Around May 23, 2026, import and export data for cobalt and lithium battery industry chain-related products in April were released in a concentrated manner. Data showed that China's spodumene imports in April reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY. Lithium carbonate imports, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY.......SMM compiled the import and export data for battery materials, as detailed below: Upstream Lithium Concentrates In April 2026, China's spodumene imports reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY, equivalent to approximately 63,000 mt of LCE. Customs data showed that April spodumene imports pulled back MoM from March, reaching 758,000 mt in physical content. By source country, Australian ore port arrivals returned to a relatively normal level, with over 350,000 mt arriving this month, up 38.9% MoM; Zimbabwe's earlier shipments arrived at port this month at 102,000 mt, down 9.2% MoM; South Africa and Nigeria saw some contraction in monthly port arrivals, while ore from Mali had almost no notable port arrivals this month due to shipping schedule impacts. Notably, spodumene powder sold by Brazil in early 2026 arrived at port this month, driving a significant increase in port arrivals from this country. Additionally, after SMM screening, the month's incoming ore was equivalent to 63,000 mt of LCE. Among the incoming ore, lithium concentrates accounted for 67%, edging down MoM, mainly because apart from Australia , ore from other source countries contained some relatively low-grade ore. Source: China Customs, compiled by SMM Spodumene concentrates (CIF China) spot pricing, according to SMM spot pricing, spodumene concentrates (CIF China) spot prices fluctuated upward in April. As of April 30, spodumene concentrates (CIF China) spot prices rose to $2,540/mt, up $221/mt from the month-end price of $2,313/mt in March, a gain of 9.81%. According to SMM, lithium carbonate prices continued to rise in April, and spodumene concentrates prices rose in tandem with salt prices, with gains exceeding those of lithium carbonate itself, causing non-integrated enterprises that purchase externally spodumene concentrates to suffer losses, with spot profitability remaining in deficit. In April, spot circulation of lepidolite concentrates relatively eased. Meanwhile, as lithium carbonate prices rose, processing fees for non-integrated enterprises also increased accordingly, preserving a certain profit margin for their processing operations and enabling these enterprises to achieve spot profitability. However, recently, spodumene concentrates prices adjusted in tandem with lithium carbonate price fluctuations, and the price center shifted downward. According to SMM's latest findings, disrupted by rumors of production resumptions at Jiangxi mines this week, lithium carbonate futures and spot prices declined, further dragging down the overall price center. Currently, lithium mines showed a weak willingness to make shipments, and transactions were mostly concentrated between traders and buyers. Port lithium ore inventory continued to decline. Going forward, attention should still be paid to the potential tight lithium ore supply triggered by high operating rates in the lithium chemicals industry. Lithium ore prices were expected to continue to hold up well. Lithium Carbonate According to customs data, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY. Of this, 21,000 mt was imported from Chile (65% of total imports), 9,555 mt from Argentina (29%), and 1,100 mt from Indonesia (3%). From January to April, China's cumulative lithium carbonate imports reached 116,000 mt, up 47% YoY cumulatively. In April, China exported 370 mt of lithium carbonate, down 17% MoM and down 50% YoY. From January to April, China's cumulative lithium carbonate exports totaled 1,886 mt, up 7% YoY cumulatively. In April, China imported 17,942 mt of lithium sulfate, up 9% MoM and up 296% YoY. From January to April, China's cumulative lithium sulfate imports reached 58,900 mt, up 121% YoY cumulatively. According to SMM spot quotes, spot lithium carbonate prices generally trended upward in April. As of April 30, the spot lithium carbonate price rose to 177,000 yuan/mt, up 14,000 yuan/mt from 163,000 yuan/mt on March 31, a gain of 8.59%. According to SMM analysis, China's lithium carbonate prices followed a "V-shaped" trend in April, first declining then rising, with the monthly average price up 6% MoM. In the first ten days, geopolitical disruptions in the Middle East intensified global risk-averse sentiment, causing non-ferrous metals and lithium carbonate prices to fluctuate downward. In the mid-to-late period, driven by Zimbabwe's export ban, Jiangxi mine license renewals, and rising costs, prices began to rebound and fluctuate upward, with the price center shifting notably higher by month-end. Upstream and downstream purchasing remained stagnant, with the psychological price spread widening week by week. Upstream producers held prices firm and held back from selling, maintaining high offer prices, while downstream buyers made just-in-time procurement only, with psychological price levels concentrated at 155,000-175,000 yuan/mt, restocking on dips only when prices fell rapidly. In April, spot battery-grade lithium carbonate prices dropped to around 155,500 yuan/mt in the first ten days, then rallied all the way to 177,000 yuan/mt by month-end. As of May 29, domestic spot battery-grade lithium carbonate was quoted at 174,000-181,000 yuan/mt, with an average price of 177,500 yuan/mt. Lithium Hydroxide According to customs data, in April 2026, China imported 6,689 mt of lithium hydroxide, up 9% MoM and up four times YoY. Of this, 2,252 mt were imported from South Korea, accounting for 34% of total imports; 1,706 mt came from Indonesia, accounting for approximately 25% of imports; and the remaining 40% came from Australia and Chile. In April, China exported 5,535 mt of lithium hydroxide, up 76% MoM and up 31% YoY, of which 3,915 mt were exported to South Korea and 864 mt to Japan. Continued sluggish ternary cathode material output outside China limited the absorption capacity for lithium hydroxide in markets outside China, resulting in a slight surplus in markets outside China, which in turn widened the price spread between domestic and overseas markets. Meanwhile, as suppliers outside China had previously signed long-term supply agreements with domestic traders, they were able to continuously dump lithium hydroxide into the Chinese market. Under the combined effect of these factors, the trade pattern of lithium hydroxide continued to reverse (shifting from net exports to net imports). Source: China Customs, compiled by SMM Battery Materials LiPF6 According to China Customs data, in April 2026, China's cumulative LiPF6 exports totaled approximately 868 mt, down approximately 80.9% MoM, while cumulative imports were approximately 96 mt. Export side, China's LiPF6 exports in April 2026 were approximately 868 mt, down approximately 80.9% MoM from March and down approximately 33.2% YoY. Specifically, as the LiPF6 export VAT rebate policy was officially abolished starting April 1, 2026, enterprises rushed to export in advance in March, and electrolyte enterprises outside China built up certain inventory, leading to MoM declines in China's exports to multiple major destination countries in April. Exports to Poland were 337.5 mt (down approximately 80.4% MoM), South Korea 81.804 mt (down approximately 92.56% MoM), Czech Republic 150 mt (down approximately 67.43% MoM), and the US 101.908 mt (down approximately 61.7% MoM). Only exports to Japan increased — 191.37 mt (up approximately 50.77% MoM). Artificial Graphite In April 2026, China's artificial graphite imports were 757 mt, up 12.4% MoM and down 32.9% YoY. Average import price side, in April 2026, the average import price of artificial graphite in China was 75,941 yuan/mt, up 23.1% MoM and up 14.6% YoY. In April 2026, China's artificial graphite exports totaled 45,895 mt, up 22.3% MoM but down 21% YoY. In terms of average export price, in April 2026, the average export price of China's artificial graphite was 9,214 yuan/mt, down 6.6% MoM but up 0.26% YoY. Exports from the top five exporting provinces rose 21% MoM from the previous month, with two provinces seeing export volume increases of over 35% MoM, and another province recording a 20% MoM increase. Import market, orders from downstream power battery enterprises in China gradually recovered in April. Combined with the phased tightness in spot capacity of leading anode enterprises, restocking demand was released, boosting artificial graphite imports to rebound from weakness on a MoM basis. However, import volumes remained down YoY, primarily because China's anode industry had ample overall capacity with supply still in surplus, domestic self-sufficiency continued to strengthen, and the industry's reliance on imported raw materials and finished products steadily declined. Flake Graphite In April 2026, China's flake graphite imports totaled 3,178 mt, down 19% MoM and down 45% YoY. Data source: China Customs, SMM In April 2026, China's flake graphite exports totaled 4,093 mt, down 50% MoM and down 54% YoY. Export market, the flake graphite export tax rebate policy was officially canceled this month, directly squeezing profit margins for foreign trade enterprises and significantly dampening overall export willingness. Meanwhile, the approval pace for flake graphite export licenses slowed down, hindering foreign trade shipments processes. Coupled with weak ex-China end-use demand, multiple bearish factors combined to directly drive a sharp decline in industry export volumes. The import market also continued to weaken. Goods originally intended for exports shifted to domestic sales circulation, with increasingly abundant local supply sources in China. Market enthusiasm for import procurement was insufficient, ultimately causing imports to decline in tandem this month. Phosphate Ore On May 20, 2026, according to customs data, China's phosphate ore imports totaled 207,000 mt in April 2026. April imports rose 13.5% from 182,000 mt in March. Total import value in April was $19.741 million, up 35.7% MoM from $14.552 million in March. The average unit price was $95.5/mt, up 19.6% from $79.9/mt in March. Import commentary: In May, Egypt's phosphate ore exports faced "policy tightening and weakening demand."On May 13, Egypt's Ministry of Petroleum and Mineral Resources announced that it would no longer sign any new phosphate ore export contracts. Previously, Egyptian Prime Minister Mustafa Madbouly stated clearly at a meeting on May 10 that the government was pushing for a transition from raw material exports to the manufacturing of high-value-added products such as phosphate fertiliser. Already signed long-term contracts would not be affected. This is expected to push up import prices and may affect imports. Cobalt Cobalt Hydrometallurgy Intermediate Products In April 2026, China's cobalt hydrometallurgy intermediate products imports were approximately 1,247 mt in physical content, down 26% MoM and down 98% YoY. Among them, imports from the DRC were approximately 945 mt in physical content, down 43% MoM and down 98% YoY. In April 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $17,187/mt in physical content, up 2.63% MoM. It was learned that most miners had completed the Q4 2025 quota approvals, but the Q1 2026 quota approvals slowed down again due to sampling, detection and other procedural issues. In addition, transportation capacity in the DRC was tight. Fleets, driven by economic considerations, prioritised the transport of oil products and chemicals that were in production shortage, followed by other metals with shorter turnover cycles, and cobalt among non-ferrous metals came last, meaning cobalt faced significant transportation capacity issues. Constrained by the above factors, miners mainly focused on building in-transit inventory and had not yet arranged concentrated vessel bookings, and the arrival of large batches of intermediate products at ports may continue to be delayed. Unwrought Cobalt In April 2026, China's unwrought cobalt imports were approximately 1,334 mt, up 39% MoM and up 59% YoY. In April, refined cobalt imports mainly came from Indonesia, Russia, and Madagascar, with imports of 462 mt, 457 mt, and 182 mt respectively. The main reason for the increase this month was that domestic smelters lacked intermediate product raw materials and imported cobalt slabs and cobalt briquettes for re-dissolution to ensure normal production. In terms of average import prices, the average import price of China's unwrought cobalt in April 2026 was $52,724/mt, up 4.72% MoM. Cumulative imports from January to April 2026 totalled 5,916 mt, up 153% YoY cumulatively. Export side, China's unwrought cobalt exports in April 2026 were approximately 218 mt, down 47% MoM and down 95% YoY. By country, China's exports to the US dropped significantly, with April exports to the US at 35 mt, down 87.5% MoM. The main reason was that demand for alloy-grade refined cobalt in the US pulled back in April, and ex-China branded refined cobalt was already sufficient to meet regional demand, with some refined cobalt traders redirecting their destinations from the US back to China. Average export price, the average export price of China's unwrought cobalt in April 2026 was $54,590/mt, up 5.80% MoM. Cumulative exports from January to April 2026 totaled 1,792 mt, down 76% YoY.

In May, European APT prices held firm above $3,000/mtu amid tight supply, while scrap tungsten dropped sharply. China's tungsten prices rebounded late in the month as sentiment improved, though downstream demand remained soft. A cautious bottoming trend emerged.

May 29, 2026 A crumbling foundation for U.S. growth, coupled with stubborn inflation and renewed tensions in the Strait of Hormuz, are exacerbating the Federal Reserve’s macroeconomic dilemma. For investors in real assets, this mix of data recently sent a clear signal: while stock markets are struggling to digest monetary policy uncertainty, precious metals have posted significant gains. Spot gold rebounded noticeably, and industrially driven silver rose even more dynamically. U.S. growth falters – inflation remains hot The U.S. economy is losing momentum faster than expected. Economic growth for the first quarter was revised down significantly from the previously reported 2.0% to an annualized 1.6%. This slowdown temporarily eased pressure on bond yields. In contrast, inflation remains stubbornly high, causing headaches for the Federal Reserve: The PCE price index for April rose 0.4% month-over-month and remains at a high 3.8% year-over-year. The core PCE index (excluding food and energy), which is crucial for monetary policy, rose by 0.2% month-over-month and 3.3% year-over-year. Both indicators thus remain well above the official stability target of 2%. For the gold price, it was primarily the interplay of these factors that tipped the scales on Thursday: The combination of weaker growth and a slightly cooler monthly core PCE figure eased concerns about further interest rate hikes, causing the dollar index (-0.1% to 99.16) and yields on 10-year U.S. Treasury bonds to decline slightly. Since physical precious metals do not yield interest, their relative attractiveness increased as a result of this stabilization. Geopolitical powder keg in the Strait of Hormuz In addition to U.S. monetary policy, geopolitical risk in the Strait of Hormuz is driving up risk premiums in the markets. The critical waterway, through which a large portion of global crude oil exports passes, remains fiercely contested. Over the past 48 hours, ongoing skirmishes in the area have kept volatility high. Although a preliminary 60-day framework plan is currently being negotiated—which calls for an extension of the ceasefire, the reopening of shipping lanes without fees, and a resumption of nuclear talks—a final agreement has yet to be reached. For the real assets sector, this results in two opposing effects: A diplomatic solution would dampen oil prices and ease inflation concerns, which could weaken the dollar and support precious metals. Further military escalation, on the other hand, would further fuel energy prices (WTI currently at $88.90, Brent at $92.72) and thus global inflation, forcing the Fed to adopt a restrictive stance. Conclusion: In the short term, the gold price remains caught between weakening U.S. economic data and geopolitically driven inflation risks. However, the fundamentals for hard assets appear extremely robust in this stagflationary environment. Source： https://goldinvest.de/en/gold-price-caught-in-a-stagflation-dilemma-u-s-weakness-meets-the-hormuz-crisis

[Tungsten News Flash] SMM June 1: At the start of the week, the tungsten market mainly fluctuated upward. Upstream suppliers were bullish with firm offers. Downstream powder and cemented carbide plants actively inquired for restocking, and market transactions were active. Mainstream downstream enterprises actively picked up goods under long-term contract supply. In addition, enterprises supplemented with spot order procurement, and overall procurement volume increased notably. SMM 65% wolframite concentrates closed at 434,500 yuan/standard tonne (65%WO3 basis) today, up 8,000 yuan/standard tonne (65%WO3 basis) WoW Friday, with some transactions based on premiums over the online price. SMM APT closed at 685,000 yuan/mt today, with smelters mostly adopting a wait-and-see approach and suspending offers.

Overall market trading activity was sluggish. At month-end, the market maintained a steady posture, watching for the outcome of the new round of aluminum fluoride tender prices. However, as the raw material side showed signs of easing, prices are expected to be slightly under pressure next month. Going forward, close attention should continue to be paid to dynamic changes on the raw material cost side, as well as marginal adjustments in the procurement pace of downstream aluminum enterprises.

Driven by the dual forces of global energy structure transformation and the "dual carbon" goals, battery technology is evolving from a traditional power storage medium into a core engine reshaping transportation, consumer electronics, and even the energy internet. From fundamental breakthroughs in materials science to the industrialisation of cutting-edge technologies such as solid-state and sodium-ion batteries, the battery industry is in a period of technological explosion with intense competition. This conference brings together the world's top scholars, industry chain leaders, and capital forces, aiming to break down barriers between "industry, academia, research, and application." We will delve into key topics including high energy density, ultimate safety, ultra-fast charging technology, and recycling, jointly charting a new blueprint for green, efficient, and sustainable energy. Shanxi Xinhui Activated Carbon Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly drive battery technology to new heights. Click to register now, witness and participate in this extraordinary and far-reaching industry event together, and co-create a brilliant new chapter! Client-centred service! Problem-solving as our principle! Professional, focused, and true to our original aspiration! Shanxi Xinhui Activated Carbon Co., Ltd. (hereinafter referred to as "the Company") was established in 2008, with its headquarters in Taiyuan, Shanxi Province. Its subsidiaries are located in Datong and Xinjiang. It is a private enterprise integrating new-type activated carbon material research and application, production and manufacturing, and sales and services. Its business falls under Shanxi Province's key industry chain — the carbon-based new materials industry chain. As a National High-tech Enterprise, a model of Shanxi Province's specialised, refined, distinctive, and innovative small and medium-sized enterprises, and a municipal-level enterprise technology centre of Taiyuan, the Company has always adhered to the philosophy of innovation-driven development and possesses strong technical R&D capabilities in the activated carbon industry. The Company sets annual product R&D directions and has obtained 36 patents to date, including 1 design patent, 2 published invention patents, 12 granted invention patents, and 21 utility model patents. The Company's independently developed activated carbon features a well-developed specific surface area, well-developed pore structure, high adsorption capacity, fast adsorption speed, good mechanical strength, and the ability to be repeatedly regenerated and recycled. It is widely used in domestic drinking water, industrial wastewater, fine chemicals, and hydrometallurgy. Product Introduction 1 Granular Activated Carbon 2 Powdered Activated Carbon 3 Columnar Activated Carbon 4 Honeycomb Activated Carbon 5 High-efficiency Purification System Long press 2026 SMM Battery Technology Conference

Americas Uranium Corporation has officially commenced trading on the Frankfurt Stock Exchange under the ticker symbol “WA7”. This listing expands the company’s international market presence, making it accessible to European investors alongside its existing listings in Canada and the US OTC market. The company aims to leverage this broader exposure as global demand rises for uranium and nuclear energy. Americas Uranium remains focused on advancing its portfolio, led by its flagship Lo Herma in-situ recovery uranium project in Wyoming's Powder River Basin.

SMM May 28 News:This week (May 22–29), China's waste lithium battery recycling sector witnessed a wave of project public announcements and launches, spanning more than ten provinces and cities including Guangdong, Hebei, Jiangsu, Anhui, Tianjin, Zhejiang, and Hubei.

A Hubei company’s official website released the first environmental impact assessment announcement for its retired lithium battery comprehensive utilization project. The project will be located in the Economic Development Zone of Dawu County, Xiaogan City, Hubei Province. It will feature fully automatic precise dismantling and cathode material regeneration and repair production lines, procuring complete sets of equipment for cell precision disassembly, powder separation, material purification, and material regeneration and repair. Upon completion, it will process 40,000 tons of waste LFP batteries annually and produce 20,000 tons of regenerated and repaired battery cathode materials each year.

On the raw material front, spot lithium carbonate prices oscillated and edged lower this week, nickel salt prices saw some correction, and cobalt salt prices continued to decline. Looking at different scrap types – NMC, lithium cobaltate, and LFP – for the LFP hydrometallurgical route: taking LFP cathode sheet black mass as an example, prices stood at 7,550–7,900 yuan per lithium point this week, representing a sharp drop from last Tuesday’s transaction levels.