The "CCTV Finance Excavator Index," jointly developed by CCTV Finance, Sany Heavy Industry, and TreeLab Technology, released its latest data. In April, construction machinery saw increases in both volume and operating rates, with all three major sectors — port logistics, heavy lifting, and civil construction — recovering across the board as peak-season construction demand was concentrated and released. In April, the average operating rate of construction machinery nationwide was 45.09%, up 3.6 percentage points MoM, and the workload growth rate of trackable samples was 12.55% MoM. The top ten provinces ranked by comprehensive operating rate were: Anhui, Beijing, Ningxia, Zhejiang, Liaoning, Hainan, Hebei, Jiangxi, Gansu, and Xinjiang.

Copper prices experienced wild swings this week, with a cumulative decline of over 400 yuan/mt. During the period, news of delayed production resumptions at an Indonesian copper mine triggered a single-day surge of 1,630 yuan/mt, which quickly pulled back. The wild swings dominated overall sentiment across the secondary copper industry chain

Spot market, this week (May 18–22, 2026), spot lead prices were in the doldrums from the beginning to mid-week, with the price center continuing to shift downward. Spot lead prices fluctuated higher in the latter half of mid-week. Downstream buyers mainly made just-in-time procurement and digested existing inventories, and overall spot trading activity was moderate. Regional side, Henan smelters primarily fulfilled long-term contracts, with spot quotation ranges fluctuating and futures discount ranges gradually narrowing. In Hunan, willingness to sell among market participants diverged, with spot orders largely trading at parity with the average price and only sporadic just-in-time procurement transactions. Smelters in Jiangxi and Anhui quoted at premiums of +120-150 yuan/mt ex-works against the SMM #1 lead average price, with some cargoes seeing moderate transactions. Guangdong smelters previously quoted at premiums mostly in the 150-200 yuan/mt range, but due to insufficient finished product inventories, their overall willingness to sell remained cautious.

SMM May 22 update: As of May 21, secondary lead finished product inventories stood at 21,400 mt, up 4,000 mt WoW from May 14. Lead prices fell first and then rose this week, with downstream battery enterprises showing strong wait-and-see sentiment, and weak procurement drove inventory accumulation. After lead prices recovered, some large smelters held back from selling, and spot order inventories rose notably. Going into next week, a major plant in Jiangxi is expected to ramp up production after production resumptions, and a smelter in Guangdong is expected to resume production after environmental protection inspections. Meanwhile, downstream enterprises will begin a new round of long-term contract cargo pick-up. Under the combined effect of multiple factors, secondary lead finished product inventories are unlikely to decline effectively.

SMM News, May 22: From May 15 to May 21, 2026, SMM data showed that the weekly operating rate of secondary lead in four provinces in China was 27.62%, up 1.49 percentage points WoW. In Henan, production lines under maintenance resumed production, with the regional operating rate rising 5.9 percentage points. In Jiangsu, raw material shortages led smelters to cut production, with the operating rate pulling back 1.54 percentage points. Production in Anhui and Inner Mongolia remained stable. No production adjustment plans are scheduled across regions next week, and the operating rate is highly likely to remain stable. Meanwhile, attention should be paid to the pace of production resumptions following environmental protection-related controls in Guangdong, as well as the production ramp-up pace of smelters resuming production in Jiangxi.

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Spot lithium carbonate prices showed a continuous decline and pulled back from highs this week. The futures market performed weakly, with the most-traded LC2609 contract price range fluctuating downward from 187,600-193,900 yuan/mt at the beginning of the week to 175,200-184,100 yuan/mt, hitting a mid-week low of 175,200 yuan/mt, down approximately 5.8% for the week. Open interest first increased then decreased, and market sentiment was bearish. Market transactions showed a distinct "active on declines" pattern, with downstream purchasing enthusiasm rising as prices pulled back. Upstream lithium chemical plants held strong sentiment to hold prices firm and hold back from selling, with a widespread wait-for-rebound mentality. However, some enterprises that had hedged at earlier highs increased spot order shipments to downstream buyers. Downstream material plants saw sustained active downstream inquiries and purchases as prices continued to fall, initially focused on just-in-need restocking; as prices dropped further, purchase willingness grew increasingly strong, and restocking and stockpiling willingness gradually improved. Traders saw significant destocking due to large-scale downstream purchases. Overall, market inquiries and actual transactions became more active after price declines, showing a "buy on dips, watch on rallies" pattern. Supply side, multiple changes emerged, with production slightly decreasing but longer-term supply expectations increasing. Lithium carbonate production decreased slightly this week, mainly due to spodumene production line maintenance. In terms of inventory changes, as upstream lithium chemical plants continued to increase the volume of hedging-related registered warrants, combined with increased direct sales of lithium carbonate from lithium chemical plants to downstream buyers, upstream inventory showed a slight destocking trend this week. On longer-term supply, Mineral Resources Limited (MinRes) announced it would restart its wholly-owned Bald Hill lithium mine due to a significant and sustained rebound in lithium prices, with mining and crushing expected in June, first concentrates output in July, and the first shipment in Q1 FY2027. The expectation of incremental longer-term supply weighed on market sentiment. Import and export data indicated continued and growing ex-China replenishment. According to customs statistics, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY. Cumulative imports from January to April reached 116,000 mt, up 47% YoY. Lithium sulfate imports in April were 17,942 mt, up 9% MoM and up 296% YoY. Cumulative imports from January to April reached 58,900 mt, up 121% YoY, reflecting increased processing trade activity and exerting some pressure on short-term prices. Looking ahead, short-term lithium carbonate prices are expected to hover at highs. Supply side, key variables going forward include the progress of mining license renewals in Jiangxi, the pace of Zimbabwean concentrates arriving at ports, and the restart progress of the Bald Hill and Finniss lithium mines. Demand side, close attention should be paid to the sustainability of downstream purchasing enthusiasm and the actual volume increase in restocking and stockpiling. Short-term lithium prices are expected to maintain a fluctuating trend within the 180,000-190,000 yuan/mt range. It is recommended to closely monitor further changes in warrant volumes and actual progress in ore production resumptions.

SMM News on May 21: Guangdong region: Premiums in this region trended gradually lower this week, mainly due to increased arrivals coupled with weakening consumption. As of Thursday, high-quality copper was quoted at 240 yuan/mt, down 30 yuan/mt from last Thursday; standard-quality copper was quoted at a premium of 160 yuan/mt, down 40 yuan/mt from last Thursday; SX-EW copper was quoted at 90 yuan/mt, down 40 yuan/mt from last Thursday. On Thursday, the price spread of standard-quality copper premiums between Shanghai and Guangdong showed Guangdong higher by 270 yuan/mt, and it widened to 300 yuan/mt mid-week. The relatively large price spread led to cargoes from Jiangxi and Shanghai flowing southward. According to SMM statistics, as of Thursday, total inventory in Guangdong warehouses was 20,300 mt, up 3,400 mt from last Thursday, while warrants totaled 4,900 mt, down 152 mt from last Thursday. Specifically: warehouse arrivals this week were 17,000 mt/week, up 4,000 mt/week WoW, higher than the annual average (14,000 mt/week), mainly due to increased arrivals from northern cargoes. Warehouse withdrawals were 13,700 mt/week, down 1,100 mt WoW, slightly below the annual average (14,200 mt/week), as terminal orders decreased and copper processing enterprises' operating rates declined. Looking ahead to next week, affected by increased supply and weakening demand (according to our understanding, a large copper processing enterprise will see significant production cuts next week), inventory is expected to continue increasing, and spot premiums are expected to continue declining. (The above information is based on market collection and comprehensive assessment by the SMM research team. The information provided in this article is for reference only. This article does not constitute a direct recommendation for investment research decisions. Clients should make prudent decisions and not use this as a substitute for independent judgment. Any decisions made by clients are unrelated to SMM.)

On May 19, Sinomine Resource Group Co., Ltd. issued an announcement stating that it plans to issue A-shares to specific qualified investors, raising a total amount of approximately 5.2 billion yuan through the private placement. The maximum number of shares to be issued is 216,447,563, not exceeding 30% of the company's total share capital before the issuance. The fund-raising investment projects for this private placement focus on Sinomine Resource's main business, including the annual 100,000-ton lithium sulfate project in Zimbabwe, the Kitumba copper mine project in Zambia, and the annual 2,000-ton cesium-rubidium product project of Jiangxi Sinomine Advanced Materials Co., Ltd.

SMM May 20: Dealers in Hunan reported that end-use demand in the e-bike lead-acid battery market was sluggish, with battery sales showing no improvement for the time being. Battery inventory stood at about one month, and the wholesale selling price of batteries remained unchanged in May, with the main model 48V20Ah priced at 400 yuan/set. Manufacturers in Zhejiang reported that replacement demand in the e-bike lead-acid battery market was weak, with finished product orders showing no significant change for the time being. To control inventory accumulation, factory production line operating rates were maintained at 70%, and raw material lead was purchased as needed. Manufacturers in Jiangxi reported that the off-season in the e-bike lead-acid battery market continued, with dealers only purchasing as needed. To ease finished product inventory pressure, factory operating rates were currently maintained at around 70%, and raw material lead was bought and used on demand.