[SMM Analysis] Downstream Demand Rebounds, November Sees Growth in Natural Graphite Imports and Exports

[SMM Analysis: Solid-State Battery Next Decade Series, 6 of 9: The Ternary Route May Become Great Again] Ternary has been structurally squeezed by LFP in the liquid lithium battery stage, making it difficult for its share to return to the mainstream. Solid-state batteries are catalyzing its "second positioning": high-nickel ternary, lithium-rich manganese-based materials are naturally compatible with solid-state systems, and solid-liquid batteries provide transitional growth. Scenarios such as eVTOL, humanoid robots, and high-end EVs, which have rigid demand for energy density and are price-insensitive, will become a solid foundation for the high-end specialized path of ternary.

【UK E-Liquid Excise Duty Takes Effect, Tobacco Tax Raised Simultaneously】The UK's HM Revenue & Customs has announced that the e-liquid excise duty came into effect on October 1, 2026, at a rate of GBP 2.20 per 10ml, applying to all e-liquids produced or imported into the UK regardless of nicotine content, with the exception of goods held in duty suspension. Manufacturers, importers, and bonded warehouse operators must obtain HMRC approval; unauthorized production is illegal and subject to civil penalties, seizure of goods and equipment, or criminal prosecution. The accompanying fiscal mark regime is also mandatory from the same date, with transitional marks without digital elements permitted until December 31, 2026; new products must use digital fiscal marks from January 1, 2027, and existing unmarked stock in wholesale and retail may be sold until March 31, 2027. Cigarettes and other tobacco products received a one-off additional duty of GBP 2.20 per 100 sticks or per 50g on the same date, on top of the regular escalator. The measure is projected to generate over GBP 550 million annually by the 2030–31 fiscal year.

On October 1, the South Korean government announced measures to accelerate approvals for Hyundai Motor’s approximately KRW 4 trillion project to convert existing Ulsan facilities into EV-focused factories. The project covers Ulsan Plant 1 and Line 2 of Plant 4. Environmental, traffic and disaster impact assessments will proceed alongside permitting, supported by a dedicated project manager. The government aims to shorten administrative procedures from more than three years to within one year. The measure supports an existing corporate investment rather than providing a new government subsidy.