltd. It is a major construction reserve project listed by Gansu Province for 2026 and a key benchmark industrial project for Jiuquan City and Guazhou County. The project plans to build 390 MW wind power, 150 MW PV, with supporting 160 MW/320 MWh grid-forming ESS, 48,000 Nm³/h water electrolysis hydrogen production facilities, and a 250,000 mt/year green methanol synthesis unit, while simultaneously achieving biomass gasification synthesis coupled production. Adopting the "green electricity to green hydrogen + biomass gas synthesis" technology route, the project can achieve over 5% self-generated and self-consumed clean electricity, produce over 20,000 mt of green hydrogen annually, consume over 200,000 mt of agricultural and forestry waste annually, and build a zero-carbon energy and resource recycling system. China Energy Engineering Bochuang Green Fuel (Shenyang) Co., Ltd.: The Phase I 100,000 mt green methanol project of the Shenyang wind and solar power hydrogen production integrated with biomass green alcohol and oil demonstration project released an EPC general contracting tender announcement. Phase I construction includes 100 MW centralised wind power, 50 MW/100 MWh electrochemical energy storage, a 100,000 mt/year green methanol unit, and supporting facilities such as 360,000 mt/year biomass pretreatment. The biomass pretreatment plant produces 360,000 mt of biomass white pellets annually. The green methanol system is equipped with 3×1,000 Nm³/h electrolyser hydrogen production equipment, 60,000 Nm³ hydrogen storage tanks, two 600 mt/day pressurised fluidised bed gasification units, and a 100,000 mt/year methanol synthesis unit. The wind farm installs ten 10 MW wind turbines with a rotor diameter of 230 m and a wheel hub height of 160 m, connected to the project's supporting 66 kV step-down substation via two 66 kV overhead lines, with corresponding public auxiliary works constructed simultaneously. Zhongke Yitan Energy Technology (Chifeng) Co., Ltd.: The Hexigten Banner wind and solar power hydrogen-to-methanol and SAF integration project received filing approval. The project is located in Bayanduhumu Gacha, Darihanwula Sumu, Hexigten Banner, Chifeng City, Inner Mongolia Autonomous Region. The project entity is Zhongke Yitan Energy Technology (Chifeng) Co., Ltd., with a total investment of 7.5 billion yuan. Construction scale and content: 1. Construction of one water electrolysis hydrogen production line, including water electrolysis hydrogen production equipment, gas-liquid separation equipment, purification equipment, etc., with an annual green hydrogen output of 62,500 mt; 2. Construction of one green methanol synthesis production line, including biomass gasification equipment, combined purification equipment, methanol synthesis equipment, etc., with an annual green methanol production of 500,000 mt; 3. Construction of one SAF synthesis production line, with an annual SAF production of 100,000 mt. Planned construction period: 2026/05–2028/12. Jiamusi Hanya New Energy Co., Ltd. : China Energy Engineering CEPDI North China Institute signed a contract for the feasibility study and survey design of the Heilongjiang Huanan County 1.2 GW off-grid wind power hydrogen production and 500 MW grid-connected wind power project. In the off-grid wind power hydrogen-to-methanol project, the total installed wind power capacity is 1.2 GW, using 48 units with a single-unit capacity of 6.25 MW and 90 units with a single-unit capacity of 10 MW. The annual power generation of the wind farm is approximately 3.7 billion kWh, with approximately 3,081 annual equivalent full-load hours. Supporting construction includes four 220 kV step-up substations and ESS. After wind power hydrogen production, the hydrogen reacts with captured biomass carbon sources to produce methanol, with an annual methanol output of approximately 300,000 mt. Policy Review 1. The General Office of the Ministry of Industry and Information Technology and other departments jointly issued the Guidelines for Green Design of Industrial Products (2026 Edition). The Guidelines mention: Developing green design solutions. Focusing on industries such as automobiles, construction machinery, machine tools, bearings, wind power equipment, hydrogen energy equipment, PV, lithium batteries, household appliances, packaging, detergents, textiles, biomanufacturing, methanol, and tyres, and targeting key directions of green design, the aim is to develop green design solutions that are technologically advanced, economically feasible, and supply-demand compatible, forming a batch of replicable and scalable exemplary green design solutions. The goal is to cultivate green design solution providers with high professional standards and strong service capabilities, and to build a virtuous ecosystem of "demand-driven — solution development — industrial application". 2. Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction. The opinions aim to use transport energy conservation and carbon reduction and green energy transition as two key drivers, coordinate low-carbon development with energy security, and accelerate the construction of a clean, low-carbon, safe, and efficient modern energy and transport system. Enterprise Updates Shanghai Yigong Hydrogen Energy Technology Co., Ltd.: The independently developed hydrogen compressor station unit completed delivery and shipment. The equipment will serve as the core power equipment for a hydrogen refueling station, applied in the Sinopec Shanghai Pudong Airport hydrogen refueling station project, providing high-pressure hydrogen refueling services for fuel cell logistics vehicles and tow tractors at the airport, and supporting the construction of a green, low-carbon, and smart integrated energy system at Pudong Airport. Lineng New Energy Technology (Beijing) Co., Ltd.: Hanshan County signed a contract with Lineng New Energy Technology (Beijing) Co., Ltd. for a carbon paper diffusion layer substrate material R&D and manufacturing project. This project is a localisation project for key materials of hydrogen fuel cells and will be established in Hanshan, Anhui Province. Jiangsu Trina Green Hydrogen Technology Co., Ltd.: A batch of 1,000 Nm³/h alkaline hydrogen production equipment was delivered in a centralised shipment. The equipment has arrived at a large-scale domestic green ammonia-methanol project site and is about to commence installation. All electrolysers delivered in this batch were shipped after passing detection at the hydrogen production testing platform at the Yangzhou base. The platform covers approximately 2,000 m², is compatible with full-range hydrogen production system testing from 500 to 2,000 Nm³/h, has cumulatively completed testing of equipment exceeding 50 MW in scale, and possesses full-process performance verification and three-tier safety management capabilities. Suzhou CPU Hydrogen Power Technology Co., Ltd. : The independently developed 100 Nm³ containerised integrated hydrogen production system completed factory detection and was officially shipped to Sichuan, where it will support a local central state-owned enterprise hydrogen production project. The equipment adopts a modular integrated design, integrating electrolysis hydrogen production, purification, and intelligent management processes into a standard container, offering the advantages of convenient transport and rapid installation, enabling "installation upon arrival, commissioning upon installation." The equipment is customised to operate 8,000 hours annually, producing 72 mt of high-purity hydrogen per year. All performance parameters meet the stringent requirements of central state-owned enterprises, ensuring stable and continuous industrial hydrogen supply. Huadian (Ningxia) Energy Co., Ltd.: The tender for the preparation of the planning report for the Ningdong and surrounding areas green hydrogen coupled coal chemical integration project was officially released. The project covers the Ningxia Ningdong Energy and Chemical Industry Base and surrounding areas of Lingwu and Wuzhong, as well as the Ordos region of Inner Mongolia, planning to build a 10kt-level green hydrogen coupled coal chemical and cross-regional pipeline hydrogen transport system. The core project scale includes approximately 1.5 GW of new energy installed capacity, with supporting annual green hydrogen production of approximately 40,000 mt, for deep coupling with traditional coal chemical industries. According to the announcement, the winning bidder is required to complete the full set of planning reports within 180 days after the contract takes effect. The tender scope covers entire industry chain research, including regional industrial foundations, green hydrogen supply-demand and economic analysis, hydrogen storage and transport systems, key project planning, feasibility of green electricity-to-hydrogen layout, and energy and electricity policy consultation for both Ningxia and Inner Mongolia. China Marine Bunker (PetroChina) Co., Ltd.: Windey Energy Technology Group and China Marine Bunker officially signed a strategic cooperation agreement. Qin Ling, General Manager of China Marine Bunker, and Cheng Chenguang, General Manager of Windey Energy Technology Group, attended the ceremony and witnessed the signing. Under the agreement, both parties will focus on the core business of green fuel consumption and sales, deepening collaboration and synergising efforts in key areas such as specification and standard formulation, pricing mechanism development, and logistics and transport systems. By integrating resources and leveraging complementary strengths, they aim to jointly enhance the core competitiveness of the green shipping industry chain and inject new momentum into promoting high-quality transformation and green, low-carbon development of the shipping industry. Beijing Mingyang Hydrogen Energy Technology Co., Ltd.: Officially signed a series of hydrogen production equipment sales contracts with Spanish company KT. Under the agreement, Mingyang Hydrogen Energy will serve as the core hydrogen energy equipment and solution provider, supplying Spanish company KT with 1 MW AEM and 25 MW ALK complete hydrogen production systems and related supporting services, jointly opening a new chapter in in-depth Sino-Spanish green hydrogen industry cooperation. Hangyang Group Co., Ltd.: The company recently announced plans to invest in establishing Ordos Hangyang Gas Co., Ltd. (tentative name), constructing a new 70,000 Nm³/h air separation unit at the Dalu Industrial Park in Jungar Banner, Ordos City, Inner Mongolia, to provide critical gas supply for the Phase II expansion project of Inner Mongolia Tianrun Green Energy Chemical's 300,000 mt synthetic ammonia and 520,000 mt urea project. The park is a national-level modern coal chemical industry base in Inner Mongolia. 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 a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. Petronor and H2SITE collaborated to advance membrane technology for hydrogen production, enhancing high-purity hydrogen and low-carbon efficiency in refining. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining asymmetry in electron distribution. 3. The 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 the Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode as a core component for seawater hydrogen production. 5. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolysers, significantly reducing the carbon footprint.

old's rollercoaster year just took another turn, and investors are paying close attention. After a steep selloff rattled markets last month, CNBC reported that strategists at Wells Fargo are making a bold call: The precious metal could surge to $8,000 an ounce, a jaw-dropping jump from roughly $4,800 currently. (1)