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

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

SMM launches graded price points for hafnium oxide and crystal hafnium to enhance pricing reference for the hafnium industry.

Dear Customers, In recent years, the development of emerging sectors has driven up the demand for chromium metal. As a key raw material for chromium metal, the price of chromium oxide green has witnessed significant fluctuations. To more accurately and effectively reflect the market trend changes of the domestic chromium industry chain, better serve customers in the chromium industry chain, reduce corporate transaction risks and costs, and enhance the reference value of quoted prices, after a period of in-depth research and market investigation, SMM intends to newly release the " chromium oxide green " price point starting from December 31 for market reference. Details of the price point are as follows: Price Name : Chrome Oxide Green, Ex-works China, Yuan/tonne Quality : Cr2O3 min 99% Definition : Ex-works China Unit : yuan/tonne Brand Listing : CITIC Jinzhou Metal, Zhenhua Chemical, Sichuan Yinhe Chemical, etc. Quantity : Minimum 10 tonnes Timing : Within 30 days Publication : Daily, by 11:30am Beijing Time Payment Terms : Cash, other payment terms normalized SMM Nickel Research Team December 26, 2025

Dear User, Greetings! In recent years, the development of the secondary zinc industry has attracted significant attention however, the domestic supply of secondary zinc oxide has become increasingly tight. In contrast, Southeast Asia boasts abundant resources of secondary zinc oxide raw materials at relatively low prices, which has prompted many Chinese enterprises to establish production facilities in the region, with a considerable number choosing Vietnam. Meanwhile, amid growing uncertainties in international trade, an increasing number of companies are relocating their plants to Vietnam to achieve integrated procurement, production, and sales, gradually forming a market trend. To keep pace with the globalization of international trade and the market development of secondary zinc oxide both domestically and overseas, and to reflect the true price fluctuations of secondary zinc oxide in the global market, SMM plans to launch the CIF Imported Secondary Zinc Oxide Payable . The SMM CIF Imported Secondary Zinc Oxide Payable is an indicative price formed and published by SMM according to this methodology, which can be used by trading parties as a reference for settling secondary zinc oxide trades from Vietnam. This price reflects the mainstream price of the CIF Imported Secondary Zinc Oxide Payable​​​​​​​ for each month. The price will be officially launched on November 28, 2025, and historical prices can be viewed simultaneously on the SMM website (smm.cn). The price will be published by 18:00 on the last working day of each month. Price Definition: The mainstream transaction price of CIF Imported Secondary Zinc Oxide Payable in actual trades during the month. Going forward, SMM will continue to monitor changes in the zinc industry chain market, optimize SMM prices, and better serve the industry! For any inquiries regarding the price, please contact Zinc Analyst Hua Lin at 021-20707885 hualin@smm.cn. SMM Information & Technology Co., Ltd. Zinc Research Team November 21, 2025

Dear User, Hello! To comprehensively cover price information across all segments of the rare earth industry chain and assist upstream and downstream enterprises in monitoring market fluctuations and mitigating transaction risks, we have conducted extensive market surveys and industry consultations. It has been decided to introduce six new price points related to the rare earth industry chain, including lanthanum metal, praseodymium metal, and praseodymium oxide. The newly added price points are as follows: Praseodymium Oxide FOB： Compliant with Industry Standard GB/T 5239-2015, Content ≥99.0–99.9%, Unit: $/kg Terbium Oxide FOB： Compliant with Industry Standard GB/T 12144-2009, Content ≥99.95–99.99%, Unit $/kg The above two prices for rare earth oxides are inclusive of VAT, with the port of departure being any port within China. Lanthanum Metal FOB： Compliant with Industry Standard GB/T 15677-2023, Content ≥99.0%, Unit: $/kg Praseodymium Metal FOB： Compliant with industry standard GB/T 19395-2013, content ≥96.0-99.0%, unit $/kg Terbium Metal FOB： Compliant with Industry Standard GB/T 20893-2007, Content ≥99.9%, Unit: $/kg Yttrium Metal FOB： Complies with Industry Standard XB/T 218-2016, Content ≥99.9–99.95%, Unit: $/kg The price point of this rare earth metal includes VAT, and the port of departure is any port within China. Effective Date: The aforementioned new price points will be officially released starting January 28, 2026, and will be updated every Wednesday before 12:00 PM. The purpose of this addition is to achieve more refined regional and grade classifications. All newly added price points are based on mainstream industry trading specifications and trade conditions, formed through screening and verification via standard price collection processes. They are provided for market reference only and do not constitute trading decision recommendations. For details on the price formation methodology and specific product specifications, please log in to the official platform. If you have any questions, feel free to contact SMM Rare Earth Analyst Shi Xin at 021-51666815. SMM Rare Earth Industry Research Team January 27, 2026

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 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

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

In the past two years, the proportion of nickel ore exported from the Philippines to Indonesia has surged from less than 3% in 2023 to approximately 20% in 2024. This year, Indonesia’s domestic nickel ore supply is tightening under the dual pressures of progressively stricter government controls over nickel resources and prolonged rainy seasons. Consequently, exports of nickel ore from the Philippines to Indonesia are expected to increase further. Against this backdrop, ​​the valuation and pricing mechanisms for Philippine nickel ore in the Indonesian market​​ are drawing close attention from participants across the supply chain. To proactively address market shifts, meet the ​​pressing need for price discovery​​ of Philippine nickel ore on a CIF Indonesia basis, and enhance market transparency, SMM has decided: Commencing August 15, 2025, SMM will officially launch two new price:​​ SMM the Philippines 1.3% Laterite Nickel Ore, CIF Indonesia, USD/wmt​ SMM the Philippines 1.4% Laterite Nickel Ore, CIF Indonesia, USD/wmt Details of this price point are as follows: Description: SMM the Philippines 1.3% Laterite Nickel Ore, CIF Indonesia, USD/wmt Quality: Nickel ore 1.3% Ni, 15-25% Fe, water content 33-35% Quantity: Minimum 50000 tonnes Definition: CIF Indoneisa main ports Brand Listing: CNC、NAC,etc Timing: 1-2 Months Unit: USD/wmt Payment Terms: L/C/TT at sight in USD , other payment terms normalized Pulication: Daily, by 12am Beijing Time Description: SMM the Philippines 1.4% Laterite Nickel Ore, CIF Indonesia, USD/wmt Quality: Nickel ore 1.4% Ni, 15-25% Fe, water content 33-35% Quantity: Minimum 50000 tonnes Definition: CIF Indoneisa main ports Brand Listing: CNC、NAC,etc Timing: 1-2 Months Unit: USD/wmt Payment Terms: L/C/TT at sight in USD , other payment terms normalized Pulication: Daily, by 12am Beijing Time SMM Nickel Industry Research Department August 8, 2025