SMM April 10 News: Dealers in Hunan reported that end-use consumption in the automotive storage battery market was weak, retailers were cautious in purchasing, and battery inventory exceeded one month. In addition, selling prices in the battery wholesale market remained unchanged for the time being, with the wholesale price of 6-QW-60Ah at 260-300 yuan/unit. Manufacturers in Zhejiang reported that the automotive storage battery market entered the traditional peak season, but orders in April weakened MoM. Coupled with mediocre battery exports, the current factory operating rate was at 60-70%, and raw material lead was mainly purchased through long-term contracts. Manufacturers in Hebei reported that replacement demand in the automotive storage battery market was weakening, while OEM orders were moderate. Currently, factories produced based on sales, with production line operating rates at around 90%, and raw material lead was purchased as needed.

Nickel Intermediate Product Market Weekly Review: Continued Weakness in Both Supply and Demand, MHP Payables Under Pressure

The planned rebar production in April was 8.0385 million mt, an increase of 103,500 mt or 1.30% from the actual production in March. The planned wire rod production in April was 2.9614 million mt, a decrease of 128,700 mt or 4.16% from the actual production in March. In April, the long product export scheduled production of sample steel mills was 791,000 mt, up 79,000 mt MoM, of which the steel billet export scheduled production was 420,000 mt, up 110,000 mt MoM.

According to SMM statistics, total construction steel inventory this week was 9.6697 million mt, down 311,200 mt WoW (-3.12%). Both mill inventory and social inventory continued destocking, though the pace of mill inventory destocking slowed down slightly.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, the PEM electrolyzer market remained at 2.7 GW, with no new capacity additions for the time being. Sungrow Hydrogen's alkaline electrolyzer systems and proton exchange membrane electrolyzer systems were simultaneously delivered to Oman, Europe, and South America; Trina Green Hydrogen delivered multiple sets of second-generation Tianqing series 1,000 Nm³/h alkaline electrolyzers to green hydrogen-ammonia-methanol projects in China; Hande completed the delivery of one set of 1 Nm³ PEM hydrogen production system to a Chinese university. Project-related developments: Shandong Energy Group Inner Mongolia Branch: The winning bid candidates for the 2026 Shenglu Power Plant hydrogen production station electrolyzer project were publicly announced. The first winning bid candidate was Beijing Mingyang Hydrogen Energy Technology Co., Ltd., and Tianjin Dalu Hydrogen Production Equipment Co., Ltd. ranked second. CNMC Orient Tantalum Industry: For the 50 m³ electrolytic hydrogen production and purification system, the first winning bid candidate was Tianjin Dalu Hydrogen Production Equipment Co., Ltd. with a bid price of 1.68 million yuan. The second and third candidates were Shenzhen Wenshi Hydrogen Energy Technology Co., Ltd. and Beijing Zhongdian Fengye Technology Development Co., Ltd., with bid prices of 1.79 million yuan and 1.99 million yuan, respectively. Beijing Zhongdian Fengye Technology Development Co., Ltd.: Officially signed a strategic cooperation framework agreement with Haitai New Energy. The in-depth cooperation will focus on five key areas: first, integrated development of PV-to-hydrogen systems to create standardized solutions; second, advancing integrated wind-solar-storage-green hydrogen projects to build benchmark projects in regions of China rich in wind and solar resources; third, conducting technology R&D and process optimization to overcome key technologies and jointly develop new energy hydrogen production process packages; fourth, leveraging both parties' resources for marketing and sales to jointly expand China and non-China markets; fifth, jointly applying for scientific research and industrial support projects and participating in the formulation of industry standards. CNOOC (Shanxi) Precious Metals Co., Ltd., Jinzhong City: Its Shanxi Province's first MW-class proton exchange membrane (PEM) water electrolysis hydrogen production unit was successfully commissioned. Zaoyang Tongda Passenger Transport Co., Ltd.: Issued a tender announcement for the procurement of 20 hydrogen energy buses. The procurement covers 20 hydrogen energy buses with a maximum price limit of 21 million yuan. The project does not accept consortium bidding. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Announced the signing of an agreement with its affiliated company GF Hydrogen Africa Sarl to provide a 20 MW green hydrogen production system for Morocco, with a total consideration of approximately $6.2 million. China Coal Shaanxi Energy Chemical Group Co., Ltd.: Published the transaction result announcement for the feasibility study report compilation service for the China Coal Shaanxi Xi'an Kang green electricity-coupled biomass-to-green methanol integration project. The supplier is Hualou Engineering Technology Co., Ltd. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: Its green electricity-green hydrogen shaft furnace reduction-electric furnace short-process all-green steel production line project released the winning bid announcement for the preliminary survey and mapping portion. The winning bidder was Tianjin Geological Engineering Survey and Design Institute Co., Ltd., with a winning bid amount of 3.0362 million yuan. It is reported that the tender for the civil construction portion of the project was completed in February. Inner Mongolia Huadian Huayang Hydrogen Energy Technology Co., Ltd.: The winning bid result for the survey and design service for the wind-solar-storage portion of the Inner Mongolia Huadian Damao Banner 1 million kW wind-solar-to-hydrogen integration project was announced. Power supply engineering: total new energy installations of 1,000 MW, including 700 MW wind power and 300 MW PV, with supporting construction of one 100 MW/200 MWh LFP battery ESS power station, two 220 kV step-up substations, access roads, collector lines, and other equipment and facilities. Hydrogen production plant: construction of 88 units of 1,000 Nm³/h water electrolysis hydrogen production equipment and supporting facilities, with an annual hydrogen output of 547 million Nm³; supporting construction of one 220 kV hydrogen production main step-down substation and other facilities and equipment. The total project investment is 6.7645 billion yuan, with 30% self-owned capital. Ordos Hanxia New Energy Co., Ltd.: At the hydrogen production plant of the Narisong PV-to-hydrogen industrial demonstration project in Jungar Banner, Ordos, Inner Mongolia Autonomous Region — the site of China's first 10 kt-class PV-to-hydrogen project — the first truckload of high-purity green hydrogen meeting the 99.999% national standard was successfully dispatched after completing the filling operation, marking the first shipment of 2026. Policy Review 1. The National Development and Reform Commission issued the "Standards for Determining Major Accident Hazards in the Electric Power Sector and Regulations on Governance, Supervision and Administration," Order No. 41 of 2026. The document states that under the major hazard determination standards, any of the following conditions occurring in the power grid or power equipment and facilities shall be determined as a major hazard, including: for DC ±800 kV and AC 1000 kV and above transformers (converter transformers), monitored acetylene content reaching 0.000005 liters per liter or weekly increment exceeding 0.000002 liters per liter, or hydrogen content exceeding 0.00045 liters per liter, or total hydrocarbon content exceeding 0.00045 liters per liter. 2. The Henan Provincial Development and Reform Commission issued a notice on the list of key construction projects in Henan Province for 2026. The document states that Henan Province has 1,418 provincial key projects for 2026 with a total investment of approximately 3.2 trillion yuan, aiming to complete annual investment of over 1 trillion yuan. 3. The General Office of the Gansu Provincial People's Government issued a notice on the implementation plan for accelerating scenario cultivation and opening up to promote large-scale application of new scenarios. The document states, in the clean energy sector, the plan is to promote the coordinated layout of "generation-grid-load-storage-production," accelerate the construction of industrial cluster scenarios for wind power, PV, concentrated solar power, hydrogen energy, energy storage equipment, and new energy battery industries. A number of green electricity direct-connection scenario projects are expected to be promoted, and new energy consumption models such as virtual power plants and smart microgrids are expected to be popularized. The plan is to accelerate the deployment of green electricity-to-hydrogen scenarios through multiple models including new energy direct supply, off-grid operation, and green electricity trading, expand the diversified application of green hydrogen in industry, transportation, energy storage, and power generation, and strive to build the Hexi "Green Hydrogen Corridor" innovation scenario. Enterprise Developments Shanghai Hydrogen Maple Energy Technology Co., Ltd.: Partnered with US-based Apollo Mechanical Contractors to secure a commercial order for low-temperature solid-state hydrogen storage technology from Klickitat Valley Health Hospital in Washington State, US. Its independently developed titanium-based solid-state hydrogen storage technology successfully entered the US application market. AiH2 Technology (Group) Co., Ltd.: Officially signed a cooperation agreement with Chongqing Wansheng Economic and Technological Development Zone. Both parties will leverage the by-product hydrogen resources of the Wansheng Economic and Technological Development Zone to build the largest kt-class magnesium-based solid-state hydrogen supply and storage base in south-west China. Huawang (Qingdao) Hydrogen Energy Technology Group Co., Ltd. : The groundbreaking ceremony for the hydrogen refueling station construction project at Qingdao Hydrogen Energy Industrial Park was officially held in Boli Town, West Coast New Area, Qingdao. Panzhihua Huacheng New Energy Co., Ltd. : The pre-acceptance work for the Madian hydrogen refueling station's liquid hydrogen and gaseous hydrogen expansion project was successfully completed. China Classification Society (CCS) Wuhan Branch : Officially issued a certificate of approval to CSSC 712 Research Institute, marking a key breakthrough in China's marine SOFC technology and entering a new stage of standardized and industrialised development. Yunnan Energy Investment Weixin Energy Co., Ltd.: Issued an inquiry letter for the procurement of hydrogen storage tanks for the turbine department, with a procurement quantity of 4 units. AECC Hunan Aviation Powerplant Research Institute: Its independently developed MW-class hydrogen-fueled aviation turboprop engine AEP100 successfully completed its maiden flight. The flight lasted 16 minutes and covered a distance of 36 kilometers. Shandong Hi-Speed Service Development Group Co., Ltd.: The winning bid candidates for the Phase II PEM water electrolysis hydrogen production and energy storage portion of the hydrogen highway and zero-carbon service area key technology integration and demonstration Gaomi Service Area hydrogen refueling station comprehensive utilization project were publicly announced. According to the announcement: the first winning bid candidate was Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd. with a bid price of 21.27 million yuan; the second winning bid candidate was Luyu Hydrogen Energy (Xiamen) Technology Co., Ltd. with a bid price of 21.95 million yuan; the third winning bid candidate was Jiangsu Huade Hydrogen Energy Technology Co., Ltd. with a bid price of 21.75 million yuan. Patent Applications 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences (China) published patent CN2025110028, developing a ceramic-based anion exchange membrane with a laboratory-tested lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode, a core part for seawater hydrogen production. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure to maintain the asymmetry of electron distribution. 3. The research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 5. Teams from Xi'an Jiaotong University and Peking University jointly developed a novel osmium-based catalyst, significantly improving AEM water electrolysis hydrogen production efficiency and economics, facilitating the scale-up of low-cost green hydrogen.

Aroma Solar has commenced operations at a 1.2 GW TOPCon solar module manufacturing facility in Karnal, Haryana. Billed as northern India's first fully automated, AI-driven production line, the plant produces 620 W to 635 W modules with up to 23.51% efficiency. Utilizing robotic automation and AI for quality control, the facility aims to minimize defects and enhance long-term performance. Moving forward, Aroma Solar plans to further expand capacity and is evaluating entry into solar cell and wafer production to increase vertical integration.

Over the past half-century of industrialisation, the global seaborne iron ore market took shape and solidified into a "duopoly" supply structure dominated by Australia's Pilbara region and Brazil's Carajás and Iron Quadrangle regions. However, with the evolution of macroeconomic cycles, the structural shift in China's economic growth momentum, and the historic imperative for the global steel industry to transition toward low-carbonisation and green development, this traditional supply landscape is undergoing an unprecedented reshaping. On November 26, 2025, as the first commercial vessel loaded with Simandou iron ore slowly departed Mabariya Port for the open sea, Guinea's Simandou iron mine officially commenced production. As the world's largest and highest-quality greenfield iron ore project, this milestone signalled the gradual rise of the African continent—long relegated to a secondary position—as an important emerging force in the global ferrous metals market. Why should we pay attention to the African market? The African continent's iron ore resources are regarded as the third most important region for global iron ore supply, after Brazil's Carajás region and Australia's Pilbara region. The sheer scale and high grade of its resources account for 13.8% of global iron ore resources. It is also set to be the primary supply-side growth driver over the next five years. Therefore, changes in African iron ore will long remain a key market determining international iron ore prices . This article provides a comprehensive analysis of the current status and landscape of African iron ore and select steel markets, offers an in-depth discussion of future development trends, and presents a data-driven outlook on market changes. I. Global Iron Ore Background According to SMM survey data, as of 2025, global iron ore production is estimated at approximately 2.472 billion mt. Of this, Africa contributed approximately 95 million mt, accounting for nearly 4% of total global production. With the successive commissioning of various large-scale mining projects, Africa's iron ore capacity is expected to double by 2030, reaching a scale of nearly 259 million mt. Assuming no production cuts in other regions, Africa-produced iron ore's global market share is expected to rise to nearly 10%, while the global iron ore market's oversupply is estimated to increase to approximately 220 million mt. (Chart-1: Balance Sheet) Although the international iron ore market has already entered a prolonged cycle of loose supply, the substantive supply shock from African iron ore is expected to materialise gradually only over the next five years. In the short term, based on an estimated 15 million mt of new African shipments in 2026, their outstanding high-grade characteristics are expected to quickly meet steel mills' current demand for low-carbon ore blending, allowing the market to absorb them smoothly, with a relatively mild impact on absolute international iron ore prices. The key point to watch will be from 2028 to 2029. As railway, port, and other infrastructure facilities still under development in Africa are fully connected, the surge in high-grade iron ore production will exert heavy downward pressure on the right side of the global iron ore cost curve. This will not only systematically push down the price center of iron ore but also trigger intense structural squeeze; that is, the survival space for low-grade, high-cost mines will be significantly compressed. This price downcycle is expected to persist through 2028. When international ore prices fall below the marginal cost support level of $90/mt, non-mainstream small mines on the far right of the cost curve will be forced to shut down and exit the market. By then, the global iron ore supply landscape will have completed a new round of reshuffle, re-forming a multi-oligopoly ecosystem dominated by ultra-large, low-cost mines (including new African mines), supplemented by quality mid-sized mines. (Chart-2: Price Forecast Curve) II. African Market Current Landscape: South Africa as the Dominant Leader with Multiple Strong Players, West African Countries Actively Expanding Having analyzed the foundation of the global iron ore market landscape, the focus will now shift to the overall situation in Africa. As the primary driving force behind supply growth over the next five years, Africa's iron ore production is concentrated in West Africa and South Africa. Currently, Africa is dominated by three major countries. Among them, South Africa is the largest producer, with production reaching approximately 67 million mt in 2025, and its export shipments firmly hold an absolute dominant position of approximately 65% of Africa's total iron ore exports. However, constrained by potential structural limitations, the future organic growth potential of South Africa's iron ore industry is relatively limited. As major iron ore projects in other emerging resource-rich African countries successively come into production and release capacity, South Africa's share in Africa's overall export market is expected to face sustained contraction. Next is Mauritania, as Africa's second-largest iron ore producer, with production of 15 million mt in 2025 and export volumes of approximately 12 million mt, accounting for 12% of the African market. Mauritania borders the Atlantic Ocean, possesses abundant high-grade iron ore deposits deep in the Sahara Desert, and enjoys exceptionally favorable geographic location and mineral resources. Moreover, it is within close proximity to European and Middle Eastern markets that urgently need green industrial raw materials, providing it with unique advantages for absorbing the global transfer of green metallurgical capacity. It will be a highly promising iron ore supplier in the future. In addition, Sierra Leone, as another important supply hub in the region, also has an expected production of 12 million mt in 2025, holding a stable share of approximately 12% in the African export market. Chinese-invested iron ore mines within the country are actively expanding their operations. Macro trade flow perspective, based on full-year 2024 trade data, the proportion of African iron ore shipped to the Chinese market was relatively low compared to traditional mainstream mining regions, accounting for only about 60%, while the broader Asian market encompassing China, Japan, and South Korea collectively absorbed approximately 70% of African iron ore shipments. Meanwhile, Western European countries represented by the Netherlands and Germany constituted the core secondary shipping destination for African iron ore, with a trade flow share of nearly 14%. The remaining marginal trade flows exhibited a diversified pattern, radiating broadly to emerging steel capacity clusters in the Middle East, including Bahrain, Oman, and Saudi Arabia. (Chart-3: African Iron Ore Market Overview) Enterprise level, Kumba Iron Ore and Assmang , both based in South Africa, became Africa's largest and second-largest iron ore producers with annual production of 37 million mt and 17 million mt, respectively. Kumba's mines such as Sishen are globally renowned for producing high-grade fines (>62%) and premium lump with excellent physical and metallurgical properties (Premium Lump, Fe 65.2%). Under the current trend of blast furnace emission reduction, this type of lump ore that can be directly charged into furnaces and reduce sintering carbon emissions has been highly sought after by the market, commanding a significant premium. Assmang also possesses high-quality iron ore assets, jointly controlled by African Rainbow Minerals (ARM) and Assore at a 50:50 ratio. Its Assmang fines and Assmang lump (grade at 64-65%) are also high-quality direct furnace charge materials. However, for this enterprise, the biggest bottleneck lies not at the pit head but on the rails. Heavy reliance on Transnet's rail shipping capacity means that logistics bottlenecks frequently cap its shipment volumes. SNIM (Société Nationale Industrielle et Minière de Mauritanie) is Mauritania's state-owned mining company and Africa's third-largest iron ore producer after the two South African companies. Unlike mainstream Australian and Brazilian ore, SNIM's products occupy a unique niche in terms of physicochemical specifications and market segmentation. Its most widely traded product is TZFC fines, characterized by extremely low aluminum (Al2O3) and phosphorus (P) content. As an excellent blending raw material, major steel mills prefer to blend SNIM ore fines with high-aluminum Australian fines (such as certain Pilbara blend ores) to significantly dilute the impurity ratio in furnace charge and optimize blast furnace performance. (Chart-4: Top-Tier Enterprises) III. Transformation of the African Market: Major Producing Countries May Stagnate While Emerging Projects Become Key Growth Drivers So where will future growth come from? According to SMM observations, the African market is expected to undergo significant structural changes over the next five years. Multiple large-scale iron ore projects across African countries are already under construction and plan to commence production before 2030. Based on estimates, Africa's iron ore supply is expected to grow substantially from approximately 95 million mt currently to 260 million mt over the next five years, representing a cumulative increase of up to 85%. The market landscape will also shift from South Africa-dominated exports led by Western players to Guinea-dominated exports. (Chart-5: African Market Production Trend) The primary growth driver will come from Guinea in West Africa. The country's renowned Simandou iron ore mine, jointly developed by multiple enterprises, is currently the world's largest undeveloped high-grade open-pit hematite deposit. With resource reserves exceeding 5 billion mt and a designed capacity of 120 million mt, it is the project with the greatest strategic potential to reshape the existing iron ore market landscape. Since the first ore shipment in late November 2025, as of Q1 2026, Simandou's main export port, Morebaya Port, has cumulatively shipped nearly 1.6 million mt. Blocks 1 and 2, developed under the leadership of the Winning Consortium Simandou (WCS), have been successfully commissioned, with 2026 capacity expected to be achieved and shipments expected to reach full production of 60 million mt within the next 2–3 years. Blocks 3 and 4, which are expected to commence production in Q1 2026, are led by Simfer (a Rio Tinto & Baowu joint venture) and are expected to ship 5 million mt of ore in 2026, reaching full production of 60 million mt over 30 months. In other words, Guinea is expected to reach 120 million mt before 2030, vaulting to become the world's second-largest iron ore project, behind only Brazil's S11D project (with a post-expansion designed capacity of 200 million mt, expected to commence production in 2030). Other countries such as Liberia, Gabon, Sierra Leone, and Congo Republic all have iron ore projects under development, with a combined capacity of approximately 46 million mt planned to commence production by 2030. The largest among these is the Tokadeh Phase II project (Tokadeh Phase II) in Liberia, owned by ArcelorMittal (AML), which is expected to commence production in H2 2026 and reach full production of 20 million mt capacity by year-end, with iron ore concentrate expected to exceed Fe 66%. Given that AML's steelmaking capacity in Europe cannot absorb such a massive increase in the short term, the majority of Tokadeh 's products are expected to flow into the international market for trading, exerting downward pressure on iron ore concentrate prices. Currently, the largest exporting country, South Africa, is expected to largely maintain its production within the range of 63–67 million mt, with a risk of slight decline. The primary reason is that South Africa's iron ore transportation is highly dependent on the heavy-haul railway line (TFR) from Sishen to Saldanha Port. In recent years, Transnet Freight Rail (TFR), under South Africa's national transport company Transnet, has seen a significant decline in transport capacity due to numerous issues including locomotive and rolling stock shortages, frequent cable theft, and prolonged underinvestment in infrastructure, resulting in severely reduced transportation capacity for major bulk commodities such as iron ore and coal. South Africa's largest iron ore mine, Kumba, in its 2025 year-end financial report released in February 2026, indicated that its total finished product inventories reached as high as 7.5 million mt , increasing rather than decreasing compared to 6.9 million mt at the end of 2024. As railway transport capacity failed to match mine production capabilities, major South African iron ore producers were forced to accumulate large inventories at mine sites. To prevent inventory overflow, miners had to proactively lower production guidance. Although miners have been working to address transportation issues, the deep-rooted railway problems are difficult to resolve in the short term. Beyond 2030, there is also Mauritania's SNIM strategic growth blueprint. In the first phase (Horizon 1), the company plans to raise annual capacity to 45 million mt by 2031 through implementing lean production, equipment and technology upgrades, and joint development of new reserves. Of this, 20 million mt will be absorbed by SNIM's own wholly-owned capacity, while another 25 million mt will be achieved through attracting international capital to form joint ventures. Furthermore, SNIM has even set its sights on 2045 (Horizon 3), formulating a long-term goal of raising annual capacity to 80 million mt . In addition, there is the MIFOR project in the DRC. On March 26, 2026, the DRC signed a relevant memorandum of understanding with China, and the MIFOR project was listed as a flagship project with priority support. The mine is estimated to hold cumulative resources of 15 billion to 20 billion mt, with an average grade exceeding 60%. Its potential scale is considered to be approximately 2.5 times that of the Simandou project in Guinea. The first phase of the project is expected to cost $28.9 billion, involving the construction of a heavy-haul freight railway combined with Congo River shipping, ultimately connecting to the Banana deep-water port on the Atlantic coast. Initial annual production is expected to be 50 million mt, with a long-term goal of expanding to 300 million mt per year . All these projects are destined to make Africa an indispensable source of iron ore supply in the future. (Chart-6: Selected African Iron Ore Projects) IV. Global Steel Industry Chain Transformation: Will Africa, as a Hub of High-Grade Ore, Empower DRI Production? Notably, most of Africa's currently operating and planned iron ore projects have an average total iron grade (Fe) largely above 65% , with extremely low impurity content. This scarce high-grade ore is an ideal raw material for the direct reduced iron (DRI) process. As the DRI-EAF green steel route gains traction in Europe, the US, and China, future demand for iron ore with grades of 65% and above will surge exponentially. This will confer an exceptionally high "grade premium" on major iron ore projects including South Africa's Kumba, Guinea's Simandou, and other mines coming into production in the future. In the long run, the pricing benchmark for iron ore is inevitably shifting away from the traditional Platts 62% index, and African miners will gain bargaining leverage when renewing long-term agreements, thereby reshaping the global industry chain profit distribution landscape. In line with the global carbon neutrality trend, international investors, encouraged by local governments, are actively deploying high-value-added processing facilities, including DRI plants and high-grade pellet plants, aiming to fully leverage Africa's abundant high-grade iron ore resources and enormous energy potential for DRI production. Based on SMM's observations, approximately 200,000kt of DRI capacity is expected to emerge in Africa by 2030. The largest project among them is an 8.1 million mt DRI complex located in Libya, a joint venture between Turkish steel mill Tosyali and Libya's national steel company. (Chart-7: African DRI Projects) As China advances its "dual carbon" goals, the steelmaking industry is undergoing corresponding adjustments. China has set out a strategic blueprint for carbon peaking by 2030 and carbon neutrality by 2060. The traditional high-carbon-emission long-process steelmaking route dominated by blast furnace-converter operations is facing extremely stringent capacity replacement policies and environmental protection regulations. Meanwhile, the global trade system is also accelerating the imposition of carbon costs — for example, the implementation of the EU's Carbon Border Adjustment Mechanism (CBAM) — compelling the global steel supply chain to accelerate its transition from the source toward a low-carbon or even zero-carbon "green steel" era. Under this irreversible transformation trend, the short-process route combining DRI with electric furnace (EAF) has become the most commercially feasible decarbonization pathway. To meet the surging global demand for green steel in the future, market forecasts indicate that by the 2030s, global DRI designed capacity will need to increase by hundreds of millions of metric tons. This dramatic expansion in production scale will profoundly reshape the global steel supply landscape. The share of traditional pig iron production will gradually decline, while low-carbon DRI supply will directly determine the competitiveness of major economies in the global green steel market. In particular, the "hydrogen metallurgy" technology, which uses green hydrogen to replace natural gas and coal for iron ore reduction, is widely recognized by the industry as the core to achieving ultimate zero-carbon steelmaking. (Chart-8: Reshaping of the Steel Industry Chain Under Green Transformation) Represented by world-class high-quality iron ore projects such as Simandou in Guinea, the gradual commissioning of these super mines is expected to inject over 100 million mt of high-grade iron ore supply into the global market annually, significantly alleviating the global shortage of DRI-grade ore. More critically, North Africa and West Africa possess solar and wind energy potential that is second to none globally, enabling large-scale green hydrogen production at extremely low costs locally. This perfect combination of "high-grade ore + affordable green hydrogen" has led multinational capital and steel giants to increasingly favor establishing DRI production lines directly on African soil, reducing iron ore locally into low-carbon Hot Briquetted Iron (HBI) that is convenient for transport, before shipping it to electric furnaces in Asia and Europe for smelting. As a result, Africa will formally transition from the old era to become an indispensable part of the green iron production chain.

The 2026 SMM (21st) Lead & Zinc Conference and Industry Expo opened grandly at Howard Johnson Agile Plaza in Chengdu, Sichuan during March 25–27 2026. Organized by SMM, the event brought together global enterprises, professional experts and industry peers from across the entire lead and zinc supply chain. Participants focused on industry hot topics, analyzed market trends and explored development strategies, establishing a highly efficient platform for communication and collaboration to support high-quality growth of the sector. To further strengthen the overseas delegation’s comprehensive understanding of China’s lead and zinc industrial chain and build closer connections between international industry peers and key producers in China, SMM led a high-level overseas delegation on a multi-day industrial tour starting on the afternoon of March 27. The delegation included representatives from global giants, such as Nyrstar, a top European lead and zinc smelting firm, Nexa Resources, a South American giant in lead-zinc mining and smelting, and Befesa, a pioneer in zinc recycling. During the tour, the delegation visited 8 Chinese enterprises. including: COSCO Shipping Sichuan Chengtun Zinc & Germanium Technology Sichuan Kunshun Zinc Industry Yunnan Luoping Zinc & Electricity Hongzhou Hongqian Nonferrous Chemical Yunnan Zhenxing Industrial Group Mengzi Mining & Metallurgy Danxia Smelter of Shenzhen Zhongjin Lingnan Nonfemet The delegation members went deep into production sites, held in-depth discussions and exchanges, and gained a full picture of China’s lead and zinc industry in terms of production operations, technological innovation, capacity scale and market layout, greatly enhancing their insight into and understanding of the entire industrial chain. SMM has systematically compiled detailed information of all enterprises that were visited during this tour, with details below: COSCO Shipping On the afternoon of March 27, the delegation visited COSCO Shipping for an exchange, where they received a warm welcome from the company's leadership. Both sides engaged in discussions on topics such as equipment transportation and technological upgrades. Sichuan COSCO Shipping Logistics Supply Chain Management Co., Ltd. is a wholly-owned subsidiary of COSCO Shipping Logistics Supply Chain Co., Ltd., registered and established in Chengdu, Sichuan Province, with an investment of 30 million yuan. COSCO Shipping Logistics Supply Chain Co., Ltd. is affiliated with China COSCO Shipping Corporation Limited and serves as a core member of the "shipping, ports, and logistics" segment of COSCO Shipping Group, as well as an important component of its global digital supply chain system. The company operates warehouse space exceeding 6 million m², including 19 futures delivery warehouses. China COSCO Shipping Corporation Limited is a globally leading shipping enterprise group, with a combined fleet capacity of 130 million DWT across 1,535 vessels, ranking first in the world. Sichuan COSCO Shipping Logistics Supply Chain Management Co., Ltd. holds business qualifications and an operational scope covering multiple transportation modes including sea, land, air, and rail, providing comprehensive logistics services spanning both international and Chinese markets. Since entering the non-ferrous metals delivery warehouse business in 2016, the company has adhered to the principle of "client-centered and market-oriented," continuously enhancing its service capabilities and achieving steady business growth. Currently, at key logistics periods such as Shanghai Baoshan, Shanghai Yangshan, and Yixing in Jiangsu, the company successfully operates delivery warehouses designated by the Shanghai Futures Exchange for copper, nickel, zinc, and other products. It has become one of the three major non-ferrous metals warehouses of SHFE and was honored with the title of "Top Ten Designated Non-Ferrous Metals Delivery Warehouses" by the Shanghai Futures Exchange for two consecutive years. Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. On March 28, the delegation visited Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. (Shimian City). Both sides engaged in in-depth exchanges on the development of the zinc smelting industry, with a focus on thorough discussions regarding product processing, production techniques, capacity scale, market trends, and the current challenges facing the industry. Sichuan Chengtun Zinc & Germanium Technology Co., Ltd. was established on December 6, 2015, with a registered capital of 1.6 billion yuan. The company has an annual capacity of 300,000 mt of electrolytic zinc, 150,000 mt of sulphuric acid, 400,000 mt of electrolytic zinc waste residue processing, and 40 mt of high-purity germanium dioxide. On January 16, 2019, the company was approved by the China Securities Regulatory Commission and merged into the publicly listed firm Chengtun Mining Group Co., Ltd. The company's main business includes smelting and R&D of zinc-germanium series products, as well as comprehensive recovery of multiple metals. It has formed a complete industry chain from zinc concentrates entering the plant to finished products leaving the plant. Its production lines include zinc calcine, electrolytic zinc, electrolytic zinc waste residue processing, and comprehensive recovery of rare and precious metals. Sichuan Kunshun Zinc Industry Co., Ltd. (Shimian City) On March 28, the delegation headed to Sichuan Kunshun Zinc Industry Co., Ltd. (Shimian City) for a visit and exchange, where they received a warm reception from the enterprise. Both parties held in-depth discussions and exchanges on zinc smelting, covering topics such as production costs, production and market landscape, raw material procurement and processing, industry chain competitive advantages, and distinctive process technologies. Sichuan Kunshun Zinc Industry Co., Ltd. is a specialized and green environmental protection enterprise jointly invested and established by Sichuan Metallurgical Holding Group Co., Ltd. and Shimian Dongshun Zinc Industry Co., Ltd. to implement the national green production philosophy, actively develop the circular economy, and promote the comprehensive utilization of solid waste resources. It integrates solid waste treatment, recycling, and resource regeneration. The company primarily uses high-tech methods to carry out clean utilization and harmless treatment of heavy metal-containing waste generated by industries such as metallurgy and chemicals, eliminating the environmental impact of heavy metal solid waste at the source. The company was established in 2021 and is located in Zhuma Industrial Park, Shimian County, Ya'an City, Sichuan Province, covering an area of 65 mu with a total investment of 180 million yuan. The company has built a 3.5m × 50m Waelz rotary kiln production line, equipped with advanced and well-established low-grade zinc oxide production technology, achieving a resource recovery utilization rate of over 95% and effectively managing waste gas, noise, solid waste, and groundwater risks. It is also equipped with supporting facilities including desulphurization, denitrification, and flue gas defogging towers, as well as a wastewater treatment station, raw material warehouse, raw material pre-washing workshop, water slag processing workshop, biomass semi-gasification furnace, zinc crystallized salt workshop, production safety and environmental protection center, and laboratory for detection and testing. The company holds qualifications for treating hazardous waste categories including HW12, HW17, HW23, HW48, and HW49, with an annual capacity to process 100,000 mt of zinc-containing waste. Its main products include low-grade zinc oxide and zinc crystallized salt. The company has always upheld the green and environmentally friendly development philosophy, adhering to the fundamentals of "being responsible for the environment, for clients, and for employees," guided by technological innovation, and targeting the "reduction, recycling, and detoxification" of solid waste pollution prevention and control. The company is committed to building a modern "solid waste" management and disposal service provider, actively carrying out emergency environmental protection disposal, proactively assuming social service functions, and making positive contributions to promoting the circular economy development in Sichuan and strengthening the ecological civilization construction of lucid waters and lush mountains! Yunnan Luoping Zinc & Electricity Co., Ltd. (Qujing City) On March 30, the delegation visited Yunnan Luoping Zinc & Electricity Co., Ltd. (Qujing City) for exchanges. During the meeting, both sides conducted in-depth discussions on key topics including magnesium removal process optimization, production management organization, and raw material substitution plans, and put forward constructive suggestions on improving the plant environment. Yunnan Luoping Zinc & Electricity Co., Ltd. was established to fully leverage Luoping's local hydropower and lead-zinc mineral resource advantages. In accordance with the "ore, electricity, and smelting integration" development strategy proposed by the Luoping County Party Committee and County Government, and the overall requirements of the Municipal Party Committee and Municipal Government for the reform of industrial enterprises across the city, the company was registered and established at the Yunnan Provincial Administration for Industry and Commerce on December 21, 2000. It was listed on the Shenzhen Stock Exchange A-share market in 2007 and is a state-controlled enterprise under Luoping County. The company's assets are an optimized combination of three components: hydropower, lead-zinc mines, and zinc smelting. In terms of company assets, they are primarily composed of three advantageous resources of Luoping: mineral, hydropower, and zinc smelting. These mainly include six production units: Luoping County Fule Lead-Zinc Mine with an annual processing capacity of 100,000 mt of raw ore, Lazhuang Power Plant with annual power generation of 250 million kWh (installed capacity of 60,000 kW), a zinc smelter with an annual output of 120,000 mt of electrolytic zinc, a zinc powder plant with an annual output of 12,000 mt of ultra-fine zinc powder, a comprehensive utilization plant with an annual processing capacity of 129,500 mt of zinc slag, and a sulphuric acid plant with an annual output of 140,000 mt of sulphuric acid, achieving a total annual industrial output value exceeding 2 billion yuan. The company has six wholly-owned subsidiaries. The company's main businesses include hydropower generation, mining of lead, zinc, and other non-ferrous metals, as well as the production and sales of zinc smelting and its extended products. It is currently the only publicly listed firm in China's zinc smelting industry that integrates mining, power generation, chemical processing, and smelting. Its products include zinc sulphide concentrates, lead concentrates, zinc ingots, industrial sulphuric acid, ultra-fine zinc powder, cadmium, germanium concentrates, silver concentrates, copper concentrates, zinc alloys, industrial and residential electricity, edible oils and fats, among others. Its main product, "Jiulong" brand zinc ingots, is popular in non-ferrous product markets in and outside China thanks to its superior product quality and corporate reputation. Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. On March 31, the delegation visited Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. for exchanges. The two sides held in-depth discussions on topics including the economic benefits of smelting by-products, energy utilization efficiency, the current status of enterprise development, and future cooperation intentions. Honghe Prefecture Hongqian Non-ferrous Chemical Joint-Stock Co., Ltd. was established on August 1, 2007, with a registered capital of 50 million yuan. The total investment in project construction was 475.5543 million yuan. The company currently has over 600 employees and covers an area of 443 mu. The plant is located in the Heishenmiaobo Industrial Zone, situated in the central area of the Gejiu-Kaiyuan-Mengzi urban cluster. The company is a new-type joint-stock enterprise centered on crude lead smelting, integrating sulphur dioxide acid production, waste heat power generation, lead electrolysis, and recovery of precious and rare metals such as gold, silver, antimony, and bismuth, with further extension into deep processing of lead-series products including red lead, massicot, electrode plates, and storage batteries. It is a benchmark enterprise among private lead smelters in the city, featuring a relatively large scale, advanced technology, compliance with environmental protection standards, comprehensive utilization of resources, and a complete industry chain. The company pioneered the application of new technologies to upgrade and transform the traditional crude lead smelting model among private enterprises in the city. The company has formulated the working philosophy of "prioritizing environmental protection, ensuring safety, attracting talent, enforcing strict management, and enhancing efficiency," and continues to drive high-quality development. In April 2007, the company commissioned China ENFI Engineering Technology Co., Ltd. to conduct a feasibility study on the lead smelting technological transformation project, and determined a comprehensive industrial facility technological transformation project with a total investment of 490 million yuan and an annual capacity of 60,000 mt of crude lead. On December 21, 2009, the "Demonstration Project of Oxygen-Enriched Bottom-Blowing Lead Smelting Technology with Annual Output of 60,000 mt of Crude Lead" was designated by the Provincial Department of Science and Technology as a 2009 Yunnan Provincial Science and Technology Innovation Project. In 2010, it was further designated as a key industrial project by the provincial, prefectural, and municipal governments. On November 14, 2011, the company obtained ISO9001:2008 quality management system certification. On March 7, 2012, "HSPb99.94PCT" was successfully registered on the London Metal Exchange. In 2019, the company successively passed the safety completion acceptance and environmental impact assessment completion acceptance, fully achieving compliant operations and sustainable development. Yunnan Zhenxing Industrial Group Co., Ltd. On March 31, the delegation headed to Yunnan Zhenxing Industrial Group Co., Ltd. for a visit and exchange. Both parties conducted in-depth discussions on topics including Yunnan Province's mineral resource endowment, smelting industry development trends, corporate business strategies, and technological innovation applications, jointly assessing the current status and prospects of the industry and analyzing the challenges and opportunities ahead. Yunnan Zhenxing Industrial Group Co., Ltd. (hereinafter referred to as "the Group") was founded in 1996 and is located in the Chongposhao New Materials Industrial Park, Shadian Sub-district Office, Gejiu City. The Group currently has 7 subsidiaries, 2 holding companies, and 1 equity-participation company, with approximately 3,000 employees. Its capacity reaches annual output of crude lead (100,000 mt), electrolytic lead (60,000 mt), zinc ingot (20,000 mt), lead-acid battery plates (9 million sets), lead-acid batteries (6 million units), superphosphate (350,000 mt), sulphuric acid (200,000 mt), and monoammonium phosphate (MAP) (60,000 mt). The Group has established five major production sites and five major product brands covering crude lead raw material, lead-zinc smelting, power supply manufacturing, fertilizer and chemical production, and resource recovery. It has formed an internal industrial cycle spanning lead ore mining—lead-zinc smelting—lead-based alloy melting—battery manufacturing—waste battery recycling—precious metals production, making it one of the few private non-ferrous enterprises in China with a complete lead industry chain. Since 2013, the Group has been consecutively recognized as one of the Top 100 Non-Public Enterprises in Yunnan Province. In 2025, it ranked 41st among the "Top 100 Non-Public Enterprises in Yunnan Province" and was selected for the first time into the "Top 20 Private Enterprises in Innovation Capability," ranking 7th. Yunnan Shadian Lead Industry Co., Ltd., a subsidiary controlled by the Group, ranked 71st. The Group has received nearly 100 honors at various levels, including "High-tech Enterprise," "Outstanding Private Technology Enterprise," "Enterprise with Harmonious Labor Relations," "Provincial Model Collective for Ethnic Unity and Progress," and "Key Enterprise for Industrial Development in Honghe Prefecture" in Yunnan Province. The Group's Yunsha brand lead ingot was successfully registered on the London Metal Exchange in 2007 and on the Shanghai Futures Exchange in 2020. In 2021, the Group was rated AAA in enterprise credit rating in the national non-ferrous metals industry. In August 2024, it was designated as a "Qiangyuan Zhuqi" Industry-Finance Service Base by the Shanghai Futures Exchange. Looking ahead, the Group will pursue the philosophy of "seeking survival, pursuing development, and accelerating enterprise transformation and upgrading," adhering to the working approach of "rooting in Honghe, basing in Yunnan, radiating to surrounding regions, and expanding across China." It will thoroughly implement strategies of enterprise management transformation, technology-driven development, talent empowerment, and sustainable development, striving to achieve significant increases in capacity and production of major products by 2035, with gross industrial output value up YoY, and to build itself into a 10 billion green lead-zinc comprehensive recycling technology enterprise. Mengzi Mining and Metallurgy Co., Ltd. On March 31, SMM and the field trip delegation headed to Mengzi Mining and Metallurgy Co., Ltd. for a visit and exchange. Both parties engaged in in-depth discussions on the entire zinc smelting process, covering topics including production technology, raw material supply, product sales, environmental protection governance, and future development plans, aiming to share experience, address industry pain points, and jointly clarify the direction of development. Mengzi Mining and Metallurgy Co., Ltd. was established in 1996. It is a resource-based mining and metallurgy enterprise integrating R&D, exploration, mining, mineral processing, smelting, and trading, with a focus on comprehensive utilization of resources. The company is one of the few comprehensive private enterprises in the non-ferrous metal industry that possesses an entire industry chain and operates independent trading and supply chain business platforms. It is among the top 100 enterprises in Yunnan Province and a key enterprise in Honghe Prefecture. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. — Danxia Smelter On April 2, the SMM delegation visited Zhongjin Lingnan's Danxia Smelter for a survey and field trip to the core plant area. In-depth discussions were held on production operations, technological R&D, and raw material procurement, covering key topics such as production capacity, technical cooperation, and raw material procurement strategies. Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. (hereinafter referred to as "Zhongjin Lingnan") was established in September 1984 and listed on the Shenzhen Stock Exchange in January 1997 (stock code: 000060). It is an internationalized entire industry chain resource company primarily engaged in lead, zinc, and copper mining, mineral processing, and smelting, as well as comprehensive recovery of rare, scattered, and precious metals. It is a publicly listed firm controlled by Guangsheng Holdings Group, a key wholly state-owned enterprise under Guangdong Province. Zhongjin Lingnan's business covers segments including mines, smelting, new materials, and supply chains. It has 23 directly affiliated enterprises, wholly-owned and controlled subsidiaries. Major operating entities include Fankou Lead-Zinc Mine, Shaoguan Smelter, Danxia Smelter, Zhongjin Copper Co., Guangxi Mining Co., Perilya Limited in Australia, Zhongjin Technology Co., and Huajiari Co. The company has an annual output of 300,000 mt of lead and zinc metal content in concentrates, 450,000 mt of smelted lead and zinc products, 450,000 mt of copper cathode, 21,000 mt of aluminum extrusion, 20,000 mt of battery zinc powder, and 5,400 mt of composite metal materials. Among these, its battery zinc powder ranked first in Chinese market share, nickel-metal hydride and nickel-cadmium battery electrode sheets & plates materials ranked first in Chinese market share, and thermal bimetal ranked first in Chinese market share. The 2026 field trip brought together some global lead and zinc industry leaders for an inspiring and highly productive journey across China’s leading smelters and enterprises. The warm welcome, operational excellence, and innovative technologies on display made this event a resounding success — and we extend our deepest gratitude to all the companies and participants who made it happen. Looking ahead – Save the date for 2027: We are excited to announce that the 2027 SMM (22nd) Lead & Zinc Conference and Industry EXPO will take place from March 17–19, 2027 in Kunming, Yunnan, China . This premier event will once again bring together the global lead-zinc community for high-level networking, insight sharing, and industrial exploration. Interactive call – We want to hear from you: As we plan the field trip for the 2027 conference, we’d love your input. Which smelters or companies would you most like to visit for technical exchange and on-site learning? Please share your suggestions in the comments below — your feedback will help shape the 2027 experience. Let us know where the industry should go next!

SK On will transition to a unified production system centered on its SK Battery America (SKBA) operations in Georgia to improve efficiency in North America. According to the company on the 3rd, starting April 6 (local time), production volumes from SKBA’s first plant will be transferred to the second plant. In addition, part of the second plant’s production lines will be converted from electric vehicle (EV) battery manufacturing to energy storage system (ESS) production. The Georgia Plant 1 has an annual capacity of 10GWh and began commercial operations in the first quarter of 2022, while Plant 2 has a capacity of 12GWh and started operations in the fourth quarter of 2022.

Recently, Nanning Urban Construction Investment Group and Huahui New Material Technology Co., Ltd. signed an agreement for the lithium/sodium battery dry-process separator intelligent manufacturing project. The total investment for the project is approximately 500 million yuan. It plans to build a new production line with an annual capacity of 1 billion square meters of dry-process separators for lithium/sodium batteries. The project will introduce Guangxi's first new-generation dry-process uniaxial stretching and 4.2-meter-wide biaxial stretching battery separator production line. It is expected that upon reaching full capacity, the annual output value will be approximately 800 million yuan, creating 170 jobs, and establishing the first battery base film production base in Guangxi.