Tesla Chief Financial Officer Vaibhav Taneja said on April 22 local time that the company's investment this year is expected to exceed $25 billion, an increase of $5 billion from the previous estimate. Tesla said that its "automotive demand continued to grow" in parts of Asia and South America, while North America and Europe-Middle East also began to recover.

On April 23, 2026, Chinese Taiwan’s stainless steel wire rod exports surged 66% MoM to 10,230 tons, hitting a 15-month high. In India, a top producer launched a retail pilot for stainless steel rebars targeting infrastructure. Prices remain stable but firm; Indonesian 304 CRC FOB held at $2,112.5/mt, supported by tight nickel ore supply under the new HPM formula. While Asian buyers remain cautious, European mills are pushing for HRC price hikes of EUR 50-70/mt to offset rising procurement expenses, signaling a robust cost-driven floor for global stainless steel prices.

Highlights of LME Future price: LME lead traded weaker during the Asian session, with 3M contract slipping to $1954/t, down $9.5 (-0.48%). The market opened at $1964.5/t and briefly tested a high of $1968/t before selling pressure, pushing down to $1945/t. Overall sentiment remained soft. Trading activity was relatively moderate; the market attempted a rebound from the day’s lows. Highlights of China lead market: Chinese smelters, particularly secondary producers, running below full capacity. Spot refined lead trading at discounts of 50–0 yuan/ton to SMM 1# lead average price. Activity remains focused on long-term contracts, with limited spot liquidity. Following the decline in lead prices, the willingness of some inventory holders to sell has also been very weak as of 23 April.

The Asian billet market is facing sustained supply constraints as major regional producers prioritize domestic requirements, leading to a further reduction in export allocations. Current offers for 3SP grade induction furnace billet have reached approximately $510-$520/mt CFR Southeast Asia. With Vietnam’s major mills maintaining high capacity utilization for internal consumption and Indonesian supply limited by scheduled maintenance, the regional supply-demand balance remains tilted toward a deficit. This trend is expected to push transaction prices higher in the coming weeks, impacting the global supply volume and reinforcing a bullish trend for regional semi-finished steel.

[SMM Lead Morning Brief: Under High Inventory Pressure, LME Lead Nearly Lost the 60-Day Moving Average] On April 23, SMM reported: Overnight, LME lead opened at $1,959/mt. During the Asian session, LME lead was in the doldrums, testing the $1,950/mt level several times and finding support at the 60-day moving average...

[SMM Lead Morning Meeting Minutes: Macro Tensions Eased Slightly, but Lead Market Trading Remained Affected by Slack Supply and Demand] US President Trump announced an extension of the ceasefire, easing geopolitical tensions slightly. On the fundamentals side, lead ingot destocking outside China continued, but the LME lead backwardation structure was short-lived...

Highlights of Future Lead 3M price: During the Asian trading session, LME 3M lead prices moved in a narrow range, maintaining a firm tone despite low volatility. Prices traded between USD 1,951–1,965/t before settling at around USD 1,955.5/t, slightly down 0.10%. Highlights of Asian lead market: In the Asian lead market, activity remained subdued, though premiums stayed firm. Toward late April, pre-holiday refined lead production weakened compared to February and March due to persistent shortages of remelted lead. Tight energy supply also constrained smelter operations, with similar conditions seen in India. In response, some producers have shifted to tyre pyrolysis oil as a cheaper alternative to petrochemical fuels, though availability remains limited.

Overall, amid the structural adjustment of shifting regional demand globally, China's prebaked anode exports could offset the pressure of declining demand from the traditional Middle Eastern market through market structure optimization and a shift in order center toward Southeast Asia and Europe. Combined with China's stable capacity and supply chain advantages, China's prebaked anode exports are expected to maintain a certain level of growth for the full year.

Jiangsu Lopal Tech Co., Ltd., through its overseas wholly-owned subsidiary Lopal Tech Perth Pty Ltd (hereinafter referred to as "Lopal Perth") and Global Lithium Resources Limited ("GL1") and MB Lithium Pty Ltd ("MB Lithium", together with "GL1", the "Sellers"), signed the "Tenements and Mineral Rights Sale Agreement". The subject matter of this transaction is the sellers' collectively held exploration tenements for five lithium mines in Western Australia, as well as the lithium mineral rights for another 11 mining areas. The transaction involves lithium exploration tenements located in the Pilbara region of Western Australia, approximately 150 km southeast of Port Hedland. Since acquiring the mineral rights in 2019, GL1 has continuously carried out exploration work on one of the core tenements, E45/4309, completing a total of 734 reverse circulation drill holes and 7 diamond drill holes, with drilling footage exceeding 102.5 km. According to the "Marble Bar Lithium Project Mineral Resource Estimate Report" prepared in 2022 in accordance with the JORC Code, the project has an ore resource of 18 million tonnes with an average lithium oxide grade of 1.0%. Based on relevant data, the mining area still has good exploration potential. The Company engaged a professional team from SRK Consulting (Hong Kong) Limited ("SRK") in December 2025 to conduct an on-site field inspection of the mining area and carry out due diligence regarding the geological conditions, resource estimation and exploration prospects. At the same time, the Company also engaged Australian law firm Herbert Smith Freehills Kramer in December 2025 to provide legal services including due diligence for the project. Pursuant to the agreement, Lopal Tech Perth Pty Ltd acquired the lithium exploration tenements and related assets held by Global Lithium Resources Limited and MB Lithium Pty Ltd in Australia for a consideration of AUD 14.85 million. The lithium mining project will subsequently require exploration, mining licence application, beneficiation and mining capacity construction, with an expected investment of over USD 200 million and a construction and production ramp-up period of approximately 2–3 years. Through its overseas wholly-owned subsidiary Lopal Perth, the Company signed the "Tenements and Mineral Rights Sale Agreement" with the counterparties GL1 and MB Lithium, acquiring the lithium exploration tenements and related assets held by them in Australia, with the transaction amount being AUD 14.85 million. 1. Counterparties (i) Counterparty 1 Name: Global Lithium Resources Limited Registered Address: Level 1, 16 Ventnor Avenue, West Perth WA 6005 Date of Establishment: May 11, 2018 Major Shareholders: As of April 20, 2026, MINERAL RESOURCES LIMITED holds 9.85%, CANMAX TECHNOLOGIES CO LTD holds 9.45%, SINCERITY DEVELOPMENT PTY LTD holds 7.49%, YONGFANG GUO holds 6.23%, DIANMIN CHEN holds 5.32% Principal Business: GL1 is a lithium resource exploration and development company listed on the Australian Securities Exchange, primarily engaged in the exploration, development and future production of hard-rock lithium resources. (ii) Counterparty 2 Name: MB Lithium Pty Ltd Registered Address: Level 1, 16 Ventnor Avenue, West Perth WA 6005 Date of Establishment: June 10, 2021 Major Shareholders: GL1 holds 100.00%; MB Lithium is a wholly-owned subsidiary of GL1. Principal Business: MB Lithium holds the mineral rights related to the Marble Bar Lithium Project. 2. Agreed Product and Technical Specifications Any spodumene concentrate produced from the Manna Lithium Project with a lithium oxide (Li₂O) content of not less than 5% and meeting the specifications agreed by both parties. The Company has the right to reject products with a lithium oxide content of less than 4.5%. 3. Supply Term The initial term is 10 years from the date of the first supply of the agreed product. Subject to satisfaction of the relevant conditions, the Company has the right to extend the initial term by 4 years by giving notice within one month prior to the expiry of the initial term. 4. Supply Volume GLR shall supply to the Company annually 40% of the actual annual production of spodumene concentrate from the Manna Lithium Project. GLR shall use its best efforts to achieve an annual supply volume of at least 70,000 tonnes of the agreed product. 5. Product Pricing The pricing of the supplied products is based on the average of price indices published by SMM , Fastmarkets, Benchmark Minerals Intelligence, Asian Metal, Platts S&P Global and other agencies, subject to a certain price concession. 6. Supply Shortfall If a supply shortfall occurs during a contract year, GLR shall use reasonable efforts to make up such shortfall within three months after the end of the relevant contract year. If GLR fails to provide the shortfall supply to complete the delivery within such three-month period (the "rectification period"), GLR shall pay in full the price difference to the Company within 30 days after the end of the rectification period. 7. Prepayment Amount Subject to satisfaction of the conditions precedent for the prepayment, the Company shall pay GLR a prepayment of not more than US$75 million (the "Maximum Amount"), which shall be strictly used for the development expenditure of the Manna Lithium Project and the operation of the project after its completion. When the Company accepts the agreed products, such prepayment shall be applied to offset the payable purchase price in batches. Considering the extended period of the prepayment, GLR shall pay the Company a funding fee calculated at a compound annual interest rate of 5%. 8. Overview of the Investment Target GL1 (ABN 58 626 093 150) is an Australian listed company located in Western Australia, primarily engaged in the exploration and development of lithium resources. Its core asset, the Manna Lithium Project, is located 100 km east of Kalgoorlie, Western Australia, and is the third largest lithium resource project in the resource-rich Eastern Goldfields region. The project has a mineral resource of 51.6 million tonnes with an average lithium oxide grade of 1.0%. GL1 holds and operates the Manna Lithium Project through its wholly-owned subsidiary GLR (ACN 653 130 575). GL1 has obtained the mining lease for the lithium project and completed the project feasibility study. GLR expects to make a final investment decision (FID) for the Manna Lithium Project by the end of 2026. Following the FID, GLR will commence project construction, and the lithium project is expected to commence shipments in June 2028. This transaction represents an important measure for the Company to anchor its core business of lithium iron phosphate cathode materials and deepen its upstream resource layout. Currently, the Company's lithium iron phosphate business continues to expand in production and sales volume, its overseas capacity is progressing steadily, and the demand for stable supply and cost control of upstream lithium resources is increasing. Through this transaction, the Company will further enhance its lithium resource security capability, strengthen raw material supply stability and anti-cyclical resilience, improve vertical integration and overall competitiveness, which is in line with the Company's long-term development strategy and the interests of all shareholders. Source: China Securities Journal

SMM, April 22: The most-traded SHFE lead 2606 contract opened at 16,735 yuan/mt during the session. SHFE lead prices dipped slightly at the beginning of the session, touching a low of 16,675 yuan/mt, before rebounding. From mid-session to the close, prices moved sideways within the range of 16,690-16,755 yuan/mt, ultimately settling at 16,730 yuan/mt, recording a bearish candlestick with a decline of 155 yuan/mt, or 0.92%. Recently, LME lead inventory continued destocking and spot premiums in Southeast Asia remained elevated, with the ex-China lead market fundamentals stronger than those in China. Meanwhile, the refined lead import window was close to shutting, tightening domestic lead ingot supply somewhat. However, downstream consumption was in the traditional off-season, and spot trading was sluggish. Under the pattern of weakness in both supply and demand, lead prices are expected to maintain a fluctuating trend. Data source disclaimer: Data other than publicly available information is derived by SMM based on publicly available information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.