Dear User, During the development of the automotive steel market, changes have occurred in some mainstream brands, materials, and specifications. As a result, certain prices in the SMM Automotive Section currently deviate from the actual market situation. SMM has decided to discontinue the price points for certain materials/specifications of alloy structural steel, spring steel, cold heading steel, carbon round steel, and mold steel, effective from February 13, 2026. Customers who use the relevant prices for settlement should pay attention to the time period and adjust their price usage promptly to avoid any impact on your business due to the discontinuation of these price updates. A total of 10 price points are being discontinued, with details as follows: Spring Steel 65Mn Φ6.5-20 (Nationwide) Cold Heading Steel 35K Φ6.5-20 (Nationwide) Alloy Structural Steel 20CrMo Φ16-200 (Nationwide) Alloy Structural Steel 35CrMo Φ16-200 (Nationwide) Alloy Structural Steel 40MnBH Φ29-250 (Nationwide) Carbon Round Steel 45# Φ16-18 (Nationwide) Carbon Round Steel 45# Φ131-180 (Nationwide) Mold Steel 1.2311 21-120*1800-2200 (Nationwide) Mold Steel 4Cr13 Φ20-130 (Nationwide) Mold Steel W6Mo5Cr4V2Co5/M35 Φ20-80 (Nationwide) https://car.smm.cn/price Recommended new prices for use are as follows: Specialty Wire Rod: https://car.smm.cn/price?type_id=19&item_id=115&goods_id=0 Specialty Bar: https://car.smm.cn/price?type_id=19&item_id=114&goods_id=0 Mold Steel: https://car.smm.cn/price?type_id=19&item_id=117&goods_id=0

SMM is delisting 11 price points for various automotive steels, effective February 6, 2026, due to market changes.

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

Dear users, On August 29, 2025, the State Administration for Market Regulation and the Standardization Administration of China jointly issued the "Secondary Lead Ingot (GB/T 21181-2025)" (hereinafter referred to as the "new national standard"), which will officially take effect on March 1, 2026. Compared to the "Secondary Lead and Lead Alloy Ingot (GB/T 21181-2017)" (hereinafter referred to as the "old national standard"), the new national standard revised the scope. It changed from "This standard applies to secondary lead and its alloy ingots produced by smelting and processing using lead-containing scrap as raw material, mainly used in batteries, alloys, chemical industry, and other fields" to "This document applies to secondary lead ingots produced by pyrometallurgical smelting and processing using waste lead-acid batteries and recycled lead and lead alloy materials as raw materials, mainly used in lead-acid batteries, alloys, chemical industry, and other fields." Regarding secondary lead grades, the ZSPb99.994 and ZSPb99.992 secondary lead ingot grades were deleted the ZSPb99.990, ZSPb99.986, and ZSPb99.983 secondary lead ingot grades were added. Details are as follows: With the development and changes in the secondary lead industry, the actual production and use of secondary lead in the market in recent years have already diverged significantly from the old national standard. In addition to changes in the main element lead content, the bismuth (Bi) content has also undergone substantial changes. According to SMM's understanding of major producers and users of secondary lead, the distribution by bismuth content usage is as follows: enterprises using bismuth content ≤0.008% account for about 15% those using ≤0.012% account for about 60% and those using ≤0.015% account for about 25%. Furthermore, based on its price assessment methodology, SMM solicited market suggestions on the specifications for the secondary refined lead price. Market feedback recommended that the price collection standard for SMM's secondary refined lead price reference the new national standard for secondary lead, with grade ZSPb99.99 accounting for 24%, grade ZSPb99.986 for 66%, and grade ZSPb99.983 for 10%. Considering that the current actual usage in the secondary lead market covers the three grades specified in the new national standard for secondary lead, SMM will define the specifications for the national and regional prices of secondary refined lead as ZSPb99.983-99.99%, based on real market transaction conditions. The new standard will be officially implemented from January 1, 2026, serving as the reference standard for SMM's price assessments. During this period, SMM will continue to collect suggestions and feedback from all parties, closely follow changes in the lead industry chain market, and identify and optimize SMM prices to better serve the industry! For any questions regarding prices, please contact lead analyst Wenming Xia at 021-51666839. SMM Information & Technology Co., Ltd. Lead and Zinc Research Division December 25, 2025

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

To Valued Customers Dear Customers, To fully cover the price information across all links of the tungsten industry chain, accurately reflect the spot market trends of products such as low-grade tungsten concentrate, tungsten products, photovoltaic tungsten wire busbars and tungsten scrap, and help enterprises upstream and downstream of the industrial chain keep abreast of market changes and reduce trading risks, we have decided to add 11 new tungsten industry chain - related price points after conducting sufficient market research and in-depth communication with the industry. The new price points are detailed as follows: Scheelite Concentrate (25%-30% WO₃) : Compliant with the industrial standards applicable in Henan, Guangxi and Hunan regions. It refers to scheelite concentrate with a WO₃ content ranging from 25% to 30%. Unit: RMB per ton-unit of WO₃. Scheelite Concentrate (23%-25% WO₃) : Compliant with the industrial standard YS/T 231 - 2015. It refers to scheelite concentrate with a WO₃ content ranging from 23% to 25%. Unit: RMB per ton-unit of WO₃. Ammonium Metatungstate (AMT) : Compliant with the national standard GB/T 26033 - 2010. Its technical indicators are as follows: WO₃ content ≥ 81.5%, Fe content ≤ 0.0020%, Pb content ≤ 0.0001%, and Si content ≤ 0.0015%. Unit: RMB per ton. Wire-Drawing Tungsten Bar : Compliant with the requirements of the national standard GB/T 3459 - 2022, with a tungsten (W) content ≥ 99.95%. Unit: RMB per kilogram. Steelmaking Tungsten Bar : Compliant with the requirements of the national standard GB/T 3459 - 2022, with a tungsten (W) content ≥ 99.95%. Unit: RMB per kilogram. Cut-Resistant Tungsten Wire for Photovoltaic Applications (24μm - 30μm) : With a tungsten (W) content ≥ 99.95%, a diameter ranging from 24μm to 30μm, and a tensile strength of ≥ 3500MPa. Unit: RMB per kilometer. The above - listed prices are all ex - factory pick - up prices including 13% value - added tax (VAT). Details of the 5 New Tungsten Scrap Price Points Scrap Button Bits : Compliant with the quality requirements for cemented carbide scrap specified in the national standard GB/T 21182 - 2022. Unit: RMB per kilogram. Scrap Anvils : Compliant with the quality requirements for cemented carbide scrap specified in the national standard GB/T 21182 - 2022. Unit: RMB per kilogram. Scrap Roller Rings : Compliant with the quality requirements for cemented carbide scrap specified in the national standard GB/T 21182 - 2022. Unit: RMB per kilogram. Scrap Tungsten Chips/Wires : Compliant with the requirements of the national standard GB/T 26496 - 2011 Tungsten and Tungsten Alloy Scrap . It has a tungsten content ≥ 90% and no other inclusions. Unit: RMB per kilogram. Scrap Tungsten Blocks/Sheets : Compliant with the requirements of the national standard GB/T 26496 - 2011 Tungsten and Tungsten Alloy Scrap . It has a tungsten content ≥ 90% and no other inclusions. Unit: RMB per kilogram. The five tungsten scrap prices mentioned above are all excluding VAT. Effective Date The above - mentioned new price points will be officially released starting from November 21, 2025 and updated on each working day. The launch of these new price points aims to achieve more refined classification by region and grade. All the new price points are formulated based on mainstream industrial trading specifications and terms, which have been verified through a standardized price - data collection process. They are for market reference only and do not constitute trading decision - making advice. For details on the pricing methodology and specific product specifications, please visit our official platform. If you have any questions, please feel free to contact Li Jiahui from SMM Tungsten and Molybdenum Analysis at 021 - 51666882.

Dear Client, To keep pace with the rapid development of the magnesium metal industry and the growing need for supply-demand pattern analysis, our company has deeply optimized the data model based on the SMM Magnesium Database and is now systematically upgrading and adjusting the data standards and historical data related to magnesium metal in China. The details are as follows: I. Data Standard Upgrades and Data Revision Notes Background of Adjustments With the rapid growth in demand for magnesium alloys in the downstream sector of magnesium metal, the market landscape is evolving rapidly. For instance, technological iterations in die-casting equipment, differences in the penetration rate of thick and thin magnesium alloy die-cast parts, and recycling rates, among other multidimensional factors, have a significant impact on the production of recycled magnesium. To promptly address the industry's need for supply-demand pattern analysis amid its rapid development, adjustments have been made to the data collection standards for "recycled magnesium production," "primary magnesium production," and "total magnesium metal demand," with historical data also being revised. Previous data collection did not account for the supply of recycled magnesium, which could lead to significant deviations in supply estimates. As the SMM Magnesium Database becomes increasingly comprehensive and detailed, a more robust model has been established. Adjustment Details - Data Source Upgrade: Upgraded from a single primary magnesium market supply and demand dataset to the establishment of a dual supply-demand model for magnesium metal, encompassing both primary and recycled sources. - Revision Scope: Historical data from January 1, 2023, to the present (including retrospective revisions and future forecasts). Effective Date From October 30, 2025 SMM Information & Technology Co., Ltd. SMM Magnesium Research Team Jiao Jiani 021-20707954 October 27, 2025

Dear User, Greetings! In recent years, the rare earth-NdFeB magnetic material industry chain has been continuously developing. During the process of refining its industry chain, SMM identified that the existing NdFeB-related data in the original terminal could no longer meet market demands. Therefore, after multiple rounds of surveys and verification, SMM has revised and expanded its original NdFeB data. The specific adjustments are as follows: NdFeB Production: 1. Discontinued 1 data point, namely the Monthly NdFeB Magnet Output by Manufacturer. The discontinued data location: Rare Earth - Rare Earth Production – NdFeB Magnet. 2. Added 5 data points, respectively [National Monthly Total Production], [Monthly Total Production of Sample Enterprises], [Monthly Production of Top-Tier Enterprises], [Monthly Production of Mid-Tier Enterprises], [Production Volume of Marginal Enterprises per Month]. The above data locations are all under Rare Earth - Rare Earth Production – NdFeB Magnet. 3. The above data are all updated monthly, with the update date being the last working day of each month, and the data dimension being the current month's data. 4. The data start date is January 2025. NdFeB Operating Rate: 1. Added five data points: [National Average Operating Rate], [Average Operating Rate of Sampled Enterprises in the Current Month], [Operating Rate of Top-Tier Enterprises in the Current Month], [Operating Rate of Mid-Tier Enterprises in the Current Month], [Operating Rate of Marginal Enterprises in the Current Month]. 2. The above data are located under Rare Earths - Rare Earth Operating Rate – NdFeB Magnet. 3. These data are updated monthly, with the update date being the last working day of each month, reflecting the current month's data. 4. The data series begins in January 2025. NdFeB Capacity 1. Added new category: Rare Earth - Rare Earth Capacity 2. Added four data points: [Quarterly Total NdFeB Capacity in China], [Quarterly NdFeB Capacity of National Top-Tier Enterprises], [Quarterly NdFeB Capacity of Mid-Tier Enterprises Nationwide], [Quarterly NdFeB Capacity of Small-Scale Enterprises Nationwide] 3. Location of the above data: Added new category: Rare Earth - Rare Earth Capacity 4. The above data is updated quarterly, with the update date being the last working day of the final month of each quarter. The data dimension reflects the current quarter. 5. The data start date is March 2025. NdFeB Supply-Demand Balance 1. Discontinued 3 data series: [SMM NdFeB Supply-Demand Balance: Supply], [SMM NdFeB Supply-Demand Balance: Consumption], [SMM NdFeB Supply-Demand Balance: Supply-Demand Balance] 2. Added 3 data series: [SMM NdFeB Supply-Demand Balance: National Total Supply], [SMM NdFeB Supply-Demand Balance: National Total Consumption], [SMM NdFeB Supply-Demand Balance: National Total Supply-Demand Balance] 3. Data location: Rare Earth - Supply-Demand Balance - NdFeB 4. These data series are updated monthly on the last business day of each month, reflecting the previous month's data (e.g., July data updated on August 29). 5. Data coverage starts from January 2025. Pr-Nd Alloy Supply-Demand Balance 1. Added a new classification for Pr-Nd alloy supply-demand balance 2. Added three datasets: [SMM Pr-Nd Alloy Supply-Demand Balance: Supply], [SMM Pr-Nd Alloy Supply-Demand Balance: Consumption], [SMM Pr-Nd Alloy Supply-Demand Balance: Supply-Demand Balance] 3. Data location: Rare Earth - Supply & Demand Analysis - Pr-Nd Alloy 4. The above data is updated monthly, with the update date set as the last working day of each month, reflecting the current month's data 5. The data series starts from January 2025 NdFeB Production and Operating Rate Forecast 1. Discontinued two data series: [Production - Forecast] and [Operating rate - Forecast]. 2. These will be replaced by two alternative data series: [NdFeB - Monthly production schedule expectation] and [NdFeB - Monthly operating rate expectation]. The above data adjustments will officially take effect on September 10, 2025. Users can then query the aforementioned data in the SMM data terminal. For any inquiries, please contact the SMM Rare Earth Research Team. SMM Rare Earth Research Team Shi Xin Contact: shixin@smm.cn

Respected Client, To keep pace with the rapid development of the magnesium industry and the evolving needs for supply-demand analysis, our company has optimized the data model based on the SMM Magnesium Database and is now systematically upgrading the data standards and historical data for magnesium-related metrics in China and globally. Details are as follows: Data Standards and Historical Data Adjustment Notice I. Background of Adjustment With the rapid growth of downstream magnesium alloy demand, the magnesium market landscape continues to evolve. Factors such as technological advancements in die-casting equipment, varying penetration rates of magnesium alloy die-cast parts across different thickness markets, and recycling utilization rates have significantly impacted recycled magnesium production. To better capture the effects of industry changes on supply-demand analysis, and in conjunction with SMM's further in-depth research on the proportion of magnesium added in aluminum industry processes—improving recycled magnesium recovery and utilization coefficients and revising historical data for "primary magnesium" and "magnesium powder" production—we are now adjusting and updating the following metrics in the balance sheet: "recycled magnesium supply," "primary magnesium supply," "magnesium consumption in aluminum products," and "magnesium powder production." II. Adjustment Details Data Points Revised: "Recycled Magnesium Supply," "Primary Magnesium Supply," "Magnesium Consumption in Aluminum Products," "Magnesium Powder Production." Revision Scope: Historical data from January 1, 2023, onward (including retrospective revisions and future forecasts). III. Effective Date December 12, 2025 Shanghai Metals Market Information & Technology Co., Ltd. SMM Magnesium Research Team Zhu Qifan 86-21-5166-6729 December 12, 2025

Dear Industry Peers, Imported manganese ore is a key raw material for manufacturing products such as silicomanganese alloy and ferromanganese alloy, with high-quality manganese ore being particularly favored by the market. Australian manganese ore is a mainstream and high-frequency oxide ore globally, serving as an important reference standard for global manganese ore pricing, and its price fluctuations directly impact the cost chain of global manganese-based alloys. Tianjin Port and Qinzhou Port are the main unloading ports for imported manganese ore in China. Equipped with complete storage facilities, these two ports feature high single-vessel unloading efficiency and large manganese ore reserve capacity. The formed complementary pattern of "Tianjin in the north and Qinzhou in the south" has enhanced China's bargaining power in global manganese ore trade. Prices at Tianjin Port (north) and Qinzhou Port (south) serve as benchmarks for global manganese ore pricing, which are referenced by both domestic and foreign ore merchants. To actively respond to market changes, meet the urgent demand of users for understanding the prices of Australian Mn42% manganese ore at Tianjin Port and Qinzhou Port, and improve the transparency of market information, SMM has decided: Commencing December 31, 2025, SMM will officially launch two new price: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Details of this price point are as follows: Description: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Tianjin Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) Description: SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Qinzhou Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) SMM Nickel Industry Research Department December 26, 2025