1339results found for 'prebaked anode'
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- Geopolitical Conflicts Reshape the Export Landscape of Prebaked Anodes, with Southeast Asian Demand Underpinning Full-Year Growth [SMM Analysis]
SMM, March 20: Prebaked anode is a core consumable in aluminum production. For every 1 mt of aluminum produced, about 0.45-0.5 mt of prebaked anode is consumed. Its supply-demand pattern is closely tied to logistics and transportation as well as downstream aluminum capacity, while also being deeply affected by both the smoothness of shipping through key global waterways and the supporting capacity of regional industry chains. The recent suspension of navigation through the Strait of Hormuz, coupled with successive production cuts by aluminum enterprises in the Middle East, has directly disrupted the global prebaked anode trade pattern and also had a certain impact on China's prebaked anode export business. Shipping Through the Strait Was Disrupted: Limited Impact on China's Prebaked Anode Export Trade, While Middle Eastern Smelters Faced Pressure in Securing Supply China is the world's largest producer and exporter of prebaked anode, and the Middle East is one of the core destinations for China's anode exports. In the past, most prebaked anode exported from China to the Middle East needed to pass through the Strait of Hormuz to reach ports along the Persian Gulf coast. The shipping suspension in the strait led to route diversions and sharply extended transportation cycles, with some vessels stranded at sea, pushing up ocean freight costs and aggravating port arrival delays. As China's prebaked anode exports to the Middle East were mostly priced on an FOB basis, shipping risks were mainly borne by overseas buyers, so the impact on contract performance by China's export enterprises was limited. However, it directly worsened delays in raw material arrivals, risks of supply disruptions, and rising comprehensive procurement costs for Middle Eastern aluminum enterprises. In response to pressure to secure raw material supply, aluminum enterprises in the Middle East were actively seeking alternatives, attempting to switch to receiving cargo at overseas ports and then transporting it overland, so as to open up transportation channels for prebaked anode and related raw materials. However, constrained by excessively high overland transportation costs, cumbersome cross-border customs clearance procedures, and insufficient cross-border logistics capacity, this model could not yet be implemented on a large scale, and bottlenecks in regional raw material transportation had yet to be effectively eased. Current Status of Self-Supply of Prebaked Anode Among Aluminum Enterprises in the Middle East: Overall Self-Sufficiency Was High, but Structural Gaps Remained Relying on its advantage of low-cost natural gas energy, the Middle East has risen to become the world's third-largest aluminum producing region. In 2025, the region's total aluminum capacity reached 6.92 million mt, with actual production of about 6.85 million mt, accounting for 9% of total global aluminum ingot supply. It was one of the core supply hubs for low-cost aluminum globally, with core capacity highly concentrated in six countries: the UAE, Bahrain, Saudi Arabia, Qatar, Iran, and Oman. After years of independent industry chain development, aluminum enterprises in the Middle East had achieved a relatively high self-sufficiency rate in the core consumable of prebaked anode: the regional overall self-sufficiency rate was about 77%, significantly higher than the self-sufficiency level of alumina, and leading aluminum enterprises were mostly equipped with self-built anode production lines to ensure stable supply of core raw materials. Despite the region's relatively strong supporting capacity, structural gaps still existed in its prebaked anode supply, and its reliance on imports of prebaked anode from China remained at around 9%-10%, making China an important supplementary supplier to the Middle Eastern anode market. Overall, although the Middle East had a high anode self-sufficiency rate, it was not fully self-contained. Imports from outside China were still needed for high-quality anodes and emergency restocking demand, which also provided market room for China’s prebaked anode exports. More importantly, supported by a relatively high prebaked anode self-sufficiency rate, the current core constraints for Middle Eastern aluminum enterprises were not anode supply shortages, but rather transportation bottlenecks for upstream raw material such as alumina and the risk of fluctuations in energy supply. In the short term, prebaked anode supply would not become the core bottleneck restricting enterprise operating rates. The Escalating Energy Supply Crisis Outside China: Intensive Aluminum Production Cuts Outside China in March, Bringing Phased Pressure on China’s Prebaked Anode Exports to the Middle East Since March, aluminum enterprises outside China had intensively announced production cuts due to energy and raw material supply issues. SMM summarized the developments of key enterprises as follows: According to Hydro’s official website on March 12, after Qatalum’s natural gas supplier confirmed that it would maintain supply at a lower level, Qatalum decided not to implement any further curtailments or shutdowns and to maintain an operating rate of 60%. This production cut was carried out in a safe and controlled manner, and together with the operating rate being maintained at 60%, it improved the conditions for a future restart. It remained unclear when the restart would begin. According to Alba’s official website on March 15, Alba had initiated, in a controlled and safe manner, the shutdown process for aluminum production Lines 1, 2, and 3, involving capacity accounting for 19% of its total capacity of 1.623 million mt, with the aim of optimizing the use of Alba’s existing raw material inventory and prioritizing the operational stability of Lines 4, 5, and 6. According to South32’s official website on March 16, it confirmed that Mozal Aluminium (Mozal) entered care and maintenance on March 15. Mozal had annual capacity of about 580,000 mt. South32’s CEO said that over the past six years, the company had engaged extensively with the Government of Mozambique, Eskom, and other stakeholders, but had failed to secure sufficient and affordable electricity supply for Mozal beyond March. This shutdown would incur a one-off cost of about $60 million, with subsequent annual maintenance costs of about $5 million, and the alumina originally supplied to Mozal would be resold to third parties. This round of energy supply crisis had already created a substantive impact on Middle Eastern aluminum operating rates and might bring phased pressure on China’s prebaked anode exports. China’s prebaked anode industry led the world in capacity scale. According to SMM statistics, by 2025, the country’s total capacity had expanded to more than 32 million mt, total industry production exceeded 23 million mt, and total exports were close to 2.3 million mt. With advantages in capacity, cost performance, and supply stability, China had become a major global supplier of prebaked anodes, and the Middle East was the core market for China’s anode exports. By export structure, China’s prebaked anode exports are mainly concentrated in two regions, Southeast Asia and Europe. The Middle East and North America are the backbone regions for China’s prebaked anode exports, with other regions serving as supplements. The Middle East accounts for about 16% of China’s total anode exports. In terms of trade stickiness, Middle Eastern aluminum enterprises and China’s anode enterprises have established long-term and stable cooperative relationships. The prebaked anodes exported by China meet quality standards and offer stable delivery cycles, making up for the shortage of high-grade anodes in the Middle East. At the same time, when self-built anode capacity at Middle Eastern aluminum enterprises undergoes maintenance or proves insufficient, China plays the role of emergency supplementary supplier. In the Middle East’s prebaked anode import market, China-origin supply accounts for more than 40%, holding an absolutely dominant position. Outlook: Geopolitical Conflicts Reshape the Export Landscape, and Full-Year Exports Are Expected to Remain Stable With Modest Growth Overall, the shipping disruptions in the Strait of Hormuz in this round, coupled with geopolitical conflicts, will become the core variable reshaping the global export landscape of China’s prebaked anodes. Amid continued conflict-related disruptions, production cuts at aluminum enterprises across multiple regions outside China have become frequent. Combined with unstable energy supply and periodic disruptions in the global logistics chain, demand for prebaked anodes in traditional core sales regions such as Europe and the Middle East has shown an overall downward trend. However, supported by the advantages of concentrated industry chain deployment, the Southeast Asian market has formed strong demand support. In particular, the concentrated commissioning and release of new aluminum projects in Indonesia has significantly boosted the growth of rigid regional demand for prebaked anodes. Against the backdrop of structural adjustment in global regional demand, with one rising as another falls, China’s prebaked anode exports can offset the pressure from weakening demand in traditional markets through optimizing market structure and shifting the center of orders. Coupled with its own capacity and supply chain advantages, China’s prebaked anode exports are expected to maintain a certain increase for the full year.
Mar 20, 2026 19:34 - The High-Speed Era of Sodium-Ion Batteries: New Entrants Hold Ground as Lithium Giants Advance
In 2026, the correction in lithium carbonate prices drove up lithium battery production costs. Coupled with uncertainties in lithium resources supply, cost pressure across the new energy industry became increasingly prominent. Leveraging the advantages of abundant sodium resources, balanced distribution, and controllable costs, sodium-ion batteries have leapt from being a “backup option” for lithium batteries to a key direction for industry breakthrough...
Mar 20, 2026 15:00 - Rhino All-Solid-State Battery, Sprinting Toward 600 Wh/kg: Chery Battery Night Revealed Its Solid-State Battery Strategy
On the evening of March 18, 2026, at Chery Automobile Battery Night 2026 in Wuhu, Anhui, Chery unveiled its Rhino all-solid-state battery technology. It had completed the development and pilot production of a 60Ah, 400Wh/kg all-solid-state battery cell and was advancing toward an ultra-high energy density of 600Wh/kg.
Mar 19, 2026 14:08 - "SMM Aluminum: Guangxi Qiangqiang's 600,000 mt Anode Project Set for 2026 Trial Production"
[SMM Aluminum Flash News] The Guangxi Qiangqiang Carbon-Based New Materials prebaked anode project, with an annual capacity of 600,000 mt, officially commenced construction in April 2025 and is expected to begin trial production in July 2026. The first calcining furnace is estimated to start production by the end of March; the roasting furnace is expected to start production by the end of May, with the forming workshop producing the first green anode, marking the project’s full integration; and the first baked anode is expected to be produced by the end of July.
Mar 16, 2026 10:37 - Supply Tightens and Cost Support Intensifies Divergence in the Petroleum Coke Market [SMM Analysis]
Overall, supply in China’s petroleum coke market continued to tighten, while downstream demand remained generally stable with support, and supply and demand fundamentals provided two-way support to the market. Coupled with recent fluctuations in crude oil prices and intensified cost-side bargaining, SMM expected that in the short term, the petroleum coke market would mainly remain in consolidation, with prices of different categories continuing to diverge.
Mar 15, 2026 20:29 - [SMM Analysis] Reversal! The Final AD/CVD Duty Rate Imposed by the US on China’s Graphite Anode Came Close to 170%, but Ultimately Was Not Implemented
[SMM Analysis] On March 12, 2026, the US International Trade Commission (ITC) ruled against imposing tariffs on Chinese graphite imports. Below is the complete timeline of the US anti-dumping and countervailing duty (AD/CVD) investigations into active anode material (graphite anode) from China, the duty rates at each stage, and the latest results as of March 12, 2026.
Mar 13, 2026 11:13
Announcements
1. SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne Methodology 1.1 General Principles of SMM Price Assessment Methodology SMM (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantive transactions. Instead, it maintains close communication with buyers or sellers in transactions as a market observer or organizer, and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodologies through communication with industry insiders, adopting the most common product specifications, trade terms, and trade conditions in the industry. It attaches equal importance to normal transactions that meet the specification standards. SMM reserves the right to exclude any price data information deemed to be of poor reliability or non-representative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, SMM has established a corresponding methodology (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these provisions when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM may make necessary revisions to its price assessment methodology. Such revisions will be announced on SMM’s official website, www.smm.cn, 28 days prior to their formal implementation. For any questions or suggestions regarding SMM prices or their methodology, please contact SMM customer service (contact information can be found on SMM’s official website, www.smm.cn). This document outlines the standards for establishing SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne. The purpose of SMM in developing this standard is to establish a transparent and verifiable mechanism for SMM price determination. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation process, ensuring that the prices or indices reflect, as accurately as possible, the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the current methodology or processes, thereby enhancing the quality of the prices or indices published by SMM. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne 2.1 Significance of the Price Assessment In recent years, with the implementation of domestic and overseas new energy vehicle policies and the rapid expansion of NEV production, copper foil used as the anode carrier in lithium-ion batteries has shown a surge in demand. The wave of new infrastructure represented by 5G, along with rapid developments in artificial intelligence, big data, and automotive electronics, has increasingly expanded the demand for copper foil in related electronic circuit industries. The copper foil industry is also moving towards higher precision, density, and reliability. With the rise and development of industry capacity, overseas markets such as the US increasingly require a fair and standardized operating environment. Copper foil processing fees have long been beneficial for enterprises to control risks and facilitate management, playing a crucial role in the industry's development. In view of this, SMM will officially launch weekly price assessments for 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne starting October 10, 2025. SMM price members will be able to simultaneously access historical prices at that time. 2.2 SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of copper foil specifications, SMM uses the 8μm with the largest market share for copper foil premium assessments. The premium assessment adopts 8μm thickness product width: 700-1,000 mm product type: Power Battery with Ordinary Tensile Strength. 2.2.2 Price Terms The price is a VAT-excluded CIF price at major ports on the US east coast based on the premium over LME CSP, with a quotation period of M+0 (M being the month of shipment), quoted in US dollars per metric ton. 2.2.3 Payment Terms The price assessment reflects payment terms for cash transactions in the month of the transaction. Reference is made to major international payment methods (including D/P documents against payment, D/A documents against acceptance, T/T telegraphic transfer, etc.). If significant deviations from this standard occur, SMM will consider whether to exclude individual samples based on trade volume. For forward payments or letter of credit payments, SMM will adjust based on prevailing interest rates to align with this standard. 2.2.4 Delivery Time Within 2 months. 2.2.5 Reference Transaction Volume Min 25 tonnes. 2.2.6 Delivery Location Major Ports on the US East Coast. 2.2.7 Price Publication Time Weekly, by 1:00 US time. 2.2.8 Price Format The assessed price are presented as a range, indicating the lowest and highest prices. For example: 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne range 5,000-6,000 USD/tonne, average: 5,500 USD/tonne. 2.2.9 Price Collection Method SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.9.1 Assessment (Calculation) of Published Prices Step-1: The final dataset from the previous chapter, which exists as a processing fee range, is split into several lower limit values and several upper limit values for two different types of enterprise classifications in this methodology version: copper foil producers and downstream end-users. Arithmetic averages are calculated for both sets and rounded to the nearest whole number. Among these: - When both transaction information and offer/counteroffer information are present, the weight of transaction information is set at 60%, and offer/counteroffer information at 40%. - When transaction information, offer/counteroffer information, and other information are all present, the weight of transaction information is set at 50%, offer/counteroffer information at 40%, and other information at 10%. - When only offer/counteroffer information and other information are present, the weight of offer/counteroffer information is set at 90%, and other information at 10%. Step-2: The two price ranges derived from the previous step, which exist as processing fee states, are split into two lower limit values and two upper limit values. Weights are applied, and weighted averages are calculated, then rounded to the nearest whole number. In this methodology version, copper foil producers are weighted at 60%, and downstream enterprises at 40%. Step-3: The relevant calculation coefficients above will be adjusted every six months to ensure timeliness. 2.2.9.2 Data Standardization Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.9.3 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the copper foil industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Shanyu Jiang Contact: 021-20707916, +86 15615750662
PriceSep 25, 2025 16:181. SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne Methodology 1.1 General Principles of SMM Price Assessment Methodology SMM (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantive transactions. Instead, it maintains close communication with buyers or sellers in transactions as a market observer or organizer, and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodologies through communication with industry insiders, adopting the most common product specifications, trade terms, and trade conditions in the industry. It attaches equal importance to normal transactions that meet the specification standards. SMM reserves the right to exclude any price data information deemed to be of poor reliability or non-representative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, SMM has established a corresponding methodology (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these provisions when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM may make necessary revisions to its price assessment methodology. Such revisions will be announced on SMM’s official website, www.smm.cn, 28 days prior to their formal implementation. For any questions or suggestions regarding SMM prices or their methodology, please contact SMM customer service (contact information can be found on SMM’s official website, www.smm.cn). This document outlines the standards for establishing SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne. The purpose of SMM in developing this standard is to establish a transparent and verifiable mechanism for SMM price determination. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation process, ensuring that the prices or indices reflect, as accurately as possible, the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the current methodology or processes, thereby enhancing the quality of the prices or indices published by SMM. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne 2.1 Significance of the Price Assessment In recent years, with the implementation of domestic and overseas NEV policies and the rapid expansion of NEV production, copper foil used as the anode carrier in lithium-ion batteries has shown a surge in demand. Meanwhile, the new infrastructure wave represented by 5G, along with rapid developments in artificial intelligence, big data, and automotive electronics, has driven increasing demand for copper foil in related electronic circuit industries. The copper foil industry is also advancing toward higher precision, density, and reliability. As industry capacity rises and develops, and enterprises expand into overseas markets such as South Korea, there is a growing need for a fair and standardized operating environment. Copper foil processing fees, beneficial for long-term risk control and management, play a crucial role in the industry's development. In light of this, SMM will officially launch weekly SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne starting December 26, 2025, at which time SMM price members will be able to simultaneously access historical prices. 2.2 SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of copper foil specifications, SMM uses the 8μm with the largest market share for copper foil premium assessments. The premium assessment adopts 8μm thickness product width: 700-1,000 mm product type: Power Battery with Ordinary Tensile Strength. KS C 2211-2002 Electrolytic Deposit Copper Foil for Printed Circuits standard. 2.2.2 Price Terms The price is a VAT-excluded CIF price at major ports in Korea based on the premium over LME CSP, with a quotation period of M+0 (M M stands for arrival month), quoted in USD per metric ton. 2.2.3 Payment Terms The price assessment reflects payment terms for cash transactions in the month of the transaction. Reference is made to major international payment methods (including D/P documents against payment, D/A documents against acceptance, T/T telegraphic transfer, etc.). If significant deviations from this standard occur, SMM will consider whether to exclude individual samples based on trade volume. For forward payments or letter of credit payments, SMM will adjust based on prevailing interest rates to align with this standard. 2.2.4 Delivery Time Within 4 weeks. 2.2.5 Reference Transaction Volume Min 25 tonnes. 2.2.6 Delivery Location Major Ports in Korea. 2.2.7 Price Publication Time Weekly, last trading day of the week, by 1pm Seoul time. 2.2.8 Price Format The assessed price are presented as a range, indicating the lowest and highest prices. For example: 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne range 3,000-4,000 $/tonne, average: 3,500 $/tonne. 2.2.9 Price Collection Method SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.9.1 Assessment (Calculation) of Published Prices Step-1: The final dataset from the previous chapter, which exists as a processing fee range, is split into several lower limit values and several upper limit values for two different types of enterprise classifications in this methodology version: copper foil producers and downstream end-users. Arithmetic averages are calculated for both sets and rounded to the nearest whole number. Among these: - When both transaction information and offer/counteroffer information are present, the weight of transaction information is set at 60%, and offer/counteroffer information at 40%. - When transaction information, offer/counteroffer information, and other information are all present, the weight of transaction information is set at 50%, offer/counteroffer information at 40%, and other information at 10%. - When only offer/counteroffer information and other information are present, the weight of offer/counteroffer information is set at 90%, and other information at 10%. Step-2: The two price ranges derived from the previous step, which exist as processing fee states, are split into two lower limit values and two upper limit values. Weights are applied, and weighted averages are calculated, then rounded to the nearest whole number. In this methodology version, copper foil producers are weighted at 50%, and downstream enterprises at 50%. Step-3: The relevant calculation coefficients above will be adjusted every six months to ensure timeliness. 2.2.9.2 Data Standardization Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.9.3 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the copper foil industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Shanyu Jiang Contact: 021-20707916, +86 15615750662
PriceDec 23, 2025 15:00