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.

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.

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 User, Hello! To better assist upstream and downstream enterprises in the industry chain in monitoring market fluctuations and promptly reflecting the spot market prices, thereby reducing transaction risks and costs in the metal market, and continuously improving and deepening the research on the metal industry chain, SMM, after a period of preparation and market research, plans to introduce new price points starting from November 1. These include Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery, among others, for market reference. I. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider and does not participate in any substantive transactions. Instead, it acts as a market observer or organizer, maintaining close communication with buyers and sellers in transactions and providing relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and conditions in the industry, while giving equal importance to normal transactions that meet standard specifications. SMM reserves the right to exclude any price information deemed unreliable or unrepresentative from its pricing assessments. SMM publishes daily metal spot prices (or price indices, including the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. SMM has established corresponding methodologies for all published SMM prices (all of which are available for reference on SMM’s official website, www.smm.cn ). These methodologies specify the methods and procedures for generating and publishing SMM prices, which are strictly adhered to. To align with the actual conditions of the spot market, SMM may make necessary revisions to the SMM price methodology, which will be announced on the SMM official website before formal implementation. For any questions or suggestions regarding SMM prices or their methodologies, please contact SMM customer service (contact information can be found on the SMM official website, www.smm.cn ). This document outlines the standards for establishing price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery. The purpose of this standard is to establish a transparent and verifiable mechanism for SMM price determination. II. Formation of SMM Price Points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.1 Definition SMM price points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc., are formed and published by SMM in accordance with this methodology. They can be used by trading parties as reference for spot trade settlement of these price points. 2.2 New Metal-Related Price Points Added by SMM Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.3 Quotation Generation Method SMM collects data for evaluating price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery through data collection (i.e., gathering raw data information that meets SMM standards). This includes bid and ask quotes provided by data providers for transactions not concluded on the same day, as well as actual transaction prices for spot trades provided by data providers. 2.4 Data Collection Method SMM price analysts collect data for price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery regularly (between 9:30 AM and 11:15 AM on each trading day) via phone, QQ, WeChat, fax, and email. This data may include prices of concluded transactions on the same day, companies’ expected most likely prices for pending transactions, and offers. 2.5 Product Standards Price Point Name Reference Standard Selenium Powder 99.5% min Europe Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.5%, other elements unspecified. Selenium Powder 99.9% min India Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min USA Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min Russia FOB Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Cadmium Ingot 99.99% min USA Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min Europe Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min India Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. 2.6 Pricing Unit and Presentation Price Point Name Unit Selenium Powder 99.5% min Europe Delivery USD/lb Selenium Powder 99.9% min India Delivery INR/kg Selenium Powder 99.9% min USA Delivery USD/lb Selenium Powder 99.9% min Russia FOB USD/lb Cadmium Ingot 99.99% min USA Delivery USD/lb Cadmium Ingot 99.99% min Europe Delivery USD/lb Cadmium Ingot 99.99% min India Delivery INR/kg 2.7 Delivery Method Pick-up from relevant warehouses. 2.8 Payment Method Cash payment or wire transfer. Other terms handled as per常规. 2.9 Update Time Before 11:30 AM on each trading day. III. Methodology Changes All markets evolve, and SMM has a responsibility to ensure that the methodologies for market reporting keep pace with these changes. Therefore, SMM regularly conducts internal reviews of the appropriateness of its methodologies based on industry feedback. For all substantive but non-urgent potential revisions, SMM will follow a formal external consultation process. Major changes will 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 reviewing all comments on proposed methodology changes. However, in some cases, it may be necessary to make changes to the methodology against the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. Shanghai Metals Market Information Technology Co., Ltd. Precious Metals Team November 1, 2025

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

1. 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