“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

This week, LCO market prices were basically stable, with mainstream quotations for conventional grades remaining above 400,000 yuan/mt, while high-voltage products held firm at the 420,000 yuan/mt threshold. Affected by the traditional off-season for consumer electronics in Q1 and disruptions in chip supply, battery cell manufacturers currently had relatively sufficient raw material inventory, and purchase willingness declined further WoW. Market transactions were mainly driven by the execution of existing long-term contract and rigid demand, with limited release of new orders. Against the backdrop of rangebound fluctuations in upstream raw materials and downstream demand yet to recover, LCO prices were expected to remain largely stable in the short term, with most market participants adopting a wait-and-see attitude pending further clarity on the subsequent demand pace. Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711 Zhang Haohan 021-51666752 Wang Zihan 021-51666914 Wang Jie 021-51595902 Xu Yang 021-51666760 Yang Lianting 021-51595835 Wang Zhaoyu 021-51666827

[SMM Weekly Review of the Lithium Battery Electrolyte Market: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.16-3.19)] From March 16 to March 19, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices are expected to remain temporarily stable in the short term.

This week, the cobalt chloride market atmosphere saw no significant change WoW, and the price stalemate continued. Top-tier enterprises remained firm in holding prices, with mainstream quotations still staying above 117,000 yuan/mt, and some offers probing 120,000 yuan/mt. However, downstream procurement sentiment remained cautious, with no signs of improvement. Constrained by weak end-use demand and relatively ample raw material inventory at material plants, market inquiry activity declined, and actual transactions were mainly scattered restocking, with the transaction center holding at 115,000 yuan/mt. Although some small traders occasionally made low-price shipments, this was difficult to materially impact the broader market. Overall, market gaming sentiment persisted, and prices were expected to remain largely stable in the short term, lacking drivers to break the stalemate. SMM New Energy Research Team Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711

Raw material side, spot lithium carbonate prices fluctuated this week, cobalt sulphate prices remained temporarily stable, and nickel sulphate prices dropped slightly.

This week, the second-life battery market showed clear structural divergence. On the cost side, although lithium carbonate prices saw a temporary uptick this week, they trended downward overall; nickel sulphate prices edged down slightly, while cobalt sulphate prices remained stable. The cost side was mainly affected by fluctuations in lithium carbonate prices. On the supply side, driven by terminal energy storage demand, inventories of new battery cells at battery cell manufacturers were critically low, and the supply of Grade A battery cells was heavily diverted, causing supply in the second-life battery market to remain tight. On the demand side, 280Ah and 314Ah energy storage battery cells were subject to concentrated procurement in the market, resulting in severe shortages and noticeably rising prices. Meanwhile, demand in the EV sector remained weak, inventory was relatively sufficient, and second-life power battery cell prices stayed stable.

[Macro Pressures Combined With High Inventory, SHFE Aluminum Remained Under Pressure at Elevated Levels in the Short Term] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum was insufficient, and the backwardation structure weakened somewhat. In China, social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had not ended. High inventory and weak spot fundamentals jointly weighed on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and SHFE aluminum fell below the key threshold of 25,000 yuan/mt, remaining mainly under pressure at elevated levels in the short term.

The 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit & Battery Recycling Forum will be held in Tokyo, Japan, from May 11–12, 2026. The summit aims to bring together leading global enterprises, research institutions, industry experts, and policymakers in the fields of renewable metals and battery recycling.

According to data released by the National Bureau of Statistics, in February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month. Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026. Changes in the Selling Prices of Commercial Residential Properties in 70 Large and Medium-Sized Cities in February 2026 The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow in February — Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026 In February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month. I. The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow In February, the selling prices of newly built commercial residential properties in first-tier cities were flat MoM, compared with a 0.3% decline in the previous month. Among them, Beijing and Shanghai both rose 0.2%, Guangzhou was flat, and Shenzhen fell 0.3%. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 0.2% and 0.3% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. Among the 70 large and medium-sized cities, 10 saw MoM increases in the selling prices of newly built commercial residential properties, while 7 were flat, for a combined increase of 9 cities from the previous month. In February, the selling prices of second-hand residential properties in first-tier cities fell 0.1% MoM, with the decline narrowing by 0.4 percentage point from the previous month. Among them, Beijing and Shanghai rose 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen fell 0.5% and 0.4%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities fell 0.4% and 0.5% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. II. Commercial Residential Property Selling Prices Fell YoY In February, the selling prices of newly built commercial residential properties in first-tier cities fell 2.2% YoY, with the decline widening by 0.1 percentage point from the previous month. Among them, Shanghai rose 4.2%, while Beijing, Guangzhou, and Shenzhen fell 2.3%, 5.1%, and 5.5%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 3.1% and 4.0% YoY, respectively, with the declines widening by 0.2 and 0.1 percentage point, respectively. In February, the selling prices of second-hand residential properties in first-tier cities fell 7.6% YoY, with the decline unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. The selling prices of second-hand residential properties in second-tier cities declined 6.2% YoY, unchanged from the previous month. The selling prices of second-hand residential properties in third-tier cities declined 6.3% YoY, with the decline widening by 0.2 percentage points.

[SMM Analysis] On March 12, 2026, the US International Trade Commission (ITC) ruled against imposing tariffs on Chinese graphite imports. Below is the complete timeline of the US anti-dumping and countervailing duty (AD/CVD) investigations into active anode material (graphite anode) from China, the duty rates at each stage, and the latest results as of March 12, 2026.