Search results for 2025

Lead concentrate TCs were thinly traded this week, and offers for imported ore remained scarce. In the domestic ore trade market, as most smelters had pre-booked Q4 lead concentrate supply orders, current TC offers were mostly for 2026 pre-sales, and some mines had completed the tender and bid for H1 2026 lead concentrates. Smelters in Henan and Inner Mongolia still had expectations for the continuous arrival of imported ore under long-term contracts, while TCs for smelters in southern China regions such as Jiangxi, Hunan, and Yunnan remained low. Production cuts due to maintenance at some smelters alleviated raw material tightness in certain areas. According to SMM, the decline in lead concentrate TCs for most was related to the inability to further raise the payable indicator for rich metal content. Therefore, TCs for low-silver lead ore and crude lead with minimal rich content remained stable. Although silver prices hit a new record high again, smelters maintained a strong demand for a stable payable indicator for silver concentrates (containing 4,000-5,000g/mt in physical content) in the ore trade market. Consequently, there were no expectations for adjustments to the silver coefficient in silver-lead ore, and no significant adjustments were observed for the silver payable indicator in silver-lead ore within other ranges.

This week (December 5, 2025 - December 11, 2025), the average operating rate of primary lead smelters in three provinces was 65.52%, down 0.4 percentage points WoW. This week, operating rates in Henan remained stable. In Hunan, a smelter experienced a slight decline in primary lead production due to maintenance on crude lead. In Yunnan, a medium-to-large scale smelter resumed production after completing maintenance, leading to a slight output increase. Smelters in other regions maintained normal operations. The smelter in east China that was previously shut down for maintenance has not yet resumed operations and is expected to restart by month-end December.

As technology evolves at a rapid pace, the wave of intelligence is accelerating the reshaping of the automotive industry landscape. As one of the core drivers of industry innovation, intelligent driver-assistance systems are moving beyond the laboratory and onto real roads, advancing from concept validation to large-scale mass production. They are becoming a pivotal force in driving industrial upgrades and enhancing the mobility experience. Whether in highway ADAS, urban NOA, or APA solution, ADAS technologies are rapidly expanding their use cases and improving the driving experience. Data compiled by the Gasgoo Automotive Research Institute shows that from 2023 to January–October 2025, China's passenger-vehicle ADAS market has shifted from focusing on "availability" to "capability." The share of vehicles without ADAS/L0 fell from 53.9% to 36.4%, with L1 also declining, making driver assistance a basic feature. Meanwhile, higher-level functions are growing sharply: L2++ penetration jumped from 3.2% to 20.7%, and L2+ doubled. The quick rise of highway pilot and urban assist reflects stronger user acceptance and highlights that automakers now treat advanced ADAS as a key competitive differentiator. In contrast, once-mainstream L2 features are entering a transition period. After peaking in 2024, penetration has dipped as users shift from basic assistance to higher-level, more stable and comprehensive capabilities. This shift is clear across price segments: penetration rose from almost zero to 11.0% in sub-RMB 100,000 models, reached 64.0% in the RMB 100,000–200,000 range, and is nearing 90% above RMB 200,000. High-end models are catching up quickly as well, with the RMB 500,000+ segment jumping from 45.3% to 88.9%. Overall, intelligent driver assistance is becoming a competitive baseline rather than a highlight, accelerating the market's move toward smarter, experience-driven offerings. As consumer understanding deepens, market priorities have shifted from the mere presence of ADAS to its real-world performance. Automakers are moving beyond hardware-centric and rule-based approaches toward system-level capability and model-driven intelligence. The ability to achieve precise perception and reliable decision-making across multi-scenario environments will determine future competitiveness. Effective deployment, however, relies on a robust engineering foundation: mature data-loop mechanisms, unified software architecture, automotive-grade production processes, and sustained OEM–supplier collaboration. These elements ensure stable mass-production performance and enable continuous system evolution and feature expansion. The 7th Gasgoo Awards in 2025 once again served as a key platform for showcasing China's latest achievements in intelligent driver-assistance innovation, highlighting progress in technology development, mass-production deployment, and engineering practices. Beyond recognizing corporate innovation capabilities, the awards also reflect the growing maturity and diversification of China's ADAS ecosystem. Shenzhen Zhuoyu Technology Co., Ltd. showcased its "ClixPilot" intelligent driving system, a mass-production paradigm built on the integration of end-to-end world models and a fully self-developed software stack. Leveraging a compute platform ranging from 32 to 1000 TOPS and flexible sensor configurations, Zhuoyu brings "high-cognition" models into production vehicles, enabling stronger reasoning capabilities in complex urban environments. Its inertial-vision fusion, LiDAR-camera fusion, and automotive-grade controllers form a complete perception–decision–control closed loop, ensuring stable deployment of functions such as urban pilot and multi-level memory parking across different hardware setups. Rather than relying on hardware stacking for performance gains, Zhuoyu emphasizes model-driven efficiency, maintaining robust performance in long-tail scenarios while providing higher interpretability and safety redundancy. This approach offers an engineering-ready and cost-efficient solution for cross-platform deployment from L2 to L4. DeepRoute.ai's DeepRoute IO 2.0 presents an alternative development path through its VLA (Vision–Language–Action) model, enabling vehicles to truly "see, understand, and reason." The VLA model links visual information, traffic text, language instructions, and driving actions, giving the system comprehensive traffic-semantic understanding. From identifying irregular obstacles to interpreting textual cues such as tidal lane signs, and even executing natural-language driving commands, the system functions more like an intelligent driving assistant with traffic commonsense. More importantly, VLA incorporates a Chain-of-Thought reasoning process, allowing the vehicle's decision-making steps to be displayed transparently, significantly enhancing system explainability and user trust. Its defensive-driving strategy further strengthens long-horizon reasoning and safety redundancy. With its solution expected to be installed on more than 200,000 mass-production vehicles by the end of 2025, DeepRoute.ai is accelerating the transition of intelligent driving toward a new stage defined by cognition and semantic understanding. Looking ahead, ADAS solutions are set to follow two key trends. First, software–hardware integration: leading automakers and suppliers will adopt end-to-end solutions combining in-house AI chips, proprietary algorithms, and cloud-based large models for deeper stack-wide optimization. Second, full-scenario capability: ADAS will extend beyond limited contexts to provide advanced support across underground parking, urban roads, and highways, enabling a smarter, more comprehensive, and safer mobility experience. With the theme "Embrace Change, Drive Innovation," Gasgoo reaffirmed its mission to "discover great companies, promote great technologies, and empower automotive professionals." This year's awards spotlighted ten key domains driving the future of mobility—ranging from ADAS/AD, smart cockpit, automotive software & AI, powertrain and EV charging & battery swap, thermal management, intelligent chassis, body and interior & exterior, automotive-grade chips, new materials, and intelligent manufacturing & equipment. The awards not only reflect Gasgoo's insight into emerging industry trends but also serve as recognition of the visionaries who are reshaping the technological foundation of China's automotive future.

According to SMM, new galvanizing capacity in 2025 is expected to reach 990 kt, mainly involving galvanized pipes, ship parts, angle steel towers, etc. Few new plants are involved, with most being production line additions and business expansions. Against the current backdrop of weak real estate consumption, galvanizing plants are actively seeking new avenues. Looking ahead to 2026, new galvanizing capacity is expected to reach 800 kt. Under the 15th Five-Year Plan, power grid steel tower projects remain a top priority. UHV transmission lines will continue to increase in 2026, and highway and water conservancy projects are expected to grow further. Galvanized consumption in infrastructure projects will see some growth, with new capacity additions mainly focused on infrastructure such as power transmission towers. However, the real estate sector is expected to remain weak, which will somewhat drag on galvanizing demand, leading to a slowdown in new capacity growth in 2026. Specific details are as follows:

[SMM Coal and Coke Daily Brief] Coking coal market: Low-sulphur coking coal offers in Linfen were 1,500 yuan/mt. Low-sulphur coking coal offers in Tangshan were 1,530 yuan/mt. Raw material fundamentals, some mines have completed their annual targets and are proactively controlling production, coupled with an orange environmental protection alert in the Linfen area, washing enterprises have suspended operations, leading to limited overall increase in coking coal supply. Recently, the cost-effectiveness of some coal types has increased after price reductions, prompting downstream buyers to moderately increase procurement. However, acceptance of high-priced coal types remains weak, and there are expectations for further price declines for some coking coal. Coke market: The nationwide average price for first-grade metallurgical coke - dry quenching was 1,900 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,760 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,540 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,450 yuan/mt. In terms of supply, the second round of coke price reduction has begun, which may further compress coke enterprise profits. Combined with increasingly stringent environmental protection policies, coke enterprises are facing passive production cuts and restrictions, leading to a decrease in coke production. Demand side, off-season characteristics are becoming more apparent, with steel prices continuing to fall, resulting in ongoing losses for steel mills. Furthermore, blast furnace production cuts and maintenance are gradually increasing, leading to a decline in the overall operating rate and a pull back in daily coke consumption. Additionally, as coke inventory at most steel mills is currently at reasonable levels, they maintain a cautious attitude towards coke procurement, mostly controlling the pace of arrivals. Overall, the coke market is expected to be in the doldrums in the short term.[SMM Steel]

In 2025, the fluctuation range of lead prices narrowed YoY, with the SMM average price of secondary refined lead decreasing by 219.3 yuan/mt compared to 2024, a decline of approximately 1.28%. At the same time, the price of raw material waste lead-acid batteries remained high, putting significant pressure on the profitability of secondary lead smelting. According to SMM data, the average annual comprehensive profit/loss of large-scale secondary lead enterprises fell by about 154% compared to 2024, indicating considerable operational pressure across the industry. It is worth noting that the by-product revenue in SMM's comprehensive profit/loss model for large-scale secondary lead enterprises only includes common by-products from smelters. However, secondary lead enterprises with multi-metal comprehensive recovery capabilities, by extracting high-value metals such as antimony and tin, can effectively offset losses from the lead smelting process. The profit performance of such enterprises is significantly better than that of smelters with fewer types of by-products. Looking ahead to 2026, lead prices are expected to continue fluctuating considerably. Although the price of raw material waste lead-acid batteries is anticipated to decline, the decrease is likely to be limited, while prices of by-product metals such as antimony and tin are expected to remain well-supported. If secondary lead capacity can be optimized and reduced, the supply-demand relationship in the industry may improve. Overall, driven by multiple factors including capacity optimization, technological upgrades, and support from by-product prices, there is room for improvement in the profitability of the secondary lead industry in 2026. However, the divergence in performance among enterprises may further intensify.

[SMM Coal and Coke Daily Briefing] Coking coal market: Low-sulphur coking coal in Linfen was offered at 1,500 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,530 yuan/mt. Raw material fundamentals, mine production recovered slowly, and the overall increase in coking coal supply was limited. Recently, after price cuts, mine shipments improved, but market sentiment was weak. End-users mainly made just-in-time procurement, speculative sentiment cooled, and auctions saw many failed lots, leading to varying degrees of price cuts in mine offers. Overall, coking coal prices still had room for further declines. Coke market: The nationwide average price for first-grade metallurgical coke - dry quenching was 1,900 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quenching was 1,760 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quenching was 1,540 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quenching was 1,450 yuan/mt. Supply side, costs continued to pull back, and coke enterprises still had certain profits after the coke price decline. Coke plant operating rates continued to rise, and coke production grew steadily. Demand side, daily average hot metal output at steel mills continued to decline, and end-use consumption demand was average. Most steel mills saw intensified losses, and steel mill production cut and maintenance plans increased further. Overall procurement demand for coke was in a downward phase, with just-in-time procurement being the main approach. Overall, coke prices were expected to start the second round of reductions this week, and the coke market was likely to operate generally stable with slight fall in the short term.[SMM Steel]

On November 26, the Shanghai Metals Expo (SME) 2025 , organized by SMM Information & Technology Co., Ltd. and SMM Trading Center Co., Ltd., wrapped up successfully in Shanghai, China! During the conference, dozens of global industry leaders and experts conducted in-depth discussions on key issues across the entire metals industry chain, covering core dimensions such as market outlook, industry chain competition, trading strategies, and green transformation. In the market trend analysis segment, participants focused on the trends of the base metals market in 2026 and the impact of global macroeconomics on the metals market, providing in-depth analyses of lead-zinc price trends in 2026 against the backdrop of supply-demand mismatch while looking ahead to the global supply-demand pattern for non-ferrous metal ore resources. In the in-depth industry chain analysis session, there were systematic interpretations of the competitive landscape of the aluminum industry chain from a dual-dimensional perspective, practical suggestions on the terms of lead-zinc ore import contracts, and discussions on the potential impact of US reciprocal tariffs on China's lead-zinc market. Focusing on the core sectors of new energy and green transformation, the guests exchanged views on dozens of topics, including: Development Paths of Base Metals under the 'Dual Carbon' Goals; Current Situation and Future of New Energy as a New Growth Engine for Industrial Development; Challenges and Prospects for the Metals Industry in Energy Transition These speakers provided in-depth analyses of the direction for shaping the green competitiveness of the non-ferrous industry driven by new energy. The special sessions on trading strategies and risk management featured notable highlights, with two themed trading strategy interviews on nickel-cobalt-lithium and copper-aluminum-tin, focusing on the new market equilibrium and the evolution of arbitrage logic brought about by technological iteration and green transformation; an expert at Marex also shared practical experiences on "Weathering Commodity Market Challenges— How To Lead Through Counterparty Risk Management" The conference featured multiple panel discussions and seminars, including: The New Ecosystem of Bulk Commodities Integrating Spot and Futures Markets, Finance, and Industry, and How the Eastern Pricing Center Will Benefit the Global Metal Industry; Decoding Copper and Aluminum Prices; Warehousing and Logistics Innovation Driving Sustainable Industrial Development. 》Click to View Conference Photos Opening Addresses Tingjun Lin, Director of the Shanghai Pudong New Area Commerce Commission Yi Kang, Former President of the China Nonferrous Metals Industry Association (CNIA) Logan Lu, CEO of SMM Award Ceremony 2025 SMM Top 20 High-Quality Copper Traders 2025 SMM Top 10 High-Quality Aluminum Traders 2025 SMM Top 10 High-Quality Lead Traders 2025 SMM Top 10 High-Quality Zinc Traders Guest Speech November 24 2025 SMM Base Metals Year-End Strategy Conference Speech: Market Outlook for Base Metals in 2026 Guest Speaker: Frank Liu, Director of Big Data, SMM Information & Technology Co., Ltd. Speech: Analysis of the Competitive Landscape in the Aluminum Industry Chain from a Dual-Dimensional Perspective Guest Speaker: Xizhi Yao, Chief Analyst, General Manager of Market Research Center, China Aluminum International Trading Group Co., Ltd. Trading Strategy Interview(Nickel, Cobalt, Lithium): The Evolution of New Balance and Arbitrage Logic in the Nickel, Cobalt, and Lithium Market Driven by Technological Iteration and Green Transformation The impact mechanism of resource supply landscape restructuring on the price fluctuations of nickel, cobalt, and lithium Material demand restructuring driven by battery technology iteration and inter-temporal/cross-product price spread strategies The impact of regional green barriers on the cost curve and price spread structure of nickel, cobalt, and lithium Cost structure reshaping and cross-link profit strategies in the vertical integration of the industry chain Moderator: Maria Ma, Head of Research in New Energy Industry, SMM Information & Technology Co., Ltd. Panelists: Yunhu Zhao, Deputy General Manager, Nantong Reshine New Material Co., Ltd. Jiayan He, Vice President, Jiangxi Ganfeng Lithium Industry Group Co., Ltd. Xiaoshan Tan, Director of LFP Material Development, Guangzhou Great Power Energy and Technology Co., Ltd. Trading Strategy Interview (Copper, Aluminum, Tin): Global Macroeconomic Outlook and Its Impact On Metal Market The Impact of Anti-globalization Challenges on Copper, Aluminum, and Tin Arbitrage between Futures and Spot Markets The Impact of Geopolitical Challenges on the Development of Copper, Aluminum, and Tin Markets Impact of Industry Chain Localization on the Development of Copper and Aluminum Industries The Impact of Mining Protectionism on the Cost Side of Copper, Aluminum, and Tin Moderator: Shum Long, Deputy General Manager, South China Office, SMM Information & Technology Co., Ltd. Panelists: Heng Zhang, General Manager, Western Mining Co., Ltd. Marketing Branch Hongyan Ni, Deputy General Manager, Shanghai Eagle Metal Materials Co., Ltd. Xiongjun Chen, Deputy General Manager, Yunnan Tin Co., Ltd. Speech: Green and Low Carbon — The Development Path of Base Metals Under the "Dual Carbon" Goals Guest Speaker: Yuan Tian, Key Account Manager, Sungrow Renewables Development Co., Ltd. 2025 SMM Lead and Zinc Annual Conference Speech: Some Suggestions on the Terms of Lead and Zinc Ore Import Contracts Guest Speaker: Jingjuan Zhang, Manager of Shaanxi Soft Micro Trading Co., Ltd. Contract Pricing Terms Conventional Pricing Operations Buyer Pricing The LME cash settlement price is used; the futures 3M price is priced, and then adjusted according to the QP. Existing Issues After all, LME visible inventory is very low, and fund speculation forcing short-covering or soft squeezes causes the LME cash settlement price to exceed the 3M price, forming a high backwardation. Strategies It is recommended to stipulate in the contract that when the LME cash settlement price is higher than the 3M price, the 3M price shall be used as the final settlement price at the time of pricing. It is recommended to add a clause: When the LME cash settlement price is higher than the 3M price, the 3M price shall be used as the final contract settlement price at the time of pricing. Panel: Trading Opportunities in the Lead and Zinc Market in 2026 How do you view the opportunities in the price spread between futures contracts for lead and zinc? Given the expected increase in zinc production by domestic smelters in 2026, how can one seize the domestic and overseas arbitrage opportunities? What is the expected outlook for zinc processing in 2026, and when will the increase in mine production materialize? With significant fluctuations in the SHFE/LME price ratio, what are the opportunities for importing and exporting lead-zinc ore/ingots in 2026? With the simultaneous implementation of policies to boost domestic demand and increase overseas tariffs, is there a promising outlook for lead-zinc consumption in 2026? Moderator: Wenming Xia, Senior Analyst, Lead and Zinc Industry Research, SMM Information & Technology Co., Ltd Panelists: Chunlin Wu, Deputy Manager, Chihong Industrial Development (Shanghai) Co., Ltd. Jingjuan Zhang, Manager, Shaanxi Soft Micro Trading Co., Ltd. Xiaomei Zhang, Deputy General Manager, Shanghai Eagle Metal Materials Co., Ltd. Xiaoyan Zhou, Lead and Zinc Manager, Sanshui Industrial Co., Ltd. Zihang Zeng, Research Director of Supply Chain Center, Zhejiang Hailiang Co., Ltd. Weixin Shen, Chairman, Jiangsu Haibao New Energy Co., Ltd. Speech: Analysis of the Current Situation and "Hot Topics" in the Consumer Market of the Zinc Industry in 2025 Guest Speaker: Ping Luo, Researcher, Jinrui Futures Co., Ltd. Current Status and Hot Topics in the Zinc Industry Consumer Market Differentiated Performance of Chinese Demand Excluding durable goods, other consumer sectors such as real estate and infrastructure; based on the current situation, it is difficult to expect a fundamental turnaround. Real estate is constrained by high levels of pending sale area, and is expected to remain poor in 2026. Infrastructure procurement, fixed asset investment growth showed a pull back in H2 this year, funding for key projects also experienced a slowdown, infrastructure in 2026 is more reliant on government investment. Steady Domestic Demand + Export Growth in 2026 Measured by element (processed goods + finished goods), the volume of China's overseas exports is increasing annually, at 4% in 2018, reaching 8% in 2024, and expected to reach 9% in 2025, totaling 680,000 mt of zinc, an 18% year-on-year increase. Reviewing changes in major countries for galvanizing exports and the recovery of overseas processing capacity, Chinese products are still expected to have strong export advantages in 2026. White goods and automobiles have a more pronounced advantage, so the export-oriented segment of China's consumption is expected to maintain growth in 2026. Domestic zinc apparent consumption is projected to grow 0%-1% in 2025. Speech: China's Lead-Zinc Market Under the US Reciprocal Tariffs Guest Speaker: Zhaoming Shen, Director of Research Institute, CITIC Futures Co., Ltd. 2025 Lead Market Review Lead prices generally exhibited a volatile upward trend in 2025, with high scrap battery prices providing solid bottom support. Since 2025, increased trade-in funds have stimulated e-bike and auto sales, the implementation of Document No. 770 has reduced operating rates at some regional secondary lead smelters, and US Fed interest rate cuts, along with eased China-US trade relations, have all contributed to periodic strength in lead prices. 2025 Zinc Market Review The zinc ingot oversupply materialized relatively smoothly in 2025, leading to a gradual decline in the SHFE zinc price center. However, in Q3, expectations of domestic "anti-involution" policies triggered a sharp rise in ferrous metal prices, prompting galvanized product traders to rush to buy amid continuous price rise and hold back amid price downturn. Simultaneously, influenced by the decline in the US dollar index, the SHFE zinc price center stopped falling and stabilized since Q3. Nonetheless, due to low zinc smelting TC Benchmark in 2025, overseas zinc smelters had weak incentives to increase production. LME zinc inventory continued to draw down, triggering a short squeeze. Combined with a weaker US dollar index providing more significant support to LME zinc, LME zinc prices first declined and then rose during 2025. Speech: How Will the Prices of Lead and Zinc Evolve in 2026 Under Supply-Demand Mismatch? Guest Speaker: Zhen Han, Senior Manager of Lead & Zinc Industry Research, SMM Zhen Han shared insights on the topic "How will the prices of lead and zinc evolve in 2026 amid supply-demand mismatch?". She pointed out that looking ahead to 2026, the global zinc concentrate market is expected to shift to a tight supply situation, while the zinc ingot market may see a significant oversupply. For the lead market, SMM expects the current global refined lead market to be in a state of tight supply, with the lead market likely to show a slight oversupply in 2026, with the surplus mainly concentrated domestically. Global Zinc Concentrate Production Increased Significantly in 2025, Growth Expected to Narrow in 2026 SMM expects global zinc concentrate production to increase by over 5% YoY in 2025, driven by new capacity releases and production resumptions. The increments are relatively concentrated by continent, with significant growth in Europe, the CIS, Latin America, and Africa. Although mines will continue to ramp up production in 2026, overall production growth is expected to narrow to below 4%, due to declining raw ore grades and reduced zinc concentrate production in Latin America and North America. Profit Support + New Capacity Release: Domestic Zinc Concentrate Production Expected to Increase by 70,000 mt in 2025 For domestic zinc concentrates, SMM expects that, supported by mine profits in 2025, most mines will resume normal production, coupled with the steady release of new capacity, leading to an estimated annual zinc concentrate production increase of around 70,000 mt YoY. The main increments are concentrated in the Northwest, North China, and Central China regions. Zinc Concentrate Imports Projected to Increase to Around 5 Million mt in Physical Content in 2025, Imports Expected to Decline YoY in 2026 From January to October 2025, cumulative zinc concentrate imports reached 4.348 million mt in physical content, up over 36% YoY, with overall imports remaining high, mainly due to increased overseas mine production and sustained long-term contract arrivals. In 2026, although the import ratio is unfavorable, mines from major overseas sources supplying the domestic market (such as those in Russia and Iran) are still expected to see increments, and imports are projected to be basically flat. However, it should be noted that the "New National Standard" replaces GB/T 20424-2006 and was officially implemented on September 1, 2025. Among the changes, a TI limit of 0.02% was added for zinc concentrates, and the AS limit was adjusted from 0.6% to 0.5%. The import standard for zinc concentrates has been raised. Tianjin Port Free Trade Zone Bulk Trade Investment Promotion Conference Tianjin Port Free Trade Zone Promotional Video Promotion of New Opportunities in the Nonferrous Metals Industry Development in Tianjin Port Free Trade Zone Remarks by Representative Outstanding Enterprises Strategic Signing Ceremony between Tianjin Port Free Trade Zone Management Committee and Forwins Global Resources Holdings Co. Limited Strategic Signing Ceremony between Tianjin Port Free Trade Zone Management Committee and Shanghai Hejing Industrial Group Co., Ltd. November 25 SME 2025 - Main Forum Speech: Global Macroeconomic Trend Forecast and Market Outlook Guest Speaker: Zhenhai Hou, Founder and Chief Strategist, Hanwuji (Shanghai) Management Consulting Co., Ltd. Speech: Current Status and Future Trends in the Supply and Demand of Global Non-Ferrous Metal Mineral Resources Guest Speaker: Qing Zhu, Professor, China University of Geosciences Speech: Current Situation and Future of New Energy as a New Growth Engine for Industrial Development Guest Speaker: Haihua Cao, Chief Analyst, Changjiang Securities Co., Ltd. Current Status: Outstanding Global Competitiveness, Profitability Under Pressure Due to Supply-Demand Imbalance Rapid Demand Growth, Rapid Supply Expansion Ø Since 2020, global "carbon neutrality" initiatives have commenced, ushering in an era of major development for new energy. Global new PV installations in 2025 are expected to approach 600 GW, with a compound annual growth rate of 33% over the past five years. Ø Against the backdrop of surging PV demand, the supply side experienced rapid expansion. Current capacity for each segment of the industry chain exceeds 1,000 GW, leading to a significant decline in capacity utilization rates, with the polysilicon segment's rate even falling below 50%. Ø The electrification of new energy vehicles has driven explosive growth in the lithium battery industry chain. The global lithium battery penetration rate increased from 2% in 2018 to over 20% in H1 2025. Coupled with the rapid increase in ESS installations, global lithium battery demand has achieved steady growth. Amid rising volumes and prices, the industry chain enters an expansion cycle, leading to oversupply and a gradual release of capacity, which in turn results in a gradual decline in the capacity utilization rate. With expectations of renewed demand growth, the supply chain's capacity utilization rate gradually rises. Panel Discussion: Panel Discussion: The New Ecosystem of Bulk Commodities Integrating Spot and Futures Markets, Finance, and Industry, and How the Eastern Pricing Center Will Benefit the Global Metal Industry Moderator: Catherine Zhang, LME Vice President of Business Development, London Metal Exchange Panelists: Ryan Dong, Chairman & General Manager, SMM Trading Center Co., Ltd. Liangxin Liu, General Manager, Shanghai Jintian Copper Co., Ltd. Xiongjun Chen, Deputy General Manager, Yunnan Tin Co., Ltd. Ye Li, Assistant to the President, Shanghai Eagle Metal Materials Co., Ltd. Eric Medel, Market Insights and Strategy Expert, Codelco Speech: Warehousing and Logistics Innovation Driving Sustainable Development of the Metals Industry Guest Speaker: Yichen Li, General Manager, SIPG i-Warehousing (Shanghai) Warehouse Management Co., Ltd. Self-Owned Resources—Warehouse Yards Futures Delivery Resources • Designated delivery warehouse by the Shanghai Futures Exchange and the Dalian Commodity Exchange. • "SIPG i-Warehousing," which is a comprehensive integrated information platform for bulk commodities • Provides warehousing, transportation, and upstream/downstream supply chain services for non-ferrous metals and plastics. •Warehouse Qualifications: Non-ferrous metals (copper, aluminum, zinc, lead, nickel), ferrous metals (rebar, hot-rolled coil), international copper, natural rubber, PP polypropylene, PE polyethylene, PVC polyvinyl chloride. Speech Topic: Technology and Data-Driven, Trade and Finance Integration, Empowering a New Ecosystem for the Non-Ferrous Industry Guest Speaker: Ryan Dong, Chairman and General Manager of SMM Trading Center Co., Ltd. SMM Trading Center's Tenth Anniversary, A New Phase Achievement 1: Overview: Initial Establishment of the Trading Center Ecosystem Achievement 2: Tool - The "Anhuida Platform" Significantly Enhances Bulk Commodity Trade Utilizing technical means, full-process online enhancement of trade security and efficiency, transaction efficiency improved by 5-10 times Speech Topic: Financial Infrastructure Empowers Industry Chain Upgrades and Drives Value Innovation: An Introduction to the Commodity Clearing Business of Shanghai Clearing House. Guest Speaker: Xu Wang, Senior Manager of Business Department Three III, Shanghai Clearing House Speech Topic: New Energy Powers Industrial Transformation: Shaping Green Competitiveness in the Nonferrous Metals Sector Guest Speaker: Jinqiang Wang, Director of Zero-Carbon Integrated Energy Business Development, Envision Speech Topic: Financial Instruments and Policies to Support Risk Management in the Metal Industry Guest Speaker: Ting Li, Investment Consulting Department Manager, Tongguan Jinyuan Futures Co., Ltd. Risk Management Helps Enterprises Achieve Stable Operations The Role of the Futures Market in Serving the Real Economy The Necessity of Enterprise Risk Management Cyclical Nature: Industries experience cyclical fluctuations, leading to significant volatility in corporate profits. They are highly sensitive to the macroeconomy and heavily reliant on policies. Profit Distribution in the Industry Chain Model: Both procurement costs and sales revenue are subject to fluctuations. Traditional procurement and pricing models are prone to creating price scissors. Profit distribution within the industry chain resembles a zero-sum game, intensifying conflicts over profit allocation. Controlling Production and Operating Costs: Cost control in procurement, inventory, and sales management. The conflict between overstocking during peak seasons and destocking during off-seasons. Nov 25 2025 SME Metals Future Outlook Seminar - Insights・Strategy・Tomorrow Special thanks to supporters CME Group & Marex Opening Remarks Logan Lu, CEO of SMM Logan Lu, SMM CEO, delivered the opening speech for the salon on the future outlook of the metal industry. At the beginning of his speech, Mr. Logan Lu expressed sincere gratitude to the distinguished guests present and wished the salon a complete success. In the core part of his address, he provided a comprehensive overview of SMM's development history, global presence, and core product and service system covering the entire industry chain: Since its establishment in 1999, SMM has always been rooted in the Chinese market while keeping a global perspective on the metal industry, accumulating profound industry expertise over 25 years of dedicated efforts. In terms of global expansion, the company's over 500 professional employees have achieved extensive coverage of the global metal and automotive entire industry chain markets. On the service front, SMM has built a comprehensive service ecosystem centered on pricing, supporting every segment of the nonferrous metals industry from industrial surveys to decision-making assistance. Its data and research product series comprehensively cover key periods across the industry chain, providing timely updates and in-depth analysis for the sector. Customized consulting services focus on the specific needs of enterprises, offering professional support for each major decision made by clients. The conference & exhibition department organizes over 50 industry events annually, covering the entire industry chain from upstream to downstream, and has become a core platform for one-stop customer acquisition and brand promotion within the industry. Speech Topic: Market Analysis in CME: Trends in Base Metal and Battery Metal Markets Leaders from CME Group delivered a thematic presentation at the salon, providing a systematic explanation of core topics such as the CME Group metal contract system and market correlation logic. The presentation first highlighted the growing relevance of CME metal contracts to market participants in the Asia-Pacific region. In the base metal sector, the focus was on COMEX and LME copper arbitrage opportunities, pointing out that even highly correlated commodities can exhibit short-term return disparities. A detailed introduction was given to COMEX copper futures (HG), covering key information such as inventory levels in the CME Group warehouse network, copper warehouse rules and locations (CME does not earn revenue from warehouse rentals; physical load-out rules and warehouse storage capacity vary by warehouse operator and are not entirely dependent on location). The presentation also covered COMEX aluminum futures and options products, as well as COMEX physical delivery—frequently asked questions (key details for copper and aluminum, delivery processes, common issues, etc.). Additionally, regarding CME Group’s precious metals business, specific explanations were provided on products such as COMEX precious metal futures, COMEX precious metal inventories, COMEX gold weekly options, as well as platinum futures and options. Panel Discussion: Decoding Copper and Aluminum Prices and Base Metal Market Trends Moderator: Charles Ci, Copper Senior Analyst, SMM Information & Technology Co., Ltd. Panelists: Noel Ruan, Managing Director, Jin Li Industrial International Pte. Ltd. Anant Jatia, Founder & CIO, Greenland Investment Management Patrick Seymour, Global Co-Head of Metals Market Making, Marex Mingxin Guo, Aluminum Senior Analyst, SMM Information & Technology Co., Ltd. The fluctuations in the prices of copper and aluminum, which are the cornerstone of the industrial economy, not only affect cost transmission along the industry chain but also profoundly reflect changes in the global macro economy and the supply-demand pattern. During the interview session, the guests engaged in a lively discussion focused on the theme "Decoding Copper and Aluminum Prices and Base Metal Market Trends." Market Analysis in Marex: Weathering Commodity Market Challenges by Marex — How To Lead Through Counterparty Risk Management Guest Speaker: Winnie Fok, Head of Credit Risk in APAC, Marex Winnie Fok systematically shared insights across multiple dimensions of commodity market risk management, covering the full-chain logic from the current market landscape and core challenges to solutions and industry benchmarks. The presentation progressed step by step with clear logic, discussing the following aspects: - Confidently Navigating Volatility (volatility factors, risk management practices, counterparty and operational risks, market integrity and protection); - Market Landscape: Key Trends Driving Uncertainty (price volatility drivers, counterparty default risks, operational risks from rumors, need for risk management); - Challenges: Counterparty and Operational Risks** (definition of counterparty risk, operational risk factors, impact of market volatility, importance of risk management). At the solutions level, Winnie Fok emphasized: - Proven Approaches: Enhancing Resilience Through Risk Management (credit framework, collateral and margin solutions, clearing and settlement expertise, operational risk controls); - Partnership in Action: Supporting Liquidity and Stability (role of partnerships, tailored financial solutions, effective risk management, commitment to integrity); - Innovation and Technology: Mitigating Risks with Advanced Tools (advanced analytics for risk assessment, digital exchange platforms, real-time monitoring systems, improved operational efficiency); - Industry Standards: Benchmark Practices for Resilience (comprehensive risk frameworks, effective communication protocols, ethical commitment and stability); - Key Focus: Building Confidence in Uncertain Times (risk management strategies, professional standards and innovation, collaboration and knowledge sharing, ethics and transparency). Panel Discussion: The Metal Industry in Energy Transition—Challenges and Prospects Moderator: Ling Zhou, Head of APAC Commercial Client Coverage, CME Group Panelists: Maria Ma, Head of New Energy Industry Research, SMM Information & Technology Co., Ltd Kingsley Zhu, Trader-Lithium & Cobalt, Discovering Resource Thomas Feng, Head of Nickel Industry Research, SMM Information & Technology Co., Ltd. Shanshan Cao, Senior Analyst, COFCO Futures (International) Co., Ltd. The global energy transition is currently in a critical phase of deep advancement. The base metal market is undergoing a role transformation as both an "industrial necessity and strategic resource." The evolving demand and rising value of metals such as copper, aluminum, lithium, nickel, and cobalt in the new energy sector are profoundly reshaping the industrial landscape and impacting global supply chains. The panelists in an enthusiastic and in-depth discussion centered on the core theme of "The Metal Industry in Energy Transition—Challenges and Prospects." Speech Topic: SMM Copper Market Insights: Data Edge & Market Outlook Guest Speaker: Shairaz Ahmed, Principal Analyst (Copper & Multi-Metals), SMM Global UK In his presentation, Shairaz Ahmed deeply integrated SMM's unique data and exclusive indices, leveraging SMM's entire industry chain product matrix to analyze the operational logic and future trends of the copper market from multiple dimensions and a panoramic perspective. Specifically, the analysis comprehensively covered key sections such as core market indicators, macroeconomic environment, supply-demand pattern, market balance, and price forecasts. Market perspective focused on key price influencing factors including copper price trends, LME copper price spreads, copper inventories, and the US dollar index. Macro perspective incorporated an overview of macroeconomic factors such as PMI trends in multiple countries worldwide and the IMF's projected GDP growth rates. Demand side, the global refined copper demand forecast was highlighted. Supply side, an in-depth analysis was provided on the global copper concentrate market balance and the operating rates of Chinese smelters. Finally, conclusions on market balance and price outlook were presented, centered on the global refined copper market balance, LME copper price trends, and alternative price scenarios. Networking November 26 "Forging Synergy, Advancing with Innovation" — Investment Promotion Seminar for the High-End Trade Industry Ecosystem of Gaojing Town Unveiling Ceremony of SMM Metal Trading Center Bulk Trade Cooperation Park Industry Sharing: Opportunities in Nonferrous Trade Development in 2026 Client Testimonials: Choosing Gaojing's New Development Collaborative Support: Mobile Empowers the Nonferrous Industry Development Government-Enterprise Negotiation: Precision Matchmaking Exchange Meeting Check-in & Highlights Check-in The SME 2025 has concluded successfully! Thank you for your attention and support to this conference~ We'll meet again next year!

On December 8, data from the General Administration of Customs showed that China exported 9.98 million mt of steel in November 2025, an increase of 198,000 mt MoM, up 2.0% MoM. Cumulative exports from January to November reached 107.717 million mt, up 6.7% YoY. In November, China imported 496,000 mt of steel, a decrease of 7,000 mt MoM, down 1.4% MoM. Cumulative imports from January to November stood at 5.541 million mt, down 10.5% YoY. · China's Steel Export Growth Expanded China's total steel exports in November increased by 2% MoM, with the YoY growth rate widening compared to previous periods. The reasons are twofold. First, according to SMM production schedule data, steel mills' export plans for hot-rolled coil in October and November both showed MoM increases. Meanwhile, SMM export order data indicated that export orders from September to October rose by 5% MoM compared to August-September, making the increase in November's steel exports foreseeable. · China's Steel Imports Remained Low in November On the import side, China imported 496,000 mt of steel in November, maintaining a net export position. The net export volume for the first 11 months was 1.072176 billion mt, remaining at a historically low level for the same period. · Short-Term Outlook for Steel Exports According to the China Federation of Logistics & Purchasing, the global manufacturing PMI in November 2025 was 49.6%, down 0.1% MoM, marking the ninth consecutive month within the 49%-50% range. Asia remained relatively stable, while Europe, America, and Africa showed MoM weakening. Based on China's manufacturing PMI data, the new export orders index for November was 47.6%, up 1.7 percentage points MoM. Data monitored by the World Steel Association shows that global crude steel production for the 70 countries included in its statistics reached 1.518 billion mt from January to October 2025, down 2.1% YoY. Production in regions outside China increased by 0.45% YoY, indicating some expansion in overseas capacity. India, with a 10% YoY growth rate, became the primary growth driver in overseas markets, fueled by continued investment in domestic infrastructure and rapid expansion of manufacturing capacity. The ongoing recovery in global crude steel capacity has exerted some inhibitory pressure on China's steel exports. As of November 28, 2025, the export offers (FOB) for hot-rolled coil in India, Turkey, and the CIS were $485/mt, $520/mt, and $455/mt, respectively. China's hot-rolled coil export offer (FOB) was $468/mt. Currently, China's export price for hot-rolled coil is lower than India by $17/mt, lower than Turkey by $52/mt, and higher than the CIS by $13/mt. Compared to October, the price advantages changed by -5.56%, -23.53%, and -550% MoM, respectively. Figure 1 - Price Spreads of Hot-Rolled Coil Export Offers in Major Global Markets According to the latest steel mill export order schedules from SMM, the planned export volume of hot-rolled coil in December increased by 8.4% MoM compared to the actual export volume in November, demonstrating strong resilience. Regionally, as the year-end approaches, some steel mills in Northeast China are pushing to meet their annual export targets, coupled with strong price competitiveness, leading to sustained high planned export volumes this month. Export plans for steel mills in East China, North China, and South China remained largely stable. Based on SMM shipping data, as of November 30, the total volume of Chinese steel products departing from ports in November was 11,998.1kt, down 1.38% MoM from October. The discrepancy between the two is mainly due to the narrowing price advantage of steel billets recently, which led to a decline in order intake. Overall, according to SMM steel export order data, export orders from October to November saw an increase of more than half compared to those from September to October. However, some shipments are scheduled for January. Taking into account both export order intake and hot-rolled coil export data, SMM predicts that exports will continue to increase MoM in December. Nevertheless, the export price advantage for various domestic steel products has declined significantly, and risks associated with orders for wide hot-rolled coil in Vietnam persist. New orders received in December may struggle to maintain the previous high levels, and there is a risk of a pullback in export data for January. Figure 2 - SMM Steel Export Order Volume *This report is an original and/or compiled work created by SMM Information & Technology Co., Ltd. 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1. Procurement Conditions This procurement project, the November 2025 Procurement of Vanadium-Aluminum Bauxite for Pangang (Second Tender) (PGPYNSHHD251208254051), was organized by the Refractory Business Department of Pangang Metallurgical Materials Co., Ltd. The procurement funds were from self-raised sources. The project met the procurement conditions, and an open single-round negotiation was conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: November 2025 Procurement of Vanadium-Aluminum Bauxite for Pangang (Second Tender) 2.2 Transition from Failed Procurement to Other Method: Transition to Direct Procurement 2.3 The specific procurement content, scope, and scale for this project are detailed in the attachment "Bill of Materials Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Consortium bidding was not permitted for this procurement. 3.2 This procurement required bidders to possess the following qualifications: (1) Distribution Business License (2) Production Business License 3.3 This procurement required bidders to meet the following registered capital requirements: Production Type Registered Capital: 2,000,000 yuan and above Distribution Type Registered Capital: 1,000,000 yuan and above 3.4 This procurement required bidders to possess the following performance requirements: Scanned copies of performance invoices for identical or similar subject matter dated from January 1, 2021, to the present must be provided. 3.5 This procurement required bidders to possess the following capability requirements, financial requirements, and other requirements: Financial Requirements: See the attachment for details (if required) Capability Requirements: See the attachment for details (if required) Other Requirements: See the attachment for details (if required) 3.6 For this procurement, which is a project that must be tendered according to law, bids from discredited persons subject to enforcement were invalid. 4. Procurement Document Acquisition 4.1 Interested bidders were requested to log in to the Ansteel Intelligent Bidding Platform at http://bid.ansteel.cn to download the electronic procurement documents from 22:00 on December 08, 2025, to 08:45 on December 12, 2025 (Beijing Time, the same hereinafter). Click to view tender details:

On December 5, 2025 SMM APAC Lead-Acid Battery Industry Conference (LABC) , organized by Shanghai Metals Market (SMM) , concluded successfully at the Holiday Inn & Suites Saigon Airport, Ho Chi Minh City, Vietnam! LABC2025 brought together Vietnam's key industry players with global ore suppliers, battery manufacturers, and end-users to jointly address challenges—from securing raw materials to optimizing supply chains and developing sustainable recycling solutions. The speakers shared their insights on a wide range of topics, including: Lead: The Markets, The Challenges, The Future – A Metallurgist’s Perspective Analysis of Haibao Group's Global Strategy and Lead Market Outlook Exploring New Pathways: Decoding the Current State of China's Secondary Lead Industry Current Status of Lead-acid and Lithium Battery Recycling in Japan Status Quo and Future Outlook of the Lead Recycling Market in India Global Development Trends of Electric Two-Wheelers and Impact on the Lead-Acid Battery Industry Future for Lead Batteries and CBI Overview Current Situation and Prospects of the Global Lead-acid Battery Supply Chain Market The Logic of Global Lead Ingot Price Dynamics and Medium- to Long-Term Trend Predictions The Global Development Path of Vietnam's Secondary Lead Industry Chain Furthermore, SMM also meticulously organized two panel sessions. Executives from renowned enterprise provided in-depth insights on the following topics: How Resource Competition in the Secondary Lead Market Reshape the Global Lead Industry Chain? Breakthrough & Rebuild - Green Reconstruction of the Global Lead-acid Battery Supply Chain Click to View Conference Photo Gallery Main Forum Opening Address Adam Fan, Chairman of SMM December 4 Speeches Keynote Speech: Lead: The Markets, The Challenges, The Future – A Metallurgist’s Perspective Guest Speaker: Mark Stevenson, Technical Director of Global Lead Technologies Keynote Speech: Analysis of Haibao Group's Global Strategy and Lead Market Outlook Guest Speaker: Weixin Shen, Chairman of Jiangsu Haibao New Energy Co., Ltd. (This speech is not publicly available at the request of the speaker.) Keynote Speech: Exploring New Pathways: Decoding the Current State of China's Secondary Lead Industry Guest Speaker: Chunqiang Zhang, Vice President of Zhejiang Tianneng Resource Recycling Technology Co., Ltd. (This speech is not publicly available at the request of the speaker.) Keynote Speech: Competitiveness and Prospects of Lead-Acid Energy Storage Technology in the Global Market Guest Speaker: , Zhaoyong Liu, Chief Engineer, Ruida Power (Vietnam) Co., Ltd Global ESS Development Situation Energy Transition: Shifting the Energy Structure from High-Carbon to Low-Carbon and Diversification Characteristics of the High-Carbon Energy Structure Period Dominance of Fossil Fuels: During the high-carbon period, fossil fuels such as coal, oil, and natural gas dominated the global energy supply for a long time. For example, for a long period in the past, various sectors including industrial production and transportation primarily relied on these fossil fuels to meet energy demands. Keynote Speech: Current Status of Lead-acid and Lithium Battery Recycling in Japan Guest Speaker: Midori Fushimi, Journalist, Iruniverse Lead-Acid Battery Recycling Status The generation of lead-acid battery scrap in Japan continues to decline, primarily due to a significant reduction in the number of end-of-life vehicles (ELVs) domestically. This phenomenon is attributed to two main factors: first, a decrease in new car sales driven by factors such as population decline; second, the growth in used car exports is also a significant factor. Since about a decade ago, auction methods have gradually become popular and established in Japan, not only invigorating the used car market but also influencing the handling of ELVs. Now, both used cars and ELVs are traded through auctions. Over the past decade, the number of ELVs in Japan has significantly decreased, from over 5 million units to approximately 2.7 million units, nearly halving. Meanwhile, although the overall number of enterprises engaged in dismantling business has decreased, dismantling enterprises with overseas capital backgrounds (such as from Iran, Saudi Arabia, Syria, the Kurdistan region, and China) have shown a growth trend. Keynote Speech: Status Quo and Future Outlook of the Lead Recycling Market in India Guest Speaker: Mayank Pareek, Executive Committee Member of Material Recycling Association of India(MRAI)/Managing Director of Jain Metal Group Indian Lead Market — Current Status and 2030 Outlook Currently, India's lead demand is experiencing a period of rapid growth, with the growth momentum nearly doubling compared to the past five years. This growth is mainly driven by accelerated battery replacement frequency and a significant increase in demand for energy storage solutions. It is projected that from FY2024 to FY2030, lead demand will increase from approximately 1.37 million mt to nearly 2 million mt. From 2024 to 2030, the compound annual growth rate of lead market demand is projected to be around 5.4-6.4%. Overview of India's Secondary Lead Market The structural driver of India's lead industry comes from recycling, with secondary lead consistently accounting for over 80% of the total supply. The secondary lead market is growing at a compound annual growth rate of 5%. As industry recognition and reliance on secondary lead continue to increase, rising demand in more application scenarios will further solidify its growth trend. Panel Discussion: How Resource Competition in the Secondary Lead Market Reshape the Global Lead Industry Chain? Moderator: Rock Ding, Consulting Project Manager, SMM Information & Technology Co., Ltd. Panelists: Ashwin Phadke, Business Development Manager, Metal Europe International FZC Mayank Pareek, Managing Director, Jain Metal Group Eric Tan, President, Malaysia Non-Ferrou Metals Association Vaira Muthu, Managing Director, Shree Ponni Lead Alloys Pvt Ltd. December 5 Keynote Speech: Global Development Trends of Electric Two-Wheelers and Their Impact on the Lead-Acid Battery Industry Guest Speaker: Rock Ding, Consulting Project Manager, SMM (This presentation is not publicly available at the speaker's request.) Keynote Speech: Research Progress on Pb-Ca-Sn Grid Alloys for Deep Cycling Guest Speaker: Weiguo Huang, Vice Dean of the Lead-Acid, Chilwee Group Central Research Institute Lead-acid batteries are widely used due to their advantages such as a complete industry chain, intrinsic safety, and renewable recyclability of resources. However, shortcomings like short cycle life and low specific energy limit their application in emerging fields that increasingly demand high cycle life and specific energy. As one of the key components of lead-acid batteries, the grid serves to support the active material and collect current. Enhancing the grid's corrosion resistance, strength, and paste-grid adhesion is an important measure to improve the deep-cycle life and specific energy of batteries. Pb-Ca-Sn alloy, known for low water loss during charging, suitability for deep-cycle use, and environmental friendliness, is widely used in valve-regulated sealed lead-acid batteries. However, its interface effects and corrosion resistance remain bottlenecks hindering the development of high-performance batteries. Keynote Speech: Future for Lead Batteries and CBI Overview Guest Speaker: Yanchao Xing, Secretary-General, CONSORTIUM FOR BATTERY INNOVATION Innovation in the Lead-Acid Battery Field: In terms of future technologies, CBI believes that bipolar batteries and AGM/TPPL batteries hold significant potential. Bipolar technology offers a solution with higher energy density and suitability for distributed applications. There are primarily two types and four entities developing bipolar technology. China's quasi-bipolar enterprises (Leadway/BSB) utilize South African technology. East Penn and ArcActive have made the most notable progress. Advanced high-capacity AGM—"the best battery case"—features long cycle life, using conventional high-capacity AGM/Gel 2V battery monomers, and employs carbon, battery management, and other technologies to enhance cycle life. Several key example enterprises (GS Yuasa, Shoto)—some using thin plate pure lead (TPPL)—(EnerSys, Hoppecke). Regarding future projections for the lithium battery industry, CBI estimates that by 2030, global total battery capacity will reach 7.5 TWh, demand will reach 5 TWh, and the capacity utilization rate is expected to be around 67%, remaining at a relatively reasonable level. Specifically, global power battery shipments are projected to reach 3,368.8 GWh by 2030, nearly triple the 2023 level; ESS battery shipments are expected to reach 1,397.8 GWh, more than five times the 2023 level. From the perspectives of capacity expansion investment, shipment scale, and cross-industry comparisons, the new energy battery sector remains a vast and promising field, giving rise to multiple sub-sectors with market sizes reaching hundreds of billions or even trillions of yuan. Keynote Speech: Current Situation and Prospects of the Global Lead-acid Battery Supply Chain Market Guest Speaker: Wenquan Zhang, General Manager, Xupai Power Vietnam Co., Ltd. Market Status: Scale Expansion and Regional Divergence First, looking at the market status, the global lead-acid battery market is currently exhibiting a trend of continuous scale expansion alongside regional development divergence. In terms of scale and growth, the global lead-acid battery market size reached $54.924 billion in 2024, up 10.5% YoY, marking the highest growth rate in recent years, which is truly encouraging. What drove this growth? We can analyze it from regional and product structure perspectives. Regionally, the Asia-Pacific is the absolute core market, with industrial lead-acid batteries accounting for 48% of the share. Countries like China and India, with their robust industrial demand and market vitality, have contributed significantly to market growth. In terms of trade structure, starter lead-acid batteries account for 70.18% of global trade value, while the remaining 29.82% comes from other products such as UPS and ESS batteries. This data clearly indicates that starting lead-acid batteries remain the dominant force in the market, but other product types are gradually expanding their market share. Keynote Speech: The Logic of Global Lead Ingot Price Dynamics and Medium- to Long-Term Trend Predictions Guest Speaker: Jianhua Ye, Industry Research GM, SMM Jianhua Ye stated that SMM expects the global refined lead market to be in an oversupply situation in 2025, while the Chinese refined lead market will shift from a supply deficit in 2024 to a tight balance, with a slight oversupply still expected in 2026. Regarding prices, against the backdrop of global refined lead oversupply, the contradiction between raw materials and consumption in the domestic lead market continues to be contested. It is expected that from 2025 to 2026, the center of domestic lead prices will pull back slightly. Evolution of Global Refined Lead Production Share by Continent: Americas and Africa's Supply Share Increases, While Asia's Supply Retreats After Rapid Rise Currently, Asia holds the major share in global refined lead supply. However, in 2025, the production supply share of refined lead from the Americas and Africa markets began to show growth. Asia's refined lead supply is expected to retreat after a rapid rise in 2025, mainly due to losses at secondary lead smelters in recent years leading to a gradual contraction in secondary lead supply in Asia. Meanwhile, refined lead supply from Oceania and Europe is expected to remain relatively stable in 2025, with Africa and the Middle East anticipated to have stronger growth potential in the future. Keynote Speech: The Global Development Path of Vietnam's Secondary Lead Industry Chain Guest Speaker: Liqiang Zou, Chairman, Công Ty Cổ Phần Kim Loại Màu Bắc Bộ Analysis of the Current Status of Vietnam's Secondary Lead Industry Chain Policy and Institutional Environment Vietnam has included the secondary lead industry in its key areas for the green circular economy. Through policies such as the "2021-2030 Plan for the Recycling and Utilization of Renewable Resources," it has set a target for the secondary lead recovery rate to reach over 85% by 2030, accompanied by tax incentives to attract foreign investment. After the upgrade of the Vietnam-Japan Comprehensive Strategic Partnership in 2023, Japan's willingness to cooperate in areas such as environmental technology transfer and battery recycling standard formulation has significantly increased, injecting international experience into the industry chain. However, institutional bottlenecks remain, such as low efficiency in local environmental approval processes and cumbersome VAT deduction procedures for secondary lead enterprises, which constrain capacity release. Panel Discussion: Breakthrough & Rebuild - Green Reconstruction of the Global Lead-acid Battery Supply Chain Moderator: Rock Ding, Consulting Project Manager, SMM Panelists: Wei Zhang, Chief Engineer/Middle East Base Manager, Jujiang Power Group Co., Ltd. Juan Shen, Group Purchasing Director, KIJO Group Wenquan Zhang, General Manager, Xupai Power Vietnam Co., Ltd Chunqiang Zhang, Vice President, Zhejiang Tianeng Resource Recycling Technology Co., Ltd Conference Check-In The 2025 SMM APAC Lead-Acid Battery Industry Conference has now concluded. Thank you for the support of all our industry peers! We look forward to seeing you next year!

For the battery industry, it was a year of breakthroughs, setbacks and everything in between. Batteries are the backbone of America’s technological ambitions. Electric vehicles, drones, aircraft, defense systems, grid storage, consumer electronics—the entire future runs on electrons stuffed into metal boxes. They are so crucial that they may ultimately determine whether the U.S. remains a global technology leader or cedes that advantage to China, which is racing ahead in electrification. 2025 was a massive year on the battery front, packed full of promising breakthroughs and disappointing setbacks. Below, we've compiled some of the biggest battery developments of the year. But first, let's explore how we got to this moment. Batteries in 2025: A Recap The Biden administration's Inflation Reduction Act of 2022 was a shot of adrenaline for battery projects. It injected hundreds of billions of dollars in subsidies into the space, helping sprout sprawling factories (or at least plans for them) nationwide. We all know what happened next. After President Trump returned to the White House in January, there was immediate whiplash on the policy front . Several battery plants either paused or shut down , jobs evaporated and automakers scrambled to redirect investment into stationary storage systems to soften the blow from the EV slowdown. Still, 2025 proved that the the ship had already sailed. Projects announced in the Biden era that had come far along marched toward completion. EV prototypes with solid-state batteries hit the road as automakers continued to make bolder promises about the “holy grail” tech. Meanwhile, today’s lithium-ion batteries continued to improve. Automakers released new or refreshed EVs with more efficient batteries delivering longer range at more competitive prices. We also saw lithium-iron phosphate (LFP) technology return to America, along with novel approaches such as the lithium-manganese-rich (LMR) battery chemistry to address affordability concerns. The torrent of battery news in 2025 felt like five years compressed into one. And because this industry impacts everything from how we drive to how we power our homes and how we deal with natural disasters, the InsideEVs team covered it all obsessively, with scoops, technical deep dives, factory visits and interviews with industry leaders. 10 EV Battery Stories That Defined 2025 As the year winds down, here are the top battery stories this year from our editors, staff writers and contributors. If you couldn’t keep up with the battery news cycle this year, we don’t blame you. These 10 stories paint a solid picture of what happened in the battery world in 2025—and where it's going next. How Ford And GM Are Plotting A Battery Breakup With China General Motors and Ford are working on a breakthrough battery chemistry called lithium-manganese-rich (LMR), which aims to deliver driving range closer to current nickel-manganese-cobalt (NMC) packs at costs comparable to cheaper lithium-iron phosphate (LFP) batteries. I visited General Motors’ top-secret battery facilities in Warren, Michigan, this Spring to learn how these LMR batteries are made and what their implications are for the EV industry. I also spoke to engineers at Ford who described LMR tech as “LFP of the West” and the answer to “what’s next?” Read the full story here . Mercedes’ Solid-State Battery Prototype Comes Out Of The Lab, Onto The Road This year, Western automakers inched closer to bringing their solid-state dreams to reality. These batteries promise longer range, faster charging times and improved thermal safety. A Mercedes-Benz EQS equipped with U.S.-based start-up Factorial’s semi-solid-state battery began road tests in Europe this year. BMW seems to have gone a step further, installing an all-solid-state (ASSB) pack from another U.S.-based start-up, Solid Power, in a prototype i7. While their roadworthiness is now being tested, expect more such announcements in the coming months as the technology continues to mature. Read the full story here . Ford’s Affordable EV Comeback Starts Here. But Not Without Controversy LFP batteries are central to making EVs more affordable, as they’re cheaper to produce and don’t use expensive nickel or cobalt. But most LFP batteries today are made in China. Ford is working hard to change that. The company is building its $3 billion BlueOval Battery Park Michigan, where it will make LFP batteries for its future EVs, licensing CATL’s tech. Patrick George visited the plant in June and reported that reaching this stage for Ford wasn’t without difficulties or controversy. Read the full story here . GM Is Bringing LFP Battery Production To America GM had a huge year in the battery department. Not only did it surpass Tesla to become America’s largest battery cell manufacturer , but it’s also planning to bring LFP battery production stateside. The automakers’ two main battery suppliers, LG Energy Solution and Samsung SDI, will retrofit part of their U.S. plants, originally designed for NMC batteries, to assemble LFP packs. Both the Chevy Bolt EV and the Silverado EV have been confirmed to get LFP packs, but local production won’t begin until the end of 2027. Until then, GM will reportedly import LFP batteries from China’s CATL. Read the full story here . BMW Gen6 Batteries May Foreshadow Class-Leading EV Lithium-ion batteries are advancing so rapidly that one wonders, do we even need chemistries such as solid-state? BMW’s Gen6 batteries will offer up to 620 miles of range (depending on the vehicle type) and 30% faster charging. This pattern of improved batteries was common across the industry this year. Toyota’s 2026 EVs feature batteries that are better than ever . From 2027 onwards, Hyundai’s batteries will be 30% cheaper and 15% more energy dense . And Tesla is working with Panasonic to develop anode-free cells that could boost the Model Y’s range by 90 miles. Read the full story here . We Built Too Many EV Battery Factories. Here’s What Happens Next Battery plants worth billions were canceled this year as the Trump administration rolled back clean energy programs and tax credits. Still, North America and the rest of the world are staring down a battery manufacturing glut. China's battery production capacity outpaces demand by five times. Europe makes double the number of batteries than its car buyers need. And North America’s capacity-to-demand ratio is 1.9. Mack Hogan explained in his story how battery companies reached this stage and what the future might look like. Read the full story here . The Facts Are In: You Shouldn’t Worry About EV Battery Replacements Battery replacements may have been common on the first-generation Nissan Leaf or some model years of the Chevy Bolt which had defective packs. But it’s very rare for modern batteries to randomly fail. Experts say there’s really nothing to worry about these days. Tim Levin outlined in his story that the latest EVs have battery replacement rates of just 0.3% and are basically worry-free for at least 15 years on average. Read the full story here . ‘Vital To Our Future’: How Lithium-Ion Batteries Are Saving The Grid Commercial electricity was invented more than a century ago. Yet the process of managing and distribution remains fragile, as heat waves and natural disasters keep knocking the grid off. States and utilities have been using battery energy storage systems as backup for years, but this year more automakers joined the fray to offset lower EV battery demand with batteries for energy storage. BESS allows companies to store and deploy renewable energy more efficiently, so that our lights remain on when the sun doesn’t shine or the wind doesn’t blow. I spoke with experts to understand how the economics and engineering of BESS batteries differ from those of EVs. Read the full story here . China’s 100-Second EV Battery Swaps Are Here Nio’s battery-swapping stations have been around in China for a while, but battery giant CATL has promised to take battery swapping to the next level. The company’s swappable “Choco-SEB” batteries—named after their chocolate bar design—can be swapped in just 100 seconds. So in a little over a minute, you can be in and out of the swapping station. And no, this tech isn’t 10 years away. It’s already launched in China and is now expanding. Read the full story here . CATL’s Sodium-Ion EV Battery Loves The Cold The same core element that makes your lunch taste better, i.e., salt, is now also powering EVs in China. Research suggests that sodium is 1,000 times more abundant than lithium, but batteries made out of it don’t enjoy the same supply chain advantages and scalability as lithium-ion packs. But seeing potential in the technology for certain applications, CATL created its Naxtra sodium-ion subbrand in Spring. The company has started making high- and low-voltage sodium-ion battery packs in China, which can even operate at temperatures as low as -40 degrees Fahrenheit. Read the full story here . This year was action-packed. We don’t expect the new year to be any different. So stay tuned to InsideEVs and let us know in the comments if we missed any major battery development this year. Source: https://insideevs.com/news/780869/ev-battery-stories-of-2025/

The lead concentrate market remained stable this week, with imported ore continuing to show a tight trend. Significant differences persisted in the specific price negotiations for 2026 long-term contracts. In the domestic ore trading market, as most smelters had pre-booked lead concentrate supply orders for Q4 in advance, offers for circulating cargoes were scarce in the market. Mine offers were primarily focused on pre-sales for 2026, with individual mines having already completed tenders and bids for lead concentrates in H1 2026. Following the arrival of imported ore under long-term contracts at smelters in Henan, Inner Mongolia, and other regions, domestic procurement demand experienced a slight decline. TCs for smelters in southern regions such as Jiangxi, Hunan, and Yunnan remained low. However, due to factors including maintenance shutdowns or lack of full production plans at some plants, there were no clear signs of a further decline in lead concentrate TCs in the market. According to SMM, the decline in lead concentrate TCs for most parties was related to the inability to further increase the payable indicator for associated metals. Consequently, TCs for low-silver lead concentrates and crude lead with minimal associated metals remained stable. Silver prices once again hit record highs, yet the payable indicator for silver concentrates (containing 4,000-5,000g/mt in physical content of silver) in the ore trading market was not adjusted further. Some market traders exhibited cautious sentiment towards high silver prices, leading to a lack of significant adjustments in the payable indicator for silver contained in silver-lead ores of other grades as well.

The tender for the December 2025 High-Carbon Ferrochrome and Other Items (BG2025120007) has met the procurement conditions, and suppliers are now publicly invited to participate in the negotiation procurement activity. Project Brief 1.1 Project Name: December 2025 High-Carbon Ferrochrome and Other Items (BG2025120007) 1.2 Client: Raw Material Procurement Department, Procurement Center of Bengang Steel Plates Co., Ltd. 1.3 Agency: Ansteel Tender Co., Ltd. Benxi Branch 1.4 Project Funding Status: Self-raised 1.5 Project Overview: For details, please refer to the public attachments in the commissioned application. 1.6 Platform and Website: Ansteel Smart Tender Platform (http://bid.ansteel.cn/TPBidder) Procurement Scope and Related Requirements 2.1 Procurement Scope: For details, please refer to the public attachments in the commissioned application. 2.2 Delivery Date: 20260120 2.3 Delivery Location: Anshan, etc. 2.4 Goods Quality Standards or Main Technical Performance Indicators: See attachments. Supplier Qualification Requirements 3.1 Supplier Qualification Requirements: See attachments Click to View Tender Details:

[SMM Daily Coal and Coke Briefing] Coking Coal Market: Low-sulphur coking coal in Linfen was offered at 1,500 yuan/mt. Low-sulphur coking coal in Tangshan was offered at 1,530 yuan/mt. Raw material fundamentals, production resumptions at mines that previously halted or cut production were slow, supply release was limited. However, downstream maintained just-in-time procurement for coking coal, many adopted a wait-and-see stance, mines faced shipment pressure, online auction transactions were still predominantly lower, market sentiment continued to weaken. Short-term, coking coal prices are expected to fall further. Coke Market: The nationwide average price for first-grade metallurgical coke - dry quench was 1,900 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - dry quench was 1,760 yuan/mt. The nationwide average price for first-grade metallurgical coke - wet quench was 1,540 yuan/mt. The nationwide average price for quasi-first-grade metallurgical coke - wet quench was 1,450 yuan/mt. In terms of supply, after the first round of coke price cuts, coking coal prices also fell, repairing coke plant profits, operating rates remained high, coke supply increased, downstream purchase enthusiasm declined, coke plants experienced passive inventory buildup. Demand side, steel mills currently have further production cuts and maintenance plans, intending to use this opportunity to pressure the raw material side, attempting to initiate a second round of price cuts for coke. Therefore, steel mills slowed down their procurement pace for coke, mostly making just-in-time procurement. In summary, the short-term coke market may continue in the doldrums, with expectations for a second round of price cuts.[SMM Steel]