SMM will delist 14 price points for various steel types from specific mills effective April 1, 2026, due to prolonged stockouts. Clients should adjust their price usage to avoid business disruptions.

LFP Prices

Effective March 17, 2026, SMM will officially launch the following two new price points: "SMM Battery-Grade Lithium Carbonate (CIF South Korea)" and "SMM Battery-Grade Lithium Hydroxide (CIF South Kor

Discontinuation of Iron Ore Data Points in the SMM Database

SMM will launch two new price points for Indonesia 316L stainless steel, "Indonesia 316L/NO.1 Coil Mill Edge" and "Indonesia 316L/2B Coil Mill Edge," effective March 13, 2026.

SMM launches graded price points for hafnium oxide and crystal hafnium to enhance pricing reference for the hafnium industry.

Discontinuation and Addition of Iron Ore Data Points in the SMM Database

Dear users, Since the beginning of this year, Turkish bauxite has served as a vital supplement to domestic high-temperature bauxite resources, with imports growing significantly. By November 2025, cumulative imports had reached 2.9778 million metric tons, a year-on-year increase of 40.24%, making Turkey the third-largest source country for China’s bauxite imports. To more timely and accurately reflect the spot market conditions of Turkish bauxite and assist industry chain enterprises in procurement decisions and risk management, SMM will officially launch the “Bauxite(Al2O3: 54%, SiO2: 6%, Ti: 3%), CFR Turkey, $/dmt” starting December 24, 2025. This price point is designed to provide the market with a referential benchmark for spot transaction evaluation, further enhancing transparency and efficiency in cross-border trade. The specific price point information is as follows: Price Description: Bauxite(Al2O3: 54%, SiO2: 6%, Ti: 3%), CFR Turkey, $/dmt Unit: USD/dry metric tonne Specifications: Al₂O₃ 54%, SiO₂ 6%, mositure content 5% max, TiO₂ below 3%, Fe₂O₃ 20% min, 30% max Quality: Conforming to GB/T 24483 2009 "bauxite", Al₂O₃ 54%, SiO₂ 6%, mositure content 5% max, TiO₂ below 3%, Fe₂O₃ 20% min, 30% max Payment Terms: L/C/TT at sight in USD, or other terms normalized Publication Time: Weekly, Friday, 12pm Beijing time SMM Aluminum Industry Research Team December 24, 2025

Dear User, Hello! In order to promote international trade in the tungsten market, assist global upstream and downstream enterprises in better grasping market dynamics, obtaining timely spot market information, and reducing risks and costs associated with cross-border transactions, while also deepening research on the European tungsten industry chain, we will be adding two new price points starting December 1st for market reference: APT CIF (Rotterdam port) and Ferrotungsten (in-whs Rotterdam) . Price Point: APT CIF (Rotterdam port) Product Description: Ammonium Paratungstate (APT), WO₃ ≥ 88.5%, CIF Port of Rotterdam, Netherlands Product Standard: White, fine, free-flowing crystals. WO₃ 88.5% min, Al 0.001% max, As 0.0005% max, Bi 0.0005% max, Ca 0.001% max, Cd 0.0005% max, Co 0.0005% max, Cr 0.0005% max, Cu 0.0005% max, Fe 0.001% max, K 0.001% max, Mn 0.001% max, Mg 0.001% max, Mo 0.002% max, Na 0.001% max, Ni 0.0005% max, P 0.001% max, Pb 0.0005% max. Pricing Method: USD per metric ton unit (USD/mtu) Minimum Quantity Requirement: ≥ 20 metric tons Release Schedule: Weekly, by 12:00 PM London time on working Thursdays Price Point: Ferrotungsten (in-whs Rotterdam) Product Description: Ferrotungsten FeW ≥ 75%, in-warehouse Rotterdam, Netherlands Product Standard: Lumpy. W 75.00% min, C 0.40% max, S 0.08% max, Mn 0.50% max, As 0.10% max, Sn 0.08% max, P 0.05% max, Si 0.70% max, Cu 0.15% max, Sb 0.05% max. Pricing Method: USD per kilogram of tungsten (USD/kg W) Minimum Quantity Requirement: ≥ 3 metric tons Release Schedule: Weekly, by 12:00 PM London time on working Thursdays SMM Tungsten & Molybdenum Industry Research Team November 25, 2025

To better serve industrial clients and stay closer to the market, SMM is adding 6 new scrap copper price assessments for Japan/US regions, officially launching on 16/1/2026. 1. New Price Points Copper Scrap - East Asia - Japan Millberry CIF China - Japan Millberry CIF China Taiwan - Japan Millberry CIF Korea Copper Scrap - America - United States Millberry CIF Japan - United States No.1 Copper Material CIF Japan - United States No.2 Copper Material CIF Japan 2. SMM Price Methodology General Principles Shanghai Metals Market (hereinafter referred to as "SMM") is a completely independent third-party service provider that does not participate in any actual transactions. Instead, SMM maintains close communication with buyers and sellers as a market observer or organizer and provides related services to the market. This document sets forth the standards for SMM's East Asia and US scrap copper price assessments. The purpose of establishing these standards is to create a transparent and verifiable SMM price formation mechanism. 3. Formation of SMM East Asia and US Scrap Copper Price Assessments 3.1 Significance of the Assessments In recent years, Japan and the United States have continued to play important roles in the global scrap copper trading system. Their export prices for berry copper and copper scrap hold strong reference value for major Asian consumer markets. Due to differences in origin quality structure, trade flows, and regional demand, actual transaction prices vary across different destinations. To more accurately reflect the true price levels of Japanese and US scrap copper in cross-regional circulation, reduce information asymmetry risks, and help upstream and downstream enterprises more reasonably evaluate procurement costs and formulate trading strategies, SMM plans to add price points including Japan Berry Copper CIF China, Japan Berry Copper CIF South Korea, Japan Berry Copper CIF Taiwan China, US Berry Copper CIF Japan, US No.1 Copper CIF Japan, and US No.2 Copper CIF Japan. These will be collected according to a unified methodology and publicly released to the market for industry reference. SMM price members will be able to access relevant historical price data simultaneously. 3.2 SMM East Asia and US Scrap Copper Price Assessment Methodology 3.2.1 Product Specifications and Standards Currently, scrap copper reference standards follow ISRI standards. If changes occur, SMM will revise accordingly based on actual circumstances. 3.2.2 Price Terms Prices are CIF indicative prices, expressed as a coefficient (%) unit. 3.2.3 Payment Terms Prices reflect payment conditions including TT or other conventional payment methods. 3.2.4 Quote Format and Timing Quoted prices are in range format, showing minimum and maximum prices. For example: Japan Millberry CIF China: 97.5%-98%. New price points will be assessed weekly. SMM will publish prices on the website front page at 3:30 PM on the last day of each working week. 3.2.5 Data Collection Method According to the data collection confirmation agreement, SMM price analysts will regularly collect price information from scrap copper industry contacts in Japan through telephone, WeChat, email, and other methods. This price information includes completed transaction prices and the most likely anticipated transaction prices expected by the enterprise. All instant messaging content and any face-to-face communication records will be archived telephone communication details will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting to their supervisors any coerced or threatened communications from market participants, or any inducements attempting to influence assessments. After price publication, SMM will not make corrections or adjustments on that day. 3.2.6 Data Standardization Although SMM has standardized definitions for our prices, market transactions exist in various forms. Each transaction price is influenced by numerous factors, including order size, material brand, delivery time, payment terms, etc. SMM will comprehensively consider market quotes, bids, and transaction information and align them with our standards. We welcome more relevant enterprises along the industry chain to participate in and support SMM in better serving scrap copper industry-related enterprises. For any questions, please contact us. Shanghai Metal Market Copper Department - Aw Yong Yi Cheong Contact: +6011-25798397 Email add: awyong.yicheong@smm.cn