Today, SMM battery-grade lithium carbonate spot prices declined with fluctuations compared to the previous working day. Futures side, the lithium carbonate 2609 contract opened lower today at 190,000 yuan/mt, briefly dipping to an intraday low of 186,800 yuan/mt after the opening before rebounding. During the morning session, it moved sideways within the range of 191,000-194,000 yuan/mt. Around midday, it briefly surged to 194,900 yuan/mt but failed to hold, then quickly pulled back below the average price line. It weakened further toward the close, ultimately settling down 3.57% at 188,800 yuan/mt, with open interest decreasing by 18,931 lots. In the spot market, as prices continued to decline, downstream purchase activities increased, though some enterprises maintained a cautious wait-and-see attitude, with most transactions being spot order restocking driven by rigid demand. Upstream lithium chemical plants showed growing sentiment to hold prices firm and hold back from selling, with some enterprises maintaining their willingness to sell on spot orders at prices above 200,000 yuan/mt. Overall, market inquiries and actual transactions remained active. Lithium carbonate prices continued their downward trend today. Macro perspective, overnight silver futures plunged 4.52%, with the precious metals and non-ferrous metals sectors under overall pressure. Market risk appetite declined significantly, and capital withdrew from the commodity sector, with lithium carbonate futures falling in tandem. Meanwhile, on the lithium carbonate supply side, previously concerning disruptions to lithium ore exports from Zimbabwe showed signs of easing. Yahua Group confirmed on May 13 that its Zimbabwe lithium concentrates export procedures had been completed and shipments had commenced. Sinomine Resource Group also indicated that lithium concentrates from its Zimbabwe mine had been progressively shipped from the mine. The improved expectations for ex-China lithium concentrates supply alleviated short-term tight supply expectations for lithium concentrates to some extent. Overall, under the dual pressure of weakening macro sentiment and improved supply-side expectations, although market inquiries and actual transactions remained active, the tug-of-war between upstream and downstream persisted, and prices may still face adjustment pressure in the short term.

SMM News, May 15: Metals market: As of the midday close, domestic market base metals fell across the board. SHFE copper dropped 1.61%, SHFE aluminum fell 1.09%, SHFE lead declined 0.6%, SHFE zinc slipped 0.24%, SHFE tin lost 2.14%, and SHFE nickel fell 1.82%. In addition, the most-traded casting aluminum alloy futures fell 1.04%, the most-traded alumina contract dropped 0.64%, the most-traded lithium carbonate contract declined 0.54%, the most-traded silicon metal contract fell 1.84%, and the most-traded polysilicon futures slipped 0.08%. Ferrous metals all fell. Iron ore dropped 0.8%, rebar declined 0.18%, hot-rolled coil fell 0.43%, and stainless steel lost 1.27%. Coking coal and coke: the most-traded coking coal contract fell 1.29%, and the most-traded coke contract dropped 0.85%. Overseas market base metals: as of 11:46, LME metals declined across the board. LME copper fell 1.46%, LME aluminum dropped 0.82%, LME lead slipped 0.47%, LME zinc declined 0.91%, LME tin lost 0.19%, and LME nickel fell 1.16%. Precious metals: as of 11:46, COMEX gold fell 1.5% and COMEX silver dropped 4.6%. Domestic market precious metals: the most-traded SHFE gold contract fell 1.53%, and the most-traded SHFE silver contract dropped 7.64%. In addition, as of the midday close, the most-traded platinum futures fell 5.47%, and the most-traded palladium futures dropped 4.87%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.88% to 2,519 points. As of 11:46 on May 15, midday futures quotes for selected contracts: Spot prices and fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 270 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 130 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 105,750 yuan/mt, down 2,020 yuan/mt from the previous trading day. The average price of SX-EW copper was 105,645 yuan/mt, down 2,020 yuan/mt from the previous trading day... Macro front China: [Preview: The State Council Information Office will hold a press conference on May 18 to introduce measures to strengthen and optimize departure tax refund policies and expand inbound consumption] The State Council Information Office will hold a press conference at 3:00 PM on Monday, May 18, 2026. Vice Minister of Commerce Sheng Qiuping, along with officials from the State Taxation Administration, Beijing, Shanghai, and Shenzhen, will introduce measures to strengthen and optimize departure tax refund policies and expand inbound consumption, and answer questions from reporters. (Guoxin.com) [CAICT Launches AI Terminal Intelligence Grading Tests to Accelerate Implementation of New National Standards] Recently, the Ministry of Industry and Information Technology, the State Administration for Market Regulation, the Ministry of Commerce, and other departments jointly released the national standard series "Artificial Intelligence Terminal Intelligence Grading" (GB/Z 177—2026), which clearly defines the intelligence levels of AI terminals and lays a solid foundation for building a safe, orderly, and efficient AI terminal ecosystem. CAICT is one of the primary drafting organizations of the standard series and possesses comprehensive detection qualifications and technical capabilities in product areas including smartphones, tablets, microcomputers, smart glasses, earphones, speakers, televisions, and automotive cockpits. The first round of AI terminal intelligence grading standard conformity detection has now been launched, and relevant enterprises are welcome to actively participate in testing to jointly promote the implementation of the standards and help enhance product intelligence levels. (CAICT) [PBOC Achieves Zero Injection and Zero Withdrawal for the Day, with a Net Withdrawal of 51 Billion Yuan for the Week] PBOC conducted 500 million yuan of 7-day reverse repo operations today. As 500 million yuan of 7-day reverse repos matured today, zero injection and zero withdrawal were achieved for the day. This week, PBOC conducted 2.5 billion yuan of reverse repo operations. As 53.5 billion yuan of reverse repos matured this week, a net withdrawal of 51 billion yuan was achieved for the week overall. (Jin10 Data) US dollar: As of 11:46, the US dollar index rose 0.17% to 99.04. Data released by the US Department of Commerce on Thursday showed that US retail sales continued to grow in April, but against the backdrop of rapidly rising energy prices, the market believed that consumer data was partly influenced by inflation-driven price increases, and actual consumption momentum may not have been as strong as the headline data suggested. Data showed that US retail sales rose 0.5% MoM in April, the lowest since January, in line with market expectations. The previously reported March figure was revised down to a gain of 1.6%. US consumer confidence had already fallen to a historic low in early May, and the pace of inflation exceeded wage growth for the first time in three years, raising market concerns that consumer spending could slow down significantly going forward. US Fed's Williams: Monetary policy is slightly restrictive. I see no reason to raise or cut interest rates at this point. US Fed Governor Barr: We are not in a recession, but job growth is weak. I have not yet decided what action to take at the June FOMC meeting. According to the CME "FedWatch": The probability of the US Fed keeping rates unchanged through June was 96.8%, while the cumulative probability of a 25-basis-point interest rate cut was 3.2%. The probability of the US Fed keeping interest rates unchanged through July was 93.8%, with a 3.1% probability of a cumulative 25-basis-point interest rate cut and a 3.1% probability of a cumulative 25-basis-point rate hike. (Jin10 Data) Data: The US May New York Fed Manufacturing Index, US April industrial production MoM, and China's April total electricity consumption YoY will be released today. Also noteworthy: 2026 FOMC voter and Cleveland Fed President Hammack will deliver opening remarks at an online discussion on central bank independence; permanent FOMC voter and New York Fed President Williams will participate in a discussion; Fed Governor Barr will speak on the balance sheet; the National Energy Administration will release total electricity consumption data around the 15th of each month; Fed Chairman Powell's term will end; US President Trump will pay a state visit to China. Crude oil: As of 11:46, oil prices in both markets rose, with WTI up 1.36% and Brent up 1.29%. Middle East conflicts and uncertainty over navigation through the Strait of Hormuz supported oil prices. US President Trump stated: "We don't need to open the Strait of Hormuz," adding that efforts were being made to reopen the Strait of Hormuz for regional countries. India's Ministry of External Affairs confirmed on the 14th that an Indian-flagged merchant vessel was attacked near the Omani coast close to the Strait of Hormuz, but all crew members were safe. The Ministry expressed regret in a statement that day over the continued targeting of merchant ships and seafarers. However, the statement did not mention the specific name of the attacked vessel or the identity of the attackers, only stating that all Indian crew members on board were safe. UK-based Windward maritime analytics company said on social media on the 14th that an Indian-flagged cargo ship sank after a suspected drone attack in Omani waters near the Strait of Hormuz, and all crew members had been successfully rescued. (Xinhua) According to retailers in Delhi on Friday, India raised gasoline and diesel prices by approximately 3 rupees per liter (about $0.03); this was the country's first fuel price increase in four years, aimed at offsetting part of the losses incurred from surging global oil prices. Affected by the near-closure of the Strait of Hormuz and severe shipping disruptions triggered by the Iran war, global oil prices once surged to highs of over $120 per barrel before pulling back to around $100–105 per barrel. Currently, the retail price of diesel in Delhi was 90.67 rupees per liter, and the retail price of gasoline was 97.77 rupees per liter. Three state-owned enterprises — Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation — collectively controlled over 90% of more than 103,000 fuel stations across India, and these three companies typically adjusted diesel and gasoline retail prices in tandem. (Jin10 Data) In addition, Bank of Japan officials stated that prices of a wide range of commodities, including oil and chemical products, rose due to uncertainties surrounding the Middle East conflict and the de facto closure of the Strait of Hormuz. The YoY increase in wholesale prices in April was the largest since May 2023. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

The domestic EV market is currently in a phase of concentrated stockpiling for new models, with orders rebounding notably.

Today, SMM battery-grade spot lithium carbonate prices fluctuated downward compared to the previous working day. Futures side, the lithium carbonate 2609 contract opened high today at 206,500 yuan/mt, quickly surging to the intraday high of 209,900 yuan/mt (up approximately 2.4%) after the opening, but then rapidly pulled back and fell below the average price line; it continued to fluctuate downward during the session, accelerating its decline to the intraday low of 195,000 yuan/mt around midday (down approximately 4.8%); it rebounded slightly in the afternoon, moving sideways around 200,000 yuan/mt, and ultimately closed down 1.87% at 202,000 yuan/mt, with open interest decreasing by 17,941 lots. Spot market, as prices fluctuated downward, downstream just-in-time procurement activities increased, upstream sentiment to hold prices firm and hold back from selling recovered, willingness to sell on spot orders weakened, and the volume of registered warrants delivered to futures for hedging continued to increase, with warrant volume rising to 49,000 lots as of today. Overall, market inquiries and actual transaction activity were active. This week, lithium carbonate production increased slightly, mainly due to continued steady production ramp-up from the salt lake and recycling segments. Transaction and inventory changes: upstream lithium chemical plants continued to slow down spot order shipments, while hedging registered warrant volumes increased. As lithium prices continued to fluctuate at highs, downstream and traders' purchase willingness weakened, leading to a slight inventory buildup at the upstream level this week. Downstream material plants, due to continuously rising prices, maintained weak spot order purchase willingness, with fewer opportunities to buy the dip this week, and enterprises mostly continued to consume earlier inventory and long-term contract and customer-supplied materials delivered at the beginning of the month. Trader side, as downstream found it difficult to purchase at levels above 200,000 yuan/mt, inventory continued to accumulate.

[Standard Lithium Signs 10-Year Supply Agreement with Trafigura for 8,000 mt of Battery-Grade Lithium Carbonate Annually] Smackover Lithium, a joint venture project under Standard Lithium (NYSE.A/TSXV: SLI), announced that it had signed its first binding commercial sales agreement with commodity giant Trafigura Trading LLC, committing to supply 8,000 mt of battery-grade lithium carbonate annually for a 10-year term, effective from the commencement of commercial production. The agreement covers over 40% of the SWA project's total target supply volume, marking a substantive step forward on the commercialization path for this Arkansas-based direct lithium extraction (DLE) project. The remaining supply negotiations are expected to be completed in Q3 2026, and the company maintains its plan to make a final investment decision and commence construction in 2026, with a target of achieving first commercial production in 2029. On the technology validation front, the company simultaneously announced three milestones at its Arkansas demonstration plant: cumulative processing of over 1 million barrels of real formation brine, completion of over 15,000 DLE cycles, and a zero-safety-incident record across 340,000 cumulative work hours, effectively validating the feasibility and stability of the SWA project's core process route. The SWA project is jointly advanced by a joint venture formed by Standard Lithium and Norwegian state oil company Equinor, conducting direct lithium extraction operations on Smackover formation brine in Arkansas. The conclusion of the Trafigura agreement further reinforced market confidence in the project's long-term commercial prospects. Source: [Elevra Lithium Buys Out All Moblan Project Offtake Rights, Equity Settlement Terminates Discounted Sales Obligation] Australian lithium mine company Elevra Lithium (ASX: ELV; NASDAQ: ELVR) announced that it had acquired and terminated the Moblan lithium mine project spodumene concentrates offtake agreement previously granted to an investment vehicle under Waratah Capital Advisors. Upon completion of the transaction, Elevra gained full control of all offtake interests it is entitled to on a pro-rata basis in the Moblan project. The original agreement originated from a 2021 arrangement that granted Waratah the right to purchase 10% of Moblan's annual spodumene concentrates production at a 5% discount over the full life of the mine. The termination was settled through equity, with Elevra issuing ordinary shares valued at $5 million at an issue price of A$12.2 per share and warrants valued at $500,000 to Waratah, preserving cash for subsequent development plans. The Moblan lithium mine project is located in central Quebec, Canada, with Elevra holding a 60% interest and Investissement Québec holding 40%. It is one of the leading undeveloped lithium ore assets in North America by scale. By eliminating the obligation of discounted sales over the full mine life cycle, Elevra significantly improved the long-term economics of the project and retained greater strategic flexibility for further scaling. Source: [Rain City Resources Signs First MOU with Bolivia's National Lithium Company YLB for the Uyuni Basin] Canadian lithium company Rain City Resources Inc. (CSE: RAIN) announced that it had signed a memorandum of understanding (MOU) with Bolivia's national lithium company YLB (Yacimientos de Litio Bolivianos), establishing a formal cooperation framework for the evaluation and application of Rain City's next-generation direct lithium extraction (DLE) technology under Bolivian brine conditions. This was the first publicly disclosed lithium cooperation MOU signed between YLB and a foreign enterprise since the new Bolivian government took office. Bolivia holds the world's largest proven lithium resources, primarily concentrated in the Uyuni salt flat and surrounding salt lake systems. Despite the enormous resource potential, the country has historically maintained a cautious stance toward foreign investment in the lithium sector, with institutional access thresholds constituting a significant strategic barrier for international developers, making the signing of this MOU a highly landmark event. Under the agreement, both parties will advance a structured research process centered on formal proposals, technical coordination, and periodic reporting, with a joint technical coordination committee established for oversight and management. The MOU itself does not confer concession rights, resource ownership, or commercial production agreements, but establishes a credible institutional pathway for technology evaluation under real Bolivian brine conditions. Rain City stated that, given the complexity of the brine chemistry in the Uyuni Basin and the scale of its lithium resources, this formal entry into Bolivia's evaluation process represented a significant strategic move for the company to extend its low-water-consumption DLE technology to the broader Lithium Triangle region. Source: [USGS Assesses Potential Lithium Ore Reserves Exceeding 530,000 mt in New England Region] The U.S. Geological Survey (USGS) released its latest geological assessment report, confirming the presence of substantial potentially undiscovered lithium deposits in Maine, New Hampshire, and eastern Vermont. The report indicated that recoverable lithium resources in the region exceeded 530,000 metric tons at a 50% probability level, based on existing geological data and historical field observation records. This assessment came at a time when the US federal government was accelerating efforts to build critical minerals supply chain resilience. The US currently relies heavily on lithium ore imports, with domestic production concentrated at only one operating facility in Nevada, a structural vulnerability that has long drawn attention from energy security analysts. Federal officials promoted this study as a significant achievement in advancing the strategy for self-sufficiency in lithium resources supply. Geologists also noted that this assessment carried a wide range of uncertainty, and even if the relevant deposits were confirmed through subsequent exploration, the region would still face a lengthy permitting and development cycle before reaching the commercial extraction stage, with actual industrialisation prospects remaining distant. The USGS has classified lithium as a critical mineral and is advancing similar assessments nationwide to systematically identify the potential of undiscovered lithium resources. Source:

Second-life battery market prices remained stable this week. Cost side, spot lithium carbonate surged earlier this week before pulling back rapidly, while cobalt sulphate and nickel sulphate prices largely traded sideways and held steady, with raw material futures showing clearly divergent trends. Supply side, the market overall maintained a regular shipments pace, with supply circulation proceeding smoothly and orderly. There were no signs of new capacity ramping up or concentrated inflows of supply, lacking significant incremental support, and the overall industry supply side remained neutral and stable. Demand side, the small power market has fully banned the use of second-life disassembled battery cells. The small power application channel that previously supported part of the demand for disassembled products was directly shut down, and there is currently no new substitute demand to fill the gap, forcing large volumes of disassembled products to be redirected to disassembly recycling channels for absorption. Although prices of disassembled products temporarily remained stable, overall transaction volume was extremely sluggish. For the Grade A and B market, earlier expectations for price hikes had emerged, driven by the sharp rise in lithium carbonate prices, but downstream acceptance of high prices remained low, and no effective high-price transactions materialized. As lithium carbonate prices pulled back rapidly, expectations for price hikes quickly faded, and the overall trading pace slowed down further.