-广告- 当前欧洲钢铁制造商正持续推进直接还原铁工厂建设项目，未来将重点聚焦采用绿氢还原铁的工艺。在项目实 施过程中，这些企业面临诸多挑战，导致此前公布的部分计划受到影响。 瑞典GreenIron公司 瑞典GreenIron公司即将在桑德维肯工业园区启用一座直接还原铁工厂。该公司目前处于商业运营前的最后阶 段，正在进行现场热试。该工厂采用专利零排放技术，以绿氢为还原剂，铁矿石处理量约3万吨/年，可将其转 化为绿色生铁。根据2025年8月签署的协议，挪威氢能公司（Norwegian Hydrogen）将在GreenIron的工厂附近共 建绿氢生产设施，为该工厂供应氢能。 瑞典Stegra公司 2025年10月下旬，瑞典另一家公司Stegra（前身为 H2 Green Steel）宣布，其位于博登的绿色板材钢厂建设项目 中，电解槽安装进度已超过50%。该项目计划于2026年投产，还将配备基于Midrex技术的直接还原铁工厂（产 能210万吨/年）、电弧炉炼钢车间及CSP Nexus连铸连轧机组。目前正在进行施工，计划于2027年全面投产。 西班牙海德姆钢铁公司 西班牙海德姆钢铁公司正在推进其在普埃尔托拉诺基地的绿 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 知情人士透露，欧盟委员会将放宽原本将于2035年开始实施的内燃机禁令，转而允许一些插电式混合动 力车和配备燃油增程器的电动汽车继续销售。在新提案中，到下一个十年中期，汽车尾气排放必须减少 90%，这低于此前设定的100%的目标；此外，汽车制造商需要通过使用低碳或可再生燃料或本地生产 的绿色钢铁来弥补额外产生的污染。（彭博） ...

智通财经APP注意到，在欧盟一些最大的汽车生产国的强烈施压下，欧盟正在考虑将对内燃机的有效禁 令推迟五年实施。 欧盟委员会定于下周公布其旨在推动汽车行业摆脱化石燃料的规则修订。从意大利到波兰的多个政府和 汽车制造商表示，当前计划的从现有技术转型过于激进，有可能扼杀该地区的核心产业之一。 据知情人士透露，委员会的策略是允许在插电式混合动力车和增程式电动车中，将内燃机的使用期限延 长五年至2040年。条件是这些车辆将使用先进的生物燃料和所谓的电子燃料(利用捕获的二氧化碳和可 再生电力制造)，并在制造过程中使用绿色钢铁。 知情人士表示，根据提案的确切参数，这样的设计将使欧盟仍能瞄准在2035年实现新乘用车零排放的目 标。这也将回应几个汽车及零部件生产国的关切，这些国家呼吁在该日期之后使用纯电动汽车以外的清 洁技术。 知情人士谨慎表示，委员会内部的讨论仍在继续，细节仍可能发生变化。 尽管汽车制造商将赢得更多时间转向纯电动汽车，但环保团体担心这些修改会造成新的漏洞，破坏欧洲 的气候雄心，并可能使该地区的主要汽车制造商在电池动力道路交通的竞赛中进一步落后于中国。 据因讨论正在进行而要求匿名的知情人士称，2035年后允许在 ...

西芒杜铁矿已探明储量44亿吨，属于世界级的大型优质露天赤铁矿，也是非洲最大的绿地一体化矿山及 基础设施项目。这个总投资超200亿美元的项目将采矿与基础设施建设相结合，包括一条600多公里长的 铁路，把内陆矿床与马瑞巴亚深水港连接起来，从而以前所未有的规模实现货物运输和区域联通。 新加坡《思想中国》杂志网站12月2日文章，原题：西芒杜：一座非洲矿山，可能重塑中国的崛起 几内 亚的一个单一铁矿床能否重塑全球市场以及非中经济关系？西芒杜铁矿项目表明，这是可能的。 11月11日西芒杜项目的投产仪式是几内亚的一个历史性里程碑。几内亚总统敦布亚以及中国、卢旺达和 其他非洲领导人出席了仪式，凸显了该项目在几内亚和非洲地区的重要性以及国际战略分量。当地时间 12月2日，第一船货物已启航，将用约45天时间运往中国，这标志着西芒杜铁矿打通了"矿山—铁路—港 口—海运"全产业链通道，将对全球供应链产生影响。 铁矿石是现代基础设施和制造业的支柱，是全球第二大贸易商品，仅次于石油。中国进口的铁矿石约占 全球进口总量的75%，这一比例相当惊人。中国的需求受到建筑业、城市化、机械制造业、绿色技术以 及约占全球一半的钢铁产量的推动。2024 ...

Core Viewpoint - Fitch Solutions' BMI forecasts that iron ore prices will stabilize at an average of $95 per ton in 2026, slightly lower than the $97 per ton in 2023, due to increased supply from Guinea's Simandou project and weak domestic demand in mainland China [3][6]. Supply and Demand - Major miners' iron ore production remains healthy, with most maintaining or slightly increasing their output despite early-year weather impacts [4][5]. - China's domestic demand for steel and iron ore continues to be weak, with the official manufacturing PMI shrinking for the seventh consecutive month to 49 in October, and new home prices declining [3][8]. Long-term Price Outlook - BMI predicts a long-term downward trend in iron ore prices, projecting a decline from an average of $95 per ton in 2026 to $78 per ton by 2034, driven by slowing steel production growth and increased iron ore supply [6][9]. - The shift in China's economic structure from industrial and steel-intensive sectors to services and lower steel intensity infrastructure is expected to negatively impact iron ore demand [7][8]. Market Dynamics - The transition in China's economic growth trajectory is anticipated to suppress growth rates in steel consumption and production, with domestic steel output expected to align more closely with consumption patterns in the coming years [8]. - The global focus is shifting towards green or low-carbon steel, which requires significantly less iron ore compared to traditional blast furnace methods [8]. Risks and Opportunities - Current economic uncertainties present a dual risk for iron ore price forecasts, with potential further declines if China's economic growth continues to underperform expectations [10]. - Conversely, a strong recovery in China's real estate market could drive demand and support iron ore prices, alongside supply constraints from production mines [11].

Core Viewpoint - The official production launch of the Simandou iron ore project in Guinea marks a historic moment for the global iron ore market, expected to reshape supply dynamics and enhance the bargaining power of consuming countries like China [3][8]. Group 1: Project Overview - The Simandou iron ore project, known as the "pearl on Guinea's crown," has a mineral reserve of approximately 4 billion tons, making it the largest undeveloped iron ore reserve globally [3][4]. - The project consists of two main blocks, with the northern section acquired by a consortium led by Winning Consortium for $14 billion in November 2019 [4][5]. - The infrastructure development for the Simandou project is set to begin in 2024, with an investment of $6.2 billion allocated for port and railway infrastructure [5]. Group 2: Market Impact - The production of Simandou is expected to alleviate supply constraints in China, which imports about 70% of the world's iron ore, and could meet nearly 10% of China's iron ore import needs with an annual output of 12 million tons [6][9]. - The project will significantly impact global iron ore prices, with expectations of downward pressure due to increased supply amid already high port inventories [10][11]. - The average iron content of Simandou ore is 65%, which is higher than most other iron ores, potentially leading to lower environmental impact during processing [14][15]. Group 3: Economic Implications - The International Monetary Fund predicts that the Simandou project will contribute to a 26% increase in Guinea's GDP by 2030 [16]. - The project is also anticipated to force some high-cost suppliers out of the market due to increased competition and supply [13].

Core Insights - Eurasian Resources Group (ERG) highlights a structural change in the key metals market driven by global energy transition and industrialization in emerging economies, leading to a long-term supply tightness [1][2] Group Overview - ERG is a leading diversified natural resources group headquartered in Luxembourg, with operations in mining, processing, energy, logistics, and sales across Africa, Central Asia, and Brazil [1] Market Outlook - The CEO of ERG, Shukhrat Ibragimov, emphasizes that the demand for copper, aluminum, chromium, and green steel is entering a phase of sustained structural shortage due to accelerating energy transition and industrialization in emerging markets [2] - The company plans to enhance its production system, maximize capacity utilization, and optimize costs as part of a new development direction set to launch by the end of 2024 [2] Commodity Price Trends - Copper prices have rebounded, supported by tightening supply, improved US-China trade relations, and production disruptions, with LME three-month copper prices rising 3% to $11,000 per ton, the highest since May 2024 [2][3] - Aluminum prices are driven by production restriction policies and increasing demand, while the chromium market remains tight on the supply side [3] Strategic Focus - HBI (Hot Briquetted Iron) is identified as a strategic focus for the steel industry, becoming a core component of the green steel supply chain over the next decade, facilitating the industry's low-carbon transition [3]

Summary of Calix Limited (CXL) Update / Briefing July 30, 2025 Company Overview - **Company**: Calix Limited (CXL) - **Core Technology**: Development of a zero emissions steel technology known as Zesty, applicable in multiple industries including cement, lime, iron, steel, lithium, and alumina [5][12][28] Key Points and Arguments Zesty Technology - **Technology Description**: Zesty utilizes a unique heating method via a large steel tube, allowing for energy flexibility by using various energy sources such as fossil fuels, biomass, waste, and renewable electrons [6][14] - **Environmental Impact**: The cement and lime industry contributes approximately 8% of global CO2 emissions, with Zesty technology aiming to capture CO2 emissions during the heating process [9][12] - **Iron Production**: Zesty can reduce iron ore using hydrogen, potentially addressing 16% of global CO2 emissions from the iron and steel industry [12][28] Recent Developments - **Demonstration Project**: A new plant is being developed with a capacity of 30,000 tonnes per year, supported by a grant of AUD 44.9 million from Arena for a total project cost of AUD 90 million [15][17] - **Government Support**: Strong backing from the Australian government, including discussions on green iron opportunities with China, which produces about 50% of the world's steel [18][19] Economic Viability - **Cost Projections**: The goal is to produce green iron at around USD 400 per ton, contingent on achieving low electricity costs (AUD 20-30 per megawatt hour) [19][20] - **Market Potential**: The transition to low emissions technologies in iron production is expected to grow significantly, with projections indicating that by 2050, 50% of global iron ore production will utilize alternative low emissions technologies [28][29] Competitive Landscape - **Global Context**: The Zesty technology is positioned favorably against traditional methods, with a focus on reducing emissions and capital costs through flexible operations [35][36] - **Market Drivers**: The need for new technologies is urgent due to increasing CO2 emissions from ironmaking, with government policies supporting the transition to green iron [37][54] Additional Important Content - **Hydrogen Supply**: The technology can utilize various hydrogen sources, addressing concerns about the supply of renewable hydrogen in Australia [89][90] - **Business Model**: Calix aims to be capital light, focusing on licensing agreements and engineering design services rather than building and operating facilities themselves [67][81] - **Future Outlook**: The demonstration plant is expected to be operational by 2028, with plans for commercial facilities to follow, potentially generating revenue through toll processing and engineering studies [94][95] Conclusion - **Strategic Positioning**: Calix's Zesty technology represents a significant opportunity in the green iron market, supported by government initiatives and a growing demand for low-emission steel production. The company is well-positioned to capitalize on the transition towards sustainable industrial practices, with a clear roadmap for development and commercialization [80][81][96]

Core Viewpoint - The article highlights the journey of Delong Steel, particularly its successful establishment and expansion in Indonesia, showcasing the company's strategic vision and adaptability in the steel industry [1][5][6]. Group 1: Establishment and Growth in Indonesia - Delong Steel, under the leadership of Ding Liguo, established a significant presence in the Morowali Industrial Park in Central Sulawesi, Indonesia, with the founding of Dexin Steel in 2017, which integrates various steel production processes [3][4]. - The first phase of Dexin Steel's project was completed in March 2020, achieving an annual production capacity of 4 million tons of steel and 1.3 million tons of coke [3]. - By September 2023, the expansion of the first phase was completed, further solidifying its position as the largest single steel production enterprise built by a Chinese company overseas, with a crude steel capacity reaching 7 million tons [4]. Group 2: Strategic Market Approach - Ding Liguo's strategy involves selling only 30% of the 7 million tons of crude steel produced in Indonesia domestically, while 70% is targeted for international markets, emphasizing a global sales approach [6][8]. - The company aims to create a symbiotic relationship with local enterprises, fostering a truly integrated ecological industrial chain rather than merely exporting products [9][10]. Group 3: Environmental and Operational Transformation - Delong Steel's commitment to environmental sustainability began in 2009, leading to significant improvements in its environmental standards and operational efficiency [21][25]. - The company underwent a major transformation during the restructuring of Bohai Steel, focusing on core steel operations and implementing rigorous cost management and operational efficiency measures [13][15]. - As a result of these efforts, the new Tiansteel Group, formed from the restructuring, achieved a significant reduction in pollutant emissions by 70%, becoming one of the nationally rated A environmental steel plants [19][24]. Group 4: Historical Context and Future Outlook - Ding Liguo's journey in the steel industry began in the early 1990s, with a focus on seizing opportunities during market fluctuations, which has led to Delong Steel's consistent growth and recognition, including its entry into the Fortune Global 500 list in 2022 [30][31][18]. - The article emphasizes the importance of adaptability and strategic foresight in navigating the challenges of the steel industry, with Ding Liguo's philosophy of viewing environmental challenges as opportunities for innovation and growth [24][28].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On Tuesday, the HC2510 contract continued to rise. With positive macro - policy expectations, the week - on - week hot - rolled coil production slightly declined, factory and social inventories both decreased, and terminal demand was resilient, which supported the strong operation of hot - rolled coil futures. Technically, the 1 - hour MACD indicator of the HC2510 contract showed that DIFF and DEA were running at a high level. The recommended operation was to conduct long - biased trading while paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price: 3,477 yuan/ton, up 83 yuan [2]. - HC main contract position: 1,582,445 lots, down 18,031 lots [2]. - Net position of the top 20 in HC contracts: - 51,658 lots, up 10,293 lots [2]. - HC10 - 1 contract spread: - 15 yuan/ton, up 1 yuan [2]. - HC warehouse receipts at the Shanghai Futures Exchange: 59,549 tons, down 905 tons [2]. - HC2510 - RB2510 contract spread: 170 yuan/ton, unchanged [2]. 3.2 Spot Market - Hangzhou 4.75 hot - rolled coil: 3,450 yuan/ton, up 10 yuan [2]. - Guangzhou 4.75 hot - rolled coil: 3,490 yuan/ton, up 60 yuan [2]. - Wuhan 4.75 hot - rolled coil: 3,460 yuan/ton, up 10 yuan [2]. - Tianjin 4.75 hot - rolled coil: 3,350 yuan/ton, up 10 yuan [2]. - HC main contract basis: - 27 yuan/ton, down 73 yuan [2]. - Hangzhou hot - rolled coil - rebar spread: 30 yuan/ton, down 40 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 783 yuan/wet ton, down 6 yuan [2]. - Hebei quasi - first - grade metallurgical coke: 1,265 yuan/ton, unchanged [2]. - Tangshan 6 - 8mm scrap steel: 2,240 yuan/ton, unchanged [2]. - Hebei Q235 billet: 3,120 yuan/ton, up 60 yuan [2]. - 45 - port iron ore inventory: 137.8521 million tons, up 0.1932 million tons [2]. - Sample coking plant coke inventory: 554,200 tons, down 43,500 tons [2]. - Sample steel mill coke inventory: 6.3909 million tons, up 11,200 tons [2]. - Hebei billet inventory: 1.0362 million tons, up 60,900 tons [2]. 3.4 Industry Situation - 247 steel mill blast furnace operating rate: 83.48%, up 0.35% [2]. - 247 steel mill blast furnace capacity utilization rate: 90.92%, up 1.05% [2]. - Sample steel mill hot - rolled coil output: 3.2114 million tons, down 20,000 tons [2]. - Sample steel mill hot - rolled coil capacity utilization rate: 82.04%, down 0.51% [2]. - Sample steel mill hot - rolled coil factory inventory: 773,100 tons, down 5,000 tons [2]. - 33 - city hot - rolled coil social inventory: 2.656 million tons, down 21,500 tons [2]. - Domestic crude steel output: 83.18 million tons, down 3.36 million tons [2]. - Steel net export volume: 9.21 million tons, down 0.89 million tons [2]. 3.5 Downstream Situation - Automobile production: 2.7941 million vehicles, up 0.1456 million vehicles [2]. - Automobile sales: 2.9045 million vehicles, up 0.2181 million vehicles [2]. - Air - conditioner production: 28.3831 million units, down 1.0969 million units [2]. - Household refrigerator production: 9.0474 million units, up 0.5374 million units [2]. - Household washing machine production: 9.5079 million units, up 0.0959 million units [2]. 3.6 Industry News - At the 10th Shaanxi - Shanxi - Sichuan - Gansu Steel Enterprises Summit Forum from July 19th to 20th, steel enterprise representatives agreed to implement the central government's requirement to break the "involution" and strengthen industry self - discipline for the development of the regional steel industry [2]. - In June, the domestic billet export volume was 1.1757 million tons, a month - on - month decrease of 14.33% and a year - on - year increase of 280.19%. From January to June, the domestic billet export volume was 5.8922 million tons, a year - on - year increase of 300.31% [2].