[SMM Hydrogen Energy Express] On March 5, Premier Li Qiang delivered the government work report at the Fourth Session of the 14th National People’s Congress, emphasizing that every effort must be made to advance the development of a green, low-carbon economy. Specific measures include: improving relevant policies to promote green, low-carbon development; carrying out actions to improve quality, reduce costs, and cut carbon emissions in key industries, and further advancing the development of zero-carbon industrial parks and factories; establishing a national low-carbon transition fund to actively foster 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strong and effective controls over high energy-consuming and high-emission projects, accelerating the phase-out of outdated capacity, while supporting innovation and application of green, low-carbon technology and equipment; improving the mechanism for managing total resource volumes and the comprehensive conservation system, and strengthening the recycling and utilization of renewable resources.

Gulf energy crisis from Iran conflict could undermine copper’s $12,000 per tonne floor as inflation and real yields rise, pressuring bullish positioning.

US critical minerals producer Energy Fuels said that once its Donald project in Australia comes on stream, it was expected to meet up to 50% of US demand for heavy rare earth elements. The project was expected to supply rare earths to the White Mesa facility in Utah from the end of 2027 to early 2028. In Phase 1, the Donald project could meet about 25% of US heavy rare earth demand, and Phase 2 could increase this to 50%. The project will produce 1,531 mt of Pr-Nd oxide, 168 mt of dysprosium, and 29 mt of terbium per year. After the Phase 2 expansion of the White Mesa facility, dysprosium capacity will reach 288 mt/year and terbium 80 mt/year.

The Beijing Municipal Development and Reform Commission and the Commission of Housing and Urban-Rural Development have officially released the Beijing 2026 Key Engineering Plan. Marking the start of the "15th Five-Year Plan," the city will advance 300 major projects categorized into three groups: 100 technological innovation and modern industry projects, 100 infrastructure projects, and 100 livelihood improvement projects. The plan includes 120 new starts and 180 ongoing projects, notably featuring the development of three large-scale energy storage (ESS) bases to bolster the city's energy infrastructure.

Chongqing Shunbo Aluminum Alloy (Shunbo Alloy) has announced that its Anhui Phase II project will prioritize aluminum plate and strip products for battery foil blanks, battery casings, 3C products, and green packaging. The company highlights that these sectors align with the rapid growth of new energy vehicles (NEVs) and new energy storage systems (ESS). The project includes a 630,000-ton/year low-carbon aluminum alloy flat ingot line and a 50,000-ton/year high-performance aluminum plate and strip line. Production and sales are projected to scale from 120,000 tons in 2026 to 400,000 tons by 2028.

According to foreign media reports, ASX-listed Lindian Resources signed a binding agreement to acquire a 51% equity stake in the Sareco Mixed Rare Earth Carbonatite (MREC) processing plant in Kazakhstan. The plant was previously operated by a joint venture between Japan’s Sumitomo Corporation and Kazakhstan’s national atomic energy company, Kazatomprom, and will now be jointly operated by Lindian (51%) and its domestic joint-venture partner, the RA Group (49%). The acquisition will upgrade Lindian’s business from rare earth concentrate production to higher-value MREC production, significantly improving its economic returns.

【SMM Steel】ArcelorMittal Kryvyi Rih will halt its Foundry and Mechanical Plant (LMZ) in three months, cutting over 1,700 jobs. Total cuts exceed 2,400 with the blooming shop also closing. Soaring power costs from infrastructure attacks and expensive imports made steel production unviable. EU's CBAM, effective 2026 with no Ukraine exemption, blocked European market access, drying up LMZ orders.

Zhangye City in Gansu Province has officially launched an investment promotion for the Zhangye Economic Development Zone ESS Battery Separator Project. With a total estimated investment of 3 billion yuan, the project plans to construct 2–6 ultra-wide high-speed separator production lines and 7–21 coating lines. Located in the Circular Economy Demonstration Park, the facility is expected to reach an annual output value of 3.5 billion yuan upon completion. The Zhangye Municipal Development and Reform Commission is leading the recruitment of industrial partners for this initiative.

Shanshan Shares released an update on March 3 regarding its controlling shareholder's restructuring. The administrator submitted the draft restructuring plan for Shanshan Group and Ningbo Pengze Trading on February 28, following the fourth creditors' meeting held on March 2. The voting period is set to conclude on April 15, 2026. According to the signed investment agreement, if the plan is approved and executed, the actual controller of Shanshan Shares is expected to change to the Anhui Provincial State-owned Assets Supervision and Administration Commission (SASAC). This marks a potential state-led takeover for the leading lithium-ion battery material supplier after entering court-mandated restructuring in early 2025.

The Government Work Report stated that over the past year, China’s development moved toward the new and the better, demonstrating vigorous vitality. New quality productive forces developed steadily, with abundant achievements in scientific and technological innovation; the R&D and application of artificial intelligence, biomedicine, robotics, quantum technology, and other fields were at the global forefront. New breakthroughs were made in independent chip R&D; Tianwen-2 embarked on its “star-chasing” journey; the large-scale application of BeiDou was comprehensively expanded; construction began on the hydropower project in the lower reaches of the Yarlung Zangbo River; the first domestically built electromagnetic catapult aircraft carrier, the Fujian, was officially commissioned; and domestically developed large models led the global open-source ecosystem. The industrial structure continued to be optimized: the value added of high-tech manufacturing and equipment manufacturing grew by 9.4 and 9.2, respectively; the production of industrial robots and integrated circuits increased by 28 and 10.9, respectively; annual NEV production exceeded 16 million units; and EV charging facilities surpassed 20 million. Energy consumption per unit of GDP fell by 5.1, and ecological and environmental quality continued to improve.