[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Module Transaction Center Continued Weak] Last week, module prices in China maintained a downward trend. The atmosphere of enterprises competing on prices to push shipments intensified again, and currently, enterprise quotes for centralized modules also began to decline continuously. The overall market transaction center kept shifting downward, and subsequent module lows were expected to reach 0.7 yuan/W. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.742 Yuan/W, 0.749 Yuan/W, and 0.752 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.

Material Recycling Association of India Voice of the Indian Recycling Industry Concept Note ONE DAY CONFERENCE ON CRITICAL MINERALS RECYCLING LANDSCAPE 1. Background & Context India’s transition towards clean energy, electric mobility, and advanced manufacturing is driving an unprecedented demand for critical minerals such as lithium, cobalt, nickel, rare earth elements, and platinum group metals. However, India remains highly import dependent (over 80–90%) for several critical minerals (Ministry of Mines, NITI Aayog), making supply chains vulnerable to geopolitical disruptions and price volatility. Recognizing this, the Government of India has launched the National Critical Mineral Mission (NCMM) to strengthen domestic capabilities across the value chain: from exploration and mining to processing and recycling. While mining is inherently capital-intensive and long-gestation, recycling of critical minerals offers a near-term, scalable, and sustainable pathway with significant economic and environmental benefits: Import Substitution: Estimates suggest recycling could contribute a meaningful share ( 30-40% ) of future demand, subject to collection efficiency and technology scale-up (NITI Aayog, CII) Carbon Emission Reduction: Recycling critical minerals can reduce emissions by 30–70% compared to primary mining, particularly for metals like aluminum, nickel, and cobalt (Global Studies) Energy Savings: Secondary production of metals can save up to 60–90% of energy compared to virgin extraction (IEA) Livelihood Generation: A formalized recycling ecosystem can generate large-scale employment , particularly by integrating India’s informal sector, which currently handles 80–90% of waste collection Climate & Net-Zero Goals: Recycling will play a critical role in supporting India’s commitment to net-zero emissions by 2070 and achieving 500 GW of non-fossil fuel capacity by 2030 In this context, there is a strong need for a multi-stakeholder policy dialogue to align government vision, technological capabilities, and industry realities, and to accelerate the development of a robust recycling ecosystem under NCMM. 2. Objective This conference is designed as a high-level stakeholder consultation platform to deliberate on the role of recycling within India’s critical mineral strategy and to identify actionable interventions across policy, technology, and market development. Key Objectives: Assess the role of recycling in achieving supply security under NCMM Evaluate the effectiveness of existing and proposed policy and incentive frameworks Identify gaps in regulatory frameworks and institutional coordination Examine challenges in technology development, commercialization, and scaling Capture industry perspectives on market mechanisms, feedstock availability, and financing Assess the current black mass landscape in India and pathways for domestic value recovery Develop a roadmap for building a resilient and competitive critical mineral recycling ecosystem 3. Conference Structure The conference is structured across three key pillars: 4. Expected Outcomes Development of a “ Conference Recommendations Report ” for submission to relevant ministries Identification of priority policy interventions to strengthen recycling under NCMM Recommendations on technology scaling, funding mechanisms, and industry support Actionable inputs for improving feedstock availability, market development, and regulatory alignment 5. Conclusion As India positions itself as a global leader in clean energy and advanced manufacturing, critical mineral security will be a defining factor in sustaining this growth. Recycling presents a strategic opportunity to complement primary resource development while advancing sustainability and circular economy objectives. This consultation aims to catalyze policy action, technological innovation, and industry alignment, enabling India to build a resilient, self-reliant, and circular critical mineral ecosystem.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon was quoted at 34-36 yuan/kg. Polysilicon prices remained relatively stable during the holiday, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Post-holiday surveys and conferences were scheduled, and the market was watching subsequent developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers were 1.00-1.03 yuan/piece, and 210N wafers were 1.2-1.23 yuan/piece. During the holiday, wafer prices remained stable, and cell prices were expected to rise after the holiday.

After InterBattery in March, the strategic focus of South Korea's battery industry has been expanding from high-nickel EV batteries to ESS, LFP, AI data centers, and safety. Battery-related conferences in April also indicated that AI-driven R&D, LFP process innovation, next-generation batteries for diverse application scenarios, and improvements in safety and reliability are becoming major directions. This means the standard for "high-end" is expanding from energy density to system reliability, operational stability, supply chain transparency, and AI-driven management capabilities.

Since InterBattery in March, Korea’s battery industry has been expanding its focus from high-nickel EV batteries to ESS, LFP, AI data centers, and safety. Battery-related conferences held in April also highlighted AI-enabled R&D, LFP process innovation, application-specific next-generation batteries, and stronger safety and reliability. This suggests that the definition of premium is expanding from energy density to system reliability, operational stability, and supply chain transparency.

[SMM Analysis: 2027 Outlook: Solid-State Battery Signals from Beijing Auto Show] The Beijing Auto Show, which opened on April 24, 2026, became a showcase platform for solid-state battery "real vehicle integration." BYD's sulphide all-solid-state battery debuted in a real vehicle first, featuring 480Wh/kg, with small-batch vehicle installation planned for 2027; Chery's Rhino S achieved an energy density of 600Wh/kg, leading the show. CATL's condensed-matter battery completed aviation verification and is backward compatible with passenger vehicles. Semi-solid-state batteries are on the eve of mass production, with MG already bringing prices down to the 100,000-yuan level. Industry consensus: mass production will begin in 2027, and price parity between liquid and solid-state batteries is expected by 2030.