Only 15 days remain until the opening of the 14th Energy Storage International Summit and Exhibition, ESIE 2026! New business models, new products, and new technologies in the global energy storage industry will be showcased in a concentrated manner on the ESIE 2026 platform! The countdown has begun, and the world’s largest, highest-level, and most influential gathering of ideas and technologies in the global energy storage industry is about to open! ●Exhibition Dates: April 1–April 3 ●Summit Dates: March 31–April 3 ●Venue: Beijing · Capital International Exhibition & Convention Center Scan the QR code above for free exhibition admission Six themed exhibition halls, over 160,000 m² of exhibition space, 800+ exhibitors/sponsors—the full detailed floor plan for all halls of ESIE 2026 is officially unveiled! Save and bookmark it to locate the brands and exhibition areas you are interested in! Detailed forum schedules have been released: Cutting-Edge Technology Led by 9 academicians! Detailed agenda for the 9th Energy Storage Frontier Technology Conference released Mechanism Innovation Detailed agenda released | ESIE 2026 Themed Forum: New-Type Energy Storage and the Electricity Market Detailed agenda released | Regional Characteristic Market Forum, Generation-Grid-Load-Storage and Green Electricity Direct-Connection Integration Forum Market-Driven Growth Detailed agenda released | ESIE 2026 Themed Forum: Development and Operation of Standalone ESS Projects Detailed agenda released | ESIE 2026 Themed Forum: Coordinated Development of Energy Storage + AIDC Detailed agenda released | ESIE 2026 Themed Forum: Energy Storage + New Business Models and New Development Global Perspective Detailed agenda released | ESIE 2026 Themed Forum: Development and Trends in the Global Energy Storage Market A Barometer of the Development of China’s Energy Storage Industry The 14th Energy Storage International Summit and Exhibition ESIE 2026 Exhibition Dates: April 1, 2026–April 3, 2026 Summit Dates: March 31, 2026–April 3, 2026 Venue: Beijing · Capital International Exhibition & Convention Center

[SMM Cast Aluminum Alloy Morning Comment: Overnight Aluminum Futures Closed Lower, Spot Cargo Under Short-Term Pressure] On Wednesday, the ADC12 market generally showed a downward trend, with mainstream producers broadly lowering quotes by 100 yuan/mt. This price adjustment was mainly driven by the pullback in aluminum prices, which weakened cost support. Enterprises accordingly adjusted their quotes in line with market changes, but the overall magnitude of the adjustment remained relatively restrained, indicating a rather cautious market sentiment.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Opened Sharply Lower in the Night Session and Maintained a Fluctuating Trend at Lows, While Spot Market Transactions Gradually Recovered]

[SMM Morning Meeting Summary: The US Fed Held Rates Unchanged, and LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,220.5/mt. In early trading, LME zinc briefly rose to a high of $3,227/mt, after which bulls reduced their positions, and LME zinc fluctuated downward throughout the session, hitting a low of $3,130/mt near the close. It finally closed down at $3,132.5/mt, a decrease of $100.5/mt, or 3.11%. Trading volume increased to 16,556 lots, and open interest fell by 6,295 lots to 208,000 lots.

Recently, Kawasaki Heavy Industries of Japan and Kobe Steel jointly announced that the world’s first next-generation hydrogen-fueled power generation system for hydrogen-based power generation had officially commenced operation. The system features a liquid hydrogen energy supply model and is designed to provide stable power for future large gas turbine generators, filling the global technological gap in direct liquid hydrogen supply for power generation. The newly commissioned system was developed under the NEDO-funded project in Japan, “Development of Technologies to Improve Hydrogen-Fueled Power Generation Efficiency and Performance Under the Hydrogen CGS Regional Model,” and was deployed at the Kobe Hydrogen Energy Center on Port Island in Kobe. It is the world’s first hydrogen supply power generation system to adopt an intermediate fluid vaporizer (IFV) for hydrogen together with a liquid hydrogen pump , enabling liquid hydrogen to be pressurized above critical pressure and directly supplying hydrogen fuel to power plants in a stable manner. The project had a clear division of responsibilities: Kawasaki Heavy Industries was responsible for optimizing the liquid hydrogen pressurization fuel supply system for gas turbine generators, while Kobe Steel focused on the R&D of IFV equipment utilizing the cold energy of liquid hydrogen. At present, demonstration tests have successfully delivered hydrogen fuel to a wet gas turbine, and subsequent hydrogen supply tests for a dry gas turbine will be carried out, with a focus on verifying operating performance under high summer temperature conditions as well as the long-term operational reliability of the liquid hydrogen pump.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,714.5/mt and climbed to $12,715/mt at the start of the session. Copper prices then saw the center move straight downward, before fluctuating rangebound and eventually closing at $12,340/mt, down 3.44%. Trading volume reached 33,600 lots, and open interest stood at 288,300 lots, down 4,872 lots from the previous trading day, mainly due to long position liquidation. Overnight, the most-traded SHFE copper 2605 contract opened at and touched a high of 98,000 yuan/mt, after which the center of copper prices moved straight downward to a low of 95,920 yuan/mt, then fluctuated upward and finally closed at 96,340 yuan/mt, down 2.58%. Trading volume reached 103,000 lots, and open interest stood at 198,000 lots, up 9,911 lots from the previous trading day, mainly due to increased short positions.

SMM, March 19: Overnight, LME lead opened at $1,928.5/mt. During the Asian session, LME lead fluctuated upward, hitting a high of $1,938/mt. It then moved in a narrow range of $1,926-1,935/mt as bulls and bears were evenly matched. Entering the European session, bears took the lead, and LME lead began to fluctuate downward, falling to a low of $1,906/mt, before consolidating in a narrow range of $1,906-1,911/mt. Near the close, LME lead edged up slightly to settle at $1,913/mt, down $13/mt, or 0.67%. Overnight, the most-traded SHFE lead 2605 contract opened at 16,590 yuan/mt. Early in the session, SHFE lead prices surged to a high of 16,675 yuan/mt, then fluctuated downward. Although prices rebounded slightly intraday, the rebound was weak, and lead prices again came under pressure and pulled back, fluctuating rangebound within 16,555-16,590 yuan/mt and touching a low of 16,555 yuan/mt during the period. It finally closed at 16,585 yuan/mt, posting a small bearish candlestick, down 65 yuan/mt, or 0.39%. China mine side, lead concentrate TCs remained weak, with some smelters operating at insufficient rates and market supply staying tight. On the imported ore side, the import window opened and expectations for price hikes emerged, but enterprises showed low willingness to pay, limiting additional volumes. Primary lead: inventory at primary lead smelters continued to decline, while suppliers held firm on quotes and showed a clear reluctance to sell. Secondary lead: as losses widened, most secondary lead enterprises stayed on the sidelines and were reluctant to sell, tightening effective supply in the market overall. Downstream battery plants: after restocking demand was met, the procurement pace slowed down, and downstream demand remained weak. Overall, the market still showed a pattern of weak supply and weak demand. In the short term, lead prices are expected to remain in the doldrums, and close attention should be paid to changes in secondary lead operating rates in late March and shifts in downstream purchasing strength.

[Macro Pressures Combined With High Inventory, SHFE Aluminum Remained Under Pressure at Elevated Levels in the Short Term] Continued destocking in LME inventory provided bottom support for LME aluminum, but amid tightening fund liquidity and profit-taking by bulls, upward momentum was insufficient, and the backwardation structure weakened somewhat. In China, social inventory rose to a high for the same period in nearly five years, and the inventory buildup cycle had not ended. High inventory and weak spot fundamentals jointly weighed on upward momentum. The divergence between domestic and overseas drivers continued, the SHFE/LME price ratio kept weakening, and SHFE aluminum fell below the key threshold of 25,000 yuan/mt, remaining mainly under pressure at elevated levels in the short term.

On March 18, the SMM average price of battery-grade nickel sulphate remained unchanged.

SMM, March 18: The most-traded SHFE lead 2604 contract opened at 16,695 yuan/mt during the day, with prices fluctuating rangebound in the 16,665–16,720 yuan/mt range in early trading. Before noon, SHFE lead prices rose rapidly and touched a high of 16,785 yuan/mt before pulling back amid fluctuations. The tug-of-war between longs and shorts intensified, and prices remained rangebound within 16,610–16,680 yuan/mt before closing at 16,645 yuan/mt, posting a small bullish candlestick, up 45 yuan/mt, or 0.27%. At present, lead prices have stopped falling and rebounded, gradually returning to being driven by fundamentals. On the supply side, ex-works inventory at primary lead smelters continued to be digested, and some suppliers held prices firm in spot lead shipments, providing relatively strong spot support; willingness to sell among secondary lead suppliers diverged, and most enterprises became more reluctant to sell due to losses combined with bullish expectations, leading to a continued contraction in effective market supply. On the demand side, orders from downstream battery plants increased, and production remained at full capacity, providing positive support for lead prices. However, social inventory of lead ingot is still on an upward trend. In addition, as more smelters resume production in mid-to-late March and capacity is gradually released, market circulation will further increase, and lead prices are expected to have limited upward momentum. Data source statement: Except for public information, all other data is processed and derived by SMM for reference only based on public information, market communication, and SMM's internal database models, and does not constitute decision-making advice.