[SMM Rare Earth News Flash] According to data released by CAAM, China's automobile production in March 2026 reached 2.917 million units, of which NEV production was 1.231 million units and internal combustion engine vehicles 1.686 million units. According to the SMM end-use demand model, NdFeB consumption from NEVs in March 2026 was 5,260.8 mt, and NdFeB consumption from internal combustion engine vehicles was 534.2 mt. Both NdFeB consumption from NEVs and internal combustion engine vehicles increased YoY and MoM.

[Magnesium Alloy Demand Accelerating Release, Lightweight Applications Entering Full-Scale Boom] In 2026, the magnesium alloy market demand entered a high-speed growth cycle. Applications in NEV lightweighting, high-end equipment, and high performance transportation equipment continued to expand. The industry ushered in a golden window period of improved supply-demand structure and accelerated technology commercialization, with coordinated deployment across the upstream and downstream of the industry chain picking up pace.

Latrobe Magnesium of Australia received a $2 million advance payment to accelerate its fly ash-to-magnesium demonstration project, with all products to be sold to the US market. Canada's West High Yield Resources signed a long-term sales agreement, marking a key step toward the commercialization of the Record Ridge magnesium mine. MG plans to mass-produce semi-solid-state battery car models by the end of 2026, and the application potential of magnesium materials in lightweight structures and battery components is expected to expand.

The CPCA said today that in China’s passenger vehicle market, in February 2026, the wholesale sales of producers with new energy sales of more than 10,000 units accounted for 93% of total passenger NEV sales for the month. According to preliminary compiled data for March, the March sales of these enterprises with February new energy sales of more than 10,000 units reached 990,000 units. At present, sales figures for most producers had basically been locked in at a broad level. Some producers whose wholesale volumes were relatively low in February due to the Chinese New Year factor performed very well in March. Therefore, based on last month’s structural mix combined with this month’s data, March nationwide passenger NEV wholesale sales were estimated at 1.12 million units. In summary, based on preliminary monthly CPCA data: nationwide passenger vehicle producers’ new energy wholesale sales in March 2026 were estimated at 1.12 million units, flat YoY and up 55% MoM from February.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Lower in the Night Session and Then Fluctuated Higher, While Downstream Enterprises Mainly Purchased to Restock for Phased Production Needs]

On April 1, Seres released its March production and sales report. The data showed that Seres' NEV monthly sales reached 22,706 units in March, up 20.74% YoY; cumulative sales for January to March this year reached 78,500 units, up 43.9% YoY.

On April 1, BYD released its March sales data, with monthly sales of 300,222 units, passenger vehicle and pickup exports of 119,591 units, and cumulative NEV sales exceeding 15.8 million units.

[How Should Zinc Consumption Be Viewed Against the Backdrop of Geopolitical Conflicts?] Q1 2026 had passed, and the overall recovery in post-holiday consumption was somewhat delayed. How would consumption perform going forward?

[Hyundai Motor Steps Up Its EV Push in China Amid US Tariff Pressure] South Korea’s Hyundai Motor is intensifying its EV strategy in China, setting an aggressive target of selling more than 40,000 NEVs this year in a bid to reduce its reliance on the US market as US tariff pressure continues to mount. According to industry sources, Hyundai Motor plans to raise NEV production at its joint venture Beijing Hyundai to 41,500 units in 2026, up more than 33-fold YoY; by then, the share of new energy car models in total production will surge from just 0.6% last year to about 20%. Hyundai Motor has also set its total sales target in China for this year, including exports, at 218,000 units, up 10.8% from 2025.

According to the latest statistics from CINNO•ICResearch, total investment in China’s PCB industry reached approximately 105.3 billion yuan in 2025, up 2.9% YoY from 2024. Although the number of investment projects in China’s PCB industry pulled back in 2025 compared with 2024, investment size per project increased significantly, with the largest single investment also rising accordingly. The investment landscape became more concentrated in the high-end segment, with an optimized structure. PCBs dedicated to AI computing power became the clear main theme, with key investment flowing into high-end products such as advanced HDI, high-layer-count boards, and high-speed, high-frequency boards; automotive electronics PCBs followed closely behind and posted strong growth, benefiting from upgrades in NEVs and intelligent driving; communications and industrial control PCBs provided steady support for 5G and data center construction. Overall, the industry moved away from the low and mid-end fragmented layout of 2024 and officially entered a new stage led by the high-end segment.