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  [SMM Silicon Steel In-Depth - Capacity Chapter] Silicon Steel Landscape Undergoes Dramatic Changes: High-End Surges, Low-End Exits the Market, Structural Capacity Reshaping Imminent!

  [Silicon Steel Pattern Drastic Change: High-End Surges, Low-End Exits the Market, Structural Capacity Restructuring Is Imminent!] Looking ahead to the next five years, several silicon steel projects are currently awaiting commissioning. However, the issue of domestic silicon steel oversupply persists, and further capacity expansion is expected to intensify the supply-demand imbalance, continuously putting pressure on silicon steel prices. Meanwhile, the price of hot-rolled coil as the cost base remains firm, leading to shrinking profits for silicon steel producers. Even leading enterprises see meager profits or even losses when producing low-grade products, with only high-grade silicon steel maintaining relatively good profitability. Coupled with mandatory energy efficiency standard upgrades at the policy level, the commissioning of high-end silicon steel capacity and the phasing out of outdated capacity are imminent. The structural restructuring of silicon steel capacity has officially begun!!!

• [SMM Analysis] Supply and Demand Fail to Achieve Effective Alignment, GO Silicon Steel Prices Expected to Remain Stable Next Week

  [Supply and Demand Sides Fail to Achieve Effective Docking, GO Silicon Steel Prices May Remain Stable Next Week] Market-wise, the silicon steel market was largely closed during the Chinese New Year. In the first week after the holiday, traders gradually resumed work, but there were no substantial transactions in the market, with the main focus being on sorting out and executing pre-holiday orders. Grain-oriented silicon steel resources shipped by steel mills during the Chinese New Year continued to arrive at ports, coupled with the fact that demand had not yet picked up in the first week after the holiday, leading to a slight accumulation of inventory in the trade sector, with both Hi-B resources and ordinary CGO grain-oriented silicon steel arriving in varying amounts.

• Titanium Industry and National Titanium Graphite Electrode (RP φ700) Procurement Tender

• PanGang Vanadium Graphite Electrode (UHP φ400) Procurement Tender

• [SMM Analysis]Engie Acquires UK Power Network Company for $10 Billion

  French energy giant Engie recently announced it will fully acquire the UK's largest distribution network operator, UK Power Networks (UKPN), for an equity consideration of approximately £10.5 billion (around $14.2 billion). This transaction marks the strategic exit of the original controlling shareholder, the consortium led by Li Ka-shing's Cheung Kong Group, after holding the asset for 16 years.