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.

LFP Prices

Discontinuation of Iron Ore Data Points in the SMM Database

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.

Discontinuation and Addition of Iron Ore Data Points in the SMM Database

Dear Useres, With the deep reshaping of the new energy industry chain, the strategic position of sulphur, a traditional bulk raw material, is undergoing a fundamental transformation. Historically, price fluctuations in sulphur-sulphuric acid primarily affected traditional industries such as phosphate fertilisers and titanium dioxide. However, as lithium iron phosphate (LFP) has become the mainstream cathode material for power batteries, the production of its core precursor, iron phosphate, heavily relies on high-purity phosphoric acid, which in turn uses sulphuric acid as its raw material. This enables price fluctuations in the sulphur-sulphuric acid chain to be directly and rapidly transmitted to the cost of LFP. Similarly, in areas such as nickel-cobalt smelting and precursor preparation, sulphuric acid is a key auxiliary material, and its price directly impacts the cost of products like battery-grade nickel sulphate and cobalt sulphate. The emergence of new demands: Sulphur itself, as a key sulphur source for lithium sulphide and sulphide solid-state electrolytes (such as LPSC), is seeing its material purity and supply stability begin to attract attention from cutting-edge battery technology R&D. As an authoritative information institution long dedicated to the non-ferrous metals and new energy materials sectors, SMM, after a period of consolidation and market surveys, plans to introduce new sulphur price points starting December 12, aiming to provide the market with more precise pricing anchors and price references. The specific new price points are as follows: Sulphur: Solid, Sulphur (S) content ≥99.0%, Price Description: Ex-factory price (buyer's self pick-up price), including 13% VAT. SMM New Energy Research Team December 04, 2025 Sulphur Price

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

Dear users, As the core raw material for the steel industry, the price fluctuations of iron ore directly determine the cost and profit stability of the steel industry chain. In recent years, the endowment of global iron ore resources has shown significant changes, with the proportion of high-grade ore production continuously declining. To actively respond to market changes, enhance the guiding significance of the index for the Spot Market, and improve market information transparency, SMM has decided to launch the "MMI 61% Iron Ore Port Stock Index (IOPI)" and the "MMI 61% Iron Ore Seaborne Index (IOSI)" from 5th January 2026. The specific price point details are as follows: Index Price Point: MMI 61% Iron Ore Port Stock Index (IOPI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: FOT Qingdao Port, VAT included. Normalized for any Chinese Port. Unit: RMB/wet tonnes Quantity: min 5,000 tonnes Timing: within 1 week Payment Terms: Payment at sight Publication: Working Day, 6 PM Beijing Time Index Price Point: MMI 61% Iron Ore Seaborne Index (IOSI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: CFR Qingdao Port. Normalized for any Chinese Port. Unit: USD/dry tonnes Quantity: min 50,000 tonnes Timing: within 2 months Payment Terms: L/C or payment at sight Publication: Working Day, 6 PM Beijing Time SMM Iron Ore Research January 5, 2026