National crude steel demand decreased from 1.05 billion mt in 2020 to 910 million mt in 2025, with the steel consumption in manufacturing (machinery, automobiles, home appliances, and ships) increasing from 242 million mt to 280 million mt, a rise of 15.7%, and its share rising from 23% to 31%, becoming a key force in boosting the upgrade of crude steel demand structure. In contrast, construction demand fell from 631 million mt to 440 million mt, with its share dropping from 60% to 49%.

[SMM Cast Aluminum Alloy Morning Comment: Overnight Futures Slightly Lower, Spot Prices Hold Steady Amid Wait-and-See Attitude] On Wednesday, the A00 aluminum price edged down by 30 yuan/mt to 23,260 yuan/mt compared with the previous trading day, while the SMM ADC12 price remained stable at 23,650 yuan/mt. As the Chinese New Year approaches, upstream and downstream enterprises in the secondary aluminum industry chain have entered a concentrated holiday period, leading to a noticeable decline in market liquidity. Actual transactions continue to be sluggish, with spot quotations largely making minor adjustments around the futures market.

[SMM Express] The latest data released today (11th) by the China Association of Automobile Manufacturers (CAAM) showed that China's automobile industry maintained stable operation in January 2026. In January, automobile production and sales reached 2.45 million units and 2.346 million units, respectively, with production up 0.01% YoY and sales down 3.2% YoY.

According to CAAM data, in January, automobile production and sales reached 2.45 million and 2.346 million units respectively. Production was up 0.01% YoY, while sales decreased by 3.2% YoY, down 25.7% and 28.3% MoM respectively. NEV production and sales reached 1.041 million and 945,000 units respectively, increasing by 2.5% and 0.1% YoY. NEV sales accounted for 40.3% of total new automobile sales. According to CAAM analysis, in January, the overall automobile industry operated steadily. The passenger vehicle market experienced some decline, while the commercial vehicle market continued its positive trend. The NEV market operated stably, and automobile exports maintained growth. The main factors contributing to the market decline were: first, the transition and adjustment of the NEV purch

ASCC SMM (7th) Automotive Supply Chain Conference & Summit Forum on New Material Applications Officially Announced and Scheduled! See you in Wuhan from September 3-5, 2025! The global automotive industry is accelerating its transition towards electrification, intelligence, and low carbonization, with breakthroughs in new material technologies and supply chain innovations becoming the core driving forces for high-quality development. Facing new situations such as carbon neutrality, global adjustments in the industry chain, and the low-altitude economy, the automotive industry requires cross-sectoral collaborative innovation to build a resilient and sustainable supply chain. Against this backdrop, the ASCC 2025 7th SMM Automotive Supply Chain Conference & Summit Forum on New Material Applications is set to commence. The conference, themed "Dual Circulation at Home and Abroad, Pursuing Global Development," focuses on technological upgrades and strategic opportunities across the entire supply chain, bringing together global automakers, suppliers, R&D institutions, and others to explore core topics. Scan the QR code for conference details 01 Core Highlights and Topics of the Conference 01 / Commercial Vehicle Technology Forum This forum aims to gather domestic and international commercial vehicle OEMs to jointly discuss: the advancement of chassis intelligence, opportunities for Chinese commercial vehicles to go global, and innovations in business models. 02 / Innovations in Automotive Three Electric Systems (Battery, Motor, Electronic Control) Delve into material innovations and process optimizations in three electric technologies, exploring the industrialization paths for high-energy-density batteries, efficient motor drive systems, and intelligent electronic control. 03 / Chassis and Auto Body Structural Innovations Focus on cutting-edge technologies such as auto body parts and integrated die-casting, driving the evolution of automotive design and manufacturing towards modularity and high safety. 04 / Globalization of the Supply Chain and Go-Global Strategies Analyze changes in the international economic and trade environment, sharing practical experiences and risk management strategies of automakers and suppliers in overseas layouts, localized operations, and cross-border collaborations. 05 / Low-Altitude Economy and Future Mobility Anticipate the linkage demands of emerging fields such as drone logistics and eVTOL (electric vertical takeoff and landing aircraft) on the automotive supply chain, exploring the integrated applications of new materials and intelligent technologies in three-dimensional transportation. Scan the QR code for conference details 02 Agenda Overview 01 | September 3 13:00-18:00 Guest Registration 14:00-17:30 Automotive Three Electric Ecosystem Forum 14:00-17:30 Forum on Technological Leap and Globalization Opportunities for Commercial Vehicles 02 | September 4 09:00-12:00 Entrepreneurial Leadership Forum 14:00-17:00 Overseas International Forum 14:00-17:00 Automotive Chassis & Auto Body Forum 18:00-20:00 Automobile Industry Gala Night 03 | September 5 09:00-11:00 Low-Altitude Economy Forum 14:00-16:00 Company Tour Proposed Visits: Dongfeng, VOYAH Scan the QR code for conference details 03 Speaking Agenda · Afternoon of September 3 Automotive Three Electric Ecosystem Forum Forum on Technological Leap and Globalization Opportunities for Commercial Vehicles · Afternoon of September 4 Entrepreneurial Leadership Forum · Afternoon of September 4 Overseas International Forum Automotive Chassis & Auto Body Forum · Morning of September 5 Low-Altitude Economy Forum Scan the QR code for conference details 04 List of Previous Attendees Scan the QR code for conference details

Li Shufu, Chairman of Geely Holding Group: Geely Decides Not to Build New Automobile Production Plants At the "China Auto Chongqing Forum" held in Chongqing, Li Shufu, Chairman of Geely Holding Group, participated via video link. He stated that the global automobile industry is currently facing severe overcapacity. Geely has decided not to build new automobile production plants and will avoid redundant construction. Instead, Geely aims to fully utilize the global surplus capacity and engage in pragmatic cooperation and resource restructuring to the greatest extent possible. By doing so, Geely can leverage mature quality assurance systems and skilled workers, while also improving the utilization rate of peers' surplus capacity, thereby participating in global market competition with a friendly attitude.

[SMM Aluminum Morning Meeting Summary: Destocking Provides Support for Aluminum Prices During Off-Season, Prices Expected to Fluctuate Considerably] On the macro side, the phone call between China and the US may lead to a de-escalation of the trade war, while the rebound in China's manufacturing PMI and improvement in export indicators in May provide demand support, indicating that the resilience of the domestic economy remains. Fundamentals side, the operating capacity of domestic electrolytic aluminum remains stable, and the reduction in casting ingot volume has temporarily maintained the destocking trend of domestic aluminum ingot inventory. Cost side, the impact of the Guinea mine incident on alumina prices has eased somewhat, and the real-time cost of electrolytic aluminum has declined slightly MoM. On the demand side, it faces dual pressures from domestic seasonal weakness and trade uncertainties. In the short term, the operating rate of domestic aluminum processing enterprises will be under pressure, and the off-season atmosphere will intensify. Overall, the current low inventory and the expectation of a higher proportion of liquid aluminum provide strong support for aluminum prices. However, the off-season pressure on the demand side limits the upside room. Spot aluminum ingot in major consumption areas may soon face a situation of weak supply and demand, and aluminum prices are expected to remain volatile and range-bound in the short term.

[Indian Government: Has Provided Separate Import Quotas for ICE and EV Vehicles to the UK Under Trade Agreement] An Indian government official stated that India has provided separate import quotas for internal combustion engine (ICE) and electric vehicle (EV) vehicles to the UK under a trade agreement. Tariffs on ICE and EV vehicles will be reduced in phases. The free trade agreement with the UK is expected to be signed in three months. (Financial Link) [India-US Tariff Negotiations: India Proposes "Zero-for-Zero" Tariff Arrangement] Informed sources revealed that during trade negotiations with the US, India proposed a "zero-for-zero" tariff arrangement for specific goods, including steel, auto parts, and pharmaceuticals. However, the proposal is based on the principle of reciprocity and is limited to a certain quantity of imported goods. Washington has expressed concerns about India's quality control orders, viewing them as non-tariff trade barriers to its exports. The US's so-called "reciprocal tariff" of 26% on India has been shelved, but the baseline tariff of 10% remains in effect. Reports indicate that imports of industrial products exceeding a certain quantity threshold will be subject to regular tariff rates. (Financial Link) [EU: Plans to Impose Tariffs on US Goods Worth €95 Billion if Negotiations Fail] The European Commission has launched a public consultation on possible countermeasures in response to US tariffs. The European Commission stated that if negotiations fail, it plans to impose tariff measures on US goods worth €95 billion. The tariff proposal includes aircraft, automobiles, and bourbon whiskey, as well as meat, fish, and agricultural products. The EU is considering imposing export restrictions on the US for scrap metal and chemicals worth €4.4 billion. The EU will initiate a dispute settlement procedure against the US at the WTO regarding automobiles and reciprocal tariffs. The European Commission stated that it will continue to prioritize seeking mutually beneficial and balanced solutions with the US. [Chinese Research Team Develops New Monitoring Technology to Safeguard the "Health" of Lithium-Ion Batteries] A team led by Professor Tingrui Pan and Researcher Yu Chang from the Suzhou Institute for Advanced Study of the University of Science and Technology of China, in collaboration with a team led by Professor Peng Tan from the University of Science and Technology of China and a team led by Professor Yongbing Tang and Researcher Fan Zhang from the Shenzhen Institute of Advanced Technology of the Chinese Academy of Sciences, has developed a long-lasting and stable in-situ expansion force monitoring technology for lithium-ion batteries. Relevant research results were recently published in National Science Review. Lithium-ion batteries have become the core of electric vehicles and energy storage systems due to their high energy density and long cycle life. However, issues such as lithium dendrite growth and solid electrolyte interphase (SEI) film growth threaten the safety and service life of batteries. In response to this challenge, the research team has developed a new in-situ monitoring technology based on integrated iontronic sensing technology. This technology utilizes the battery's own electrolyte and materials to construct a sensing interface, enabling high-precision pressure monitoring without additional encapsulation.This structure is not only highly compatible with battery materials but also addresses the stability challenges of traditional flexible pressure sensors in corrosive environments. Experiments have shown that the integrated iontronic sensing technology can operate stably within a battery for over one month, capturing the irreversible deposition of lithium dendrites through changes in the asymmetry and peak values of the pressure curve. Researchers have introduced that this technology opens up new avenues for the design of smart batteries, with its low cost, high precision, and long lifespan making it particularly suitable for vehicle battery management systems. (CCTV News) [Geely and DP Technology Usher in an Era of "Targeted Drug-Level Precision Regulation" for Battery Safety, Becoming One of the First Automakers to Pass New National Standards for Battery Safety] Recently, DP Technology and Geely Auto announced the establishment of a joint "New Energy + AI" laboratory. Both parties have introduced the "AI + Molecular Simulation" technology system from the biomedical field into the R&D of power batteries for the first time, marking the official entry of global power battery technology into a new phase of "atomic-level precision R&D." It is also understood that Geely Auto obtained the GB 38031-2025 "Safety Requirements for Traction Batteries in Electric Vehicles" test report on May 8, becoming one of the first domestic enterprises to pass the new national standards for battery safety. The test report was issued by the authoritative third-party testing institution, CATARC Automotive Test Center. Relying on its unique Shendun Battery Safety System, Geely passed all new national standard safety verifications in one go, fully reflecting its consistent safety philosophy. (Cailian Press) [Minister of Commerce Wang Wentao: Sales from Trade-in Programs for Consumer Goods Exceeded 1.3 Trillion Yuan in 2024, and Will Be Expanded and Intensified in 2025] The magazine Qizhi recently published an article titled "Vigorously Boosting Consumption, Expanding Domestic Demand in All Aspects, and Promoting Sustained Economic Rebound" by Wang Wentao, Secretary of the Party Leadership Group and Minister of the Ministry of Commerce. The article points out that upgrading commodity consumption is crucial for stabilizing the overall consumption market. With its large scale and strong driving force, stabilizing the basic consumption market requires first and foremost focusing on commodity consumption, which serves as the "linchpin." Currently, the main challenge facing commodity consumption is insufficient effective demand. We will explore multiple approaches from the demand side to tap into the potential for upgrading commodity consumption. We will intensify and expand the scope of trade-in programs for consumer goods. In 2024, sales from trade-in programs for consumer goods exceeded 1.3 trillion yuan, effectively boosting consumption recovery. In 2025, we will build on this momentum and further expand and intensify these efforts. In terms of intensification, the support funds from ultra-long-term special national bonds will be increased to 300 billion yuan, doubling the amount from the previous year. In terms of expansion, for the first time, subsidies will be introduced for the purchase of new digital products such as mobile phones, and the categories of home appliances eligible for trade-in subsidies will be expanded from "8+N" to "12+N." Additionally, the scope of vehicles eligible for scrappage and renewal under the program will be appropriately broadened. We will also improve the subsidy application process to enable consumers to enjoy policy incentives more quickly and conveniently.Launch pilot work on reforming automobile circulation and consumption. Support local governments in actively exploring and taking the lead in eliminating restrictive measures on automobile consumption and developing the automotive aftermarket, accelerating the release of consumption potential across all links in the entire chain of automobile purchase and use. Promote the consumption of high-quality foreign trade products. Organize the "China Tour for High-Quality Foreign Trade Products" campaign to expand online and offline channels and facilitate greater entry of high-quality foreign trade products into the domestic market. Advance the consumption of trendy domestic products. Continuously promote the innovative development of time-honored brands, host a series of featured events under the "Time-Honored Brand Carnival" initiative, and create growth points for the consumption of trendy domestic products. (Cailian Press) Related Reading: In Q1, lithium carbonate prices fell by over 25% YoY, with miners experiencing mixed performance. When will lithium prices rise? [SMM Special Report] [SMM Analysis] In April 2025, SMM's total domestic lithium carbonate production fell by 7% MoM but increased by 40% YoY. Salt Lake Potash's net profit in Q1 increased by over 22% YoY. By 2030, it aims to achieve an annual lithium chemicals production capacity of 200,000 mt. On the first trading day after the holiday, the automotive parts sector saw a surge in "limit-up" stocks, with Jingjin Electric achieving three consecutive daily limit-ups. The market performed well during the holiday. [Hot Stocks] [SMM Analysis] The spot price of refined cobalt strengthened. [SMM Analysis] The spot price of cobalt intermediate products rose. [SMM Analysis] The economic viability of refined cobalt production declined, with April's refined cobalt production falling MoM. [SMM Analysis] In April, lithium hydroxide production remained relatively stable but slightly weak MoM, with expectations for May being basically flat. [SMM Analysis] In April, the production of ternary cathode precursors increased by 0.36% MoM. [SMM Analysis] In April, the production of ternary cathode materials increased by 7.38% MoM. [SMM Analysis] Between advancement and retreat: The pragmatic compromise of the US automotive tariff compensation policy and the challenges of global industry chain restructuring. [SMM Analysis] In April, the iron phosphate market remained stable, with enterprises facing pressure and struggling to raise prices. Lithium: Driving the Green Revolution. Analyzing how the industry chain is reshaping the future of energy. [SMM Popular Science] [SMM Analysis] Driven by the demand in the LCO market, the production of Co3O4 increased significantly MoM in April. [SMM Special Report] In Q1, the automobile industry achieved double-digit growth in both production and sales. Under the shadow of tariffs, what are the expectations for Q2? SMM: Global ESS market demand may reach around 470 GWh by 2030. How will various markets perform? [SMM Special Report] In March, import and export data for battery materials were released. Imports of spodumene and lithium carbonate showed one decrease and one increase MoM. How did they perform? [Weekly Observation] Spot quotes for refined cobalt continue to rise. High raw material costs have led some smelters to cut production. The price of this cobalt salt may remain firm.

[SMM Analysis]On April 28, 2025, BYD held the foundation - laying ceremony for its Cambodia Passenger Vehicle Factory in the Sihanoukville Economic Zone. This marks Cambodia's first new energy vehicle production base.

[Minister of Commerce Wang Wentao: Hope German Automobile Industry Association Continues to Play an Active Role in Resolving the EU's Anti-Subsidy Case on Chinese EVs] Minister of Commerce Wang Wentao met with Hildegard Müller, President of the German Automobile Industry Association (VDA), and the two sides exchanged views on topics such as Sino-German automotive industry cooperation and the EU's anti-subsidy case on Chinese EVs. Wang Wentao stated that Sino-German automotive industry cooperation has a solid foundation, and German automakers are witnesses, participants, and beneficiaries of China's reform and opening up. China's door to opening up will only open wider, and its policies on utilizing foreign investment remain unchanged and will not change. He hoped that German automakers would seize the opportunity and strengthen their confidence in investing in China. 》Click to view details [Li Lecheng, Secretary of the Party Leadership Group of MIIT, Meets with Hildegard Müller, President of the German Automobile Industry Association] Li Lecheng, Secretary of the Party Leadership Group of the Ministry of Industry and Information Technology (MIIT), met with Hildegard Müller, President of the German Automobile Industry Association (VDA), in Beijing on April 27. The two sides exchanged views on deepening Sino-German automotive industry cooperation. Li Lecheng stated that China and Germany are comprehensive strategic partners, and the German Automobile Industry Association has assisted German companies in deepening their presence in the Chinese market, carrying out diverse forms of cooperation in areas such as new energy vehicles (NEVs) and intelligent connected vehicles (ICVs). He hoped that both sides would continue to leverage their respective strengths, tap into cooperation potential, and jointly promote the transformation, upgrading, and high-quality development of the automotive industry. The Chinese side will create a world-class business environment that is market-oriented, law-based, and internationalized for the development of foreign-funded enterprises in China. Hildegard Müller stated that the German Automobile Industry Association has always advocated for free trade, called for fair competition, and valued international cooperation. She looked forward to working hand in hand with Chinese partners to promote the coordinated development and technological innovation of the automotive industries in both countries and continuously achieve new results in Sino-German automotive industry cooperation. [220 Million Tons of Lithium Ore Resources Proven in Yajiang, Sichuan] Yajiang County, Ganzi Prefecture, Sichuan Province, has proven lithium ore resources totaling 220 million tons. Zhong Se, County Magistrate of the Yajiang County People's Government, stated at a meeting that Yajiang is rich in lithium ore resources and is a core component of the Jiajika rare metal ore field, with proven pegmatite-type lithium ore reserves ranking first globally. Currently, Yajiang has proven 220 million tons of raw ore resources of spodumene and 3.06 million tons of lithium oxide resources. In terms of lithium ore resource development, Zhong Se revealed that Yajiang has "joined hands" with three industry giants: CATL, Tianqi Lithium, and Shengtun. "CATL's Sinoway and Shengtun's Murong lithium mine projects have obtained mining rights, and Tianqi's Cuola lithium mine has fully resumed production." [Nissan's Wuhan Plant Reportedly to Halt Production This Business Year] Citing sources, it is reported that Nissan Motor will end automobile production at its Wuhan plant by the end of the current business year, which concludes at the end of March 2026. The report indicates that amid fierce competition from Chinese automakers, the operating rate of Nissan's Wuhan plant has fallen below 10% of its annual production capacity of 300,000 units. The plant, which Nissan has been leasing from Dongfeng Motor since 2022, is used to produce Nissan's Ariya electric vehicle and X-Trail sport utility vehicle. [Canadian Retail Sales Decline in February, Expected to Rebound Mildly Next Month] Statistics Canada stated that due to a decline in sales at automobile and parts dealers, Canadian retail sales in February fell by 0.4% MoM from January, totaling CAD 69.33 billion (USD 49.95 billion). In February, sales declined in four out of nine sub-sectors, accounting for 43.1% of total retail sales. In terms of volume, retail sales fell by 0.4%. In its preliminary estimate, the agency said that retail sales in March may increase by 0.7%, while factory sales in March are likely to decline by 1.9% MoM, mainly due to sales declines in sub-sectors such as petroleum and coal products, primary metals, and transportation equipment. [China National Heavy Duty Truck Group and Toyota Motor Sign Strategic Cooperation Agreement] China National Heavy Duty Truck Group and Toyota Motor signed a strategic cooperation agreement at Toyota's headquarters in Nagoya, Japan, on the 25th. The hydrogen fuel cell tractors jointly developed by the two sides have been delivered to the market in batches for application. In the future, the two sides will establish broader cooperation in areas such as the R&D, demonstration operation, promotion, and business model innovation of hydrogen fuel cell commercial vehicles. Related Reading: March Battery Material Import and Export Data Released: Spodumene Imports Decline MoM, While Lithium Carbonate Imports Increase MoM. How Did They Perform? [SMM Special Topic] Refined Cobalt Spot Quotations Continue to Rise; High Raw Material Costs Lead to Production Cuts at Some Smelters. This Cobalt Salt Price May Remain Firm [Weekly Observation] [SMM Analysis] A Review of This Week's Scrap Spot Price Trends (April 21-27, 2025) [SMM Manganese Ore Weekly Review] Sluggish Market Purchases; Spot Prices Under Pressure to Decline [SMM Analysis] Weekly Review of the Lithium Carbonate Market: Demand Falls Short of Incremental Expectations, Prices Fall by Over RMB 1,000 Weekly! [SMM Analysis] Weekly Market Trends of Lithium Ore (April 21-25) [SMM Analysis] Weekly Market Trends of Lithium Hydroxide (April 21-25) [SMM Analysis] Recent Electrolyte Prices (April 21-24, 2025) [SMM Analysis] Analysis of Weekly Price Trends of Energy Storage Battery Cells from April 17-24 [SMM Analysis] This Week, Spot Prices of Cobalt Tetroxide Decline Slightly [SMM Analysis] This Week, Prices of Ternary Cathode Materials Further Decline [SMM Analysis] This Week, Prices of Ternary Cathode Precursors Rebound Slightly [SMM Analysis] This Week, Spot Prices of Refined Cobalt Rise Slightly [SMM Analysis] This Week, Spot Prices of Cobalt Intermediate Products Remain Stable [SMM Analysis] This Week, Prices of Cobalt Chloride Rise Slightly [SMM Analysis] This Week, Spot Prices of Cobalt Sulphate Remain Stable, with Strong Market Wait-and-See Sentiment [SMM Analysis] This Week, Prices of Power Battery Cells Remain Generally Stable, with Demand Pressure on Ternary Systems Limiting Price Increases [SMM Analysis] This Week, Prices of Anode Materials Remain Stable [SMM Analysis] This Week, Prices of Anode Raw Material Cokes All Decline to Varying Degrees [SMM Analysis] With No Significant Fluctuations in Supply-Demand Patterns or Costs, This Week, Prices of Graphitisation Tolling Services Remain Stable LFP Market Situation from April 21 to April 25 [SMM Analysis] [SMM Analysis] In March 2025, China's Unwrought Cobalt Exports and Average Export Prices Increased Significantly MoM [SMM Analysis] In March, Imports of Cobalt Intermediate Products Increased Both YoY and MoM [SMM Analysis] Supercharging Technology Showdown: CATL vs. BYD [SMM Analysis] Zimbabwe's Step Aside Lithium Mine Project Initiates Asset Realization: Focusing on Strategic Adjustments and Market Opportunities The 2025 (10th) New Energy Industry Expo Concluded Successfully! See Industry Leaders Gather to Discuss Hot Topics! SMM: Global LFP Production Expected to Continue Rising, with Subsequent Prices Still Heavily Influenced by Lithium Carbonate [New Energy Summit] [SMM Analysis] In March, China Imported a Total of 534,500 mt of Spodumene [SMM Data] Import and Export Data of LiPF6 in March 2025 Import and Export Situation of LFP Materials in March [SMM Analysis] [SMM Analysis] In March, Import and Export Volumes of Ternary Cathodes Released, with Imports Up 31% MoM and Exports Up 36% MoM [SMM Analysis] Market Warms Up in March, with Increased Exports of Artificial Graphite [SMM Analysis] Analysis of Export Situation of Ternary Cathode Precursors in March