CMOC Q1 2026: Molybdenum, Tungsten Production Down, Niobium Up Slightly

Under the guidance of the Municipal Commission of Economy and Informatization, the inaugural meeting of the Shanghai Satellite Internet Spectrum Technology Professional Committee was held at the Jinqiao Laboratory of the Municipal Radio Monitoring Station. In the future, the Spectrum Professional Committee will aim to build an open, shared, and collaborative platform, focusing on the efficient and secure utilization of spectrum resources and collaborative innovation in satellite internet technology. It will actively carry out satellite internet spectrum compatibility analysis and efficiency evaluation, organize outreach and training on space frequency and orbit resource coordination, support R&D and testing of satellite internet equipment, participate in satellite internet-related standardization activities, and better empower electromagnetic space security for satellite internet. (Shanghai Commission of Economy and Informatization)

This week, ferrous metals continued their rebound trend, with finished products outperforming raw materials. Early in the week, the rally was primarily driven by raw materials, as uncertainty over the Middle East situation combined with market rumors of restricted Mongolian coal shipments boosted the coal sector, with other ferrous metals following suit. Mid-week, the General Offices of the CPC Central Committee and the State Council issued the "Opinions on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction," which covered the steel industry, strengthening market expectations for supply-side reform. In the latter half of the week, data on the five major steel products were released, showing increases in both supply and demand along with inventory drawdowns, with finished products rallying more strongly than raw materials. Spot market side, as futures rose consecutively, end-user purchasing enthusiasm increased somewhat, the spot-futures price spread narrowed mid-week, and there was bargain-hunting activity in spot cargo...

At the opening ceremony of the 2026 Jiufengshan Forum, the *Third-Generation Semiconductor Industry Development Report (2025)* was released. In 2025, China's GaN RF electronics market size reached 11.9 billion yuan, up 9.2% YoY, with the largest application field being security and aerospace, which had a market size of approximately 7.2 billion yuan, accounting for 60.7% of the market. In 2025, China's LED industry entered a critical stage of deep adjustment and structural restructuring, with total annual LED output value of approximately 103.7 billion yuan, edging down 4.4% YoY, of which the upstream epitaxial chip segment accounted for 26.8 billion yuan and the midstream packaging segment for 76.9 billion yuan. In 2025, China's third-generation semiconductor power electronics market size was approximately 22.7 billion yuan, up 28.6% YoY, with SiC and GaN power electronic devices achieving a penetration rate of approximately 16.5% in the power semiconductor market.