Catalyzed by the demand for AI computing power and electricity, SST (Solid-State Transformer) technology is quietly emerging as a new trend in the power equipment sector. Reporters noted that recently, multiple publicly listed firms have announced their entry into the SST arena. As a medium- and high-voltage directly connected power electronic device, SST differs from the electromagnetic induction path of traditional power-frequency transformers based on "iron cores + windings." Instead, it utilizes power semiconductor devices to directly build a high-frequency "power direct bridge" between the medium-voltage side and the DC low-voltage side. This architecture eliminates bulky power-frequency transformers, multi-stage rectifiers, and filtering devices, condensing complex power transformation processes into a compact form. Since the beginning of this year, the sustained boom in artificial intelligence data centers (AIDC) has thrust SST, a highly integrated power electronic solution, into the spotlight.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Continued to Climb During the Night Session, Spot Market Trading Expected to Cool Down]

[Trading Sentiment Unlikely to See Significant Improvement; GO Silicon Steel Prices May Remain in the Doldrums Next Week] Demand side, downstream end-user enterprises in transformers, power equipment, and other sectors maintained stable operations, but overall procurement pace remained cautious as the industry entered a period of mediocre demand. Enterprises mostly adhered to the principle of purchasing as needed, only restocking for daily essential requirements. Willingness for large-volume concentrated purchases was sluggish, and actual market transaction volumes were insufficient. The supply side remained relatively stable, with traders' overall inventory pressure manageable, mainly maintaining reasonable standing inventory levels. Willingness to actively stockpile or lock in goods was low, and most chose to wait and see how the market would trend.

Capacity: According to incomplete statistics, China’s alkaline electrolyzer market remained at 43.77 GW, and the PEM electrolyzer market remained at 2.7 GW. This week, there were no offline public delivery data available. Project updates: Shenzhen Energy Northern (Etuoke Banner) Energy Co., Ltd. : The sub-project of the Shenzhen Energy Etuoke Banner 505 MW wind and solar power integrated hydrogen production and green ammonia synthesis project—the 5 MW off-grid PV power-to-hydrogen project—completed full-process commissioning and successfully produced green hydrogen, with daily output of about 6,000 m³ of high-purity hydrogen. The project relies on direct power supply from PV arrays, operates independently from the main power grid, and achieves stable hydrogen production without large-scale energy storage through intelligent regulation and control. The new model simplifies the system and reduces investment, fully eliminating reliance on the public power grid and ensuring clean, self-supplied electricity throughout the hydrogen production process. Shaanxi Hydrogen Luyuan New Energy Co., Ltd. : The air-compression nitrogen generator for the hydrogen energy demonstration project at the Shaanxi Hydrogen Luyuan Yulin Zero-Carbon Industrial Park completed single-unit trial operation, moving the project from the equipment installation stage into the commissioning and production stage. The air-compression nitrogen generation unit is the core equipment of the project’s utilities. During the trial run, operations and maintenance personnel conducted hands-on learning throughout and completed technical handover in parallel, strengthening operational capabilities. The successful trial run also accumulated experience for subsequent equipment commissioning. Next, the enterprise will orderly advance all commissioning work, strictly control safety and quality, and make every effort to bring the project into operation as soon as possible. Haiyan Zhongda Metal Electronic Materials Co., Ltd. : Haiyan Zhongda Metal Electronic Materials Co., Ltd. issued an announcement stating that the methanol-to-hydrogen 100 Nm³/h + 200 Nm³/h project was officially terminated. The project’s first tender was launched on March 23, and the tender results were announced on April 13. A total of three bidders submitted bids. One bid was rejected, and although the remaining two passed the preliminary review, the bid evaluation was immediately suspended due to a lack of competitiveness. The project was re-tendered on April 21 to procure two sets of methanol-to-hydrogen equipment of different specifications, requiring hydrogen purity ≥99.999% and supply pressure ≤0.8 MPa. It was a turnkey project, with delivery to be completed within three months after the contract took effect. The project under this second tender was ultimately terminated. Hami Hydrogen Storage Xingjian New Energy Technology Co., Ltd. : Xinjiang released two EPC general contracting tender notices related to hydrogen energy storage, to be implemented in Hami and Tacheng, respectively. Among them, the Xinjiang Hami 100 MW/800 MWh hydrogen energy storage peak-shaving power station EPC general contracting project was initiated by Hami Hydrogen Storage Xingjian New Energy Technology Co., Ltd., located in Hami City, with a total land area of about 20 mu. The project includes supporting construction of a 220 kV step-up substation and a 5 km power transmission line. The hydrogen fuel cell has a rated output of 100 MW, with short-term overload capability reaching 110%; the main transformer capacity is 1×150 MVA; the 220 kV side has one outgoing line; and the 35 kV side is expected to have four incoming lines in this phase, with two expansion bays reserved. On the same day, the tender was also officially launched for the EPC general contracting project of the 220 kV step-up substation for the Xinjiang Tacheng Toli County 200 MW/1,600 MWh grid-forming hydrogen energy storage peak-shaving power station. Datang Jingtai Wind Power Co., Ltd.​​​​​​​: The shortlisted candidates for the bid for technical services for compiling the feasibility study report of the Datang Gansu wind and solar power coupled off-grid hydrogen production demonstration project were officially announced. The project is located in Baiyin District, Baiyin City, Gansu Province. The first shortlisted candidate was PowerChina Group Chengdu Engineering Corporation Limited, with a bid price of 1 million yuan; the second shortlisted candidate was China Power Engineering Consulting Group North China Power Engineering Co., Ltd., with a bid price of 1.12 million yuan. The project is expected to build a new 21 MW wind and solar power coupled hydrogen production power station, including 14 MW wind power and 7 MW PV, with a supporting 5 MW/5 MWh grid-forming ESS; and to build a 12 MW hydrogen production station simultaneously, selecting four types of electrolyzer units—ALK, AEM, PEM, and SOEC—with hydrogen output required to meet the national standard for ultra-high-purity hydrogen. The project will also include supporting facilities such as hydrogen storage and transportation, a desalinated water station, and a power distribution room. Shanxi International Energy Group Energy Storage Co., Ltd.: Procurement was launched for services to compile the feasibility study report for the Arong Banner green electricity direct-connection hydrogen production and sustainable aviation fuel project. The project is located in Arong Banner, Hulunbuir City, Inner Mongolia, with a total investment of 11.095 billion yuan. It will build 1 GW of wind power, with supporting construction of 150 MW/600 MWh all-vanadium flow energy storage, 150 MW hydrogen fuel cells, and a hydrogen storage and transportation base with 70 mt of hydrogen storage capacity, producing 47,000 mt of green hydrogen and 350,000 mt of green aviation kerosene annually. The project will be implemented through two sub-projects: off-grid wind power hydrogen production, and grid-connected green hydrogen coupled with biomass for sustainable aviation fuel. The feasibility study report must be prepared in separate volumes by sub-project and include a consolidated volume with key information; meanwhile, a survey of biomass resources within 300 km around the Arong Banner chemical industrial park must be completed. The project allows suppliers to apply in the form of a consortium. Policy review​ 1. MIIT published on its official website the preliminary list of the second batch of key pilot-scale testing platforms to be cultivated, with the public comment period from May 18 to May 22, 2026. The list covered 32 fields, with 111 pilot-scale testing platforms selected. In the hydrogen energy field, there were three pilot-scale testing platforms, including those for hydrogen vehicles, liquid hydrogen, and comprehensive verification of hydrogen energy products, including: the full-chain verification pilot-scale testing platform for hydrogen energy and fuel cell vehicles, hosted by the Beijing Institute of Product Quality Supervision and Inspection; the liquid hydrogen equipment detection pilot-scale testing platform, hosted by the Beijing Aerospace Test Technology Research Institute; and the comprehensive verification pilot-scale testing platform for hydrogen energy products, hosted by China Automotive Engineering Research Institute Co., Ltd. 2. The Hubei Provincial Department of Transportation issued the “Notice on Implementing a Toll Subsidy Policy for Hydrogen Energy Vehicles Using Expressways in Hubei Province.” The notice stated that eligible hydrogen energy vehicles (with hydrogen fuel cells as the sole power source) that legally transport loads, are equipped with and normally use ETC, and travel on expressways within Hubei Province (with entry/exit records and inter-station travel routes all within Hubei Province) will be exempt from expressway tolls. Implementation period: from the date of issuance of this notice to December 31, 2027. 3. The Guangdong Provincial Administration for Market Regulation issued an announcement soliciting opinions on the Guangdong local standard “Operational Specification for Integrated Hydrogen Production, Storage, and Refueling Devices (Draft for Review).” The document stated that it specifies the basic requirements for operation of integrated hydrogen production, storage, and refueling devices, personnel management, equipment and facility management, hydrogen quality management, hydrogen refueling operation management, safety management, archive management, and data records, among others. Enterprise updates​​ Zhejiang Tianneng Hydrogen Energy Technology Co., Ltd.: The launch event for the “Chenxing” series of new large power fuel cell products was grandly held in Changxing, Zhejiang, officially releasing four products: T-280, N-345, T-200, and N-245. The stack volumetric power density exceeded 4.2 kW/L, and the system gravimetric power density reached 947 W/kg, achieving smaller size, lighter weight, and stronger power output. Zhejiang Lingniu Hydrogen Energy Technology Co., Ltd.: Signed a strategic cooperation framework agreement in Zhejiang Province with Zhizi Automobile Technology Co., Ltd. and Zhejiang Tianneng Hydrogen Energy Technology Co., Ltd. In the future, the three parties will leverage their respective strengths in fuel cell systems, vehicle manufacturing, and hydrogen energy operations to jointly advance the construction of the Yangtze River Delta hydrogen transportation corridor and accelerate the connectivity of the region’s hydrogen logistics arteries. Shaanxi Xingran Technology Co., Ltd.: Formally signed a strategic cooperation agreement with Shidai Hydrogen Source, a core hydrogen energy enterprise in South China. Both parties announced that they will jointly build a leading cooperative alliance in the hydrogen production equipment field, promoting PEM hydrogen production technology toward full-scale and commercial deployment. Tibet Zangjia Automobile Service Co., Ltd. : Thirty methanol electric heavy-duty trucks were delivered and put into operation, and the Tibet Autonomous Region’s first new energy logistics enterprise settled in Sangri County. The project’s total investment was 120 million yuan, helping the local area advance its “dual carbon” efforts and laying an important foundation for building a plateau green logistics system. Zhejiang Geely Farizon New Energy Commercial Vehicle Group Co., Ltd.​​​​​​​: Fifty Farizon Xinghan G methanol electric tractor units were officially delivered to a client in Tibet, and 150 heavy-duty trucks of the same series were signed on-site. The vehicles will serve material transportation for the Sichuan–Tibet Railway and the hydropower project in the lower reaches of the Yarlung Zangbo River, leveraging zero-carbon technologies to adapt to complex plateau road conditions and create a green transportation demonstration route on the snowy plateau. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Signed memoranda of cooperation on hydrogen ecosystem development with nine enterprises including Hyundai Motor, Hong Kong and China Gas, and Veolia. The parties will promote “turning waste into hydrogen,” converting gas from Hong Kong landfills into clean energy, and deploy pilot hydrogen refueling stations and hydrogen fuel cell fleets. The goal is to establish a complete local hydrogen energy industry chain by the end of 2030. Guofu Hydrogen Energy Chairman Wu Pinfang attended the signing. Jiangsu Guofu Hydrogen Energy Technology Equipment Co., Ltd.: Together with Thailand’s CP Energy and Water Asia and UPowerLimited, completed the signing in Hong Kong for cooperation on Thailand IDC integrated energy solution projects. Previously, Guofu Hydrogen Energy and UPower had jointly established HydroDataLimited, and Xie Zhan was appointed chairman of the company at the signing ceremony. CP Energy and Water Asia has deep roots in Southeast Asian data center and industrial park projects, and the three parties will jointly advance the local implementation of integrated energy-related businesses. 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 lifetime 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. The National Hydrogen Power Quality Inspection and Detection Center of China Automotive Engineering Research Institute built a 0–400 kW hydrogen-related loaded tri-comprehensive vibration test platform and opened it for commercial use, filling China’s gap in large power hydrogen-related multi-physics coupling testing. 2. The high specific power cathode closed air-cooled stack technology developed by Academician Chen Zhongwei and Associate Researcher Zhang Meng’s team at the National Key Laboratory of Energy Catalytic Conversion of the Dalian Institute of Chemical Physics passed the scientific and technological achievement appraisal of the China Petroleum and Chemical Industry Federation. The technology effectively addressed the industry contradiction between water retention and oxygen mass transfer in air-cooled fuel cells, and solved technical challenges such as performance degradation under low humidity, carbon corrosion, dry membrane flooding, and high-power thermal management. 3. Two group standards on hydrogen production via water electrolysis were officially released and implemented: “Safety Technical Specification for Hydrogen Production via Water Electrolysis” and “Calculation Method for Economic Operation Indicators of Hydrogen Production via Water Electrolysis.” 4. Petronor and H2SITE cooperated to promote membrane-based hydrogen production technology, improving high-purity hydrogen supply and low-carbon efficiency in refining. 5. Dalian University of Technology designed an electron-pump catalyst with an asymmetric photoresponse structure to maintain asymmetry in electron distribution.

[Lacking Drivers for Wild Swings, GO Silicon Steel Prices Expected to Run Steadily Next Week] Cold-rolled grain-oriented silicon steel spot prices ran steadily this week, with mainstream quotations remaining firm and overall transactions proceeding in a stable and orderly manner. According to market feedback, although ferrous metals futures fluctuated downward, exerting some pressure on market sentiment, Baosteel's price-firming policy for June—raising the base price of GO silicon steel by 200 yuan/mt and adding an additional 100 yuan/mt for high-grade products rated 75 and above—effectively supported the spot price floor. Traders' quotations were generally stable, with limited willingness to sell at low prices.

India’s leading copper producers, including Adani, Vedanta, Hindalco, and Hindustan Copper, are opposing the inclusion of scrap-based copper wire rods in national quality standards. The companies argue that some recycled copper products may not meet the purity requirements needed for transformers, power cables, and other critical electrical infrastructure. The debate comes as India rapidly expands its power grid and clean-energy investments, driving strong copper demand growth. Analysts say the dispute reflects growing efforts to strengthen copper supply-chain quality and security in India.