The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 22 Apr , 2026

Recently, Haiwang (Ningdong) New Materials Co., Ltd. successfully completed the commissioning trial production of its annual 5,000 mt carbazole project, continuously producing high-quality products and achieving batch delivery to clients across multiple sectors, marking a new stage of industrialisation for the world's leading single-unit-scale organic liquid hydrogen storage carrier material production site. It is understood that the site was jointly established by Beijing Haiwang Hydrogen Energy Technology Co., Ltd. and Ningxia Ningdong Science and Technology Venture Capital Co., Ltd., located in the New Materials Park of the Ningxia Ningdong Energy and Chemical Industry Base. Covering 65 mu, the project features an annual 5,000 mt-class continuous carbazole production line, equipped with full-process facilities including raw material pretreatment, synthesis and preparation, and finished product refining, along with comprehensive utility systems, making it the world's leading specialised organic liquid hydrogen storage carrier production site in terms of process route and the largest in single-unit scale . The project's core relies on Haiwang Hydrogen Energy's independently developed original synthesis process , completely abandoning the traditional coal tar extraction route, fundamentally overcoming constraints on raw material supply and capacity expansion bottlenecks, and possessing industrialisation advantages of scalable expansion and continuously declining costs. The base purity of products consistently exceeds 99% , and through parameter adjustment, the line can also produce electronic-grade and pharmaceutical-grade high-end products with purity above 99.5%, with the overall production process being green, low-carbon, and environmentally controllable. This proprietary process represents the first industrial-scale application worldwide , having passed the chemical process safety and reliability assessment by the Ningxia Department of Science and Technology, and was evaluated by the China Petroleum and Chemical Industry Federation as reaching an internationally leading technology level . In terms of industrial value, carbazole and its alkyl derivatives have broad application scenarios. Beyond serving as a core organic liquid hydrogen storage (LOHC) carrier , they are also widely applicable to high-end fine chemical fields such as high-performance dyes, optoelectronic displays, perovskite batteries, and pharmaceutical chemicals, with significant room for industry chain extension and ample market demand potential. The successful trial production of this project will fill the gap in key materials for hydrogen energy storage and transportation, resolve current industry pain points in long-distance and large-scale hydrogen storage and transportation, lay a solid material foundation for the commercialisation and popularization of organic liquid hydrogen storage technology, and facilitate the large-scale, high-quality development of China's entire hydrogen energy industry chain. Haiwang Hydrogen Energy stated that it will take this commissioning trial production as a starting point to steadily advance capacity ramp-up and stable mass production, continuously optimise production processes, reduce energy consumption and costs, further improve the hydrogen storage material industry chain layout, and empower the hydrogen energy industry through independent innovation in core technologies.

[SMM Steel] Steel Dynamics reported significantly improved Q1 2026 results, with net income reaching $403 million (vs. $217 million YoY) and sales at $5.2 billion. Steel shipments hit a record 3.6 million tons, supported by stronger demand and higher pricing. Despite cost pressures, margins remained solid, with EBITDA around $700 million. Order backlogs extended into Q3, reflecting improving market conditions, while the company also expanded its aluminum segment and raised its dividend.

SMM April 22: Metals market: As of the daytime close, base metals in the domestic market mostly rose, with only SHFE lead and SHFE tin declining together. SHFE lead fell 0.65% and SHFE tin fell 0.24%. The remaining base metals all gained less than 1%. The alumina front-month contract rose 0.28%, and the casting aluminum front-month contract rose 0.15%. In addition, the lithium carbonate front-month contract rose 0.23%, the silicon metal front-month contract rose 0.29%, and the polysilicon front-month contract rose 5.13%. The Europe containerized freight front-month contract rose 2.52% to close at 2,176.1. Ferrous metals, all rose except stainless steel, which fell 0.5%. Hot-rolled coil rose 0.62%. Coking coal and coke, coking coal rose 1.07% and coke rose 0.63%. Overseas market, as of 15:06, overseas base metals mostly rose. LME copper, LME tin, and LME nickel all gained over 1%, with LME tin leading the gains at 1.82%, LME nickel up 1.35%, and LME copper up 1.18%. The remaining metals all gained less than 1%. Precious metals, as of 15:06, COMEX gold rose 1.38% and COMEX silver rose 2.62%. In China, SHFE gold fell 0.46% and SHFE silver fell 1.3%. In addition, the platinum front-month contract rose 0.39% and the palladium front-month contract rose 0.83%. Market data as of 15:06 today Macro Front Domestic: [Ministry of Emergency Management: China's workplace safety accidents dropped significantly in Q1] April 22 — According to the Ministry of Emergency Management, the total number of workplace safety accidents in China declined significantly in Q1, with the safety situation in most regions and industry sectors improving notably. Shen Zhanli, Director of the News and Publicity Department of the Ministry of Emergency Management, noted that a total of 3,258 workplace safety accidents of various types occurred nationwide in Q1, down 26.7% YoY. No extraordinarily severe accidents occurred, but major accidents and significant near-miss incidents remained frequent in some regions and industry sectors. Illegal production activities in sectors such as mining, chemicals, fire safety, and fireworks showed signs of resurgence, with increasing pressure to prevent and curb major and extraordinarily severe accidents, leaving the workplace safety situation far from optimistic. Regarding natural disasters, China was primarily affected by low-temperature freezing rain and snow, snowstorms, hailstorms, and earthquakes in Q1, while droughts, floods, forest fires, and geological disasters also occurred to varying degrees. (Xinhua) (Jin10 Data) [China Motorcycle Commerce Association: Motorcycle exports reached 4.6268 million units in Q1] Based on customs data analysis, from January to March 2026, China's motorcycle exports totaled 4.6268 million units, up 13.49% compared to the same period last year, with an export value of $3.014 billion, up 16.93% compared to the same period last year. Latin America had the highest exports, with exports of 1.4812 million units, down 8.47% YoY, and an export value of $963 million, down 0.99% YoY. Africa saw the largest YoY increase, with exports of 1.753 million units, up 44.95% YoY, and an export value of $949 million, up 48.01% YoY. (Jin10 Data APP) [Inauguration Ceremony of PV Patent Pool Expert Advisory Committee and PV Patent Pool Co-building Seminar Held in Beijing] On April 21, the inauguration ceremony of the PV Patent Pool Expert Advisory Committee and the PV Patent Pool Co-building Seminar were held in Beijing. The establishment of the Expert Advisory Committee aimed to provide regulatory supervision and guidance for the construction and operation of China's PV patent pool, promoting its lawful, compliant, and healthy development. Through prior solicitation, selection, and review, the first batch of 14 experts were selected, covering fields such as intellectual property management, PV technology R&D, legal litigation, and antitrust research. At the event, representatives from enterprises including TrinaSolar Co., Ltd., JA Solar Technology Co., Ltd., and Jinko Solar Holdings Co., Ltd. jointly launched the PV patent pool in the TOPCon battery technology field. (National Industrial Information Security Development Research Center) [PBOC Reverse Repo Operations Achieved Net Injection of 5.5 Billion Yuan on the Day] The PBOC conducted 6 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repo operations matured today, a net injection of 5.5 billion yuan was achieved on the day. (Jin10 Data APP) US Dollar: As of 15:06, the US dollar index fell 0.09% to 98.3. Bank Indonesia Governor: The US Fed interest rate cut may be delayed, and rates may remain unchanged through the end of 2026. (Jin10 Data APP) A CICC research report noted that Fed Chairman nominee Kevin Warsh attended a Senate Banking Committee hearing, revealing his core policy stance of pursuing "balance sheet reduction and interest rate cuts" in parallel: at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the US Fed's balance sheet size, withdrawing from quasi-fiscal functions, and returning it to its core monetary policy role; at the interest rate level, although he made no explicit commitment, his statements indicated an inclination toward interest rate cuts. In our view, Warsh's policy stance represents not only an adjustment to the monetary transmission mechanism, but also an extension of the "America First" strategy into the monetary domain amid the wave of de-globalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift implies that the narrative of persistently excessive US dollar liquidity will face correction, and assets that relied solely on liquidity-driven momentum and benefited from "US dollar oversupply" may come under pressure. (Jin10 Data APP) A CITIC Securities research report stated that Warsh's testimony demonstrated the high-difficulty balancing act he faces. On one hand, he needs to "please" Trump to a certain extent, thus acknowledging Trump's right to voice opinions on interest rates; on the other hand, he needs to earn the trust of the market and the US Fed internally, thus emphasizing the mission of price stability and the US Fed's independence. Although Warsh's performance was unsatisfactory when facing questions from Democratic lawmakers, this has a relatively small impact on whether Warsh can succeed Powell. Whether Warsh can successfully pass the Senate Banking Committee vote depends on whether he can secure the support of Republican Senator Tillis. We believe Trump will most likely TACO and withdraw the investigation into Powell to help Warsh pass the Senate vote. Warsh emphasized during the Q&A session that he would not become Trump's "puppet," and the market leaned toward hawkish trading. Warsh's ideas on reforming the US Fed deserve more market attention, especially his proposal that the US Fed needs a new inflation framework and his criticism of the US Fed's current approach to forward guidance. Warsh emphasized that the US Fed should shrink its balance sheet, using interest rates as the primary policy tool. However, we still believe Warsh's plan to shrink the balance sheet requires lengthy preparation, and the pace of implementation will be gradual. (Jin10 Data APP) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jin10 Data) On the macro front: The eurozone's preliminary April consumer confidence index, UK March CPI month-on-month rate, and UK March retail price index month-on-month rate were scheduled for release today. In addition, US Fed Governor Waller delivered a speech at the Brookings Institution. Crude oil: As of 15:06, oil prices in both markets fell, with WTI down 0.97% and Brent down 0.76%. Iran said there were "signs" that the US was preparing to lift its maritime blockade, and international oil prices plunged on the news. (Jin10 Data APP) Iran's Tasnim News Agency reported that the Iranian side received "some signs" indicating that the US was preparing to lift its maritime blockade. Some analysts said that if the report was true, it would be good news, as it encouraged Iran to come to the negotiating table. For now, the ceasefire agreement will continue to be extended in accordance with US President Trump's statement. However, further negotiations may be delayed until further notice. Earlier, US Vice President Vance was originally scheduled to head to Pakistan later today, but some media reports indicated that his trip had been canceled due to Iran's unwillingness to engage in talks. Nevertheless, the market remained hopeful, and risk trades recovered on the news. (Jin Shi Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ►

【SMM Steel】India's Shyam Steel Ltd signed an MoU with Maharashtra to build an integrated steel plant in the western state. SSL will invest ~$1.07bn in the facility to significantly expand its footprint in the Western Indian steel market. Its current operations are primarily concentrated in West Bengal and Jharkhand in eastern India.

[SMM Analysis: Tight Effective Graphite Anode Capacity Drives Expansion Wave] As effective capacity in the traditional graphite anode material industry was tight at year-end 2025, China's graphite anode enterprises intensively disclosed progress on expansion projects in Q1 2026.

Every $10 increase in crude oil prices is expected to raise the per-ton extraction cost of large iron ore mines by an average of $0.3, while the cost for small mines is expected to rise by about $2.85. High-cost small mines, especially iron concentrate producers, will be very vulnerable when facing cost shocks, and mines with different product types will face varying degrees of impact.

SMM, April 22: According to SMM, zinc slag payables have remained at elevated levels. What are the reasons behind this? How will they trend going forward?

SMM April 22: Metals market: As of the midday close, domestic market base metals mostly rose. SHFE copper was up 0.12%. SHFE aluminum was up 0.26%. SHFE lead was down 0.59%, and SHFE zinc was up 0.23%. SHFE tin was down 0.58%, and SHFE nickel was up 0.79%. In addition, the most-traded foundry aluminum futures were up 0.17%, and the most-traded alumina contract was up 0.14%. The most-traded lithium carbonate contract was up 0.21%. The most-traded silicon metal contract was up 0.4%. The most-traded polysilicon futures were up 5.24%. Ferrous metals mostly rose. Iron ore was up 0.64%, rebar and hot-rolled coil were both up less than 0.5%, and stainless steel was down 0.1%. Coking coal and coke: the most-traded coking coal contract was up 1.31%, and the most-traded coke contract was up 1.12%. Overseas market base metals, as of 11:48, LME metals were nearly all up. LME copper was up 0.79%. LME aluminum was up 0.59%, LME lead was down 0.26%, and LME zinc was up 0.1%. LME tin was up 1.44%. LME nickel was up 1.02%. Precious metals, as of 11:48, COMEX gold was up 1.2%, and COMEX silver was up 2.04%. Domestic market precious metals: the most-traded SHFE gold contract was down 0.54%, and the most-traded SHFE silver contract was down 1.91%. In addition, as of the midday close, the most-traded platinum futures were down 0.17%, and the most-traded palladium futures were up 0.35%. As of the midday close, the most-traded Europe containerized freight index contract was up 3.92%, at 2,205.7 points. As of 11:48 on April 22, midday futures quotes for selected contracts: Spot cargo and fundamentals Zinc: In the Tianjin market, #0 zinc ingot was mainly traded at 23,980-24,120 yuan/mt, Zijin brand at 24,060-24,140 yuan/mt, and #1 zinc ingot at around 23,980-24,060 yuan/mt. Zijin was quoted at a discount of 30-40 yuan/mt against the 2605 contract. Huzinc was quoted at 25,170 yuan/mt. #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the 2605 contract. Tianjin was quoted at a discount of around 50 yuan/mt against Shanghai. Macro front China: [Ministry of Emergency Management: China's total work safety accidents dropped significantly in Q1] April 22 - According to the Ministry of Emergency Management, China's total work safety accidents dropped significantly in Q1, with the safety situation in most regions and industry sectors improving notably. Shen Zhanli, Director of the Press and Publicity Department of the Ministry of Emergency Management, said that a total of 3,258 work safety accidents of various types occurred nationwide in Q1, down 26.7% YoY. No extraordinarily serious accidents occurred, but major accidents and significant near-miss incidents were frequent in some regions and industry sectors. Illegal production activities in sectors such as mining, chemicals, fire safety, and fireworks showed signs of resurgence. The pressure to prevent and curb major and extraordinarily serious accidents further increased, and the work safety situation remained challenging. Natural disaster side, China's Q1 was dominated by low-temperature freezing rain and snow, snowstorms, wind and hail, and earthquakes, with droughts, floods, forest fires, and geological disasters also occurring to varying degrees. (Xinhua News Agency) (Jin10 Data) [China Motorcycle Chamber of Commerce: Motorcycle Exports Reached 4.6268 Million Units in Q1] Based on customs data analysis, from January to March 2026, China's motorcycle exports totaled 4.6268 million units, up 13.49% compared to the same period last year, with an export value of $3.014 billion, up 16.93% compared to the same period last year. Latin America was the largest export destination, with exports of 1.4812 million units, down 8.47% YoY, and an export value of $963 million, down 0.99% YoY. Africa saw the largest growth, with exports of 1.753 million units, up 44.95% YoY, and an export value of $949 million, up 48.01% YoY. (Jin10 Data APP) [PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar Held in Beijing] On April 21, the PV Patent Pool Expert Advisory Committee Inauguration Ceremony and PV Patent Pool Co-building Seminar was held in Beijing. The establishment of the Expert Advisory Committee aimed to provide regulatory supervision and guidance over the construction and operation of China's PV patent pool, promoting its lawful, compliant, and healthy development. After prior solicitation, selection, and review, the first batch of 14 experts were selected, covering fields including intellectual property management, PV technology R&D, legal litigation, and antitrust research. At the event, representatives from enterprises including TrinaSolar Co., Ltd., JA Solar Technology Co., Ltd., and Jinko Solar Holdings Co., Ltd. jointly launched the PV patent pool in the TOPCon battery technology field. (National Industrial Information Security Development Research Center) [PBOC Net Injected 5.5 Billion Yuan via Reverse Repo Operations] The PBOC conducted 6 billion yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, a net injection of 5.5 billion yuan was achieved. (Jin10 Data APP) US dollar side: As of 11:48, the US dollar index was up 0.01% at 98.4. Fed Chairman nominee Kevin Warsh rebutted Democrats' concerns that he would become the President's "puppet," repeatedly emphasizing that he would be an independent decision-maker if his nomination was confirmed by the Senate. Warsh stated at the Senate Banking Committee hearing on Tuesday that a series of reforms should be made to how the US Fed makes decisions, including establishing a new inflation response framework and improving communication with the public. But he provided few details and dodged questions about the near-term path of short-term interest rates. (Wallstreetcn) According to CME "FedWatch": the probability of the US Fed raising interest rates by 25 basis points in April was 0%, and the probability of keeping rates unchanged was 100%. The probability of a cumulative 25-basis-point interest rate cut by the US Fed through June was 1.7%, and the probability of keeping rates unchanged was 98.3%. (Jin10 Data) A CITIC Securities research report stated that Warsh's testimony demonstrated the highly difficult balancing act he faces. On one hand, he needs to "please" Trump to a certain extent, thus acknowledging Trump's right to voice opinions on interest rates; on the other hand, he needs to earn the trust of the market and the US Fed internally, thus emphasizing the mission of price stability and the independence of the US Fed. Although Warsh's performance was unsatisfactory when facing questions from Democratic senators, this has a relatively small impact on whether Warsh can succeed Powell. Whether Warsh can successfully pass the Senate Banking Committee vote depends on whether he can secure the support of Republican Senator Tillis. We believe Trump will most likely TACO and withdraw the investigation into Powell to help Warsh pass the Senate vote. Warsh emphasized during the Q&A session that he would not become Trump's "puppet," and the market leaned toward hawkish trading. Warsh's ideas on reforming the US Fed deserve more market attention, especially his proposal that the US Fed needs a new inflation framework and his criticism of the US Fed's current approach to forward guidance. Warsh emphasized that the US Fed should shrink its balance sheet, with interest rates as the primary policy tool. However, we still believe Warsh's plan to shrink the balance sheet requires lengthy preparation, and the pace of implementation will be gradual. A CICC research report stated that Fed Chairman nominee Kevin Warsh attended the Senate Banking Committee hearing, revealing his core policy stance of a dual-track approach of "balance sheet reduction and interest rate cuts": at the balance sheet level, he explicitly opposed normalizing quantitative easing (QE), advocating for a gradual and orderly reduction of the US Fed's balance sheet size, exiting quasi-fiscal functions, and returning it to its monetary policy mandate; at the interest rate level, although he made no explicit commitment, his statements already showed an inclination toward cutting interest rates. In our view, Warsh's policy stance is not only an adjustment to the monetary transmission mechanism but also an extension of the "America First" strategy into the monetary domain amid the wave of deglobalization — shifting from a "global central bank" that endlessly supplies liquidity to the world, toward a new approach that firmly controls the monetary spigot, focuses on domestic productivity, and emphasizes monetary sovereignty. We believe this shift means the narrative of persistently excessive US dollar liquidity will face correction, and assets that purely rely on liquidity-driven gains and benefit from "US dollar over-issuance" may come under pressure. (Jin10 Data) Other currencies: Japan's March imports and exports continued to grow, but the trade outlook for the coming months remains clouded by the Middle East war. Yasuhisa Irie, an economist at Mizuho Securities, said that in the short term, Japan's total import value is likely to remain roughly flat, as supply constraints suppressed imports and high energy prices eroded consumer confidence, thereby limiting demand. Takeshi Minami, an economist at Norinchukin Research Institute, expected the consequences of energy shortages to become more apparent starting in April. Minami said: "Although the Japanese government has begun to release crude oil reserves and claims to have secured alternative procurement routes that do not rely on the Strait of Hormuz, a prolonged blockade could lead to significant economic contraction in emerging markets with smaller oil reserves." He added that this situation is expected to harm the Japanese economy in multiple ways, including a slowdown in economic activity and intensified inflationary pressures. (Jin10 Data) Data: The preliminary eurozone consumer confidence index for April, the UK March CPI monthly rate, and the UK March retail price index monthly rate will be released today. In addition, US Fed Governor Waller will deliver a speech at the Brookings Institution. Crude oil: As of 11:48, oil prices in both markets edged down, with WTI falling 0.22% and Brent falling 0.07%. Oil prices moved sideways as the market weighed the prospects of US-Iran peace negotiations. Data released by the American Petroleum Institute (API) showed that US crude oil inventory declined. For the week ending April 17, API crude oil inventory was -4.47 million barrels (expectations: -1.8 million barrels, previous: 6.101 million barrels). For the same week, API gasoline inventory was -5.165 million barrels (expectations: -1.333 million barrels, previous: 626,000 barrels). (Jin10 Data) Mitsubishi UFJ analyst Lloyd Chan said in a research note that the US-Iran conflict appeared to have shifted into a prolonged stalemate rather than a swift resolution. The senior currency analyst said the US appeared to be using a blockade of Iranian ports to pressure Tehran into a peace deal, or risk further military escalation. Chan said: "For markets, this environment means continued disruption to energy shipments through the Strait of Hormuz." The analyst added that pressure points were more evident in oil-sensitive currencies, including the Philippine peso and the Thai baht. (Jin10 Data) A research report from CITIC Securities noted that the recurring tensions in the Strait of Hormuz indicated that the impact of this round of events on the oil shipping market was still unfolding according to a three-phase logic. After a brief reopening on April 17, Iran reimposed the blockade on April 18, indicating that the situation had not yet stabilized. Regardless of how the U.S.-Iran standoff develops going forward, the market is still in the process of the Hormuz blockade shock gradually transmitting to oil shipping fundamentals. Oil shipping freight rates evolved in three stages: rates rose during the conflict period, vessel redeployment lengthened shipping distances and pushed up the freight rate center, and after the reopening, a rush to secure oil may drive freight rates higher for over two months. Currently, the third stage — the inevitable global scramble for crude oil following the reopening of the Strait of Hormuz — will inevitably transmit to the oil tanker shipping market. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

[SMM Aluminum Alloy Daily Review] Futures side, the most-traded aluminum alloy 2606 contract opened at 23,560 yuan/mt today, dipped to a low of 23,470 yuan/mt during the session, then rebounded in a volatile manner to a high of 23,675 yuan/mt, and closed at 23,635 yuan/mt before noon, up 125 yuan/mt or 0.53% from the previous closing price. The spot ADC12 market remained stable overall, with insufficient demand-side support, mediocre trading activity, and clearly limited upward momentum in prices.