This week (December 12-18, 2025), industry dynamics indicated that solid-state batteries had moved beyond the long-term conceptual incubation phase and were entering an industrialization tipping point, driven by the dual engines of "mass production validation of materials" and "anchoring in vehicle applications." The core industry challenge shifted from "whether a sample can be produced" to "whether stable, economical, and automotive-grade mass production can be achieved." Upstream raw material prices maintained a slight downward trend, with key material prices such as lithium sulfide, LATP, and LPSC pulling back. Shipments remained stable, with current demand primarily concentrated in downstream validation and small-volume battery sample applications.

Several new secondary lead projects were commissioned in 2025. From January to November, cumulative production of secondary crude lead reached 3.609 million mt, up 4% YoY. However, losses in secondary refined lead smelting dampened production enthusiasm, with some smelters opting to sell crude lead directly.

In December 2025, emergency controls were activated due to air pollution in key phosphorus chemical industry areas of Hubei, such as Yichang and Jingmen, compounded by the Yangtze River Protection Policy. This led to 30% of small and medium-sized enterprises halting production, while leading companies cut production by 20%-30%. The supply of new energy raw materials, including industrial-grade monoammonium phosphate (MAP), which accounts for over 50% of the national total, tightened, providing short-term price support and continuing to increase costs for the new energy industry.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 18 Dec , 2025