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  【SMM Analysis】PEM Electrolyzer Shipment Data for Q3 2025 !

  PEM electrolyzers in Q3 2025 covered 24 enterprises with a total production capacity of approximately 2.78GW; the shipment volume reached around 21MW, a year-on-year decrease of about 27.1% and a month-on-month decrease of roughly 5.4%.

• New Progress in Exploration Around the Fruta del Norte Gold Mine

• ADC12 prices remain firm with cost support, but weak high-price transactions will limit upside room. [SMM Analysis]

  [SMM Analysis]ADC12 prices remain firm with cost support, but weak high-price transactions will limit upside room.

• GAC, Huawei Digital Power forge strategic alliance to boost EV performance and efficiency

  On Nov. 7, GAC Group and Huawei Digital Power signed a strategic cooperation agreement in Guangzhou, marking a new chapter in the two companies' collaboration on electric vehicle innovation.

• Black Chain Trading Logic Returns to Fundamentals, Short-term May Continue to Fluctuate Rangebound [SMM Steel Industry Chain Weekly Report]

  This week, ferrous metals first weakened and then stabilized, with coking coal and coke providing support. In the first half of the week, rumors of production restrictions and maintenance at some steel mills in the north persisted, coupled with the earlier overdrawn expectations, causing market logic to return to reality. Active bearish funds led to a pullback in futures. In the latter half of the week, fundamentals showed that the inventory of the five major steel products continued to decline, while coking coal and coke stopped falling and rebounded, providing support for steel prices and stabilizing ferrous metals prices. In the spot market, some arbitrage funds are still seeking entry opportunities. However, as November approaches, signs of the terminal off-season are beginning to emerge.