February 2026 coincided with the Chinese New Year holiday. Affected by holiday factors, production pace across core segments of China’s sodium-ion battery industry generally slowed, showing an “off-season reset” trend. From cathodes, anodes, and electrolyte to battery cells and end-users, production across all segments declined MoM to varying degrees, while YoY still maintained a certain degree of growth resilience.

[SMM Lead Morning Meeting Minutes: Bullish and Bearish Factors Coexisted in Domestic and Overseas Markets; Lead Prices Were Expected to Remain Consolidated] US Treasury Secretary Bessent: A 15% global tariff might be implemented this week, pledged to safeguard the Persian Gulf, and hinted that more measures were forthcoming. Recently, lead-acid battery enterprises in the domestic market basically resumed production, and the overall operating rate in March rebounded sharply from February…

Chongqing Shunbo Aluminum Alloy (Shunbo Alloy) has announced that its Anhui Phase II project will prioritize aluminum plate and strip products for battery foil blanks, battery casings, 3C products, and green packaging. The company highlights that these sectors align with the rapid growth of new energy vehicles (NEVs) and new energy storage systems (ESS). The project includes a 630,000-ton/year low-carbon aluminum alloy flat ingot line and a 50,000-ton/year high-performance aluminum plate and strip line. Production and sales are projected to scale from 120,000 tons in 2026 to 400,000 tons by 2028.

Zhangye City in Gansu Province has officially launched an investment promotion for the Zhangye Economic Development Zone ESS Battery Separator Project. With a total estimated investment of 3 billion yuan, the project plans to construct 2–6 ultra-wide high-speed separator production lines and 7–21 coating lines. Located in the Circular Economy Demonstration Park, the facility is expected to reach an annual output value of 3.5 billion yuan upon completion. The Zhangye Municipal Development and Reform Commission is leading the recruitment of industrial partners for this initiative.

As of now, the FOB price of Indonesian MHP nickel was $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt was $49,819/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni.

[SMM Copper Foil Market] Affected by the Chinese New Year holiday, copper foil shipments declined in February. In February, total SMM China copper foil shipments fell 5.46% MoM, including lithium battery copper foil shipments (down 5.33% MoM) and electronic circuit copper foil shipments (down 5.73% MoM). Total shipments in March are expected to rise 7.84% MoM.

[SMM Copper Foil Market] According to SMM, the operating rate of China’s copper foil enterprises was 84.26% in February 2026, down 4.3 percentage points MoM and up 16.61 percentage points YoY. Among them, the operating rate of electronic circuit copper foil was 80.33% (down 4.24 percentage points MoM; up 11.12 percentage points YoY); the operating rate of lithium battery copper foil was 86.33% (down 4.33 percentage points MoM; up 19.49 percentage points YoY).

[SMM Daily Review: Spot Lithium Carbonate Prices Continued to Decline on March 4] The SMM battery-grade lithium carbonate index price continued to fall from the previous working day. In terms of futures performance, the most-traded contract fluctuated within the range of 146,000–155,700 yuan/mt, while open interest in the most-traded contract decreased by about 600 lots from the previous trading day. In terms of actual transactions, upstream lithium chemical plants’ willingness to sell spot orders remained weak, with strong sentiment to hold back supply and hold prices firm. Morning prices fell rapidly to below 150,000 yuan/mt, boosting purchase willingness among downstream material plants. At present, most enterprises adopted a laddered order-placement strategy to buy on dips. Overall, market inquiries and transactions were relatively active.

Shanshan Shares released an update on March 3 regarding its controlling shareholder's restructuring. The administrator submitted the draft restructuring plan for Shanshan Group and Ningbo Pengze Trading on February 28, following the fourth creditors' meeting held on March 2. The voting period is set to conclude on April 15, 2026. According to the signed investment agreement, if the plan is approved and executed, the actual controller of Shanshan Shares is expected to change to the Anhui Provincial State-owned Assets Supervision and Administration Commission (SASAC). This marks a potential state-led takeover for the leading lithium-ion battery material supplier after entering court-mandated restructuring in early 2025.

Powering the Core Journey! OFweek 2026 (10th Annual) Industry Annual Conference is set for a major upgrade and will make its debut at the AsiaWorld-Expo in Hong Kong (Main Forum, Hall 8) from March 11-12, 2026 . This annual conference will be held concurrently with TBSA 2026 (2026 Asia International and Exhibition), covering an exhibition area of over 22,000 square meters. It will attract more than 350 global exhibitors and over 20,000 international professional visitors. Over 150 industry leaders will gather to explore cutting-edge trends in the battery industry, connect global resources, and jointly create a new industrial landscape. Two major events will also be held concurrently: the Weike Cup·OFweek 2025 (8th Annual) Industry Awards Ceremony, and the launch event of the "Involution Ebbs, Innovation Gathers Strength: 2026 China Lithium Battery Industry Panorama Blue Book" (including the release of rankings), integrating exhibitions, high-end conferences, and industry awards. Global renowned enterprises such as Power, Lead Intelligent Equipment, Materials, BTR, Reasolid New Material, Bosch Rexroth, Jingshi, Zhongke Shenlan Huize, and WELION New Energy will gather at this grand event to share insights and jointly promote a new pattern of high-quality development across the industry chain. Three Special Sessions: Decoding Cutting-Edge Trends and Growth Opportunities As an annual barometer for the lithium battery industry, this conference, centered around the theme of "Technological Breakthroughs - Intelligent Manufacturing Upgrades - Market Outlook," will feature three special sessions on Technology and Applications, "Intelligent Manufacturing," and Solid-State Batteries . It will focus on pathways for technological implementation, delve into intelligent manufacturing and cost-reduction and efficiency-enhancement solutions, and provide insights into solid-state battery technology roadmaps to help secure a leading position in next-generation battery technologies. Two major launch events will be held concurrently: ▲ BTR New Product Launch Event : The anode leader unveils innovative products, showcasing groundbreaking technologies and achievements; ▲ Launch Event of the "2026 Lithium Battery Industry Panorama Blue Book" : Exclusive release of industry data, policy interpretations, and future trend forecasts, providing a comprehensive overview for industrial decision-making. A Top-Tier Lineup Assembled: Sneak Peek at the Agenda Contact Us Business Cooperation: Ms. Jiao Tel: 19168597392 Email: Market Cooperation/Media Cooperation: Ms. Yi Tel: 19925234597 Email: yiguandi@ofweek.com