[SMM Magnesium Flash News] On April 29, the Beijing Municipal Administration for Market Regulation released a notice indicating that this year it will implement a year-long special rectification campaign targeting the illegal modification of electric bicycles. In response to the typical issues identified during the special rectification campaign, the Beijing Municipal Administration for Market Regulation recently conducted warning interviews with eight electric bicycle manufacturers, including Yadea, Aima, Tailing, Ninebot, Niu, Xiaodao, Xinri, and Luyuan, as well as their sales and agency enterprises in Beijing.

Dear Users, In recent years, the Southeast Asian lead market has developed rapidly, particularly as Chinese-funded enterprises have concentrated investments in lead-acid batteries, electric bicycles, and the automotive industry, further driving up lead demand. However, the expansion of lead smelting capacity in countries such as Vietnam and Malaysia has lagged behind the growth in consumption, making it difficult to meet the rapidly increasing demand for lead. As a result, imported lead has become the primary source of lead ingot supply in these countries. In 2024 and 2025, SMM subsequently launched CIF premiums for Malaysian lead ingots and Vietnamese lead ingots. Thanks to the diversity of global lead ingot production standards, SMM's pricing references the London Metal Exchange (LME) lead futures delivery standards (EN 12659:1999, GB/T 469-2013, and ASTM B29-03 (2014)). During the period of increased lead demand in Southeast Asia, the demand for lead ingots with a purity of ≥ 99.99% has been particularly prominent due to the needs of lead-acid battery production, leading to increased trading activity in the lead market and a widening price gap between lead ingots with different purity levels. To keep pace with the development of the lead market and reflect the true situation of spot transactions, SMM upgrade overseas lead ingot pricing with the following price points: The SMM Malaysia and Vietnam lead ingot CIF premium is an indicative price developed and published by SMM in accordance with the methodology described above. It may be used by both trading parties as a reference for the settlement of CIF lead ingot premium transactions in overseas markets. This price reflects the actual or potentially tradable spot price range at the time of publication of the Malaysia and Vietnam lead ingot CIF premium on each full trading day. The six price points mentioned above will be officially launched on April 15, 2026. Historical data can be viewed on the SMM website (smm.cn and metal.com). The price is published every trading day during local market operating hours, on the morning of the trading day. SMM will continue to monitor developments in the lead industry chain and further optimize pricing points to better serve the industry! For any questions regarding mentioned-above pricing points, please contact Lead Analyst Xia Wenming at 021-51666839 or xiawenming@smm.cn . Shanghai Metals Market, Lead & Zinc Industry Research and Analysis Team Shanghai, April 14, 2026.

It is understood that from May 17 to May 23, 2025, the weekly comprehensive operating rate of lead-acid battery enterprises in five provinces tracked by SMM was 72.66%, basically stable WoW. Recently, the off-season trend in the battery market for electric bicycles, automobiles, and other applications has continued, with no significant changes in the production of lead-acid battery enterprises, which maintain a produce-based-on-sales model. By type, ESS battery enterprises had the highest operating rate among the three battery categories, mainly due to an increase in orders from sources such as data centers and mobile base stations. Meanwhile, some Sino-foreign joint venture enterprises have lifted production cuts and inventory control measures due to the end of their fiscal year, and the resumption of production by these enterprises has become one of the factors contributing to the rise in the operating rate of ESS battery enterprises. In addition, as next week approaches month-end and the Dragon Boat Festival, some enterprises may once again face the possibility of month-end inventory checks and holidays, which may in turn affect the weekly operating rate of lead-acid battery enterprises to decline.

Recently, Shenzhen Hemei Group Co., Ltd. (hereinafter referred to as Hemei Group), a company primarily engaged in the clothing business, released its 2024 annual report. Since venturing into the hydrogen energy sector in 2024, as of the end of the reporting period, the company has acquired six energy replenishment stations, with the production of green hydrogen and green methanol from wind and solar power in the preliminary planning stage, and 500 hydrogen-electric shared bicycles have been put into operation. In 2024, Hemei Group achieved a total operating revenue of 407 million yuan, up 146.43% YoY; it incurred a net loss attributable to shareholders of 43.6857 million yuan, compared to a loss of 47.2035 million yuan in the same period last year; its net loss excluding non-recurring gains and losses was 73.9414 million yuan, compared to a loss of 28.1426 million yuan in the same period last year; the net cash flow generated from operating activities was -94.3123 million yuan, compared to -11.9032 million yuan in the same period last year. During the reporting period, Hemei Group's basic earnings per share was -0.0333 yuan, and its weighted average return on net assets was -7.65%. Breaking down by product, in the hydrogen sector, Hemei Group achieved an operating revenue of 4.6469 million yuan in 2024, with an operating revenue of 1.3636 million yuan from shared bicycle operations. It is understood that Hemei Group positions itself as a "service provider for international brand operations," with its main business being international brand clothing, footwear, luggage, etc., covering accessories, jewelry, men's wear, women's wear, casual wear, sportswear, children's wear, footwear, and other categories. At the beginning of 2024, relying on the industrial background of its shareholders and policy support, Hemei Group established a hydrogen energy development strategy, rapidly entering the energy replenishment sector through asset acquisitions, focusing on the layout of green energy industries such as the production of green hydrogen and green methanol from wind and solar power, integrated energy stations, and hydrogen-powered shared bicycles, while simultaneously advancing the construction of new stations. As of the end of the reporting period, the company has acquired six energy replenishment stations, with the production of green hydrogen and green methanol from wind and solar power in the preliminary planning stage, and 500 hydrogen-electric shared bicycles have been put into operation. Meanwhile, at the beginning of 2024, the company also jointly established Pengfei Hydrogen Hemei with its related party Pengfei Green Energy. Pengfei Hydrogen Hemei is a holding subsidiary in which the company holds a 51% stake, serving as the operational entity for the company's energy sector business. The company's energy sector business encompasses integrated energy station operations and hydrogen energy business, which is a new business for the company during the reporting period. The report states that in terms of the production of green hydrogen and green methanol from wind and solar power, as well as the hydrogen-powered shared bicycle business, in 2024, Hemei Group invested in and constructed two wind and solar power-based hydrogen/methanol production projects in Shanxi and Inner Mongolia, leveraging the abundant wind and solar resources in these two regions to reduce hydrogen production costs, aiming to provide green hydrogen and green methanol supplies for the company's integrated energy stations, as well as for local industrial and transportation sectors. Currently, both projects are still in the preliminary preparation stage and have not yet officially commenced construction or entered production. It is reported that, in line with the national promotion direction of "diversified demonstration applications of hydrogen energy," Hemei Group has deployed 500 hydrogen-powered shared electric bicycles in some regions of Shanxi Province, targeting C-end consumers to explore the commercial application of hydrogen energy in short-distance travel and accumulate operational experience. Hemei Group stated that in 2025, the company will continue to focus on the strategic transformation of hydrogen energy and build differentiated competitiveness through three major directions: Integrated Energy Station Operation: Relying on existing natural gas station resources, the company plans to gradually upgrade them into an "oil, gas, hydrogen, and electricity" integrated energy replenishment network. By acquiring and integrating resources and implementing technological upgrades (such as expanding hydrogen refueling modules), the company aims to seize the regional hydrogen-powered vehicle energy replenishment market. Wind and Solar Power-to-Hydrogen/Methanol Projects: The company will establish green hydrogen production capacity in Shanxi and Inner Mongolia, creating green energy bases by leveraging wind and solar resources. In 2025, the focus will be on advancing two wind and solar power-to-hydrogen projects by Pengfei Hydrogen Hemei in Qinyuan and Chifeng, accelerating the commissioning progress of these projects, collaborating with downstream chemical, logistics, and shipping enterprises to secure long-term orders, and promoting the commercial application of green hydrogen. Hydrogen Energy Application in Shared Electric Bicycles: The company will expand the operational regions of hydrogen-powered shared electric bicycles, focusing on short-distance and high-frequency scenarios to verify the technical and economic feasibility of miniaturized hydrogen energy technologies and accumulate data for subsequent expansion into the light-duty transportation market. In terms of implementation strategies, Hemei Group will leverage the resource advantages of Shanxi and surrounding provinces to actively expand the range of upstream suppliers, securing low-cost, high-purity, and stable natural gas and hydrogen sources to reduce procurement costs. The company will focus on major transportation corridors and regions with a high density of new energy heavy-duty trucks, adding new stations to meet the growing market demand for heavy-duty trucks. It will promote the construction of "oil, gas, hydrogen, electricity, and service" integrated energy stations, deploying integrated service stations in key locations such as major highways and logistics parks to enhance coverage density. The company will strengthen cooperation with downstream partners, offering customized refueling service agreements for major clients to seize the initiative in the demonstration application market for hydrogen-powered heavy-duty trucks. It will introduce membership marketing programs, combining with government subsidy policies for hydrogen-powered vehicles to reduce user costs and enhance customer loyalty. For energy-intensive enterprises such as coking parks and steel plants, the company will continue to promote the use of clean energy to replace traditional energy sources, expanding gas application scenarios in the industrial sector. It will collaborate with urban logistics and cold chain transportation enterprises to promote the large-scale application of clean energy vehicles in short-distance transportation, establishing a regional green logistics industry chain. The company will create an "energy + services" complex by adding catering, convenience stores, and other business formats within energy stations, forming a one-stop service of "energy replenishment + consumption" to enhance the profitability of individual stations. It will integrate after-market services such as car washing and vehicle maintenance, improve the membership points redemption system, and increase user dwell time and repurchase rates. Explore intelligent operations and cross-industry cooperation, introduce intelligent refueling systems and digital management platforms to achieve real-time monitoring and optimized scheduling of inventory, orders, and payments, thereby reducing operational costs.

The scrap battery recycling industry has long faced two major price pain points: ▲ High Recycling Costs : The traditional process is cumbersome, leading to high recycling costs and severely compressing the profit margins of enterprises. ▲ Chaotic Pricing Mechanism : Informal channels disrupt the market through low-price competition, making it difficult for legitimate businesses to stand in price wars. How to Eliminate Price Barriers? How Can the Scrap Battery and Secondary Lead Industries Break Through? [This Time, We Will Make a Concession on Price!] GBRC 2025 SMM Battery Recycling and Circular Industry Conference , will be held on August 14-15, 2025 , in Ningbo, Zhejiang . Super Early Bird Price: Register before May 30th and enjoy a super early bird discount, saving 800 yuan! [At Previous Battery Recycling Conferences, These Companies Were All Present (Only Some Listed)!] (Among the previous attendees, 35% were Chairmen and General Managers ; 39% were Sales and Procurement Executives ) ▲Lead Battery Recycling Companies: Zhejiang Tianeng Environmental Technology Co., Ltd. Zhejiang Chilwee Bafang Recycling Industry Co., Ltd. Shanghai Xinyun Guixi Metal Recycling Co., Ltd. Anhui Hongyu Qian Environmental Technology Co., Ltd. Jiangmen Leen Renewable Resources Co., Ltd. Nantong Lishi Environmental Technology Co., Ltd. Chengdu Xupai Environmental Technology Co., Ltd. Suzhou Blue Port Environmental Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiangsu Kuaidian New Energy Technology Co., Ltd. ▲Secondary Lead Smelters: Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianeng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. ▲Power Battery Recycling Companies: GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Ganfeng Lithium Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Hao Peng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Materials Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lv Xun New Energy Technology (Foshan) Co., Ltd. ▲Battery Companies: Tianeng Battery Group Co., Ltd. Chilwee Group Leoch International Technology Co., Ltd. Guangzhou Great Power Energy & Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Ganfeng Lithium Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Company Limited Shenzhen Highpower Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. [Detailed Conference Agenda] [ Supply and Demand & Closed-Door Meetings | August 14] 08:00-10:00 Registration 10:00-12:00 Closed-Door Discussion on Secondary Lead, Closed-Door Seminar on Power Battery Recycling 10:00-12:00 Supply and Demand Exchange for the Battery Recycling Industry (Endless Business Opportunities) 12:00-13:30 Buffet Lunch [ Main Forum | August 14] 13:30-13:50 Opening Remarks of the Conference 13:50-14:20 Current Situation and Future Development Trends of the Battery Recycling Market Guest Speaker: Li Shilong, Chairman, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 14:20-14:50 Competition and Cooperation Between Lead-Acid Batteries and Lithium Batteries Under the "Dual Carbon" Goals Invited Company: Leoch International Technology Co., Ltd. 14:50-15:20 Market Prospects Analysis of the Dual Drive of "Old-for-New" Policy on Battery Consumption and Recycling Invited Company: Zhejiang Tianeng Resource Recycling Technology Co., Ltd. 15:20-15:50 Comparison of China's "Whitelist" System and Germany's Dual-Track System (GRS and PRO Systems) on Recycling Efficiency Invited Guest: Wang Qi, Chinese Academy of Environmental Sciences 15:50-16:20 The "Technological Watershed" in Lithium Battery Recycling: Commercial Competition Between Pyrometallurgy and Hydrometallurgy Invited Company: Guangdong Brunp Recycling Technology Co., Ltd. 16:20-16:50 Roundtable: Lead-Acid vs. Lithium: Full Life Cycle Tracking 1. Current Status of Lead-Acid and Lithium Battery Recycling Market 2. Impact of Trade-In Policy on the Battery Recycling Market Proposed Companies to Invite: Zhejiang Chilwee Bafang Recycling Industry Co., Ltd., Zhejiang Tianneng Resource Recycling Technology Co., Ltd., Jiangsu New Chunxing Resource Recycling Co., Ltd., Anhui Lukong Environmental Protection Co., Ltd., Tianqi Lithium Corporation, GEM Co., Ltd., Guangdong Brunp Recycling Technology Co., Ltd., Lvxun New Energy Industry (Guangdong) Co., Ltd. 16:50-17:20 Interpretation of the Impact of Increased China-US Tariffs on the Battery Import and Export Market Proposed Company to Invite: China Industrial Association of Power Sources [ Secondary Lead Forum| August 15, Morning] 09:00-09:25 Policies, Regulations, and Reverse Invoicing: A Policy Framework for Promoting the Development of the Circular Economy Proposed Guest Speaker: He Yi, Hazardous Waste Department, Solid Waste and Chemicals Management Technology Center, Ministry of Ecology and Environment 09:25-09:50 Breakthrough Strategies for Enterprises Amidst Overcapacity in the Secondary Lead Industry Proposed Company to Invite: China Nonferrous Metals Recycling Industry Association 09:50-10:15 Extraction Technologies for By-Products from Comprehensive Polymetallic Recycling and Smelting: Antimony, Bismuth, Tin, etc. Proposed Company to Invite: Central South University 10:15-10:35 Analysis of the Supply-Demand Pattern of Lead-Containing Scrap in the Next 3-5 Years Guest Speaker: Wang Meili, SMM Information & Technology Co., Ltd. 10:35-11:00 Interpretation of Policies and Market for Secondary Lead Going Global Proposed Guest Speaker: Chen Wenkai, President, Malaysia Non-Ferrous Metals General Chamber of Commerce 11:00-11:25 Current Status of the Waste Lead-Acid Battery Recycling Market: A Case Study of Yunnan, Guizhou, and Sichuan Regions Proposed Guest Speaker: Dong Chenglin, Chengdu Xinjuxin Environmental Protection Technology Co., Ltd. 11:25-11:50 2025-2026 Fundamentals and Price Analysis of Lead Ingot Consumption Guest Speaker: Xia Wenming, Senior Analyst, Lead and Zinc Industry Research Group, SMM Information & Technology Co., Ltd. 12:00-13:30 Buffet Lunch [ Power Battery Recycling Forum| August 15, Morning] 09:00-09:25 Global Analysis of the Power Battery Recycling and Reuse Market Proposed Company to Invite: Hydrometallurgy Branch, China National Resources Recycling Association 09:25-09:50 New Approaches to Building the Lithium Battery Recycling System from the "Guidelines for the Construction of a Recycling System for Lithium-Ion Batteries from Electric Bicycles" Proposed Guest Speaker: Zan Xiangming, Secretary General, Anhui Province New Energy Vehicle Power Battery Recycling Industry Alliance 09:50-10:15 Demand Analysis and Market Entry Strategies for Lithium Battery Recycling in Overseas Emerging Markets Proposed Guest Speaker: Zhou Jiang, Vice President, International Business Department, Contemporary Amperex Technology Co., Limited 10:15-10:35 Technological Breakthroughs and Applications of Targeted Leaching Strategies Based on Primary Cell Effects in Lithium Battery Recycling Proposed Guest Speaker: Li Jinhui, Professor, Tsinghua University 10:35-11:00 Practical Applications of Artificial Intelligence in Intelligent Sorting and Process Optimization for Lithium Battery Recycling Proposed Guest Speaker: Dou Dejing, Professor, Fudan University 11:00-11:25 Industry Dynamics and Trends Following the Implementation of Black Mass Import Policies Guest Speaker: Lin Ziya, Lithium Battery Recycling Industry Analyst, SMM Information & Technology Co., Ltd. 11:25-11:50 Roundtable: The New Ecosystem of Lithium Battery Recycling: How Can Automakers, Battery Manufacturers, and Recycling Enterprises Break Through in the Billion-Dollar Market? Proposed Invited Enterprises: BYD Auto Industry Co., Ltd., Contemporary Amperex Technology Co., Limited, Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Group Co., Ltd., Hefei Gotion High-tech Power Energy Co., Ltd. 12:00-13:30 Buffet Lunch

SMM April 25 News: In the metal market: Overnight, base metals in the domestic market all rose, with SHFE tin up 1.3%. SHFE copper increased by 0.14%. SHFE nickel rose by 0.19%. SHFE lead gained 0.77%. SHFE aluminum climbed 0.25%, and SHFE zinc surged 1.44%. Additionally, alumina increased by 0.21%. Overnight, most ferrous metals fell, with iron ore down 1.11%, stainless steel up 0.2%, rebar down 0.26%, and HRC down 0.19%. In the coking coal and coke sector, coking coal rose by 0.68%, while coke slightly declined. Overnight, LME base metals all rose, with LME copper up 0.77%. LME zinc surged 2.48%, LME tin increased by 1.87%, LME lead rose by 0.62%, and LME aluminum climbed 1.13%. LME nickel gained 1.39%. In the precious metals sector: Overnight, COMEX gold rose 2.04%, and COMEX silver slightly increased by 0.01%. Overnight, SHFE gold rose 1.02%, and SHFE silver increased by 0.33%. As of 8:06 AM on April 25, the overnight closing market 》Click to view the SMM futures data dashboard On the macro front: Domestically: [Central Bank: 600 billion yuan MLF operation to be conducted on April 25] The central bank announced that on Friday, April 25, 2025, the People's Bank of China will conduct a 600 billion yuan MLF operation through fixed quantity, interest rate bidding, and multiple price winning methods, with a term of 1 year. It is reported that 100 billion yuan of MLF will mature this month. After the 600 billion yuan MLF operation on April 25, a net injection of 500 billion yuan will be achieved. In March, the central bank over-subscribed MLF, achieving a net injection of 63 billion yuan, marking the first net injection since July 2024, demonstrating a moderately loose monetary policy stance. (Cailian Press) [MIIT seeks public opinion on the "Opinions on Strengthening the Implementation of Mandatory National Standards for Electric Bicycles and Promoting the Orderly Supply of New Products (Draft for Comment)"] The Ministry of Industry and Information Technology (MIIT) is seeking public opinion on the "Opinions on Strengthening the Implementation of Mandatory National Standards for Electric Bicycles and Promoting the Orderly Supply of New Products (Draft for Comment)". At the end of 2024, the revised mandatory national standard "Technical Specifications for Safety of Electric Bicycles" (GB 17761—2024, hereinafter referred to as the "Technical Specifications") was officially issued. The "Technical Specifications" set two implementation times: the production phase will be implemented on September 1, 2025, and the sales phase will be implemented on December 1, 2025. Before the standard is implemented, all links in the industry chain, including R&D design, parts manufacturing, vehicle production, inspection and testing, mandatory certification, sales logistics, and regulatory enforcement, need to adjust and adapt according to the requirements of the "Technical Specifications" to ensure that qualified electric bicycle products that meet the "Technical Specifications" and have obtained CCC certificates can be supplied in large quantities after the production phase is officially implemented, meeting consumer demand while reducing safety hazards around the people; at the same time, electric bicycles produced according to the old version of the standard can be digested before the sales phase is officially implemented, avoiding resource waste and loss. To this end, the Consumer Goods Industry Department of the Ministry of Industry and Information Technology has drafted the "Opinions on Strengthening the Implementation of Mandatory National Standards for Electric Bicycles and Promoting the Orderly Supply of New Products (Draft for Comment)", which is planned to be jointly issued with relevant departments to provide direction for accelerating the formation of an electric bicycle industry chain and regulatory model that meets the requirements of the new standard. On the US dollar front: Overnight, the US dollar index fell 0.61% to 99.29. On Thursday, Cleveland Federal Reserve Bank President Loretta Mester called for patience in monetary policy given high uncertainty, but she did not rule out the possibility of an interest rate cut in June, depending on economic data. The number of initial jobless claims in the US rose slightly last week, indicating that the labor market remains robust. Data released by the US Department of Labor on Thursday showed that the seasonally adjusted number of initial jobless claims increased by 6,000 to 222,000 in the week ending April 19, in line with economists' expectations. A report released by the US Census Bureau showed that non-defense capital goods orders (excluding aircraft) increased slightly by 0.1% in March, after a 0.3% decline in February. This core capital goods order is a closely watched indicator of business spending plans. The National Association of Realtors (NAR) said on Thursday that US existing home sales fell more than expected in March, affected by rising borrowing costs. Goldman Sachs chief economist Jan Hatzius said that the US dollar will fall further due to US tariff uncertainty and recession concerns, as tariffs push up inflation, and a further decline in the US dollar will exacerbate price pressures. In other currencies: Sources revealed that in the context of an increasingly turbulent global environment, the European Central Bank (ECB) will consider adjusting its monetary policy strategy to respond more flexibly to price shocks. Members of the ECB Governing Council will hold an in-depth discussion for the first time on the ongoing strategic review at an informal meeting in Porto, Portugal, from May 6 to 7, and discuss the rationale for this shift in monetary policy strategy. The meeting will also review reports prepared by two working groups established for this assessment and the Monetary Policy Committee composed of senior economists from the ECB and the central banks of 20 eurozone countries. ECB chief economist Philip Lane said that trade tensions are unlikely to push the eurozone into recession. He pointed out that although US President Trump's tariff measures may curb economic growth, the eurozone, composed of 20 member states, has other trading partners and will not automatically fall into an economic downturn. He said in an interview on Thursday, "There is a downward revision, but it is important to point out that it is only a slight downward revision, and the economy is still growing." (Huitong Finance) On the macro front: Today, the UK's seasonally adjusted retail sales month-on-month rate for March, the UK's seasonally adjusted core retail sales month-on-month rate for March, Canada's retail sales month-on-month rate for February, Canada's core retail sales month-on-month rate for February, and the final value of the University of Michigan Consumer Sentiment Index for April in the US will be released. Additionally, it is worth noting that Swiss National Bank President Thomas Jordan will deliver a speech; global financial leaders will attend the IMF-World Bank Spring Meetings, until April 26. In the crude oil market: Overnight, both oil futures rose, with US oil up 0.8% and Brent oil up 0.64%. The market weighed the weakening US dollar, the possibility of OPEC increasing production, mixed economic news, US tariffs, and other supply and demand-related news. The market is also paying attention to Iran's supply prospects. Iran is the third-largest oil producer in OPEC, after Saudi Arabia and Iraq. (Webstock Inc.)

SMM April 21 News: Metal Market: At the close of the day, domestic base metals all rose, with SHFE tin leading the gains with a surge of up to 2.5%. SHFE copper, SHFE lead, and SHFE zinc all rose by more than 1%, with SHFE copper up 1.71%, SHFE zinc up 1.73%, and SHFE lead up 1.43%. The rest of the metals rose by less than 1%. The main alumina contract fell 0.04%. In addition, the main lithium carbonate contract fell 1.54%, the main polysilicon contract rose 1.35%, and silicon metal rose 0.34%. The main European container shipping contract fell 2.12%. In the ferrous metals series, most prices rose, with stainless steel down 0.08%. Iron ore rose 1.27%. In the coking coal and coke sector, coking coal rose 1.27%, and coke rose 1.25%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 15:03, COMEX gold rose 2.28%, hitting a record high of $3,404.7 per ounce during the session, continuing to refresh its historical high. COMEX silver rose 1.05%. Domestically, SHFE gold rose 2.5%, hitting a record high of 805.56 yuan per gram during the session, and SHFE silver rose 1.39%. As of 15:03 today's market 》Click to view SMM market dashboard Macro Front Domestic: 【April LPR Quotation Released: 5-Year and 1-Year Rates Remain Unchanged】 The People's Bank of China authorized the National Interbank Funding Center to announce the April loan market quoted rate (LPR) quotation: the 5-year LPR is 3.6%, the same as last month. The 1-year LPR is 3.1%, the same as last month. 》Click for details 【New National Standard for E-Bikes to Take Effect on September 1, First Batch of 6 Testing Institutions Announced】 The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Technical Specification for Safety of Electric Bicycles". Currently, 6 institutions have obtained the new national standard testing capability qualification for electric bicycles: Wuxi Institute of Inspection, Testing and Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard will take effect on September 1, with significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification according to the new national standard requirements during the transition period. 【Ministry of Commerce: Consumers Have Purchased Over 100 Million Units of Trade-In Home Appliances】 The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the trade-in of home appliances has achieved remarkable results. Since the trade-in policy for home appliances was strengthened in August 2024, consumers have purchased over 100 million units of trade-in home appliances, including over 40 million units in 2025. ► On April 21, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2055 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.96% to 98.29, hitting a low of 98.16 during the session, the lowest level since March 2022, a three-year low. Concerns about trade tensions between the US and its major trading partners have raised fears of an economic recession. San Francisco Fed Chairman Daly said on Friday that the US economy is in good shape and policy remains restrictive. Some industries (such as transportation) are slowing down, but uncertainty has not yet weighed heavily on the economy. Daly said she is satisfied with the expectation of two rate cuts this year, but if inflation is more sticky, the number of rate cuts this year may be less than two. If economic growth slows, further rate cuts will be made, and it is the right approach to gradually lower policy rates without a sense of urgency. Hassett, director of the National Economic Council, said that President Trump and his team are continuing to study whether they can fire Fed Chairman Powell. Such a move would have significant implications for the Fed's independence and global markets. Data: Today's highlights: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Industry"; 2025 FOMC voter and Chicago Fed President Goolsby was interviewed by CNBC. On April 21, the Australian Sydney Stock Exchange, the German Frankfurt Stock Exchange, the French Paris Stock Exchange, the Italian Milan Stock Exchange, the Spanish Madrid Stock Exchange, the UK London Stock Exchange, the London Metal Exchange (LME), and the Hong Kong Stock Exchange of China were closed for one day due to Easter. Crude Oil: As of 15:03, oil prices in both markets fell, with US oil down 1.55% and Brent oil down 1.48%. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. (Wenhua Comprehensive) SMM Daily Review ► Changes in Supply-Demand Pattern, Rare Earths Stop Falling and Stabilize 【SMM Rare Earths Daily Review】 ► Precious Metals Hold Up Well at the Start of the Week, Spot Supply in Shenzhen Relatively Tight 【SMM Daily Review】

SMM April 21 News: In the metal market, as of the midday close, domestic base metals all rose, with SHFE copper up 0.64%. SHFE tin rose 1.16%, SHFE nickel rose 0.41%. SHFE aluminum rose 0.71%, SHFE lead rose 0.74%, SHFE zinc rose 0.98%. In addition, alumina fell 0.11%. Lithium carbonate fell 1.86%, silicon metal fell 0.91%, polysilicon fell 0.08%. Ferrous metals mostly rose, with iron ore up 1.06%, rebar up 0.74%, HRC up 0.66%, stainless steel flat at 12,800 yuan/mt. For coking coal and coke, coking coal rose 1.06%, coke rose 0.74%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 11:45, COMEX gold rose 2.02%, hitting a record high of $3,397.6/oz during the session; COMEX silver rose 0.99%. Domestically, SHFE gold rose 2.03%, hitting a record high of 803 yuan/g during the session; SHFE silver rose 1.22%. As of the midday close, the most-traded contract for European container shipping fell 3.67% to 1,498 points. As of 11:45 on April 21, some futures midday quotes: SMM metal spot prices on April 21. Spot and fundamentals: Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 160-210 yuan/mt against the front-month contract, with an average premium of 185 yuan/mt, up 40 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 100-120 yuan/mt, with an average premium of 110 yuan/mt, up 40 yuan/mt from the previous day. The average price of #1 copper cathode in Guangdong was 76,530 yuan/mt, up 185 yuan/mt from the previous day, while the average price of SX-EW copper was 76,455 yuan/mt, up 185 yuan/mt from the previous day. Spot market: Inventory in Guangdong has declined for 13 consecutive days, with arrivals still low and consumption good, leading to a continuous decline in spot inventory and accelerated destocking... Click for details. Macro front: Domestic: The April LPR quotes were released, with both the 5-year and 1-year rates unchanged. The People's Bank of China authorized the National Interbank Funding Center to announce that the 5-year LPR is 3.6%, unchanged from the previous month. The 1-year LPR is 3.1%, unchanged from the previous month. Click for details. The new national standard for e-bikes will take effect on September 1, with the first batch of six testing institutions announced. The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Safety Technical Specification for Electric Bicycles". Six institutions have obtained the new national standard testing capability qualification: Wuxi Institute of Inspection and Testing Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard, which will take effect on September 1, has significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification during the transition period according to the new national standard requirements. The Ministry of Commerce: Consumers have cumulatively purchased over 100 million home appliances under the trade-in policy. The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the home appliance trade-in has achieved remarkable results. Since the home appliance trade-in policy was strengthened in August 2024, consumers have cumulatively purchased over 100 million home appliances under the trade-in policy, including over 40 million in 2025. The central bank conducted a net injection of 133 billion yuan in open market operations. The central bank conducted 176 billion yuan of 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from the previous level. As 43 billion yuan of 7-day reverse repos matured today, a net injection of 133 billion yuan was achieved. The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 21 was 7.2055 yuan per US dollar. As of 11:45, the US dollar index fell 0.97% to 98.28. The US dollar fell to a three-year low, as concerns about trade tensions between the US and its major trading partners sparked fears of an economic recession. Chicago Fed President Goolsbee said on Sunday that President Trump's tariffs are causing US business owners to hoard inventory. The Fed official said that businesses and consumers "preemptively purchasing" big-ticket items at pre-tariff prices could lead to an "artificially high" level of economic activity. Goolsbee said that this temporary growth could be followed by a corresponding decline in the summer. Nomura lowered its year-end forecast for the USD/JPY to 137.5; Nomura strategists Yujiro Goto and Jin Moteki wrote in a report that they lowered their year-end forecast for the USD/JPY from 140 to 137.50, affected by President Trump's tariff hikes and increased concerns about US stagflation and the credibility of US assets. Data to watch today: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Sector"; 2025 FOMC voter and Chicago Fed President Goolsbee was interviewed by CNBC. On April 21, the Australian Securities Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, London Metal Exchange (LME), and Hong Kong Exchanges and Clearing were closed for one day due to Easter. As of 11:45, crude oil futures fell, with WTI down 1.58% and Brent down 1.52%. Oil prices fell as supply prospects eased, reducing concerns about reduced supply from Middle Eastern oil producers. Interfax reported that the Russian Ministry of Economy has lowered its 2025 Brent crude oil price forecast by nearly 17% compared to the September forecast last year. According to Interfax, the Ministry of Oil, in the baseline scenario of its 2025 economic forecast, assumed an average Brent crude oil price of $68/bbl, down from the $81.7/bbl forecast in September last year. Spot market overview: Inventory accelerated decline, suppliers actively stood firm on quotes for shipments, overall trading was moderate [SMM South China Copper Spot]. Tianjin zinc: Downstream purchasing enthusiasm was not high, premiums slightly declined [SMM Midday Review]. Other metal spot midday reviews will be updated later, please refresh to view~

Hosted by Shanghai Metals Market (SMM), CLNB 2025 (10th) New Energy Industry Expo will be held from April 16 to 18, 2025 at Suzhou International Expo Center . During the exhibition, 1 main forum and 11 sub-forums will be held, with government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries attending the event! Witness the gathering of industry leaders, explore core technologies, listen to experts' insights, interpret market trends, and gather in Suzhou to focus on key issues, inviting you to jointly analyze industry development. This expo covers 6 major exhibition areas , with 1,300+ domestic and overseas exhibiting and participating companies showcasing the entire industry chain of batteries, including power batteries, consumer batteries, energy storage, raw materials, materials, equipment, battery recycling, as well as NEVs, power tools, electric drives, and the low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form to register immediately and discuss the future development of the new energy industry with industry elites. We look forward to your arrival and joining SMM in opening this grand feast of the new energy industry. At this New Energy Industry Expo, Shanxi Huana Xinneng Technology Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly painting a bright blueprint for the new energy industry with peers. Shanxi Huana Xinneng Technology Co., Ltd. Booth Number: F12 cordially invites you to visit the CLNB 2025 New Energy Industry Expo About Huana Xinneng Company Shanxi Huana Xinneng Technology Co., Ltd. (hereinafter referred to as "Huana Xinneng Company") was established on January 24, 2022, as a third-tier subsidiary of Shanxi Huayang Group New Energy Co., Ltd., with a registered capital of 300 million yuan. The company has 4 functional departments, 3 production workshops, and 314 employees. Relying on the sodium-ion battery technology of the Institute of Physics, Chinese Academy of Sciences, Huana Xinneng has established and owns the world's first sodium-ion battery cell (1GWh) and sodium-ion Pack battery (1GWh) production lines. The company is committed to extending the industry chain, having completed the construction of an energy storage integration workshop, and possesses the capability for mass production of energy storage systems. It mainly produces 26700 cylindrical steel shell and 73174207 square aluminum shell sodium-ion battery cells, as well as corresponding Pack battery packs, coal mine emergency power supplies, and industrial and commercial energy storage products. Among them, cylindrical cell Pack battery packs are mainly used in electric two-wheelers, small energy storage, start-stop power supplies, and household energy storage; square cell Pack battery packs are mainly used in emergency power supplies, industrial and commercial energy storage, heavy-duty truck battery swapping, engineering machinery, and underground trackless rubber-tired vehicles. Relying on the Huayang Group Industrial Technology Research Institute platform and the entire sodium-ion battery industry chain, the company has a professional R&D team and deep R&D capabilities, continuously developing product applications. Facing diverse application scenarios, the company is strengthening upstream and downstream market integration, aiming to become a leading domestic and internationally renowned sodium-ion battery industry enterprise through demonstration, service, and integration. Project Operation Status Production Line Optimization and Debugging, Process Iteration Huana Xinneng adheres to producing high-quality products as the cornerstone of enterprise development, continuously optimizing material formulations and process procedures. Through relentless efforts, significant technological breakthroughs have been achieved in battery energy density, charge-discharge efficiency, low-temperature performance, and safety. To date, the cylindrical cell production line has been fully optimized, with the capacity of cylindrical cells increased from 2.8Ah to 3.5Ah, reaching industry-leading levels. The square cell production line has completed key process debugging, with capacity increased from 180Ah to 185Ah, and is advancing the introduction of the H30 cathode material system, aiming for 210Ah. Sodium-ion cylindrical and square cells produced by Huana Xinneng have passed authoritative certification, placing the production level in the industry's first tier. Addressing Market Demand, Enriching Downstream Products Independently developed cylindrical Pack battery packs are widely used in the electric two-wheeler field. Through strategic cooperation with Keda Automation, tens of thousands of sodium-ion electric two-wheelers have been deployed across the Shanxi market. The Pack battery pack adapted for Lima electric bicycles has passed the national CCC mandatory product certification. Independently developed sodium-ion coal mine emergency power supplies provide a "third power source" for coal mine safety. The first set of lithium + sodium coal mine emergency power supplies officially operated at Huayang Group's Jingfu Coal Mine on August 27. The first all-sodium coal mine emergency power supply officially operated at Huayang Group's Kaiyuan Mine on November 29. The first sodium-ion industrial and commercial energy storage cabinet debuted at Guangzhou International Cruise Plaza. The development of sodium-ion coal mine emergency power supplies and energy storage products fully demonstrates Huana Xinneng's technological and product advantages in leading the future of sodium-ion batteries. Focusing on Technology R&D, Building Core Power Huana Xinneng focuses on technology R&D, always considering technological innovation as the core driving force for high-quality company development. From 2023 to 2024, Huana Xinneng applied for 24 patents, successfully obtaining 10 technical patents; participated in compiling 11 standards, including 3 national standards and 8 group standards. The company continues to invest in R&D projects, currently identifying 4 R&D projects and steadily advancing them. It has completed the application for multiple innovation platforms, innovation competitions, and honorary titles, winning the titles of "Yangquan City Science and Technology Achievement Transformation Demonstration Enterprise," "Yangquan City Science and Technology Innovation Center," and "Shanxi Province 2024 Third Batch of Innovative Small and Medium Enterprises," and was listed on the China Sodium-ion Battery Annual Competitiveness Brand List. Ensuring Product Quality, Passing Authoritative Certification Huana Xinneng, in collaboration with Shanxi University, jointly established the "Sodium-ion Battery Energy Storage Technology City-Province Co-construction Shanxi Province Key Laboratory Cultivation Base," equipped with 51 advanced testing and inspection equipment, enabling full-process quality testing from raw material inspection to finished product ex-factory inspection for sodium-ion batteries and Pack batteries. Meanwhile, third-party product testing was commissioned to authoritative institutions such as Beijing Saixi and Tianjin China Automotive Technology & Research Center. The cylindrical cells, square cells, Pack battery packs, clusters, and emergency power supply cabins produced by Huana Xinneng have all passed authoritative certification. The sodium-ion emergency power supply project passed provincial expert review, with the "Huayang-made" sodium-ion battery coal mine emergency power supply achieving domestic leading levels among similar products. The sodium-ion emergency power supply passed expert review by the China National Coal Association, reaching international leading levels overall. The company successfully passed ISO9001 quality management system, ISO14001 environmental management system, and ISO45001 occupational health management system certifications. Improving the Marketing System, Fully Expanding the Market To quickly open the market in the sodium-ion battery blue ocean, Huana Xinneng has established a more comprehensive marketing system, forming 6 marketing service groups with a "technology + business" focus, targeting high-gas coal mines in the province as core users of emergency power supplies, while also considering other emergency power supply application scenarios, comprehensively promoting sodium-ion emergency power supply series products. The company continues to strengthen friendly cooperation with large enterprises such as China Southern Power Grid, CGN, Qinghe Power Plant, Inner Mongolia SPIC, and Xi'an Xidian, following up on the progress of energy storage project implementation to timely promote sodium-ion battery energy storage projects. Product Introduction Cylindrical Cell Square Cell Pack Battery Industrial and Commercial Energy Storage Cabinet 20ft Liquid-cooled Energy Storage System Contact Information Name: Zhichun Chang Phone: 15235523747 Email: 15235523747@163.com Name: Xiaogang Li Phone: 15035334033 Email: hnxn_sdlxg@163.com 【CLNB 2025—Hot Registration】 CLNB 2025 (10th) New Energy Industry Expo April 16-18, 2025 Suzhou International Expo Center

【Shenzhen Plans to Add 20,000 Charging and Swapping Ports This Year】On March 24, the Shenzhen Release public account announced that Shenzhen recently held a conference on jointly building a high-quality development ecosystem for the electric bicycle industry. It was announced at the meeting that the city will prioritize the promotion of the battery swapping mode, and plans to add 20,000 new charging and swapping ports (spaces) for electric bicycles this year to enhance the supply capacity of charging and swapping facilities. The meeting proposed that building a "battery swapping city" requires the joint efforts of all parties, especially the accelerated promotion of the battery swapping standard system and network construction, the standardization of battery swapping charge standards, and the continuous strengthening of safety education on battery swapping mode for enterprises and citizens.