In recent years, with the steady development of Malaysia's manufacturing and stainless steel processing industries, the local stainless steel scrap recycling system has become increasingly mature. The number of recyclers, sorting facilities, and reprocessing enterprises has grown significantly, and the proportion of locally recycled scrap in the circular economy continues to rise, providing strong support for regional stainless steel raw material supply. Meanwhile, Malaysia has become one of the main sources of stainless steel scrap imported by India. According to trade statistics, Malaysia exported approximately 107,000 tons of stainless steel scrap to India in 2024, reflecting strong linkage between the two countries in raw material recycling. Large domestic recycling and processing enterprises possess advanced sorting and reprocessing capabilities, enabling them to classify and process regional scrap and steadily supply high-quality materials to major Asian stainless steel producers in Japan, South Korea, and elsewhere. Against the backdrop of a diversified regional raw material structure and growing value of recycled resources, Malaysia's domestic ex-works stainless steel scrap prices have become an important reference indicator for the Southeast Asian stainless steel industry. To meet market demand, enhance price transparency, and help industry participants stay informed of regional price trends, SMM announces that effective October 30, 2025 , it will officially launch: Malaysia 304 SS Scrap,Ex-works Malaysia,USD/tonne Price specifications: Description: Malaysia 304 SS Scrap,Ex-works Malaysia,USD/tonne Quality: Commercial practice standard. Approx. Ni 8%, Cr 18%, non-magnetic, clean scrap, free from oil, coating, and visible impurities. No radioactive or hazardous waste. Definition: Ex-works Malaysia Unit: USD/tonne Quantity: Minimum 10 tonnes Timing: Prompt Publication: 11:30 a.m. Kuala Lumpur time Payment Terms: Cash on same day，other payment terms normalized SMM Nickel & Stainless Steel Industry Research Department October 29, 2025

Dear Users, Greetings! In recent years, as the global new energy vehicle industry entered a large-scale retirement period and resource security strategies were upgraded, China's lithium battery recycling market continued to expand rapidly. In August this year, China officially began allowing the import and export of black mass, and it is expected that more black mass meeting quality requirements will enter China in the future. Against this backdrop, the value and pricing mechanism of overseas black mass in the Chinese market are attracting close attention from both upstream and downstream segments of the industry chain. In response to market changes, addressing the industry's practical needs for evaluating the value of recycled raw materials, and promoting the establishment of a more open and fair pricing benchmark in the lithium battery recycling sector, the Shanghai Metals Market (SMM), after in-depth market surveys and discussions has decided: On January 9, 2026, SMM will officially launch new weekly price for lithium battery recycling. The newly added price are as follow: 1. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Nickle sulphate, FOB Malaysia, 9% < Ni < 20% 2. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Cobalt sulphate, FOB Malaysia, Specification: 5% < Co < 10% 3. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Lithium Carbonate, FOB Malaysia, Specification: 3% < Li < 3.5% Details of this price point are as follows: Description: SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Nickel Sulphate, FOB Malaysia, 9% < Ni < 20% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Cobalt Sulphate, FOB Malaysia, 5% < Co < 10% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Lithium Sulphate, FOB Malaysia, 3% < Li < 3.5% Quality: Ni 9%-20%, Co 5%-10%, Li 3%-3.5% Quantity: Minimum 30 tonnes Definition: FOB Malaysia main ports Timing: 1-2 Months Unit: % Payment Terms: 50% Payment in advance T/T in USD , other payment terms normalized Pulication: Weekly, Friday 12pm Beijing time Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Shirley Wang 021-51666838 wangcong@smm.cn Thomas Feng 021-51666714 marui@smm.cn Freya Lin 021-51666902 linziya@smm.cn Rayna Lei 021-20707873 leiyue@smm.cn Melanie Choy (Malaysia) +6012-4926909 melanie.choy@smm.cn Shanghai Metals Market New Energy Research Team November 26, 2025

Dear User, Hello! On September 12, 2025, SMM officially launched new weekly price points for lithium battery recycling. The newly added price points include: 1. SMM Black Mass, NCM/NCA, Payable indicator, cobalt, FOB Koera, % payable of SMM's Cobalt Metal (in-whs Rotterdam) , Specification: 18% < Ni < 40% 2. SMM Black Mass, NCM/NCA, Payable indicator, nickel, FOB Koera, % payable of LME's Nickel Cash Official price ， Specification: 5% < Co < 18% The price are updated and maintained every Friday at 12:00 PM. On September 12, 2025, this week’s SMM NCM/NCA black mass‘s weekly price was 87%-91%, remaining unchanged from last week. We welcome more related companies in the industry chain to participate and support SMM in better serving the new energy industry chain.