The gold price has undergone a sharp correction since its January high, unsettling many investors. The price decline of more than $1,000 per ounce appears at first glance to represent a break in the previous uptrend. However, according to analysts at WisdomTree, this movement reflects less a fundamental change in the macroeconomic situation than a combination of position adjustments, liquidity needs, and short-term market pressure.

The current spot rhenium metal market in China is characterized by divergence between upstream and downstream segments of the industry chain, two-way bargaining in supply and demand, and high-level price consolidation. Overall market performance is jointly influenced by multiple factors, including macro investment sentiment, the pace of stockpiling across the industry chain, overseas supply chain risks, and China’s supply and demand fundamentals. I. Upstream: Stable Price Range, Faster Producer Shipments In China’s upstream rhenium metal market, mainstream producers maintained stable raw material quotations, with the core price range controlled at around 28,000. Only a few producers raised raw material quotations to around 30,000. The overall price structure remained clearly tiered, with no wild swings. From the circulation side of the market, upstream producers recently showed stronger willingness to sell, and shipment frequency increased significantly. II. Midstream: Concentrated Scheduled Production, Low Acceptance of High-Priced Ammonium Perrhenate Midstream smelters and rhenium processing enterprises are currently in scheduled production, with pre-holiday order deliveries relatively concentrated. Most producers are scheduled to complete deliveries in March and April. From the cost side and purchasing sentiment, midstream processing enterprises generally showed low acceptance of high-priced ammonium perrhenate. The procurement side is more inclined toward rational bargaining and resists rushing to buy amid continuous price rise at high levels. This sentiment directly constrained the upside room for ammonium perrhenate prices. III. Downstream: Cooling Investment Sentiment, Steadily Recovering Industrial Demand Downstream demand showed clear structural divergence, with investment demand and industrial demand moving in opposite directions, becoming the core factor affecting short-term market sentiment. On the one hand, previously active investment demand gradually cooled, market investment sentiment weakened, and retail investors showed panic-driven exit sentiment. Low-price sell-offs began to appear in the market one after another, and some holders chose to sell below market prices in order to recover funds quickly, which to some extent impacted short-term transaction prices in the spot market. On the other hand, industrial demand showed a healthy trend of steady return and continued growth. As the core support for rigid demand in the rhenium metal market, the recovery in industrial demand provided a solid fundamental floor for the market and offset part of the bearish impact brought by investment-driven selling. IV. Outlook Considering the macro market environment and the supply and demand fundamentals of the industry chain, the core logic of the current rhenium market in China is clear: bullish and bearish factors are intertwined and in competition, jointly keeping prices in a high-level consolidation range. The specific influencing factors and market outlook are as follows: In the short term, affected by the international macro situation, investment enthusiasm in the energy sector remained elevated and diverted market funds, while overall investment sentiment in the nonferrous metals sector pulled back significantly. This sentiment gradually transmitted to the niche rare metal rhenium market, suppressing investment-side enthusiasm. In addition, around the Chinese New Year, upstream and downstream producers across the industry chain had already completed phased restocking, leaving market inventory in a relatively ample state. Raw material prices therefore lacked the momentum for a sharp increase, and short-term upside room for prices is limited. In the long term, competition in the international critical minerals sector intensified, and critical minerals consultations between the US and Chile continued to advance. The trend toward exclusive cooperation in global critical minerals supply chains became increasingly evident, directly leading to reduced stability in import channels for ammonium perrhenate from outside China, while external supply risks continued to rise; the supply of ammonium perrhenate showed a tightening trend, providing support for prices.

On June 12, at the 2025 SMM (13th) Minor Metal Industry Conference - Main Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd. (SMM), Han Xiao, General Manager of Zhishui Investment Co., Ltd., shared insights on the theme of "Review of Gold and Silver Market in 2025 and Future Outlook"...

[Indonesia Conference | SMM: Changes and Outlook of Global Coal Trade Flows] At the 2025 Indonesia Mining Conference & Critical Metals Conference - Coal Session, Dong Huanhuan, Senior Consultant of SMM, shared insights on "Changes and Outlook of Global Coal Trade Flows". She pointed out that after reaching a record high in 2024, global coal production is expected to decline. In the future, coal demand will still be concentrated in Asian countries. The improvement of railway transport capacity will drive the future transportation and supply of Mongolian coal to countries such as China and India.

As a top-tier enterprise in multiple segments of the PV industry, Tongwei Co., Ltd. (600438.SH) has its performance under scrutiny. However, regarding the recent market rumors about the polysilicon industry planning mergers and acquisitions, the company's management did not respond during today's earnings conference. Nonetheless, Board Secretary Yan Ke also noted that such market speculations reflect the high level of attention given to the current issues faced by the PV industry, with industry participants actively contemplating and discussing various solutions and ideas. In response to investor questions, he stated that no industry can sustain itself for long when prices are consistently below the cost levels of all participants. He believes that with the efforts of all parties, the industry will soon emerge from its temporary difficulties. At the bottom of the PV cycle, investors are particularly concerned about measures to address financial risks. By the end of Q1 2025, Tongwei's asset-liability ratio exceeded 70%. The company's management explained at the meeting that the main influencing factors include both the passive reasons of the company's performance being under pressure due to the industry's short-term operational pressures, and the proactive reason of significantly increasing cash to navigate the cycle steadily and further enhance business competitiveness. Moreover, the company's asset-liability ratio is also affected by structured financial instruments such as bill pool operations and convertible bond holdings. If these factors are excluded, the company's asset-liability ratio remains within a safe threshold and currently does not impact the company's finances or operations. According to the company, it currently holds approximately 40 billion yuan in cash and trading financial assets, which can be flexibly utilized to effectively meet the company's capital turnover needs, with sufficient preparation for debt repayment. The company's management further stated that, given the current cyclical low in the PV industry, the company will prudently evaluate projects that have not yet commenced construction, control the pace of construction, strictly manage capital expenditures, and effectively manage financial risks to ensure liquidity security. Regarding the H2 market outlook, Tongwei's Deputy Chairman Yan Hu believes that ground-mounted power stations will become a significant addition to domestic PV installations. In response to investor questions, he mentioned that although the end of the full-grid-connection era for distributed PV may temporarily impact domestic distributed demand, and there is uncertainty in European and US markets due to trade barriers, the acceleration of large-scale base construction in China's desert, Gobi, and barren areas will provide an effective foundation for new domestic demand this year. Additionally, emerging markets in the Middle East and Latin America have become new growth poles overseas, driving continuous growth in overseas demand. For the whole year, global PV installation demand is expected to maintain steady growth. When discussing the current state of the PV industry, Yan Hu believes that after years of ultra-high-speed development, the PV industry is currently facing a temporary supply-demand imbalance. Specifically, on the demand side, the growth rate of PV terminal installations remains high. Global new PV installations reached approximately 530 GW in 2024, up 35.9% YoY. From January to March 2025, China's new PV installations approached 60 GW, up 30.5% YoY. However, on the supply side, driven by years of high growth, the industry is currently experiencing significant temporary and structural capacity surpluses. Prices across the industry chain have plummeted and remained consistently below industry costs. Rationally speaking, no industry can sustain itself in the long term when prices consistently fall below costs. The PV industry will inevitably enter a phase of capacity exit the market, during which outdated capacity will be gradually phased out, while superior capacity will weather the cycle, and supply and demand will once again reach equilibrium.

Since the beginning of this year, SHFE zinc prices have gradually declined. Before the Chinese New Year, downstream companies completed restocking and took an early holiday, leading to a gradual weakening of market demand. The tight supply of zinc ore was alleviated, putting downward pressure on zinc prices. After the Chinese New Year, US tariff policies disrupted the market, with fundamentals tightening initially before shifting to a more relaxed state, resulting in a fluctuating trend in zinc prices. In early April, the US tariff policies far exceeded market expectations, exacerbating the risk of stagflation in the US. Affected by this, the fundamentals of zinc weakened, and zinc prices plummeted significantly. At the beginning of this year, driven by expectations of a slowdown in the US Fed's interest rate cuts and a decline in market demand, the price trend of LME zinc was relatively weak. Subsequently, the repeated fluctuations in US tariff policies and the increasing expectations of a US economic recession led to downward pressure on the US dollar index, and LME zinc prices entered a phase of fluctuating upward. After entering April, the US "reciprocal tariff" policy exceeded expectations, pushing up the risk of stagflation and causing LME zinc prices to fall sharply to a low point in nearly a year. During the Labour Day holiday, fluctuations in US employment data were limited, and the manufacturing index continued to remain in contraction territory, with LME zinc prices maintaining a stable trend. From a medium and long-term perspective, the main influencing factors at the macro perspective are still related to US tariff policies and the US Fed's interest rate cut path. Regarding US tariffs, considering the attitudes of various countries and negotiation factors, there may still be some adjustments to the US tariff policy in the future. As for the US Fed's interest rate cut path, Powell has repeatedly emphasized at press conferences the impact of economic uncertainties on the dot plot projections. Therefore, there is a possibility of a slowdown in the US Fed's interest rate cut path. From the perspective of overseas mines, driven by Endeavor mine's planned commissioning in the near future, capacity ramp-up at Tara and Kipushi mines, and increased production at Antamina mine, it is expected that overseas mines will show an increasing production trend in the medium term. Domestically, in Q1, domestic mines reduced production by 10.04% due to seasonal factors. As the weather warms up, production at northern mines has seasonally recovered, while mines such as Huoshaoyun and Yinzhushan have stabilized their production, indicating significant room for growth in domestic zinc concentrate production. With the release of overseas mine capacities, port inventories of zinc concentrates are expected to remain at a relatively high level of over 300,000 mt within the year. As of the end of March, raw material inventories of smelters increased by 51.37% YoY, verifying the expectation of a loose raw material supply. It is expected that with the gradual release of incremental supplies from domestic and overseas mines, the loose raw material situation will continue. In this context, the increased supply of ore will further drive up the zinc concentrate TCs. In the refined zinc sector, there is a game between mines and smelters over processing fees. Affected by the Chinese New Year holiday, the transmission of incremental ore supply to the smelting side has been relatively limited.Additionally, the import window only opened briefly at the beginning of the year. In Q1, zinc ingot imports fell by 24.65% QoQ. Overall, in the medium term, zinc concentrate TCs are expected to continue rising, which will further boost smelting profits. Against this backdrop, smelters' willingness to increase production has strengthened, and there is still a possibility for the zinc ingot import window to reopen. It is anticipated that zinc ingot supply will experience significant growth. From the beginning of the year to date, the infrastructure sector has performed relatively weakly. The operating rates of the cement milling industry, asphalt plant industry, and aluminum wire and cable industry have all fallen short of expectations. The real estate market continues to face pressure, with cumulative YoY declines in new construction starts and completed areas persisting. Additionally, auto sales data has exceeded market expectations. In the galvanizing and die-casting sectors, after the Chinese New Year, galvanizing and die-casting zinc alloy enterprises have focused on inventory destocking, with slow progress in production resumptions. The operating rates of these enterprises have been at relatively low levels compared to the same period in recent years. However, driven by the rush-to-export effect triggered by uncertainties in trade policies, galvanized sheet exports have increased significantly, further expanding their share in total demand. Looking ahead, the power infrastructure and automotive industries remain the main growth points for end-use demand. However, their combined zinc consumption accounts for only about 20% of total zinc consumption, limiting their boosting effect on zinc demand. Furthermore, although the US's extension of the "reciprocal tariff" has preserved a channel for the re-export of galvanized products, Vietnam's anti-dumping review, which imposes a 37.13% temporary tariff on some Chinese galvanized sheet exports, may hinder the export of relevant domestic products. Overall, the support for zinc prices from the demand side is weak. From a macro front, as the US continues to advance its "reciprocal tariff" policy, market concerns about a US economic recession have intensified, which will exert downward pressure on zinc prices. From a fundamental perspective, zinc concentrate TCs have rebounded to a high level, improving smelters' profit margins and significantly enhancing their enthusiasm for production resumptions. It is expected that zinc ingot supply will experience significant growth. On the demand side, the boosting effect of the domestic market on zinc prices remains to be seen, while the export sector, constrained by trade policies, is unlikely to provide effective support. Therefore, the support for zinc prices from the demand side is relatively weak. In summary, the fundamentals of the zinc market will gradually shift towards a looser pattern. Influenced by bearish macro factors, it is expected that the zinc price range will gradually trend downward in the medium term. (Author's affiliation: Guoyuan Futures)

On April 18, at the AICE 2025 SMM (20th) Aluminum Industry Conference & Aluminum Industry Expo - Industrial Aluminum Extrusion Forum , hosted by SMM Information & Technology Co., Ltd. (SMM), SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Promotion Service Co., Ltd., Professor and Doctoral Supervisor GENG Lin from the School of Materials Science and Engineering at Harbin Institute of Technology shared the current status of preparation, processing, and application of aluminum matrix composites. Research Background of Aluminum Matrix Composites National Significant Demand for Metal Matrix Composites Aerospace: Large aircraft, heavy helicopters, unmanned aerial vehicles, carrier-based aircraft, hypersonic vehicles, near-space vehicles, and strategic transport aircraft. Space: Heavy-lift launch vehicles, manned lunar missions, lunar bases, Mars sampling, small celestial body exploration, Jupiter system exploration, and satellites. Other Fields: Robotics, rail transit, new energy vehicles (NEVs), deep-sea/deep-earth/polar exploration equipment, 3C electronics, etc. Metal matrix composites have taken the first step towards large-scale engineering applications in China's aerospace, defense, electronics, construction machinery, and other fields, becoming one of the irreplaceable basic raw materials for major national projects. He introduced the development history of aluminum matrix composites and pointed out that China ranks among the top internationally in terms of the total number of papers and the number of highly cited papers on aluminum matrix composites. ►Current Status of R&D on Aluminum Matrix Composites in China: Mainly concentrated in high-end manufacturing fields such as aerospace and defense. Aluminum matrix composites have achieved widespread application in high-end manufacturing fields such as aerospace and defense, meeting the demands for small-batch, multi-variety, and customized production. ►One of the Bottleneck Issues in Widespread Application: The strong-toughness inversion problem, where stiffness and strength increase while plasticity decreases. Nature-inspired configuration-based composite strengthening and toughening design has become the main trend in the development of aluminum matrix composites in recent years. In terms of preparation technology, the influencing factors of composite systems are complex: High-quality preparation technologies that match different composite systems need to be selected to meet the demands of complex multi-field coupling applications. In terms of forming and processing technology, the mechanism of microstructure evolution during the forming process is complex: Suitable forming and processing technologies need to be developed to meet the demands for precise shape and property control of complex thin-walled components. Preparation Technology of Aluminum Matrix Composites The preparation of discontinuously reinforced aluminum matrix composites involves various complex processes. Developing suitable preparation technologies is the key to obtaining high-performance composites. II. Preparation Technology of Aluminum Matrix Composites - Solid Phase Method (Powder Metallurgy) The solid phase method refers to the process of preparing metal matrix composites with the matrix in a solid state. Advantages: Lower preparation temperature, easily controlled interfacial reactions, fine microstructure, and high composite performance. It provides analyses of relevant cases, including aluminum matrix composites reinforced with uniformly configured ceramic particles based on traditional ball milling processes, CNT/Al composites with a brick-and-mortar configuration based on flake powder metallurgy, multimodal aluminum matrix composites based on multi-step ball milling, and aluminum matrix composites reinforced with phase change materials. II. Preparation Technology of Aluminum Matrix Composites - Solid Phase Method (Hot Isostatic Pressing) The hot isostatic pressing process involves placing the product in a sealed container, applying isotropic pressure to the product while simultaneously applying high temperature. Under the combined effects of high temperature and pressure, the product undergoes sintering and densification. Most production-scale hot isostatic presses have a maximum operating temperature of approximately 1400°C, with maximum pressures ranging from 100 to 200 MPa. The total tonnage of the largest modern hot isostatic press is approximately 400,000 kN (40,000 tons-force). Example: During the hot isostatic pressing preparation of high volume fraction SiCp/Al composites, the matrix aluminum alloy exists in a solid-liquid two-phase region, facilitating easier densification of the composite under high temperature and pressure conditions. II. Preparation Technology of Aluminum Matrix Composites - Liquid Phase Method (Squeeze Casting) Preform Preparation: Preparing uniformly porous preforms through physical sedimentation; preparing biomimetic configured preforms using methods such as freeze casting and 3D printing. Composite Preparation: Infiltrating molten aluminum into the pores of the preform through mechanical pressurization to achieve the preparation of high-performance composites. It discusses relevant cases, including aluminum matrix composites reinforced with uniformly configured particles, aluminum matrix composites reinforced with uniformly configured whiskers, and biomimetic configured aluminum matrix composites. II. Preparation Technology of Aluminum Matrix Composites - Liquid Phase Method (Vacuum Pressure Infiltration) Vacuum pressure infiltration is similar to squeeze casting, primarily involving the preparation of ceramic porous preforms first, followed by the combination of a vacuum environment and gas pressure pressurization conditions to enable the aluminum alloy melt to fill the micropores of the preform and solidify, thereby preparing aluminum matrix composites. It introduces relevant cases of low-expansion, high-volume fraction particle-reinforced aluminum matrix composites and biomimetic configured aluminum matrix composites. II. Preparation Technology of Aluminum Matrix Composites - Liquid Phase Method (Stir Casting) Basic Principle: Directly adding particles into the semi-solid melt of the matrix metal to increase the shear stress during stirring, enabling uniform dispersion of the particles in the metal melt. Subsequently, rapidly heating to the liquid state to improve the casting liquidity, and finally casting into ingots, castings, etc. Key technologies: Improvement of wettability between the melt and the reinforcement phase, uniform dispersion of the reinforcement phase, and control of oxidation and gas absorption in the metal melt. Technological advantages: Suitable for industrial-scale production; simple process and low manufacturing costs. Preparation capacity: The production scale of stir casting typically ranges from a few kilograms in the laboratory to several dozen tons in industrial production. It elaborates on cases such as the stir casting preparation technology for SiC particle-reinforced aluminum matrix composites, graphite particle-reinforced aluminum matrix composites, and in-situ TiB₂-reinforced aluminum matrix composites. The fluoride salt method mainly involves the reaction of two salts, generating fluoride salt by-products; the master alloy method produces no by-products but has high requirements for raw materials; the in-situ reaction-generated TiB₂ particle composite casting ingot can currently reach a maximum of 11t, providing ingots for subsequent plastic processing to prepare large components. TiB₂ particles exhibit a network-like distribution. Their size can be controlled within the nanometer to submicron range, with regular particle shapes and no significant agglomeration; the in-situ reaction-generated TiB₂ particles have a good interface bonding with the aluminum matrix and are in a coherent relationship, making them ideal reinforcing ceramic particles. TiB₂ particles are excellent grain refiners. In the molten metal, TiB₂ particles act as the core for heterogeneous nucleation, providing more nucleation sites during metal crystallization, ultimately resulting in finer and more uniform grains; a large number of dislocation tangles exist near TiB₂ particles as the second phase particles, effectively hindering dislocation movement during deformation, thereby enhancing the material's strength. Compared to the matrix alloy, the HCF ultimate strength of TiB₂ particle-reinforced aluminum matrix composites is increased by 22% to 44%, reaching up to 730MPa; fine TiB₂ particles can inhibit fatigue crack initiation, avoiding the tendency for premature fatigue crack initiation due to particle-interface debonding and particle fracture. Preparation Technology of Aluminum Matrix Composites - Additive Manufacturing Method Based on additive manufacturing technology, it enables the net-shape forming of complex structural metal components with integrated material-structure, providing a new technological approach for the design and manufacture of high-performance components in aerospace, mainly divided into laser additive manufacturing, arc additive manufacturing, friction stir manufacturing, etc. Preparation Technology of Aluminum Matrix Composites - Additive Manufacturing Method (Laser Additive) Under the action of a laser beam, metal powder is melted and rapidly solidified to form a new layer of material. This process is carried out layer by layer until a complete three-dimensional object is constructed; based on the specified reinforcement particles and Al matrix that have been added, induced grain refinement can be achieved.The lower interatomic mismatch between the α-Al matrix and TiB₂ leads to a decrease in the critical nucleation undercooling ΔT, which can repair crack formation in alloys prone to cracking during the L-PBF process. The addition of second-phase hard particles can significantly refine the microstructure, resulting in higher yield strength due to grain boundary strengthening, as verified in TiB₂-reinforced AlSi10Mg alloys and TiC/TiH₂-reinforced Al2024 alloys. In addition to grain boundary strengthening, the yield strength of the L-PBF TiB₂/AlSi10Mg alloy is increased to approximately 362-407 MPa due to the enhanced resistance to dislocation motion caused by the hard particles. II. Fabrication Technologies for Aluminum Matrix Composites - Additive Manufacturing (Friction Stir) Friction stir additive manufacturing (FSAM) involves local plastic deformation of metal materials using a high-speed rotating stirring tool, followed by layer-by-layer accumulation under pressure to achieve the fabrication of highly dense metal structures. The advantages of FSAM include low-temperature processing, energy conservation and environmental protection, applicability to difficult-to-weld materials, and low residual stress. It is mainly used for the compounding of dissimilar materials and the repair of high-value components, suitable for the efficient large-scale forming of materials such as aluminum alloys and magnesium alloys. The NiTip/Al interface prepared by friction stir additive manufacturing exhibits good bonding without the formation of harmful reaction products. The addition of NiTip forms a fine-grained microstructure with good dispersion, accelerating dynamic recovery by increasing the matrix deformation and promoting dynamic recrystallization through particle-stimulated nucleation. The unique fine-grained microstructure, uniformly dispersed NiTip, and well-bonded NiTip/Al interface significantly enhance strength without adversely affecting ductility. II. Fabrication Technologies for Aluminum Matrix Composites - Additive Manufacturing (Arc Additive) Arc additive manufacturing is a directed energy deposition (DED) 3D printing technology based on arc welding principles, constructing parts by depositing metal materials layer by layer. The grain size of the TiN/Al-Zn-Mg-Cu alloy is refined from 459.3 μm to 104.6 μm, attributed to the formation of Al₃Ti particles acting as nucleating agents, resulting in increased tensile strength in both the horizontal and vertical directions. In the horizontal direction, the tensile strength increases from 207 MPa to 284 MPa. Forming and Processing of Aluminum Matrix Composites III. Forming and Processing of Aluminum Matrix Composites - Hot Extrusion Hot extrusion enables the production of complex cross-sectional profiles, with only compressive and shear stresses applied during the forming process, resulting in good surface finish of the produced parts. Computer simulation can assist process engineers in understanding the metal flow patterns during profile extrusion, predicting defects in advance, optimizing die design, and improving profile quality. III. Forming and Processing of Aluminum Matrix Composites - Forging Based on the simulation of material flow behavior, potential deformation defects can be predicted, providing a theoretical basis for formulating process measures to prevent crack formation. By establishing a hot working map based on the dynamic material model, the optimal processing conditions for the material can be accurately predicted. A multi-scale thermo-mechanical coupling model for composites was established to simulate the deformation process and microstructure. As a result, SiC/Al forgings with diameters ranging from 1760 to 2500mm were successfully developed in one attempt. Numerical simulations of the isothermal forging process for blades/housings were conducted using finite element software to obtain strain distribution and load data. Reasonable forging process parameters were then formulated, ultimately resulting in forgings with ideal microstructure and properties. By combining finite element simulation with hot compression experiments, the influence of deformation process parameters on the damage field, stress-strain field, and temperature field during the forging process of SiCp/Al composites was investigated. The issue of cracking in heterogeneous and difficult-to-deform composite forging blanks was addressed through a combination of upset forging with a can and two-way forging processes. Large annular forgings of aluminum matrix composites were successfully trial-produced using isothermal precision die forging, with excellent forming quality and significantly refined shape and dimensions. Forming and Processing of Aluminum Matrix Composites - Rolling By simulating the residual stress distribution during the rolling process, rolling process parameters can be optimized to reduce residual stress generation, thereby improving the quality and precision of rolled products. During the rolling process, there exists a mechanism of small-sized phase fragmentation and phase transformation, as well as a refinement mechanism where large-sized phases are broken down into smaller ones. After rolling, the material forms a fibrous microstructure with grains aligned along the rolling direction, resulting in an elongated grain structure. Rolling can be divided into cold rolling and hot rolling. Cold rolling significantly increases strength and hardness due to work hardening effects, but reduces plasticity. Hot rolling results in a more uniform microstructure with lower internal stresses, but lower strength. By optimizing rolling parameters and process routes, profiles suitable for automotive or aerospace applications can be prepared. III. Forming and Processing of Aluminum Matrix Composites - Welding On an A356 aluminum alloy substrate, a gradient structure composite can be manufactured using a brazing layer of SiCp/Al composite with varying contents. The welding area is defect-free, continuous, and free of cracks and pores, with good bonding at the gradient structure interface. III. Forming and Processing of Aluminum Matrix Composites - Machining Particle-reinforced aluminum matrix composites: The main parameters affecting the grinding process include grinding wheel speed (vs), table speed (vw), grinding depth (ap), and maximum undeformed chip thickness (hmax). Among these, grinding at high grinding wheel speeds (vs) results in composites with higher surface quality and more ductile deposition zones. Reducing the undeformed chip thickness (hmax) will decrease the number of effective abrasive grains involved in grinding, thereby controlling the pore size on the composite surface and the thickness of the damaged layer, which is beneficial for reducing the formation of subsurface microcracks and pores. The main parameters affecting the turning process include spindle speed (n), feed rate (f), nose radius (r0), cutting depth, etc. Low spindle speed and feed rate are conducive to reducing stress concentration in composites, minimizing the collapse, pull-out, and pitting of SiCp. Whisker-reinforced aluminum matrix composites: The reinforcement phase consists of whiskers with a large aspect ratio, exhibiting anisotropy, making the cutting process more complex. Applications of Aluminum Matrix Composites IV. Applications of Aluminum Matrix Composites - Overseas It introduces the overseas applications of aluminum matrix composites and points out that the development of overseas discontinuous aluminum matrix composites is driven by demand and technological innovation, closely integrating the optimization of preparation processes with multi-domain requirements. Aerospace: The development of lightweight, high-strength, and high-modulus aluminum matrix composites has made it possible to manufacture lightweight, flexible, and high-performance aircraft and satellites in the modern aerospace industry. Weaponry: Discontinuous reinforced aluminum matrix composites possess characteristics such as lightweight, high strength, high-temperature resistance, and impact resistance in the weaponry field, significantly enhancing equipment mobility, battlefield survivability, and service life. 3C Electronics: Aluminum matrix composites, particularly SiC-reinforced aluminum matrix composites, are suitable for manufacturing electronic device liners, heat sinks, and other electronic components due to their advantages of low thermal expansion coefficient, low density, and good thermal conductivity. Click to view the special report on AICE 2025 SMM (20th) Aluminum Industry Conference & Aluminum Industry Expo

On April 16, at the AICE 2025 SMM (20th) Aluminum Industry Conference & Aluminum Industry Expo - Main Forum , hosted by SMM Information & Technology Co., Ltd. (SMM), SMM Metal Exchange Center, and Shandong AIS Information Technology Co., Ltd., and co-organized by Zhongyifeng Jinyi (Suzhou) Technology Co., Ltd. and Lezhi County Qianrun Investment Promotion Service Co., Ltd., Inga Simonenko, Head of Marketing and Low-Carbon Solutions at Rusal, discussed "Exploring Growth Opportunities in a Challenging International Aluminum Market." Topics of great interest in the aluminum industry include the uncertainty in demand recovery due to a new round of trade tensions, the reshaping of supply chains by deglobalization, the challenge posed by the US to the decarbonization agenda, the implementation of carbon taxes, the growth of low-carbon demand, and competition with data centers for low-carbon energy. Global trade and geopolitical tensions have suppressed demand, increased logistics costs, and raised carbon footprints. Meanwhile, China's market share in aluminum semis and aluminum products in developing countries continues to grow. From the perspectives of product categories and trading partners, she introduced China's exports of aluminum products and aluminum wheels. In 2024, the construction sector remained a weak link in the growth of aluminum demand. The recovery of construction activities in regions such as Southeast Asia has become one of the opportunities for demand growth. Key influencing factors: In many developed economies, declining interest rates and persistent housing shortages will drive growth in construction activities. Infrastructure investment is shifting from transportation to utilities. To achieve climate goals, there is a renewed focus on decarbonizing the power grid. Emerging Asia will be the fastest-growing region. Strong demographic trends, significant foreign investment, and government policies will ensure that Southeast Asia has the fastest-growing construction market. Increased geopolitical uncertainty may drive up construction costs. In 2025, the power and automotive sectors will be the two key drivers of aluminum demand growth. Electric vehicles (EVs) play a significant role in driving aluminum demand growth in the automotive industry, while the growth trend in vehicle production is difficult to sustain, posing further challenges. Five major components driving aluminum usage per vehicle: electric drive housing, battery pack housing, large/mega castings, protective components, and battery cooling plates. Primary aluminum demand in developed countries has started to recover from a low base compared to the peak in 2018. As China seeks new growth points, demand in the rest of the world is accelerating. The global market will shift from balance in 2024 to shortage in 2025. The implementation of US import tariffs in 2025 has emerged as a major challenge for regional trade flows, potentially curbing the growth of aluminum demand. Additionally, Trump's reduction in funding for the decarbonization agenda will increase the cost of the US's low-carbon transition. This has hindered the net-zero transition and the growth of low-carbon aluminum demand in the US and globally. Enterprises with ESG principles are adjusting their decarbonization goals—only a minority of aluminum end-users are practicing them. It lists the revisions and progress of decarbonization goals of some well-known enterprises. Meanwhile, the establishment of regional premiums for low-carbon aluminum underscores the sustained growth in demand for low-carbon aluminum. In the foreseeable future, primary aluminum will remain the primary metal source, while the share of secondary aluminum will increase. The ceiling on China's primary aluminum capacity is accelerating the advancement of new smelting projects overseas. Aluminum smelter projects relying on high-carbon energy pose challenges to green development. At the same time, China has introduced policies to promote the low-carbon development of the aluminum industry. By 2030, the electricity required by data centers will exceed the total consumption of all aluminum smelters by 50%, and the aluminum demand for infrastructure will also increase significantly. It introduces: Data centers, like aluminum producers, require a reliable source of electricity. Led by changes in US trade and ESG policies, the aluminum industry is facing new challenges. Revisions to US trade and ESG policies: Posing challenges to overall aluminum demand, reviewing global ESG issues, reshaping supply chains, reviewing global carbon pricing, cost inflation pressures, and posing challenges to low-carbon aluminum demand. Finally, it introduces Rusal: Committed to sustainable and low-carbon aluminum development (LCA). 》Click to view the special report on the AICE 2025 SMM (20th) Aluminum Conference & Aluminum Industry Expo

On May 7, the share price of Xingyuan Zhuomei continued to rise, extending the gains from the previous three trading days. By the close of trading on the 7th, Xingyuan Zhuomei's shares rose by 0.94%, closing at 54.8 yuan per share. Xingyuan Zhuomei recently disclosed its 2025 Q1 report, showing that in the first quarter of this year, the company achieved a total operating revenue of 88.3378 million yuan, up 7.28% YoY; net profit attributable to shareholders of the publicly listed firm was 16.9395 million yuan, down 4.08% YoY. On April 15, Xingyuan Zhuomei stated on an investor interaction platform that currently, the company's sales business in the US accounts for a relatively small proportion, with a relatively small direct impact on the company. On the evening of April 10, Xingyuan Zhuomei issued an announcement stating that it had recently received a designated development notice from a domestic parts producer, and would develop and supply magnesium alloy powertrain housing parts for NEVs for this customer. According to the customer's plan, the project is expected to commence mass production in 2026, with total sales over the next four years (2026-2029) estimated at approximately 650 million yuan. Xingyuan Zhuomei's 2024 annual report, previously released, showed that in 2024, the company achieved an operating revenue of 408.6044 million yuan, up 16.01% from the previous year. Net profit attributable to shareholders of the publicly listed firm was 80.3311 million yuan, up 0.31% from the previous year, and net profit after deducting non-recurring gains and losses attributable to shareholders of the publicly listed firm was 74.0161 million yuan, up 10.35% from the previous year. Major operating indicators reached new highs, laying a solid material foundation for high-quality development. Looking ahead, we will continue to uphold an innovative spirit, continuously enhance our capabilities, contribute more to the development of the global automotive industry, and help elevate the influence of China's automotive industry on the international stage. In its 2024 annual report, Xingyuan Zhuomei introduced that in 2024, the company was mainly engaged in the R&D, production, and sales of precision die-casting products made of magnesium alloy and aluminum alloy, as well as supporting die-casting molds. The company's existing main die-casting products include automotive die-castings such as automotive display system parts, NEV powertrain parts, automotive center console parts, automotive seat parts, automotive headlamp parts, high-cleanliness autonomous driving module parts, as well as non-automotive die-castings such as functional and structural parts for e-bikes and garden machinery accessories. The company's products are ultimately applied in car models of well-known domestic and overseas brands such as BMW, Audi, Porsche, IM Motors, NIO, Great Wall Motors, Chery, and Zeekr. Xingyuan Zhuomei's annual report showed that the company's total operating revenue for the full year of 2024 reached 409 million yuan, of which revenue from magnesium alloy die-castings was 284 million yuan, accounting for 69.40%; revenue from aluminum alloy die-castings was 102 million yuan, accounting for 24.91%; molds and other supplementary businesses contributed 19.4855 million yuan and 3.7651 million yuan, respectively. Combining the historical price trends of magnesium alloy AZ91D in Q1 this year and 2024, it can be seen that: 》Click to view SMM magnesium spot price 》Subscribe to view SMM historical price trends of metal spot cargo The average price of magnesium alloy AZ91D on March 31 was 18,650.00 yuan/mt, an increase of 850 yuan/mt compared to the average price of 17,800 yuan/mt on December 31, 2024, representing a 4.78% increase. However, magnesium alloy AZ91D experienced a significant decline in 2024. Its average price on December 31, 2024, was 17,800 yuan/mt, a decrease of 4,350 yuan/mt compared to the average price of 22,150 yuan/mt on December 29, 2023, representing a 19.64% decline. The price trend of magnesium alloy AZ91D is closely related to magnesium ingots. In Q1 2025, due to changes in the supply-demand relationship, the inventory of magnesium ingot producers continued to decline, and magnesium prices rebounded steadily in Q1 2025, which in turn drove up the average price of magnesium alloy AZ91D in Q1. In April, affected by weak supply and demand, magnesium ingot prices fluctuated rangebound overall. However, influenced by stockpiling before the Labour Day holiday, trading in the main magnesium ingot producing areas performed well in late April, with a daily average trading volume of approximately 1,500 mt. The inventory pressure on magnesium ingot smelters was effectively alleviated, and some enterprises even sold small batches of futures for the Labour Day holiday period. Supported by low inventory, magnesium ingot prices rebounded somewhat at the end of April. After the Labour Day holiday, influenced by factors such as market concerns that environmental protection checks may affect magnesium ingot supply and that dolomite supply may be restricted, the prices of multiple magnesium industry chain products, including magnesium ingots and magnesium alloys, rose on May 7. For the outlook of magnesium, it is necessary to continue to monitor the persistence of supply-side influencing factors. Before major changes occur in the supply-demand relationship, it is expected that magnesium prices will continue to fluctuate rangebound, supported by generally low inventory levels at magnesium enterprises.

At the 2025 (10th) New Energy Industry Expo - New Energy PV ESS Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Ye Mingyuan, a senior ESS consultant at SMM, shared insights on the topic of "Global ESS Market Development Opportunities and Challenges." The global energy transition is driving the growth of the ESS market. With the continuous rise in global renewable energy power generation, the ESS sector is experiencing new growth opportunities amid the energy transition. As global carbon reduction and carbon neutrality efforts progress, the shift from a fossil fuel-dominated energy structure to a clean and low-carbon energy system has become a clear trend, presenting development opportunities for renewable energy (PV & wind power). Countries worldwide are implementing carbon reduction and carbon neutrality actions. To date, over 190 countries have signed the Paris Agreement. By 2030, China, the US, and the EU are expected to achieve carbon reduction targets exceeding 50%, and as major economic powers, these regions will remain core areas for long-term carbon reduction. Against the backdrop of "carbon neutrality," energy structure adjustment has become a clear trend. Currently, renewable energy (PV & wind power) accounts for 31% of the energy mix. To achieve the "carbon neutrality" goal, the proportion of renewable energy is expected to increase to 42% by 2030 and exceed 53% by 2050. However, the instability of new energy power generation has stimulated the development of ESS. The global ESS market is showing different development trends due to energy transition and policy shifts. The growth rate of global ESS demand has slowed due to policy adjustments in China and the US, with an expected growth rate of around 5% in 2025. After 2025, as global ESS planning is gradually completed, the market will transition to a stock market. The successful transformation of the Chinese and US markets may lead to a rebound in growth, driving the global ESS market to grow at a compound annual growth rate (CAGR) of 10%. Global annual ESS system shipments are forecasted from 2024 to 2030. From 2024 to 2025, the demand in major ESS markets such as China and the US is expected to decline due to policy adjustments, while other markets will maintain a relatively high growth rate. ► The cancellation of mandatory energy storage allocation in China has led the Chinese ESS market into a transition period, with short-term demand declining. ► The US has imposed multiple tariff hikes, impacting the economics of local ESS projects, potentially leading to the cancellation or delay of many ESS projects. ► Other regions, in order to absorb new energy power generation and support the power grid, will maintain a relatively high growth rate. From 2025 to 2030, as global ESS planning is completed, the ESS market will transition from an incremental market to a stock market, with an expected growth rate of around 10%. By 2030, global ESS demand is expected to reach 480 GWh. ► From 2025 to 2030, the global ESS market will enter a stock phase, with most regions having a high completion rate of ESS planning. Although policy subsidies are expected to phase out, the establishment of ESS economics after PV ESS parity will continue to drive market growth. ► The success of China's power market reform in promoting ESS transformation will sustain high demand growth. The US market will still have ESS demand, and under stable policies, ESS is expected to maintain a high growth rate. The impact of policy fluctuations on the Chinese ESS market. Review and outlook of the Chinese ESS market. SMM expects the Chinese ESS market to achieve a CAGR of around 9.5% from 2025 to 2030. Power generation-side ESS in China may experience fluctuations due to changes in energy storage allocation policies. The cancellation of mandatory energy storage allocation, with no clear policies issued by provinces, may lead to a decline in demand. Document No. 136 cancels the mandatory energy storage allocation restrictions. In 2025, provinces will formulate policies based on Document No. 136 that align with their actual conditions. Some provinces and cities will continue mandatory energy storage allocation, while others will begin to phase it out. Most provinces and cities are still formulating policies, and demand is not yet fully clear. Industrial and commercial ESS will become an important incremental source for the Chinese ESS market. With the further improvement of time-of-use electricity prices and the further increase in electricity prices for high-energy-consuming enterprises, the economics of industrial and commercial ESS have significantly improved. • As the peak-valley electricity price spread continues to widen, the economic benefits of industrial and commercial ESS become more apparent. According to electricity price adjustment data released in 2024, the peak-valley electricity price spread in many provinces and cities continues to widen, with 16 provinces and cities having a peak-valley electricity price spread of over 0.7 yuan/kWh. SMM predicts that by 2030, the demand for industrial and commercial ESS on the user side is expected to reach around 30 GWh. The US ESS market under multiple influencing factors. Review and outlook of the North American ESS market. SMM expects the North American ESS market to achieve a CAGR of around 7.4% from 2025 to 2030. Large-scale ESS: Excessive tariffs will increase investment costs for US owners, reduce profits for Chinese suppliers, and lead to a decline in US ESS demand. 2025 Tariff: • In February 2025, an additional 10% tariff was imposed on Chinese products for the first time, affecting the delivery of ESS battery cells and BESS, as well as signed orders. US owners and Chinese suppliers need to consider how to share the 10% tariff. • In March 2025, an additional 10% tariff was imposed on Chinese products for the second time, bringing the total additional tariff to 20%. This further affects the delivery of ESS battery cells and BESS, as well as future orders, slowing the overall shipment pace. It is expected that US owners and Chinese suppliers will each bear half of the additional tariff, which will become the mainstream solution. • In April 2025, the Reciprocal Tariff was signed, in addition to raising the baseline tariff to 10%, a 34% reciprocal tariff was added. This tariff increase has created a high trade barrier for US ESS imports, severely compressing US ESS demand. 2026 Tariff: • The 301 Act is expected to be implemented in early 2026, imposing a 25% tariff on lithium battery products. User-side ESS: The ITC subsidy policy includes household ESS in the subsidy scope, promoting the development of user-side ESS in the US. According to SMM analysis, the ITC subsidy for user-side ESS will continue until 2034, enhancing the economics of household ESS. With policy support, user-side ESS will continue to develop rapidly. Residential electricity prices: In recent years, US residential electricity prices have remained high, rising from 12.55¢/kWh in 2016 to 15.96¢/kWh in 2024, an increase of 27.2%. High electricity prices have increased the necessity of "PV + ESS" for residents. ITC subsidy: The ITC subsidy policy increased the subsidy ratio for user-side ESS in 2023 and extended it to 2034. Stimulated by the policy, the economics of user-side ESS have improved. Power outage risk: The aging power grid equipment in the US is vulnerable to extreme weather, making power outages likely during peak electricity usage. This summer, as temperatures soared, two-thirds of North America faced the risk of energy shortages. Therefore, as the penetration rate of new energy increases, ESS as a rigid demand will also rise. The European ESS market at a turning point. Review and outlook of the European ESS market. SMM expects the European ESS market to achieve a CAGR of around 23.4% from 2025 to 2030. Large-scale ESS in Europe has begun to take shape, with multiple countries' plans driving future growth. In 2024, renewable energy accounted for over 27% of Europe's energy supply structure. According to SMM analysis, driven by Europe's energy transition, high electricity price volatility, and policy stimulus, power generation-side ESS is entering a fast track of growth. • Energy structure: Over the past five years, renewable energy in Europe has increased from 20% to 47%. The increase in front-of-the-meter new energy power generation has brought more power generation but also increased the load on the power grid, further strengthening the demand for power generation-side ESS to ensure stable power generation and transmission. • Impact of the Russia-Ukraine conflict: After the outbreak of the Russia-Ukraine conflict, energy trade between Russia and Europe was subject to multiple restrictions. Benefiting from Europe's new energy policies, new energy power generation and ESS have grown rapidly, reducing Europe's dependence on energy imports. In 2024, energy imports decreased by 9.2% YoY from 2021. • Policy stimulus: Led by the UK, Germany, Spain, and Poland, Europe has introduced stimulus policies for the development of the ESS industry, including government subsidies, electricity trading, peak shaving, and frequency regulation compensation. Recent market developments in the ESS industry. Monthly installations in major overseas ESS markets. US ESS monthly installations: Due to seasonal reasons, US ESS installations decreased MoM, but in February, the YoY growth rate exceeded 1,400%. This installation rush was mainly driven by grid demand and political struggles, characterized by non-replicability and occasionality, and it has overdrawn future demand. US installations may slow down subsequently. In January 2025, heavy snow in many areas led to a sudden increase in grid load, revealing the demand for large-scale ESS. Monthly installations increased compared to the previous year. At the beginning of 2025, constantly changing tariff policies put project costs under pressure, prompting owners to rush installations to avoid the impact of additional tariffs on project returns. German ESS monthly installations: Driven by policies and renewable energy installations, German ESS may have a profound impact on future ESS installation structures. With sufficient natural gas supply and a downward price trend, stable electricity prices, and the phase-out of household ESS subsidies, household ESS installations are showing a weakening trend. As new energy installations continue to increase, the grid's absorption capacity is limited. To support the grid and accommodate more new energy installations, power generation and grid-side ESS are needed to support the grid. Since entering 2024, ESS system costs have continued to decline, but the trend has slowed. The price of ESS battery cells is closely related to the price trend of lithium carbonate, the main raw material for batteries. Since entering 2024, the overall price of lithium carbonate has shown a downward trend, driving the cost of ESS systems to continue to decline. The winning bid price for 0.5C systems has also decreased significantly since 2024. However, the downward trend in costs has slowed. Click to view SMM's new energy product spot prices. SMM expects that the price of 314Ah battery cells may fluctuate downward overall, keeping ESS system costs at a low level. Click to view the special report on the 2025 (10th) New Energy Industry Expo.