On April 2, 2026, the White House ushered US steel trade policy into "Version 2.0." This strategic shift goes beyond simple tariff hikes. It uses full-value taxation and melt-and-pour traceability to block low-end imported raw materials, while applying structural tariff reductions to finished products to ease manufacturing inflation. Ultimately, this two-pronged approach aims to forcibly bring the global supply chain back to domestic US steel production.

As production order fully resumed after the Chinese New Year, the sodium-ion battery industry chain saw a strong recovery in March. Production across the four major segments—cathode, anode, electrolyte, and battery cell—posted substantial growth both YoY and MoM, with industry prosperity rebounding markedly.

The US solar industry faces a 53,000-worker shortfall as developers rush to meet the July 2026 construction deadline under the 'OBBBA'. Projections indicate 355,000 workers are needed to hit the 60-70 GW installation targets, yet 86% of employers report hiring difficulties. The labor crunch is compounded by a mandate requiring 15% of labor hours to come from apprentices to secure tax credits. To adapt, developers are building internal training pipelines, targeting veterans, and utilizing digital tools to maximize efficiency.

SMM News, April 2: Dealers in Jiangxi reported no significant change for now in replacement demand in the automotive lead-acid battery market, with retailers only purchasing as needed and battery inventory at around one and a half months. In addition, amid the sharp recent rise in lead prices, talk of sales promotions in the battery wholesale market has weakened, and the mainstream model 6-QW-45Ah was quoted at 180-200 yuan/unit. Manufacturers in Zhejiang reported that domestic demand in the automotive lead-acid battery market was average. Coupled with impeded battery exports due to factors including geopolitical issues, tariffs, and differences in domestic and overseas costs, factories are currently producing based on sales, with the operating rate at around 50-60. Manufacturers in Hebei reported stable demand in the automotive lead-acid battery market, among which vehicle OEM supporting orders were moderate, and factory production lines were running at near full capacity. However, as the traditional consumption off-season in April approaches, subsequent production will be adjusted based on order conditions.

[Developments in the Outside-China Lead Market] According to Notice No. 26,094-96 issued by the LME, the suspension of trading in the UMICORE 99.99, 99.985, and 99.97 lead brands produced by Umicore has been lifted, and these brands will continue to be used for warrant transactions on the London Metal Exchange (LME). It was reported that, according to Notice No. 26 005-007 issued by the LME on January 2, 2026, effective April 2, 2026, the three lead ingot brands produced by Umicore will no longer be accepted for warranting by the London Metal Exchange (LME).

[E-bike Market Update] It was reported that, in addition to Yadea, leading electric two-wheeler brands in China such as Ninebot, TAILG, and AIMA plan to raise the end-user selling prices of most of their car models starting April 1, with increases generally at 200-300 yuan per unit. According to e-bike dealers, they have already received notices from manufacturers that prices for some car models, including two-wheelers and three-wheelers, will be raised starting in April, with increases ranging from 30-300 yuan per unit.

Australian mining company BHP has outlined a global pipeline of copper projects that could expand its production capacity by 1.8–2 million tonnes over the next decade, in response to rising global demand. BHP also projects that global copper demand will increase from approximately 34 million tonnes per year in 2026 to more than 50 million tonnes by 2050.

SMM News, April 2: As the traditional off-season for the e-bike lead-acid battery market approaches, dealers said battery sales weakened compared with March, while lead prices held up well, and there was no change for the time being in the battery market selling price. For example, the mainstream 48V20Ah model was priced at 380-410 yuan/set. In addition, due to rising raw material costs, e-bike enterprises have issued notices to raise complete vehicle selling prices in April by 200-300 yuan per unit.

German company, Tozero, announced on March 27 (local time) the official launch of its industrial-scale demonstration plant. The company has built a facility at the Gendorf chemical park in Bavaria, Germany, capable of processing more than 1,500 tons of waste batteries annually. The process enables the recovery of lithium carbonate, graphite, and nickel-cobalt mixtures from spent batteries for reuse as battery raw materials. The plant is expected to recycle resources equivalent to batteries from approximately 6,000 electric vehicles per year, reducing reliance on landfill disposal.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trading. Copper prices then fluctuated upward in center and, near the close, touched a high of $12,420/mt, finally closing at $12,382.5/mt, up 1.64%. Trading volume reached 18,800 lots, and open interest stood at 298,900 lots, an increase of 3,875 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,730 yuan/mt and fluctuated rangebound in early trading, hitting a low of 95,550 yuan/mt. It then fluctuated upward all the way to a high of 96,780 yuan/mt, finally closing at 96,760 yuan/mt, up 1.26%. Trading volume reached 56,200 lots, and open interest stood at 186,300 lots, an increase of 598 lots from the previous trading day, mainly driven by increased long positions.