South Korea’s Ministry of Land, Infrastructure and Transport announced that it will pre-announce amendments to the Enforcement Decree and related regulations of the Automobile Management Act to enhance safety management of batteries used in electric vehicles. The revisions include expanded information disclosure and stricter criteria for certification revocation. Under the new rules, consumers will be able to access more detailed information when purchasing EVs, including the battery’s country of origin, manufacturer, and production date.

According to customs data, the total import volume of lithium spodumene in China from January to February 2026 was approximately 1.39 million physical tonnes: January imports reached 832,000 physical tonnes, up nearly 6% month-on-month and 41% year-on-year, equivalent to about 84,000 tonnes of lithium carbonate equivalent (LCE); February imports stood at 558,000 physical tonnes, down 33% month-on-month and approximately 2% year-on-year, equivalent to about 50,000 tonnes of LCE. Overall, the arrival volume in January reached an exceptionally high level, mainly due to the tight supply of lithium salts in the fourth quarter of 2025, which drove strong production enthusiasm among domestic lithium spodumene smelters and consequently led to a high demand for lithium ore. In February, arrivals declined due to the Chinese New Year holiday and potential vessel delays. By country of origin, Australia saw a 17% month-on-month recovery in January arrivals, significantly rebounding, supported by improved shipments from November to December 2025. However, after entering January, at the beginning of the quarter, Australian miners adopted a wait-and-see attitude toward lithium prices for the new year, leading to lower shipments. Combined with the Chinese New Year factor in February, arrivals in February decreased by 23% month-on-month. Zimbabwe entered the rainy season after October last year, resulting in a slight decline in concentrate output. Coupled with adjustments to export tax rates and the accounting period at the beginning of the year, arrivals fell by 35% and 18% month-on-month in January and February, respectively. Nigeria has seen a continuous rise in arrivals since June 2025, maintaining high levels. South Africa performed notably well, with arrivals remaining above 100,000 physical tonnes for three consecutive months from December 2025 to February 2026. In contrast, Brazil saw persistently low arrivals in January and February this year, as certain mines had not yet resumed production from October to December last year. Additionally, according to screening and analysis using the SMM model, lithium spodumene imports in January corresponded to approximately 84,000 tonnes of LCE, with lithium concentrate amounting to 636,000 physical tonnes, accounting for 76%. In February, lithium spodumene imports corresponded to 50,000 tonnes of LCE, with lithium concentrate amounting to 438,000 physical tonnes, accounting for 79%.

On February 3, 2026, the United States and India formally signed a bilateral trade agreement, reaching a significant consensus on tariff arrangements for Indian goods exported to the US market. Under the terms of the agreement, the reciprocal tariff rate applicable to Indian goods (including solar modules and energy storage components) was reduced from 25% to 18%.

[Imports of Recycled Copper Raw Materials by Country of Origin] From the perspective of source country structure, the trend of diversification in China's imports of recycled copper raw materials has further strengthened. Japan remained the largest supplier, exporting 33,200 mt to China in October. Although this represented a slight decrease of 0.86% MoM, it marked a significant increase of 45.91% YoY, accounting for 16.89% of total imports. Thailand, as the second-largest source country, recorded imports of 31,000 mt in physical content in October, representing a share of 15.79%. This was an increase of 3% MoM and a sharp rise of 92.18% YoY, indicating a notable growth trend.

SMM Oct. 17: Recently, the operating rate of secondary lead smelters increased significantly, leading to a corresponding rise in raw material procurement demand. Against this backdrop, some smelters in east China, southwest, and northwest China raised their purchase quotations for scrap batteries. The overall willingness of recyclers to sell was moderate, but a few recyclers, due to limited inventory on hand, chose to hold back cargoes and wait for market developments. Currently, the mainstream tax-included purchase price of scrap batteries by secondary lead smelters was 9,950-10,100 yuan/mt, while the purchase price in remote areas was below 9,900 yuan/mt. As the digestion rate of smelters' raw material inventory accelerated, scrap battery prices still had room to rise subsequently. However, as lead prices struggled to rise and showed a rangebound fluctuation trend, smelters were reluctant to significantly raise purchase prices, which limited the extent and speed of scrap battery price increases to some extent. The supply of domestic secondary crude lead remained tight. Smelters in regions such as Hebei and Henan reported very low trading volume of domestic secondary crude lead in the past two weeks. As of Oct. 17, 2025, the mainstream ex-factory price of secondary crude lead was 15,700-15,850 yuan/mt. The import window for crude lead was open. Depending on factors such as cargo quality, delivery cycle, and country of origin, the delivered price of crude lead was at discounts of 0-200 yuan/mt against the SMM #1 lead average price. 》Order and View SMM Metal Spot Historical Prices

May 27, 2025 News: Today, warrant prices ranged from $90 to $98/mt, with QP June, and the average price increased by $1/mt compared to the previous trading day.