In the fields of precious and rare metals, compared with well-known categories such as gold, silver, and platinum-group metals, osmium has always remained a niche yet highly distinctive presence. With its unmatched physicochemical properties, it has become an indispensable key material in high-end industry and scientific research. Even though it receives limited market attention, it still possesses irreplaceable value. This article will provide a comprehensive breakdown of osmium metal, covering its basic properties, resource supply, application scenarios, and market characteristics, to offer a full understanding of this “king of density.” I. First Encounter with Osmium: A Hardcore Outlier Among the Platinum-Group Metals Osmium, with the chemical symbol Os and atomic number 76, belongs to the platinum-group metals. It is a Group VIII transition metal on the periodic table and also one of the rarest metals found in nature. As one of the six major members of the platinum-group metal family, osmium has no independent ore deposits and is commonly associated with platinum, iridium, ruthenium, rhodium, and palladium. It can only be recovered through purification during platinum ore smelting and cannot be extracted through standalone large-scale mining. This inherent characteristic directly defines its scarcity. Osmium’s physicochemical properties are truly unique in the world of metals, with highly recognizable core characteristics: first, it has the highest density in the world. Under standard conditions at 20°C, its density reaches 22.59 g/cm³, far exceeding that of gold (19.32 g/cm³) and platinum (21.45 g/cm³). It is currently the densest naturally occurring metal known, and at the same volume, it weighs far more than various conventional precious metals. Second, it demonstrates excellent high-temperature resistance, with a melting point of 3,033°C and a boiling point exceeding 5,000°C. It remains highly stable in high-temperature environments and can adapt to various industrial and scientific applications under extreme heat. Third, it has outstanding hardness and strong corrosion resistance. With a Mohs hardness of 7, it is hard, durable, and wear-resistant, and is difficult to corrode under conventional acidic or alkaline conditions. However, its drawbacks are also quite evident: it is highly brittle and has extremely poor plasticity, making it impossible to process through conventional mechanical methods, so it is mostly used in powder or alloy form. A key safety precaution must be emphasized here: when osmium metal is heated in air to above 100°C, it slowly oxidizes to form osmium tetroxide (OsO₄). This substance is highly irritating, highly volatile, and somewhat toxic. Therefore, the entire process involving osmium, including production smelting, storage and transportation, and deep processing, must be carried out under the protection of inert gas and in strict compliance with operational standards. These exceptionally high compliance and control requirements further raise the barriers to osmium’s production and application. II. Extreme Scarcity: Osmium’s Resource Endowment and Supply Landscape Osmium is far rarer than commonly recognized precious metals such as gold and platinum, and it can be regarded as a “niche treasure” in the precious metals sector. Relevant data show that the average abundance of osmium in the Earth’s crust is only about 0.001 ppm, making it one of the least abundant stable elements in the crust. Globally, identified recoverable reserves are extremely limited, and resource distribution is highly concentrated, without the formation of widely distributed ore deposits. Supply side further highlights the scarcity of osmium. As there are no standalone mines, global osmium production is entirely dependent on platinum mining and smelting, with capacity remaining at an extremely low level for many years. Global annual production is about 1 mt (data from the International Platinum Group Metals Association), while China’s annual production is less than 100 kg, with supply far below that of other platinum group metals. From the global supply landscape, traditional major platinum group metal-producing countries such as South Africa and Russia control the vast majority of the world’s osmium resources and smelting capacity. Industry supply is therefore highly monopolized, with extremely low supply elasticity. Minor changes in mine development progress, geopolitical conditions, environmental protection-related control policies, and platinum group metal smelting capacity all directly affect global osmium supply. This dual attribute of “inherent resource scarcity + constrained supply” has kept the osmium market in a long-term tight supply-demand balance and given it strong price resilience and fluctuation elasticity, securing it a unique position in the rare metals market. III. Exclusive to Cutting-Edge Applications: Core Application Scenarios for Osmium Although osmium has limited production and a relatively narrow application scope, its exceptional physical and chemical properties have enabled it to establish a precise foothold in high-end niche fields, making it an irreplaceable core material in many cutting-edge applications. Downstream demand is concentrated and highly rigid, with no low-cost substitutes currently available. Its core applications are mainly concentrated in four major areas: 1 Special Hard Alloys: Core Raw Materials for High-End Wear-Resistant Components Osmium-based alloys produced by melting osmium with metals such as iridium and platinum combine ultra-high hardness, wear resistance, and corrosion resistance, making them key materials for high-end precision instruments. These alloys are widely used in high-precision bearings for high-end watches and precision instruments, nibs for premium fountain pens, styluses for professional record players, and medical precision scalpels and wear-resistant components for high-end machinery. They can significantly extend service life and durability, making them suitable for long-term, high-load, high-wear operating environments, and they are core wear-resistant materials in high-end manufacturing. 2 Industrial Catalysis: Highly Efficient Specialized Additives for Fine Chemicals Osmium and its compounds have excellent catalytic activity and serve as specialized catalysts in certain fine chemical and organic synthesis reactions. In particular, in special chemical processes such as hydrogenation and oxidation reactions, they offer high catalytic efficiency and strong reaction selectivity, effectively optimizing process flows and improving product purity and yield. Although the unit consumption of osmium catalysts is extremely low, they are a rigid process necessity and are difficult to replace with other common metal catalysts, resulting in relatively stable downstream demand. 3 Scientific Research and Detection: Essential Specialized Consumables for Laboratories Although osmium tetroxide is toxic, it has irreplaceable value in scientific research. It is a high-quality staining agent for biological samples and microscopic material sections under electron microscopes, substantially improving sample clarity and contrast, and is an indispensable laboratory reagent in frontier research fields such as materials science and life sciences. Meanwhile, high-purity osmium powder was also widely used in high-end scientific research experiments and the R&D of specialized new materials, serving as a niche but essential consumable for major research institutes and high-end laboratories. 4. High-End Specialized Fields: Core Components for Military and Aerospace Applications Leveraging its core advantages of high density, high-temperature resistance, and high stability, osmium was also applied in specialized high-temperature components for aerospace and military applications, precision guidance components, as well as niche scenarios such as high-end electrical contacts and wear-resistant coatings. These applications were all concentrated in cutting-edge, high-precision sectors. Although the volume of each individual application was small, the product value-added was extremely high. Moreover, with the technological iteration and development of high-end manufacturing and the military and aerospace industries, related demand had the potential for steady growth. IV. Summary of the Core Characteristics of the Osmium Metal Market Overall, as a rare category among platinum group metals, osmium had highly distinctive core characteristics: extreme scarcity on the resource side, highly monopolized supply with insufficient elasticity; application-side concentration in high-precision, cutting-edge fields, with rigid and irreplaceable demand; and unique physicochemical properties, combining both advantages and application barriers. Unlike the market-driven fluctuation logic of conventional bulk commodities, the osmium market was significantly affected by factors such as supply-side changes, downstream demand from high-end industries, and compliance costs. The overall market size was small, and trading frequency was relatively low, placing it in the category of niche rare precious metals. Its core value always revolved around the two key points of “scarcity” and “irreplaceability,” making it an indispensable key metal material in high-end industrial and scientific research fields.

On March 9, the New Product Launch Conference for the Sixth Academy of the Aerospace Science and Technology Corporation’s hydrogen energy industry was held in Beijing, where four core achievements were unveiled on site: the side-mounted 2×40 kg-class onboard liquid hydrogen system (Saidao-1000S), a mobile liquid hydrogen refueling skid and hydrogen dispenser, a 40-foot liquid hydrogen tank container, and a 200-cubic-meter innovative alkaline electrolyzer . The Blue Book on the hydrogen energy industry was also officially released. The conference brought together academicians, ministry officials, representatives from government, enterprises, universities, and the industry chain, marking the Sixth Academy’s liquid hydrogen equipment portfolio as having fully entered a new stage of commercial application. High-Level Participation to Jointly Discuss a New Blueprint for the Hydrogen Energy Industry The conference featured a high-profile lineup, with three academicians—Long Lehao, Yang Fengtian, and Wang Jue—in attendance, along with relevant officials from the State Administration for Market Regulation and the National Energy Administration; leaders from the Aerospace Science and Technology Corporation and affiliated enterprises also attended, including Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, Xie Yun, Chairman of Aerospace Investment, and Wang Wanjun, President of the Sixth Academy. Supervisory government authorities from multiple regions, experts from renowned universities, executives from central state-owned enterprises such as Sinopec, China Huadian, and FAW, as well as capital-side representatives from numerous hydrogen energy enterprises gathered together to witness the commercialization of aerospace hydrogen energy achievements. Praise From Academicians and Remarks by Senior Executives Highlight Aerospace Hydrogen Energy’s Leadership Academician Long Lehao congratulated the launch of the new products, noting that this represented a milestone breakthrough in China’s cryogenic liquefaction and hydrogen energy equipment fields, opening a pathway for aerospace hydrogen energy to serve the national economy and aligning with the national “dual carbon” and energy security strategies. Li Zhongbao, Chief Engineer of the Aerospace Science and Technology Corporation, stated that the Group regarded hydrogen energy as a strategic growth pole and would work with all parties to build a collaborative and shared industrial ecosystem and promote deep integration across the industry chain. Wang Wanjun, President of the Sixth Academy, said that the Academy adhered to the philosophy of “users first, power first,” and that multiple hydrogen energy equipment products had reached internationally advanced levels. In the future, it would accelerate technological iteration, improve the standards system, and make every effort to achieve the goal of bringing liquid hydrogen technology to the pinnacle. Four Powerful New Products Cover the Full Range of Production, Storage, Transportation, and Refueling Scenarios 1 Side-Mounted 2×40 kg-Class Onboard Liquid Hydrogen System (Saidao-1000S) China’s first subcooled liquid hydrogen system installed on a vehicle, it pioneered dual-cylinder coordinated liquid supply technology and delivered a driving range of over 1,000 kilometers at full load. It adopted an integrated chassis design to reduce wind resistance and release front-end space, and has already been demonstrated jointly with Foton Motor, making it suitable for the large-scale application of liquid hydrogen heavy trucks. 2 Mobile Liquid Hydrogen Refueling Skid and Liquid Hydrogen Hydrogen Dispenser China’s first mobile refueling system for subcooled liquid hydrogen, it fills the gap in temporary refueling for non-fixed stations. By achieving breakthroughs in core technologies, it delivers a liquid hydrogen utilization rate of over 95%, a refueling flow rate of 15 kg/min, and completes full-tank refueling for a heavy truck in 15 minutes, with performance comparable to world-class international standards. 3. 40-Foot Liquid Hydrogen Tank Container The first standardized liquid hydrogen storage and transport equipment, compatible with global road and maritime logistics, with the transport radius extended to over 2,000 kilometers and unit costs reduced by 50% compared with high-pressure gaseous hydrogen. The daily evaporation rate was 0.52% and could be maintained for more than 8 days, addressing the pain points of low storage and transport volume and high costs. 4. 200 m³ Innovative Alkaline Electrolyzer Built on aerospace technology, with direct current (DC) power consumption as low as 4.1 kWh/Nm³, reaching the national Grade 1 energy efficiency standard; the modular design reduced operation and maintenance costs by 90%, supported 12-hour rapid on-site repair, and met the needs of green hydrogen production in multiple scenarios.

[SMM Tin Midday Review: Center of the Most-Traded SHFE Tin Contract Moved Lower, Trading Was Slightly Sluggish Amid Structural Divergence in End-Use Demand]

On March 5, the People’s Government of the Inner Mongolia Autonomous Region officially issued the “Outline of the 15th Five-Year Plan for National Economic and Social Development of the Inner Mongolia Autonomous Region,” clearly listing hydrogen energy storage, rare earth new materials, and green hydrogen-ammonia-methanol as strategic priorities, accelerating the development of the entire industry chain for green hydrogen, and building a nationally important high ground for the energy storage industry, thereby charting a clear path for energy transition and industrial upgrading. I. Hydrogen Energy Storage: Building the Entire Industry Chain and Sprinting Toward an Energy Storage Scale of 60 million kW The Outline proposed to expand and strengthen the hydrogen energy storage industry , with the core goals and measures as follows: Full-chain deployment of green hydrogen : Accelerate the development of the entire industry chain for green hydrogen—“ production, storage, transportation, and use ”—and build green hydrogen, green ammonia, and green methanol industry clusters; advance cross-provincial and cross-regional long-distance hydrogen-ammonia-methanol pipeline projects, and moderately make forward-looking arrangements for green hydrogen storage and transportation infrastructure. Leap in energy storage scale : Advance pumped-storage hydropower in stages, implement a special action for the large-scale development of new-type energy storage, and build a diversified energy storage system; by the end of the “15th Five-Year Plan” period, new-type ESS installations are expected to reach 60 million kW , and demand-side response capability is expected to exceed 5 of the region’s maximum load. Coordinated pipeline network upgrade : Optimize the oil and gas pipeline network; by the end of the “15th Five-Year Plan” period, natural gas pipeline mileage is expected to exceed 8,000 km , while the green hydrogen storage and transportation network will be improved in parallel. II. Rare Earth Industry: Extending, Supplementing, and Strengthening the Industry Chain, with a Focus on High-End Materials Such as Hydrogen Storage The Outline made clear to accelerate extending, supplementing, and strengthening the industry chain for the light rare earth industry , with a focus on developing: high-performance magnetic materials, high-performance polishing materials, hydrogen storage materials , catalytic materials and additives, rare earth steel, and other high-end rare earth new materials and end-use applications industries. Leveraging its advantages in rare earth resources, it will provide critical material support for industries such as hydrogen energy and new energy, and build a nationally leading base for rare earth new materials. III. Scientific and Technological Innovation: Focusing on Advantageous Fields Such as Green Hydrogen-Ammonia-Methanol The Outline proposed to implement a number of major science and technology tasks , focusing on fields including: new energy, rare earth new materials, carbon-based new materials, semiconductor new materials, green hydrogen-ammonia-methanol , biopharmaceuticals, biological breeding, and grassland and dairy industries, among others. It will deliver more landmark original achievements, providing technological support for the green hydrogen, green ammonia, and green methanol industries. IV. Significance of the Plan: Anchoring National Strategy and Leading the Energy Transition This plan closely integrates hydrogen energy, energy storage, rare earths, and green hydrogen-ammonia-methanol. It is not only a key measure to implement the country’s “dual carbon” goals, but also a core lever for Inner Mongolia to leverage its two major strengths in wind and solar power resources and rare earth resources and build a nationally important base for energy and strategic resources. As a number of wind and solar power-based hydrogen production projects, such as the Huadian Darhan Muminggan Banner project, advance, Inner Mongolia is accelerating its transformation from a major energy region into a leading green hydrogen region and an energy storage hub .

On March 13, the average price of SMM battery-grade nickel sulphate rose slightly.

Entering the Emergency Command and Production Monitoring Center at the headquarters of Shaanxi Nonferrous Metals Group, one saw data converging like streams on a giant LCD screen: robotic arms in the titanium processing workshop were moving with precision, and the current parameters of the aluminum electrolysis cells were fluctuating in real time... The production and operational status of more than a dozen subsidiaries, spanning hundreds of kilometers, was condensed into a limited space and transformed into vivid strings of numbers. “In the past, dispatching relied on phone calls, inspections relied on walking, and emergency response took at least two hours; now, with a click of the mouse, real-time conditions at the site are instantly displayed. We no longer depend on verbal descriptions from personnel, the scenarios are more realistic, command is more precise, and contingency plans can be activated within minutes.” The words of the person in charge of the Enterprise Management and Operations Information Department of Shaanxi Nonferrous Metals Group conveyed a sense of composure and confidence. That composure stemmed from a profound digital transformation. In 2025, Shaanxi Nonferrous Metals Group fully launched its “Year for Enhancing Digitalized Management and Control,” placing information technology development at the core of efforts to drive high-quality transformation and upgrading. Over the past year, with the overall objective of “vertical integration, horizontal connectivity, real-time online operations, coordinated action across all levels, and precise, effective execution,” Shaanxi Nonferrous Metals Group systematically advanced work across multiple dimensions, including business process reengineering, information system integration, and unified data standards, gradually building a digital system covering all areas of business operation and management, and injecting strong momentum into the enterprise’s modern governance and industrial upgrading. Top-Level Planning Seeing One Blueprint Through to the End In 2025, the information technology work of Shaanxi Nonferrous Metals Group closely focused on the annual goal of “initial visible results” in high-quality transformation and upgrading, serving the development of a modern industrial system and governance system. By building a management and control business system featuring “vertical integration and horizontal connectivity,” it established three major implementation paths: first, comprehensively reviewing and redesigning business processes to achieve standardized management; second, joining forces with leading technology companies in the industry to build a vertically integrated management and control system spanning all levels of the group; and third, unifying the standards and coding for eight categories of master data, including organization, personnel, materials, and accounting subjects, breaking through horizontal business barriers and focusing on in-depth digital development in key business areas such as investment, procurement, safety, finance, human resources, and Party building. To ensure effective implementation, Shaanxi Nonferrous Metals Group innovatively established a promotion mechanism featuring “three meetings, three lists, and three services.” It strengthened overall planning and coordination through the monthly meeting of the information technology leadership group, special project meetings, and work promotion meetings; relied on demand, project, and progress lists to achieve refined and period-based management; and ensured the solid implementation and sustained operation of information technology projects through full-cycle services covering consulting, development, and operations and maintenance. Building on Systems Constructing a Solid “Digital Tower” Shaanxi Nonferrous Metals Group used a major push in digital and intelligent transformation and upgrading to strengthen the foundation of its industrial reform and transformation, focusing on building a “big digital intelligence” empowerment system and using new models, new business forms, and new tools to amplify reform results. Consolidate the digital foundation. Strengthen digital infrastructure development across all industry chain clusters and all affiliated enterprises, accelerate the enhancement of data collection, processing, management, and application capabilities across the entire industry chain of “exploration, research, construction; mining, beneficiation, smelting; materials, equipment, trade,” and build a solid foundation for digital transformation. Focus on building a robust and reliable digital foundation and establish the overall “5 Ones + N” information architecture: “one foundation,” the Shaanxi Nonferrous enterprise cloud platform and a high-speed broadband network covering the Group’s information applications; “one platform,” a digital empowerment platform; “one portal,” the Group’s unified portal (external portal + internal portal); “one safeguard,” an information security and operations and maintenance support system; “one standard,” a standards and specifications system; and “N applications,” N business application systems covering the three levels of strategic decision-making, business management, and production operations. Improve data connectivity. Build a network interconnection environment and data flow mechanism covering all affiliated enterprises, accelerate information interconnection and computing power support, break down “data silos” across different links such as R&D, production, management, and marketing, and improve the level of internal business data integration and collaboration across the entire system. Through five major measures, including strict implementation of the “top leader accountability system,” the use of domestically developed and controllable products for basic software and hardware, PTN dedicated lines plus zero-trust technology to provide data exchange channels, the implementation of classified cybersecurity protection assessments for important information systems, and regular attack-and-defense drills, Shaanxi Nonferrous Metals Group built a multi-dimensional cybersecurity defense line to firmly safeguard the enterprise’s digital assets. At the same time, guided by the core objectives of “unified standards, unified platform, unified interfaces, and unified operations and maintenance,” supported by three major systems—the master data standards system, master data management system, and master data integration system—and carried by one intelligent master data management platform, it established a “1+3+1” data resource management system to achieve the aggregation, governance, and value mining of dispersed data. Strengthen intelligent integration. Focus on all links of “exploration, design, mining, ore dressing, smelting, processing, and trade,” vigorously advance the development of digital and intelligent demonstration scenarios, and build demonstration projects for advanced green digital and intelligent technologies. Centered on the entire value chain, all asset elements, and the full life cycle, make every effort to build an intelligent collaboration platform to support high-end upgrading, underpin green development, ensure production safety, and achieve efficient operations. Breakthroughs on Multiple Fronts Key Projects Demonstrate Digital Results The implementation of a series of key projects has become vivid testimony to the transformation and upgrading of Shaanxi Nonferrous Metals Group. Party-building informatization turned “soft tasks” into “hard indicators.” In response to the characteristics of primary-level Party organizations being “numerous in points, extended in lines, and broad in coverage,” the “Nonferrous Pioneer” Party-building informatization platform launched in 2025 integrated big data and artificial intelligence technologies to build a management matrix covering 6 major modules, 35 core businesses, and 80 detailed items, moving Party-building work from “paper” to “online.”Since the platform began operation, the efficiency of Party affairs processing has increased by 80, the incidence of overdue tasks has fallen by more than 50, the error rate in manual reporting has decreased by 80, and work traceability has achieved 100 digital coverage. By transforming Party-building assessment indicators into value-output dimensions such as strategic enforcement and risk prevention and control capability, a closed-loop mechanism of “push-execute-supervise-feedback” has been established, enabling deep integration between Party-building work and production and operations, with visible data and tangible results. Human Resources Informatization, Unlocking the Potential of the “Primary Resource.” Human resources informatization has entered a new stage of process-based and collaborative management, realizing full-process online and standardized management across organization management, personnel management, compensation and benefits, and performance management. It has not only addressed the problems of low efficiency and long processing times for procedures such as onboarding, confirmation of employment, job transfer, and resignation, but also resolved pain points such as non-standard approvals, inconsistent policy enforcement, and error-prone data verification. The effectiveness of operations management, compliance management, and data management has been improved in parallel, making human resources a true core driver of enterprise development. Financial Informatization, Building a Strong “Embankment” for Risk Prevention and Control. By implementing a decentralized, penetrative, group-wide financial control model, Shaanxi Nonferrous Metals Group established a three-in-one risk prevention system covering “operational risk-business risk-financial risk,” achieving end-to-end penetrative management “from business to statements, and from statements to funds,” and providing intelligent decision-making support throughout the full cycle of “post-event review-in-process optimization-pre-event predictive simulation.” The finance-supply chain integration project launched in January 2026 will further connect key links such as procurement, accounting, and capital, providing real-time and accurate data support for decision-making. Safety and Environmental Protection Informatization, Building a “Dual Line of Defense” Through Whole-Chain Intelligent Control. Taking the development of safety and environmental protection informatization as a starting point, Shaanxi Nonferrous Metals Group continuously deepened its intelligent monitoring and early warning capabilities and accelerated the construction of a whole-chain, visualized intelligent safety and environmental protection control system, thereby reinforcing the safety foundation for high-quality transformation and upgrading. Deepening intelligent monitoring to improve the precision of early warning. After the Group’s dual-prevention informatization platform went online, it established three-dimensional data coordinate models for major hazard sources such as mines, tailings ponds, and hazardous chemicals, accurately mapped key risk monitoring points onto the models, and visually presented hidden disaster-causing factors, thereby enabling intelligent risk analysis, assessment, and early warning. At the same time, it comprehensively promoted an informatized management platform for hazard identification and rectification, achieving full-process closed-loop management of issues and hazards from discovery and rectification to closure through real-time entry, dynamic updating, and whole-process tracking, and strictly preventing “omitted hazards and delayed rectification.” Strengthening process control to reinforce the on-site safety line of defense. Tianhong Ruike, through linkage with the digital dual-prevention system, achieved precise positioning of workers, real-time risk monitoring, and intelligent early warning, building a visualized safety assurance system deeply integrating “human-based prevention + technology-based prevention,” and driving on-site safety management from “passive response” to “proactive prevention.”Empowering outsourced operations oversight to achieve penetrative management. Relying on its safety and environmental protection information management and control platform and the Safety Assistant app, the Smelting Branch of Jinduicheng Molybdenum Group has established a model of “full-process online supervision + dynamic data empowerment” for contractors, enabling real-time tracking and closed-loop management across multiple links, and advancing outsourced operations oversight from “blurred control” to “precise penetration,” with both the penetrative strength and timeliness of supervision improved in tandem. In addition, a number of key projects, including the private cloud platform, the group-wide backbone network, and the electronic tendering and procurement platform, were completed and put into operation one after another, playing an important role in improving resource utilization rates, ensuring safety and compliance, and strengthening risk prevention and control. The outline of “Digital Nonferrous” is becoming increasingly clear. Intelligence Ushers In the Future Embarking on a New Journey Toward “AI+” Looking ahead to the 15th Five-Year Plan period, Shaanxi Nonferrous Metals Group’s information technology development will deepen the transformation toward “penetrative” management, use the “AI+” initiative as a key driver, and promote the intelligent upgrading of the traditional “mining, beneficiation, smelting, and processing” industries. Adhering to the approach of “building benchmarks, focusing on exemplars, and leading through demonstration,” the group will advance, in a coordinated and step-by-step manner, the full-chain work of “construction, trial operation, and acceptance” for more than 20 information technology projects currently under implementation. It will create typical application scenarios in fields such as mine exploration, mining and beneficiation, metal smelting, processing and manufacturing, and design and construction, so as to drive quality improvement and efficiency gains across the entire industrial chain from key points to the broader whole, and inject new vitality into traditional industries. Starting from applications in production scenarios, it will also build foundational computing power platforms in parallel, and gradually establish a working path for the fine-tuning and deployment of industry-specific large models. Ultimately, it will realize a shift from “experience-driven” to “data- and AI-driven,” move from single-point breakthroughs to system-wide empowerment, advance the intelligent upgrading of industry, and comprehensively enhance enterprises’ core competitiveness in such areas as resource security, production efficiency, cost control, green development, and decision-making capability. The surging tide spurs us forward, and the wind is just right for setting sail. Shaanxi Nonferrous Metals Group will take information technology and intelligent technology as its oars, lead with innovation, strive for excellence through solid work, ride the waves on the voyage toward high-quality transformation and upgrading and tangible improvement in quality and performance, and press ahead at full speed toward the goal of building a world-class enterprise.

Recently, Dr. Du from US Plug Power, a globally leading provider of hydrogen energy solutions, and his delegation visited Suzhou Xinsichuang Hydrogen Energy Technology Co., Ltd. for exchanges. The two sides held in-depth discussions on hydrogen technology R&D, industry ecosystem development, and global market positioning, laying a foundation for subsequent cross-border collaborative cooperation. As a pioneer in the hydrogen fuel cell industry, Plug Power has cultivated the hydrogen energy sector for many years and is committed to building an entire industry chain ecosystem covering green hydrogen production, storage, transportation, and terminal power generation. Its business is extensively deployed across diverse scenarios such as material handling, stationary power supply, and on-road EVs, making it a benchmark enterprise in the development of the global green hydrogen industry. During the field trip, Dr. Du and his delegation visited Xinsichuang’s production workshop and gained a detailed understanding of the company’s hydrogen equipment manufacturing capabilities and latest progress in technology R&D. At present, Xinsichuang is accelerating its transformation from a hydrogen equipment manufacturer into a **comprehensive green electricity and green fuels service provider**. Leveraging its core technological advantages in hydrogen production equipment, the company is making every effort to connect the entire chain of the hydrogen industry from the manufacturing end to the supply end and build differentiated competitive advantages. During the discussion session, General Manager Zeng of Xinsichuang highlighted the company’s project deployment and implementation in Hainan, Indonesia, the Middle East, and other regions, as well as the progress of exporting its hydrogen equipment technologies to Japan, Singapore, Europe, and other countries and regions. Dr. Du expressed strong interest in Xinsichuang’s strategic transformation direction and pace of global expansion. The two sides conducted thorough exchanges on topics including collaborative technological innovation and jointly building a global hydrogen energy ecosystem, and reached multiple cooperation consensuses. As the global energy transition continues to accelerate, the hydrogen energy industry has moved from the technology validation stage into a window period for large-scale application. Xinsichuang stated that in the future, it will continue to uphold an open and cooperative philosophy, deepen exchanges and collaboration with leading global hydrogen energy enterprises, steadily advance project implementation in China and overseas, bring high-quality green energy solutions to broader markets, and contribute to the high-quality development of the global hydrogen energy industry.

[SMM Chromium Weekly Review: Costs and Demand Jointly Drove the Market, with Strongly Bullish Sentiment] March 13, 2026: Quotations remained unchanged for the time being, and the chromium market operated steadily...

This week (3.6-3.12), the operating rate of the brass billet industry rose 8.72 percentage points WoW to 51.95%, with industry conditions continuing to rebound . According to enterprise feedback, overall orders were favorable, with Ningbo standing out in particular as order growth was significant and enterprises' production schedules were full; downstream traditional sectors such as hardware accessories and plumbing and sanitary ware had fully resumed work and production, with strong production enthusiasm. Meanwhile, orders from the refrigeration sector remained stable, continuing to support industry demand. In addition, copper prices pulled back to below 100,000 yuan/mt this week, boosting downstream purchase willingness to buy the dip and further driving order growth. Multiple positive factors pushed the operating rate steadily higher. On the inventory side, this week the industry had 4.23 days of raw material inventories and 5.06 days of finished product inventories, both returning to normal levels. Looking ahead to next week (3.13-3.19), enterprises currently had sufficient orders on hand and were all operating at full capacity. Some enterprises that resumed work relatively late after the Chinese New Year were stepping up production and accelerating deliveries. Along with the continued recovery in downstream demand, SMM expects the operating rate of the brass billet industry to increase 2.82 percentage points WoW to 54.77% next week, and the industry's recovery momentum is expected to continue.

[SMM Analysis] On March 12, 2026, the US International Trade Commission (ITC) ruled against imposing tariffs on Chinese graphite imports. Below is the complete timeline of the US anti-dumping and countervailing duty (AD/CVD) investigations into active anode material (graphite anode) from China, the duty rates at each stage, and the latest results as of March 12, 2026.