As of now, the FOB price of Indonesian MHP nickel was $15,418/mt Ni in metal content, and the FOB price of Indonesian MHP cobalt was $49,918/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85.5-86.5, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,777/mt Ni in metal content.

Capacity side, according to incomplete statistics, the domestic alkaline electrolyzer market remained at 43.77 GW and the PEM electrolyzer market remained at 2.7 GW, with no new capacity added. The 16 green electricity smart hydrogen production systems built by Shuangliang Group for ACME Group’s Oman green ammonia project with a daily output of 300 mt officially commenced shipment. Updates on electrolyzer projects: Xinjiang Hynda Energy Technology Co., Ltd.: The EPC tender was released for an integrated production line project with an annual production of 120,000 mt of green hydrogen and 700,000 mt of green ammonia. It is understood that this project is the largest green ammonia producer in China in terms of both scale and production, with a total investment of 10 billion yuan. At present, company registration, project filing, and equipment selection have been completed. The preliminary site is in Wusu West Industrial Park, covering about 600-800 mu; the next step will be to accelerate project planning and design, EIA, energy assessment, safety assessment, and other pre-project procedures, striving to commence production and achieve results as early as possible. Sinopec Sales Co., Ltd. Xinjiang Jiangbei Petroleum Branch: The first public notice for the EIA information disclosure of the new construction project of the Kunlun Road integrated energy supply station in Karamay District was released. Construction location: opposite the bus company on Kunlun Road, Karamay District. Construction content: the project covers an area of 7,504.01 m², with a newly built station building of 390 m² and a canopy of 450 m²; it will include 4 oil storage tanks, 2 fuel dispensers, 1 set of LNG skid-mounted equipment, 2 fast charging piles, 1 set of water electrolysis hydrogen production equipment, a set of hydrogen storage cylinders, and one set of hydrogen skid-mounted and refueling equipment. Annual sales: 3,500 mt of refined oil products, 800 mt of LNG, and 120 mt of hydrogen. China Coal Pingshuo Group Co., Ltd. : A change announcement was released for the procurement project of complete sets of alkaline electrolyzer equipment and ancillary facilities for Phase I of the 600,000 kW off-grid renewable energy hydrogen production project in the coal mining subsidence area of China Coal Pingshuo Group (green hydrogen coupled with the coal chemical segment), and the bid opening time was postponed to March 17, 2026. It is understood that the project adopts a main-and-auxiliary supply model, and the quotation includes 12×1,200 Nm³/h alkaline electrolyzers, 3×4,800 Nm³/h gas-liquid separation systems, 3×4,800 Nm³/h gas purification systems, etc. Junrui Green Hydrogen Energy (Shangdu County) Co., Ltd. : The 30,000 mt/year hydrogen production project in Lingyuan City completed filing. Total investment was 146,037 yuan; the project covers 375 mu, including an electrolysis workshop, 2 purification and compression workshops, a power station, a hydrogen tank farm, etc.; core equipment includes 84 sets of 1,000 Nm³/h electrolyzers, hydrogen storage tanks, as well as hydrogen purification units, compressors, etc. Inner Mongolia Green Hydrogen Steel Union Technology Co., Ltd.: The filing for the green electricity and green hydrogen steel mill plant construction project, a banner/county industrial project, was successfully completed. It was learned that the project’s main construction location is Guyang County, Baotou City; total investment: 1.02 billion yuan, funded by self-owned capital; planned construction period: from March 2026 to October 2027; construction content: construction of green electricity, green hydrogen, and green steel plant buildings and auxiliary facilities. Inner Mongolia Junhong Technology Co., Ltd.: Cancellation of the Green Methanol Plant Building Construction Project. It was learned that the Green Methanol Plant Building Construction Project of Inner Mongolia Junhong Technology Co., Ltd. is located in Baotou City—Guyang County—Jinshan Industrial Park. The project entity is Inner Mongolia Junhong Technology Co., Ltd., with a total investment of 1.5 billion yuan. Policy Review 1. Premier Li Qiang delivered the Government Work Report at the Fourth Session of the 14th National People’s Congress, emphasizing that efforts must be made to advance the development of a green, low-carbon economy. Specific measures include: improving relevant policies to promote green and low-carbon development; carrying out actions to improve quality, reduce costs, and cut carbon emissions in key industry; further advancing the development of zero-carbon industrial parks and factories; establishing a national low-carbon transition fund and actively fostering emerging growth drivers such as hydrogen energy and green fuels; implementing strong and effective controls over high energy-consuming and high-emission projects, accelerating the phase-out of outdated capacity, while supporting innovation and application of green and low-carbon technology and equipment; improving the mechanism for total resource volume management and the comprehensive conservation system, and strengthening the recycling and utilization of renewable resources. 2. The European Commission stated that it will maintain the fertilizer carbon tariff mechanism, while simultaneously implementing temporary tariff reductions and exemptions for fertilizers such as ammonia and urea, in order to balance environmental protection goals with agricultural cost pressure, ensure fair competition, and stabilize clean energy investment. 3. The European Commission approved a 4 billion euro dedicated fund for electrolyzers, providing a 30% equipment cost subsidy for projects with capacity ≥500MW/year, and setting the 2030 electrolyzer efficiency target for green hydrogen projects at ≥60% (LHV basis). Enterprise Updates Shandong Port Qingdao Port (Group) Co., Ltd. : At the Qianwan Port Area of Shandong Port Qingdao Port, the methanol bunkering vessel “Jianhang Lida” successfully carried out 2,500 mt of green methanol ship-to-ship bunkering operations for two international seagoing vessels. SPIC Green Energy Co., Ltd.: Tender Announcement for the 10th Batch of Centralized Tenders in 2026 (infrastructure projects). This includes multiple tenders related to the Lishu wind and solar power hydrogen-ammonia-methanol project: the foundation pile detection service project for the Lishu wind and solar power green hydrogen biomass-coupled green methanol project; the non-destructive detection service project for the Lishu wind and solar power green hydrogen biomass-coupled green methanol project; and the EPC project for the design and construction of the fine interior fit-out of the office building and canteen in the plant-front area of the chemical section of the Lishu wind and solar power green hydrogen biomass-coupled green methanol project. Hangzhou Fenghua Hydrogen Energy Technology Co., Ltd. : The major project approved by the Zhejiang Provincial Department of Marine Economic Development, jointly applied for with Windey, Baimahu Laboratory, Zhejiang University of Technology, and others—R&D and application demonstration of key equipment for an offshore wind power direct-coupled hydrogen production off-grid system—was approved. Tangshan Haitai New Energy Technology Co., Ltd. : Held a symposium with Beijing Energy International Holding Co., Ltd. The two sides focused on areas such as the construction of green electricity transmission corridors into Beijing and green hydrogen pipeline transportation, and conducted discussions and exchanges on deepening cooperation. China Huadian Corporation Ltd. : Party Secretary and Chairman Jiang Yi held talks in Baotou with Chen Zhichang, Member of the Standing Committee of the Inner Mongolia Autonomous Region Party Committee and Party Secretary of the Baotou Municipal Party Committee, and Meng Qingwei, Deputy Party Secretary and Mayor. The two sides exchanged views on further deepening cooperation between central enterprises and local governments. CIMC Enric Holdings Limited​​​​​​​: Formally signed the Strategic Cooperation Framework Agreement in Jakarta with PT SAMATOR Group, an Indonesian provider of industrial gases and energy solutions. Based on their deep accumulation in energy equipment, industrial gases, and clean energy, the two sides reached a consensus on long-term strategic cooperation. Zhizi Automobile Technology Co., Ltd.​​​​​​​: Completed a Series B financing of several hundred million yuan, with investors including Shengshi Juxin, Guoxin Venture Capital, Hebei Industrial Investment, Green Era, Youda Shangrong, the Private Economy Fund, Huoshui Capital, and Huitou Zhizao. The funds will mainly be used for R&D of core technologies such as intelligent driving and autonomous driving, replenishment of working capital, and global market expansion. 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 service life 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. Xi’an Jiaotong University and a Peking University team jointly developed a new-type osmium-based catalyst, significantly improving the efficiency and cost-effectiveness of AEM water electrolysis for hydrogen production, 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 from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 3. Relevant research teams from the School of Electrical Engineering of Xi’an Jiaotong University and the National Key Laboratory of Electrical Insulation and Power Equipment Materials successfully developed a Ru/Ti3C2Ox@NF seawater electrolysis bifunctional electrocatalyst. 4.《Technical Specification for Wind and Solar Power + ESS Coupled Green Electricity Electrolysis Hydrogen Production (No. T/CIEP 0272—2025), a group standard, was issued and implemented by the China Industrial Environmental Protection Promotion Association. Zhongneng Dayou Energy Technology Co., Ltd. successfully conducted R&D of a 100 kW-class PEM electrolyzer hydrogen production multi-field coupling test device. 5. GKN Powder Metallurgy announced that it had developed a new-generation high performance, high-porosity, high-purity porous transport layer (HP-PTL) for proton exchange membrane (PEM) electrolysis.

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

This week, more players entered the solid-state battery industry, with various parties “riding” the hype: Sunstone Development and TONZE stated that their sulphide projects were still in the early R&D stage; QingTao’s Wuhai 2 billion yuan project released its EIA public notice, and a 3.5 GWh production line in Taizhou commenced operations; Suzuki acquired Kanadevia’s solid-state battery business; Yaoshi Lithium Battery completed a 200 million yuan Series A financing round.

As of March 3, the operating rate of 50 electric-furnace steel mills nationwide that mainly produce construction steel was 10.76%, up 10.76% MoM from the previous period; the capacity utilization rate was 6.88%, up 6.88% MoM from the previous period; the daily average production of construction steel was 15,300 mt, up 15,300 mt MoM. During the survey period (February 24–March 3), domestic spot construction steel prices fluctuated this week. After the holiday, downstream end-users had not fully resumed work, and purchases were mostly small, rigid demand. Overall market trading sentiment was subdued, and many regional markets showed a pattern of quoted prices but little to no transactions. Domestic electric-furnace steel mills’ production resumptions continued to advance. Within this week, 11 electric-furnace enterprises resumed production in succession, driving a rapid rebound in the overall operating rate of electric furnaces, and construction steel production posted a notable increase MoM. Looking ahead, most electric-furnace steel mills were set to implement production resumption plans in a concentrated manner next week. As a result, the domestic electric-furnace operating rate was expected to see a sharp rebound, and supply on the construction steel side was set to expand further.

[SMM Tin Morning Update: SHFE Tin Prices Opened Slightly Higher in the Night Session and Then Consolidated at High Levels; As Prices Rebounded, Spot Cargo Transactions Gradually Cooled]

As of now, the FOB price of Indonesian MHP nickel was $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt was $49,819/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni.

1. Tender Conditions For this tender project, Reduced Iron Powder (Second Tender) for February 2026 of the Metallurgical Materials Company (PGPYNSHGZHD260303270894), the bid inviter is the Refractories Division of Pangang Metallurgical Materials Co., Ltd. The funds for the tender project are self-raised. The project has met the tender conditions and is now open for public tendering. 2. Project Overview and Scope of Tender 2.1 Project Name: Reduced Iron Powder (Second Tender) for February 2026 of the Metallurgical Materials Company 2.2 If the tender fails, it will be converted to other procurement methods: converted to negotiated procurement, converted to direct procurement 2.3 The tender content, scope, and scale of this project are detailed in the attachment “Material List Attachment.pdf”. 3. Bidder Qualification Requirements 3.1 Consortium bidding is not permitted for this tender. 3.2 This tender requires that bidders possess the following qualification requirements: (1) Manufacturing business license (2) Distribution business license 3.3 This tender requires that bidders meet the following registered capital requirements: Manufacturing registered capital: 2 million yuan and above Distribution registered capital: 1 million yuan and above 3.4 This tender requires that bidders have the following performance requirements: A scanned copy of at least one issued main business contract or VAT invoice must be provided. 3.5 This tender requires that bidders have the following capability requirements, financial requirements, and other requirements: Financial requirements: see the attachment (if needed) Capability requirements: see the attachment (if needed) Other requirements: see the attachment (if needed) 3.6 For projects that are legally required to be tendered, bids submitted by dishonest persons subject to enforcement shall be invalid. 4. Acquisition of Tender Documents 4.1 Any party intending to participate in the bidding shall, from 09:00 on March 04, 2026 to 09:00 on March 24, 2026 (Beijing time, the same hereinafter), log in to the Ansteel Intelligent Tender and Bid Platform at http://bid.ansteel.cn to download the electronic tender documents. Click to view tender details:

1. Procurement Conditions The purchaser of this procurement project, the Beiying Mine High Manganese Steel Castings and Other Items Project (BG2026020036) (BGBCGFHGXHD260228270076), is the Equipment Spare Parts Procurement Department of the Procurement Center of Bensteel Group Sheets & Plates Co., Ltd. The project funds are self-raised, and the project has met the procurement conditions. Now, a public request for quotation and comparison is being conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Beiying Mine High Manganese Steel Castings and Other Items Project (BG2026020036) 2.2 Alternative procurement method in case of procurement failure: Negotiated procurement 2.3 The procurement content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Joint bidding is not allowed for this procurement. 3.2 This procurement requires bidders to meet the following qualification requirements: (1) Production-oriented business license 3.3 This procurement requires bidders to meet the following registered capital requirements: Production-oriented registered capital: 500 (10,000 yuan) or more 3.4 This procurement requires bidders to meet the following performance requirements: See the attachment for details. 3.5 This procurement requires bidders to meet the following capability requirements, financial requirements, and other requirements: Financial requirements: See the attachment for details. Capability requirements: See the attachment for details. Other requirements: See the attachment for details. 3.6 For projects that must be tendered according to the law, bids from discredited persons subject to enforcement are invalid. 4. Obtaining Procurement Documents 4.1 Interested bidders are requested to log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn from 08:00 on March 1, 2026, to 08:00 on March 10, 2026 (Beijing Time, the same hereinafter) to download the electronic procurement documents. Click to view tender details:

NBS data showed that in February, the manufacturing PMI was 49.0%, down 0.3 percentage points from the previous month, indicating a pullback in the manufacturing sector’s prosperity level. In February, the non-manufacturing business activity index was 49.5%, up 0.1 percentage points from the previous month, indicating an improvement in the non-manufacturing sector’s prosperity level. In February, the composite PMI output index was 49.5%, down 0.3 percentage points from the previous month, indicating that overall production and business activities of enterprises in China slowed down from the previous month. Huo Lihui, Chief Statistician of the NBS Service Sector Survey Center, interpreted China’s PMI for February 2026. Performance of China’s PMI in February 2026 I. Performance of China’s Manufacturing PMI In February, the manufacturing PMI was 49.0%, down 0.3 percentage points from the previous month, indicating a pullback in the manufacturing sector’s prosperity level. By enterprise size, the PMI for large enterprises was 51.5%, up 1.2 percentage points from the previous month and above the threshold; the PMIs for medium- and small-sized enterprises were 47.5% and 44.8%, down 1.2 and 2.6 percentage points from the previous month, respectively, and below the threshold. By sub-index, among the five sub-indices that make up the manufacturing PMI, the production index, new orders index, raw material inventory index, employment index, and supplier delivery time index were all below the threshold. The production index was 49.6%, down 1.0 percentage points from the previous month, indicating that manufacturing production activities slowed down. The new orders index was 48.6%, down 0.6 percentage points from the previous month, indicating a decline in the prosperity of market demand in the manufacturing sector. The raw material inventory index was 47.5%, up 0.1 percentage points from the previous month, indicating that the decline in inventories of major raw materials in the manufacturing sector narrowed slightly. The employment index was 48.0%, down 0.1 percentage points from the previous month, indicating a slight pullback in the employment prosperity of manufacturing enterprises. The supplier delivery time index was 49.1%, down 1.0 percentage points from the previous month, indicating that delivery times of raw material suppliers in the manufacturing sector slowed compared with the previous month. II. Performance of China’s Non-Manufacturing PMI In February, the non-manufacturing business activity index was 49.5%, up 0.1 percentage points from the previous month, indicating an improvement in the non-manufacturing sector’s prosperity level. By industry, the construction business activity index was 48.2%, down 0.6 percentage points from the previous month; the services business activity index was 49.7%, up 0.2 percentage points from the previous month. From the perspective of service industries, the business activity indices for industries such as accommodation, catering, and culture/sports/entertainment were all in a high prosperity range above 60.0%; the business activity indices for industries such as capital market services and real estate were all below the threshold. The new orders index was 45.2%, down 0.9 percentage points MoM, indicating a pull back in non-manufacturing market demand. By industry, the new orders index for the construction industry was 42.2%, up 2.1 percentage points MoM; the new orders index for the services industry was 45.7%, down 1.4 percentage points MoM. The input prices index was 50.9%, up 0.9 percentage points MoM, indicating an overall increase in the price level of inputs used by non-manufacturing enterprises for business operations. By industry, the input prices index for the construction industry was 49.1%, down 2.9 percentage points MoM; the input prices index for the services industry was 51.2%, up 1.5 percentage points MoM. The selling price index was 48.8%, unchanged from the previous month and still below the threshold, indicating that the overall level of non-manufacturing selling prices was lower than in the previous month. By industry, the selling price index for the construction industry was 47.6%, down 0.6 percentage points MoM; the selling price index for the services industry was 49.0%, up 0.1 percentage points MoM. The employment index was 46.0%, down 0.1 percentage points MoM, indicating a slight pull back in the employment prosperity of non-manufacturing enterprises. By industry, the employment index for the construction industry was 42.5%, up 1.4 percentage points MoM; the employment index for the services industry was 46.6%, down 0.4 percentage points MoM. The business activity expectations index was 55.0%, down 1.0 percentage point MoM and still in a relatively high prosperity range, indicating that non-manufacturing enterprises remained confident in market development. By industry, the business activity expectations index for the construction industry was 50.9%, up 1.1 percentage points MoM; the business activity expectations index for the services industry was 55.8%, down 1.3 percentage points MoM. III. Performance of China’s Composite PMI Output Index In February, the composite PMI output index was 49.5%, down 0.3 percentage points MoM, indicating that overall production and business activities of enterprises in China slowed down compared with the previous month. In February, the manufacturing PMI pulled back, while the non-manufacturing business activity index rebounded slightly. —Huo Lihui, Chief Statistician of the NBS Service Survey Center, interprets China’s PMI for February 2026 On March 4, 2026, the NBS Service Survey Center and the China Federation of Logistics and Purchasing released China’s PMI. In this regard, Huo Lihui, Chief Statistician of the Service Industry Survey Center of the National Bureau of Statistics (NBS), provided an interpretation. In February, affected by factors such as the Chinese New Year holiday, the manufacturing PMI was 49.0, down 0.3 percentage points MoM; the non-manufacturing business activity index was 49.5, up 0.1 percentage points MoM; and the composite PMI output index was 49.5, down 0.3 percentage points MoM. I. The Manufacturing PMI Pulled Back In February, the manufacturing PMI was 49.0, with the prosperity level down from the previous month. Judging from historical data, the PMI in the month that includes the Chinese New Year mostly shows some fluctuations. In particular, this year’s Chinese New Year holiday was extended and fell entirely in mid-to-late February, which had some impact on enterprises’ production and operations, and overall market activity in manufacturing declined. (1) Both supply and demand slowed down. The production index and the new orders index were 49.6 and 48.6, down 1.0 and 0.6 percentage points MoM, respectively, indicating a pullback in manufacturing production and market demand. By industry, the production index and new orders index for industries such as agricultural and sideline food processing and computers, communications and electronic equipment were both above the critical point, with supply and demand prosperity remaining in expansion; in industries such as textiles, apparel and accessories and automobiles, both indices remained below the critical point, with weak market activity. (2) The PMI for large enterprises continued to expand. The PMI for large enterprises was 51.5, up 1.2 percentage points MoM, with production and operations remaining in expansion; small and medium-sized enterprises were more affected by the Chinese New Year holiday, with PMIs of 47.5 and 44.8 this month, down 1.2 and 2.6 percentage points MoM, respectively, and their prosperity levels pulled back. (3) Growth momentum in high-tech manufacturing continued to emerge. The high-tech manufacturing PMI was 51.5, remaining in expansion territory and significantly higher than the overall manufacturing level, indicating a favorable development trend in related industries; the consumer goods industry PMI was 48.8, up 0.5 percentage points MoM, with a rebound in the prosperity level; the PMIs for equipment manufacturing and high energy-consuming industries were 49.8 and 47.8, down 0.3 and 0.1 percentage points MoM, respectively, with their prosperity levels pulling back. (4) Enterprise expectations improved. The index of expectations for production and business activities was 53.2, up 0.6 percentage points MoM, indicating that manufacturing enterprises’ confidence in market development after the Chinese New Year strengthened. By industry, the index of expectations for production and business activities in industries such as general equipment and railway, ship, aerospace and aviation equipment was above 56.0, in a relatively high prosperity range, and related enterprises were more optimistic about near-term industry development. II. Non-Manufacturing Business Activity Index Edged Up Slightly In February, the non-manufacturing business activity index stood at 49.5%, up 0.1 percentage point from the previous month, indicating some improvement in the overall prosperity level of the non-manufacturing sector. (I) The service sector’s prosperity level rebounded. The service sector business activity index was 49.7%, up 0.2 percentage point from the previous month. By industry, driven by the Chinese New Year holiday effect, business volumes grew relatively quickly in industries related to residents’ travel and consumption; among them, the business activity indices for accommodation, catering, and culture, sports and entertainment all remained in the high-prosperity range above 60.0%, while those for retail and air transport rose to above 52.0%. Meanwhile, the business activity indices for capital market services and real estate remained at low levels, with subdued market activity. From the perspective of market expectations, the service sector business activity expectations index was 55.8%, remaining in a relatively high-prosperity range, indicating that service sector enterprises remained optimistic about near-term market developments. (II) The construction sector’s prosperity level declined. Affected by factors such as employees of enterprises returning to their hometowns in large numbers during the Chinese New Year holiday and the suspension of construction at some projects, the construction sector business activity index fell to 48.2%, down 0.6 percentage point from the previous month, and the construction sector’s prosperity level continued to pull back. From the perspective of market expectations, the construction sector business activity expectations index was 50.9%, up 1.1 percentage points from the previous month, returning above the threshold, indicating that construction sector enterprises’ confidence in future industry development had somewhat recovered. III. Composite PMI Output Index Pulled Back In February, the composite PMI output index was 49.5%, down 0.3 percentage point from the previous month, indicating that overall production and business activities of enterprises in China slowed down somewhat MoM. The manufacturing production index and the non-manufacturing business activity index, which make up the composite PMI output index, were 49.6% and 49.5%, respectively.