SMM launches the "SMM China Titanium Dioxide Price Index" to provide a transparent pricing reference and reflect market trends, effective from March 20, 2026.

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

SMM officially released SMM: Sulfuric Acid Demand: Total: Annual data, with China as the data region.

SMM has now officially launched the new SMM: Supply-Demand Balance of Nickel Matte: Monthly data point based on extensive market surveys.

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.

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

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

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for Vietnam 8mm copper cathode rod (CIF) processing fees, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne Methodology 1.1 SMM Price Assessment Methodology General Provisions Shanghai Metals Market (SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers in the market as an observer or organizer and provides 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 trade conditions in the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative 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, a corresponding methodology is established (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 guidelines when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce these revisions on the official website www.smm.cn 28 days before their formal implementation. If you have any questions or suggestions regarding SMM prices or the methodology, please contact SMM customer service (contact information can be found on the official website www.smm.cn ). This document specifies the standards for formulating the weekly RC for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formation. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation procedures, ensuring that the prices or indices accurately reflect 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 ongoing methodology or processes, thereby improving the quality of SMM’s published prices or indices. 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 Processing Fees for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne. 2.1 Significance of the Price Assessment Against the backdrop of global economic integration, Vietnam is emerging as a significant driver of economic growth in Southeast Asia. On one hand, the accelerated investment in power infrastructure expansion, along with the increase in power transmission line and substation projects, has led to a surge in demand for copper rod as a core raw material. On the other hand, industrial upgrades are driving the rapid development of the electronics manufacturing sector, with numerous component and home appliance enterprises establishing operations, leading to a continuous expansion in demand for high-precision 8mm copper rod, and overall market demand is steadily rising. Under the Belt and Road cooperation framework, economic and trade ties between China and Vietnam are becoming increasingly close. Logistics channels such as cross-border railways and highways are continuously being optimized, making transportation more efficient. The implementation of policies such as tariff reductions further lowers trade costs and improves efficiency, laying a solid foundation for the expansion of the China-Vietnam copper rod trade scale. In light of this, SMM will officially launch the weekly price assessment for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne starting December 19, 2025. SMM price members will be able to simultaneously access historical prices from that date. 2.2 SMM 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Product standards are BS EN 1997：2013 Copper and copper alloys. Copper drawing stock (wire rod)、ASTM B49-20 Standard Specification for Copper Rod for Electrical Purposes, product specifications are 8mm copper cathode rod (T1, T2), oxygen content greater than 20ppm. 2.2.2 Price Terms CIF Vietnam, Copper Cathode Rod Premium top on LME CSP, QP M+1（M stands for arrival month) 2.2.3 Payment Terms Cash, other terms normalized. Reference is made to major international payment methods (including D/P, D/A, T/T, etc.). If transactions significantly deviate from this standard, SMM will consider excluding individual samples based on trade volume. For deferred payments or letters of credit, SMM will adjust them according to the prevailing interest rate at the time to align with this standard. 2.2.4 Delivery Time Within 4 weeks. 2.2.5 Reference Transaction Volume Min 200 tones. 2.2.6 Delivery Location Main Ports of Vietnam 2.2.7 Price Release Time Every Friday at 11:30 AM Vietnam Time (except on Chinese statutory holidays and weekends). 2.2.8 Processing Fee Format Reported processing fees are provided as a range, indicating the lowest and highest prices. For example: 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne range $250-270/tonne, average: $260/tonne. 2.2.9 Price Collection Methodology 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. 2.2.10 Standardization of Data 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. 2.2.11 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 Cathode Rod industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Xinyang Wang Contact: 021-20707846, +86 15762822325

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, To optimize the data structure and enhance your data retrieval and analysis efficiency, we will adjust the classification hierarchy of "Magnesium" data in our Database Pro, effective from February 1, 2026. Before Adjustment: After Adjustment: Reason for Adjustment: Sustained Growth in User Attention: We have observed that in recent years, user query frequency, analysis depth, and attention to magnesium-related data have significantly increased. This adjustment aims to respond to your needs, making the classification structure more aligned with your usage habits and enabling easier access and retrieval of relevant data. Impact and Recommendations for You: • Change in Data Access Path: After the adjustment, you can directly locate the "Magnesium" category under the Minor & Precious Metals classification directory in the database, without needing to access it through the "Minor Metal" category. • This adjustment will not result in any loss of historical data, nor will it affect data usage permissions it only changes the classification hierarchy. We believe this adjustment will provide you with a clearer and more efficient data service experience. We sincerely apologize for any inconvenience caused by this adjustment and greatly appreciate your understanding and support. SMM Information & Technology Co., Ltd. January 22, 2026