SMM June 22: Metals markets: On Friday night, the domestic base metals market was closed for the Dragon Boat Festival holiday. Looking back at the performance of domestic base metals on June 18, we see: Domestic base metals showed mixed performance, with SHFE zinc up 0.39%, SHFE aluminum up 0.38%, and SHFE nickel edging up. SHFE tin fell 2.03%, SHFE copper fell 0.48%, and SHFE lead fell 0.15%. On Friday night, the ferrous metals market was closed for the Dragon Boat Festival holiday. Looking back at ferrous metals on June 18: Stainless steel rose 0.07%, iron ore fell 1.13%, rebar fell 0.95%. Hot-rolled coil fell 0.77%. The most-traded coking coal futures contract fell 5.78%, and the most-traded coke contract fell 3%. On Friday night in the overseas metals market, LME base metals mostly fell. LME copper fell 0.5%. LME aluminum rose 0.12%, LME lead fell 1.32%. LME zinc fell 2.05%. LME tin rose 0.19%. LME nickel fell 1.41%. On Friday night in precious metals : COMEX gold fell 1.72%, posting a third consecutive weekly decline, with a weekly drop of 1.55%; COMEX silver fell 2.12%, marking its sixth consecutive weekly decline, with a weekly drop of 4.51%. On Friday night, the most-traded SHFE gold contract was closed; SHFE gold posted a weekly gain, up 4.11% for the week. The most-traded SHFE silver contract was closed; SHFE silver posted a weekly gain, up 5.25% for the week. As it no longer expects the US Fed to cut interest rates in 2026, Goldman Sachs lowered its year-end gold price forecast by $500. Analysts Lina Thomas and Daan Struyven wrote in a note: "We revised down our December gold price target to $4,900/oz (previous target $5,400), implying gold is still expected to rise in H2, though by less than previously expected. Our view on gold remains structurally constructive but tactically cautious, with near-term downside risks and medium-term upside risks." The analysts said the downgrade was driven by Goldman Sachs economists pushing back the first US rate cut to June and December next year, from prior expectations of December 2026 and March 2027, and also by a lower forecast for gold ETF inflows. Additionally, they added that concerns over central bank independence may be limited given the "unexpectedly hawkish" first Fed meeting under Chair Warsh. (Jinshi) As of 7:47 a.m. June 20, closing prices from Friday night: Macro front China side: [NFRA: Promote the construction of AI application infrastructure in the financial industry] The National Financial Regulatory Administration (NFRA) issued guidance on the development and application of safe AI in the banking and insurance sectors. It proposes to promote the construction of an AI application ecosystem in the financial sector. Advance the development of AI application infrastructure in the financial industry and promote the sharing and reuse of AI application outcomes across the sector. Encourage large financial institutions to play an exemplary role and export AI technologies and management experience to small and medium-sized financial institutions. Support small and medium-sized financial institutions in strengthening collaboration to jointly drive the implementation of application scenarios. Encourage closer synergy with the AI industry, using financial applications to foster industrial innovation and development, and leveraging industrial achievements to improve the quality and efficiency of financial applications. [Box office on the first day of the 2026 Dragon Boat Festival holiday surpasses 100 million yuan, number of new releases hits a near-decade high for the same period] According to data from online platforms, as of now, the box office (including pre-sales) on the first day of the 2026 Dragon Boat Festival holiday has exceeded 100 million yuan. The film offerings during the 2026 Dragon Boat Festival are diverse and rich in genre. Over the short three-day holiday, nearly 20 films were released in concentrated fashion, setting a new high for the same period in nearly a decade. The film genres cover sci-fi, youth, animation, and more, addressing the viewing needs of audiences across almost all age groups. (CCTV News) [Guangdong: Accelerate the construction of the national integrated computing power network hub in the Guangdong-Hong Kong-Macao Greater Bay Area and make forward-looking plans for 6G technology and satellite internet] The General Office of the People's Government of Guangdong Province issued a notice on the Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Sector in Guangdong Province. It mentions that the deployment of 5G-A networks and pilot projects for 10G optical networks will be advanced in an orderly manner. 50G-PON ports will be deployed on a large scale in key scenarios such as factories and industrial parks. The upgrading and renovation of aging communication facilities will be further promoted, with FTTR whole-home optical network coverage to be achieved simultaneously in both new and older residential communities. Mobile network coverage along major transportation routes and hubs will be improved, and initiatives to increase broadband speeds and benefit the public will be implemented, driving an overall leap in broadband user download rates. The construction of the national integrated computing power network hub in the Guangdong-Hong Kong-Macao Greater Bay Area will be accelerated, the spatial layout of data centers optimized, edge computing vigorously developed, and a “cloud-edge-device” collaborative computing power service system created. Forward-looking plans will be made for 6G technology and satellite internet, a Guangdong 6G Industry Innovation and Development Alliance will be established, and ministerial-provincial 6G collaborative pilot projects will be promoted, with a focus on creating application benchmarks for distinctive scenarios such as embodied AI, intelligent connected vehicles, the low-altitude economy, and the marine economy. [Guangdong: Support the Guangzhou Futures Exchange in enriching its futures product system and improving the full futures industry chain] The General Office of the People's Government of Guangdong Province issued a notice on the Implementation Plan for Promoting the Expansion and Quality Improvement of the Service Sector in Guangdong Province. It mentions that efforts will be made to cultivate and strengthen high-quality investment banks and investment institutions, encourage leading securities firms and fund management companies to enhance their service capabilities, compliance management capabilities, and market leadership, attract well-known domestic and international asset management institutions to establish corporate headquarters or regional headquarters in Guangdong, and encourage the development of the investment advisory business. Leverage the comprehensive service functions of the capital market, guide and support cities in improving the reserve pools of IPO-ready enterprises and M&A and restructuring projects, collaborate with exchanges, brokerages and other institutions to thoroughly deliver full-cycle counseling services for pre-IPO enterprises, optimize approval processes for land use rights, property, stock transfers involved in M&A and restructuring of publicly listed firms, and encourage enterprises to expand the issuance scale of sci-tech bonds, green bonds, and asset securitization products. (From Wallstreetcn APP) [Weifang: Expand the implementation of 2026 consumer goods trade-in category subsidy activities] The Weifang Municipal Bureau of Commerce issued an announcement on expanding the implementation of Weifang's 2026 consumer goods trade-in category subsidy activities. According to the province-wide unified categories and standards, subsidies will be provided to individual consumers purchasing range hoods, household gas stoves (including integrated stoves), water purifiers, dishwashers, hearing aids, robot vacuums (including floor scrubbers), walking-assist exoskeleton robots, smart toilets, and other products. Individual consumers purchasing the above subsidized category products within Weifang will receive a subsidy of 15% of the final selling price after deducting discounts at all stages. Each person is limited to one subsidized item per category, with a maximum subsidy of 1,500 yuan per item, and the delivery place of the subsidized products must be within the administrative area of Weifang. (Published by Weifang) [Shanghai International Energy Exchange Issues Notice on Launch of Market Orders and Order Quantities for Related Trading Instructions] According to the Shanghai International Energy Exchange, market orders will be launched starting July 6, 2026 (i.e., the continuous trading session on the evening of July 3, 2026). Market orders are applicable to all listed futures and options products. For limit orders, the minimum order quantity per order is 1 lot, and the maximum order quantity per order is 500 lots for futures products and 100 lots for options products. For market orders, the minimum order quantity per order is 1 lot, and the maximum order quantity per order is 60 lots for futures products and 30 lots for options products. For settlement price trading orders, the minimum order quantity per order is 1 lot, and the maximum order quantity per order is 500 lots. Dollar aspects: Overnight last Friday, the US dollar index fell 0.06% to 100.76, hitting a high of 101.13 and a low of 100.69 during the session. On the weekly chart: the US dollar index rose for the week, up 0.97% for the week. Market pricing showed that bets on Fed rate hikes increased, with a 25-basis-point rate hike in September fully priced in. Data showed that foreign exchange traders, including hedge funds, were buying large amounts of options, betting that the dollar would strengthen further after the Fed sends a hawkish signal this week and reinforces US rate hike expectations. According to traders, leveraged funds started buying dollar call options on Wednesday, which would increase in value if the dollar appreciates. That demand extended into Thursday as investors digested the new Fed Chairman Warsh's anti-inflation remarks. Bank of America’s head of Americas FX options, Tobias Jungmann, said: “We’re seeing massive dollar call buying, concentrated mainly in G-10 currencies. Given how low implied volatility is currently, building long dollar positions via options looks very attractive.” James Swindell, senior FX options trader at Barclays in London, said: “We’re seeing broad-based, notable demand for dollar calls, especially in EUR/USD and GBP/USD.” (Jin10 Data APP) According to CME’s “FedWatch”: The probability that the Fed keeps rates unchanged in July is 60.4%, while the probability of a cumulative 25-basis-point hike stands at 39.6%. By the September meeting, the probability of unchanged rates is 31.2%, with a 49.6% chance of a cumulative 25bp hike and a 19.1% chance of a cumulative 50bp hike. (Jin10 Data APP) On other currencies: ECB Chief Economist Philip Lane said on Thursday that eurozone inflation will remain elevated despite the recent pullback in energy prices. The ECB raised rates last week for the first time in nearly three years, responding to the surge in energy prices since the Middle East conflict erupted in late February. However, oil and natural gas prices subsequently tumbled after Iran and the US announced a peace deal. Lane said the ECB has no doubts about the correctness of the rate-hike decision and still expects inflation to stay above the 2% target for a prolonged period. “We think food prices will rise, and prices of goods and services will rise too. Even in a milder scenario where oil prices pull back, the rate hike was justified,” he said. Separately, ECB Governing Council member Wunsch said: If we see rising services inflation, we could consider another 25bp rate hike as insurance. If the data are ambiguous, I see no need to rush into action. (Jin10 Data) [Bank of England keeps rates on hold in a 7-2 vote, says it will watch Middle East situation closely] The BoE kept the interest rate at 3.75%, calling the recent drop in oil prices “encouraging,” though two policymakers voted for an immediate 25bp hike, worried about persistent inflation. External member Megan Greene joined Chief Economist Huw Pill—April’s sole dissenter—in voting to lift rates to 4% immediately, arguing that the price outlook remains uncertain despite the recent US-Iran ceasefire deal. (From Wall Street CN APP) On the macro front: This week will see the release of China’s one-year loan prime rate as of June 22, Canada’s May CPI month-on-month rate, the eurozone’s June flash consumer confidence index, France’s June flash manufacturing PMI, Germany’s June flash manufacturing PMI, the eurozone’s June flash manufacturing PMI, the UK’s June flash manufacturing PMI, the UK’s June flash services PMI, the UK’s June CBI industrial orders balance, the US ADP employment change for the week ending June 6, the US June S&P Global flash manufacturing PMI, the US June S&P Global flash services PMI, the US June Richmond Fed manufacturing index, Australia’s May unadjusted CPI year-on-year rate, Germany’s June IFO business climate index, Switzerland’s June ZEW investor sentiment index, the US Q1 current account, US May new home sales annualized, Australia’s May seasonally adjusted unemployment rate, Germany’s July GfK consumer confidence index, US initial jobless claims for the week ending June 20, the US May core PCE price index year-on-year rate, the US May personal spending month-on-month rate, the final Q1 US real GDP annualized quarter-on-quarter rate, the preliminary Q1 US real personal consumption expenditures quarter-on-quarter rate, the final Q1 US real personal consumption expenditures quarter-on-quarter rate, the final Q1 US core PCE price index annualized quarter-on-quarter rate, the US May core PCE price index month-on-month rate, the US May durable goods orders month-on-month rate, the US June University of Michigan consumer sentiment final index, and the US June one-year inflation expectations final rate. Additionally, this week, attention should also be paid to: European Central Bank President Lagarde Christine speaks at the EU Parliament; Bank of Canada Governor Macklem Tiff delivers remarks; the 17th Summer Davos Forum takes place in Dalian from June 23 to 25; the Bank of Japan releases the summary of opinions from its June monetary policy meeting; Nvidia holds its annual general meeting of shareholders; the Bank of Canada publishes its monetary policy meeting minutes; the US Fed releases the results of its annual bank stress test; Bank of Japan Governor Ueda Kazuo attends a central bank lecture event hosted by the International Monetary Fund (IMF); 300 billion yuan of 1-year medium-term lending facility (MLF) and 248 billion yuan of 7-day reverse repos mature today; FOMC permanent voting member and New York Fed President Williams John speaks; 2027 FOMC voting member and Chicago Fed President Goolsbee Austan speaks; 2026 FOMC voting member and Minneapolis Fed President Kashkari Neel speaks. Crude Oil: Both crude oil futures rose in overnight trading last Friday: WTI rose 0.91%, Brent rose 0.47%. Weekly: WTI futures fell for two consecutive weeks, down 9.83% for the week; Brent fell for two straight weeks, down 8.53%. International crude oil futures opened lower on Friday, then struggled to rebound and turned lower several times during the session, hitting a low for the day after reports of a ceasefire between Israel and Hezbollah. As news emerged that both sides continued to attack each other after the ceasefire, prices turned higher again in late European trading. Brent struggled around the $80 level throughout the day. (Wall Street View) Iran's Foreign Ministry stated: Negotiations on a permanent deal with the US will only begin after the war in Lebanon ends permanently, the US fully lifts blockades, the US grants waivers for Iranian oil, and Iran's frozen assets are released. (Jin10 Data APP) Iran is shipping out a large volume of oil that was previously unable to be exported due to the US blockade, which could be welcome news for Tehran after it signed a temporary peace agreement with Washington on Wednesday. Shipping data compiled by Bloomberg showed that 11 tankers sailed from Iran's Chabahar port in the Gulf of Oman this week, carrying a total of 20 million barrels of crude oil. Previously, the US military had blocked these tankers from entering the Indian Ocean, a move aimed at limiting Tehran's access to petrodollars. (Jin10 Data APP) In addition, Intercontinental Exchange (ICE) data showed that for the week ended June 16, speculative net long positions in Brent crude oil futures decreased by 94,763 contracts to 114,128 contracts. (Jin10 Data APP) Additionally, due to the contract rollover, the floor trading of NYMEX New York crude oil July futures will close at 2:30 on June 23, and electronic trading will close at 5:00 a.m. Please pay attention to the exchange's expiration and rollover notices to manage risks. Moreover, the expiration of U.S. oil contracts on some trading platforms is usually one day earlier than the official NYMEX date, so please stay alert.

[SMM Imported Copper Concentrate] Market rumors say that the results of KGHM's tender for 30,000 mt of Sierra Gorda copper concentrates last week were announced, with transaction prices of -$220/dmt (August), -$218/dmt (August-September), and -$210/dmt (Q4).

RJ Scaringe, CEO of US electric vehicle maker Rivian, recently stated that the company is on track to launch a supervised autonomous driving system similar to Tesla's FSD later this year. Scaringe said Rivian will release an advanced driver-assistance system (ADAS), which is expected to enable point-to-point supervised driving for the company's second-generation models and the new R2.

[SMM Tin Morning Brief: the most-traded SHFE tin contract opened slightly higher in the night session and then pulled back, while spot market trading was overall thin.]

Recently, the mass production ceremony for the new automotive aluminum parts plant of the Norwegian Hydro Group was held in the Sino-European Advanced Manufacturing Industrial Park in Chengxiang Town, Taicang. Hydro is deeply involved in the research, development, manufacturing, and low-carbon recycling technologies of aluminum profiles, and its products are widely used by high-end automakers such as BMW, Tesla, and Audi. The project has successfully passed the PPAP production parts approval audit and has officially entered the full-scale mass production stage. It will stably supply high-end lightweight aluminum structural parts for BMW models. After reaching full production capacity, it is expected to generate an additional annual output value of 50 million yuan, adding high-quality foreign-invested capacity to the Taicang automotive parts industry chain.

Larvotto Resources announced on Tuesday that it has signed an offtake agreement with Glencore to supply concentrates from its wholly owned Hillgrove antimony-gold project in New South Wales, Mining.com reported. The agreement covers gold concentrates from the first seven years of production at Hillgrove, with annual offtake of around 15,000 mt. Glencore will cover all logistics costs from the mine to the final client destination, i.e., from mine to client’s door. Together with the antimony concentrates offtake with Wogen Resources, the agreement completes Larvotto’s key concentrate marketing strategy for primary concentrate products from Hillgrove. “As Hillgrove nears production, securing a globally recognized offtake partner for our gold concentrates is a major milestone in the transition from development to production,” said Ron Heeks, Managing Director. “Unsurprisingly, with the strong gold price, all major commodity companies showed strong interest in offtake during the tender process.” “Testwork on the Hillgrove project’s by-product tungsten concentrates continues, and offtake negotiations are expected to proceed as development activities advance.” Last year, the company reported tungsten recoveries of 90% and a 16-fold upgrade in raw ore grade, indicating that a low-cost tungsten concentrate can be produced through a single efficient processing flow. Hillgrove remains on plan to start production, with the capital expenditure exceeding budget, and commissioning is expected in August this year.

In the China-Europe Advanced Manufacturing Industrial Park in Chengxiang Town, Taicang, Jiangsu, Norway's Hydro Group (Hydro) held a production launch ceremony for its new automotive aluminum parts plant. Hydro Group has consistently focused on the R&D and manufacturing of aluminum extrusions and low-carbon recycling technologies, with its products widely used in the supply chains of high-end automakers such as BMW, Tesla, and Audi. The project has now successfully passed the PPAP review, officially entering the full mass production phase, and in the future, it will stably supply high-end lightweight aluminum structural parts for BMW car models. After reaching full production, the project is expected to generate an annual new output value of 50 million yuan, injecting high-quality foreign-invested capacity into Taicang's automotive parts industry chain.

By 2026, China's new energy vehicle market has evolved from an early-stage race over electric motors, batteries, and electronic controls into a systemic contest centered on battery technology roadmaps, supply chain depth, and cost-control capabilities. Leading domestic players — NIO, Li Auto, XPeng, BYD, and Leapmotor — have each charted a distinctly different path in their battery strategies. What lies beneath these divergent choices is not merely a matter of technical preference, but a reflection of fundamentally different business models, brand identities, and competitive philosophies. NIO: Anchored by Battery Swapping, Building a Multi-Supplier, Multi-Chemistry Matrix NIO's battery strategy stands apart within the industry. At its core is not the choice of a single supplier or chemistry, but rather a battery-swapping network serving as infrastructure, upwardly compatible with battery packs of varying capacities, chemistries, and suppliers. Currently, NIO's lineup runs primarily on 75 kWh and 100 kWh packs, while a higher-energy-density 150 kWh semi-solid-state pack, produced by WeLion New Energy, has already entered volume production and deployment. On the chemistry front, certain NIO models employ a hybrid cell arrangement blending ternary lithium and LFP cells — the LFP cells provide foundational range and cost advantages, while the ternary cells serve as a state-of-charge reference, addressing the well-known pain point of inaccurate SOC estimation inherent to LFP's flat voltage curve. On the supplier side, CATL has long held a core position, with CALB and WeLion also playing significant roles in the supply chain. In early 2026, NIO and CATL further signed a five-year comprehensive strategic cooperation agreement covering long-life batteries, swap-station compatibility, and overseas market expansion. For the full year 2025, NIO Group delivered 326,000 vehicles, up 46.9% year-on-year, and achieved its first quarterly operating profit in Q4 — signaling that its battery-swapping business model is beginning to enter a virtuous cycle. The ramp-up of its two sub-brands, ONVO and Firefly, has further amplified the scale effects of the swapping ecosystem, diluting the per-unit cost of infrastructure. Li Auto: EREV-Led, BEV in Pursuit — Deep Supplier Ties and the Shift Toward In-House Development Li Auto's battery strategy presents a sharp contrast to NIO's. Where NIO pursues breadth in its swapping network and flexibility in battery pack compatibility, Li Auto places greater emphasis on deep ties with top-tier suppliers and meticulous cost-side management. Li Auto's EREV models have long relied on ternary lithium batteries as their primary solution and are now progressively introducing LFP to optimize vehicle cost structures. In the pure-electric domain, the flagship MPV MEGA carries a high-performance ternary pack co-developed with CATL; in 2025, the i6 electric SUV formally adopted a dual-supplier model, sourcing from both CATL and Sunwoda for complementary supply. More significantly, in September 2025, Li Auto and Sunwoda jointly established a battery company, marking a definitive shift from a procurement relationship to one of equity-linked co-development. In May 2026, Li Auto delivered 33,350 vehicles, with the i6 surpassing 20,000 monthly deliveries for the third consecutive month and ranking among the top three electric SUVs by volume, while the EREV L-series remained its sales backbone. With "family comfort" as its core brand proposition, Li Auto's battery strategy has always served a single through-line: eliminating range anxiety while optimizing total cost of ownership — pragmatic and focused. XPeng: LFP as the Mainstay, a Three-Supplier Landscape Taking Shape, and the Dual-Powertrain Strategy Accelerating XPeng's battery strategy is centered on LFP, with a stable landscape of three core suppliers: CALB, EVE Energy, and FinDreams Battery (BYD). CALB has been one of XPeng's first-tier battery suppliers since 2021 and has long held the dominant share. In September 2025, EVE Energy formally entered XPeng's MONA series supply chain, providing prismatic cell solutions for base MONA variants, while longer-range versions continue to use BYD FinDreams cells. XPeng's technology identity has always revolved around full-stack self-developed AI — spanning advanced intelligent driving, proprietary chips, and large-model integration — which gives its battery strategy a notably pragmatic character: choose a mature, safe, and cost-controllable LFP route so that more resources can be concentrated on its core competence in intelligence. Since 2025, XPeng has fully embraced a dual-powertrain strategy of BEV plus EREV, with the addition of range-extender models introducing new variables to its battery demand structure. In May 2026, XPeng Group delivered 32,158 vehicles, with the flagship SUV GX becoming a core incremental contributor right from its debut, while the MONA series and P7+ continued to scale, validating the market appeal of its "technology for all" positioning. BYD: Full Vertical Integration as the Ultimate Moat If NIO, Li Auto, and XPeng respectively embody the brand paths of "service-driven battery swapping," "family comfort," and "technology intelligence," then BYD's defining label points squarely at vertical integration. From FinDreams battery cells and FinDreams Powertrain motors and electronic controls, to in-house IGBT and SiC power semiconductors, BYD has mastered the manufacturing of virtually every core component in a new energy vehicle — a level of supply chain depth unmatched both domestically and globally. The Blade Battery, BYD's signature technology, builds on an LFP foundation and achieves a balance of safety and energy density through structural innovation; it has now achieved scaled deployment across the entire lineup. On the cost side, the scale effects of selling 4.6 million units in 2025 have endowed BYD with extreme supply chain bargaining power. On the technology side, the "Eye of the Gods" advanced driver-assistance system has been deployed in over 2.5 million vehicles, generating more than 160 million kilometers of real-world driving data daily — a data flywheel that competitors will find difficult to replicate. In 2025, BYD's battery-electric vehicle sales reached 2.26 million units, surpassing Tesla (approximately 1.63 million) for the first time to claim the global BEV sales crown. From the Seagull at RMB 70,000 to the Yangwang at over RMB 1 million, from city commuters to hardcore off-roaders, BYD has built the world's most complete new energy product matrix, with its multi-brand strategy covering every mainstream price band and use case. Leapmotor: Full-Stack Self-Development Driving Extreme Value, Multi-Supplier Strategy Fueling the Volume Leap Leapmotor has emerged as a dark horse that can no longer be ignored among China's new-energy startups. Its battery strategy is defined by a clear formula: all-LFP plus parallel multi-sourcing, with core cell suppliers including Gotion High-Tech and CALB, among others — different batches of the same model may mix cells from different brands, but core parameters remain consistent. In November 2025, Leapmotor and CALB jointly established a battery factory, signaling Leapmotor's progression from multi-source procurement toward equity-linked core-supplier relationships. Leapmotor's true moat lies in its full-stack self-development approach — over 65% of core components are developed in-house, spanning electric drives, battery BMS, intelligent cockpits, and autonomous-driving chips. This is what enables Leapmotor to deliver extreme value in the RMB 100,000–200,000 mainstream price band. In May 2026, Leapmotor delivered 81,569 vehicles, up 81% year-on-year, holding the new-energy startup sales crown for multiple consecutive months, with the one-million-unit annual target now within reach. Leapmotor's product matrix has expanded into four series — A, B, C, and D — covering sedans, SUVs, and MPVs, while overseas exports have rapidly climbed to over 37% of total volume, becoming a second engine for growth. The Industrial Logic Behind Divergent Strategies When the battery strategies of these five automakers are examined side by side, several clear industrial patterns emerge. First, LFP's dominance in the mainstream market continues to strengthen. Whether it is BYD's Blade Battery, XPeng's all-LFP lineup, Leapmotor's extreme value proposition, or Li Auto's progressive LFP adoption in its EREV models, all point to the same trend: in the RMB 100,000–250,000 core consumption band, LFP's combined advantages in cost, safety, and cycle life have made it an unshakable baseline. Second, supply chain relationships are upgrading from simple buyer-seller transactions to capital-linked co-development. The joint ventures between Li Auto and Sunwoda, between Leapmotor and CALB, and the five-year agreement between NIO and CATL are all reflections of this trend. Third, battery strategy choices are increasingly dictated by each automaker's business model: NIO's battery-swapping system demands pack standardization and compatibility; BYD's vertical integration demands in-house production; Li Auto's EREV approach imposes unique requirements on battery capacity and cost. For participants in the upstream lithium resource and battery materials industries, understanding the battery strategies of leading automakers — and the direction in which they are evolving — is a critical entry point for gauging mid- and downstream demand structures, the cadence of technology-route shifts, and the changing landscape of supply chain dynamics. In this industrial contest that remains very much at halftime, the divergence in battery strategies not only determines each automaker's cost structure and product competitiveness, but will also profoundly reshape the value distribution across the entire lithium battery supply chain.

Tesla CEO Elon Musk will attend an event of Dutch chip equipment giant ASML online on Thursday to introduce its large-scale chip manufacturing factory plan, named "Terafab." The project aims to provide chip supply for Tesla and SpaceX, which is about to go public. An ASML spokesperson said in a statement, "Musk will share his vision on artificial intelligence, robotics, spaceflight, and semiconductor manufacturing." Meanwhile, the pricing of SpaceX's initial public offering (IPO) is expected to be announced later on Thursday. The deal is expected to be one of the largest IPOs in history.

India's state-run steelmaker RINL has suspended operations at its Steel Melt Shop 1 (SMS-1) following an explosion on June 11 that killed nine workers and critically injured several others. During the incident, casting machines 1–4 were in operation. A second explosion at machine 2 occurred just 20 minutes later, disabling a crane and damaging equipment. Preliminary investigations point to a sudden release of trapped gases (oxygen, hydrogen, nitrogen) in molten steel as the likely cause. A separate molten metal spill at SMS-2 was reported 15–20 minutes prior. Operations remain halted.