[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Temporarily Stable, Module Transaction Center Continued Weak] Last week, module prices in China maintained a downward trend. The atmosphere of enterprises competing on prices to push shipments intensified again, and currently, enterprise quotes for centralized modules also began to decline continuously. The overall market transaction center kept shifting downward, and subsequent module lows were expected to reach 0.7 yuan/W. Currently, distributed Topcon 183, 210R, and 210N high-efficiency modules were quoted at 0.742 Yuan/W, 0.749 Yuan/W, and 0.752 Yuan/W respectively, while centralized Topcon 182/183 and 210N high-efficiency modules were quoted at 0.723 Yuan/W and 0.743 Yuan/W respectively.

Material Recycling Association of India Voice of the Indian Recycling Industry Concept Note ONE DAY CONFERENCE ON CRITICAL MINERALS RECYCLING LANDSCAPE 1. Background & Context India’s transition towards clean energy, electric mobility, and advanced manufacturing is driving an unprecedented demand for critical minerals such as lithium, cobalt, nickel, rare earth elements, and platinum group metals. However, India remains highly import dependent (over 80–90%) for several critical minerals (Ministry of Mines, NITI Aayog), making supply chains vulnerable to geopolitical disruptions and price volatility. Recognizing this, the Government of India has launched the National Critical Mineral Mission (NCMM) to strengthen domestic capabilities across the value chain: from exploration and mining to processing and recycling. While mining is inherently capital-intensive and long-gestation, recycling of critical minerals offers a near-term, scalable, and sustainable pathway with significant economic and environmental benefits: Import Substitution: Estimates suggest recycling could contribute a meaningful share ( 30-40% ) of future demand, subject to collection efficiency and technology scale-up (NITI Aayog, CII) Carbon Emission Reduction: Recycling critical minerals can reduce emissions by 30–70% compared to primary mining, particularly for metals like aluminum, nickel, and cobalt (Global Studies) Energy Savings: Secondary production of metals can save up to 60–90% of energy compared to virgin extraction (IEA) Livelihood Generation: A formalized recycling ecosystem can generate large-scale employment , particularly by integrating India’s informal sector, which currently handles 80–90% of waste collection Climate & Net-Zero Goals: Recycling will play a critical role in supporting India’s commitment to net-zero emissions by 2070 and achieving 500 GW of non-fossil fuel capacity by 2030 In this context, there is a strong need for a multi-stakeholder policy dialogue to align government vision, technological capabilities, and industry realities, and to accelerate the development of a robust recycling ecosystem under NCMM. 2. Objective This conference is designed as a high-level stakeholder consultation platform to deliberate on the role of recycling within India’s critical mineral strategy and to identify actionable interventions across policy, technology, and market development. Key Objectives: Assess the role of recycling in achieving supply security under NCMM Evaluate the effectiveness of existing and proposed policy and incentive frameworks Identify gaps in regulatory frameworks and institutional coordination Examine challenges in technology development, commercialization, and scaling Capture industry perspectives on market mechanisms, feedstock availability, and financing Assess the current black mass landscape in India and pathways for domestic value recovery Develop a roadmap for building a resilient and competitive critical mineral recycling ecosystem 3. Conference Structure The conference is structured across three key pillars: 4. Expected Outcomes Development of a “ Conference Recommendations Report ” for submission to relevant ministries Identification of priority policy interventions to strengthen recycling under NCMM Recommendations on technology scaling, funding mechanisms, and industry support Actionable inputs for improving feedstock availability, market development, and regulatory alignment 5. Conclusion As India positions itself as a global leader in clean energy and advanced manufacturing, critical mineral security will be a defining factor in sustaining this growth. Recycling presents a strategic opportunity to complement primary resource development while advancing sustainability and circular economy objectives. This consultation aims to catalyze policy action, technological innovation, and industry alignment, enabling India to build a resilient, self-reliant, and circular critical mineral ecosystem.

[SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: N-type recharging polysilicon was quoted at 34-36 yuan/kg. Polysilicon prices remained relatively stable during the holiday, with extremely limited order signing in the market. Crystal pulling plants had no significant procurement demand for the time being. Post-holiday surveys and conferences were scheduled, and the market was watching subsequent developments. Wafer: Market prices for 18X wafers were 0.9-0.93 yuan/piece, 210RN wafers were 1.00-1.03 yuan/piece, and 210N wafers were 1.2-1.23 yuan/piece. During the holiday, wafer prices remained stable, and cell prices were expected to rise after the holiday.

After InterBattery in March, the strategic focus of South Korea's battery industry has been expanding from high-nickel EV batteries to ESS, LFP, AI data centers, and safety. Battery-related conferences in April also indicated that AI-driven R&D, LFP process innovation, next-generation batteries for diverse application scenarios, and improvements in safety and reliability are becoming major directions. This means the standard for "high-end" is expanding from energy density to system reliability, operational stability, supply chain transparency, and AI-driven management capabilities.

Since InterBattery in March, Korea’s battery industry has been expanding its focus from high-nickel EV batteries to ESS, LFP, AI data centers, and safety. Battery-related conferences held in April also highlighted AI-enabled R&D, LFP process innovation, application-specific next-generation batteries, and stronger safety and reliability. This suggests that the definition of premium is expanding from energy density to system reliability, operational stability, and supply chain transparency.

[SMM Analysis: 2027 Outlook: Solid-State Battery Signals from Beijing Auto Show] The Beijing Auto Show, which opened on April 24, 2026, became a showcase platform for solid-state battery "real vehicle integration." BYD's sulphide all-solid-state battery debuted in a real vehicle first, featuring 480Wh/kg, with small-batch vehicle installation planned for 2027; Chery's Rhino S achieved an energy density of 600Wh/kg, leading the show. CATL's condensed-matter battery completed aviation verification and is backward compatible with passenger vehicles. Semi-solid-state batteries are on the eve of mass production, with MG already bringing prices down to the 100,000-yuan level. Industry consensus: mass production will begin in 2027, and price parity between liquid and solid-state batteries is expected by 2030.

SMM April 23 News: Metals market: As of the midday close, base metals on the domestic market mostly fell, with SHFE copper edging down slightly. SHFE aluminum fell 0.42%. SHFE lead dropped 0.84%, and SHFE zinc rose 0.12%. SHFE tin fell 1.26%, and SHFE nickel declined 0.5%. In addition, the most-traded foundry aluminum futures fell 0.49%, and the most-traded alumina contract rose 0.18%. The most-traded lithium carbonate contract rose 0.18%. The most-traded silicon metal contract fell 1.04%. The most-traded polysilicon futures fell 1.76%. Ferrous metals mostly rose, with iron ore up 0.38%, rebar and hot-rolled coil both gaining less than 0.4%, and stainless steel down 0.54%. Coking coal and coke: the most-traded coking coal contract rose 0.32%, and the most-traded coke contract rose 0.82%. Overseas base metals, as of 11:51, LME metals fell across the board. LME copper dropped 1.7%. LME aluminum fell 1.12%, LME lead declined 0.84%, and LME zinc fell 0.81%. LME tin dropped 1.77%. LME nickel fell 1.38%. Precious metals, as of 11:51, COMEX gold fell 0.65%, and COMEX silver dropped 2.35%. Domestic precious metals: the most-traded SHFE gold contract fell 0.78%, and the most-traded SHFE silver contract dropped 2.46%. In addition, as of the midday close, the most-traded platinum futures fell 1.67%, and the most-traded palladium futures dropped 2.07%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.67%, closing at 2,221.7 points. As of 11:51 on April 23, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 290 yuan/mt, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 210 yuan/mt, down 20 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 150 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 103,310 yuan/mt, up 855 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,210 yuan/mt, up 855 yuan/mt from the previous trading day... Macro Front China: [Xi Jinping recently issued important instructions emphasizing the need to further summarize and apply the "Yiwu Development Experience" and explore paths of high-quality development suited to local conditions] Xi Jinping, General Secretary of the CPC Central Committee, President, and Chairman of the Central Military Commission, recently issued important instructions noting that Yiwu's small commodities had forged a large market and built a major industry, forming the "Yiwu Development Experience," which represented a successful practice of developing county-level economies based on local conditions. Xi Jinping emphasized that, in conjunction with the learning and education campaign on establishing and practicing the correct view of political achievements, the "Yiwu Development Experience" should be further summarized and applied to guide regions across the country to leverage their own resource endowments, respect the pioneering spirit of grassroots communities and the people, pursue reform and innovation, take concrete actions, and sustain long-term efforts to explore paths of high-quality development suited to their respective conditions, so as to better serve and integrate into the overall national development landscape. During his tenure in Zhejiang, Xi Jinping visited Yiwu for surveys on multiple occasions and summarized and promoted the "Yiwu Development Experience." Over the years, Yiwu has continued to write new chapters in the story of "small commodities, big market." Currently, the number of business entities in its small commodities market has exceeded 1.26 million, with trade links to more than 230 countries and regions. In 2025, its foreign trade export value ranked first among all counties (cities and districts) nationwide. (Xinhua News Agency) [ PBOC reverse repo operations achieved zero net injection and zero net withdrawal on the day ] The PBOC conducted 500 million yuan in 7-day reverse repo operations today. As 500 million yuan in 7-day reverse repos matured today, zero net injection and zero net withdrawal were achieved on the day. (Jin10 Data) US dollar: As of 11:51, the US dollar index rose 0.09% to 98.7. According to a Reuters survey of economists, the US Fed would have to wait at least six months before cutting interest rates this year, as the war-triggered energy shock further intensified already elevated inflation. In the April 17–21 survey, 56 out of 103 economists forecast that the US Fed's benchmark interest rate would remain in the 3.50%–3.75% range through the end of September, whereas in the late March survey, nearly 70% of economists expected at least one interest rate cut by then. In an early March survey, most economists expected an interest rate cut by the end of June. In the latest survey, 71 economists still expected at least one interest rate cut this year, with the median estimate pointing to only one cut, in line with the dot plot projections released by the US Fed last month. Currently, nearly one-third of economists expect interest rates to remain unchanged this year, nearly double the proportion in previous surveys. A report from Oxford Economics noted that Kevin Warsh favors major reforms to the US Fed and its communication strategy — but any reforms he seeks to implement would be constrained by the need to build consensus among US Fed officials. The report stated: "The Fed Chairman cannot unilaterally make such reforms." The report also mentioned that potential changes to the US Fed's communication strategy could include reducing the number of Federal Open Market Committee meetings per year and not holding press conferences after every committee meeting. The report also noted that Warsh opposed the use of forward guidance as a policy tool and opposed the publication of economic forecasts. (Jin10 Data) US White House National Economic Council Director Hassett expressed support for Fed Chairman Powell's plan — that Powell would temporarily remain as Fed Chairman if his successor had not been confirmed by the Senate when his term expires in May. Hassett said on Wednesday: "I think that is the appropriate legal understanding." Trump has nominated Warsh to replace Powell, but Republicans currently do not have enough votes to advance the nomination from the Senate Banking Committee to the full Senate for a confirmation vote. Republican Senator Tom Tillis said he would hold off on voting until the Department of Justice stops the so-called "bogus" investigation into cost overruns in the renovation project of the US Fed building. Hassett said of Warsh: "We are very confident that he will become chairman at the appropriate time. I believe there will be discussions on how to move forward." (Jin10 Data) On the data front: Data to be released today included US initial jobless claims for the week ending April 18, US April S&P Global Manufacturing PMI preliminary reading, US April S&P Global Services PMI preliminary reading, UK March public sector net borrowing, UK April Manufacturing PMI preliminary reading, UK April Services PMI preliminary reading, UK April CBI Industrial Orders balance, France April Manufacturing PMI preliminary reading, Eurozone April Manufacturing PMI preliminary reading, and Germany April Manufacturing PMI preliminary reading, among others. In addition, the Ministry of Commerce held its 4th regular press conference in April. European Central Bank President Lagarde delivered a speech, and the second round of ambassador-level talks between Israel and Lebanon took place at the US State Department. On crude oil: As of 11:51, oil prices in both markets extended the bullish candlesticks of the previous two trading days and continued to rise, with WTI up 1.85% and Brent up 1.48%. Recurring geopolitical conflicts in the Middle East sparked market concerns over supply, supporting oil prices. Wall Street Insights noted that Trump announced an extension of the ceasefire at the request of Pakistan as mediator, saying US-Iran negotiations could resume as early as Friday, but Iran subsequently denied the possibility of talks on Friday. Iran's president said he "welcomed dialogue and agreements" but also criticized Trump for "contradictions between words and actions"; Iran's parliament speaker and chief negotiator Mohammad Baqer Qalibaf stated that a comprehensive ceasefire would be impossible without the lifting of blockades. (Wall Street Insights) In an interview with Fox News, Trump said reports about a 3-to-5-day window for extending the ceasefire were fake. Regarding Iran's seizure of vessels in the Strait of Hormuz, Trump said they were not US ships and that he would continue to monitor developments. On when to end the war, Trump said there was no timetable and he was in no rush. "People say I want to get this done quickly because of the midterms, that's not true," Trump said, adding that the administration wanted to secure a good deal for Americans. Trump also said that blockades scared them more than bombing — they had been bombed for many years, but what they hated was the blockade. Once those oil wells shut down, sometimes they shut down permanently. Trump expected that when negotiations resumed, Iran's foreign minister would still be there. Earlier, Fox News and Axios both reported that Trump had extended the ceasefire deadline by 3 to 5 days rather than indefinitely. In response, White House Press Secretary Leavitt also issued a statement saying that Trump had not set a deadline for extending the ceasefire with Iran, and that reports of giving Iran 3 to 5 days to respond were not true. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

SMM April 23 News: Metals market: As of the overnight close, base metals on both domestic and overseas markets generally rose, with SHFE lead being the only decliner, down 0.03%. LME tin closed flat at $50,595/mt. LME copper and LME aluminum rose over 2%, with LME copper up 2.4% and LME aluminum up 2.58%. LME nickel rose 1.74%, and SHFE copper rose 1.4%. Other metals gained less than 1%, with the alumina front-month contract up 0.81% and the casting aluminum front-month contract up 0.64%. Overnight, ferrous metals generally rose, with iron ore being the only decliner, down 0.25%. Hot-rolled coil rose 0.62%. Coking coal and coke side, coking coal rose 0.67% and coke rose 1.01%. Overnight, precious metals side, COMEX gold rose 0.82% and COMEX silver rose 1.56%. In China, SHFE gold fell 0.19% and SHFE silver rose 0.65%. Overnight closing prices as of 6:43 AM on April 23: Macro Front China: [Energy Conservation and Carbon Reduction: Major Policy Document Issued by the General Office of the CPC Central Committee and the State Council] On April 22, the General Office of the CPC Central Committee and the General Office of the State Council released the "Opinions on Achieving Higher-Level and Higher-Quality Energy Conservation and Carbon Reduction." Energy conservation and carbon reduction serve as a key lever for advancing carbon peaking and carbon neutrality and accelerating the green transformation of development models, and as an important pillar for safeguarding national energy security and promoting industrial quality upgrading. The Opinions require consistently adhering to the principle of conservation priority, integrating energy conservation and carbon reduction throughout the entire process and all aspects of economic and social development, achieving higher-level and higher-quality energy conservation and carbon reduction, firmly curbing unreasonable growth in total energy consumption, continuously improving energy and resource output efficiency, and effectively reducing carbon emissions at the source, so as to provide strong support for achieving carbon peaking and carbon neutrality and accelerating the comprehensive green transformation of economic and social development. The Opinions set out specific arrangements in areas including coordinating energy conservation, carbon reduction, and green transformation; vigorously advancing energy conservation and carbon reduction in key sectors; further strengthening supervision and management of energy conservation and carbon reduction; and reinforcing support and safeguards for energy conservation and carbon reduction work. US dollar: As of the overnight close, the US dollar index rose 0.23% to 98.61. According to a Reuters poll of economists, the US Fed will have to wait at least six months before cutting interest rates this year, as the energy shock triggered by the conflict has once again intensified already elevated inflation. In the April 17-21 survey, 56 out of 103 economists forecast that the US Fed's benchmark interest rate would remain in the 3.50%-3.75% range through the end of September, whereas in the late March survey, nearly 70% of economists expected at least one interest rate cut by then. In an early March survey, most economists expected an interest rate cut by the end of June. In the latest survey, 71 economists still expected at least one interest rate cut this year, with the median estimate pointing to only one cut, in line with the dot plot projections released by the US Fed last month. Currently, nearly one-third of economists expect rates to remain unchanged this year, nearly double the proportion in the previous survey. (Jin10 Data APP) Reuters poll: 56 out of 103 economists believed the US Fed would keep the federal funds rate in the 3.50%-3.75% range through September (in the late March survey, 56 out of 82 economists forecast at least one interest rate cut by September). (Jin10 Data APP) A report from Oxford Economics noted that Kevin Warsh favors major reforms to the US Fed and its communication strategy — but any reforms he wishes to implement would be constrained by the need to build consensus among US Fed officials. The report stated: "The Fed Chairman cannot unilaterally make such reforms." The report also mentioned that potential changes to the US Fed's communication strategy could include reducing the number of annual FOMC meetings and not holding press conferences after every committee meeting. The report further noted that Warsh opposes the use of forward guidance as a policy tool and opposes the publication of economic projections. (Jin10 Data APP) On the macro front: Data to be released today include US initial jobless claims for the week ending April 18, US April S&P Global Manufacturing PMI preliminary reading, US April S&P Global Services PMI preliminary reading, UK March public sector net borrowing, UK April Manufacturing PMI preliminary reading, UK April Services PMI preliminary reading, UK April CBI Industrial Orders balance, France April Manufacturing PMI preliminary reading, Eurozone April Manufacturing PMI preliminary reading, and Germany April Manufacturing PMI preliminary reading. In addition, the Ministry of Commerce will hold its 4th regular press conference in April. ECB President Lagarde will deliver a speech, and the second round of ambassador-level talks between Israel and Lebanon will be held at the US State Department. Crude oil: As of the overnight close, oil prices on both markets rose together, with WTI up 3.57% and Brent up 3.12%. Crude oil futures rose for a third consecutive trading day, as expectations for the reopening of the Strait of Hormuz were dashed once again. Ritterbusch & Associates stated in a report that Trump's extension of the ceasefire agreement removed the immediate possibility of escalation, but negotiations could be delayed, and the US blockade would likely remain in place indefinitely. Exports via alternative routes and the release of strategic petroleum reserves partially offset the impact of the strait closure on oil prices, while "price-related demand destruction is becoming a hotter topic." (Jin10 Data APP) The US Energy Information Administration (EIA) said on Wednesday that US crude oil inventory increased last week, while gasoline and refined product inventories declined, and total US exports reached record levels due to supply disruptions caused by the Iran conflict. The EIA said crude oil inventory increased by 1.9 million barrels to 465.7 million barrels in the week ending April 17, compared with expectations of a 1.2 million barrel decrease. The EIA said crude oil inventory at the Cushing, Oklahoma delivery hub increased by 806,000 barrels. Despite the unexpected inventory build, oil prices still rose. (Jin10 Data APP) Sources: The Caspian Pipeline Consortium (CPC) blend crude oil export plan for May was set at 1.8 million barrels per day, up from the April plan of 1.65 million barrels per day. Kazakhstan plans to reroute some crude oil originally scheduled for delivery to Germany via the Druzhba pipeline in May to CPC exports. (Reuters) (Jin10 Data APP)

[SMM Silicon-Based PV Morning Meeting Summary] Silicon metal: Spot silicon metal prices remained stagnant this week. SMM east China oxygen-blown #553 silicon was at 9,000-9,200 yuan/mt, and #441 silicon was at 9,200-9,400 yuan/mt. Silicon metal futures prices fluctuated around 8,700 yuan/mt. With absolute prices on the high side, downstream players mainly digested inventories, and new order transactions were sluggish. Supply and demand were largely balanced, and prices remained in a stagnant consolidation. Polysilicon: N-type recharging polysilicon was quoted at 34.1-36 yuan/kg. Polysilicon prices were relatively stable overall this week. Orders were signed both in the preceding period and this week. Industry conferences continued to be held this week, coupled with wild swings in futures, and wait-and-see sentiment in the market gradually increased.

Shanghai Metals Market (SMM) is thrilled to announce that our 2026 SMM Global Lead-Acid Battery Supply Chain Industry Conference is scheduled to take place in Ho Chi Minh City, Vietnam, during November 12-13, 2026！