SMM Nickel News on August 21: Macro and Market News: (1) The Trump administration announced a new round of the "most severe" economic sanctions on Iran and threatened economic actions against any country that has commercial dealings with Iran. (2) US Treasury Secretary Bessent said he is prepared to further expand the scope of repurchases of debt with higher financing costs, while the Trump administration will introduce a new fiscal measure to address borrowing costs that have reached multi-year highs. Spot Market: On August 21, the average price of SMM #1 refined nickel was 129,600 yuan/mt, down 650 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,550 yuan/mt, flat from the previous trading day, and the range for mainstream domestic brands of electrodeposited nickel was -100 to 500 yuan/mt. Futures Market: The most-traded SHFE nickel 2609 contract plunged in the night session and rebounded slightly in the morning session, closing at 128,860 yuan/mt at the end of the morning session, down 0.67%. Currently, the US is expanding the scale of Treasury bond repurchases, which is a positive macro environment for base metals. However, LME and China's inventories maintain an accumulation trend, with visible inventory at historically high levels. In the short term, the price range for the most-traded SHFE nickel contract is 125,000-130,000 yuan/mt.

This week, iron ore prices continued to drift higher, with the most-traded contract I2701 peaking at 721 yuan/mt during the week. The main driver of this rise remained from the news front — the labor negotiation deadlock at BHP's Port Hedland mine sparked concerns over tight supply of medium-grade iron ore. On the fundamentals side, the supply side showed mixed bullish and bearish factors: shipments from ex-China mines rebounded as expected, but due to typhoon weather, port arrivals plunged 37% this week, port inventory edged down, and supply pressure eased temporarily. The demand side showed mild recovery, with hot metal production edging up this week, coupled with improved steel orders in some regions, which drove marginal improvement in spot purchase willingness. Overall demand for iron ore edged up, and trading volume expanded, lending some support to ore prices. Chart: MMI 61% Port Spot Cargo Index Source: SMM This week, domestic iron ore concentrate prices showed mixed performance across regions. By region, prices in Tangshan, Qian'an, and Qianxi in Hebei edged down 1-5 yuan/mt; Chaoyang, Beipiao, and Jianping in western Liaoning were basically stable; east China saw an increase of 5-10 yuan/mt. The 66% grade iron ore concentrate EXW price (dry basis, including tax) in Tangshan closed at 960-965 yuan/mt. Currently, resources at mines and beneficiation plants were generally tight, but steel mills had a strong desire to bargain down prices. Meanwhile, there was still a price spread between imported ore and domestic ore, so steel mills' purchase willingness for domestic iron ore concentrates was not high. Other regions were similar, with most mines and beneficiation plants maintaining normal production as planned. Overall, domestic concentrate prices were in the doldrums this week. Chart: This week, the price spread between imported ore and domestic ore narrowed slightly; it is expected to be stable next week. Outlook for Next Week Imported Ore: Outlook for next week, iron ore prices are expected to move sideways in a narrow range. Fundamentals will be under pressure: ex-China mine shipments will maintain slight growth, and after the typhoon disruption subsides, previously delayed vessels will concentrate arrivals, so port arrivals are expected to rebound sharply. Meanwhile, end-users have not yet entered the peak season, so hot metal production is unlikely to see significant growth. With supply strong and demand weak, ore prices will face downward pressure. In addition, coke prices are expected to increase next week, which may temporarily raise steel mills' cost pressure and curb their purchase willingness for iron ore. However, there are also supporting factors: the risk of worker strikes at BHP's Port Hedland and the unresolved long-term contract negotiations still raise concerns over limited circulation of medium-grade resources. Moreover, as the National Day holiday approaches, trading in USD-denominated forward spot cargoes may improve, lending some support to offshore futures prices. With bullish and bearish factors intertwined, ore prices have support on the downside and pressure on the upside; they are expected to move sideways in a range next week. Domestic ore: Looking ahead to next week, domestic iron ore remains at a cost disadvantage, and under the control of steel mills, the price spread between China's domestic and imported ore is expected to continue narrowing. The willingness to hold prices firm on the supply side has loosened somewhat, and the market is gradually shifting to a buyer-dominated position. On balance, local domestic concentrate prices may be in the doldrums.

World’s First Mass-Produced Amorphous Alloy Electric Drive Launched; Amorphous Alloys Open Window for Replacing New Energy Silicon Steel GAC Aion recently officially launched the 2027 RT model. The new vehicle is equipped with the world’s first mass-produced amorphous alloy electric drive system, comes standard with CATL power batteries across all trims, and is available in four configuration versions. It delivers a maximum CLTC range of 710 km and power consumption as low as 8.571 kWh per 100 km. This three-electric powertrain combination, previously only fitted in high-end models priced above 300,000 yuan, has now expanded to lower market segments, marking that amorphous alloys have officially launched an industry-level challenge to replace new energy non-oriented silicon steel — the mainstream core material for new energy vehicle drive motors. Range and energy consumption have long been core pain points for new energy vehicle consumers. In the past, nearly all domestic new energy traction motors adopted new energy-specific non-oriented silicon steel as the stator core material, with mainstream thin-gauge grades of 0.20–0.35 mm such as B25AV1300 and B30AV1500. The industry has been driving down iron loss by continuously thinning strip steel and optimizing smelting and annealing processes, pushing motor efficiency toward the theoretical ceiling of silicon steel materials. Nevertheless, iron loss and heat generation under high-frequency, high-speed operating conditions remain difficult to fully eliminate, and every 0.5% gain in energy efficiency comes with enormous R&D costs. The amorphous alloy electric drive on the 2027 Aion RT uses a core made of aerospace-derived amorphous alloy strip, commonly known as "hand-tearable steel". With a thickness of only 0.025 mm — one-tenth that of mainstream 0.2–0.35 mm new energy non-oriented silicon steel laminations — and paired with a carbon fiber rotor, it cuts core loss by 75%, achieves a peak motor efficiency of 99%, and raises overall vehicle energy efficiency by one additional kilometer of driving range per kilowatt-hour of electricity. Core Comparison: Amorphous Alloys vs. High-Grade New Energy Non-Oriented Silicon Steel Data source: Compiled from public data In terms of performance, new energy non-oriented silicon steel excels in higher saturation magnetic induction, mature lamination fabrication, and easier scaling of power density, making it the undisputed mainstream for current new energy motors. The greatest strength of amorphous alloys is concentrated in the high-frequency, high-speed operating range of motors: they substantially reduce iron loss and significantly lower motor heat buildup, directly improving real-world high-speed range attainment. However, limited by saturation magnetic flux density and stacking factor, power density is compromised at equal volume, and their processing difficulty is far higher than that of non-oriented silicon steel. Historically, amorphous alloys were widely deployed in the distribution transformer sector. Hampered by technical barriers in the complete set of core cutting, stacking and annealing processes, they have long failed to achieve large-scale mass production for automotive traction motors, remaining largely at the laboratory and prototype stage. GAC Aion’s mass production breakthrough has completed the full industrial chain of amorphous alloy motors from raw materials to finished vehicles. In the short term, however, amorphous alloys will not fully replace non-oriented silicon steel, but will form a technologically complementary relationship: amorphous alloys hold prominent advantages in high-frequency, high-speed scenarios where low energy consumption is prioritized, while high-grade non-oriented silicon steel will retain its dominant position in high-overload, high-power-density applications. The energy efficiency competition for new energy motors has shifted from structural design to rivalry at the fundamental material level. For years the industry has continuously rolled out higher-grade, thinner-gauge non-oriented silicon steel to tap the limits of the silicon steel system; the mass production and vehicle integration of amorphous alloys opens up a second technological route. Looking forward, if production capacity is scaled up and the manufacturing cost of amorphous alloy cores continues to fall, amorphous alloys will gradually bring about partial replacement of thin-gauge new energy non-oriented silicon steel, reshaping the downstream demand structure for non-oriented silicon steel. For the domestic industrial chain, this marks the opening of an entirely new competitive dimension in the soft magnetic materials track, providing a fresh pathway for further breakthroughs in China ’s three-electric (battery, motor, electric control) technology. Data source statement: (Data in this report other than public information are all sourced from public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics data, customs import and export data, and various data published by major associations and institutions), market communication, and SMM's internal database models, and are produced by the research team through comprehensive analysis and reasonable inference; they are for reference only and do not constitute decision-making advice.) SMM reserves the final right of interpretation of the terms of this statement and the right to adjust and amend the content of the statement according to actual circumstances.

Since last year, influenced by multiple intersecting factors, the price spreads between iron ore varieties have continued to widen, with some grades diverging from market trends and forming independent movements, particularly evident in lump premiums, pellet premiums, and high-grade fines . Specifically: 1.1 Lump Premium: From Historical Lows to a Seven-Year High in a "V-Shaped" Reversal At the beginning of 2026, the iron ore lump premium hit a year-low of $0.04/dmtu, while the price spread between PB lumps and PB fines narrowed to 65 yuan/mt, both at historically extreme lows. This extreme scenario was primarily driven by two overlapping factors: first, the sustained decline in premiums since H2 2024 prompted major mines to proactively reduce lump production; second, steel mill profits remained under pressure, lowering their usage ratio of lumps. The simultaneous contraction in both supply and demand jointly depressed the premium level. However, entering 2026, the market landscape reversed, and the lump premium began a rapid rebound. As of March 9, the US dollar lump premium had rebounded to $0.2/dmtu, up 280% from the year's low; by August 18, the 62.5% grade lump premium further climbed to $0.271/dmtu, surging 442% from the early-year low, forming a sharp "V-shaped" reversal. The price spread between PB lumps and PB fines is the most direct spot indicator for measuring the relative lump premium. Historically, this spread has operated within a range of approximately 80-500 yuan/mt: in H1 2021, when steel mill profits were high, the spread once approached a historical extreme of 500 yuan/mt; in 2025, it pulled back to a range of 70-220 yuan/mt, with a full-year average of around 128 yuan/mt. Entering 2026, port inventory of PB lumps climbed to a multi-year high at the beginning of the year, coupled with poor profitability at steel mills, the Qingdao Port PB lump-PB fines spread once dipped to a historical low of 65 yuan/mt. Thereafter, as steel mills gradually resumed production and hot metal output rebounded, lumps—benefiting from higher cost-effectiveness—saw a significant increase in demand. Meanwhile, adverse weather conditions in Australia during Q1 disrupted shipments, leading to a continuous drawdown in port lump inventory. Both supply and demand factors jointly drove lump premiums higher, and the lump-fines spread continued to widen. As of June 26, the PB lump-PB fines spread had expanded to 171 yuan/mt, up 105 yuan/mt from the year's low, an increase of 159%; by mid-August, the spread remained at a high range above 150 yuan/mt. 1.2 Pellet Premium: Second-Highest Increase, Remaining Strong Similar to the lump premium, the pellet premium has also shown strong performance since H2 2025, with a notably steeper upward slope especially after March 2026, though its increase was slightly less pronounced than that of the lump premium. Based on the low point of $11.64/mt in mid-2025, pellet premiums have continued to rebound driven by structural supply contraction, rising to around $23.8/mt by August, up about 35% from the beginning of the year and 104% from the 2025 low. The core driving force behind this round of premium rise stems from the deep resonance of triple supply shocks and low inventory patterns. On the supply side: ① The Middle East geopolitical conflict has caused the export volume of Middle East pellets to basically stagnate; ② Ukraine's Ferrexpo still operates only one production line, with H1 pellet production down 36% YoY; ③ India's pellet exports to China fell 33% YoY. Meanwhile, on the inventory side, pellet inventory at 47 ports was at the lowest level for the same period in nearly five years (3.78 million mt, down 700,000 mt YoY), providing solid bottom support for the premium center. 1.3 Concentrate Prices: Price Spread Between Domestic and Imported Ore Widens, Domestic Concentrate Remains Firm High-grade concentrate is the third variety with firm price performance, and its strength is mainly reflected in the simultaneous widening of the price spread between domestic and imported ore and the price difference between high and medium-grade ore. The price spread between the SMM domestic ore price index and the imported ore price index continuously expanded from 60 yuan/mt at the beginning of the year to 189 yuan/mt, and currently remains at around 150 yuan/mt; the price spread between Ukrainian concentrate and PB fines also widened from about 80 yuan/mt at the beginning of the year, reaching a maximum of 190 yuan/mt. The core driver of the upward shift in the price center of high-grade concentrate lies in the multiple contractions on the supply side. Specifically: ① Disruption of Middle East concentrate supply. Affected by the Middle East geopolitical conflict, the Strait of Hormuz was closed, and Middle East concentrate exports to China basically stalled. ② Phase tightening of domestic ore supply. After the Shanxi coal mine accident in late May, the national emergency management efforts were tightened, coupled with the nationwide environmental protection checks, some regions with concentrated small private mines (such as Liaoning, Hebei and parts of Shandong) saw significant production suspensions and reductions. In July, heavy rain and strict overloading checks further suppressed domestic ore production. ③ Simultaneous contraction of Ukrainian concentrate supply. In July, the Russia-Ukraine conflict intensified, and shipments of Ukrainian concentrate were also significantly affected. Under the resonance of triple supply shocks, both domestic and imported concentrate supply declined significantly, and port concentrate inventory continued to decrease to low levels, providing strong support for concentrate prices. Outlook for the Next Four Months and Supporting Views 1. High Probability of Peak in Lump Ore and Pellet Premiums, but Resilience Divergence In the short term, port inventories of lump ore and pellets are at low levels for the same period in nearly three years, and the supply side is unlikely to improve significantly in the short term; on the demand side, it is in the transition from off-season to peak season for end-users, and steel mills have expectations of growth in overall iron ore demand. Under the dual support of supply and demand, the premiums for lump ore and pellets still have strong bottom support in the short term. However, both premiums have already climbed to historically high percentiles, significantly weakening their cost-effectiveness. If the fundamentals marginally weaken, further upside room will be constrained. Looking ahead to Q4 , supply side is expected to see marginal growth. Starting from September, mines outside China will enter the push-for-target-at-quarter-end cycle, with shipments expected to rebound significantly. Coupled with the conclusion of annual long-term contract negotiations, lump ore supply is likely to become looser. On the demand side, it faces seasonal pullback pressure. Although there will be phased environmental protection-driven production restrictions in north China in November, end-use demand is also expected to weaken simultaneously, and hot metal production is expected to decline notably. The boost from environmental protection production restrictions to prices is expected to be limited. In summary, lump ore and pellet premiums still have some room to edge up in the short term, but the risk of retreating from highs in Q4 cannot be ignored. 2. Concentrate Prices: Supply Rigidity Persists, Medium and Long-Term Price Spread Under Pressure On the supply side, due to the continued impact of policies such as stricter emergency management, safety and environmental protection inspections, and severe crackdowns on overloading, domestic concentrate production is unlikely to see significant growth in the short term and is expected to remain stable over the next four months. For imported concentrate, the geopolitical conflicts in the Middle East and Russia-Ukraine are unlikely to ease in the short term, keeping imported concentrate supply in a tight pattern. With both domestic and outside China supply constrained, concentrate prices still have bottom support. However, the upside room is limited. On one hand, coke prices are about to increase, squeezing steel mill profits and potentially weakening their purchase willingness for high-grade concentrate under cost control pressure. On the other hand, with the gradual release of high-grade iron ore supply from Simandou, the price spread between domestic and imported ore faces a retreat risk over the medium and long term. In summary, concentrate prices are expected to consolidate on a subdued note at highs in Q4, with the price spread between domestic and imported ore likely to narrow gradually.

NALCO is expanding beyond aluminium production by developing technologies to recover critical minerals and value-added products from industrial waste.

[Major Producers’ Procurement Drove a Recovery in Pr-Nd Oxide; Metals Stopped Falling and Followed the Rise; Dysprosium Oxide Continued to Be Raised; Magnetic Material Scrap Stayed on the Sidelines] At present, the overall circulation frequency of rare earth ore remains poor, market trading is in a stalemate, and weaker oxide prices have led to a downward shift in the center of rare earth ore transaction prices.

According to data released by CAAM in August, in July 2026, China's hydrogen fuel cell vehicle production was only 67 units, a sharp YoY decline of 70.7%; sales were 138 units, down 51.4% YoY. From January to July, cumulative hydrogen vehicle production was 600 units and sales were 800 units, down 61.5% and 50.3% YoY respectively, with the overall market in a policy vacuum adjustment period after the conclusion of the first batch of demonstration city clusters. This week, China's alkaline electrolyzer market capacity remained at 43.77 GW, while the PEM electrolyzer market remained at 2.7 GW. This week, the 7.5 MW containerized alkaline hydrogen production equipment for Romania, manufactured by Peric Hydrogen Technologies Co., Ltd. (Handan) under the 718th Research Institute of China State Shipbuilding Corporation, has completed all production and acceptance and has been officially shipped. I. Project-Related Updates Ulanqab-Beijing-Tianjin-Hebei Hydrogen Pipeline (Third Change, Increased to 1,200 km): The National Development and Reform Commission (NDRC) and the National Energy Administration officially issued the "Oil and Natural Gas Development '15th Five-Year Plan'", which for the first time proposed "integration of oil, gas, hydrogen, ammonia, methanol, and storage and transportation systems", and clearly published the core parameters of the Ulanqab-Beijing-Tianjin-Hebei hydrogen pipeline in the key project table of the '15th Five-Year' oil and gas pipelines: total length of 1,200 km, pipe diameter of 457/610 mm, and designed transmission capacity of 500,000 mt/year. This is the third length change of the pipeline that can be traced — from the initial over 400 km, to 1,145 km, then to 1,132 km, and now finally set at 1,200 km. The project has been elevated to a national key project during the '15th Five-Year Plan', and is expected to accelerate into the substantive construction phase, becoming the starting point for building a national hydrogen storage and transportation backbone network. China Chemical Engineering Donghua Company (Shenneng Etuoke Banner Wind and Solar Power Hydrogen Production Integrated Green Ammonia Project): The hydrogen production engineering of the Shenneng Etuoke Banner Wind and Solar Power Hydrogen Production Integrated Green Ammonia Project, contracted by Donghua Company, reached an important period, with all 48 electrolyzers achieving stable full production and the entire process succeeding in one start-up, achieving "zero accidents and zero casualties". The 48 electrolyzers from five suppliers operated stably and synergistically on the same platform, verifying the full-cycle EPC management capability for hydrogen production from fluctuating power supply, marking that the hydrogen production station has comprehensive and stable hydrogen production capacity. Shanghai Electric (Taonan Phase II Project): The Taonan Green Hydrogen Coupled with Biomass Green Alcohol and Oil Integrated Project was officially launched. The project plans to produce 200,000 mt of green methanol and 10,000 mt of sustainable aviation fuel (SAF) annually, adopting Shanghai Electric's new-generation green fuel system solution, pioneering an off-grid green direct-connection mode, relying on "wind + solar + storage + biomass" multi-source green electricity supply, and equipped with key core technologies such as electrolytic water hydrogen production, pure-oxygen pressurized fluidized bed biomass gasification 3.0, CO₂-rich syngas methanol synthesis, and Fischer-Tropsch synthesis for SAF. The green methanol previously produced in the Taonan Phase I project has completed two large-scale bunkering operations at Shanghai Yangshan Port, setting a global record for the largest single green methanol bunkering volume. Zhensheng Biotechnology (Inner Mongolia) Co., Ltd.: The biomass green hydrogen and bio-based materials industrialisation project of Zhensheng Biotechnology (Inner Mongolia) Co., Ltd. has been filed. The project is located in Dalate Banner Economic Development Zone, Ordos, with a total investment of 450 million yuan. It plans to start construction in July 2026 and be completed in July 2028. The project uses agricultural and forestry residues and other biomass as raw materials, adopts a slurry process to produce biomass activated carbon powder, and then produces green hydrogen through entrained-flow gasification and other processes. After completion, it will produce 65,000 mt of green hydrogen, 300,000 mt of biomass alloy slurry, 30,000 mt of new humic acid organic mineral matrix, and 36,000 mt of guaiacol humic acid multi-nutrient medicinal fertilizer per year. Goldwind Science&Technology (Hinggan League Wind Power Hydrogen Production Phase III Project): The Hinggan League Ecological Environment Bureau has approved the "Environmental Impact Report for Hinggan League Goldwind Science&Technology Wind Power Hydrogen Production (Phase III) Project". Located in Hinggan League Economic and Technological Development Zone, Phase III does not occupy additional land. It will construct six electrolytic hydrogen production workshops, one hydrogen compression workshop, and supporting auxiliary facilities. The core hydrogen production equipment consists of 80 sets of 2,000 Nm³/h electrolysers, with a total hydrogen production capacity of 160,000 Nm³/h. Liaoyuan Tianying Hydrogen Energy Technology Co., Ltd. (Liaoyuan Tianying Green Hydrogen Refuelling Station Has Been Granted Filing): The project is located in Liaoyuan High-tech Industrial Development Zone, Jilin Province, with a total investment of 16.831 million yuan. It plans to start construction in September 2026 and be completed in April 2027. Main construction contents: one set of 45 MPa hydrogen storage bottle group (hydrogen storage: 259 kg), one set of 20 MPa hydrogen storage bottle group (hydrogen storage: 538 kg), one 1.6 MPa hydrogen buffer tank (14 kg), with a total hydrogen storage capacity of approximately 1,195 kg; configuration of two 45 MPa hydrogen compressors, two 20 MPa hydrogen compressors, and two 35 MPa hydrogen refuelling dispensers. The project is indirectly 100% owned by China Tianying Inc. Inner Mongolia Huadian (Damao Banner 1 GW Wind and Solar Power Hydrogen Production Integrated Project): Two sections of the Huadian Damao Banner 1 GW Wind and Solar Power Hydrogen Production Integrated Project have published bid result announcements, with a total amount of approximately 1.7 billion yuan. The first bid winner for Section 1 (PC construction general contracting) is China Huadian Engineering Co., Ltd., with a bid price of approximately 501 million yuan; the first bid winner for Section 2 (383 MW wind and solar power PC + hydrogen production station + 220 kV step-down substation) is China Energy Engineering Group Tianjin Electric Power Construction Co., Ltd., with a bid price of approximately 1.205 billion yuan. Baotou Haoyu New Energy Co., Ltd. (Baotou Haoyu New Energy Co., Ltd. Airport Road (Branch Station) Oil-Gas-Electricity-Hydrogen Integrated Energy Supply Station Project Change Has Been Granted Filing): The project is located in Donghe District, Baotou, with a total investment of 40 million yuan and a total land area of approximately 3,000 m². It will build one oil-gas-electricity-hydrogen integrated energy supply station, equipped with CNG refuelling facilities (daily gas supply volume: 10,000 m³), petrol refuelling facilities, eight fast charging piles, and hydrogen refuelling facilities (daily refuelling capacity: 500 kg). The project will be implemented in two phases. Shanghai Electric, Together With SIPG and France’s CMA CGM (Green Methanol Bunkering at Yangshan Port) : Shanghai Electric, together with SIPG and France’s CMA CGM Group, successfully completed batch green methanol bunkering at Shanghai Yangshan Port, with a total bunkering volume of 8,000 mt, setting a new global record for the highest single green methanol bunkering volume. The green methanol bunkered this time was mainly supplied by Shanghai Electric’s Taonan Green Methanol Project, marking the first large-scale verification since the “Green Fuel Transport Corridor” jointly built by Shanghai, Jilin, and Liaoning (the “north methanol to south transport” link of production in Taonan, Jilin—transshipment at Dalian Port—bunkering at Shanghai Port) was put into operation. II. Policy Review 1. The Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission (NDRC) issued the Notice on Agreeing to Carry Out Pilot Work on Comprehensive Hydrogen Energy Applications in Five City Clusters Including Beijing-Tianjin-Hebei, in principle approving five city clusters—Beijing-Tianjin-Hebei, the Greater Bay Area, Northeast (including eastern Inner Mongolia)—Yangtze River Delta, Xinjiang—Chengdu-Chongqing Twin-City Economic Circle, and the Yellow River “Ji”-shaped Bend—central China—to carry out pilot work on comprehensive hydrogen energy applications, with a pilot period of four years. The notice requires accelerating the implementation of four lists covering breakthroughs in hydrogen energy technology and equipment, hydrogen energy projects in the industrial sector, promotion of fuel cell vehicles, and construction of hydrogen refueling stations, and emphasizes preventing local protectionism, “small but comprehensive” approaches, herd behavior, and low-level redundant construction. Compared with the first batch of four city-cluster demonstrations in 2020, the center of this round of policy has shifted from “single demonstrations” toward “comprehensive applications.” 2. The National Development and Reform Commission (NDRC) and the National Energy Administration issued the “15th Five-Year” Plan for Oil and Natural Gas Development, which for the first time proposed “integrating oil and gas with hydrogen, ammonia, and methanol storage and transportation systems,” providing top-level design support for addressing storage and transportation bottlenecks in the hydrogen energy industry during the “15th Five-Year” period. The plan clearly states that it will “advance the construction of the Ulanqab—Beijing-Tianjin-Hebei hydrogen transmission pipeline,” and discloses in the key oil and gas pipeline project list for the “15th Five-Year” period that the pipeline will have a total length of 1,200 km, a diameter of 457/0.61 mm, and a designed transmission capacity of 500,000 mt/year. 3. The People’s Government of the Inner Mongolia Autonomous Region issued the Notice on Amending Certain Contents of Document No. 15 of the Inner Mongolia Government Office, deleting provisions in the 2022 Opinions on Promoting High-Quality Development of the Hydrogen Energy Industry such as electricity prices for production by hydrogen energy equipment manufacturing enterprises being benchmarked to electricity prices for strategic emerging industries, and the eastern region participating in market-based trading with a 100% new energy allocation. Hydrogen energy equipment manufacturing enterprises will no longer enjoy preferential electricity price policies and will revert to the market-based trading mechanism for ordinary large industrial electricity consumption. This move is seen as an important signal of Inner Mongolia's hydrogen energy industry shifting from a "policy incubation period" to "market-oriented competition", and will have a direct impact on the electricity costs and investment estimates of existing and planned hydrogen equipment projects in the short term. 4. The People's Government of Banan District, Chongqing issued the "15th Five-Year Plan for Comprehensive Transportation Development of Banan District, Chongqing (2026–2030)", proposing to build new hydrogen refueling stations along the Yuzhu Expressway, jointly create a "hydrogen corridor" cluster for the Western Land-Sea New Corridor; promote the use of green electricity and green electricity certificates in logistics hubs such as Chongqing Highway Logistics Base, explore the "PV+ESS+charging piles" model and green electricity hydrogen production; update and promote 400 pure electric and hydrogen fuel cell heavy-duty trucks; explore the application of methanol, hydrogen fuel and other power vessels. 5. The Greater Khingan Mountains Prefecture Administrative Office issued the "Guiding Opinions on Promoting the Application of Methanol Vehicles in the Greater Khingan Mountains Prefecture (Draft for Comments)", proposing to accelerate the construction of vehicle methanol fuel refueling systems, support the construction of integrated comprehensive energy stations for charging, refueling, gas filling, hydrogen refueling, and methanol refueling; increase the promotion and application of methanol vehicles in taxi, ride-hailing and other fields; encourage government agencies at all levels to purchase methanol vehicles as official vehicles. 6. The Ecology and Environment Bureau of Hinggan League approved the "Environmental Impact Report of the Goldwind Science&Technology Wind Power Hydrogen Production (Phase III) Project in Hinggan League", agreeing to the construction of Goldwind's wind power hydrogen production phase III project with a capacity of 160,000 Nm³/h. 3. Enterprise Dynamics Dongfang Electric (Chengdu) Hydrogen Energy Technology Co., Ltd.: Dongfang Electric announced that its board of directors approved the proposal for Dongfang Hydrogen Energy to carry out Series B financing, with the company and Dongfang Boiler simultaneously increasing capital. The financing amount is no more than 1.17 billion yuan. The company and Dongfang Boiler, together with external investors, will increase capital synchronously, maintaining a total shareholding ratio of 52.95%. This is the second central state-owned enterprise hydrogen energy subsidiary to launch large-scale financing in China, following SPIC's Guohydrogen Technology (which completed a 4.5 billion yuan Series B financing in December 2022 with a post-investment valuation of 13 billion yuan). It is regarded by the industry as a major positive signal of accelerated capitalization of central SOE hydrogen energy platforms. Dongfang Hydrogen Energy has built a full-chain business system covering hydrogen production, storage, refueling, hydrogen power generation, and fuel cells. As of 2025, it had put over 1,300 fuel cell vehicles into operation in 17 provinces and cities. SinoHytec: On August 15, it released an H-share announcement stating that for the six months ended June 30, 2026, the expected loss decreased by about 35%–45% compared to the same period in 2025. The main reasons are: deepening supply chain collaborative management and accelerating inventory turnover led to a YoY decrease in sales costs; continuing to reduce costs and increase efficiency resulted in a YoY decrease in operating expenses; the reversal of bad debt provisions recognized in prior years increased YoY; and the decline in shareholding ratios in certain associates led to a decrease in share of losses. Sinopec Sales Co., Ltd.: Huzhou Nanxun Xinshi Energy Technology Co., Ltd. was established with a registered capital of 5 million yuan, covering the sales of station-use hydrogen refueling and storage facilities as well as new energy vehicle battery swapping facilities. Zhejiang Xunkai Energy Technology Group Co., Ltd. and Sinopec Sales Co., Ltd. hold 51% and 49% stakes, respectively. Previously, on April 14, Sinopec Sales had established the joint venture Shaxing Juneng Energy Co., Ltd. in Chongqing. Leveraging its network of over 30,000 gas stations across China, Sinopec is accelerating the transformation of traditional fuel stations into integrated "oil, hydrogen, electricity, and services" energy stations. Suzhou CPU Hydrogen Power Technology Co., Ltd.: The winning bid result of the Harbin Institute of Technology (Weihai) water electrolysis hydrogen production test prototype project was announced. Suzhou CPU Hydrogen Power won the bid at 1.02 million yuan, procuring one set of nuclear energy alkaline electrolysis water system prototype (covering a full suite of equipment including electrolyzer, power supply, gas-liquid separation, thermal management, and control). This will serve scientific research experiments related to nuclear-coupled electrolytic hydrogen production, with delivery required within 3 months after contract signing. Changzhou Xingran Technology Co., Ltd.: The winning bid result of the electrolyzer (PEM water electrolysis hydrogen production equipment) procurement project of Shaanxi Yanchang Petroleum Materials Group Xi'an Co., Ltd. was announced. Changzhou Xingran Technology won the bid at 1.7775 million yuan. CIMC Green Hydrogen: CIMC Green Hydrogen, together with H2Terminals and Bonney Energy, advances the implementation of Australia's hydrogen refueling network, deepening cross-border strategic hydrogen energy cooperation. China Marine Bunker (PetroChina) Co., Ltd.: China Marine Bunker signed an agreement with Jiaze New Energy to deepen cooperation in the green fuel industry; successfully completed the methanol bunkering operation for the first 325k VLOC vessel, opening a new track for methanol bunkering; and participated in the launch ceremony of Shanghai Electric's green hydrogen-coupled biomass green alcohol-oil integrated project. Solid-State Hydrogen Storage Goes Global (China Technology Export): China's solid-state hydrogen storage technology secured its first order in Southeast Asia, accelerating global export from technical verification to engineering implementation; Hydrosys hydrogen energy equipment moves from over 180 domestic stations to Oceania, ushering in a new chapter of hydrogen equipment going global. 4. Patent Applications 1. Sichuan Qingyan Energy Conservation Technology Co., Ltd., Shenzhen Hangneng Hydrogen-Alcohol Energy Innovation Research Institute, and Chengdu Ruilingke Information Technology Co., Ltd. (China): Published patent CN122561833A, "A Process Method for Hydrogen Production via Microwave-Induced Alcohol Reforming." Through microwave irradiation, metal oxide catalysts are activated to generate local high-temperature hot spots, combined with electromagnetic heating preheating, enabling alcohol reactants and water vapor to undergo steam reforming reaction in a microwave cavity reactor to produce hydrogen. This method achieves efficient hydrogen production from organic matter under mild conditions. 2. Guang dong Yuntao Hydrogen Energy Technology Co., Ltd. (China): Published patent CN122560794A, "An AI Control Method and System for Fuel Cell Tractor Based on Route Planning." By predicting the tractor's upcoming operating conditions and power demand through a predictive network, a fuel-lithium dual-energy characteristic model was established. Based on MPC predictive control, the optimal fuel cell power distribution ratio and expected hydrogen consumption rate were output, achieving dual-energy synergistic energy efficiency optimization. 3. Jiangsu Enfang Zhixiang Technology Co., Ltd. (China): Published patent CN122576250A, "An Air-Cooled Hydrogen Fuel Cell System." By utilizing the fan's wind pressure to convert reactive liquid water into water vapor, heat inside the stack was removed through wind speed and phase change principles. Water recycling was achieved via a hydrophilic humidification layer and siphon structure, resolving the conflict between heat dissipation and humidification in air-cooled stacks. 4. Sunshine Hydrogen Energy Technology Co., Ltd. (China): Granted patent CN224628684U, "Separation Device." By adopting a multi-stage wire mesh droplet capture and cyclone structure, the device adapted to gas-liquid separation conditions at different power levels under variable load hydrogen production, resulting in more thorough separation of hydrogen and water vapor. 5. Dalian Dichuang Hydrogen Energy Technology Co., Ltd. (China): Granted patent CN224647096U, "A High-Pressure Alkaline Electrolysis System." By arranging a horizontal electrolytic alkali balancing tank with a slider, the electrolytic alkali circulation loops on the hydrogen side and oxygen side were separated, preventing mutual mixing of hydrogen bubbles and oxygen bubbles while achieving pressure balance of the alkali on both sides.

According to the latest data from the General Administration of Customs, China's copper scrap import market continued to recover in July 2026, with imports up both YoY and MoM.

At the 12th BRICS Environment Ministers' Meeting held under India's 2026 chairship in New Delhi, BRICS nations unanimously adopted a joint ministerial statement opposing the EU's CBAM, and inconsistent with international law, expressing concern over its impact on developing countries' climate efforts. CBAM entered its definitive phase on January 1, 2026, covering steel, aluminum, cement, fertilizers, hydrogen, and electricity. For India specifically, government data shows iron and steel exports to the EU declined 13% in the four months through April following CBAM's rollout, with an ICRIER study estimating a potential 24% long-term decline. The BRICS grouping — comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, UAE, and Saudi Arabia — collectively accounts for approximately 40% of global GDP.

This week, the industry chain exhibited a divergent trend. The lithium segment performed relatively strong. Lithium ore prices held firm, supported by tight spot cargo flows, price firmness at the mine end, and rigid procurement by salt plants; however, the squeeze of high-priced raw materials on smelting profits gradually emerged. Lithium carbonate first rose then fell, with downstream purchase willingness strengthening near 150,000 yuan/mt; market sentiment for lithium hydroxide recovered somewhat. The nickel salt and ternary chain were under pressure overall, with prices of nickel sulphate, ternary cathode precursor, and ternary cathode material weakening; export orders and demand for 9-series materials provided partial support. LFP maintained high activity, with industry effective capacity near full load; tight supply of iron phosphate became the main bottleneck, and cathode inventory continued to decline. Prices of anode, separator, and electrolyte were generally stable, but supply and demand for raw materials such as LiPF6 and VC tightened. Sodium-ion battery NFPP orders continuously exceeded existing capacity, and ESS battery cabin prices remained stable. The recycling market was affected by the decline in cobalt sulphate prices; transactions of ternary and LCO black mass became cautious. The industry as a whole remains in a phase of inventory adjustment and supply-demand rebalancing before the peak season.