SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.

This week, LCO market prices were basically stable, with mainstream quotations for conventional grades remaining above 400,000 yuan/mt, while high-voltage products held firm at the 420,000 yuan/mt threshold. Affected by the traditional off-season for consumer electronics in Q1 and disruptions in chip supply, battery cell manufacturers currently had relatively sufficient raw material inventory, and purchase willingness declined further WoW. Market transactions were mainly driven by the execution of existing long-term contract and rigid demand, with limited release of new orders. Against the backdrop of rangebound fluctuations in upstream raw materials and downstream demand yet to recover, LCO prices were expected to remain largely stable in the short term, with most market participants adopting a wait-and-see attitude pending further clarity on the subsequent demand pace. Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711 Zhang Haohan 021-51666752 Wang Zihan 021-51666914 Wang Jie 021-51595902 Xu Yang 021-51666760 Yang Lianting 021-51595835 Wang Zhaoyu 021-51666827

[SMM Weekly Review of the Lithium Battery Electrolyte Market: Electrolyte Prices Remained Temporarily Stable This Week (2026.3.16-3.19)] From March 16 to March 19, 2026, electrolyte prices remained temporarily stable. Considering the overall trend in cost-side changes and the supply-demand pattern, electrolyte prices are expected to remain temporarily stable in the short term.

This week, the cobalt chloride market atmosphere saw no significant change WoW, and the price stalemate continued. Top-tier enterprises remained firm in holding prices, with mainstream quotations still staying above 117,000 yuan/mt, and some offers probing 120,000 yuan/mt. However, downstream procurement sentiment remained cautious, with no signs of improvement. Constrained by weak end-use demand and relatively ample raw material inventory at material plants, market inquiry activity declined, and actual transactions were mainly scattered restocking, with the transaction center holding at 115,000 yuan/mt. Although some small traders occasionally made low-price shipments, this was difficult to materially impact the broader market. Overall, market gaming sentiment persisted, and prices were expected to remain largely stable in the short term, lacking drivers to break the stalemate. SMM New Energy Research Team Wang Cong 021-51666838 Ma Rui 021-51595780 Feng Disheng 021-51666714 Lv Yanlin 021-20707875 Zhou Zhicheng 021-51666711

On March 9, Dr. Ali Alshehhi, General Manager of the China Office of Abu Dhabi National Oil Company (ADNOC), led a delegation to visit SinoHytec New Energy for a survey, where the two sides discussed hydrogen energy cooperation and pathways for energy transition. Accompanied by senior executives including Chairman Zhou Mingqiang and Qu Youyou, Vice President of the Outside China Business Division, the company introduced its recent progress in industrialisation and scaled development. The delegation toured SinoHytec New Energy’s four major centers for R&D, testing, exhibition, and sales, and learned about the company’s technological capabilities and commercial achievements across the entire hydrogen energy industry chain. Zhou Mingqiang also responded on site to concerns from the industry. ADNOC is a wholly state-owned energy giant of the UAE. Founded in 1971, it controls about 10% of the world’s oil reserves. Its business spans the entire oil and gas industry chain, and it is accelerating its deployment in blue hydrogen, green hydrogen, and CCUS to advance its low-carbon transition. In April 2025, ADNOC set up an office in Beijing, positioning China as a core market and focusing on expanding China-UAE cooperation in the hydrogen energy sector. During the discussion, Dr. Ali Alshehhi asked whether the company’s industrial deployment across multiple locations would disperse the supply chain and affect market expansion. Zhou Mingqiang responded that the nationwide layout was designed to build a coordinated industrial closed loop by leveraging local resource endowments, enabling precise alignment between localized production and market demand, effectively improving supply chain efficiency and supporting the large-scale deployment of hydrogen energy. The two sides held in-depth exchanges on topics including diversified energy development, the expansion of hydrogen energy application scenarios, industry chain coordination, and energy security. They also exchanged views on the global energy landscape, built consensus on cooperation, and laid a foundation for subsequent practical cooperation.

Raw material side, spot lithium carbonate prices fluctuated this week, cobalt sulphate prices remained temporarily stable, and nickel sulphate prices dropped slightly.

This week, the second-life battery market showed clear structural divergence. On the cost side, although lithium carbonate prices saw a temporary uptick this week, they trended downward overall; nickel sulphate prices edged down slightly, while cobalt sulphate prices remained stable. The cost side was mainly affected by fluctuations in lithium carbonate prices. On the supply side, driven by terminal energy storage demand, inventories of new battery cells at battery cell manufacturers were critically low, and the supply of Grade A battery cells was heavily diverted, causing supply in the second-life battery market to remain tight. On the demand side, 280Ah and 314Ah energy storage battery cells were subject to concentrated procurement in the market, resulting in severe shortages and noticeably rising prices. Meanwhile, demand in the EV sector remained weak, inventory was relatively sufficient, and second-life power battery cell prices stayed stable.

The Democratic Republic of Congo has opened its first gold refining facility, marking a significant step in the country’s effort to capture greater value from its vast mineral wealth.

Recently, Dr. Du from US Plug Power, a globally leading provider of hydrogen energy solutions, and his delegation visited Suzhou Xinsichuang Hydrogen Energy Technology Co., Ltd. for exchanges. The two sides held in-depth discussions on hydrogen technology R&D, industry ecosystem development, and global market positioning, laying a foundation for subsequent cross-border collaborative cooperation. As a pioneer in the hydrogen fuel cell industry, Plug Power has cultivated the hydrogen energy sector for many years and is committed to building an entire industry chain ecosystem covering green hydrogen production, storage, transportation, and terminal power generation. Its business is extensively deployed across diverse scenarios such as material handling, stationary power supply, and on-road EVs, making it a benchmark enterprise in the development of the global green hydrogen industry. During the field trip, Dr. Du and his delegation visited Xinsichuang’s production workshop and gained a detailed understanding of the company’s hydrogen equipment manufacturing capabilities and latest progress in technology R&D. At present, Xinsichuang is accelerating its transformation from a hydrogen equipment manufacturer into a **comprehensive green electricity and green fuels service provider**. Leveraging its core technological advantages in hydrogen production equipment, the company is making every effort to connect the entire chain of the hydrogen industry from the manufacturing end to the supply end and build differentiated competitive advantages. During the discussion session, General Manager Zeng of Xinsichuang highlighted the company’s project deployment and implementation in Hainan, Indonesia, the Middle East, and other regions, as well as the progress of exporting its hydrogen equipment technologies to Japan, Singapore, Europe, and other countries and regions. Dr. Du expressed strong interest in Xinsichuang’s strategic transformation direction and pace of global expansion. The two sides conducted thorough exchanges on topics including collaborative technological innovation and jointly building a global hydrogen energy ecosystem, and reached multiple cooperation consensuses. As the global energy transition continues to accelerate, the hydrogen energy industry has moved from the technology validation stage into a window period for large-scale application. Xinsichuang stated that in the future, it will continue to uphold an open and cooperative philosophy, deepen exchanges and collaboration with leading global hydrogen energy enterprises, steadily advance project implementation in China and overseas, bring high-quality green energy solutions to broader markets, and contribute to the high-quality development of the global hydrogen energy industry.

According to data released by the National Bureau of Statistics, in February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month. Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026. Changes in the Selling Prices of Commercial Residential Properties in 70 Large and Medium-Sized Cities in February 2026 The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow in February — Wang Zhonghua, Chief Statistician of the Urban Department of the National Bureau of Statistics, Interpreted the Statistical Data on Changes in the Selling Prices of Commercial Residential Properties in February 2026 In February 2026, overall, the decline in the selling prices of commercial residential properties in 70 large and medium-sized cities continued to narrow on a MoM basis, while prices fell YoY. The number of cities where the selling prices of newly built commercial residential properties rose or remained flat MoM increased from the previous month. I. The MoM Decline in Commercial Residential Property Selling Prices Continued to Narrow In February, the selling prices of newly built commercial residential properties in first-tier cities were flat MoM, compared with a 0.3% decline in the previous month. Among them, Beijing and Shanghai both rose 0.2%, Guangzhou was flat, and Shenzhen fell 0.3%. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 0.2% and 0.3% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. Among the 70 large and medium-sized cities, 10 saw MoM increases in the selling prices of newly built commercial residential properties, while 7 were flat, for a combined increase of 9 cities from the previous month. In February, the selling prices of second-hand residential properties in first-tier cities fell 0.1% MoM, with the decline narrowing by 0.4 percentage point from the previous month. Among them, Beijing and Shanghai rose 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen fell 0.5% and 0.4%, respectively. The selling prices of second-hand residential properties in second- and third-tier cities fell 0.4% and 0.5% MoM, respectively, with the declines narrowing by 0.1 percentage point in both cases. II. Commercial Residential Property Selling Prices Fell YoY In February, the selling prices of newly built commercial residential properties in first-tier cities fell 2.2% YoY, with the decline widening by 0.1 percentage point from the previous month. Among them, Shanghai rose 4.2%, while Beijing, Guangzhou, and Shenzhen fell 2.3%, 5.1%, and 5.5%, respectively. The selling prices of newly built commercial residential properties in second- and third-tier cities fell 3.1% and 4.0% YoY, respectively, with the declines widening by 0.2 and 0.1 percentage point, respectively. In February, the selling prices of second-hand residential properties in first-tier cities fell 7.6% YoY, with the decline unchanged from the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen fell by 8.4%, 6.2%, 8.5%, and 7.1%, respectively. The selling prices of second-hand residential properties in second-tier cities declined 6.2% YoY, unchanged from the previous month. The selling prices of second-hand residential properties in third-tier cities declined 6.3% YoY, with the decline widening by 0.2 percentage points.