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.

In recent years, Indonesia has solidified its position as a global supply and export hub for the stainless steel industry. With the continuous upgrade of local production capabilities, the export volume of 304L series stainless steel has seen significant growth. Due to its superior intergranular corrosion resistance and weldability, 304L is increasingly demanded in the chemical, energy, and high-end manufacturing sectors across Asia, Europe, and the Middle East. To better reflect the supply-demand fundamentals of the low-carbon stainless steel market and to provide global traders and downstream users with more precise settlement references and risk management tools, SMM has decided to expand its overseas price assessment portfolio. Effective December 26, 2025 , SMM will officially launch the following two new price points: "304L/NO.1 Coil-ME, FOB Indonesia, USD/mt" and "304L/2B Coil-ME, FOB Indonesia, USD/mt" . The details of the new price points are as follows: 1. Product Name: 304L/NO.1 Coil-ME, FOB Indonesia, USD/mt Quality: Standard thickness 4mm, thickness range 4.0-8.0mm, width 1520mm, Mill Edge, conforming to ASTM A480/A480M. Brand Listing: ITSS, GCNS, OSS Definition: FOB Indonesia main ports Unit: USD/tonne Quantity: Min 20 tonnes Timing: 1-3 Months Publication Time: Daily, by 11:00 am Jakarta Time (Working Days) Payment Terms: L/C / TT at sight in USD, or other payments normalized. 2. Product Name: 304L/2B Coil-ME, FOB Indonesia, USD/mt Quality: Standard thickness 2mm, thickness range 1.5-2.0mm, width 1240mm, Mill Edge, conforming to ASTM A480/A480M. Brand Listing: Yongwang, Ruipu, IMR ARC Steel Definition: FOB Indonesia main ports Unit: USD/tonne Quantity: Min 20 tonnes Timing: 1-3 Months Publication Time: Daily, by 11:00 am Jakarta Time (Working Days) Payment Terms: L/C / TT at sight in USD, or other payments normalized. For any inquiries, please contact the SMM Nickel & Stainless Steel Industry Research Department. SMM Nickel & Stainless Steel Industry Research Department December 18, 2025

Dear Users: Hello! To better leverage the role of spot prices in the manganese industry as a benchmark and assist the market in optimizing its order signing mechanism, SMM, after a period of accumulation and market surveys, intends to advance the release time of spot prices for EMM (Guangxi), EMM (Hunan), EMM (Guizhou), EMM (bagged, Shanghai), EMM (barreled, Shanghai), EMM (main producing areas), EMM (Tianjin Port), EMM (Huangpu Port), and EMM FOB prices to 10:30 AM each working day, starting from August 5, 2025. This announcement is hereby made. Manganese Research Team, SMM August 4, 2025

In recent years, Guinea has played a pivotal role in the global bauxite market, standing as the world's largest bauxite producer. In 2024, the country exported 1.23 billion tons of bauxite, with approximately 90% destined for China, making it the most critical source of bauxite imports for China. The remainder was exported to regions such as India (3%) and Europe (1%). Against the backdrop of tight shipping capacity and the significant impact of freight and bunker adjustment costs on landed costs, SMM is responding to the strong focus from industry chain participants on FOB prices for Guinean bauxite. To more accurately reflect the intrinsic value of bauxite and refocus market attention from CIF prices (which include freight) to FOB prices themselves, SMM has decided to： Commencing November 7, 2025, SMM will officially launch one new price: Guinea Bauxite FOB (Al2O3: 45%, SiO2: 3%, FOB Guinea, $/dmt) Details of this price point are as follows: Shanghai Metals Market Aluminum Research Departmen 6th November, 2025

Indonesia holds over 60% of the world's nickel reserves and plays a central role in nickel resource supply and processing. In 2023, Indonesia achieved a breakthrough in refined nickel exports, increasing from zero to substantial volumes, with exports reaching 43,600 mt in 2024. New refined nickel projects are currently under construction, and Indonesia's refined nickel capacity is expected to increase to 180,000 mt by 2026. Future exports are anticipated to expand further, making Indonesia's refined nickel price trends significantly influential in the global nickel market. To actively respond to changes in the Indonesian refined nickel market, meet the urgent needs of users for Indonesian refined nickel FOB prices, and enhance market information transparency, SMM has decided: Starting from September 19, 2025, to publish the‘SMM Indonesia Refined Nickel, FOB Indonesia, USD/tonne’price Price details are as follows: Description: SMM Indonesia Refined Nickel, FOB Indonesia, USD/tonne Quality: Ni 99.80% min Definition: FOB Indonesia main ports Unit: USD/tonne Quantity: Min 30 tonnes Timing: 1-3 months Payment Terms: L/C/TT at sight in USD , or other payment terms normalized Publication: Weekly, Friday 10:30 AM Jakarta Time

As the world's largest exporter of tin ingots, Indonesia plays a significant role in the global tin industry landscape. Its tin ingot exports impact the international market structure. In recent years, Indonesia's tin ingot exports have fluctuated due to factors such as policy adjustments and changes in resource reserves. Against this industry backdrop, timely Indonesia tin FOB prices are crucial for upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Indonesia tin ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 19, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Indonesia, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 12, 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 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

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

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