[SMM Analysis: Deterioration in Raw Material Supply Leads to Significant Pullback in Operating Rate of Secondary Copper Rod] The operating rate of secondary copper rod was 33.89% in April, lower than the expected 36.8%, down 6.29% MoM and 10.42% YoY. Due to the escalating trade war between China and the US, during the Qingming Festival holiday on April 4, the Customs Tariff Commission of the State Council issued a statement that, starting from 12:01 a.m. on April 10, 2025, an additional 34% tariff would be imposed on all imported goods originating from the US. The news triggered a sharp decline in copper market prices, with SHFE copper hitting the daily limit down immediately after the holiday and continuing to fall for three consecutive days...

On May 9, Geely's Galaxy Xingyao 8 model officially hit the market, offering two powertrain options.

On May 9, SAIC Mobility, the strategic mobility service brand under SAIC Motor, announced the completion of its Series C financing round, raising over 1.3 billion yuan.

On April 10, 2025, Continental AG announced the successful rollout of its first locally produced sixth-generation millimeter-wave radar, the ARS620, from its manufacturing facility in China.

An aluminum enterprise in Shandong has adjusted the benchmark tender price for prebaked anodes in May 2025, with a decrease of 266 yuan/mt MoM. Meanwhile, a major domestic prebaked anode sales company has also lowered its sales prices, with a MoM decline of 466 yuan/mt. The performance of the raw material side has become a key factor in market fluctuations. Prices of petroleum coke and coal tar pitch have both declined. According to SMM data, as of May 9, the comprehensive cost of prebaked anodes in China had dropped to 4,985 yuan/mt, a significant decrease of 7.08% from April 7. The easing of cost-side pressure has supported the industry's profitability: Based on a one-month production cycle, despite prebaked anode enterprises still operating at a loss, the theoretical loss amount has narrowed by approximately 103 yuan/mt MoM, indicating clear signs of market recovery. Currently, the petroleum coke market is experiencing a tug-of-war between sellers and buyers. On the one hand, an increase in the number of refineries undergoing maintenance has provided bottom support for prices. On the other hand, the persistent sluggishness in downstream procurement enthusiasm and strong wait-and-see sentiment have led to significant downward pressure on petroleum coke prices. SMM expects petroleum coke prices to continue their downward trend in May, thereby exerting a sustained impact on the cost side of prebaked anodes. Considering the aforementioned factors, SMM expects prebaked anode prices to remain in the doldrums next month.

[SMM Analysis: MP Achieves Record High Rare Earth Production in Q1, Faces Challenges in Strategic Transformation] In Q1 2025, MP Materials achieved a significant breakthrough in rare earth production. The company's Pr-Nd oxide production in Q1 reached 563 mt, a record high, up 36% QoQ from the previous quarter. This achievement was mainly attributed to process optimization and improved mine operational efficiency, particularly MP's sustained high production.