Driven by the dual forces of global energy structure transformation and the "dual carbon" goals, battery technology is evolving from a traditional electricity 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 explosive technological advancement 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. Shenzhen Huanaxincai Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly drive battery technology to new heights. form to sign up immediately, and together witness and participate in this extraordinary and far-reaching industry event, co-creating a brilliant new chapter! Shenzhen Huanaxincai Co., Ltd. was founded in November 2021 by a doctoral team of high-level overseas talents. It is a national high-tech enterprise specialising in the R&D, industrialisation, and end-use applications of sodium-ion battery cathode materials. The company has been recognised as a "Shenzhen Specialised, Refined, Distinctive, and Innovative Enterprise" and a "Shenzhen 20+8 Industrial Cluster Enterprise." It has applied for or been granted nearly 80 patents, obtained ISO9001, ISO14001, and other system certifications, and served as the lead or major co-drafter of four sodium-ion battery standards. The company has received multiple rounds of financing from publicly listed firms including Meilian New Material and Zijian Electronics, and has won numerous industry awards. Core Business The company specialises in the R&D, production, and sales of sodium-ion battery cathode materials. With years of deep industry expertise and over 100 core patents accumulated, it possesses strong technological capabilities. Currently, the enterprise has fully mastered both mainstream sodium-ion battery cathode material technology routes — layered oxide and polyanion. Its products maintain a leading position in overall market performance. The layered oxide cathode materials feature high energy density, high working voltage, and excellent C-rate performance, making them widely suitable for application fields such as power batteries. The polyanion NFPP cathode materials are characterised by high safety, ultra-long cycle life, and outstanding wide-temperature adaptability, with excellent cycling performance, making them particularly suitable for scenarios with stringent safety and service life requirements such as utility-scale energy storage, backup power supplies, and starter batteries. The polyanion NFS cathode materials feature high voltage and high capacity performance, and are widely applied in scenarios such as light vehicle power and others. Leveraging a mature technology system and rigorous quality control management, the company's products have achieved large-scale mass production and stable supply, successfully entering various application segments and establishing in-depth partnerships with multiple Fortune Global 500 enterprises and leading industry clients. We remain committed to technological innovation as our core driving force, continuously iterating product performance, and dedicated to providing global clients with high-grade, highly reliable sodium-ion battery cathode materials to facilitate the high-quality development of the new energy industry. Long press 2026 SMM Battery Technology Conference

On May 21, the 8th China Western International Investment and Trade Fair officially opened at the Chongqing International Expo Center. On May 22, Qingling Group showcased its series of scientific and technological innovation achievements, including hydrogen energy vehicles, core parts, and integrated assemblies, at Hall N4 of the fair. Leveraging its full-stack self-developed cutting-edge technologies and a comprehensive zero-carbon product matrix, the group presented the breakthrough achievements of Chongqing's commercial vehicle industry in green upgrading and independent innovation, demonstrating the enterprise's hardcore strength in the new energy commercial vehicle sector. During the fair, Qingling Group held a grand industrial development achievement launch event, officially debuting four core innovative products globally for the first time , covering two new hydrogen energy vehicle models, core electric drive equipment, and an intelligent thermal management system. Specifically, these included a liquid hydrogen fuel cell heavy-duty truck, a hydrogen internal combustion engine range-extended heavy-duty truck, a multi-in-one electric drive axle, and an intelligent integrated thermal management system. The series of new products spanned the entire industry chain, encompassing hydrogen energy vehicle manufacturing, core electric drive R&D, and full-domain thermal management control. With diversified technology routes and independent R&D capabilities, they led the innovation and upgrading of the new energy logistics and transportation industry. The two hydrogen energy heavy-duty trucks debuted this time formed a high-low pairing and scenario-complementary product layout, precisely covering zero-carbon transportation needs across different operating conditions and thoroughly addressing the shortcomings of hydrogen energy transportation for trunk-line and short-haul heavy-load applications. Among them, the liquid hydrogen fuel cell heavy-duty truck "Qingzhou" was designed for high-speed intercity and interprovincial trunk-line heavy-load logistics scenarios. The vehicle was equipped with a 300kW large power liquid hydrogen fuel cell system , paired with a 1,250L large-capacity liquid hydrogen storage system . It offered exceptional environmental adaptability, capable of reliably handling various extreme and complex operating conditions such as high temperatures, extreme cold, high altitudes, and heavy-load long uphill gradients, perfectly suited for long-distance, high-intensity trunk-line logistics transportation operations. The other model, the hydrogen internal combustion engine range-extended heavy-duty truck , was developed through iterative optimization based on a mature internal combustion engine technology platform. It featured a hydrogen energy deployment pathway characterized by high reliability, low cost, and ease of large-scale popularization, precisely suited for short-haul, high-frequency heavy-load scenarios such as port transshipment, mine heavy hauling, and urban infrastructure construction. This car model formed a complete system with the liquid hydrogen fuel cell heavy-duty truck, complementary in both scenarios and technologies, successfully building Qingling's proprietary zero-carbon green logistics product matrix and providing customized solutions for logistics decarbonization across different scenarios. In addition to complete vehicle products, Qingling simultaneously released two core supporting assemblies to consolidate the foundation of the new energy commercial vehicle industry chain. The multi-in-one electric drive axle innovatively integrated the motor, reducer, electronic control module, and EMB braking system, achieving upgrades in high integration, lightweight design, and high performance. It effectively reduced overall vehicle energy consumption and manufacturing costs while adapting to the future development trend of commercial vehicle drive-by-wire chassis, providing core support for vehicle performance upgrades. The new intelligent integrated thermal management system achieved cross-domain coupling and unified control of three major thermal source domains — battery, electric drive, and cabin — with environmental adaptability across an ultra-wide temperature range from -30°C to 45°C . The system integrated three core functions: temperature regulation, cabin comfort adjustment, and vehicle energy management. Relying on intelligent precision control strategies, it ensured safe, stable, and efficient vehicle operation under all-climate scenarios including extreme cold and high temperatures, significantly enhancing overall vehicle environmental adaptability and operational reliability. To accelerate the implementation of hydrogen energy and new energy commercial vehicle technologies and build a collaborative industrial ecosystem, Qingling Group completed multi-dimensional strategic cooperation signings at the launch event. The enterprise signed scientific and technological innovation cooperation agreements with China Automotive Engineering Research Institute, China Machinery Engineering Corporation Zhonglian, and China Merchants Vehicle Research Institute, joining forces to tackle core technology iteration and cutting-edge equipment R&D. It reached ecological cooperation agreements with Chongqing Real Estate Group and Chongqing Agricultural Investment Group to broaden local scenario application channels. It also signed an industrial collaboration agreement with Xiantu Automobile to jointly build an industry chain collaborative development system. All parties would work together to advance core technology breakthroughs and new energy industrial ecosystem development, create replicable and implementable zero-carbon operation demonstration models, and drive the large-scale popularization of hydrogen-powered and electrified commercial vehicles from technological breakthroughs to a new stage. The concentrated global debut of these four major new products marked an important milestone for Qingling Group in its commitment to independent innovation and deep cultivation in the zero-carbon commercial vehicle field, signifying that the enterprise achieved key breakthroughs in full-chain R&D and industrialisation of new energy logistics equipment. In the future, Qingling Group will continue to refine its entire industry chain layout covering new energy complete vehicles, core parts, and integrated assemblies, deepen the integration of industry, academia, and research as well as industry chain collaborative innovation, and continuously iterate and optimize its green and low-carbon technology and product systems. At the same time, it will deeply integrate into the construction of Chongqing's "33618" modern manufacturing cluster system , continuously empowering the high-quality development of the regional intelligent connected new energy commercial vehicle industry, and helping the logistics industry in south-west China achieve a comprehensive green and low-carbon transformation.

Recently, according to a report published on May 21 by Chilean local media *El Mercurio*, Chile's Committee of Ministers officially completed the environmental assessment approval for multiple major investment projects, granting environmental permits for three key projects with a total investment exceeding $2.8 billion , covering green energy, public infrastructure, and mineral development, among other sectors. The large-scale green hydrogen and green ammonia project stood out as the core highlight of the approved projects, marking a substantive breakthrough in the commercialization of Chile's domestic green hydrogen industry. Among the three projects approved, MAE's Volta green hydrogen and green ammonia project had the largest investment volume and highest industrial value. Located at the port of Mejillones, Chile, the project has a total investment of $2.5 billion and is Chile's first industrial-scale green hydrogen fuel project to successfully pass environmental assessment approval , representing a milestone for the large-scale development of the local green hydrogen and green ammonia industry. According to the project plan, the Volta green hydrogen and green ammonia project is expected to include the construction of a 600 MW PV power station and four dedicated energy storage tanks, leveraging high-quality PV green electricity resources to achieve clean hydrogen and ammonia production throughout the entire process. Upon completion and commissioning, the project is expected to achieve an annual capacity of 620,000 mt of green ammonia , significantly boosting Chile's domestic green ammonia capacity, facilitating the low-carbon transformation of the local energy structure, and providing important support for the expansion of the global green hydrogen and green ammonia supply chain. In addition to the core green hydrogen and green ammonia project, two supporting industrial projects were also approved simultaneously. The first is the Pudahuel Urbanya Phase I residential development project by Grupo Santa Cruz, with a total investment exceeding $203 million , planning to build 1,183 residential units, of which 64% can be purchased through local housing subsidy policies, effectively improving regional public amenities and enhancing residents' housing security. The other is a mineral development project. Pampa Camarones' Ciclón-Exploradora underground polymetallic mine project was successfully approved. The project has been transferred to Australia's Norfolk Metals for $50 million, with an overall investment of $125 million , which will further stimulate the development of Chile's domestic mineral resources and drive high-quality growth of the regional mining economy. The concentrated approval of multiple major projects, especially the smooth advancement of the large-scale industrial green hydrogen and green ammonia project, fully demonstrated Chile's strategic determination to deepen its clean energy industry and promote green energy transformation. This will further consolidate Chile's core position in the Latin American green hydrogen industry and inject strong momentum into the large-scale and commercial development of regional green energy.

On May 29, 2026, coinciding with National Science and Technology Workers' Day, Yuchai Group grandly held a special event for the 2026 National Science and Technology Workers' Day, officially launching the K-Power Five-Dimensional Technology Brand along with eight entirely new self-developed products, and committing an additional 93.3 million yuan in special science and technology innovation reward funds to incentivize scientific innovation and R&D, comprehensively demonstrating the enterprise's hardcore strength and strategic determination in empowering industrial upgrading and leading transformation in the power industry through technological innovation. A technology brand serves as the core vehicle for an enterprise's core technology system and long-term competitiveness. The K-Power Five-Dimensional Technology Brand unveiled this time is Yuchai's second systematic technology brand following the Flywheel Range-Extender technology brand, encompassing the Benting, Chunqu, Panqing, Yunxing, and Tianshu five core technology systems, corresponding respectively to the technological advantages across five core performance dimensions: power performance, fuel economy, reliability, comfort, and intelligence. The official launch of this brand represents Yuchai's strategic-level technology deployment aligned with new energy and low-carbonisation industry trends, marking the enterprise's scientific innovation development entering a brand-oriented, systematic, and high-end new phase, and establishing a new benchmark for technology iteration and upgrading in China's EV sector. The event simultaneously showcased 8 entirely new self-developed products , comprehensively covering three core tracks: traditional power, new energy power, and intelligent equipment, precisely matching market demands across multiple scenarios including marine transportation, heavy-duty mining, comprehensive energy, and high-end intelligent manufacturing, achieving technology innovation across all product domains. In the traditional power sector, multiple flagship models achieved performance breakthroughs. The new-generation YC6GL medium-speed diesel engine integrates Yuchai's Chunqu 5, Panqing 5, and Tianshu 5 three core technologies, suitable for various marine equipment including coastal transport vessels, fishing boats, and engineering tugboats, achieving upgrades in equipment reliability and durability while effectively reducing fuel consumption and subsequent operation and maintenance costs, with significantly improved overall cost-effectiveness. The heavy-duty gas flagship power YCK16N gas engine stands as an industry benchmark product, equipped with Panqing 5 and Chunqu 5 technologies, delivering maximum horsepower of 750 hp and peak torque of 3,400 Nm , achieving the industry's lowest gas consumption rate among engines of the same displacement, balancing powerful performance with energy-saving advantages, and improving comprehensive transportation efficiency by 15% across all scenarios. The YCK32 high-end diesel engine designed for heavy-duty mine conditions precisely matches heavy-duty equipment including 100-ton-class mining dump trucks, large fracturing trucks, and drilling equipment, reducing fuel consumption by 10%-15% compared to similar industry models, with operating condition adaptability and overall performance comparable to imported high-end power equipment. The new energy track welcomed significant technological achievements, with Yuchai officially launching the hydrogen-electric coupling integrated solution . This solution deeply integrates the advantages of hydrogen energy and electric power as two major green energy sources, featuring core characteristics including zero-carbon environmental protection, long duration energy storage (LDES), multi-energy complementarity, and flexible energy conversion, effectively improving the utilization rate of green and clean energy consumption, with broad applications in scenarios such as marine comprehensive energy islands, industrial park comprehensive energy supply systems, and micro power grids in remote and special areas, providing a new technological pathway for distributed green energy deployment. The intelligent equipment track also yielded fruitful results, with 4 innovative products and core technologies released this time, achieving multiple industry-first breakthroughs. Among them, the 806 integral axle housing and 15MD00 generator set crankshaft pioneered the industry's "iron replacing steel" process implementation, built upon iron mold coated sand casting technology, combining the dual advantages of lightweight and high strength, filling the gap in China's integrated casting technology for large power components. The new YC-U400 cradle-type five-axis machining center adopts a fully direct-drive integrated structural design, achieving dual-axis zero-backlash transmission, with part machining precision reaching Ra0.8 , overall machining efficiency improved by 40%, and significantly upgraded high-end intelligent manufacturing capabilities. Notably, Yuchai made a global debut of the construction machinery wheel-side direct-drive control technology , innovatively integrating core technologies including wheel-side direct-drive integration, intelligent energy management, and distributed drive control, building a "mechanical-electrical, energy, and control" coordinated operation system. This technology enables a leapfrog improvement in single-machine equipment performance, with oil-to-electricity economic ratio reaching 10:1 and comprehensive energy efficiency exceeding 90% , leveraging 17 core patents to build a reusable new energy construction machinery technology platform, thoroughly resolving industry pain points of traditional construction machinery such as high energy consumption, low energy efficiency, and poor operating condition adaptability. Regarding talent and scientific innovation incentives, the event ceremoniously recognized 17 first-prize technology achievement projects for 2025, paying tribute to the research teams and staff dedicated to core technology breakthroughs. These award-winning achievements focused on key industry shortcomings, successfully overcoming multiple "bottleneck" technical challenges, achieving dual leaps in technological breakthroughs and market value. Meanwhile, Yuchai announced continued investment of 93.3 million yuan in scientific innovation reward funds for 2026, consolidating the innovation talent cultivation system with substantial special rewards and activating the enterprise's long-term innovation vitality. A relevant executive of Yuchai Group stated that in the future, the enterprise will be guided by the K-Power Five-Dimensional Technology Brand as its core, closely following the three major development themes of high efficiency and low carbon, diversified green energy, and digital intelligence-driven approaches, continuously building a world-class science and technology innovation system, solidifying the three-dimensional industrial layout of "traditional power as foundation, new energy power for breakthrough, and intelligent equipment for empowerment," driving the enterprise's intelligent manufacturing upgrade through full-chain technological innovation, and helping China achieve a leapfrog development from a major power industry nation to a power industry powerhouse.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Continued to Rally During the Night Session, Further Suppressing Spot Market Transactions]

[SMM Chrome Daily Review: Limited Inquiries and Sluggish Transactions, Chrome Market in the Doldrums] June 1, 2026: The ferrochrome and chrome ore market fluctuated slightly...

SMM June 2 News: Metals market: Overnight, metals generally rose across both domestic and overseas markets, with SHFE lead being the only decliner, down about 0.09%. LME tin and SHFE tin both rose over 2%, with LME tin up 2.63% and SHFE tin up 2.46%. LME copper, LME aluminum, LME zinc, LME nickel, SHFE copper, and SHFE nickel all rose over 1% (LME copper +1.97%, LME aluminum +1.59%, LME zinc +1.09%, LME nickel +1.42%, SHFE copper +1.12%, SHFE nickel +1.26%). The remaining metals gained less than 1%, with the alumina front-month contract down 0.69% and the foundry aluminum front-month contract up 0.41%. Overnight, ferrous metals collectively rose, with stainless steel leading the gains at +1.52%, and iron ore up 0.51%. Hot-rolled coil and rebar saw minor fluctuations. In coking coal and coke, coking coal rose 2.19% and coke rose 0.84%. Precious metals: Overnight, COMEX gold fell 1.7% and COMEX silver dropped 0.96%. In China, SHFE gold fell 1.28% and SHFE silver declined 0.73%. As of 6:43 AM on June 2, overnight closing prices: Macro front China: [NDRC, National Energy Administration and other departments issued the Notice on Printing and Distributing the Guidelines for Accounting of Non-Fossil Energy Power Consumption (Trial)] On June 1, the NDRC, National Energy Administration and other departments issued the Notice on Printing and Distributing the Guidelines for Accounting of Non-Fossil Energy Power Consumption (Trial). It mentioned that the development and reform commissions, energy bureaus, ecological environment departments, statistics bureaus, and data management departments of all provinces, autonomous regions, municipalities directly under the central government, and the Xinjiang Production and Construction Corps, as well as State Grid Corporation of China, China Southern Power Grid Co., Ltd., Inner Mongolia Power (Group) Co., Ltd., relevant power generation enterprises, Beijing and Guangzhou Power Exchange Centers, China Renewable Energy Engineering Institute, and China Electricity Council: To implement the major decisions and plans of the CPC Central Committee and the State Council on carbon peaking and carbon neutrality, and to promote the improvement of the carbon emission statistical accounting system, we have formulated the Guidelines for Accounting of Non-Fossil Energy Power Consumption (Trial), which are hereby issued to you. Please carry out relevant work accordingly. These guidelines shall be implemented on a trial basis from the date of issuance and shall be used for accounting of non-fossil energy power consumption for 2026 and subsequent years. If there are any issues or suggestions during the trial period, please provide timely feedback to the NDRC and the National Energy Administration. Shanghai Mayor Gong Zheng chaired a standing meeting of the municipal government on June 1. The meeting approved in principle the Shanghai Plan for Accelerating New-Type Industrialisation and Building a Modern Industrial System under the 15th Five-Year Plan, and noted the need to develop and strengthen a number of emerging pillar industries and make forward-looking arrangements for future industries. The meeting emphasized the need to adhere to innovation-driven development and forge competitive advantages in industry, accelerate breakthroughs in new technologies, R&D and application of new products, and cultivation and opening of new scenarios, support the efficient transformation and industrialisation of scientific and technological achievements, and turn more "flowers of technology" into "fruits of industry." The CPC Chengdu Municipal Committee and the Chengdu Municipal People's Government issued the Opinions on Accelerating the Building of a National Advanced Manufacturing Base. The opinions proposed forward-looking deployment of future industries, accelerating the layout of new tracks including nuclear fusion energy, brain-computer interfaces, quantum technology, intelligent sensing, embodied AI, sixth-generation mobile communications, biomanufacturing, cell and gene therapy, flying cars, and frontier new materials. US dollar: As of the overnight close, the US dollar index rose 0.26% to 99.19. Data from the Institute for Supply Management (ISM) showed that, driven by growth in new orders and production, the US May ISM Manufacturing Index rose to 54, hitting a four-year high. US manufacturing has sent expansion signals for five consecutive months, indicating that manufacturing is regaining vitality amid a surge in artificial intelligence (AI) investment, more favourable tax policy, and reduced trade policy uncertainty. Persistent cost pressure may mean US consumers will face higher prices, as the US Fed's preferred inflation gauge rose 3.8% YoY in April. (Wallstreetcn) According to CME "FedWatch": The probability of the US Fed keeping rates unchanged through June was 98.4%, with a 1.6% probability of a cumulative 25-basis-point interest rate cut. The probability of the US Fed keeping rates unchanged through July was 90.2%, with an 8.4% probability of a cumulative 25-basis-point rate hike and a 1.4% probability of a cumulative 25-basis-point interest rate cut. (Jin10 Data APP) Ozan Tarman, Vice Chairman of Global Macro at Deutsche Bank, said the US Fed's next move will not be a rate hike. Tarman said the newly appointed Fed Chairman Kevin Warsh will try to "convince his colleagues to stay put." "Everyone is excitedly talking about how he might completely change his stance and even convince Trump that a significant rate hike is possible this year — that seems a bit excessive to me." "The best approach is to wait and see, and let the political dynamics in the US, the Strait of Hormuz, and even the UK play out on their own," Tarman said. Tarman noted that a European Central Bank rate hike in June appears to be a foregone conclusion, but whether Lagarde will raise rates in September will depend on the progress of Middle East peace negotiations. (Bloomberg) Torsten Slok, Chief Economist at Apollo Global Management Inc., said that AI infrastructure construction will push up inflation in the early stages, which will prevent new Fed Chairman Kevin Warsh from cutting interest rates as quickly as he had previously hinted. "We may have to wait a while longer, because in the early stages, the AI boom will certainly push up inflation," he said. From the perspective of semiconductor prices, energy prices, and labour costs, the risk of price pressure is "very clear." (Bloomberg TV) Macro: Today, the US April JOLTs job openings, Switzerland April trade balance, UK April central bank mortgage approvals, Eurozone May CPI annual rate preliminary reading, and Eurozone May CPI monthly rate preliminary reading will be released. In addition, 2026 FOMC voter and Minneapolis Fed President Kashkari will deliver a speech, 2026 FOMC voter and Cleveland Fed President Hammack will speak on monetary policy, and Bank of England Governor Bailey will attend a House of Lords hearing. Crude oil: As of the overnight close, oil prices on both markets rose, with WTI up 5.85% and Brent up 4.53%, driven by the breakdown of US-Iran negotiations and blockade risks. Earlier, Iranian media reported that Iran would suspend communication with the US through intermediaries and planned to completely block the Strait of Hormuz, sending crude oil prices sharply higher. This morning, US President Trump said he expected to reach an agreement with Iran "within the next week," extending the current ceasefire arrangement and reopening the Strait of Hormuz. Trump said the negotiations were progressing well and expressed optimism about reaching a deal. (CCTV) (Wallstreetcn APP) According to US sources, the Trump administration continued to release large volumes from the US Strategic Petroleum Reserve to ease the energy supply crisis triggered by the US-Iran conflict and the closure of the Strait of Hormuz. Data released by the US Department of Energy (DOE) showed that the Strategic Petroleum Reserve decreased by 8 million barrels of crude oil last week, following declines of 9.1 million barrels and a record 9.9 million barrels in the two preceding weeks. As of now, the Strategic Petroleum Reserve inventory has fallen to 357.1 million barrels, the lowest level since January 2024. (Wallstreetcn) Three sources said OPEC+ producers will most likely agree at their meeting on Sunday to further increase crude oil production quotas in July. However, the Iran war has so far caused some countries to fall short of their previous production increase targets. A further increase in production quotas would indicate that the organisation is gradually resuming normal operations, despite disruptions caused by the blockade of the Strait of Hormuz and the unexpected withdrawal of the UAE in May. According to sources, OPEC+ is expected to increase production by approximately 188,000 barrels per day in July, the same as the increase agreed for June, which had been reduced from 206,000 barrels per day after taking into account the UAE's withdrawal. (Jin10 Data APP)

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.

[SMM Steel] Interpipe CEO Luca Zanotti criticized the EU’s upcoming steel import restrictions, arguing that applying tariff quotas to Ukraine contradicts the EU’s previous commitment to support the country until 2028. He warned that the new measures could further pressure Ukraine’s steel sector, whose production capacity has already fallen by 80% since the start of the war, according to OECD data. Zanotti emphasized that Ukraine’s steel industry poses no threat to the EU market and highlighted ongoing challenges including labor shortages, limited power supply, and Europe’s highest electricity costs. The EU is set to tighten steel import safeguards from July 1, including raising out-of-quota duties to 50% and reducing duty-free quotas.

May high-grade NPI prices fell despite tighter costs, as nickel futures retreated, stainless margins weakened, and scrap regained its cost advantage. Indonesian policy and production-cut expectations built a floor, but weak downstream demand capped any rebound.