Recently, Donghua Engineering Technology Co., Ltd. (Donghua Technology) released a major contract announcement. On March 5, 2026, in Hefei, Anhui province, the company formally signed an EPC general contracting agreement for Phase I, Stage 1 Green Ammonia Works of the 800,000-mt/year wind and solar power hydrogen-ammonia integration project with Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd. (“Renewable Green Hydrogen”), supporting the scaled implementation of Inner Mongolia’s green hydrogen and green ammonia industry. I. Core Project Overview The project signed this time is the first-phase works of the 800,000-mt/year wind and solar power hydrogen-ammonia integration project. The plant’s design capacity is **200,000 mt/year of green ammonia**. The scope of construction covers a complete supporting system including newly built process production units, storage and transportation units, auxiliary facilities, utilities, and front-of-plant living facilities. Relying on wind and solar power renewable energy to produce hydrogen and synthesize green ammonia, it will build a clean, low-carbon chemical industry chain. II. Key Contract Information Contract Value : 2.026 billion yuan (provisional estimate) Schedule Arrangement : The contract duration is approximately 27 months, and the planned mechanical completion date is expected to be June 18, 2028 Scope of Contracting : Donghua Technology is fully responsible for the full-process EPC work, including pre-project consulting, design, procurement, construction and installation, testing and detection, cooperation for completion acceptance, operation support, construction-period insurance, handover, and start-up commissioning guidance. III. Project Entity and Performance Assurance The entity responsible for the project’s construction and operation is Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd. Its controlling shareholder is Yijingxing Green Hydrogen Energy Investment (Hainan) Co., Ltd., and the ultimate controlling party is Renewable Green Hydrogen Energy Technology Asia Co., Ltd. Currently, the project has completed the investment project filing with the Inner Mongolia Autonomous Region, and the partners have sufficient performance capability, laying a solid foundation for the smooth advancement of the project.

According to the latest data from the General Administration of China Customs (GACC), China's total iron ore imports for January and February 2023 reached 211 million tonnes, with a cumulative value of approximately US$9.89 billion. The average import price across these two months was US$101.3 per tonne , a month-on-month increase of 0.3%. An analysis by month shows January imports totalled 110.35 million tonnes, representing a 7.77% decrease from the previous month but a 13.59% increase year-on-year. February imports were 99.67 million tonnes , down 9.68% month-on-month, yet showing a 5.80% increase year-on-year. The decline in import volumes is primarily attributed to frequent weather-related disruptions in key supplying nations like Australia and Brazil, which adversely affected mine-to-port rail networks and port loading operations, causing a temporary downturn in overseas shipments. Concurrently, operational activity at major domestic ports slowed during the Chinese New Year holiday, impacting the efficiency of vessel unloading, cargo warehousing, and customs clearance procedures. These combined factors contributed to the reduction in import scale during the first two months of 2023. Looking ahead to March, iron ore imports are forecast to experience a month-on-month rebound. This is anticipated due to shipping disruptions in the Middle East, caused by a partial blockade in the Strait of Hormuz , which may lead some vessels to be rerouted to China , thereby boosting import figures. Furthermore, weather-related logistical constraints are expected to ease, allowing shipments from producing countries to normalise. Finally, as March marks the end of the first quarter , some mining companies may increase their shipment volumes to meet quarterly targets, which would further support a recovery in import levels.

◼ At the beginning of 2026, Musk’s SpaceX plan for 100 GW of annual space PV capacity ignited the A-share market, with multiple concept stocks rising by more than 30 in a single month. At the same time, however, earnings previews from leading PV companies generally showed losses for 2025, and industry fundamentals remained in a deep winter. Behind the stark divergence between the speculative frenzy around the Musk-SpaceX concept and the earnings trough, is the market overly expecting a “second growth curve,” or is this a genuine signal of industrial transformation? ◼ As the global PV industry moves from rapid expansion into a new stage of rational development, its value has gone beyond that of clean energy alone: Against the backdrop of explosive growth in AI computing power driving massive electricity demand, compounded by energy security anxiety triggered by geopolitical conflict in the Middle East, developing PV may become a core strategic choice for countries to achieve their “dual-carbon” goals, build autonomous and controllable energy systems, and reduce electricity costs for end-users. ◼ Since the escalation of the U.S.-Iran conflict at the end of February, the world’s four major benchmark crude oil prices have entered a rapid upward trajectory. Before the outbreak of the conflict, oil prices had remained broadly stable; however, starting on March 2, as the fighting expanded and spread to the Persian Gulf, oil prices immediately entered a sharp uptrend. Note: Shanghai crude oil prices are converted based on the settlement-date exchange rate of 1:0.15. Source: Public information, SMM. ◼ Although the impact borne by different regions varies due to differences in energy mix, geopolitical location, and policy response, the surge in imported crude oil costs driving a broad rise in energy prices has become a common challenge facing all countries. Europe is a case in point. Although Europe’s direct dependence on Middle Eastern crude oil was not high, at only about 5 according to data from energy market intelligence firm Kpler, it remained highly dependent on the region for refined products such as diesel and aviation kerosene, as well as liquefied natural gas. Disruptions in the Strait of Hormuz caused by the conflict directly pushed up Europe’s terminal energy prices—fuel prices at gas stations across the region surged, and natural gas prices broke above EUR 60 per megawatt hour on the 9th, reaching a new high since 2022. The continued rise in energy prices is bound to transmit into broader areas of the economy, increasing overall inflationary pressure and once again underscoring the importance of building secure and controllable energy systems. Accelerating the Clean Transition of the Global Energy Mix, the PV Industry Advances Toward High-Quality Development ◼ The International Energy Agency (IEA) forecasts that, despite economic pressure, global electricity demand momentum remains strong in 2025, with growth rates in 2025 and 2026 expected to be 3.3% and 3.7%, respectively. Data from 2020 to 2025 showed that the global power market followed a trajectory of continued overall growth alongside structural transition toward cleaner energy , with the share of renewable energy sources such as solar rising significantly, although fossil fuels still accounted for the dominant share. ◼ According to the IEA’s Net Zero Emissions Scenario, solar power’s share in the energy mix is expected to rise from less than 2% at present to 12% in 2035 and 28% in 2050. This means PV installations are still far from reaching their ceiling, with substantial room for future growth. ◼ The past five years marked a critical period in which the global PV market shifted from rapid expansion toward rational development. The IEA forecasts that total global new PV installations over the next five years will reach about 3.68 TW, accounting for nearly 80% of new renewable energy additions over the same period, and are expected to become the world’s largest renewable energy source by the end of 2030. This is mainly due to its widening economic advantages—by 2024, the cost of solar PV power generation had already fallen 41% below the cheapest fossil fuel alternative, and these cost advantages are driving rapid growth in both PV installations and power generation share. Source: IEA, public information, SMM. ◼ As a key carrier of PV installations, especially the backbone of utility-scale power plants, solar panel mounting bracket installations are expected to maintain annual average growth of 5%-6% alongside installation growth. Specifically, to achieve annual average new PV installations of 500-600 GW, corresponding module demand is estimated at about 550-700 GW based on the capacity ratio. Assuming a conventional 1:1 module-to-bracket configuration, the annual average installation scale of brackets required for utility-scale PV plants alone would reach at least 250-300 GW. Source: public information, SMM. Escalating Challenges Reshape the Development Logic of the Global PV Market ◼ The PV industry is undergoing resonating internal and external pressures. Internally, the global economic slowdown has become intertwined with social issues, while the industry itself has entered a rational development stage after rapid expansion, making slower installation growth a certain trend. Externally, global trade frictions continue to intensify, with the US, Europe, and other regions erecting nearly insurmountable cost gaps through barriers such as anti-dumping and countervailing duties as well as local content requirements. Challenge 1: Global Trade Frictions and Escalating Trade Barriers ◼ In recent years, countries have introduced a series of policies to build PV trade barriers and reshape the global competitive landscape of the industry. The US imposed “double anti-” duties of as much as 3,403.96% on PV products from four Southeast Asian countries, South Africa raised module tariffs to 10%, and Brazil increased out-of-quota tariffs sharply from 9.6% to 25% through a quota system. Market access requirements for PV in India and Türkiye have also become increasingly stringent. Meanwhile, new supply chain control rules represented by the EU’s Net-Zero Industry Act (NZIA) have extended trade barriers deeper into the industry chain. By setting red lines on “third-country dependence,” they have established quantitative standards for supply chain restructuring. This series of changes has reshaped the competitive dimensions of the international PV industry and significantly raised the threshold for PV product imports and exports. Source: public information, SMM. Challenge 2: New Dynamics in the PV Market, with Incentive and Restrictive Policies Coexisting Source: public information, SMM. Outside China Enterprises Pursue Multi-Dimensional Breakthroughs Through Internal and External Efforts ◼ The practices of solar panel mounting bracket enterprises in the US, India, and other countries show that the key to coping with policy shifts overseas lies in combining “service-oriented” and “high-value” strategies. First, vertically extending from single-equipment sales to a service ecosystem covering the entire life cycle. Second, deepening horizontally by continuously optimizing business structure and extracting value from higher value-added segments. Solution 1: Launch Dedicated Plans Closely Aligned with Government Policies and Local Demand ◼ The global PV industry has now entered a new stage deeply reshaped by both market forces and policy. The growth logic of enterprises is shifting from the past single dimension of relying on technology iteration and cost declines to multi-dimensional competition closely integrating complex policy environments with localized demand. Against this backdrop, the key to corporate success lies in accurately interpreting policy intentions and launching development plans aligned with both market and policy. Tata Power Renewable Energy Limited (TPREL) precisely aligned with India’s “PM Surya Ghar: Muft Bijli Yojana” and launched the dedicated “solar for every home” plan while continuing to provide customized PV solutions. In Q1 FY2026, it added 220 MW of new rooftop PV installations, surging 416% YoY. TPREL also actively responded to local manufacturing policies by establishing 4.3 GW of solar cell and module capacity, ensuring supply while avoiding import tariffs. Through the synergy of “policy response + local capacity + customized services,” TPREL has effectively translated policy dividends into market competitiveness and steadily consolidated its leading position in India’s PV market. Solution 2: Use Acquisitions as a Link to Integrate Resources and Extend from Single Products to the Entire Industry Chain ◼ Competition in the global PV industry has fully escalated into a contest of entire industry chain system integration capabilities, and enterprises’ growth engines are shifting from past reliance on advantages in a single segment to a new model of providing integrated solutions through resource integration. In 2025, Nextracker used acquisitions as the core to integrate resources across the full chain, successively acquiring foundation engineering firms such as Solar Pile International and Ojjo, module supporting firms such as Origami Solar, and electrical system firms such as Bentek, thereby building a full-chain product matrix spanning structural, electrical, and digital solutions. Its performance continued to surge, with revenue rising from $1.9 billion in FY2023 to $3.4 billion in the trailing twelve months ended September 2025. It ultimately announced its transformation into a comprehensive energy solutions provider by renaming itself Nextpower, targeting revenue of more than $5.6 billion in FY2030. This strategy enabled its successful transformation from a single-product supplier into an entire industry chain service provider, solidifying its leading position in the global market. Solution 3: Optimize Business Structure ◼ Trade protectionism in the current PV market continues to intensify, with various trade barriers being layered on one after another. In response to this challenge, PV enterprises can achieve the dual objectives of “compliant operations” and “market retention” through business structure optimization. To avoid the equity constraints on FEOC under the US OBBB Act, Canadian Solar Inc. initiated a US business restructuring with its controlling shareholder CSIQ: it established two new joint ventures to separately manage PV and energy storage businesses, with its own stake set at 24.9% to precisely meet compliance requirements. At the same time, it transferred out 75.1% equity in three overseas plants supplying the US market, receiving a one-off consideration of 352 million yuan. This move enabled Canadian Solar Inc. to retain earnings from the US market through dividends and rental income. In the first three quarters of 2025, it achieved net profit of 990 million yuan, while large-scale energy storage shipments rose 32% YoY. After the adjustment, it focused on strengthening its advantages in non-US markets and successfully stabilized its global business layout with a compliant structure, providing a typical model for the industry in addressing trade barriers. ◼ For Chinese enterprises, in the face of trade frictions and overseas capacity gaps, they need to break through via three paths—“building plants near core markets, reducing costs and improving efficiency through technological innovation, and coordinating both within and outside the industry chain”— by pursuing localized deployment in Southeast Asia, Mexico, and other regions to avoid frequent trade frictions; promoting standardized production and high-end product R&D to enhance competitiveness; and building a “China + overseas” dual-circulation supply chain to stabilize costs. However, overseas expansion still faces challenges such as land and environmental protection costs, talent shortages, and supply chain fluctuations, requiring enterprises to conduct sound risk assessments, leverage policy support, and improve overseas investment service systems. Only by deeply integrating scientific capacity deployment, technological innovation, and industry chain coordination can the mounting bracket industry upgrade from “Made in China” to “Globally Intelligent Manufacturing” and achieve long-term development under the “dual carbon” goals. New Requirements Under the 15th Five-Year Plan, New Topics for PV Enterprises ◼ In a global market full of uncertainties, the consistency and strength of domestic policy have provided fertile ground for the growth of China’s solar panel mounting bracket enterprises. The newly released 15th Five-Year Plan further clarified China’s path for energy and industrial development. On the one hand, the construction of a new-type power system centered on consumption capacity has been listed as a priority task, and green manufacturing and full life cycle management have been formally incorporated into the assessment system. On the other hand, technological self-reliance and self-strengthening together with new quality productive forces have replaced scale competition as the main line of the new development stage. This series of changes signals that the country is driving a profound shift from “competing on capacity” to “competing on system value,” with the core goal of achieving autonomous and controllable energy structure. It is estimated that after the Two Sessions, various departments will successively roll out detailed plans to promote the full implementation of the blueprint. ◼ Key implementation measures include: 1) establishing a “dual controls” system for total carbon emissions and carbon intensity, while improving incentive and restraint mechanisms; 2) vigorously developing non-fossil energy and promoting the efficient use of fossil energy, while strengthening the construction of a new-type power system to ensure stable supply of green electricity; 3) applying both “addition and subtraction” by fostering green and low-carbon industries and promoting energy conservation and carbon reduction in key industry; 4) in addition, accelerating the green transformation of production and lifestyles to consolidate the foundation for green development. ◼ From the perspective of regional development layout, during the 15th Five-Year Plan period, China’s PV industry will show characteristics of regional coordination: north-west China will become the strategic focus by virtue of its natural endowments, exporting electricity through cross-provincial green electricity trading and other means to achieve two-way matching between energy resources and power load; eastern regions, by contrast, will focus on local consumption by high-energy-consuming industries and zero-carbon industrial parks. Source: public information, SMM. ◼ SMM forecasts that China’s new PV installations are expected to reach 208 GW in 2025 and continue growing at an annual average rate of 9% over the next five years, exceeding 292 GW by the end of the 15th Five-Year Plan period. Utility-scale PV will remain dominant, with its installation share staying above 50%. Based on the same logic, we estimate that China’s PV installation market will maintain annual incremental growth of at least 100-120 GW. Source: public information, SMM. ◼ Focusing on China’s steel consumption market for solar panel mounting brackets, SMM estimates that annual steel consumption in China’s PV mounting bracket sector will average about 4-4.5 million mt from 2026 to 2030, accounting for about 30% of total steel consumption in the PV industry over the same period (based on 2026 data). Note: only installation demand for utility-scale PV mounting brackets is included, excluding distributed steel structures, replacement from existing asset depreciation, and exports. Source: public information, SMM. SMM Ferrous Consulting Based on its understanding of the global steel industry chain and regional markets, as well as its strong industry database and network resources, SMM is committed to providing clients with consulting services across the upstream, midstream, and downstream industry chain. Services include market supply and demand research and forecasts, market entry strategies, competitor cost research, and more, covering end-use industry from iron ore, coal, coke, and steel. SMM Ferrous has successfully served more than 300 Fortune Global 500 companies, China Top 500 companies, central state-owned enterprises, state-owned enterprises, publicly listed firms, and start-ups. 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This week，the solid-state battery industry showed a dual-engine momentum driven by "intensive breakthroughs on the technology front and targeted solutions on the policy front." CATL disclosed a sulphide patent, Zhongkeyuanben's 20Ah all-solid-state battery passed third-party detection, and Dreame Technology released a 450Wh/kg product; Guangdong took the lead in incorporating diversified solid-state battery technology routes and eVTOL scenarios into provincial-level action plans.

Capacity side, according to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. No offline delivery information was available this week. Project-related developments: Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Its indirectly wholly owned subsidiary, Xinjiang Guofu Mingzhi Hydrogen Energy Technology Co., Ltd., entered into a sales agreement with independent third party Hefei Zhongke Hecheng Green Energy Co., Ltd. for hydrogen production equipment for a green fuel base demonstration project featuring 20,000 mt of green electricity-based hydrogen production and flexible synthetic ammonia. The total contract value exceeded 55 million yuan. Under the agreement, Guofu Mingzhi will supply the client with six sets of 1,000 Nm³/hour alkaline electrolyzers and auxiliary equipment, such as rectifier transformers, rectifier cabinets, and separation and purification equipment. Xizang Zangqing Energy Equipment Co., Ltd.: A tender announcement was officially issued for the EPC project covering design and construction of Phase I of the zero-carbon intelligent equipment base for the new energy industry of green hydrogen and green methanol in the Zangqing Industrial Park. It is understood that the project mainly includes: an annual output of 100 sets of 1,500 Nm³-2,000 Nm³ alkaline electrolyzers; a 500 MW/year production line for plateau-type PEM electrolyzers; a standardized production line for a 40,000 t/d methanol synthesis unit and components; an annual output of 120 sets of 500 kW integrated hydrogen-oxygen heat and power co-generation units; and an annual output of 50 sets of 500 kg/day skid-mounted integrated methanol hydrogen refueling station equipment. Renewable Green Hydrogen Energy (Inner Mongolia) Co., Ltd.: An announcement was issued on the signing of the EPC general contract for the Phase I, Stage I green ammonia project of the integrated 800,000 mt/year wind and solar power-hydrogen-ammonia project with Donghua Technology. It is understood that the contract was signed by both parties on March 5, with a contract value of 2.026 billion yuan (provisional estimate), and the construction period (mechanical completion) will run until June 18, 2028. Donghua Engineering Technology Co., Ltd. will mainly undertake the design, procurement, construction, operation assurance services, and guidance for startup and commissioning of the EPC project. Tangshan Haitai New Energy Technology Co., Ltd. : During the visit by the deputy secretary of the Abaqa Banner Committee in Inner Mongolia, the two sides further deepened cooperation on the 10 GW integrated wind and solar power-to-hydrogen project, working together to advance the project’s early commencement and commissioning. Maoming Binhai New Area Urban Investment Development Co., Ltd.: A public notice was issued on the shortlisted candidates for the construction of Phase I of the supporting road network project for the Green Chemical and Hydrogen Energy Industrial Park in Maoming Binhai New Area. The first shortlisted candidate was CCCC Fourth Harbor Engineering Co., Ltd., with a bid price of 98.210593 million yuan; the second shortlisted candidate was Hebei Xiangda Road & Bridge Engineering Co., Ltd., with a bid price of 98.23076 million yuan; and the third shortlisted candidate was Jiangxi Sitong Road & Bridge Construction Group Co., Ltd., with a bid price of 98.008929 million yuan. Fujian Tianchen Yaolong New Materials Co., Ltd.: A tender announcement was issued for the equipment procurement project for the hydrogen purification unit of the cyclohexanone technology upgrade and renovation project. It is understood that the project plans to procure one set of hydrogen purification unit equipment, with a maximum bid price of 7 million yuan. Inner Mongolia Juliyong Hydrogen New Energy Technology Co., Ltd.: Its new-type high-density, low-pressure solid-state hydrogen energy power R&D and industrialisation project was filed. The project will be constructed in Ordos City—Ordos Airport Logistics Park—Phase II, First Floor, Standardised Factory Buildings, Ordos Comprehensive Bonded Zone, Ejin Horo Banner, Ordos City, Inner Mongolia. The project is expected to be built in two phases, with a total investment of approximately 120 million yuan. It requires 10 million yuan in policy support funding, with Phase I investment of 40 million yuan and Phase II investment of 80 million yuan. The construction period is three years, and after completion, the project is expected to generate annual profit of 30 million yuan. Policy Review 1. At the press conference held during the fourth session of the 14th National People's Congress, Zheng Shanjie, Chairman of the National Development and Reform Commission, said that China would focus on developing the “six emerging pillar industries” and the “six future industries.” Among them, “green hydrogen energy and nuclear fusion energy” were included in the category of future industries. 2. The People's Government of Shandong Province issued the Implementation Plan on Supporting Jining in Accelerating Green and Low-Carbon Transformation and Building New Advantages in High-Quality Development. The document proposed supporting Jining in fostering and developing emerging industries and future industries such as hydrogen energy production, storage, and transportation, and supporting the construction of future industry acceleration parks; advancing R&D breakthroughs in key technologies such as hydrogen fuel cell vessels, building a leading inland new energy vessel manufacturing base in China; and supporting technological innovation and the promotion and application in fields such as hydrogen energy. 3. With the approval of the National Energy Administration, the Standardisation Technical Committee for the Hydrogen Energy Sector of the Energy Industry was established in Beijing. The establishment of the committee aims to improve the industry standard system, lead technological innovation, and regulate market order. Enterprise Updates Qinghang Times (Shenzhen) Technology Co., Ltd. : Qinghang Times was established on January 5, 2026, with a registered capital of 1 million yuan and legal representative He Rongjie. It was founded by a Tsinghua University master's and doctoral team, received support from Tsinghua innovation and entrepreneurship platforms such as Tsinghua i-Space and Tsinghua Chuang+, and was selected for the Sci-Tech Innovation Light “Future Sci-Tech Entrepreneur Program.” Through its technical solution combining liquid hydrogen storage and a high-temperature PEM hydrogen-electric coupling system, it increased aircraft driving range by more than 10 times and payload by 2–3 times. Recently, it completed seed-round financing worth several million yuan, with the investor undisclosed. Shenzhen Hydrogen Energy Co., Ltd.: Completed A+ round financing, with Shenzhen Energy Investment as the investor. Anhui Shuishui New Energy Technology Co., Ltd. : Anhui Shuishui Technology completed an A-round financing of over 100 million yuan, led by NIO Capital. This round of funding will be primarily used to fulfill large orders, increase R&D reserves, construct new factories, and support daily operations, in order to drive the integration and upgrading of the industry chain. SPIC Green Energy Co., Ltd.: held talks with Beijing Energy International Holding Co., Ltd., with both sides focusing on areas such as the construction of green electricity transmission channels into Beijing and pipeline transportation of green hydrogen, and conducting in-depth exchanges on deepening cooperation. Beijing Hydrosys Technology Co., Ltd. : helped successfully complete hydrogen refueling at Yunnan’s first integrated “PV–green electricity–hydrogen” refueling station. China Classification Society ​​​​​​​: supported the successful completion of the 16,136 TEU methanol dual-fuel container ship project. China Classification Society​​​​​​​​​​​​​​: the “COSCO 9802,” a single methanol-powered chemical tanker for which it carried out drawing approval and construction inspection, was successfully delivered. ​​Patent Applications​​ 1. Shanghai Institute of Ceramics, Chinese Academy of Sciences​​ (China) disclosed 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 a Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity close to platinum-based materials. Technology Footprint/Technical Specifications​​ 1. A team from Xi’an Jiaotong University and Peking University jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and economics of hydrogen production from AEM water electrolysis and supporting the large-scale deployment of low-cost green hydrogen. 2. Johnson Matthey and Syensqo achieved efficient recycling and reuse of platinum group metals and ionomers in PEM fuel cells and electrolyzers, substantially reducing the carbon footprint. 3.​​Research teams from the School of Electrical Engineering of Xi’an Jiaotong University and the State Key Laboratory of Electrical Materials and Electrical Insulation successfully developed the Ru/Ti3C2Ox@NF bifunctional electrocatalyst for seawater electrolysis. 4. The group standard Technical Specification for Wind and Solar Power, PV+ESS, and Green Electricity Coupled Electrolysis Hydrogen Production (No. T/CIEP 0272—2025) was released and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully developed a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it had developed a next-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

[SMM Tin Morning News: The Most-Traded SHFE Tin Contract Maintained a Fluctuating Trend Around the 400,000 Mark in the Night Session, with Downstream Enterprises Mostly Digesting Inventories for Operations]

Futures: Overnight, LME lead opened at $1,934.5/mt and moved sideways around the daily average during the Asian session. Entering the European session, it briefly rose to test the $1,940/mt level before weakening again to a low of $1,930/mt. It then rebounded and recovered all losses, touching a high of $1,946/mt before the close and finally settling at $1,945/mt, up $14/mt, or 0.73%. Overnight, the most-traded SHFE lead contract gapped lower to open at 16,605 yuan/mt. Early in the session, supported by stronger LME lead, it climbed to a high of 16,680 yuan/mt before pulling back and consolidating above the intraday average. It edged up slightly before the close and eventually settled at 16,665 yuan/mt, down 25 yuan/mt from the previous day, or 0.15%. As shipping through the Strait of Hormuz was nearly at a standstill, production cuts by Middle Eastern oil-producing countries also kept escalating. Three sources familiar with the matter revealed that the Trump administration in the US had asked Israel to stop further airstrikes on Iran’s energy facilities, especially oil infrastructure. This was said to be the first time the US had clearly restrained Israeli military operations since the joint US-Israeli military action against Iran began. The US made this request partly because of concerns that it could push up global oil prices and trigger large-scale Iranian retaliation against energy infrastructure in the Gulf region. The 2026 draft report on central and local fiscal budgets clarified the total national defense expenditure budget, and Zhang Xiaogang introduced this year’s national defense spending arrangements. In 2026, the national general public budget arranged national defense expenditure of 194 billion yuan, up 6.9% from the previous year’s executed amount, of which central government spending was 191 billion yuan, up 7% from the previous year’s executed amount. Spot Fundamentals: In the Shanghai market, Chihong lead was quoted at discounts of 100-0 yuan/mt against the SHFE lead 2604 contract. SHFE lead remained in the doldrums, and with delivery approaching, some suppliers shifted cargoes to ship to delivery warehouse, reducing shipment pressure and relatively narrowing discounts. This was mainly reflected in primary lead smelter cargoes self-picked up from production site, with ex-works quotations in mainstream producing areas ranging from discounts of 50 yuan/mt to premiums of 75 yuan/mt against the SMM #1 lead average price. In addition, secondary lead smelters held prices firm in shipments, with secondary refined lead quoted ex-works around parity with the SMM #1 lead average price. As arrivals of imported lead increased, however, discounts on individual secondary refined lead quotations widened to 200 yuan/mt ex-works. Downstream enterprises bought the dip on demand, mainly purchasing primary lead, and transactions relatively improved. Inventory: As of March 10, LME lead inventory stood at 284,875 mt, flat from the previous day; as of March 9, SMM social inventory of lead ingot across five regions continued its accumulating trend. Lead Price Forecast for Today: Recently, downstream enterprises have still mainly been digesting inventories, with low enthusiasm for procurement and stockpiling. After lead ingot inventories accumulated at medium- and large-scale smelters in Henan and other regions, they were continuously transferred to social warehouses. For secondary refined lead, as scrap battery prices remained firm while lead prices were in the doldrums, smelters showed low enthusiasm for shipments and ramping up operating rates, and discounts in spot secondary refined lead quotations narrowed, with downstream just-in-time procurement tilting toward primary lead. In addition, secondary refined lead will enter delivery as substitutes, coupled with replenishment from imported lead, refined lead social inventory is expected to find it difficult to reverse the short-term trend of continued accumulation, and lead prices remain under pressure.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.

The Fourth Session of the 14th National People’s Congress opened at 9:00 a.m. on the morning of the 5th at the Great Hall of the People, where Premier Li Qiang of the State Council delivered the Government Work Report. Based on the relevant content of the Government Work Report, SMM compared the wording of certain core key words with that of 2025:

Indonesia, as a crucial emerging market in Southeast Asia, possesses massive potential for the development of the photovoltaic (PV) industry. According to assessments by the Ministry of Energy and Mineral Resources, Indonesia's potential PV power generation capacity reaches up to 207 GW. This article will provide an in-depth insight into the actual dynamics and industrial landscape of the current Indonesian PV market.