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, Greetings! The PV industry is currently accelerating its transition to N-type technology, with TOPCon modules emerging as a core product in major global markets due to their superior power density. Meanwhile, against the backdrop of increasingly complex global trade conditions and fluctuating international logistics costs, the market is demanding greater transparency in pricing information. Standalone FOB prices can no longer adequately meet the needs of upstream and downstream players in the industry chain for accurately calculating overseas landing costs. As CIF prices more directly reflect the actual competitiveness of products in target markets, their importance as a basis for trade settlement and a tool for risk hedging has become increasingly prominent. To better understand the actual CIF market conditions for module exports to Southeast Asia and help enterprises reduce transaction risks and costs amid complex trade dynamics, SMM, after a period of market observation and surveys, plans to officially add the following product prices starting January 23, 2026, as references for market transactions: TOPCon Module-182mm-CIF Malaysia TOPCon Module-210mm-CIF Malaysia TOPCon Module-210R-CIF Malaysia The published prices are all CIF prices for major ports in Malaysia. Specific specifications and descriptions are as follows: Price Point Names: TOPCon Module-182mm-CIF Malaysia TOPCon Module-210mm-CIF Malaysia TOPCon Module-210R-CIF Malaysia Price Description: Price Type: CIF Major Ports in Malaysia Tax Standard: Tax-excluded Definition: CIF Price for Major Ports in Malaysia Unit: $/W Leading Brands: LONGi Green Energy Technology Co., Ltd., Jinko Solar Co., Ltd., Trinasolar Co., Ltd., JA Solar Co., Ltd., CSI Solar, CHINT Group Co., 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 to 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

Dear Customer, Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, and implementing the following treatment for historical data: I. Adjustments Made This upgrade primarily optimizes and updates the following indicators in the balance sheet: Discontinuation of "SMM Domestic Copper Scrap Supply" and "SMM Domestic Copper Scrap Supply - Forecasted Value," and adjustment of the two data points under "Domestic Copper Scrap Production": "Domestic Old Scrap Production (Metal Content)" and "Domestic Old Scrap Production (Metal Content) - Forecasted Value." (Data modification path: Database - Copper - Copper Scrap - Production) II. Treatment of Historical Data Historical domestic copper scrap production data will no longer be updated starting from September 2025. Subsequent data will be uniformly released according to the new standards, with the revised data retroactively applied from January 2025. If you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date Effective from February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 21, 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 Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, with the following treatment applied to historical data: I. Adjustments Made The following data points have been newly launched: "Copper Scrap New and Old Scrap Production: Domestic Old Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Old Scrap - Forecast: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap - Forecast: Annual", and "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap - Forecast: Annual"—a total of six new data points. (Access path for new data: Database - Copper - Copper Scrap - Production - Domestic Copper Scrap Production) II. Historical Data Processing The following four historical data series will cease to be updated starting from December 2025: "Domestic Copper Scrap Supply (Metal Content), ID: a10031747", "SMM Domestic Copper Scrap Supply: YoY, ID: a10031748", "Domestic Copper Scrap Supply (Metal Content) - Forecast, ID: a12731971", and "SMM Domestic Copper Scrap Supply YoY - Forecast, ID: a12731972". Going forward, the new standards will be uniformly applied for data releases, with the revised data traceable back to 2020. Should you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 22, 2026

Driven by intensifying global competition for energy and mineral resources, the reshaping of refined copper trade flows, and the resurgence of U.S. manufacturing policies, the U.S. market has once again emerged as a key pricing anchor in international refined copper distribution. According to SMM research, U.S. annual refined copper consumption is estimated at 1.6–1.8 million metric tons, with the Midwest — home to a high concentration of copper-intensive manufacturing — serving as the country’s largest region for copper processing, delivery, and end-use. Over time, this region has developed a mature spot trading market under the DDP (Delivered Duty Paid) delivery model. Since 2025, global copper trade dynamics have shifted significantly. The U.S. has become increasingly reliant on imports from Latin America, Europe, and Africa. With frequent tariff policy changes, a surge in COMEX stock levels, more active trade tenders, and renewed long-term contract negotiations, the Midwest DDP premium has become an essential reference point for industrial trade and arbitrage models across the supply chain. Against this backdrop, Shanghai Metals Market (SMM) will officially launch the Copper grade 1 cathode premium, ddp Midwest US on February 1, 2026. Quoted in US cents per pound (¢/lb), this premium will be based on representative spot DDP trades in the U.S. Midwest. The price reflects a weighted average considering warehouse transfer costs, regional logistics fees, trading activity levels, and brand preferences — offering an objective and actionable settlement benchmark for market participants. The price will be updated daily and published on both the SMM official website. Historical curves and price analytics will also be made available. This price release aims to enhance pricing transparency across the refined copper supply chain and provide more granular tools for trade execution, long-term contract negotiations, and production planning — supporting more efficient and accurate price discovery in the global market. Key specifications of the SMM U.S. Midwest DDP Refined Copper Premium are as follows: