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

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, 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

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.

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 User, Currently, India has gradually become an important global manufacturing and export base for PV modules. In actual trade, Indian made modules exhibit differentiated supply-demand relationships and price performances in the spot market due to the varying origins of the solar cells used. To facilitate upstream and downstream enterprises in the PV industry chain to better understand India's module export and local market conditions, grasp real-time international spot price dynamics, and convey more comprehensive and diverse price information to the market, thereby reducing transaction risks and costs in overseas trade, SMM, after a period of consolidation and market surveys, plans to officially add the 'TOPCon Module-Indian Made（with domestic solar cells)' and 'TOPCon Module-Indian Made（without domestic solar cells)' product prices as market trading references starting from January 23, 2026. The published prices are all ex-work prices for these modules in India, with specific specifications and descriptions as follows: Price Point Names: TOPCon Module-Indian Made（with domestic solar cells) TOPCon Module-Indian Made（without domestic solar cells) Price Description: Price Type: Indian ex-work price (EXW) Tax Rate Standard: Tax-excluded Definition: Indian ex-work price With Domestic Solar Cells: Refers to modules manufactured in India, with the solar cells used also produced locally in India. Without Domestic Solar Cells: Refers to modules manufactured in India, but the solar cells are imported from overseas (not produced locally in India). Unit: $/W Major Brands: Waaree Technologies Ltd, Adani Group, Vikram Solar Limited, Tata Power Company Ltd, Goldi Solar Pvt Ltd, etc. Minimum Trading Volume: 10 MW Delivery Period: Within 3 months Release Time: Every Friday at 11:00 AM Beijing Time Payment Terms: Cash, and other payment methods standardized as cash SMM PV Research Team January 13, 2026

Dear User, Hello! With the evolution of global PV trade, N-type 210R wafers, as a core product from China, are being exported to global PV markets including India. To facilitate upstream and downstream enterprises in the PV industry chain to better understand the global market conditions for PV wafers, grasp real-time international spot price dynamics, and convey more comprehensive and diverse price information to the market, thereby reducing transaction risks and costs in overseas trade. After a period of consolidation and market surveys, SMM plans to officially add the "N-type 210R Wafer — India CIF" product price as a reference for market transactions starting from December 29, 2025. The published prices are all CIF prices for major Indian ports. The specific specifications and descriptions are as follows: Price Point Name: N-type 210R Wafer — India CIF Price Description: Product Specification: 210R Tax Standard: Excluding VAT Definition: CIF price for major Indian ports Unit: US dollar/piece Mainstream Brands: TCL Zhonghuan, Gokin Solar, Shuangliang, Adani Minimum Trading Volume: 100,000 pieces Update Frequency: Daily Maintenance Time: 11:20 BJT (8:50 IST) Payment Terms: Cash, and other payment methods standardized to cash SMM PV Research Team December 19, 2025

LFP Prices

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

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