[SMM News] According to reports, Jinyi Precision Manufacturing Co., Ltd.'s 3 million-unit annual NEV parts project has achieved partial production. The project was invested and built by Wuhu Jinyi Group in Funan County, Fuyang City, Anhui province, focusing on the R&D and production of magnesium-aluminum alloy die-casting and core NEV parts. The project plans to purchase 3500T–5000T die-casting machines as well as CNC grinders, milling machines, machining centers and other production equipment, with products covering die-cast parts such as NEV engine and transmission housings, electric drives, and electronic controls.

On the evening of April 20, Chengtun Mining's Q1 report showed that the company achieved total operating revenue of 9.354 billion yuan, up 65.08% YoY; net profit attributable to the parent company was 1.02 billion yuan, up 250.40% YoY. Regarding the main reasons for the increase in Q1 revenue and net profit, Chengtun Mining stated that the company's main copper products saw higher production and sales volumes YoY, copper prices rose YoY, and profits improved; the company enhanced quality and efficiency in production and operations, controllable costs declined YoY, and performance grew during the period. In addition, Chengtun Mining also announced on April 20 that as of the disclosure date, the cumulative total outstanding external guarantees of the publicly listed firm and its controlling subsidiaries amounted to 10.854 billion yuan, accounting for 65.86% of the most recently audited net assets of the publicly listed firm. Of this, the cumulative total guarantees provided to associates was 172.04 million yuan; the cumulative total guarantees provided to controlling subsidiaries was 10.682 billion yuan, accounting for 64.82% of the most recently audited net assets of the publicly listed firm. None of the company's external guarantees were overdue. Chengtun Mining announced on April 8 that its wholly-owned subsidiary Preeminence Holdings Limited plans to acquire 50% equity of Nkoyi Leopard Mining and Investment Limited, a wholly-owned subsidiary of Novel Mining and Services Limited, a company registered in the Emirate of Abu Dhabi, UAE, for $300 million, thereby indirectly obtaining a 30% interest in specific copper-cobalt mining rights located in the DRC. Upon completion of this transaction, Nkoyi will become an associate of the company and will not be consolidated into the financial statements. Under the agreement, Preeminence plans to acquire 50% equity of Nkoyi for $300 million. Nkoyi's wholly-owned subsidiary has entered into a joint venture agreement for specific copper-cobalt mining rights, holding a 60% interest in such mining rights. Therefore, after this transaction, the company will hold a 30% interest in such mining rights. Nkoyi was established in October 2024 and has not yet commenced production or operations; its core asset is the aforementioned 60% interest in the copper-cobalt mine project. The counterparty, Novel Mining, was established in March 2026 and registered in Abu Dhabi, with its core project being the copper-cobalt mining rights. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that the company continuously monitors relevant risks in its overseas operating locations, and that its operating projects in the DRC are currently running stably. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that to effectively manage price fluctuations of non-ferrous metals and exchange rate risks, the company has adopted multiple risk management measures, including hedging and locking in selling prices of some mine product inventory and copper, gold and other products through bears futures contracts. When market prices of metal products rise, losses are reflected on the futures side. In 2025, market prices of copper, gold and other metals rose significantly, resulting in large unrealized losses on the futures side, which are offset by corresponding gains on the spot cargo side. The futures team will diligently carry out hedging operations in a prudent manner centered on the company's core business within the framework of the company's management systems. Chengtun Mining's previously released 2025 annual report showed that in 2025, the global non-ferrous metals industry entered a new development stage of supply-demand restructuring and value reassessment. Energy metals such as copper, cobalt and nickel were boosted by rigid demand from new energy, AI computing power, global power grid upgrades and other sectors, coupled with rigid supply-side constraints, driving the price center continuously upward. Precious metals such as gold saw a value opportunity amid global geopolitical conflicts and rising safe-haven demand. The new energy battery industry achieved high-quality advancement amid structural opportunities. Facing new industry development opportunities, the company adhered to its resource-oriented and internationalization strategy, deepened its entire industry chain layout of "controlling upstream resources and expanding downstream materials," strengthened operational measures of "controlling costs, focusing on details, and enhancing quality and efficiency," continuously consolidated core capabilities in global resource exploration, construction and operations, and enhanced the industry chain extension value of smelting, processing and materials manufacturing, continuously strengthening operational quality and resilience against cyclical fluctuations amid industry value restructuring. In 2025, the company achieved new breakthroughs in global resource deployment and industry chain operational capabilities. Overseas core projects achieved remarkable results in quality and efficiency improvement. After the completion of the Phase II expansion of the BMS copper smelting project, capacity increased significantly, reaching 120,000 mt in metal content by year-end, with annual production of 106,300 mt in metal content, and the profitability resilience of the copper-cobalt business continued to strengthen. The Kalongwe integrated mining and smelting project in the DRC advanced full-process technological transformation and engineering construction, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management. Indonesia's Youshan Nickel maintained stable operations amid industry fluctuations. The domestic segment made progress on multiple fronts: the Guizhou project further released industry chain extension value, Huajin Mining achieved steady growth in gold production, and the Dali Sanxin copper mine construction progressed in an orderly manner. In 2025, the company achieved operating revenue of 30.003 billion yuan, up 16.60% YoY; net profit attributable to shareholders of the publicly listed firm was 1.961 billion yuan, down 2.19% YoY. Chengtun Mining stated in its 2025 annual report that the company is committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focuses on copper, nickel, cobalt and gold. Its main business segments include energy metals, base metals, metal trading and others. Regarding its main business operations, Chengtun Mining provided the following overview: 1. Energy metals business: During the reporting period, the company's energy metals business achieved revenue of 20.384 billion yuan, with a gross margin of 25.69%, down 2.71 percentage points from the previous year. In 2025, copper products production was 207,400 mt in metal content, up 17.48% from the previous year; copper products revenue reached 14.071 billion yuan, up 34.20% YoY, with a gross margin of 28.88%, down 6.35 percentage points YoY; cobalt products production was 9,200 mt in metal content, down 30.58% from the previous year, with revenue of 1.011 billion yuan, down 30.64% from the previous year, and a gross margin of 53.76%, up 10.21 percentage points from the previous year; nickel products production was 49,400 mt in metal content, up 50.42% from the previous year, with revenue of 4.286 billion yuan, up 13.16% from the previous year, and a gross margin of 0.32%, down 3.25 percentage points from the previous year. (1) Copper-cobalt segment: ① The company actively advanced production, construction, quality improvement and efficiency enhancement of its copper-cobalt segment in the DRC. By the end of the reporting period, the company's total copper capacity in the DRC reached 230,000 mt in metal content per year. The company's copper-cobalt smelting projects CCR and CCM maintained stable production and operations while continuously optimizing process flows, keeping product qualification rates at high levels. BMS successfully completed its Phase II expansion, officially entering the ranks of enterprises with annual copper production capacity of over 120,000 mt in metal content. The Kalongwe copper-cobalt project coordinated full-process technological transformation and engineering construction in 2025, successfully completing the implementation of core technological transformation projects, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management, with significant cost reduction and efficiency improvement results. ② Dali Sanxin actively processed mine construction-related permits and has obtained the project approval report, among others. Land use and safety and environmental assessment procedures are progressing steadily. ③ During the reporting period, the company actively sought sustainable resource security through exploration in high-potential areas and pursuing acquisitive copper ore resource M&A and cooperation opportunities. (2) Indonesia nickel segment: During the reporting period, the Youshan Nickel project achieved stable production and operations. In 2025, nickel prices fluctuated downward overall under an oversupply pattern, with a rebound at year-end due to Indonesian policy disruptions. Through comprehensive measures including improving management, optimizing production processes, and rationally arranging production and operations, as well as forming industry chain synergies with related domestic industries, the industry chain's risk resistance was enhanced. The company will continue to seek further development opportunities in the nickel segment on both the mine resource side and the smelting side. (3) Deep processing and materials segment: ① In 2025, amid the severe raw material shortage caused by the DRC's "cobalt export ban," Kelixin achieved value maximization through precise control of production and shipments pace and efficient allocation of limited raw material resources. ② Zhonghe Nickel optimized process technology, further advanced refined management of production sites, achieved results in process control of high-magnesium slag-type materials, and improved the system's adaptability to raw materials from multiple channels. ③ As of the end of December 2025, the Guizhou Phase I project completed its capacity ramp-up and achieved full-capacity operation, while the Guizhou Phase II project construction was actively progressing. The company conducted systematic process benchmarking, further optimized system process flows, strengthened refined management and control requirements for various tasks, and ensured continuous and stable operation of production systems. 2. Base metals business: (1) During the reporting period, Chengtun Zinc & Germanium's zinc smelting operated at full capacity and comprehensively recovered valuable metals including germanium, silver, copper, indium and gold. Germanium product production increased 37.18% YoY, and the industrialisation of indium metal comprehensive recovery achieved phased success. A breakthrough was achieved in smelting furnace control technology, with slag processing volume and valuable metal recovery rates steadily improving, and economic benefits significantly enhanced. (2) During the reporting period, the company actively advanced the processing of domestic mine permits to ensure orderly construction. Baoshan Hengyuan Xinmao obtained the provincial NDRC's approval for the mining engineering project in September 2025. Huajin Mining operated according to plan in 2025, selling 320.75 kg of gold and achieving revenue of 244 million yuan. 3. Metal trading business and others: During the reporting period, metal trading achieved operating revenue of 999 million yuan, down 24.46% YoY, accounting for only 3.33% of total revenue. Currently, the company's main business scale is growing steadily. While the scale and proportion of industrial production and manufacturing have increased, the trading business scale has been gradually reduced, achieving good results on the path of high-quality, sustained and stable development. Regarding the company's business plan, Chengtun Mining stated: In 2026, the company's production and operation targets are: copper products production of 230,000 mt in metal content; cobalt products production of 15,000 mt in metal content; nickel products production of 60,000 mt in metal content; zinc products production of 300,000 mt; and gold products production of 380 kg. In other areas, domestic mines include continuing to advance the full-scale construction and commissioning of the Dali Sanxin copper mine, proceeding with the Baoshan Hengyuan Xinmao mining project construction as planned, increasing Huajin Mining production, and achieving full commissioning of the Guizhou Phase II project. Given the complex and volatile market environment, this business plan serves only as a guiding indicator, is subject to uncertainties, and does not constitute a commitment to achieving the stated production targets. To safeguard the interests of all shareholders, the company reserves the right to revise this business plan in a timely manner based on changes in market conditions, industry policy adjustments, and actual production and operational needs. Investors are advised to pay close attention to industry-specific risks, rationally recognize the uncertainties of forecast information, and make prudent investment decisions. Citi raised its 0-3 month copper price forecast to $13,000 per mt. ANZ believes that demand resilience driven by the energy transition and data center growth will keep the market at a 4%-5% supply gap, thereby supporting copper prices. A Huafu Securities research report dated March 8 showed: Copper — short-term, expectations for US Fed interest rate cuts persist, and the tight fundamental landscape continues to support copper prices; medium and long-term, as deeper US Fed interest rate cuts boost investment and consumption while opening up room for China's monetary policy, coupled with potential inflationary rebound from the Trump administration's possible fiscal easing, the copper price center is expected to shift upward, and strong new energy demand will widen the supply-demand gap, maintaining a bullish outlook on copper prices. Aluminum — short-term, aluminum prices are mainly driven by macro sentiment and capital flows. Currently, the extent of aluminum price gains will depend on the duration of the strait blockade; if the shipping disruption is brief, the impact on prices should be limited, but a prolonged blockade could push aluminum prices to new highs. Individual stocks: Copper — focus on Zijin, CMOC, JCC, Chengtun Mining, Zangge, Jchx and Beibu-Gulf Copper, and H-shares focus on China Nonferrous Mining and Minmetals, etc. Aluminum — focus on Hongqiao Holdings, Tianshan, Yunnan Aluminum, Shenhuo, Huatong and Zhongfu, etc.

[Magnesium Market Continued to Weaken at the Start of the Week; Short-Term Low Gradually Emerging with Soft Landing Expected] The 99.90% magnesium ingot price in the main producing area was quoted at 16,950-17,050 yuan/mt today, down 50 yuan/mt from the earlier quote.

[SMM Magnesium Express] China's magnesium product exports surged in March 2026. Magnesium ingot exports reached 30,200 tonnes, up 68.12% month-on-month, with cumulative year-on-year growth of 6.08%. Magnesium powder exports hit 6,966 tonnes, up 33.3% month-on-month, with cumulative growth of 11.77%. Magnesium alloy exports reached 10,700 tonnes, up 43.35% month-on-month, with cumulative growth of 24.96%.

According to China News Service, on April 16, at the plant of Jiuquan Iron and Steel (Group) Co., Ltd. in Jiayuguan City, Gansu Province, automated equipment was producing a new generation of zinc-aluminum-magnesium products. It was reported that the group assembled a specialized team to tackle zinc-aluminum-magnesium technology. Against the backdrop of formidable external technical barriers and the absence of batch production track records in China, the team spent six years of intensive efforts to produce China's first coil of zinc-aluminum-magnesium products with proprietary intellectual property rights. At the end of 2025, JISCO's new generation of zinc-aluminum-magnesium products was unveiled. This product category represents the most technically challenging variety in the hot-dip galv

According to China News Service, on April 16, at the plant of Jiuquan Iron and Steel (Group) Co., Ltd. in Jiayuguan City, Gansu Province, automated equipment was producing a new generation of zinc-aluminum-magnesium products. It was reported that the group assembled a specialized team to tackle zinc-aluminum-magnesium technology. Against the backdrop of formidable external technical barriers and the absence of batch production track records in China, the team spent six years of intensive efforts to produce China's first coil of zinc-aluminum-magnesium products with proprietary intellectual property rights. At the end of 2025, JISCO's new generation of zinc-aluminum-magnesium products was unveiled. This product category represents the most technically challenging variety in the hot-dip galvanizing industry. JISCO is the only company in China to have achieved large-scale batch production, filling the technological gap in related fields in China. The products have been successfully applied in highly corrosive environments such as cooling towers, motor housings, energy storage, and offshore PV, and have been exported to multiple countries including Thailand, the Philippines, and Argentina.

Shanxi Province recently issued the Outline of the 15th Five-Year Plan for National Economic and Social Development of Shanxi Province. The Outline proposes to focus on developing high-end products such as special steel, aluminum-magnesium lightweight structural components, and high-end copper alloy strips and sheets. The province is expected to advance exploration of bauxite, dolomite, iron ore, copper ore, gold ore, graphite ore, high-purity quartz, and helium, and enhance the supply security of strategic mineral resources. The plan also encourages the vigorous development of recycled metals and supports enterprises in establishing scrap recycling systems.

Capacity side, according to incomplete statistics, China's alkaline electrolyzer market remained at 43.77 GW, the PEM electrolyzer market remained at 2.7 GW, with no new capacity additions for the time being. No offline public delivery information was available this week. Project-related updates: Guangdong Liquid Sunshine Green Energy Co., Ltd.: The company officially signed a memorandum of cooperation with Johnson Matthey, a global leader in sustainable technology, and East China Engineering Science and Technology Co., Ltd. in Hefei. The three parties will jointly advance the implementation of the 150,000 mt biomass green methanol demonstration project invested and constructed by Liquid Sunshine Green Energy in Tiandong County, Guangxi. Jiang Xi, Executive President of Liquid Sunshine Green Energy, Zhong Ling, General Manager of Johnson Matthey China, and Meng Chenzhou, General Manager of East China Engineering, completed the signing on behalf of their respective parties. Zhongneng Kehang (Baotou) New Energy Technology Co., Ltd.: The annual 300 million m³ green electricity-to-hydrogen production project received filing approval. The project is located in Baotou City — Guyang County — Jinshan Economic Development Zone, Guyang County, Baotou City, Inner Mongolia Autonomous Region, with a total investment of 500 million yuan. Construction scale and content: 18 new hydrogen production lines, office buildings, workshops, shift dormitories, etc. Planned construction period: 2026/08–2028/07. Guoneng Xinjiang Electric Power Co., Ltd.: In collaboration with the New Energy Research Institute, the company successfully completed China's first 660 MW coal-fired boiler hydrogen co-firing pilot test, achieving a maximum hydrogen blending ratio of 45%, marking a pilot-scale breakthrough in coal-hydrogen co-combustion and pure hydrogen combustion. Heilongjiang Jiayirongyuan Green Chemical Co., Ltd.: Jidong County, Jixi City held the groundbreaking ceremony and technical exchange conference for the 300,000 mt green hydrogen-methanol-aviation fuel chemical co-production project. The project is invested and constructed by Heilongjiang Jiayirongyuan Green Chemical Co., Ltd., a subsidiary of Jiaze New Energy Co., Ltd., with a planned total investment of approximately 3.557 billion yuan. The core of the project is to build an annual 300,000 mt green methanol production site and establish a sustainable aviation fuel (SAF) sustainable development system. China Energy Engineering Overseas Investment Co., Ltd.: The commissioning ceremony for Central Asia's first AEM electrolysis hydrogen production research equipment was grandly held in Astana, the capital of Kazakhstan, marking a substantive breakthrough in joint R&D and application demonstration of key green hydrogen technologies between China and Kazakhstan. The equipment was jointly developed by the Overseas Investment Company and Shanghai Jiao Tong University, with the Overseas Investment Company also responsible for coordinating project investment and application scenario development. Leveraging advanced AEM electrolysis hydrogen production technology, the project demonstrates promising application prospects in improving hydrogen production efficiency and reducing system costs. Haiwang (Ningdong) New Materials Co., Ltd.: Its annual 5,000 mt carbazole project successfully completed trial production with feedstock. The project not only continuously produced high-grade products but also achieved batch delivery to multiple clients across different industries. It is understood that Haiwang (Ningdong) New Materials Co., Ltd. is a project jointly funded by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Technology Venture Capital Co., Ltd. The company is located in the New Materials Park of Ningxia Ningdong Energy and Chemical Industry Base, covering 65 mu of land, and construction of an annual 5,000 mt-class continuous carbazole production line has been completed. Zhongneng Jian Bochuang Green Fuel (Shenyang) Co., Ltd.: China's first 500,000 mt-class biomass green methanol-oil demonstration project — the Liaoning Shenyang 500,000 mt-class wind and solar power hydrogen production integrated with biomass green methanol-oil demonstration project — officially commenced construction. The demonstration project has a total investment of 32 billion yuan, fully leveraging the local unique resource advantages of "wind power + biomass," and is committed to building an annual 500,000 mt biomass green methanol-oil project, equipped with 2 GW centralized wind power, with an estimated annual biomass demand of approximately 3 million mt. It is understood that the project will be advanced in three phases. After Phase I completion, annual green methanol production of 100,000 mt will be achieved; after Phase II completion, annual green aviation fuel production of 300,000 mt will be achieved; after Phase III completion, annual green ammonia production of 100,000 mt will be achieved, at which point the overall capacity target of 500,000 mt-class green fuel will be fully met. Xindao Hydrogen Energy Technology (Baotou) Co., Ltd.: The company co-hosted an industry-academia-research cooperation signing ceremony with the School of Chemistry and Chemical Engineering of Inner Mongolia University of Science and Technology. As a wholly-owned subsidiary of Jiangsu Xindao Energy Group, Xindao Hydrogen Energy Technology (Baotou) Co., Ltd. is actively engaged in the construction of a hydrogen-based green fuel off-grid green electricity direct-connection project, aiming to achieve annual targets of 1.485 billion kWh of green electricity, 291 million m³ of green hydrogen, and 200,000 mt of green methanol. The company is committed to promoting the commercialization and application of key technologies for "electricity-hydrogen-carbon" integrated high-efficiency balanced synergy, and has reached a cooperation agreement with a well-known South Korean shipping enterprise on long-term green methanol supply and sales. Policy Review 1. Notice of the Shaanxi Provincial People's Government on Issuing the 15th Five-Year Plan for National Economic and Social Development. The document stated that hydrogen-related industrial clusters should be accelerated with a focus on Yulin, Xi'an, and other areas, building a full industry chain of hydrogen energy covering "production, storage, transportation, refueling, and utilization," reducing hydrogen production costs, and expanding hydrogen energy application scenarios. 2. Notice of the Guangzhou Municipal Administration and Comprehensive Law Enforcement Bureau on Issuing the Guidelines for Applying for Special Subsidies for Hydrogen Refueling Station Construction and Operation in Guangzhou. 3. The People's Government of the 8th Division Shihezi City of the Xinjiang Production and Construction Corps released the Administrative Measures for Hydrogen Energy Industry Development of the 8th Division Shihezi City (Trial) (Draft for Public Comments). The document stated that the safety management of hydrogen energy product production, storage, transportation, filling, and use within the administrative area of the Division and City shall be governed by these measures. Where other laws and administrative regulations provide otherwise, those provisions shall apply. Enterprise Updates Zibo Wangji Transportation Co., Ltd.: The first batch of 40 hydrogen-powered heavy-duty trucks were lined up and officially put into operation. These hydrogen heavy-duty trucks are all equipped with Guohong Hydrogen Energy's fuel cell systems and will primarily undertake trunk-line transportation of bulk materials such as ore powder, cement powder, and coal ash. Under typical conditions of a 100 km one-way trip with a full load of 40 mt, the vehicles can complete refueling in just 20 minutes using the supporting skid-mounted hydrogen refueling station. Sichuan Energy Investment Kuanzhai Green Supply Chain Co., Ltd.: The company released a competitive inquiry for the 2026–2027 comprehensive leasing service procurement project for five 49 mt hydrogen heavy-duty trucks. The tender announcement showed that the procurement covers comprehensive leasing services for five 49 mt hydrogen heavy-duty trucks (including tractor + semi-trailer + driving service + insurance + maintenance). Lease period: the contract term is one year in total, with the initial period of 3 months signed first, followed by contract renewals based on actual demand. This project does not accept consortium participation in the inquiry. Changsha Municipal Bureau of Industry and Information Technology: The bureau released the transaction announcement for the hydrogen energy industry foundation and comprehensive application scenario research service project. The announcement showed that the Fifth Electronics Research Institute of the Ministry of Industry and Information Technology successfully won the bid, with a winning amount of 192,000 yuan. Guangdong Yuntao Hydrogen Energy Technology Co., Ltd. : The company officially reached a sales agreement with Guangzhou Yue'ancheng Trading Co., Ltd., under which Yuntao Hydrogen Energy will deliver 100 hydrogen heavy-duty trucks to Yue'ancheng Trading. It is understood that the 100 dump trucks in this successful order came from the key account development department of Yuntao Hydrogen Energy's dump truck business division, and will comprehensively support Yue'ancheng Trading's core transportation operations. To meet its high-frequency, high-volume transportation needs, these vehicles are equipped with fuel cell systems independently developed by Yuntao Hydrogen Energy, featuring advantages such as a driving range of up to 400 km, hydrogen refueling time of no more than 15 minutes, peak power of 355 kW, and payload capacity exceeding 14 mt. Shanghai Hydrogen Maple Energy Technology Co., Ltd.: The company officially issued a certification to CSSC 712 Research Institute, marking a key breakthrough in China's marine SOFC technology and entering a new stage of standardized and industrialized development. Suzhou Qingqiji Environmental Protection New Energy Co., Ltd.: Following its successful bid for the Sinopec Group Zhongtian Hechuang Ordos coal chemical project and securing the first batch order of 8 electrolyzers, the company won additional orders for the same project in subsequent months. Specifically, after the initial bid win, Qingqiji leveraged its strengths to secure an additional order of 8 alkaline water electrolysis hydrogen production electrolyzers for the Zhongtian Hechuang project four months later, making it the supplier with the largest tied share (16 electrolyzers in total) in the project. It is understood that the Zhongtian Hechuang wind and solar power hydrogen production integration project is not only Sinopec Group's second large-scale renewable energy hydrogen production project globally, but also a landmark project in China's hydrogen energy sector. School of Materials Science and Engineering, Shanghai Jiao Tong University: The first AEM hydrogen production–magnesium-based solid-state hydrogen storage integrated system, independently developed by its Hydrogen Science Center, was officially commissioned in Kazakhstan. The system integrates two core technologies — efficient hydrogen production and safe hydrogen storage — achieving deep intelligent coupling of hydrogen production and storage. It employs non-precious metal, low-cost green electricity dynamic direct-connection hydrogen production and directly delivers hydrogen at low pressure to the magnesium-based solid-state hydrogen storage module, eliminating high-pressure compression and cryogenic liquefaction steps, pioneering a new pathway for large-scale green hydrogen applications. ITM Power Plc: UK electrolyzer producer ITM Power Plc (LON:ITM) secured government funding of £86.5 million ($115.8 million/€99.3 million). The funding includes national equity investment and grants, and will support the construction of a 1 GW production line for its next-generation Chronos electrolyzer stack. 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 lifespan of 80,000 hours. 2. Johnson Matthey (UK) filed patent WO2025109876, disclosing an Fe-Ni-Mo ternary non-precious metal catalyst formulation with activity approaching that of platinum-based materials. Technology Footprint / Technical Specifications 1. The team led by Professor Yu Ying at Central China Normal University developed a three-dimensional hierarchical nanostructured catalytic electrode, a core part for seawater hydrogen production. 2. Dalian University of Technology designed an electron pump catalyst with an asymmetric photo-responsive structure, maintaining asymmetry in electron distribution. 3. A research team from the School of Electrical Engineering and the State Key Laboratory of Electrical Insulation and Power Equipment at Xi'an Jiaotong University successfully developed a Ru/Ti₃C₂Oₓ@NF bifunctional electrocatalyst for seawater electrolysis. 4. Johnson Matthey and Syensqo achieved efficient recovery and recycling of platinum group metals and ionomers from PEM fuel cells and electrolyzers, significantly reducing the carbon footprint. 5. Teams from Xi'an Jiaotong University and Peking University jointly developed a novel osmium-based catalyst, significantly improving AEM water electrolysis hydrogen production efficiency and economics, facilitating large-scale low-cost green hydrogen production.

[SMM Magnesium Weekly Review: Magnesium Market Pulled Back on Weakness, Export Prices Rose Against the Trend on Policy Impact] The magnesium market was overall in the doldrums this week. Magnesium ingot quotes in major producing areas fell 350 yuan/mt WoW to 17,000-17,150 yuan/mt. Downstream buyers showed strong wait-and-see sentiment, and panic selling accelerated the price decline, with the market entering a phase of rational pullback. Export side, affected by tightened customs supervision on non-compliant exports and dual-use items, FOB quotes rose against the trend by $50/mt on Thursday to $2,500-2,600/mt, with domestic and overseas market trends clearly diverging. Magnesium powder and magnesium alloy prices pulled back along with raw materials, while processing fees remained stable, and the market overall showed strong supply and weak demand. Magnesium prices are expected to see gradually narrowing declines in the short term, with subsequent attention needed on changes in export policies and downstream purchase willingness.

[SMM Hydrogen Energy News Brief] On April 9, the first AEM hydrogen production-magnesium-based solid-state hydrogen storage integrated system, independently developed by the Hydrogen Science Center of the School of Materials at Shanghai Jiao Tong University, was officially put into operation in Kazakhstan. The system combines two core technologies — efficient hydrogen production and safe hydrogen storage — achieving deep intelligent coupling of hydrogen production and storage. It employs non-precious metal, low-cost green electricity dynamic direct-connection methods for hydrogen production and directly delivers hydrogen at low pressure to the magnesium-based solid-state hydrogen storage module, eliminating the need for high-pressure compression and cryogenic liquefaction, thereby pioneering a new pathway for the large-scale application of green hydrogen.