Recently, Haier Smart Home, leveraging its deep cultivation of artificial intelligence technologies and smart home strategy, was successfully approved to take the lead in the Shandong Province “Strategic Key Standardization Project for Critical AI Multimodal Interaction Technologies in Smart Home Appliances,” becoming the only lead enterprise in the industry in Shandong Province.

Recently, Haier Smart Home, leveraging its deep expertise in artificial intelligence technology and smart home strategy, was successfully approved to take the lead in the Shandong Province “Strategic Key Project for the Standardization of Key AI Multimodal Interaction Technologies for Smart Home Appliances,” becoming the only leading enterprise in the industry in Shandong Province. This represents Shandong Province’s strong recognition of the enterprise’s technological innovation capabilities and is also an important practical step in Haier Smart Home’s development of a platform-based, service-oriented technology ecosystem enterprise: through the standardization of AI technologies for smart home appliances, it will help drive the coordinated upgrading of smart home appliance technologies across the industry.

[China Iron Ore Brief Review: Iron Ore in Shandong May Continue to Edge Higher] This week, at mines and beneficiation plants in Shandong, the ex-mine quote for 64 grade alkaline fines on a dry basis, before tax and settled by bank acceptance, was 899, up 17 yuan/mt. Steelmakers raised prices in tandem, most miners maintained normal production, and some mines slightly increased output. Steel mills showed moderate willingness to purchase, mainly under long-term contracts, while shipments from small plants and traders were also relatively good, with overall transactions improving; after a large mine in Zaozhuang resumed production

I. Coal-to-Hydrogen Shandong anthracite transaction range [1,680-1,680], with an average hydrogen cost of [1.61 yuan/m³] Shanxi anthracite transaction range [910-910], with an average hydrogen cost of [1.05 yuan/m³] Hebei anthracite transaction range [1,390-1,390], with an average hydrogen cost of [1.39 yuan/m³] Henan anthracite transaction range [980-980], with an average hydrogen cost of [1.06 yuan/m³] II. Natural Gas-to-Hydrogen Pearl River Delta natural gas transaction range [5,520-5,620], with an average hydrogen cost of [2.62 yuan/m³] Zhejiang natural gas transaction range [5,500-5,850], with an average hydrogen cost of [2.63 yuan/m³] Guangxi natural gas transaction range [5,180-5,610], with an average hydrogen cost of [2.5 yuan/m³] Eastern Guangdong natural gas transaction range [5,500-5,590], with an average hydrogen cost of [2.58 yuan/m³] Henan natural gas transaction range [4,720-4,890], with an average hydrogen cost of [2.31 yuan/m³] Hebei natural gas transaction range [4,720-5,080], with an average hydrogen cost of [2.33 yuan/m³] Hubei natural gas transaction range [4,980-5,350], with an average hydrogen cost of [2.44 yuan/m³] Guizhou natural gas transaction range [4,990-5,720], with an average hydrogen cost of [2.51 yuan/m³] Sichuan natural gas transaction range [4,825-5,125], with an average hydrogen cost of [2.38 yuan/m³] Shanxi natural gas transaction range [4,520-4,880], with an average hydrogen cost of [2.22 yuan/m³] Shandong natural gas transaction range [5,040-5,250], with an average hydrogen cost of [2.44 yuan/m³] Heilongjiang natural gas transaction range [4,810-5,060], with an average hydrogen cost of [2.34 yuan/m³] Inner Mongolia natural gas transaction range [4,560-4,800], with an average hydrogen cost of [2.18 yuan/m³] III. Propane-to-Hydrogen South China propylene oxide transaction range [7,280-7,370], with an average hydrogen cost of [4.11 yuan/m³] East China propylene oxide transaction range [7,100-7,310], with an average hydrogen cost of [4.05 yuan/m³] Northeast China propylene oxide transaction range [5,890-6,310], with an average hydrogen cost of [3.5 yuan/m³] Shandong propylene oxide transaction range [6,960-7,300], with an average hydrogen cost of [4.03 yuan/m³] IV. Hydrogen Production from Methanol The methanol transaction range in east China was [2,800-3,290], and the average hydrogen cost was [2.61 yuan/m³]. The methanol transaction range in central China was [2,780-2,990], and the average hydrogen cost was [2.54 yuan/m³]. The methanol transaction range in north China was [2,360-2,830], and the average hydrogen cost was [2.29 yuan/m³]. The methanol transaction range in south China was [3,310-3,390], and the average hydrogen cost was [2.8 yuan/m³]. The methanol transaction range in northwest China was [1,630-2,630], and the average hydrogen cost was [1.97 yuan/m³]. The methanol transaction range in southwest China was [2,770-3,020], and the average hydrogen cost was [2.55 yuan/m³]. The methanol transaction range in northeast China was [2,770-2,790], and the average hydrogen cost was [2.44 yuan/m³].

Australia's Atlantic Lithium has obtained approval from Ghana's parliament to develop the Ewoyaa project—the country's first lithium mine—and will be subject to revised royalty terms linked to market prices.

[SMM Hydrogen Energy Flash] Recently, the Green Hydrogen Engineering Technology segment of Aerospace Engineering received a series of good news, successfully signing contracts for two major green hydrogen engineering projects. One is the water electrolysis hydrogen production project for the hydrogen refueling station of Zhongqing Energy Development (Shandong) Co., Ltd., and the other is the electrolytic hydrogen production unit project for the Inner Mongolia Baofeng green hydrogen-coupled coal-to-olefins project. Aerospace Engineering will provide a total of 16 sets of HTJSDJ-1000/1.6 alkaline electrolyzers for these two projects, as well as supporting post-processing systems, utility engineering equipment, and engineering design services. This signing marked Aerospace Engineering’s simultaneous breakthroughs in the two major fields of green transportation and green hydrogen chemical engineering.

[China Iron Ore Brief Review: Iron Ore Concentrate Prices in Shandong May Have Some Upside Potential] In Shandong, 64-grade iron ore concentrates at mines and beneficiation plants were quoted at 882 yuan on a dry basis, before tax, with acceptance upon shipment from the mine. Most mines and beneficiation plants maintained normal production, and some mines showed reluctance to sell. Steel mills continued to purchase under long-term contracts and mainly operated with low inventory. Overall transactions were moderate. In the near term, steel mills in Hebei will gradually resume normal production, and some local iron ore concentrate resources will flow to Hebei. Overall local iron ore concentrate supply remains relatively tight, providing support for prices.

[SMM Hydrogen Energy Bulletin] Recently, Aerospace Engineering Co. received encouraging news in the field of green hydrogen engineering technology. The company successively signed two major green hydrogen engineering projects: the hydrogen production by water electrolysis project for the hydrogen refueling station of Zhongqing Energy Development (Shandong) Co., Ltd., and the electrolytic hydrogen production unit project for the Inner Mongolia Fenglu Green Hydrogen-Coupled Coal-to-Olefins Project. For these two projects, Aerospace Engineering Co. will provide a total of 16 sets of HTJSDJ-1000/1.6 alkaline electrolyzers, along with supporting post-treatment systems and utility engineering equipment, and will be responsible for the engineering design. This cooperation marked that Aerospace Engineering Co. achieved simultaneous breakthroughs in the two major fields of green transportation and green hydrogen chemicals.

Next week, there will be limited macroeconomic data releases, mainly including the final March University of Michigan Consumer Sentiment Index for the US and the final March one-year inflation expectations for the US. At present, key events outside China remain the geopolitical issues in the Middle East, as well as the views of representatives from various countries on global trade development at the upcoming 14th WTO Ministerial Conference (MC14). LME lead, markets outside China will continue to be affected by geopolitical issues, with damage to the economic environment and prolonged logistics cycles dragging LME lead lower consecutively to a near one-year low. However, we need to note that the SHFE/LME price ratio widened, allowing more imported lead to flow into the Chinese market, while spot cargo availability in Southeast Asia tightened and spot premiums rose, with LME Cash-3M contango narrowing to -$41.44/mt. Next week, attention should be paid to the possibility of lead prices probing lower and then rebounding after macro headwinds are fully priced in. LME lead is expected to trade at $1,840-1,930/mt next week. SHFE lead, dragged down by the decline in overseas lead prices, the SHFE/LME price ratio widened and expectations for lead ingot imports increased, especially against the backdrop of China’s lead ingot social inventory standing at a 16-month high, sending lead prices lower in succession. At the same time, we need to note that inventory at domestic smelters remained on a declining trend, losses in secondary lead widened, and the inversion between secondary lead and primary lead prices may become a factor stopping lead prices from falling. In addition, downstream enterprises purchased on dips, and attention should be paid to the subsequent decline in social inventory. If destocking materializes, lead prices may stop falling and rebound. The most-traded SHFE lead contract is expected to trade at 16,100-16,750 yuan/mt next week. Spot price forecast: 16,100-16,550 yuan/mt. For primary lead and secondary lead, supply continued to rise as smelters resumed operations after maintenance. On the demand side, downstream enterprises' short-term restocking on dips may facilitate destocking, but from April to May is the traditional off-season for the lead-acid battery market, and the sustainability of downstream enterprise procurement is limited, so spot lead premiums are expected to struggle to continue rising.

[SMM Silicone Weekly Review: The Center of Market Transactions Shifted Slightly Lower, and Downstream Wait-and-See Sentiment Increased] This week, the quotation range for mainstream quotations in China’s silicone DMC market was 13,800-14,300 yuan/mt, down 100 yuan/mt WoW. Overall market trading sentiment remained weak, with increased back-and-forth negotiations between upstream and downstream. As raw material support still persisted, midstream players remained cautious in procurement sentiment, and wait-and-see sentiment in the market was strong.