SMM April 16: Metal market: As of the daytime close, domestic base metals generally rose, with SHFE tin being the only decliner, down 0.07%. SHFE aluminum led the gains with a 2.89% increase, while the rest of the metals gained less than 1%. The alumina front-month contract rose 1.44%, and the foundry aluminum front-month contract rose 1.62%. In addition, the lithium carbonate front-month contract rose 4.2%, polysilicon rose 1.08%, silicon metal rose 0.89%, and the Europe containerized freight front-month contract rose 4.75% to close at 2,044.7. Ferrous metals all posted gains to varying degrees except for stainless steel, which fell 0.03%. Iron ore rose 3.1%. Hot-rolled coil and rebar rose over 1%, with hot-rolled coil up 1.22% and rebar up 1.06%. Coking coal and coke side, coking coal rose 2.32% and coke rose 1.94%. Overseas market, as of 15:04, overseas base metals generally rose, with LME tin leading the gains at 1.41%, LME aluminum up 1.31%, and the rest of the metals gaining less than 1%. Precious metals, as of 15:04, COMEX gold rose 0.51% and COMEX silver rose 1.08%. In China, SHFE gold rose 0.17% and SHFE silver rose 1.43%. In addition, the platinum front-month contract rose 0.45%, and the palladium front-month contract fell 0.66%. Market data as of 15:04 today Macro Front China: [NBS: Q1 GDP Up 5% YoY! National Economy Off to a Good Start with Accelerating Industrial Production Growth] According to preliminary estimates by the NBS, Q1 GDP reached 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 last year. By industry, the primary sector's value added was 1,194.1 billion yuan, up 3.8% YoY; the secondary sector's value added was 11,613.5 billion yuan, up 4.9%; and the tertiary sector's value added was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, Q1 GDP grew 1.3%. In Q1, the value added of China's above-scale industrial enterprises rose 6.1% YoY, accelerating by 1.1 percentage points from Q4 last year. By three major categories, the value added of the mining industry rose 6.0% YoY, manufacturing rose 6.4%, and the production and supply of electricity, heat, gas, and water rose 4.3%. The value added of equipment manufacturing rose 8.9% YoY, and that of high-tech manufacturing rose 12.5%, outpacing the overall above-scale industrial value added by 2.8 and 6.4 percentage points, respectively. By economic type, value added of state-controlled enterprises increased 4.8% YoY; joint-stock enterprises rose 6.6%, foreign-funded enterprises and those with investment from Hong Kong, Macao, and Taiwan rose 3.9%; and private enterprises rose 6.1%. By product, production of 3D printing equipment, lithium-ion batteries, and industrial robots increased 54.0%, 40.8%, and 33.2% YoY, respectively. In March, value added of industrial enterprises above designated size increased 5.7% YoY and 0.28% MoM. In March, the manufacturing PMI was 50.4%, up 1.4 percentage points from the previous month; the enterprise production and business activity expectations index was 53.4%. In January–February, industrial enterprises above designated size nationwide recorded total profits of 1,024.6 billion yuan, up 15.2% YoY. [National Bureau of Statistics (NBS): China’s Imports and Exports Are Well Positioned to Maintain Solid Growth] Mao Shengyong, Deputy Director of the National Bureau of Statistics (NBS), said at a press conference held by the State Council Information Office that, based on years of practice, regardless of how the external environment changes, even during the pandemic when the market worried about whether China’s foreign trade could be sustained, China’s imports and exports have remained very strong. This was attributable to enterprises working hard to strengthen their fundamentals, enhance the technological content of products, and improve overall competitiveness. Overall, China’s imports and exports are still well positioned to maintain relatively solid growth. (Wallstreetcn) The PBOC conducted 500 million yuan of 7-day reverse repo operations in the open market, with the operation rate unchanged at 1.40%; 500 million yuan of reverse repos matured today. US dollar: As of 15:04, the US dollar index fell 0.05% to 98.03, marking a nine-session decline. Musalem of the US Fed said on Wednesday that high oil prices could push the underlying inflation rate for the remainder of this year to nearly one percentage point above the US Fed’s 2% target, and the US Fed may need to keep interest rates unchanged. Musalem said, “We are very likely to see some pass-through from oil prices to core inflation.” By the end of this year, the core measure of price increases would be “slightly below 3%, perhaps around 3%,” and there were risks of a further rise. Musalem said the US Fed may keep its policy rate in the current 3.50%–3.75% range “for some time,” while monitoring inflation, employment, and economic data in the coming months, and many of his colleagues shared the same view. The impact of last year’s tariff increases may gradually fade this quarter, and housing price inflation is also easing. As oil prices rise, inflation in a range of services has stayed high; if inflation begins to rise and could boost inflation expectations, he would be open to raising rates. Musalem also stated that the oil market is experiencing "the third negative supply shock in 12 months," which, combined with rising tariff rates and stricter immigration regulations, poses risks to both inflation prospects and the job market, potentially impacting economic growth. He predicted this year's economic growth would slow down but remain between 1.5% and 2%. (Jin10 Data APP) According to CME's "FedWatch," the probability of the US Fed raising interest rates by 25 basis points in April stands at 1.6%, while the likelihood of maintaining unchanged rates is 98.4%. For June, the probability of a cumulative 25-basis-point interest rate cut is 0%, with a 98% chance of unchanged rates and a 2% chance of a cumulative 25-basis-point hike. (Jin10 Data APP) On the macro front: Today, the UK will release February's three-month GDP monthly rate, manufacturing output monthly rate, seasonally adjusted goods trade balance, and industrial output monthly rate. The eurozone will announce March's final CPI annual and monthly rates. The US will report initial jobless claims for the week ending April 11, the Philadelphia Fed Manufacturing Index for April, and March's industrial output monthly rate. Additionally, key events include: US Fed Governor Bowman speaking at the IIF forum; the Fed releasing its Beige Book; Bank of England Governor Bailey discussing global economic imbalances during IMF meetings; China's NBS publishing the monthly report on residential property prices in 70 major cities; a State Council press conference on national economic performance; the ECB releasing March's monetary policy meeting minutes; FOMC permanent voter and New York Fed President Williams delivering remarks; US Fed Governor Milan speaking; and the G20 finance ministers and central bank governors meeting. Crude oil side: As of 15:04, oil prices showed mixed performance, with WTI down 0.06% and Brent up 0.2%. Market uncertainty persists over whether US-Iran peace talks will yield an agreement. Last week, US crude exports surged to near-record highs to meet demand from Asian and European buyers seeking alternatives to disrupted Middle Eastern supplies due to the Iran conflict. This brought the US close to becoming a net crude exporter for the first time since WWII. However, analysts and traders noted the US is rapidly approaching its export capacity limit. Government data released Wednesday showed net crude imports (exports minus imports) narrowed to 66,000 barrels per day, the lowest since weekly records began in 2001, while exports rose to 5.2 million barrels per day, a seven-month high. Annual data indicates the US last achieved net exporter status in 1943. Jin10 Data APP) Documents released by the White House show that US President Trump issued multiple oil pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transportation of crude oil and petroleum products between the US and Canada. The construction permit has been granted to Bakken Pipeline for pipeline facility construction in Burke County, North Dakota. Additionally, he issued other permits for the maintenance and operation of existing pipelines near border areas in North Dakota and Michigan. (Jin10 Data APP) SMM Daily Review ► ► ► ► ► ► ► ► ► ► ►

According to preliminary estimates by the National Bureau of Statistics (NBS), China's GDP in Q1 totaled 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 of the previous year. By industry, the value added of the primary industry was 1,194.1 billion yuan, up 3.8% YoY; the value added of the secondary industry was 11,613.5 billion yuan, up 4.9%; and the value added of the tertiary industry was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, GDP grew by 1.3% in Q1. The National Economy Achieved a Good Start in Q1 In Q1, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implemented the decisions and plans of the CPC Central Committee and the State Council, stepped up the implementation of more proactive and effective macro policies, and worked to stabilize employment, enterprises, markets, and expectations. Efforts were accelerated to foster and develop new quality productive forces. Production and supply growth picked up, market demand continued to improve, the employment situation remained generally stable, market prices saw a mild rebound, high-quality development advanced toward new and better directions, the national economy achieved a good start, and development resilience and vitality were further demonstrated. According to preliminary estimates, China's GDP in Q1 totaled 33,419.3 billion yuan, up 5.0% YoY in real terms, accelerating by 0.5 percentage points from Q4 of the previous year. By industry, the value added of the primary industry was 1,194.1 billion yuan, up 3.8% YoY; the value added of the secondary industry was 11,613.5 billion yuan, up 4.9%; and the value added of the tertiary industry was 20,611.7 billion yuan, up 5.2%. On a QoQ basis, GDP grew by 1.3% in Q1. I. Agricultural Production Was in Good Shape, and the Livestock Industry Remained Generally Stable In Q1, the value added of agriculture (crop farming) grew 3.7% YoY. The sown area of winter wheat remained stable, seedling conditions continued to improve, and spring plowing and preparation progressed smoothly. According to the national planting intention survey, the intended sown area for grain this year remained generally stable, with the rice area basically flat and the corn area stable with a slight increase. In Q1, the production of pork, beef, mutton, and poultry totaled 26.62 million mt, up 4.8% YoY, of which pork and poultry production increased by 4.2% and 9.3% respectively, while beef and mutton production decreased by 1.4% and 2.0% respectively; milk production increased by 3.4%, and egg production decreased by 3.1%. In Q1, hog slaughter reached 200.26 million heads, up 2.8% YoY; the quarter-end hog inventory stood at 423.58 million heads, up 1.5%. II. Industrial Production Growth Accelerated, with Equipment Manufacturing and High-Tech Manufacturing Growing Rapidly In Q1, the value added of China's industrial enterprises above designated size grew 6.1% YoY, accelerating by 1.1 percentage points from Q4 of the previous year. By three major sectors, the value added of the mining industry grew 6.0% YoY, manufacturing grew 6.4%, and the production and supply of electricity, heat, gas, and water grew 4.3%. The value added of equipment manufacturing grew 8.9% YoY, and that of high-tech manufacturing grew 12.5%, outpacing the overall value added of industrial enterprises above designated size by 2.8 and 6.4 percentage points, respectively. By economic type, the value added of state-owned holding enterprises grew 4.8% YoY; joint-stock enterprises grew 6.6%, foreign-invested and Hong Kong, Macao, and Taiwan-invested enterprises grew 3.9%; and private enterprises grew 6.1%. By product, the production of 3D printing equipment, lithium-ion batteries, and industrial robots grew 54.0%, 40.8%, and 33.2% YoY, respectively. In March, the value added of industrial enterprises above designated size grew 5.7% YoY and up 0.28% MoM. In March, the manufacturing PMI stood at 50.4%, up 1.4 percentage points from the previous month; the expectations index for enterprise production and business activities was 53.4%. In January–February, the total profits of industrial enterprises above designated size nationwide reached 1,024.6 billion yuan, up 15.2% YoY. III. Services Sector Grew Rapidly, with Strong Momentum in Modern Services In Q1, the value added of the services sector grew 5.2% YoY. Among them, leasing and business services, information transmission, software and information technology services, financial services, transportation, warehousing and postal services, and accommodation and catering grew 12.2%, 10.6%, 6.5%, 4.3%, and 4.3%, respectively. In March, the national services sector production index grew 5.0% YoY. Among them, the production indices of information transmission, software and information technology services, leasing and business services, and financial services grew 11.8%, 10.1%, and 6.7%, respectively. In January–February, the operating revenue of services enterprises above designated size grew 7.4% YoY. In March, the business activity index for the services sector was 50.2%, up 0.5 percentage points from the previous month; the business activity expectations index for the services sector was 54.8%. Among them, the business activity indices of railway transportation, telecommunications, radio, television and satellite transmission services, monetary and financial services, and insurance were in the relatively high prosperity range above 55.0%. IV. Market Sales Picked Up, with Rapid Growth in Services Retail In Q1, total retail sales of consumer goods reached 12,769.5 billion yuan, up 2.4% YoY, accelerating by 0.7 percentage points from Q4 of the previous year. By location of business units, urban retail sales of consumer goods reached 11,057.4 billion yuan, up 2.3% YoY; rural retail sales of consumer goods reached 1,712.1 billion yuan, up 3.1%. By type of consumption, retail sales of goods reached 11,307.2 billion yuan, up 2.2%; catering revenue reached 1,462.3 billion yuan, up 4.2%. Sales of basic living necessities and some upgraded goods grew relatively fast. On a YoY basis, retail sales of grain, oil and food, garments, footwear, hats, knitwear and textiles, communication equipment, and gold, silver and jewelry by units above designated size increased by 10.0%, 9.3%, 20.8% and 12.6% respectively. In March, total retail sales of consumer goods were up 1.7% YoY and up 0.14% MoM. In Q1, retail sales of services were up 5.5% YoY, with the growth rate on par with the full year of the previous year. Among them, retail sales of communication and information services, tourism, consulting and rental services, and culture, sports and leisure services grew relatively fast. In Q1, national online retail sales of goods and services reached 4,977.4 billion yuan, up 8.0% YoY. Of this, online retail sales of goods reached 3,161.4 billion yuan, up 7.5%, accounting for 24.8% of total retail sales of consumer goods; online retail sales of services reached 1,816 billion yuan, up 8.8%. V. Fixed Asset Investment Grew Steadily, Infrastructure Investment Grew Relatively Fast In Q1, national fixed asset investment (excluding rural households) reached 10,270.8 billion yuan, up 1.7% YoY, compared with a decline of 3.8% for the full year of the previous year; excluding real estate development investment, national fixed asset investment grew by 4.8%. By sector, infrastructure investment was up 8.9% YoY, manufacturing investment was up 4.1%, and real estate development investment was down 11.2%. The floor space of commercial buildings sold nationwide was 195.25 million m², down 10.4% YoY; sales of newly-built commercial buildings totaled 1,726.2 billion yuan, down 16.7%. By industry, investment in the primary industry was up 15.9% YoY, investment in the secondary industry was up 5.8%, and investment in the tertiary industry was down 1.0%. Private investment was down 2.2% YoY, with the decline narrowing by 4.2 percentage points from the full year of the previous year; excluding real estate development investment, private investment grew by 1.3%. Investment in high-tech industries was up 7.4% YoY, of which investment in computer and office equipment manufacturing, aerospace and aircraft equipment manufacturing, and information services grew by 28.3%, 19.0% and 20.9% respectively. In March, fixed asset investment (excluding rural households) was up 0.52% MoM. VI. Trade in Goods Grew Rapidly, Trade Structure Continued to Optimize In Q1, total value of goods imports and exports reached 11,838 billion yuan, up 15.0% YoY. Of this, exports reached 6,846.7 billion yuan, up 11.9%; imports reached 4,991.3 billion yuan, up 19.6%. Ordinary Trade imports and exports were up 9.0% YoY. Imports and exports to countries participating in the Belt and Road Initiative grew by 14.2%. Imports and exports of private enterprises grew by 16.2%, accounting for 57.3% of total imports and exports. Exports of electromechanical products grew by 18.3%. In March, total imports and exports reached 4,104.6 billion yuan, up 9.2% YoY. VII. Consumer Price Increases Expanded, and Industrial Producer Prices Continued to Rebound In Q1, the national consumer price index (CPI) rose by 0.9% YoY, with the increase expanding by 0.4 percentage points from Q4 of the previous year. By category, prices of food, tobacco, alcohol and dining out rose by 0.5% YoY, clothing by 1.8%, housing fell by 0.2%, household goods and services rose by 2.3%, transportation and communication fell by 1.1%, education, culture and entertainment rose by 1.0%, healthcare rose by 1.8%, and other goods and services rose by 14.1%. Among food, tobacco, alcohol and dining out prices, pork prices fell by 11.3%, grain prices fell by 0.3%, fresh fruit prices rose by 4.3%, and fresh vegetable prices rose by 7.6%. Core CPI, excluding food and energy prices, rose by 1.2% YoY. In March, the national CPI rose by 1.0% YoY and fell by 0.7% MoM. In Q1, national ex-factory prices of industrial producers fell by 0.6% YoY, with the decline narrowing by 1.5 percentage points from Q4 of the previous year. Among them, March saw a YoY increase of 0.5%, compared with a decrease of 0.9% in the previous month; and a MoM increase of 1.0%. In Q1, the purchase prices of industrial producers nationwide fell by 0.5% YoY. Among them, March saw a YoY increase of 0.8%, compared with a decrease of 0.7% in the previous month; and a MoM increase of 1.2%. VIII. The Employment Situation Remained Generally Stable, with the Urban Surveyed Unemployment Rate Unchanged YoY In Q1, the average national urban surveyed unemployment rate was 5.3%, unchanged from the same period of the previous year. In March, the national urban surveyed unemployment rate was 5.4%. The surveyed unemployment rate for local household-registered labor force was 5.4%; the surveyed unemployment rate for non-local household-registered labor force was 5.3%, of which the surveyed unemployment rate for non-local labor force with agricultural household registration was 5.7%. The urban surveyed unemployment rate in 31 major cities was 5.3%. The average weekly working hours of employees in enterprises nationwide was 48.1 hours. At the end of Q1, the total number of rural migrant workers working outside their hometowns was 188.38 million, up 0.2% YoY. IX. Household Income Continued to Grow, with Rural Residents' Income Growing Faster Than That of Urban Residents In Q1, the national per capita disposable income was 12,782 yuan, a nominal increase of 4.9% YoY, or a real increase of 4.0% after deducting price factors. By place of permanent residence, the per capita disposable income of urban residents was 16,549 yuan, up 4.2% YoY in nominal terms and 3.2% in real terms; the per capita disposable income of rural residents was 7,433 yuan, up 6.1% YoY in nominal terms and 5.4% in real terms. By income source, the per capita nationwide wage income, net business income, net property income, and net transfer income grew 4.9%, 6.6%, 1.6%, and 5.1% in nominal terms, respectively. The median per capita disposable income of nationwide residents was 10,433 yuan, up 5.0% YoY in nominal terms. Overall, major macro indicators rebounded in Q1, new momentum grew rapidly, and the national economy achieved a good start. However, it should also be noted that the external environment has become more complex and volatile, the domestic imbalance of strong supply and weak demand remains prominent, and the foundation for economic improvement still needs to be consolidated. In the next phase, it is important to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely implement the decisions and plans of the CPC Central Committee and the State Council, fully and faithfully apply the new development philosophy, accelerate the construction of a new development paradigm, focus on promoting high-quality development, maintain the general principle of seeking progress while ensuring stability, implement more proactive and effective macro policies, continuously expand domestic demand and optimize supply, improve incremental resources and revitalize existing assets, and make efforts to stabilize employment, enterprises, markets, and expectations, so as to continuously consolidate and expand the steady and positive momentum of the economy. Recommended reading:

According to data from the CPCA, lithium battery exports reached 926,000 mt in January-February 2026, up 63%, while export value rose 43% to $14.2 billion. The export price of lithium-ion batteries fell from $27,300/mt in 2023 and $20,100/mt in 2024 to $15,700/mt, and further to $15,300/mt in 2026. The average price in 2026 declined only 10% YoY, a marked improvement from the 26% drop in 2024 and the 22% drop in 2025.

[ION Minerals Expands Its Lithium Resources Footprint in Texas and Saskatchewan] ION Minerals said it had achieved a major expansion of its diversified lithium resources portfolio in the US and Canada. In a late-March news release, the Houston-based company said the expanded land footprint was achieved through prudent acquisitions, targeted leasing, and focused geological assessments. ION now controls more than 280,000 acres across three project areas, further cementing its position as a leading developer of critical lithium resources for the North American battery supply chain. Smackover is a subsurface geological formation stretching from Florida to Texas and is rich in lithium brine. Source: https://www.mining.com/ [EnergyX's "Lone Star" Project Revolutionizes Domestic Lithium Production in the US] EnergyX's groundbreaking "Lone Star" project marked a major milestone in the US pursuit of critical minerals independence through advanced direct lithium extraction technology. This pioneering facility is the first commercial-scale direct lithium extraction plant to enter operation in the US, addressing long-standing supply chain vulnerabilities while establishing an operational framework for domestic battery-grade lithium production. As demand for critical minerals accelerates amid the global energy transition, the project demonstrates how innovative extraction technologies can transform regional resources into strategic assets. Direct lithium extraction differs fundamentally from traditional mining methods, targeting subsurface brine rather than hard-rock deposits or surface evaporation systems. EnergyX's "Lone Star" project demonstrated this approach through its GET-Lit™ technology, which uses advanced filtration and chemical separation processes to treat brine from the Smackover formation. Source: https://discoveryalert.com.au/ [University of Surrey Develops a Lithium-Ion Battery Anode to Enhance Energy Storage] Researchers at the University of Surrey's Advanced Technology Institute (ATI) developed a new-type battery design that could significantly extend EV driving range. In a study published in ACS Applied Energy Materials, the researchers introduced a lithium-ion battery anode. The anode achieved one of the highest energy storage capacities reported to date in a silicon-carbon nanotube system, while remaining stable after hundreds of charge cycles. Lithium-ion batteries power a wide range of devices in modern technology. Graphite is the most commonly used anode material, offering high stability but limited energy storage capacity. By contrast, silicon has a much higher capacity, but it expands during charging, causing cracking and performance degradation over time. Source: https://www.automotivepowertraintechnologyinternational.com/

Researchers at Chungnam National University have developed next-generation zinc batteries using artificial polymer nanolayers to significantly improve stability. This novel protective coating helps prevent dendrite formation and reduces unwanted side reactions, enhancing the overall reliability and practicality of zinc-ion batteries. Aqueous zinc-ion batteries (ZIBs) are increasingly being recognized as a safer and more cost-effective alternative to lithium-ion batteries (LIBs). Although LIBs remain the dominant energy storage solution, they pose safety concerns due to their use of flammable organic electrolytes. In comparison, aqueous ZIBs rely on water-based electrolytes, making them non-flammable, more environmentally friendly, and cheaper.

On March 16, the Longwan District Bureau of Ecology and Environment released the environmental impact assessment public notice for the "Spent Power Battery Dismantling and Standardized Cascade Utilization Project" undertaken by a battery energy company in Wenzhou. The project primarily involves battery assembly processes. It will add an annual capacity for cascade utilization of 5,000 tons of spent lithium-ion batteries, which are primarily used for base station backup power and energy storage systems.