SHFE Base Metals Warrants (2017-10-10)

||||Tip: This article is lengthy. You may directly refer to the final section: Core Questions & Answers|||| What is the annual export capacity of Canadian sulfur? Canada’s sulfur export tonnage has followed a trend of decline bottoming out explosive growth. The export volume stood at 3.35 million tons in 2022, 3.12 million tons in 2023, 3.02 million tons in 2024, and surged to a historical peak of 4.25 million tons in 2025. The annualized export tonnage is estimated at 5.22 million tons in 2026.

The State Grid Corporation of China announced on June 30 that the Shaanbei–Anhui ±800 kV ultra-high-voltage direct current (UHVDC) transmission project was put into operation that day. This is China’s first UHVDC transmission project commissioned during the 15th Five-Year Plan period and another landmark project in the nation’s west-to-east power transmission program. Green electricity from northern Shaanxi will light up homes in the Dabie Mountain region. The project starts at the Baotashan Converter Station in Yan’an, Shaanxi, passes through Shaanxi, Henan, and Anhui provinces, and ends at the Hezhou Converter Station in Hefei, Anhui, with a total DC line length exceeding 1,000 km. The project has a rated voltage of ±800 kV and a rated capacity of 8 million kW. Once in operation, it can transmit over 36 billion kWh of electricity to Anhui annually, with new energy electricity accounting for more than 50% of the total. In addition to strongly supporting reliable power supply in Anhui and east China, it will replace the consumption of 5.5 million mt of coal each year and reduce CO₂ emissions by over 14 million mt, delivering significant energy-saving benefits.