[SMM Analysis] On March 12, 2026, the US International Trade Commission (ITC) ruled against imposing tariffs on Chinese graphite imports. Below is the complete timeline of the US anti-dumping and countervailing duty (AD/CVD) investigations into active anode material (graphite anode) from China, the duty rates at each stage, and the latest results as of March 12, 2026.

On March 13, the average price of SMM battery-grade nickel sulphate rose slightly.

Spot #1 copper cathode in North China was quoted at parity to a premium of 80 yuan/mt against the front-month contract today, with the average premium unchanged from the previous trading day at 40 yuan/mt, and the average transaction price down 155 yuan/mt from the previous trading day to 100,470 yuan/mt.

The Premier Academic Event in the Energy Storage Field—the 9th Energy Storage Frontier Technology Conference is expected to open soon. The conference is scheduled to be held from March 31 to April 3, 2026, at the Beijing·Capital International Exhibition & Convention Center, and is hosted by the Institute of Engineering Thermophysics, Chinese Academy of Sciences; the China Energy Research Society; and the Zhongguancun Energy Storage Industry Technology Alliance. This conference features nine major tracks: the Academician Forum, Advanced Energy Storage Materials, Energy Storage Design and System Integration, Grid-Forming ESS , Battery Cells, Hydrogen Energy, Long Duration Energy Storage (LDES), Short-Duration High-Frequency Energy Storage, and Safety and Standards . Led by nine academicians, with more than 50 experts from universities and research institutes and more than 70 representatives from leading enterprises gathering together, the conference will jointly explore frontier technologies, development trends, and future challenges in the ESS sector. Established in 2017, the Energy Storage Frontier Technology Conference is an important academic brand event actively developed by the Energy Storage International Summit and Exhibition (ESIE) . The conference aims to provide a platform for experts and scholars in the ESS sector to share research achievements and discuss frontier technologies. By showcasing the latest advances in energy storage technologies, it stimulates innovative thinking and drives technological breakthroughs; grounded in the integration of academic research and industry needs, it offers new ideas for the innovative development of the energy storage industry. Conference Highlights Led by Academicians, with a Strong Lineup Nine academicians will take the lead, with more than 50 experts from universities and research institutes and more than 70 representatives from leading enterprises gathering together to discuss frontier research achievements and share in-depth industry insights. Focused on the Frontier, Comprehensive Coverage Covering hot topic areas such as advanced energy storage materials, battery cells, hydrogen energy, long duration energy storage (LDES), short-duration high-frequency energy storage, grid-forming ESS, energy storage design and system integration, and safety and standards, it provides a comprehensive interpretation of the current development status and future trends of each technology pathway. Industry–Education Integration, Jointly Seeking Development Building a high-level platform for industry–academia–research exchange and cooperation, promoting the transformation of scientific and technological achievements, and pooling efforts to drive the high-quality development of the energy storage industry. Zhongguancun Energy Storage Industry Technology Alliance Student Registration Channel for Attendance 1、 The main forum and all technical tracks of the 9th Energy Storage Frontier Technology Conference are free of charge for enrolled students. The Zhongguancun Energy Storage Industry Technology Alliance has set up a dedicated student registration channel; attendance is permitted after approval by the organizers. 2、 Registration for the General Public Please contact the organizer Zhao Han 18210188771 Visitor Registration Channel Exhibition Dates: April 1–3, 2026 Exhibition Venue: Beijing·Capital International Exhibition & Convention Center How to Visit: Scan the QR code above to make a free reservation to visit the exhibition The Wind Vane for 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 Aluminum Morning Meeting Summary: The SHFE/LME Price Ratio Continued to Weaken, and Aluminum Prices Were Expected to Fluctuate at Highs in the Short Term] Against the backdrop of continued tightening LME liquidity, LME aluminum still had upward momentum, with strong support from overseas prices, and the backwardation structure was expected to persist in the short term. China was in a phase of high inventory + weak fundamentals, and its upward momentum was clearly weaker than that outside China. Amid diverging domestic and external drivers, the SHFE/LME price ratio was expected to continue weakening, and aluminum prices were expected to continue fluctuating at highs in the short term.

[SMM Chromium Weekly Review: Costs and Demand Jointly Drove the Market, with Strongly Bullish Sentiment] March 13, 2026: Quotations remained unchanged for the time being, and the chromium market operated steadily...

This article explains the 2026 revision of Vietnam's Mineral Law, including adjustments to mineral classification, optimization of mining permit rules, and enhancements to mineral control. These changes may have a significant impact on mining enterprises, particularly those involved in metallic mining activities in Vietnam, possibly affecting areas such as business operations, policy and tax compliance, upstream mining, and open new opportunities in mineral recycling business.

According to the latest data from the General Administration of China Customs (GACC), China's total iron ore imports for January and February 2023 reached 211 million tonnes, with a cumulative value of approximately US$9.89 billion. The average import price across these two months was US$101.3 per tonne , a month-on-month increase of 0.3%. An analysis by month shows January imports totalled 110.35 million tonnes, representing a 7.77% decrease from the previous month but a 13.59% increase year-on-year. February imports were 99.67 million tonnes , down 9.68% month-on-month, yet showing a 5.80% increase year-on-year. The decline in import volumes is primarily attributed to frequent weather-related disruptions in key supplying nations like Australia and Brazil, which adversely affected mine-to-port rail networks and port loading operations, causing a temporary downturn in overseas shipments. Concurrently, operational activity at major domestic ports slowed during the Chinese New Year holiday, impacting the efficiency of vessel unloading, cargo warehousing, and customs clearance procedures. These combined factors contributed to the reduction in import scale during the first two months of 2023. Looking ahead to March, iron ore imports are forecast to experience a month-on-month rebound. This is anticipated due to shipping disruptions in the Middle East, caused by a partial blockade in the Strait of Hormuz , which may lead some vessels to be rerouted to China , thereby boosting import figures. Furthermore, weather-related logistical constraints are expected to ease, allowing shipments from producing countries to normalise. Finally, as March marks the end of the first quarter , some mining companies may increase their shipment volumes to meet quarterly targets, which would further support a recovery in import levels.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,360 yuan/mt. In early trading, SHFE zinc briefly touched a high of 24,390 yuan/mt, then quickly fell to a low of 24,205 yuan/mt. Thereafter, amid a tug-of-war between longs and shorts, SHFE zinc fluctuated rangebound and finally closed down at 24,240 yuan/mt, down 60 yuan/mt, or 0.25%. Trading volume decreased to 35,766 lots, while open interest increased by 1,359 lots to 74,085 lots.

[SMM Shanghai Spot Copper] Looking ahead to next week, next Monday will be the last trading day of the SHFE copper 2603 contract. According to the SMM #1 copper cathode price assessment methodology, SMM always quotes against the front-month contract. The contango price spread between futures contracts narrowed slightly, and suppliers’ willingness to ship to delivery warehouses weakened somewhat, marginally loosening support for spot premiums. Meanwhile, import losses have narrowed substantially, and there are signs that the import window is about to open. If the window opens, it will bring in cargo from outside China, increasing pressure on spot supply in China and creating potential downward pressure on premiums. On the demand side, downstream enterprises maintained just-in-time procurement, providing some support for prices, but intraday, some downstream enterprises were seen to have limited acceptance of spot cargo with high premiums, with procurement turning more cautious. On the supply side, domestic copper and previously price-locked imported cargo continued to arrive, while social inventory remained high. As SMM always quotes against the front-month contract, the shift in the price spread between futures contracts is expected to result in high premiums against the front-month contract, though this is expected to be corrected on the second trading day. Overall, under the dominance of delivery logic, Shanghai spot copper premiums are expected to remain at elevated levels next Monday.