[SMM Weekly Survey on Aluminum Downstream] The operating rate of leading domestic aluminum downstream processing enterprises dropped back slightly by 0.8 percentage points WoW to 62.6%, ending an eight-week consecutive increase, and fell by 0.6 percentage points YoY.

Today, DCE opened lower and rebounded slightly. The most-traded contract I2505 finally closed at 788.5, with a daily decline of 0.32%. Traders followed the market to sell goods, while steel mills' wait-and-see sentiment intensified, and inquiries were average. The market transaction atmosphere was sluggish. In Shandong, the mainstream transaction prices of PB fines were around 785-787 yuan/mt, down 2-3 yuan/mt from yesterday.

Today, rebar futures fluctuated rangebound, closing at 3,164, down 0.19% from the previous trading day. As the holiday approaches, market sentiment has turned cautious, with transactions mainly focused on low-priced resources.

A landmark collaboration has emerged in Australia's mining sector—GreenTech Metals and Artemis Resources have officially announced the merger of their lithium exploration assets in Western Australia's Pilbara region, forming a new joint venture named Andover Lithium.

In March 2025, China's lithium hexafluorophosphate (LiPF₆) industry experienced a positive trend, with production rising by 13% month-on-month and 51% year-on-year

In March 2025, China's electrolyte industry witnessed a positive development trend.

[SMM Analysis] On the afternoon of April 2nd local time, according to the White House statement, the 10% "benchmark tariff" will take effect at 00:01 Eastern Time on April 5th. The higher "reciprocal tariff" targeting specific countries will come into force at 00:01 on April 9th. After the reciprocal tariff takes effect, considering all the tariff policies, the combined tariff rate for energy storage cells will reach: 3.4% basic tariff + 7.5% Section 301 tariff + 20% general tariff + 34% reciprocal tariff = 64.9%.