[SMM Analysis: Regional Supply Disparities Widen, Social Inventory of Lead Ingots Continues to Decline] SMM News on August 7: According to SMM, as of August 7, the total social inventory of lead ingots across five regions monitored by SMM reached 71,100 mt, a decrease of 1,800 mt from July 31 and approximately 800 mt from August 4.

During H1 2025, the energy storage cell industry navigated triple disruptions—policy overhauls, large-cell transitions, and foreign competitor influx. Market players aggressively captured opportunities, delivering exceptional performance. However, with lingering demand front-loading risks and persistent margin pressures, whether the short-term capacity surge truly signals clear sailing ahead warrants rigorous scrutiny.

According to the SMM survey, on August 6, the operating rate of blast furnaces at 242 steel mills surveyed by SMM was 86.89%, down 0.1 percentage point WoW. 

In 2025H1, the global NEV market continued to grow, with a remarkable YOY increase of 25%. By country/region, China's NEV sales in H1 2025 remained the global leader, with a penetration rate of 46.6%. Policy support and price wars drove strong growth among domestic brands, and exports reached record highs. In Europe, market demand showed signs of recovery, but NEV growth was only in the low single digits due to subsidy reductions and supply chain bottlenecks, while Chinese automakers accelerated localized layouts to capture market share. The U.S. NEV market lagged behind China and Europe, with high interest rates and policy uncertainty suppressing its potential. Emerging markets such as Southeast Asia and Latin America showed early signs of explosive growth.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

On July 30th, US time, US President Trump signed a proclamation to impose a unified 50% tariff on imported semi-finished copper products and copper-rich derivatives starting from August 1st. The tariff covers semi-finished copper products such as copper pipes & tubes, copper wires, copper billets, copper plates, etc., as well as copper-rich derivatives such as pipe fittings, cables, connectors, electrical components, etc. This news has triggered a strong market reaction. To explore the impact of this tariff policy on the copper industry, we can first look at the import and export situation of copper processed materials in the US.