Key Takeaways

At the start of the second quarter of 2026, the global lithium battery industry is undergoing a profound transformation driven by cost pressures. Compared to the lows of last year, lithium carbonate prices have more than doubled. This is no longer a short-term supply-demand mismatch but a signal that the industry has entered a “new normal” of high-cost operations.

Faced with rising raw material costs, major players are pursuing a two-pronged strategy:
On the technology front, sodium-ion and semi-solid-state batteries are accelerating toward mass production.
On the regulatory front, the strictest battery recycling regulations to date have taken effect, making closed-loop ecosystems a new competitive moat.

Below is our in-depth analysis for this month.

01 Market Front: Cost Pressure Intensifies, Industry Reshuffle Underway

Entering 2026, the power battery market presents a stark contrast.

On one hand, demand remains strong. Leading battery manufacturers are running at full capacity, with some even turning away orders that don’t offer sufficient upfront payment. This spillover demand is benefiting second-tier players. On the other hand, rising lithium carbonate prices are putting significant cost pressure on mid-stream battery makers.

A recent report from Wood Mackenzie warns that without substantial new investment, the world could face a lithium supply gap as early as 2028.

Our perspective:
For buyers, the era of pure price comparison is ending. In a high-lithium-price environment, supply chain stability matters more than ever. Suppliers with upstream resource integration capabilities or diversified technology portfolios (i.e., not relying solely on lithium batteries) will become the preferred choice for OEMs.

02 Technology Battle: Has Sodium’s Year Finally Arrived?

If sodium batteries have been “much talked about but rarely seen” in previous years, 2026 is shaping up to be the true first year of sodium-ion industrialization.

Recent breakthroughs from the Institute of Physics, Chinese Academy of Sciences, have demonstrated that ampere-hour sodium-ion batteries can completely eliminate thermal runaway risks, solving a key safety concern. Meanwhile, major players like CATL and EVE Energy have launched mass-produced sodium battery products — from low-temperature commercial vehicle versions to large-scale energy storage systems. Sodium batteries are moving from slide decks to production lines.

Key data point:
Current sodium battery production costs are around RMB 0.5–0.6/Wh, still slightly above lithium’s RMB 0.4/Wh. However, industry experts predict cost parity will be reached by 2027. At that point, sodium batteries — with their superior safety and low-temperature performance — will become a strong complement to lithium batteries in energy storage and two-wheeler vehicles.

03 Safety Upgrade: New National Standard Countdown Begins

With July 1 approaching, the mandatory national standard for electric vehicle traction batteries (GB38031-2025) is about to take effect.

This is not only a major test for battery safety but also a raise of the technical bar. The new standard pushes the industry away from “involutionary” low-price competition toward value-driven competition. Recently unveiled batteries — such as Yuanxing Energy’s 4.8V high-voltage nickel-manganese-lithium battery — have demonstrated “intrinsic safety” by passing nail penetration tests without catching fire or exploding.

What this means:
Future battery competition will no longer be just about range, but about balancing high energy density with absolute safety.

04 Closed-Loop Ecosystem: Recycling Enters “2.0 Era”

In a resource-constrained world, urban mining is becoming a true goldmine.

On April 1, 2026, the new Administrative Measures for Recycling and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles officially took effect. Shortly after, the national traceability platform for NEV power batteries was launched, marking the beginning of China’s “2.0 era” for battery recycling management.

This isn’t limited to EV batteries. For the large stock of electric two-wheelers, the MIIT and the All China Federation of Supply and Marketing Cooperatives have jointly issued guidelines to regulate lithium battery recycling, using an extensive grassroots collection network to prevent waste batteries from entering informal channels.

Our perspective:
For overseas customers — especially in Europe and North America, where ESG is a top priority — battery carbon footprint and recycling responsibility are hard requirements. This latest upgrade of China’s recycling system provides strong support for export batteries aiming to meet full lifecycle compliance.

05 Global View: Chinese Batteries Continue “High-Value” Export Growth

Despite geopolitical challenges, China’s battery exports delivered impressive results in 2025. While export volume remained largely flat, export value surged by 22.8% to reach USD 82.28 billion.

This data clearly shows that China’s battery industry is shedding the “low-price, high-volume” label. Leveraging LFP, sodium-ion, and upcoming solid-state battery technologies, China is firmly positioned in the mid-to-high end of the global value chain. The upcoming CIBF 2026 battery expo in Shenzhen this May is expected to attract over 3,100 exhibitors from around the world — a prime window for observing the next generation of battery technology.

Closing Thoughts

The 2026 battery industry looks like a “game for the brave”. Rising upstream resource costs are steadily eliminating weak players that relied on low subsidies, while technological innovation (sodium, solid-state, recycling) is opening up new trillion-yuan tracks for the well-prepared.

EBAK will continue to monitor industry developments and bring you the most relevant supply chain intelligence.

Lithium Prices Remain High, Supply-Demand Balance Tightens

As of April 3, battery-grade lithium carbonate is quoted at RMB 158,000/ton, up more than 120% from its low last year. Despite a recent pullback, the tight supply pattern remains unchanged. Institutions forecast a shortage of tens of thousands of tons in the global lithium market in 2026, with energy storage demand becoming a key growth driver.

Large-Capacity ESS Cells Enter Mass Production, Order Backlogs Lengthen

At the ESIE 2026 exhibition, 500Ah+ large-capacity battery cells have entered the delivery phase. Leading manufacturers have order backlogs extending to Q1 2027. Semi-solid state ESS cells have achieved breakthroughs in safety, and the energy storage sector is now facing supply shortages.

Solid-State Battery Commercialization Accelerates

Chery, SAIC, Eve Energy, and BYD have announced solid-state battery progress, with energy densities exceeding 400Wh/kg and vehicle installation scheduled for 2026–2027. In the two-wheeler segment, semi-solid state batteries have already achieved commercial deployment, marking a critical window for industrialization.

Export Tax Rebate Reduced, Compliance Hurdles Rise

Starting April 1, the export tax rebate rate for lithium batteries was cut from 9% to 6%, and will be fully eliminated by 2027. EU battery regulations will mandate a “digital battery passport” for all EV and industrial batteries from 2027. The U.S. has raised Section 301 tariffs on Chinese stationary energy storage batteries to 25%. Exporters face dual challenges of rising costs and stricter compliance.

1. Exports: Diversified markets support growth

In Jan–Feb 2026, China’s lithium battery exports reached $14.2 billion, up 46% year-on-year. The EU remains the largest market (43.1% share), while the US share dropped to 9.7%. Emerging markets such as Latin America, the Middle East, and Southeast Asia all grew over 200%, creating a more balanced global landscape.

2. Policy: VAT rebate phase-out drives industry upgrade

From April 1, 2026, the export VAT rebate rate for batteries was cut from 9% to 6%, and will be fully removed from January 1, 2027. A short-term rush in overseas orders is seen, while the long-term effect will accelerate industry consolidation. Meanwhile, the government is also curbing “involution-style” price wars to guide high-quality development.

3. Technology: Sodium-ion mass production takes off, solid-state batteries ready

• Sodium-ion batteries: CATL unveiled its sodium-ion battery for energy storage (over 15,000 cycles), with commercial deployment this year. Changan Auto will launch the first passenger car powered by CATL’s “NaXin” battery, offering a range over 400 km. 2026 is seen as the first year of large-scale sodium-ion battery applications.

• Solid-state batteries: 2026 marks the mass-production year, with global shipments expected to reach 50 GWh. Semi-solid batteries are moving from pilot to scale-up.

4. Applications: Energy storage becomes core growth engine

• Energy storage boom: In Jan–Feb 2026, new domestic storage installations surged 472% year-on-year, and tenders grew 73.3%. Mainstream cell prices have returned above RMB 0.4/Wh, with tight supply-demand balance.

• AI data centers: The government work report first introduced “computing-power synergy,” making data center storage a new growth pole.

• EV batteries: NEV exports grew 110% year-on-year, and power battery installations rose 37.4%.

5. Industry chain: Lithium carbonate prices rebound strongly

Battery-grade lithium carbonate prices have reached RMB 166,000/ton, up over 160% from the 2025 low. Zimbabwe’s suspension of lithium concentrate exports and China’s new mining law raise costs. Coupled with strong demand, lithium companies’ profitability has significantly improved (e.g., Ganfeng Lithium’s net profit up 177%).

Summary

The lithium battery industry is undergoing a key transition in 2026: VAT rebate removal, sodium-ion industrialization, the rise of energy storage, and a shift from price wars to value competition. With the global energy transition firmly in place, long-term growth remains promising.

LiFePO4 Battery: Safety, Longevity, and Custom Solutions

Introduction: Understanding Battery Safety and the Rise of LiFePO4 Technology

In the field of renewable energy, battery safety is of critical importance to both businesses and residential users. As energy storage systems become more widely adopted, their reliability and safety have become increasingly crucial. Lithium iron phosphate batteries, with their outstanding safety characteristics and comprehensive performance, have become the mainstream choice for energy storage. Their core difference from traditional lithium-ion batteries lies in the cathode material, offering excellent thermal and chemical stability that makes them less prone to overheating or combustion. This meets the safety requirements of various scenarios, such as residential solar systems and electric RVs, while their environmental benefits align with the global trend toward green energy transition. This article analyzes the unique advantages, performance lifespan, and multi-sector applications of lithium iron phosphate batteries, as well as customized energy storage solutions from industry leaders like EBAK.

The Importance of Battery Safety in Renewable and Mobile Systems

Batteries are at the heart of modern energy systems and are widely used in applications such as residential solar, electric vehicles, and portable devices. However, traditional lithium-ion batteries pose risks of thermal runaway, capacity degradation, and safety hazards, which can easily lead to serious incidents such as fires and explosions. For renewable energy systems, battery safety not only helps prevent accidents but also ensures stable performance and long service life, avoiding the cost and environmental issues associated with frequent replacements. Lithium iron phosphate batteries, with their stable chemical structure, effectively reduce the risk of thermal instability and enhance operational safety. This is especially important in mobile applications such as RVs and marine environments, where space constraints and environmental conditions demand higher levels of battery safety. Lithium iron phosphate batteries can withstand vibration, temperature fluctuations, and deep cycling while maintaining both safety and performance.

Advantages of LiFePO4 Batteries: Safety Features, Performance, and Environmental Benefits

Lithium iron phosphate batteries offer several outstanding advantages, making them suitable for both stationary and mobile energy storage applications. Their chemical system delivers exceptional safety, significantly reducing the risk of thermal runaway under conditions such as short circuits and overcharging. They also feature a longer cycle life, achieving over 2,000 charge-discharge cycles at 80% depth of discharge, which reduces replacement frequency and lowers costs. In addition, they use non-toxic phosphate materials, making them more environmentally friendly than cobalt-based batteries. They also provide stable voltage output and high discharge rates, with a capacity of 1280Wh for a 100Ah model, meeting the demands of precise energy management and high-power applications.

Real-World Applications: Implementing LiFePO4 Batteries in Solar Systems, RVs, and Marine Environments

Lithium iron phosphate batteries enable a wide range of cross-industry applications thanks to their versatility. In solar energy systems, they provide safe and reliable energy storage suitable for both off-grid and grid-tied scenarios, withstanding frequent cycling with minimal degradation—making them ideal for residential and commercial energy storage. In the RV industry, their lightweight design, high safety, and long cycle life make them the preferred choice, extending travel time and enhancing safety and user experience during off-grid use. In the marine sector, they withstand harsh environments such as humidity and extreme temperatures, delivering stable power output while ensuring safety in confined spaces and reducing the risks associated with traditional lead-acid batteries. Industry leaders such as EBAK focus on manufacturing high-quality lithium iron phosphate batteries, offering customized solutions that optimize capacity, size, and battery management systems to meet the specific needs of both businesses and consumers.

Conclusion: Embracing LiFePO4 for Safe, Long-Lasting Energy Solutions

Lithium iron phosphate (LiFePO₄) batteries represent a significant advancement in energy storage technology, offering outstanding safety, long cycle life, and environmental advantages. Their robust design overcomes many of the challenges associated with traditional lithium-ion batteries, making them an ideal choice for demanding applications such as renewable energy systems, RVs, and marine vessels. Companies like EBAK are leading the industry with high-quality, customized LiFePO₄ battery solutions that meet diverse market needs. Whether for business or home use, users can rely on their exceptional performance and safety for dependable power supply. To learn more about how this technology can be tailored to your energy storage requirements, visit EBAK’s “About Us” page and reach out through the “Contact Us” section to consult with an expert—choosing a safer, more durable power solution.

High-Performance LiFePO4 Battery Solutions from EBAK

Introduction to EBAK’s LiFePO4 Batteries – Overview of Performance and Reliability

Key Features of EBAK LiFePO4 Batteries

Technical Specifications – In-depth Look at Battery Specs and Capacities

Applications of LiFePO4 Batteries in B2B and Home Settings

Customer Testimonials Highlighting Product Quality and Service

Why Choose EBAK – Competitive Advantages Over Other Battery Solutions

Call to Action – Contact EBAK for Inquiries or Quotes

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Conclusion and Key Takeaways

**Jiangsu Jiuwu Hi-Tech Co., Ltd. (Jiuwu Hi-Tech)** was founded in 1997 by an academician team from Nanjing Tech University. It is a high-tech enterprise specializing in new material R&D and integrated solution provision. Recognized as the “Pioneer of China’s Ceramic Membrane Technology,” the company has ranked first in China’s ceramic membrane market for many consecutive years and holds a position among the global top three.

Jiuwu Hi-Tech is among the first batch of nationally accredited high-tech enterprises, a National Specialized and Sophisticated “Little Giant” Enterprise, a National Manufacturing National Manufacturing, and a leading enterprise in China’s ceramic membrane industry. It has been awarded the State Scientific and Technological Progress Award four times, the State Technological Invention Award once, and the China Patent Excellence Award. In 2023, it was honored with the title of “Excellent Enterprise of Jiangsu Province” by the Jiangsu Provincial Party Committee and Provincial Government, and in 2025, it was recognized as a “National Green Factory.”

Over nearly three decades, Jiuwu Hi-Tech has established a complete business industrial chain, spanning from new material development and technology R&D to process design, complete equipment manufacturing, integrated solution provision, and project operation. The company continuously strives for breakthroughs in the manufacturing of new materials such as ceramic membranes, organic membranes, and adsorbents. Based on these core technologies, it provides integrated solutions for four major sectors: New Energy Services, Industrial Fluid Separation, Water Treatment & Resource Recovery, and Industrial Waste Acid Resource Utilization. Notably, it has achieved groundbreaking innovative applications in multiple niche areas, including Salt Lake Lithium Extraction, Battery Cathode Materials, Comprehensive Waste Salt Treatment, Bio-fuel Ethanol, Chlor-alkali Industry, and Biological Products. Currently, the company’s products are exported to over forty countries and regions, earning widespread recognition from clients globally.

**Oxide Solid-State Electrolytes Achieve Continuous Small-Batch Stable Delivery**

According to public information, after nearly three years of intensive technological research, the R&D team at Jiuwu Hi-Tech has successfully developed a new proprietary preparation process for oxide solid-state electrolyte powders (LLZO and LATP series). The process optimizes ionic conductivity and water stability, thereby enhancing the relevant performance characteristics of the materials.

Currently, the company has established a supply system for various product forms, including powders, slurries, and dense ceramic sheets. The LLZO and LATP oxide solid-state electrolyte products have gained recognition from multiple downstream application companies due to their excellent comprehensive performance. The powder performance has reached the industry mainstream level, and the company has achieved continuous, stable small-batch deliveries.

**Superior Performance of Oxide Solid-State Electrolytes**

**1. High Ionic Conductivity**
Through a self-optimized collaborative “low-temperature solid-phase – atmosphere sintering” process, combined with sintering kinetics adjust and multi-element doping modification technology, Jiuwu Hi-Tech has mitigated the lithium volatilization challenge common in traditional high-temperature synthesis. This reduces production energy consumption and achieves a product batch consistency exceeding 95%, providing key technical support for large-scale industrial application. The prepared LLZO series materials exhibit a room-temperature ionic conductivity of **1.0 mS/cm**, and LATP achieves **1.30 mS/cm**, indicating excellent key performance indicators at the industry mainstream level.

**2. Narrow Particle Size Distribution**
In battery manufacturing, oxide solid-state electrolyte powders require small particle sizes to construct a highly connected ionic conduction network, ensure slurry uniformity, and optimize interfacial contact with electrodes. Simultaneously, a strict narrow particle size distribution effectively prevents component separation during the slurry coating and drying processes, avoiding uneven diaphragm thickness and surface defects, thus ensuring battery performance consistency and safety. Jiuwu Hi-Tech employs exclusive milling technology combined with self-developed composite dispersants to adjust the refining process, controlling the powder particle size to **D50 < 500nm, D90 < 900nm**. This ensures the powder is refined to the nanometer level while achieving an excellent narrow particle size distribution.

**3. Performance Stability**
Leveraging nearly three decades of profound technological accumulation in inorganic ceramic material sintering and chemical synthesis, Jiuwu Hi-Tech possesses industry-leading process沉淀 and R&D advantages. The company has established a national-level green smart factory equipped with advanced production and inspection equipment, ensuring that oxide solid-state electrolyte materials maintain high-purity phase and excellent crystallinity even during large-scale production. Through long-term technological breakthroughs and process optimization, the R&D team has successfully achieved high purity and excellent phase control for LLZO and LATP, while also demonstrating excellent batch stability at the hundred-kilogram scale, providing reliable material assurance for the development of solid-state battery technology.

On **March 18, 2026**, Jiangsu Jiuwu Hi-Tech Co., Ltd. will showcase its products at the Second All-Solid-State Battery Technology Exchange Conference organized by China Powder Network. Industry peers are welcome to visit and exchange ideas.

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China is the world’s largest importer of sulfur. Due to insufficient domestic resources and industrial structure, the country has long maintained a high external dependence on sulfur and certain sulfur chemical derivatives, with the Middle East being the core source of imports. However, the recent escalation of conflicts in the Middle East (especially the disruption of transportation through the Strait of Hormuz caused by the US-Iran conflict) has directly impacted the global sulfur supply chain. This, in turn, has transmitted shocks to China’s sulfur and downstream sulfur chemical derivative markets, causing a series of fluctuations in supply, prices, and market dynamics.

**A Key Component for All-Solid-State Batteries: Lithium Sulfide (Li₂S)**

In recent years, the rapid expansion of the new energy industry has significantly increased the application of sulfur in materials like those used in batteries. All-solid-state batteries are considered a crucial future direction for battery technology. Among these, the sulfide electrolyte route, seen as the most promising for industrialization, has become a core focus of industry research. Mainstream battery companies such as CATL, BYD, and Gotion High-tech are concentrating on this path,are fully dedicating resources to R&D and technological breakthroughs.

Currently, there are two main technological processes for producing sulfide solid-state electrolytes:
1. Sulfur reacts with sulfuric acid and lithium compounds to form lithium sulfide.
2. Sulfur is converted to hydrogen sulfide, which then reacts with a lithium source to form high-purity lithium sulfide.

As the core precursor for sulfide solid-state electrolytes, lithium sulfide (Li₂S) directly determines the performance, production cost, and reliability of the battery cell. The functions and roles of lithium sulfide include:

* **Lithium Source Provision:** As the sole source of lithium ions in electrolyte synthesis, it directly determines the lithium ion concentration in the electrolyte, thereby affecting lithium ion conduction efficiency and battery capacity.
* **Structural Framework:** The interconnected tetrahedral structural units within lithium sulfide form a three-dimensional lithium ion conduction network, which is the fundamental basis for the electrolyte’s high ionic conductivity.
* **Defect Control:** By adjusting the ratio of lithium sulfide, lithium ion conduction pathways can be optimized, reducing migration resistance.
* **Interface Stability:** High-purity lithium sulfide reduces the probability of side reactions between the electrolyte and the lithium metal anode, extending the battery’s cycle life.

The large-scale production of lithium sulfide is key to the mass production of sulfide solid-state batteries. Although mass production of lithium sulfide still faces numerous technical challenges, several domestic companies in China have achieved breakthroughs through continuous technological efforts and have now entered the stage of small-scale production.

According to public information, domestic companies that have achieved small-scale production or are in the pilot stage mainly include: Guanghua Technology, XTC New Energy Materials, Shanghai Xiba, Ganfeng Lithium, Tianqi Lithium, Tinci Materials, SEMCORP, Sichuan All-Solid-State New Materials, Suzhou Yunhuo Technology, Xiamen Guna New Energy, Xiamen Kaina Graphene, HSC New Energy Materials, and Haichen Pharmaceutical.

**Impact of Hindered Sulfur Imports**

Current global sulfur production capacity is approximately 85 million tons, with the industry operating near full capacity but showing limited incremental growth. Annual output is around 80-82 million tons, with a year-on-year growth rate of only about 2%, slowing further from the approximately 4% growth rate in 2024.

The Middle East is the core of global sulfur supply (with the region’s output accounting for over 30% of the global total). Some of its resources are prioritized for local markets and emerging markets like Indonesia (via long-term contracts and price-driven diversion), severely diverting resources away from traditional demand countries and intensifying supply tightness. Meanwhile, Russia, a key global sulfur producer, has shifted from a net exporter to a net importer due to the Russia-Ukraine war,continuous tightening globally available sulfur resources and driving up sulfur prices.

Due to the US-Iran conflict, Iranian refineries have halted production, and cargoes cannot be shipped from Middle Eastern ports, leading to a significant reduction in import volumes. Imports decreased from 850,000-900,000 tons per month in January to 450,000-550,000 tons per month in March, a drop of 40%-50%. Approximately 50% of Iranian sulfur orders for March could not be delivered.

Due to the supply disruption in the Middle East, obstructed transport through the Strait of Hormuz, shipowners suspending voyages, soaring insurance premiums, and panic buying, sulfur prices rose from 3,910 RMB/ton in January to 4,400 RMB/ton in March, an increase of 12.53%, with a single-day highest increase of 230 RMB/ton.

**China’s Sulfur Supply**

China’s sulfur supply sources primarily consist of three pathways: recovery as a byproduct of oil refining, mining from pyrite (iron sulfide ore), and development of native sulfur deposits. Recovery from oil refining dominates, while the proportions from pyrite and native sulfur are relatively low.

* **Refining Byproduct Recovery:** This is the most significant source of sulfur in China. With the expansion of the domestic refining industry and the improvement of clean fuel standards, the volume of sulfur recovered during petroleum refining desulfurization processes has increased annually. It is reported that in 2025, the domestic sulfur market concentration is high, with leading firms firmly holding dominant positions. Looking at capacity distribution: Sinopec (8.34 million tons/year), PetroChina (3.68 million tons/year), and Rongsheng Petrochemical (1.21 million tons/year) firmly hold the top three spots, with a combined capacity of 13.23 million tons, accounting for over 70% of national capacity and forming the core supply force in the market.
* **Pyrite Mining:** Pyrite constitutes an important component of China’s sulfur resources, with total reserves of approximately 13 billion tons, widely distributed but with significant variations in grade. The Yunfu Pyrite Mine in Guangdong is the largest open-pit pyrite mine in China, with reserves of 208 million tons and an average sulfur grade of 31.04%. Its annual raw ore processing capacity reaches 3 million tons, producing 1.4 million tons of sulfur concentrate annually. Mines like those in Ma’anshan (Anhui) and Dongshengmiao (Inner Mongolia) also have certain production capacities, but overall development and utilization levels have been affected by environmental policies and production costs, leading to slow output growth in recent years. The process of producing sulfur from pyrite is relatively complex and involves certain environmental pollution issues. When sulfur supply from refining byproducts is sufficient, the market share of pyrite-based sulfur has gradually shrunk, currently accounting for only about 10% of domestic sulfur production.
* **Native Sulfur Development:** Native sulfur resources are relatively scarce in China, with low levels of development and utilization. They are mainly distributed in Xinjiang, Gansu, and other places. Xinjiang’s sulfur resource reserves are estimated at around 200 million tons, but the grade is low, with an average sulfur content of less than 15%, making extraction costs high. The Baiyin area in Gansu also has small amounts of native sulfur resources, but large-scale development has not yet been achieved. Due to high technical requirements and poor economics associated with native sulfur extraction, its current output accounts for less than 1% of domestic sulfur production, contributing minimally to supply.

**Major Domestic Sulfur Producers:**

* **Sinopec:** The leading domestic sulfur producer, with an annual sulfur capacity of 8.34 million tons, accounting for 46.2% of national capacity and firmly holding the top market share in China.
* **PetroChina:** The second-largest domestic sulfur producer, with an annual capacity of 3.68 million tons, representing 20.4% of national capacity. Relying on the country’s largest natural gas extraction and refining capacities, its sulfur supply is stable.
* **Rongsheng Petrochemical:** A leading private refining company, ranking third domestically with an annual sulfur capacity of 1.21 million tons, leveraging its Zhejiang Petroleum Refining & Chemical complex with 40 million tons of integrated refining and chemical capacity for significant cost advantages.
* **Eastern Shenghong (东方盛虹):** A core private refining enterprise with an annual sulfur capacity of 600,000 tons, featuring comprehensive upstream and downstream integration.
* **Hengli Petrochemical:** Holds a considerable sulfur production capacity.
* **Yuegui Guangdong (粤桂股份):** Possesses pyrite raw ore production capacity of 1.2 million tons/year.
* **Liuguo Chemical (六国化工):** Holds advantages in pyrite resources.
* **Huilong Holdings (辉隆股份):** Features a well-established pyrite industry chain layout.