News

The Shanghai Municipal Development and Reform Commission and the Shanghai Municipal Finance Bureau issued a notice on the implementation of the 2026 large-scale equipment renewal and consumer goods trade-in policy in Shanghai. It proposes support for vehicle replacement and renewal. Individual consumers who transfer the registration of a passenger vehicle under their name and purchase either a passenger NEV included in the Catalog of NEV Models Eligible for Vehicle Purchase Tax Reduction and Exemption, or a fuel-powered passenger vehicle with an engine displacement of 2.0 liters or below, will be eligible for a vehicle replacement subsidy. The subsidy amounts to 8% of the vehicle price for purchasing a passenger NEV (capped at 15,000 yuan) and 6% for purchasing a fuel-powered passenger vehicle with an engine displacement of 2.0 liters or below (capped at 13,000 yuan).

[SMM Daily Review: Upstream Holds Prices Firm While Downstream Adopts Wait-and-See Stance, High-Grade NPI Prices Remain Stable] Jan. 30 (SMM) - The average price of 10-12% high-grade NPI stood at 1,054 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

Although the proportion of high-nickel materials increased in January, 6-series materials still dominated the market, maintaining a stable market share of around 50%.

Leading manufacturers have maintained a relatively high production pace recently, with a rush to export bringing some order growth. However, the scale of this growth has fallen short of earlier expectations.

On January 30, the SMM battery-grade nickel sulphate index price was 32,491 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,100-33,800 yuan/mt, and the average price decreased compared to the previous day.

Driven by expectations of tightening Indonesian ore policies, nickel prices are strengthening, pushing up intermediate product prices.

According to analysts, European Commission President Ursula von der Leyen has championed the EU-India pact as the "mother of all deals," creating a free trade zone of 2 billion people. However, the deal faces accusations of "moral bankruptcy" and double standards. Critics argue the Commission is ignoring India's continued military and economic ties with Russia and its support for Iran, violating the EU's own principles of "values-based trade" to secure a political win.

Spain-based renewables firm Zelestra has officially commissioned its first Italian solar project, the 6.5-MWdc Ginosa agrivoltaic plant in Puglia. Operating under a 10-year PPA with Swiss utility BKW AG, the facility will generate 11.7 GWh annually, enough to power 4,000 households. This milestone marks the beginning of a massive push into the Italian market, where Zelestra holds a 1.4 GW pipeline. Following its success in the December 2025 FER X auctions, where it secured 168 MW of capacity, the company plans to further expand its solar and battery storage footprint throughout 2026, including a 2-GWh battery tolling agreement in northern Italy.

As of Thursday, the SMM battery-grade nickel sulphate index stood at 32,857 yuan/mt, with battery-grade nickel sulphate quotations ranging from 32,300 to 34,500 yuan/mt, the average price slightly increased WoW.

Market transactions were relatively mediocre, and nickel salt prices experienced a slight decline.

[SMM Daily Review: Weak End-User Demand and Thin Market Trading, High-Grade NPI Price Flat MoM] January 29 (SMM) - The average price of SMM 10-12% high-grade NPI stood at 1,054 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

On January 29, the SMM battery-grade nickel sulphate index price was 32,857 yuan/mt, with the quotation range for battery-grade nickel sulphate at 32,300-34,500 yuan/mt, and the average price rose slightly compared to yesterday.