ab 21 September 2026 Global Research China Basic Materials Expert Call Series Day 3 Takeaways: Battery, Copper Foil, Tungsten and El Niño Battery Materials & BESS: Strong momentum extends into 2027 On ESS batteries, Mr. Zhu (ICCSINO) and Ms. Li (SMM) both expect global ESS shipments to maintain 25-27% growth in 2027 despite concerns around front-loading demand (i.e. c. 200GWh) caused by export tax rebate phasing-out (See Figure 1Com parison of expert estim ates on global ES shipm ents and instalations for comparison across experts). Mr. Zhu estimates global ESS installations will reach 664GWh in 2027 (+30.7% YoY). Ms. Li forecasts global ESS installations of 670GWh in 2027 (+35.9% YoY), supported by continued demand growth in overseas markets. Both Mr. Zhu and Ms. Li highlighted the potential removal of system operation fees by year-end or early 2027, which could improve the return of ESS projects and further boost ESS demand. On EV batteries, Ms. Wang (SMM) expects global EV battery p