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[SMM Analysis] Indonesia Sulphur & Sulphuric Acid Imports H1 2026: Volume, Price, Origin, Ports
[SMM Analysis] Indonesia Sulphur & Sulphuric Acid Imports H1 2026: Volume, Price, Origin, Ports
Data Notes Sulphur : HS codes 25030000 (sulphur of all kinds, excluding sublimed, precipitated and colloidal sulphur) + 28020000 (sublimed or precipitated sulphur) Sulphuric acid : HS code 28070010 (sulphuric acid with H₂SO₄ content >80% by weight) Total volumes : Sulphur imports in H1 2026 reached 1.8481 million tonnes (1,848,104,145 kg), down 29.4% from H1 2025 (2.6191 million tonnes). Sulphuric acid imports totaled 560,600 tonnes (560,640,243.7 kg). Values : Total sulphur import value was approximately USD 1.270 billion , with an average price of USD 687/tonne . Sulphuric acid imports totaled about USD 111 million , averaging USD 199/tonne . 1. Sulphur: Volumes Shrink by Nearly 30%; Prices Stable Early Then Surge 1.1 Monthly Import Volume and Price Trends Trend commentary : Jan–Apr : Prices traded in a narrow range of USD 540–556/t , remaining broadly stable. January volume reached 0.3781 million tonnes (second-highest in H1), February fell 43.5% MoM to 0.2137 million tonnes due to the Lunar New Year holiday, March rebounded to 0.3744 million tonnes, and April eased to 0.2673 million tonnes. Global sulphur supply was ample during this period, and Indonesian buying remained steady. May–Jun : Prices turned sharply upward. May averaged USD 798/t , up 46.4% MoM; June surged further to USD 1,108/t , a gain of USD 563/t (+103%) from April's trough. This rally was driven by concentrated HPAL project restocking, recovering international phosphate fertiliser demand, and sharply reduced Middle Eastern supplies to Indonesia. June showed a "volume-price simultaneous rise" pattern (vol. +21.2%, price +38.8%), indicating buying appetite persisted despite high prices. 1.2 Major Source Countries: Saudi Arabia Leads, Canada Emerges Strong Key observations : The six Middle Eastern countries (Saudi, UAE, Qatar, Kuwait, Bahrain, Oman) together supplied about 0.9824 million tonnes, accounting for 53.2% — still the largest regional block, but down sharply from 2.0999 million tonnes in H1 2025, a 53.2% decline . Canada saw its share jump from ~8.5% in H1 2025 (0.2219 million tonnes) to 17.7% , with volumes rising 47.6% year-on-year (from 0.2219 to 0.3275 million tonnes), becoming the second-largest source. Canadian high-purity solid sulphur performs well in nickel smelting applications. UAE, Qatar and Kuwait averaged only USD 541–557/t, significantly lower than Saudi (USD 754/t) and Canada (USD 773/t). 1.3 Major Destination Ports: Three Nickel Parks Absorb Over 80% The three major nickel-industrial parks – WEDA, MOROWALI and OBI ISLAND – together imported 1.5333 million tonnes, accounting for 83.0% of Indonesia's total sulphur imports. These parks are the core hubs for downstream nickel processing (HPAL and RKEF with integrated sulphuric acid/fertiliser units), making sulphur import demand heavily concentrated in the nickel sector. WEDA alone accounts for 38.2% of national imports, the largest single destination. GRESIK (0.1518 million tonnes, 8.2%) mainly receives Qatari, Kuwaiti and Indian sulphur, serving industrial zones in eastern Java. Tanjung Priok, as Jakarta's main port, handles only 0.0624 million tonnes (3.4%), serving traditional chemical and fertiliser industries on Java. 1.4 Year-on-Year Decline Breakdown: Middle East Six Net Decrease of 1.1175 Million Tonnes In H1 2025, the six Middle Eastern countries exported a total of 2.0999 million tonnes of sulphur to Indonesia, falling to 0.9824 million tonnes in H1 2026, a net decrease of 1.1175 million tonnes (-53.2%) . Changes by country: Note: Bahrain was the only Middle Eastern country to increase exports to Indonesia, though from a small base (0.02→0.0442 million tonnes), with limited impact on the overall picture. Main reasons for the decline : ① International sulphur prices had been strengthening from late 2025 through June 2026, prompting Middle Eastern suppliers to divert cargoes to higher-paying markets like India, China and North Africa; ② Some newly built sulphur-burning acid plants in Indonesia came on stream, partially replacing imported sulphur. Increases from Canada (+0.1056 million tonnes) and the Philippines (+0.02 million tonnes) covered only about 11% of the shortfall. 2. Sulphuric Acid: Imports Rise Against the Trend; South Korea Becomes Largest Source 2.1 Monthly Import Volume and Price Trends Trend commentary : January : Volume was 0.0270 million tonnes at USD 141/t, the low point for H1. Feb–Apr : Volumes climbed steadily to a half-year peak of 0.1735 million tonnes in April, while prices rose from USD 143 to 182/t. The commissioning of new HPAL projects unleashed rigid demand. May : Volumes plummeted 68% (to 0.0553 million tonnes), yet prices surged to USD 241/t as multiple Japanese and South Korean smelters entered annual maintenance, tightening acid export availability. June : Volumes rebounded to 0.1112 million tonnes and prices soared to USD 309/t , up 119% from January. This record high was driven by a confluence of cost-push from sulphur (averaging USD 1,108/t), persistent Japanese/Korean maintenance, and panic-buying by Indonesian smelters. 2.2 Major Source Countries: South Korea Ranks First, China and Japan Follow The three East Asian suppliers (South Korea, China and Japan) together delivered 0.5239 million tonnes, or 93.4% of total sulphuric acid imports – concentration even higher than previously reported. South Korea ranked first with 0.2065 million tonnes (36.8%), up 0.025 million tonnes from previous data; China rose to second with 0.1821 million tonnes (32.5%), up 0.0274 million tonnes; Japan imported 0.1353 million tonnes (24.1%), down 0.0281 million tonnes. Acid's corrosive nature limits shipping distances (typically <3,000 nautical miles), so regional proximity gives Asian neighbours a dominant role. India's high average of USD 380/t reflects specialised high-purity or fuming acid grades in small volumes. Taiwan's low average of USD 134.0/t is a price trough, benefiting from its developed refinery by-product acid and short-haul freight advantages. 2.3 Major Destination Ports: OBI ISLAND Takes Half the Market OBI ISLAND alone accounts for 50.0% (0.2802 million tonnes) of all acid imports, as it hosts multiple Chinese- and Korean-backed nickel-cobalt HPAL projects with enormous demand for finished acid. The top three ports (OBI+BAHUDOPI+WEDA) together represent 76.2% , up significantly from the previous 57.5%, indicating further concentration of acid imports to major ports – narrowing the gap with sulphur's 83.0% port concentration. 3. Joint Analysis of Sulphur and Sulphuric Acid: Volume-Price Co-movement and Structural Divergence 3.1 Overall Volume and Price Elasticity Comparison Price transmission and elasticity divergence : Sulphur jumped by USD 568/t from January (540) to June (1,108), a 105% gain, while acid rose 119% over the same period. Acid shows slightly higher price elasticity because its own supply-demand fundamentals are tighter (Korean/Japanese maintenance, rigid Indonesian demand) and its spot market is smaller, making it more vulnerable to marginal changes. The sulphur-to-acid volume ratio fell from 14:1 in January to a range of 2.0–3.6:1 from February to June, reflecting Indonesia's dynamic balancing act between importing sulphur for captive acid production and directly importing finished acid. When sulphur is expensive (e.g., USD 1,108/t in June), some smelters prefer to buy finished acid to avoid operating acid plants, supporting June's acid volume rebound. 3.2 Supply Pattern Comparison Sulphur sources are more diversified (Middle East, North America, Southeast Asia), while acid supply is heavily concentrated in nearby East Asia – a consequence of their trade characteristics: sulphur can be shipped long-haul (Capesize/Panamax), whereas acid is constrained by corrosion and shipping costs, limiting its trade radius. Acid port concentration (76.2%) and sulphur port concentration (83.0%) have converged significantly – the gap narrowing from 25.5 percentage points to just 6.8 percentage points – indicating that the geographic concentration of demand for the two products is increasingly aligned. 3.3 Structural Changes from 2025 to 2026 Core conclusion : Indonesia's sulphur imports fell in volume but rose in value, with Middle Eastern suppliers retreating sharply and Canada filling the gap. Sulphuric acid imports increased in both volume and price, with direct acid imports becoming an important channel to compensate for domestic acid-making capacity, and its price gains substantially outpacing sulphur's. 3.4 Outlook for H2 2026 Sulphur : The June price of USD 1,108/t is at a historical high, and expectations for H2 currently point to continued high-level volatility. Full-year imports are estimated at 3.6–3.8 million tonnes, down about 20% year-on-year. Sulphuric acid : After the maintenance season in Korea and Japan, supply may recover, but multiple HPAL projects on OBI Island and in WEDA are still ramping up. Monthly import volumes are expected to remain at 100,000–120,000 tonnes in H2, with prices oscillating at elevated levels of USD 260–330/t. Shifting supply patterns : Canada is on track to overtake Saudi Arabia as Indonesia's largest sulphur supplier by 2027. Chinese sulphuric acid exports to Indonesia also have room to grow, especially from integrated refining-petrochemical complexes on China's east and south coasts.
Aug 12, 2026 11:29
[SMM Analysis] Global Lithium-ion Battery Industry Navigates Capacity Switch Between ESS and EV
[SMM Analysis] Global Lithium-ion Battery Industry Navigates Capacity Switch Between ESS and EV
The Global lithium-ion battery manufacturing landscape is undergoing a distinctive pattern of demand-driven capacity reallocation. Rather than a structural migration, the industry is experiencing flexible production switching between energy storage systems (ESS) and electric vehicle (EV) power batteries—driven by policy incentives, demand cycles, and the differing economics of each segment. In 2025, global lithium-ion battery production exceeded 2100 GWh, with power battery drawing near 1,500 GWh and energy storage battery production near 550 GWh . By 2026, total lithium battery production are projected to grow approximately 56% year-on-year to over 3,300 GWh, with energy storage lithium battery production expected to exceed 1,000GWh. Within this rapidly expanding market, production capacity is not static—it flows between segments in response to discrete demand pulses triggered by policy windows and regulatory deadlines. Switching Drivers and Timeline The capacity switching pattern observed throughout 2025–2026 is driven by discrete demand signals: policy windows, regulatory deadlines, and segment-specific surges. Q2–Q3 2025: ESS → Electric Commercial Vehicle Shift The global commercial vehicle segment experienced a surge in demand, with new energy commercial vehicle sales reaching close to a million units in 2025—an approximately 60% year-on-year increase and a market penetration rate of about one quarter. Within this, new energy heavy-duty trucks saw explosive growth. Coupled with a full purchase tax exemption policy, this demand surge triggered a redirection of ESS production capacity toward commercial vehicle power batteries. Q4 2025: Electric Commercial Vehicle → ESS Reversal The year-end concentrated delivery window for energy storage projects—mainly driven by annual grid-connection deadlines in China—prompted capacity to flow back toward ESS. H1 2026: Continued Energy Storage Delivery + Residential ESS Shift The first half of 2026 saw sustained storage project deliveries alongside a marginal slowdown in electric commercial vehicle demand. Meanwhile, ex-China residential ESS demand recovered, supported by incentives in selected markets—most notably Australia, which drove some power capacity toward the residential storage segment. What Switched, and At What Cost Capacity reallocation operated along two distinct pathways, each involving different cell models: Pathway 1: Large-cell switching within power batteries (324Ah & 588Ah). Larger-format cells—principally 324Ah and 588Ah—move between commercial vehicle and passenger vehicle power battery lines. When commercial vehicle demand surges (as it did in 2025 with heavy-duty trucks), these lines can be repurposed to serve the higher-volume passenger segment, and vice versa. Both applications sit on the power-battery side of the industry, so the switch is intra-segment. Pathway 2: Power-to-ESS line conversion (120Ah). Smaller 120Ah cells sit at the boundary between power and energy storage applications. Lines producing 120Ah cells can be converted from power battery duty to ESS duty—or redirected back—depending on which segment offers better near-term economics. This is the cross-segment switch that links the two halves of the battery market. Switching cost and lead time: On average, retooling a production line for a different cell model takes two to four weeks and costs roughly USD 140,000 per switch. This is the baseline friction that makes capacity reallocation a considered decision rather than a continuous flow—and it is the reason process technology becomes decisive, as the next section explains. Process Technology Determines Switching Flexibility Not all production lines can switch with equal ease. The underlying cell manufacturing process defines the elasticity of capacity reallocation: Winding Process: In this approach, electrodes are wound around a winding needle. Physical constraints—needle length and curvature radius—limit production to fixed cell models. Switching to different models requires changing the winding needle, incurring high retrofitting costs and long lead times. As a result, 324Ah winding lines can only switch between ESS and commercial vehicle power cells of the same model. Stacking Process: Electrodes and separators are stacked layer by layer, free from winding needle and radius constraints. By adjusting electrode length and the number of stacked layers, stacking lines can produce cells of any capacity. This enables flexible switching across all cell models. BYD is the primary player with large-scale stacking capacity—its Blade Battery lineup is entirely produced using the stacking process. Switching Direction Cell Type / Process Process Characteristics ESS ⇄ Commercial Vehicle 324Ah(Winding) Limited by winding-mandrel size; same model production line can switch both ways ESS ⇄ Commercial Vehicle Stacking, non model specific Not constrained by mandrel/curvature; electrode-layer count freely adjustable, flexible switching across all cell models Power ⇄ Residential Storage 120Ah residential storage cell Shifting power-cell capacity to residential storage to maximize subsidy capture Conclusion The lithium-ion battery industry's ability to flexibly reallocate production capacity between energy storage and EV power segments reflects both the scale of its manufacturing base and the responsiveness of its supply chain. As energy storage continues its rapid ascent—with 2026 energy storage lithium-ion battery production projected to grow over 90% year-on-year—and the continuous acceleration of commercial vehicle electrification process, this demand-driven switching dynamic is likely to persist. However, the degree of flexibility varies significantly by process technology. Stacking-based manufacturers like BYD are positioned to respond to demand shifts with minimal friction, while winding-based players face higher switching costs and narrower optionality.
Aug 17, 2026 18:08
【SMM Analysis】TOPCon Cell Prices Surge: Sentiment, Cost, and Policy Factors Drive Market Rally
【SMM Analysis】TOPCon Cell Prices Surge: Sentiment, Cost, and Policy Factors Drive Market Rally
After nearly two months of continuous declines, TOPCon cell prices have recently seen a strong rebound. Prices of various sizes have risen sharply within just one week, drawing significant attention from companies across the PV industry chain. According to SMM data, as of August 12, the actual transaction prices of monocrystalline TOPCon cells in 183mm, 210R and 210mm sizes were RMB 0.29/W, RMB 0.285/W and RMB 0.29/W, respectively, up about 15% from the beginning of August.
Aug 17, 2026 11:54
Chicago Summit Sets the Tone for SSB Race: Oxide Route Prevails, Sulfide‑Route Mass Production Delayed until 2030
his week, the Chicago Summit clarified the industry timeline: oxide electrolytes will be prioritized for deployment within 2–3 years, while all‑solid‑state sulfide batteries will be delayed until 2028–2030. The Baihu Lake Laboratory achieved a breakthrough in boride‑based solid‑state batteries with 400 Wh/kg, wide temperature range, and low‑pressure operation, targeting low‑altitude economy and robotics applications.
Aug 14, 2026 09:14
Is recent gold price strength fleeting or sustainable?
Thursday, August 13, 2026 Following a brutal 30% decline in the price of gold since the start of the year, there are signs the yellow metal is coming back to life with the bullion price up 8% since the beginning of August. The more volatile silver price is up around 16% since the middle of July. The sharp pullback at the start of the year should perhaps not have come as much of a surprise given gold had gained 60% in 2025 and another 30% in January 2026. A contributing factor to recent strength of gold and silver has been renewed weakness in the US dollar against a basket of major currencies in recent weeks. A weaker dollar makes precious metals cheaper for non-dollar buyers. It is the mirror image of the dollar strength which contributed to gold weakness in early 2026. Dollar strength was exacerbated by expectations for central banks to hike interest rates following the US-Iran war in late February as higher energy prices fed through to higher inflation. Since gold does not provide a yield, rising interest rates make gold less attractive compared to stocks and bonds , everything else being equal. Renewed Central Bank buying According to The World Gold Council (WGC), central banks and sovereign wealth funds purchased 289 tonnes of gold in the second quarter of 2026, up 62% year-over-year. Poland was the largest buyer, followed by China, which bought its largest quarterly addition since 2023, taking its reported holdings to 2,346 tonnes. Looking ahead, the WGC’s annual survey found 89% of central bank reserve managers expect central bank holdings to keep rising over the next 12-months, sending a message that demand remains in an upward trend. A separate survey across 76 institutions pointed to structural changes in how reserves were managed, with more than half of central banks running domestic purchase programmes which involved governments buying gold from smaller-scale gold miners within their own country. The WGC describes this as a shift away from holding gold as a legacy asset towards treating gold as an active, strategic allocation amid geopolitical uncertainty, rising currency volatility and reserve diversification . Gold as a hedge Kevin Smith, chief investment officer at Crescat Capital believes there is a scenario where gold could rise to $20,000 per ounce over the next few years. It is a long shot, but not unprecedented. One of Smiths arguments is that the gold price relative to the S&P 500 index is as low as it has been since 2009 and 1970, which reflects the fact that US valuations are at all-time highs, implying there is a small margin of error priced into investor's expectations. Prior peaks in the gold to S&P 500 ratio have coincided with market dislocations. In the current set up, Smith is looking at a scenario where the AI boom doesn’t provide the expected investment returns, leading to disappointment which could cause the stock market to drop in similar fashion to the declines seen in 2001 and 2008, when the S&P 500 halved in value. “A 50% lower S&P 500, combined with a 5.25 gold-to-S&P 500 multiple, which is well below its 1980 peak of 7.58, though slightly above its 1933 peak of 4.76, also gets us to our $20,000 price target for gold,” argues Smith. All bets are off if interest rates stay higher for longer With Federal Reserve chair Kevin Walsh seemingly intent on establishing his inflation-fighting credentials, central banks could hike interest rates to bring inflation back to target, after missing it for more than four years. This would create a headwind for precious metals, which tend to do better in low interest rate environments. Despite these concerns, markets are also cognisant of the other side of the Fed’s dual mandate, which is to keep the economy chugging along and the labour market healthy. The bull market in US stocks means households have a greater proportion of their wealth tied to stocks than ever before, while the national US debt relative to the size of the economy is forecast by the Congressional Budget Office to climb to its highest level since the second world war over the next decade. These factors suggest the central bank will not act hastily to risk failing to meet the other side of its mandate.
Aug 14, 2026 22:02

Latest News

[SMM Analysis] Zimbabwe's Rise Reshapes Lithium Market: Prices Near 15-Month Highs, Supply Focus Shifts to Africa
Over the next decade (2026-2035), the combined market share of the three traditional major lithium producers Australia, China and Chile is expected to keep declining as emerging suppliers scale up, with Zimbabwe and Argentina identified as the key sources of new supply. Zimbabwe, in particular, is likely to lead a new round of African lithium expansion, according to a latest research report. Strong H1 momentum, supported by storage demand. China's battery-grade lithium carbonate spot price stood at around 153,950 yuan/mt (approx. USD 21,500/mt) on August 17, after a rally of more than 130% from the June 2025 low of 58,400 yuan/mt. The 2026 forecast for China lithium carbonate has been revised up to USD 20,100/t and lithium hydroxide monohydrate to USD 19,600/t, reflecting that H1 momentum. Prices are expected to ease in H2 as smelter maintenance ends and supply returns, but storage demand is limiting the downside market balances now point to month-on-month destocking through H2 2026, with some analysts projecting the year's price peak in late Q3/early Q4. From ore exporter to processor enforced by policy. Zimbabwe’s rise is no longer just a forecast. On February 25, 2026, Zimbabwe's mining ministry banned all exports of lithium raw ore and concentrates with immediate effect, forcing miners to build local processing capacity. Zimbabwe's output was expected to reach ~200,000 t LCE in 2026 (up over 15% year on year), equal to ~10% of global primary lithium supply and ~17% of global spodumene supply before the ban; the restriction is estimated to affect around 12,000 t LCE of monthly supply. Key projects include: 1) Huayou Cobalt's Arcadia ~70,000-80,000 t LCE of mine output expected in 2026, with its 50,000 t/yr lithium sulphate plant commissioned in Q1 2026 and now ramping up; 2) Sinomine's Bikita ~60,000-70,000 t LCE expected in 2026, with a 30,000 t/yr lithium sulphate plant slated for 2027; 3) Chengxin's Sabi Star (~35,000 t LCE) and Yahua's Kamativi (~50,000 t LCE) rounding out a Chinese-invested project portfolio totaling roughly 230,000 t LCE. 4) In 2025, Zimbabwe shipped over 1.2 million tonnes of spodumene to China about 15% of China's total imports making it a supply source Beijing's supply chain cannot easily replace. 2026 is the last investment peak of this cycle global lithium supply is projected to rise ~30% year on year to over 2.1 million t LCE in 2026, concentrated in China and Africa (Africa alone adding ~140,000 t to reach ~380,000 t LCE). Chinese output hit 970,000 t of lithium carbonate in 2025, with new additions this year from Qinghai/Tibet salt lakes, Sichuan spodumene and Jianxiawo's expected restart in H2. Australia shipped 158,000 t of spodumene to China in the week of August 10-16 alone. But few new projects are lined up beyond 2027 a key reason sentiment has flipped from glut to deficit: Morgan Stanley now forecasts an 80,000 t LCE global deficit for 2026, UBS sees a 22,000 t shortfall, versus a 61,000 t surplus in 2025. EVs slow, storage takes the wheel. Global lithium demand growth is expected to slow to 5.8% in 2026 (from 18.5% in 2025), with passenger EV sales growth falling to 3.9% (vs 22.8% in 2025 and 24% in 2024) as China's trade-in subsidies end and the US IRA rollback bites. Energy storage is now the core demand pillar: storage-sector lithium demand is forecast to jump ~55-74% in 2026, lifting its share of total lithium demand from 23% to ~31%. LFP batteries account for over 90% of battery storage applications and more than half of global EV battery installations; China's LFP cell makers reported hot August orders with output up ~5% month on month. China's NEV penetration hit 58.5% in June above 50% for the third straight month. Battery manufacturing investment in China grew 23% in January-July 2026. Risks. Lithium remains in a "tug-of-war" between supply-release concerns and storage-driven demand support, with risks skewed to the downside: a sustained price recovery could trigger rapid restarts (curtailed capacity covering 750,000+ t of concentrate sits near a ~USD 1,200/t restart cost line), sodium-ion substitution becomes economic if cell prices stay above ~0.4 yuan/Wh, and rising energy costs plus a potential sulfur shortage could squeeze miners' margins. Longer term, battery chemistry innovation and recycling could cut lithium intensity and expand secondary supply reshaping the opportunity window for emerging producers like Zimbabwe. SMM View: Zimbabwe's February export ban has turned the "move down the value chain" story from intention into policy reality Chinese invested projects at Arcadia and Bikita are now the country's only guaranteed export channels via lithium sulphate, and the roughly 12,000 t LCE/month of disrupted supply was a direct catalyst in this year's price rally above 150,000 yuan/mt. The report's core thesis a declining share for Australia, China and Chile, with Africa gaining is being validated in real time, Africa adds ~140,000 t LCE of supply in 2026, the largest increment after China. But Zimbabwe's ramp-up pace, its ability to keep sulphate exports flowing, and downstream pricing power remain the key variables determining whether it can fully deliver on its market-share ambitions
12 hours ago
[SMM Flash] 2026 Lithium Price Forecasts Revised Higher; Storage Demand Supports Resilience, Supply Growth Caps Upside
Mainland Chinese lithium carbonate and lithium hydroxide monohydrate average price forecasts for 2026 have been revised up to $20,100/t and $19,600/t respectively, reflecting H1 price strength. Prices are expected to soften in H2, but robust energy storage demand should limit downside, with uncertainty over CATL's Jianxiawo mine restart also capping bearish sentiment. Global lithium demand growth is projected to slow to 5.8% y/y in 2026 from 18.5% in 2025, tracking a deceleration in global passenger EV sales growth (BEV+PHEV) to 3.9% y/y from 22.8% in 2025. China remains the core demand driver: domestic NEV sales rose 23.6% y/y to 1.6 million units in June, with NEV penetration holding at a record 58.5% of new-vehicle sales for a third straight month as incentive withdrawal and structural pressures push the market into a more mature growth phase. Elevated fuel prices tied to the Middle East conflict are lending incremental support to electrified and hybrid powertrain demand. On supply, global lithium output is forecast to grow 13.2% y/y in 2026, led by Australia and China, with the price recovery supporting restarts of higher-cost Australian capacity despite cost pressure from energy prices and a potential sulphur shortage. The combined share of the top three producers Australia, China, and Chile is expected to decline through 2035 as Argentina and Zimbabwe ramp up output, with Zimbabwe seen as a key driver of African lithium mine development in the coming years. Carbonate's premium over hydroxide is expected to persist on continued LFP adoption, which now accounts for over half of global EV battery installations and more than 90% of battery energy storage capacity. Longer term, lithium-free/reduced-lithium battery chemistries and advances in battery recycling represent structural downside risks to price. SMM View: The revision confirms H1 price resilience rather than a shift in underlying fundamentals current prices remain viewed as elevated relative to fundamentals, with H2 risk skewed to the downside. For African supply, Zimbabwe's role in the coming decade's shift away from the traditional top three producers aligns with its ongoing sulphate/hydroxide integration build-out; continued execution would further strengthen Africa's position in the global lithium supply structure.
12 hours ago
[SMM Flash] Nasarawa Inks $2M Supplementary Lithium Deal with Diamond New Energy
Nasarawa State's $2M supplementary agreement with Diamond New Energy secures continued lithium ore supply from the state's mining block to the Endo lithium refinery (~3 million t/yr, 6,000 t/d West Africa's largest lithium processing facility). A concurrent deed transferred mining rights across 3.5 cadastral units at Endo from Nasarawa Mining Company to Ganfeng Lithium, giving Ganfeng direct control over upstream spodumene supply, reducing reliance on third-party/artisanal ore, and shortening the ore-to-refinery logistics chain to support more stable lithium salt output volumes. SMM View: The deal's real significance is feedstock security for lithium conversion capacity, not the payment itself. Consolidating spodumene mining rights under the refinery operator lowers ore-supply volatility and lends more predictability to output of lithium concentrate and downstream salts. This mirrors Ganfeng's vertically integrated approach at Goulamina in Mali, further embedding Chinese-controlled, mine-to-refinery lithium supply chains in West Africa and adding to the region's growing processed lithium volumes destined for the Chinese market.
12 hours ago
[Nine Departments: Boost Quality Goods Supply, Support NEVs and Green Products in Rural Areas]
[Nine Departments: Expand Supply of High-Quality Goods at Fair Prices, Strongly Support NEVs and Other Products Going to Rural Areas] Opinions of the Ministry of Commerce and Eight Other Departments on Further Stimulating the Vitality of Lower-Tier Markets and Boosting County-Level Consumption. The opinions state that the supply of high-quality goods at fair prices will be expanded. Enterprises are encouraged to actively introduce high-quality goods into county-level markets, launch new products simultaneously in counties where conditions permit, and promote “same quality, same access” for identical products in urban and rural areas. Enterprises are guided to develop high-quality products suited to county-level consumption characteristics, and trade and circulation enterprises are supported in building flexible supply chains through “own brands + demand-based production.” Strong support will be given to NEVs, green and smart products, green building materials, and other products going to rural areas, and the coverage of rural charging facilities will be expanded.
16 hours ago
[SMM Analysis] New Energy Penetration Rate Breaks 50% for the First Time: A "Watershed" Moment for July Auto Market
16 hours ago
SMM Daily Review: Lithium Carbonate Spot Prices Edged Up on August 18
[SMM Daily Review: Lithium Carbonate Spot Prices Edged Up on August 18] SMM battery-grade lithium carbonate spot prices edged up slightly today from the previous working day. The lithium carbonate 2701 contract opened higher at 155,000 yuan/mt today. After the open, bull funds quickly drove prices higher, and prices shot up to 157,800 yuan/mt to hit a fresh intraday high before consolidating and pulling back. In the morning session, prices fluctuated around the average price line, with the center gradually shifting lower. Around midday, prices accelerated downward to 152,700 yuan/mt. In the afternoon, prices consolidated and rebounded, quickly rallying to around 155,400 yuan/mt near the close, and eventually closed up 0.62% at 155,400 yuan/mt, while open interest increased by 8,584 lots. In the spot market, downstream players made just-in-time procurement on dips, while purchasing sentiment remained cautious, with some purchase price indications still anchored near 150,000 yuan/mt. As prices consolidated higher, upstream lithium chemical plants showed greater willingness to hedge, and spot order shipments remained slightly active. Overall, market inquiries and actual transactions were relatively mediocre.
19 hours ago
[Lithium Battery: Yongtai Technology's Inner Mongolia VC Project To Begin Trial Production]
On August 17, Yongtai Technology disclosed that the trial production plan for its wholly-owned subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd.'s annual 6,666.6-ton VC project was reviewed and approved by experts on August 15, 2026, and has met the conditions for trial production, which will now commence. The company's original VC production capacity was 10,000 tons/year. With the addition of this new 6,666.6-ton/year capacity, the company's total production capacity for the electrolyte additive VC will reach 16,666.6 tons/year. The commissioning of this project will further enhance the company's VC production capacity and economies of scale, strengthen its business development in the lithium battery materials sector, consolidate its industry position and market share, and contribute to improving the company's overall market competitiveness and profitability.
19 hours ago
Wuhan Optics Valley Huanglongshan Welcomes the First Batch of Customized Hydrogen-Powered Two-Wheelers
20 hours ago
Qinghai Solicits Experts in the Energy Sector to Improve the Support System of Specialized Think Tanks
21 hours ago
Solid Power Plans JV Partnership With South Korean Company This Year, Targets 20,000 mt/y Production Blueprint
According to JPMorgan on August 18, Solid Power CEO John Van Scoter said at the JPMorgan Automotive Conference in New York on August 13 local time that the company is in the process of forming a joint venture partnership with a major South Korean company. He said the initial partnership would be for a facility of about 500 mt, adding that Solid Power aims to announce the partnership within this year, enter the design and construction phase next year, and be ready to supply up to 500 mt to customers in South Korea and globally by 2028. Van Scoter added that the concept is a shell factory model. As demand becomes more visible, the company plans to add 2,000 mt modules until total capacity reaches 20,000 mt. He also said Solid Power has a vision to expand beyond 20,000 mt with the same partner over the next three to five years, enabling an SOP timeline around 2029–2030 for small fleets.
21 hours ago
Enchem Announces Q2 Earnings
South Korean electrolyte producer Enchem disclosed that it recorded revenue of KRW 102.3 billion and an operating loss of KRW 11.6 billion in the second quarter of 2026. Revenue increased by about 22% from KRW 84.1 billion in the first quarter, while its operating loss narrowed by around 52% from KRW 24.2 billion.
21 hours ago
Solid-State Battery Three Fronts: Material Foundation, Energy Storage Expansion, and Cell Breakthroughs
Summary – Over 13–14 August 2026, three landmark events reshaped the solid‑state battery landscape. On the material front, Ronbay Technology’s 10‑tonne solid‑state electrolyte project in Xiantao passed its environmental assessment, with a RMB 50 million investment pushing sulfide electrolyte production closer to reality.
23 hours ago
[SMM Cobalt & Lithium Morning Meeting Minutes] Lithium Chemicals Remained Relatively Strong as Industry Chain Divergence Intensified; Peak-Season Demand Support Gradually Strengthened
This week, operations across the industry chain continued to diverge. The lithium segment remained relatively strong: an upward shift in the price center of lithium carbonate drove ore prices and lithium hydroxide higher, but salt plants became less willing to accept high-priced ore, and further gains were still constrained by margins. Lithium carbonate futures retreated from highs, while spot inquiries and transactions improved somewhat; downstream demand was still dominated by just-in-time procurement. Some metal salts and intermediate product markets remained weak, with more low-priced supply and muted actual transactions; nickel sulphate held steady, but spot orders were under pressure. Ternary cathode precursor prices were weak due to softer raw materials, while ternary cathode material continued to rebound, supported by a rebound in lithium chemicals and stockpiling ahead of the peak season. LFP supply and demand remained in a tight balance; tight raw materials, declining inventory, and rising processing fees strengthened cathode enterprises’ bargaining power. The anode, separator, and electrolyte segments were broadly stable, while supply bottlenecks persisted in parts of the sodium-ion battery chain. On the recycling side, demand for LFP electrode was active, while transactions in high-metal-content black mass were cautious; going forward, focus will be on whether peak-season demand materializes and how raw material price pass-through evolves.
Aug 18, 2026 09:53
[SMM Cobalt Morning Meeting Minutes] Weak Prices Persist as the Tug-of-War Between Sellers and Buyers Intensifies; Peak-Season Demand Still Needs to Be Observed
At the beginning of the week, the industry chain as a whole continued a weak and divergent pattern. Trading in upstream raw materials and lithium chemicals remained sluggish, with a wide psychological price spread between sellers and buyers. Some low-priced supply continued to be released, and the price center remained under pressure. The electrolysis products, intermediate products, and powder markets all lacked clear demand support. Downstream players mainly relied on just-in-time procurement and cargo pick-up under long-term contracts, with limited spot order activity. The precursor market stayed in the doldrums, affected by declines in some raw material prices. Top-tier players saw some recovery in export orders and production schedules in China, but small and medium-sized enterprises were still constrained by the off-season. Cathode material prices edged up, driven by a rebound in lithium chemicals prices and stockpiling ahead of the traditional peak season, while demand from the European auto market also provided some support. The consumer electronics-related materials market delivered mediocre performance, and price cuts have not yet materially improved shipments. At the industry level, lithium-ion battery production in January–July rose 40.2% YoY. Meanwhile, “anti-involution” governance in key industries continued to advance, and improvements in the supply-demand structure and price order remain worth watching.
Aug 18, 2026 09:48
Concerns about Tightening Resource Controls Keep Tungsten Prices Resilient in the Off-Season
Concerns about Tightening Resource Controls Keep Tungsten Prices Resilient in the Off-Season
【SMM Tungsten Analysis】 SMM News, August 14: The global tungsten industrial chain remained in a stalemate this week. Divergent inventory‑building strategies across upstream and downstream segments
Aug 14, 2026 16:59
[SMM Analysis] Indonesia Sulphur & Sulphuric Acid Imports H1 2026: Volume, Price, Origin, Ports
[SMM Analysis] Indonesia Sulphur & Sulphuric Acid Imports H1 2026: Volume, Price, Origin, Ports
Aug 12, 2026 11:29
[SMM Analysis] Global Lithium-ion Battery Industry Navigates Capacity Switch Between ESS and EV
[SMM Analysis] Global Lithium-ion Battery Industry Navigates Capacity Switch Between ESS and EV
Aug 17, 2026 18:08
 Solid-State Battery  Accelerates, Supply Chain Diverge Sharply – Review of Listed Companies' H1 2026 Performance
 Solid-State Battery Accelerates, Supply Chain Diverge Sharply – Review of Listed Companies' H1 2026 Performance
Aug 17, 2026 15:16
【SMM Analysis】TOPCon Cell Prices Surge: Sentiment, Cost, and Policy Factors Drive Market Rally
【SMM Analysis】TOPCon Cell Prices Surge: Sentiment, Cost, and Policy Factors Drive Market Rally
Aug 17, 2026 11:54
Chicago Summit Sets the Tone for SSB Race: Oxide Route Prevails, Sulfide‑Route Mass Production Delayed until 2030
Chicago Summit Sets the Tone for SSB Race: Oxide Route Prevails, Sulfide‑Route Mass Production Delayed until 2030
Aug 14, 2026 09:14
Is recent gold price strength fleeting or sustainable?
Is recent gold price strength fleeting or sustainable?
Aug 14, 2026 22:02
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[SMM Cobalt & Lithium Morning Meeting Minutes] Lithium Chemicals Remained Relatively Strong as Industry Chain Divergence Intensified; Peak-Season Demand Support Gradually Strengthened
Aug 18, 2026 09:53
[SMM Cobalt Morning Meeting Minutes] Weak Prices Persist as the Tug-of-War Between Sellers and Buyers Intensifies; Peak-Season Demand Still Needs to Be Observed
Aug 18, 2026 09:48