Dear User, Greetings! With the rapid development and continuous technological iterations in the solid-state battery industry, solid-state batteries have garnered increasing attention. As indispensable key materials for solid-state batteries, the market demand for sulfide electrolytes and oxide electrolytes is also surging accordingly. The quality of pentaphosphorus pentasulfide and lithium bromide, important raw materials for sulfide electrolytes, plays a significant role in influencing sulfide electrolytes. In the realm of oxide electrolytes, the application status of LLZO (lithium lanthanum zirconium oxide) in the semi-solid and solid-state battery markets is gradually rising. SMM is committed to supporting upstream and downstream enterprises in the solid-state battery industry chain, helping them gain comprehensive insights into the market dynamics of solid-state battery electrolytes. By providing real-time and accurate spot cargo and price information, we assist enterprises in effectively reducing risks and costs in market transactions, enhancing their core competitiveness and market adaptability. Simultaneously, SMM actively delves into research on the solid-state battery industry chain, striving to build a more transparent, fair, and efficient market environment for the industry through deepened industry analysis and continuous improvement of the knowledge system. After a period of consolidation and market surveys, SMM plans to introduce two important raw materials for sulfide electrolytes in solid-state batteries—pentaphosphorus pentasulfide and lithium bromide—along with a new price point for oxide electrolyte LLZO, starting from January 28. Details are as follows: Pentaphosphorus pentasulfide: P2S5 content ≥99.9%, Lithium bromide: LiBr content ≥99.9% Oxide electrolyte LLZO: powder, D50 ≤1μm. Price note: The above three product price points are all delivery-to-factory prices, inclusive of 13% VAT. Shanghai Metals Market New Energy Research Team January 24, 2026

Dear Useres, With the rapid development and continuous technological iterations in the solid-state battery industry, solid-state batteries have garnered increasing attention. As an indispensable key raw material for solid-state batteries, the market demand for sulfide electrolytes is also surging simultaneously. The sulfide route is considered the most advanced path for solid-state batteries, and sulfide electrolytes are the most critical material within this route. Their quality significantly impacts key performance indicators of solid-state batteries, such as energy density and ion conduction rate. SMM is committed to supporting upstream and downstream enterprises in the solid-state battery industry chain, helping them gain comprehensive insights into the market dynamics of solid-state battery electrolytes. By providing real-time and accurate spot cargo market and price information, we assist enterprises in effectively reducing risks and costs in market transactions, enhancing their core competitiveness and market adaptability. Meanwhile, SMM actively deepens its research on the solid-state battery industry chain, striving to build a more transparent, fair, and efficient market environment for the industry through in-depth analysis and continuous improvement of the knowledge system. After a period of consolidation and market surveys, SMM plans to introduce new price points for sulfide electrolyte LPSC related to solid-state batteries starting December 12. The specific new price points are as follows: Sulfide Electrolyte LPSC ( Lithium Phosphorus Sulfur Chloride ) : Powder, D50 ≤ 3 μm Price Description: Transaction price (delivery-to-factory), inclusive of 13% VAT. SMM New Energy Research Team December 4, 2025 LPSC( Lithium Phosphorus Sulfur Chloride) Price is listed blow ,

With the development of the scrap metal industry, companies are paying increasing attention to scrap aluminum varieties and price points. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, plans to launch an optimized Malaysian scrap aluminum price point on October 13, 2025: - Tense Scrap Malaysia (Mixed Aluminium Castings) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the import-export and local demand characteristics of Malaysian end-users across different application scenarios, and based on overseas policies and market changes, has revised the Malaysian scrap aluminum price points. The specific details are as follows: ​ ​Adjustment 1:​ ​ Addition of Tense Scrap Malaysia (Mixed Aluminium Castings) . This price point will replace the existing Shredded Mixed Aluminum Castings (Tense) Scrap in Malaysia, FOB. - Updated price point name and definition: ​ ​Malaysia Scrap Aluminum Mixed Aluminum Castings (Tense) , EXWorks, excluding VAT, USD/tonne. - Reason: The new price point better aligns with the local scrap aluminum market conditions under updated Malaysian policies, thereby more accurately reflecting market prices. - Launch date: October 13, 2025 - Update frequency: The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time). ​ ​Adjustment 2:​ ​ Discontinuation of Shredded Mixed Aluminum Castings (Tense) Scrap in Malaysia, FOB . - Discontinuation date: October 10, 2025 We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@smm.cn.

Dear Industry Peers, Hello! Electrolytic manganese metal (EMM) is a key raw material for manufacturing products such as stainless steel, specialty alloys, and battery materials. Europe, as a major global hub for stainless steel production, high-end manufacturing, and the new energy industry, is also one of the core consumer markets for EMM. Its price dynamics significantly influence the global market structure and pricing. Based on Rotterdam’s status as Europe’s largest port, which aggregates raw materials from major production regions worldwide and facilitates the circulation of spot cargo within the region, it has developed a mature storage, logistics, and trading network. The prices there accurately reflect the arrival costs in the European market, the supply-demand balance, and regional premiums, providing market participants with a critical benchmark for price reference. To proactively address market shifts, meet the ​​pressing need for price discovery​​ of Rotterdam warehouse electrolytic manganese metal, and enhance market transparency, SMM has decided: Commencing December 23, 2025, SMM will officially launch a new price: SMM Electrolytic Manganese Metal, in-whs Rotterdam, USD/mt Details of this price point are as follows: Description:SMM Electrolytic Manganese Metal, in-whs Rotterdam, USD/mt Quality:Mn99.7% Quantity:Minimum 25 tonnes Definition: In-warehouse Rotterdam,duty-unpaid, customs uncleared Brand Listing:Tianyuan Manganese Industry, CITIC Dameng, Wuling Manganese Industry,etc Timing:1Months Unit:USD/mt Payment Terms:Cash, 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 Departmen December 16, 2025

Against this backdrop, SMM will begin publishing the US Midwest DDP aluminum premium starting February 27, 2026. Through daily market communication, SMM will introduce ......

With the development of the scrap metal industry, companies are paying more attention to scrap aluminum varieties and price points across different geographical regions. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, have launched the following price points for local scrap metal prices in Malaysia and Thailand on November 3, 2025: Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Thai Aluminium Scrap – UBC (Used Beverage Cans) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the local and international demand for overseas aluminium scrap prices primarily in Southeast Asia, and based on overseas policies and market changes, has decided to launch several price points in reflection of the Southeast Asian aluminium scrap markets and trade. The specific details are as follows: Price Point 1: Addition of Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 2: Addition of Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Malaysian Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 3: Addition of Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Thai Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 (Launced) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 4: Addition of Thai Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Thai Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@metal.com.

With the development of the scrap metal industry, companies are paying more attention to scrap aluminum varieties and price points across different geographical regions. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, plans to launch the following price points for local scrap metal prices in Malaysia and Thailand on November 3, 2025: Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Thai Aluminium Scrap – UBC (Used Beverage Cans) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the local and international demand for overseas aluminium scrap prices primarily in Southeast Asia, and based on overseas policies and market changes, has decided to launch several price points in reflection of the Southeast Asian aluminium scrap markets and trade. The specific details are as follows: Price Point 1: Addition of Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 2: Addition of Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Malaysian Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 3: Addition of Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Thai Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 4: Addition of Thai Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Thai Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@metal.com.

Dear User, Greetings! To assist secondary aluminum enterprises in accurately grasping the regional supply-demand pattern within the domestic market, obtaining real-time spot aluminum scrap price information from core production areas, effectively reducing information barriers and communication costs in transaction processes, and further improving the price system and research dimensions of the secondary aluminum industry chain, SMM, after multiple rounds of market surveys and data accumulation, plans to revise the content of the original price points. The specific update arrangements are as follows for market reference. Explanation of Modifications to the Original Aluminum Scrap Price Points: The content changes for the following four price points—Shredded Aluminum Tense Scrap (Foshan), Shredded Aluminum Tense Scrap (Anhui), Shredded Aluminum Tense Scrap (Changege), and Shredded Aluminum Cast Scrap (Foshan)—only involve supplementary modifications to the names, specifications, and definitions of the previous price points and do not affect the reference and viewing of corresponding historical prices. 1. Price Point Name: Shredded Aluminum Tense Scrap (Foshan) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Foshan) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Foshan area. 2. Price Point Name: Shredded Aluminum Tense Scrap (Anhui) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Anhui) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Anhui area. 3. Price Point Name: Shredded Aluminum Tense Scrap (Changege) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Changege) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Changege area. 4. Price Point Name: Shredded Aluminum Cast Scrap (Foshan) revised to Shredded Aluminum Cast Scrap Liquid Aluminum Price (Foshan) Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Foshan area. Effective Time: The modifications to the aforementioned price points will be officially released starting November 12, 2025, and updated every working day. This revision aims to more accurately reflect market price levels through more refined grade classifications and provide market participants with more targeted decision-making references. Should you have any questions, please feel free to contact Chen Chichang at 021-51595820. SMM Aluminum Industry Research Team November 12, 2025

Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14

Dear Valued Customers, Due to an error in our work, the SMM A00 aluminum (Foshan) price recorded on January 20, 2026, was incorrect. The absolute price of SMM A00 aluminum (Foshan) has now been revised from 23,840 to 23,720. We sincerely apologize for any inconvenience and disruption this may have caused, and we will strive to prevent such errors in our future work.