[SMM Analysis]On April 3, 2025, the United States imposed a reciprocal tariff of 125% on China, resulting in the tariff on energy storage battery cells exported from China to the United States reaching as high as 155.9% at one time, which almost brought the direct export of Chinese energy storage battery cells and energy storage systems to the United States to a standstill. This 90-day window period is bound to trigger a rush of exports by Chinese energy storage enterprises. Nevertheless, due to the advantages of Chinese energy storage battery cells in terms of production cost, cell performance, and production capacity and output, even under the tariff policy of 40.9%, the competitiveness of Chinese energy storage battery cells in the US market remains undiminished.

[SMM Analysis] On April 3, 2025, the US imposed a 125% reciprocal tariff on China, leading to a peak tariff rate of 155.9% on ESS battery cells exported from China to the US. This caused a near halt in the direct export of Chinese ESS battery cells and energy storage systems to the US. The 90-day window period is bound to trigger a surge in rushed exports by Chinese ESS enterprises. Despite this, due to the advantages of Chinese ESS battery cells in terms of production costs, battery cell performance, and capacity and production, their competitiveness in the US market remains strong even under a 40.9% tariff policy.

[Silicon coal prices experience another round of widespread decline, with short-term market pressure intensifying] Since May, the domestic silicon coal market has once again witnessed a wave of price reductions, with the current price drop in silicon coal showing a trend of multi-regional linkage.

[SMM Stainless Steel Spot Daily Review: Slowdown in US-China Tariffs Strengthens SS Futures Market, Eases Market Pessimism, and Shifts Spot Costs] SMM reported on May 12 that today, high-level economic and trade talks between China and the US reached a consensus, with the US temporarily lifting the hefty tariffs imposed on China earlier. This development drove up the SS futures market. Stainless steel spot prices had already shown signs of rising, and with the positive news from the China-US negotiations and the increase in stainless steel mills' listed prices, spot quotes strengthened and rose. Market pessimism has somewhat dissipated. Coupled with the fact that stainless steel spot prices were already at a low level, market transactions improved today. In the futures market, the most-traded contract completed its rollover to the 2507 contract today. At 10:30 a.m., SS2506 was quoted at 12,870 yuan/mt, up 160 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B stainless steel ranged from 350-500 yuan/mt. In the spot market, cold-rolled 201/2B coils in both Wuxi and Foshan were quoted at 8,050 yuan/mt; cold-rolled trimmed 304/2B coils had an average price of 13,125 yuan/mt in Wuxi and 13,125 yuan/mt in Foshan; cold-rolled 316L/2B coils were priced at 23,850 yuan/mt in Wuxi and 23,850 yuan/mt in Foshan; hot-rolled 316L/NO.1 coils were quoted at 23,050 yuan/mt in both regions; and cold-rolled 430/2B coils were priced at 7,500 yuan/mt in both Wuxi and Foshan. Currently, significant adjustments are being made to US-China tariff policies: 91% of the tariffs imposed earlier will be lifted, and among the 34% reciprocal tariffs, a 24% portion will have a 90-day suspension on additional tariffs, with only...

[China's Auto Production and Sales Both Surpass 10 Million Units for the First Time from January to April] ①In the first four months of this year, China's auto production and sales both exceeded 10 million units for the first time in history; ②Auto exports reached 1.937 million units, up 6% YoY, including 642,000 units of NEV exports, up 52.6% YoY; ③The China Association of Automobile Manufacturers (CAAM) believes that macro policies, technological upgrades in enterprise products, and stable prices have jointly promoted market vitality. (CCTV News)