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  Solid-State Battery Weekly Analysis: NationWeekly Analysis: Solid-State Battery Industry Advances in Material Innovation and Standard Development Simultaneously]al Test Results for Solid-State Batteries Were as Expected, High Industry Laboratory Activity C

  This week (December 26-31, 2025), the solid-state battery sector achieved breakthroughs in capital, capacity, application, and standards. On the industry side, the signing of leading projects, the commissioning of GWh-level production lines, and the delivery of semi-solid-state car models signaled an acceleration in industrialisation. On the technical front, innovations such as sulphide electrolytes, composite functional layers, and sodium-ion batteries continued to emerge. On the policy front, the first national standard for automotive applications was initiated, laying a foundation for standardized industry development, and the industry chain ecosystem became increasingly well-established.

• [SMM Analysis] The Paradox Behind the Stagnation of EU Internal Copper Scrap Trade and the Surge in Outflows

  [SMM Analysis:The Paradox Behind the Stagnation of EU Internal Copper Scrap Trade and the Surge in Outflows]Market behavior is being further distorted by the anticipation of looming regulations. Starting in July 2025, the EU launched systematic customs monitoring of cross-border metal scrap movements. Stricter regulatory frameworks will take effect in May 2026, culminating in a total export ban to non-OECD countries by May 2027. This clear regulatory roadmap has triggered a "front-running" effect. To bypass future compliance costs, complex auditing processes, and the eventual ban, traders are accelerating liquidations during the current window of opportunity.

• The DRC decided to extend the 2025 cobalt export quota to Q1 2026.

• Year-End Volatility in the Copper Scrap Market: The Supply-Demand Dilemma Amid High-Price Suppression and Policy Uncertainty

  This week, the copper scrap market retreated after a rapid rise as copper prices hit a record high, with overall trading remaining sluggish. At the beginning of the week, copper prices climbed to 98,800 yuan/mt, an increase of 740 yuan/mt, while Guangdong bare bright copper prices followed the upward trend to 87,000 yuan/mt, marking a weekly gain of 1,400 yuan/mt. The price difference between primary metal and scrap once widened to 5,225 yuan/mt, theoretically giving secondary copper a significant economic advantage, but actual demand did not correspondingly release. Overseas markets came to a standstill due to the Christmas and New Year holidays, and trade in imported recycled copper raw materials was largely suspended.

• 【SMM Announcement】SMM Domestic Prices Suspended During New Year Holiday; Overseas Prices Resume on Jan 2

  The 2026 New Year's Day holiday is around the corner. Below is SMM's service schedule for your reference: