SMM News, March 31， In Q1 2026, amid macro tailwinds, expectations of a supply gap, and successive geopolitical conflicts in the Middle East, aluminum prices repeatedly hit new highs. The quarterly average SMM A00 aluminum price reached 24,028 yuan/mt, up 17.5% YoY; the quarterly average closing price of the LME aluminum 3M contract at 15:00 Beijing time reached $3,196/mt, up 21.8% YoY. High prices suppressed downstream consumption: At the end of 2025, SMM expected China’s primary aluminum consumption growth in 2026 to be 2.0%; as of February, that growth rate had fallen to 1.1%. As a result, the proportion of liquid aluminum in the aluminum industry declined significantly, and aluminum social inventory hit a nearly three-year high. As of March 31, the inflection point in China’s aluminum social inventory was still unclear, while the absolute inventory level had already entered the upper range of SMM’s previous forecast of 1.35-1.4 million mt. However, affected by geopolitical conflicts in the Middle East, aluminum supply and demand were both weak, fundamental risks increased, and prices saw wild swings. Under the impact of high prices, aluminum ingot inventory may continue to build further. According to SMM, as of the end of March, some aluminum ingots in certain regions were still backlogged at rail platforms and outside warehouses. High prices also accelerated supply growth: As of the end of Q1, average profits in China’s aluminum industry exceeded 8,000 yuan/mt. Stimulated by high profits, China’s aluminum supply growth is expected to exceed expectations. At the end of 2025, SMM expected China’s aluminum supply growth in 2026 to reach 1.7%; as of the end of Q1 2026, SMM expected that growth rate had risen to 1.9%. Outside China, supply growth was also boosted by high prices: 1) A smelter in Spain had originally planned to resume full production by 2026, and according to foreign media reports in March, it had already resumed to 90% of operating load; 2) In October 2025, an Icelandic smelter cut production on one line due to equipment failure. It had originally planned to resume production in September-October 2026, but has now moved the plan forward to start by the end of April; 3) At the end of 2025, expectations were that Indonesia’s operating aluminum capacity would reach 2 million mt by the end of 2026; that expectation has now been raised to 2.2-2.5 million mt. Q2 Outlook: At present, one of the decisive factors for global aluminum fundamentals and price trends is the geopolitical situation in the Middle East. SMM analysis showed that outside China, aluminum capacity that had already cut production or faced substantial production reduction risk exceeded 3 million mt. If subsequent production cuts from this portion of capacity are confirmed, outside China aluminum supply is expected to maintain negative YoY growth for an extended period, and global aluminum fundamentals are expected to face a large gap, with the gap outside China far exceeding that in China. In this case, aluminum prices in and outside China are expected to rise sharply again, with overseas prices expected to outperform domestic prices. China’s net aluminum imports are expected to decline, while exports from downstream aluminum plants are expected to increase. However, if actual production cuts come in below expectations, while consumption sees a marked reduction due to factors such as energy and inflation, the upward move in aluminum prices may face insufficient momentum. At present, geopolitical conflicts in the Middle East are disrupting the global aluminum supply-demand pattern, and SMM will continue to follow related developments.

Beijing had taken the lead nationwide in launching the development and application of commercial insurance products for intelligent connected NEVs. The new products largely follow the existing commercial auto insurance framework for NEVs and, under the principle of “overall stability with partial optimization,” mainly provide risk protection for specific intelligent driving scenarios and software and hardware losses of concern to consumers and automakers, and can be uniformly adapted to intelligent connected NEVs at all levels from L2 to L4.

►New Advances in Magnesium Materials and Processes ►Development and Application of New-Type Low-Cost, High-Strength, Corrosion-Resistant Magnesium Alloys ►Stainless Magnesium Technology: R&D Progress from Alloy Materials to Semi-Solid Processes, R&D and Application of Stainless Magnesium Alloys ►Hefei • Great “Magnesium” Chaohu — Building a First-Class Magnesium Industry Ecosystem in China ►R&D Progress and Current Industrialisation Status of Magnesium-Based Materials and Products at Baowu Magnesium ►Haitian Magnesium Alloy Injection Molding Technology and Market Outlook ►Magnesium from an International Perspective: The Transformation from a Cost-Driven Bulk Commodity to a Strategic Engineering Material ►: Focusing on the New Cycle of Supply and Demand for Magnesium Metal and Downstream Applications — Outlook for the Magnesium Market in 2026

1. Procurement Conditions The purchaser of this procurement project, Pangang Vanadium April 2026 Gansu PCI Semi Coke (PGWZMYHHD260327277329), is the Fuel Division of Pangang Group Materials Trading Co., Ltd. The funds for the procurement project were self-raised. The project had met the procurement conditions, and a public single-round negotiation was now conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Pangang Vanadium April 2026 Gansu PCI Semi Coke 2.2 Alternative Procurement Method in Case of Procurement Failure: Direct procurement 2.3 For the content, scope, and scale of this project procurement, please refer to the attachment "Material List Attachment.pdf" for details. 3. Bidder Qualification Requirements 3.1 Consortium bidding was not allowed in this procurement. 3.2 This procurement required bidders to have the following qualification requirements: (1) Trading business license (2) Manufacturing business license 3.3 This procurement required bidders to meet the following registered capital requirements: Manufacturing registered capital: 5 million yuan and above Trading registered capital: 5 million yuan and above 3.4 This procurement required bidders to have the following performance requirements: Bidders were required to provide similar project performance from January 1, 2023 to the bid submission deadline (copies of contracts must be provided), as well as scanned copies of VAT invoices for the relevant performance. 3.5 This procurement required bidders to have the following capability requirements, financial requirements, and other requirements: Financial requirements: The registered capital of the bidder for this project shall not be less than 5 million yuan, and multiple awards were allowed for this project. The registered capital of bidders that are manufacturing suppliers or trading suppliers shall not be less than 30% of the amount (excluding tax) of the section or bid quantity amount for which they bid; Capability requirements: See the attachment for details (if applicable) Other requirements: (1) Scanned copy of the business license (or duplicate); (2) Scanned copy of the tax registration certificate (or duplicate) (except where the three certificates have been combined into one); (3) Scanned copy of the organization code certificate (or duplicate) (except where the three certificates have been combined into one). (4) New suppliers (those that did not provide a copy of a Pangang contract within the past 6 months under the performance requirements were deemed new suppliers) were required to provide, at the time of bidding, a sample review qualification report issued by Pangang's technical quality department or another state-owned detection entity, valid for three months and dated no earlier than the date of publication of the tender announcement. 3.6 For projects that were legally required to undergo tender, bids submitted by dishonest persons subject to enforcement were invalid. 4. Access to the Procurement Documents 4.1 Any bidder intending to participate was requested to log in to the Angang Intelligent Tender and Bidding Platform at http://bid.ansteel.cn from 13:45 on March 28, 2026 to 13:45 on March 30, 2026 (Beijing time, the same hereinafter) to download the electronic procurement documents. Click to View Tender Details:

On March 27, at the “Forum on Innovative Development of Cross-Border Data Flows” of the 2026 Zhongguancun Forum Annual Conference, CAAM and the Beijing Representative Office of the European Automobile Manufacturers’ Association signed the Memorandum of Understanding on Promoting Cross-Border Automotive Data Flows and Advancing High-Quality Industry Development. Upholding the principles of complementary advantages, resource sharing, mutually reinforcing development, and win-win cooperation, the two sides will strengthen policy exchanges in the field of cross-border automotive data flows, promote innovative applications of digital technologies to empower cross-border automotive data flows, facilitate positive interaction between regulatory authorities and industry stakeholders, and provide automakers with more opportunities for cooperation and development.

At the "Forum on Innovative Development of Cross-Border Data Flows" of the 2026 Zhongguancun Forum Annual Conference, CAAM and the Beijing Representative Office of the European Automobile Manufacturers' Association signed the Memorandum of Understanding on Promoting Cross-Border Automotive Data Flows and Advancing High-Quality Industry Development