JPM | China imposes Lithium battery tax, Reliance beat & Call today, Anti-involution update in Shandong, JSW Steel beat

Research evidence excerpt

JPM | China imposes Lithium battery tax, Reliance beat & Call today, Anti-involution update in Shandong, JSW Steel beat

Specialist Sales

APAC Specialist Sales J P M O R G A N

20 July 2026

JPM | China imposes Lithium battery tax, Reliance beat & Call

today, Anti-involution update in Shandong, JSW Steel beat

Anmol Mehta

+852 2800 8896

anmol.mehta@jpmorgan.com

Vamos - If JPM’s Commodities teams have been helpful for you this year, we would really appreciate your vote in the FICC Extel

survey which is in its last week (uptil July 24). As you can imagine, this vote is very important to our research team. Please vote

5 stars for JPM under “commodities” & please search for “Natasha Kaneva” / "Greg Shearer" / ”Otar Dgebuadze” to help them

continue to bring their insights on Oil, Metals & Gas LNG. Please vote for the team here, and there is a how to vote guide here

too. Thank you for the help!

Reliance reported a beat to consensus post Friday market close – 1QPAT of Rs209bn beat JPMe / consensus by 9/6%. O2C

segment EBITDA increased by 17% QoQ, benefiting from higher refining and petrochemical margins. Sanjay Mookim is hosting

a call today at 11.30am HKT (Pls Register) to dissect results and discuss the 3 reasons we like the story – Commodities Strength,

commissioning of the solar/battery lines to unlock value, and valuations which are still cheap relative to history. RIL trading is a

22% HoldCo discount.

Looking to this week, the most important macro data is perhaps today with China’s Trade data - where you get import/export

numbers for commodities particularly for Crude, LNG - something people are watching as China’s been single-handedly

rebalancing the energy markets shock. Plenty of reporters coming up this week, kicking off with S32 & ending with CATL. Please