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 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, Greetings! With the deep restructuring of the new energy industry chain, the strategic position of sulfur, a traditional bulk raw material, is undergoing a fundamental transformation. To better align with global industry development trends, SMM now officially releases monthly data on Indonesia's sulfur imports and exports . The data series begins in January 2025 and will be updated on the seventh working day of each month with figures for the month two months prior. Thank you for your continued trust and support in SMM's data services. Should you have any questions or require further information, please do not hesitate to contact us. SMM Nickel Industry Research Department January 9, 2026

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

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for Vietnam 8mm copper cathode rod (CIF) processing fees, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne Methodology 1.1 SMM Price Assessment Methodology General Provisions Shanghai Metals Market (SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers in the market as an observer or organizer and provides relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and trade conditions in the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, a corresponding methodology is established (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these guidelines when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce these revisions on the official website www.smm.cn 28 days before their formal implementation. If you have any questions or suggestions regarding SMM prices or the methodology, please contact SMM customer service (contact information can be found on the official website www.smm.cn ). This document specifies the standards for formulating the weekly RC for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formation. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation procedures, ensuring that the prices or indices accurately reflect the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the ongoing methodology or processes, thereby improving the quality of SMM’s published prices or indices. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of Processing Fees for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne. 2.1 Significance of the Price Assessment Against the backdrop of global economic integration, Vietnam is emerging as a significant driver of economic growth in Southeast Asia. On one hand, the accelerated investment in power infrastructure expansion, along with the increase in power transmission line and substation projects, has led to a surge in demand for copper rod as a core raw material. On the other hand, industrial upgrades are driving the rapid development of the electronics manufacturing sector, with numerous component and home appliance enterprises establishing operations, leading to a continuous expansion in demand for high-precision 8mm copper rod, and overall market demand is steadily rising. Under the Belt and Road cooperation framework, economic and trade ties between China and Vietnam are becoming increasingly close. Logistics channels such as cross-border railways and highways are continuously being optimized, making transportation more efficient. The implementation of policies such as tariff reductions further lowers trade costs and improves efficiency, laying a solid foundation for the expansion of the China-Vietnam copper rod trade scale. In light of this, SMM will officially launch the weekly price assessment for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne starting December 19, 2025. SMM price members will be able to simultaneously access historical prices from that date. 2.2 SMM 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Product standards are BS EN 1997：2013 Copper and copper alloys. Copper drawing stock (wire rod)、ASTM B49-20 Standard Specification for Copper Rod for Electrical Purposes, product specifications are 8mm copper cathode rod (T1, T2), oxygen content greater than 20ppm. 2.2.2 Price Terms CIF Vietnam, Copper Cathode Rod Premium top on LME CSP, QP M+1（M stands for arrival month) 2.2.3 Payment Terms Cash, other terms normalized. Reference is made to major international payment methods (including D/P, D/A, T/T, etc.). If transactions significantly deviate from this standard, SMM will consider excluding individual samples based on trade volume. For deferred payments or letters of credit, SMM will adjust them according to the prevailing interest rate at the time to align with this standard. 2.2.4 Delivery Time Within 4 weeks. 2.2.5 Reference Transaction Volume Min 200 tones. 2.2.6 Delivery Location Main Ports of Vietnam 2.2.7 Price Release Time Every Friday at 11:30 AM Vietnam Time (except on Chinese statutory holidays and weekends). 2.2.8 Processing Fee Format Reported processing fees are provided as a range, indicating the lowest and highest prices. For example: 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne range $250-270/tonne, average: $260/tonne. 2.2.9 Price Collection Methodology SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.10 Standardization of Data Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.11 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the Copper Cathode Rod industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Xinyang Wang Contact: 021-20707846, +86 15762822325

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Methodology 1.1 SMM Price Assessment Methodology General Provisions Shanghai Metals Market (SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers in the market as an observer or organizer and provides relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and trade conditions in the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, a corresponding methodology is established (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these guidelines when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce these revisions on the official website www.smm.cn 28 days before their formal implementation. If you have any questions or suggestions regarding SMM prices or the methodology, please contact SMM customer service (contact information can be found on the official website www.smm.cn ). This document specifies the standards for formulating the weekly RC for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formation. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation procedures, ensuring that the prices or indices accurately reflect the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the ongoing methodology or processes, thereby improving the quality of SMM’s published prices or indices. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of 8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. 2.1 Significance of the Price Assessment Current copper rod industry faces increasingly prominent overcapacity issues, with low capacity utilization rates. The market for ordinary power-grade rods suffers from homogenized competition, processing fees are caught in internal competition, and profit margins for most enterprises are severely compressed. Against this backdrop, the copper rod industry is gradually transitioning toward high-quality development, enhancing product added value, expanding profit margins, and progressively addressing the structural imbalance of "excess low-end supply and insufficient high-end supply." Tin-plated copper rods, leveraging characteristics such as oxidation resistance, ease of welding, and strong stability due to the tin coating, meet the demands of high-end sectors like new energy vehicles and electronic devices. With the continuous expansion of emerging industries such as new energy and 5G communication, the tin-plated copper rod market holds broad prospects and will become a key direction for the transformation and upgrading of the copper processing industry. 2.2 SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of tin-plated copper rod specifications, SMM adopts the 1.8mm diameter, which holds a relatively high market share, as the basis for quoting tin-plated copper rod processing fees, with reference to the standard GB/T3952-2016 Copper Rod for Electrical Purposes. 2.2.2 Price Terms Ex-works, China, 1.8mm Tin-Plated Copper Rod premium top on SMM 1# Copper Cathode 2.2.3 Payment Terms cash, other terms normalized. 2.2.4 Delivery Time Within 3 days. 2.2.5 Reference Transaction Volume Min 1 tones. 2.2.6 Delivery Location China 2.2.7 Price Release Time Weekly, by 11：30 am Beijing time, last working day of every week. 2.2.8 Processing Fee Format The reported processing fees are presented as a range, indicating the lowest and highest prices. For example: 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne range 3,000–4,000 yuan/tonne, average: 3,500 yuan/tonne. 2.2.9 Price Collection Methodology SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.10 Standardization of Data Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.11 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the Copper Cathode Rod industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Xinyang Wang Contact: 021-20707846, +86 15762822325