Solid-state batteries were a hot topic at the 2026 Two Sessions, where delegates noted that the industry is at a critical inflection point, moving from “samples” to “products.”

On March 9, Dongfeng Motor Group announced that its privatization and the listing of Voyah Auto on the HKEX by way of introduction were approved by a high margin at shareholder meetings. Following the transaction, Dongfeng Motor Group will delist and deregister, achieving 100% state-owned control by Dongfeng Motor Corporation. Concurrently, Voyah Auto will list via equity distribution, becoming an independent high-end new energy vehicle entity in the international capital market.

Philippine Ore Prices Strengthened Sharply, With Multiple Supply-Side Risks Supporting the Cost Floor Philippine nickel ore prices rose sharply this week. In terms of pricing, Philippine nickel ore CIF China: NI 1.3% grade at $58-63/wmt, NI 1.4% grade at $65-69/wmt, and NI 1.5% grade at $72-76/wmt, up $4 from the previous week. The average CIF price from the Philippines to Indonesia was $62.5/wmt for 1.3% grade and $69.5/wmt for 1.4% grade. Supply side, the Philippines was in a transition to the dry season, but affected by a developing low-pressure area (LPA) east of Mindanao, heavy rainfall continued in mining hubs such as Surigao and Homonhon Island. Although Metro Manila and most of Luzon had sunny and hot weather, the probability of weekly rainfall exceeding 50 mm in Surigao and the Caraga region was “high to extremely high,” and strong thunderstorms and scattered rainfall were expected to further intensify from March 9 to 13. Influenced by the LPA trough and the Dongfeng, this persistent rainy weather could continue to disrupt open-pit mining and vessel loading operations in the southern regions mentioned above. Currently, available spot cargo in the market was limited; coupled with the tightness in nickel ore supply and a potential demand gap driven by expectations of RKAB quota cuts in Indonesia, mainstream prices for Philippine nickel ore have risen markedly in recent periods. As of Friday, March 6, China’s port nickel ore inventory stood at 5.73 million mt, down 370,000 mt WoW. Current total port nickel ore inventory was equivalent to metal content of about 45,000 mt Ni. Demand side, domestic NPI prices rose this week, while spot transaction prices fell by about 1,092.6 yuan/nickel unit. From the perspective of smelters’ procurement departments, given ample earlier stockpiling and limited acceptance of recently extremely high-priced ore, most were currently staying on the sidelines. In terms of ocean freight rates, ocean freight rates rose sharply recently due to the situation in Iran, with the ocean freight rate from the Philippines to Tianjin Port at $11/mt. Looking ahead, Philippine nickel ore prices are expected to fluctuate at highs. Indonesia Market: Tight Supply and Demand Drove Premiums Higher; Authorities Clarified the RKAB Supplement Mechanism Indonesia's local nickel ore prices rose significantly this month. For the first half of March, the Indonesian nickel ore benchmark price (HPM) was set at $17,104/dmt, down 3.21% MoM. According to SMM data on Indonesia nickel ore premiums, the average premiums for 1.4%, 1.5%, and 1.6% grade laterite nickel ore were reported at $34, $38, and $38.5/dmt, respectively. Among them, the port arrivals under domestic trade price for 1.6% grade was $65.2–72.2/wmt. The dual strengthening of premiums this month reflected the release of smelters’ restocking demand and pessimistic expectations over RKAB quota reductions; meanwhile, the delivered price of 1.2% grade limonite ore also edged up in tandem to $24–26/wmt. Supply and demand fundamentals, as of March 6, Sulawesi and Halmahera were in a period of wild swings at the tail end of the rainy season, and intermittent heavy rainfall continued to hinder mine logistics. Morowali was currently overcast with extremely high humidity (94%); although rainfall remained light for now, a strong rainfall system was expected around March 13, with precipitation reaching 48 mm. Konawe likewise remained mostly cloudy with daily thunderstorms. Meanwhile, Halmahera was set to face a high-precipitation weekend, with the probability of thunderstorms as high as 65% on March 7–8. Although Indonesia’s Meteorology, Climatology, and Geophysics Agency (BMKG) forecast that the dry season would arrive earlier in April, the above areas were still unable to reach full-load mining and loading capacity due to highly saturated soil moisture and localized gusts. Under the dual pressure of tight tradable availability and uncertainty over RKAB quotas, some NPI smelters were forced to significantly step up procurement this month to secure raw material supply. While spot supply of limonite ore was relatively ample, a tailings dam landslide incident at certain MHP projects in an Indonesian industrial park kept the relevant production lines operating at low load, resulting in a phase of overall demand weakness. However, considering concerns among some Indonesian smelters over uncertainty in RKAB approvals, raw material stockpiling needs for newly commissioned projects, and continued growth in demand from outer islands, limonite ore prices were expected to closely track saprolite ore and remain elevated. Policy side, regarding recent widespread market rumors that “production quotas (RKAB) will be uniformly increased by an additional 25%–30%,” Tri Winarno, Director General of Minerals and Coal at Indonesia’s Ministry of Energy and Mineral Resources (ESDM), clarified on March 3, 2026 that RKAB increases would be based on individual assessments of enterprises’ production capability and compliance, rather than a uniform proportional increase, and indicated that the approval process would begin in H2 2026. Officials emphasized that this move was a routine regulatory process to optimize resources, not a passive offset against the previous production cap policy.

According to statistical analysis by CAAM, in January 2026, the top 10 enterprises (groups) in terms of auto sales sold a total of 1.962 million units, accounting for 83.6% of total auto sales. Among these ten enterprises, compared with the same period last year, SAIC, Geely Holding, Dongfeng, GAC Group, and Great Wall Motor saw varying degrees of growth in sales, while the other enterprises experienced varying degrees of decline.

Dongfeng Motor announced that in January 2026, it sold 185,000 vehicles, up 29.5% YoY. Among them, NEV sales reached 83,000 units, up 112% YoY, while sales of self-owned brands totaled 123,000 units, up 75% YoY.

On June 16, Dongfeng Nissan announced that its all-electric N7 sedan had secured over 20,000-unit firm orders just 50 days.

Since the "Regulation on Ensuring Payments to Small and Medium-sized Enterprises" officially came into effect on June 1, 2025, the automotive industry has responded swiftly. Seventeen mainstream automakers, including GAC, FAW, Dongfeng, and BYD, have publicly committed to uniformly shortening the payment terms for suppliers to within 60 days. This seemingly simple adjustment to payment terms is actually reshaping the underlying logic of the automotive supply chain. Especially for upstream battery cell manufacturers, its impact has gone beyond the level of capital turnover, touching the core lifeline of industrial development.

According to CCTV News, on June 12, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the meeting of the China-U.S. Economic and Trade Consultation Mechanism. Lin Jian stated that he would like to emphasize that this meeting was held under the strategic guidance of the heads of state of the two countries. The two sides reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. The Chinese side has always delivered on its promises. Now that a consensus has been reached, both sides should abide by it. It is hoped that the U.S. side will work with the Chinese side to implement the important consensus reached during the phone call between the heads of state of the two countries, give full play to the role of the China-U.S. Economic and Trade Consultation Mechanism, and enhance consensus, reduce misunderstandings, and strengthen cooperation through communication and dialogue.

SMM June 12 News: Metal Market: As of the daytime close, domestic metals showed mixed performance. SHFE aluminum led the gains with a 1.12% increase, while SHFE lead and SHFE zinc both rose by 0.3%. The remaining metals declined, with SHFE nickel leading the losses with a 1.24% drop, SHFE copper falling by 0.72%, and SHFE tin decreasing by 0.02%. The main alumina contract rose by 0.1%, and the main casting aluminum contract increased by 0.54%. In addition, the main lithium carbonate contract fell by 1.56%, the main polysilicon contract dropped by 1.39%, the main silicon metal contract decreased by 0.27%, and the main European container shipping contract fell by 1.74%. In the ferrous metals series, all metals except stainless steel declined, with stainless steel rising by 0.48%. HRC fell by 0.87%, and rebar decreased by 0.7%. In the coking coal and coke sector, coking coal fell by 2.79%, and coke dropped by 1.77%. In the overseas market, as of 15:02, only LME tin and LME nickel declined together, with LME tin falling by 0.06% and LME nickel decreasing by 0.24%. LME zinc led the gains with a 0.55% increase, while the remaining metals all rose by less than 0.5%. In the precious metals sector, as of 15:02, COMEX gold rose by 1.48%. China and the US reached a framework agreement in principle on trade negotiations, easing international economic and trade relations. However, the tense geopolitical situation in the Middle East boosted safe-haven demand. The US May CPI was lower than expected, increasing market bets on a September interest rate cut by the US Fed. The US dollar index fell, and gold prices fluctuated upward. COMEX silver rose by 0.41%. Domestically, SHFE gold rose by 1.04%, and SHFE silver fell by 0.88%, recording three consecutive days of decline. Market conditions as of 15:02 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [Li Chunlin, Deputy Director of the National Development and Reform Commission: Fully Supporting Shenzhen in Advancing Comprehensive Reform Pilot] Li Chunlin, Deputy Director of the National Development and Reform Commission, stated at a State Council Information Office press conference on June 12 that the Implementation Plan for the Comprehensive Reform Pilot in Shenzhen to Build a Pioneer Demonstration Area of Socialism with Chinese Characteristics (2020-2025) has been implemented for nearly five years. To further consolidate and expand the pilot results, and support Shenzhen in intensifying efforts to eliminate institutional and mechanism shortcomings in various aspects and accelerate the construction of a high-level socialist market economy system, the General Office of the CPC Central Committee and the General Office of the State Council recently issued the Opinions on Advancing Shenzhen's Comprehensive Reform Pilot, Deepening Reform and Innovation, and Expanding Opening-up. This is a major initiative to support Shenzhen in building a pioneer demonstration area of socialism with Chinese characteristics, an upgraded version of the Plan, and an important interpretation of China's unwavering commitment to deepening reform and opening-up. Next, we will earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, work together with relevant departments and Guangdong Province to fully support Shenzhen in advancing the comprehensive reform pilot, and ensure the implementation of the Opinions. [Ministry of Industry and Information Technology: Supports Automakers' "60-Day Payment Term" Commitment to Promote Healthy Industry Development] Recently, 17 key automakers, including FAW, Dongfeng, GAC, and Seres, have successively issued statements committing to "payment terms not exceeding 60 days." Today (the 12th), a relevant official from the Ministry of Industry and Information Technology stated that the automakers' commitment is of great significance in promoting the healthy and sustainable development of the automotive industry. The official also noted that the automakers' proactive commitment to "payment terms not exceeding 60 days" reflects their positive response to national calls, fulfillment of social responsibilities, and corporate commitments, which is crucial for building a collaborative and win-win development ecosystem between "complete vehicles and parts." The relevant official from the Ministry of Industry and Information Technology also emphasized that currently, China's NEV industry is at a critical stage of high-quality development. It is hoped that enterprises will lead by example and strengthen industry self-discipline. It is also hoped that all sectors of society will care about and support the high-quality development of the NEV industry, jointly resist online chaos such as "internet trolls" and "black PR," and create a positive, civilized, and orderly development environment. (Cailian Press) ► The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on June 12 was 7.1803 RMB per US dollar. US dollar: As of 15:02, the US dollar index fell by 0.29% to 98.34. On June 11, the US Bureau of Labor Statistics released the May Consumer Price Index (CPI) report, showing that the US May CPI rose 2.4% YoY and 0.1% MoM, while the core CPI rose 2.8% YoY and 0.1% MoM, both lower than market expectations. Following the data release, traders increased their bets on the US Fed starting interest rate cuts in September, with the likelihood of a September cut rising to 75%, and it is basically expected that there will be two rate cuts this year. Macro: Today, data such as the US initial jobless claims for the week ending June 7, continuing jobless claims for the week ending May 31, US May PPI YoY, US May core PPI YoY, Japan's Q2 BSI Large Manufacturing Confidence Index, UK April GDP MoM, UK April industrial production MoM, UK April industrial production YoY, UK April goods trade balance - seasonally adjusted, and UK April seasonally adjusted trade balance will be released. In addition, at 12:00 on June 12, US President Trump raised tariffs on imported steel from 25% to 50%. He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US Economic and Trade Consultation Mechanism. Crude oil: As of 15:02, oil prices in both markets fell simultaneously, with US crude oil down 0.65% and Brent crude oil down 0.72%, but still hovering near a more than two-month high, as the market worried that escalating geopolitical tensions would disrupt oil supplies. According to CCTV News, due to escalating regional tensions, the US State Department has authorized non-essential personnel and their families to leave Bahrain and Kuwait. Family members of US military personnel in Bahrain are also allowed to temporarily depart. Additionally, multiple US and Iraqi sources have stated that the US is preparing to evacuate its embassy in Iraq due to heightened regional security risks. The framework agreement reached between China and the US on implementing the consensus from the phone call between the two heads of state and the Geneva talks has also boosted oil prices, as it may stimulate energy demand in the world's two largest economies. The US Energy Information Administration (EIA) reported that US crude oil inventories fell by 3.6 million barrels last week to 432.4 million barrels. Analysts had previously expected a decline of 2 million barrels. Increased refining activity pushed up gasoline and distillate inventories. The EIA stated that US gasoline inventories rose by 1.5 million barrels to 229.8 million barrels, against market expectations of a 900,000-barrel increase. Distillate inventories, including diesel and heating oil, rose by 1.2 million barrels to 108.9 million barrels, compared to market expectations of an 800,000-barrel increase. (Comprehensive report from Wenhua) SMM Daily Review ► Silver prices experience slight correction; spot market tends to trade at a slight discount [SMM Daily Review] ► Overall trading activity remains sluggish; rare earth prices continue to decline [SMM Rare Earth Daily Review]

According to the WeChat account of the Ministry of Industry and Information Technology, 17 key automakers, including FAW, Dongfeng, GAC, and Seres, recently issued a statement committing to "payment terms not exceeding 60 days" for their suppliers. How should we view this commitment by automakers? What measures will be taken to promote the establishment of a collaborative and win-win development ecosystem between "finished vehicles and parts"? Relevant officials from the Ministry of Industry and Information Technology answered reporters' questions. The official said that the automakers' proactive commitment to "payment terms not exceeding 60 days" is of great significance for building a collaborative and win-win development ecosystem between "finished vehicles and parts" and promoting the healthy and sustainable development of the industry. The official stated that the industry chain and supply chain are the "bones and blood" of the automotive industry and a crucial link in its transformation and upgrading. As competition in the NEV market intensifies, competitive pressures are being transmitted from finished vehicles to the industry chain, leading to phenomena such as extended payment terms for suppliers' goods and difficulties in capital turnover, which are not conducive to technological innovation and the healthy and sustainable development of the industry. The Ministry of Industry and Information Technology supports finished vehicle enterprises in earnestly fulfilling their relevant commitments and will continue to guide them in establishing long-term and stable cooperative relationships with supply chain enterprises, promoting integrated innovation and collaborative development among large, medium-sized, and small enterprises, actively fostering a favorable situation where "a rising tide lifts all boats," continuously enhancing the resilience and safety of the industry chain and supply chain, and making new contributions to the global development of the automotive industry. The official said that currently, China's NEV industry is at a critical juncture for high-quality development. It is hoped that enterprises will lead by example and strengthen industry self-discipline. It is also hoped that all sectors of society will care about and support the high-quality development of the NEV industry, jointly resist online chaos such as "internet trolls" and "black public relations," and create a positive, civilized, and orderly development environment.