LFP Prices

Effective March 17, 2026, SMM will officially launch the following two new price points: "SMM Battery-Grade Lithium Carbonate (CIF South Korea)" and "SMM Battery-Grade Lithium Hydroxide (CIF South Kor

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

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

Dear Users, Greetings! In recent years, as the global new energy vehicle industry entered a large-scale retirement period and resource security strategies were upgraded, China's lithium battery recycling market continued to expand rapidly. In August this year, China officially began allowing the import and export of black mass, and it is expected that more black mass meeting quality requirements will enter China in the future. Against this backdrop, the value and pricing mechanism of overseas black mass in the Chinese market are attracting close attention from both upstream and downstream segments of the industry chain. In response to market changes, addressing the industry's practical needs for evaluating the value of recycled raw materials, and promoting the establishment of a more open and fair pricing benchmark in the lithium battery recycling sector, the Shanghai Metals Market (SMM), after in-depth market surveys and discussions has decided: On January 9, 2026, SMM will officially launch new weekly price for lithium battery recycling. The newly added price are as follow: 1. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Nickle sulphate, FOB Malaysia, 9% < Ni < 20% 2. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Cobalt sulphate, FOB Malaysia, Specification: 5% < Co < 10% 3. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Lithium Carbonate, FOB Malaysia, Specification: 3% < Li < 3.5% Details of this price point are as follows: Description: SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Nickel Sulphate, FOB Malaysia, 9% < Ni < 20% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Cobalt Sulphate, FOB Malaysia, 5% < Co < 10% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Lithium Sulphate, FOB Malaysia, 3% < Li < 3.5% Quality: Ni 9%-20%, Co 5%-10%, Li 3%-3.5% Quantity: Minimum 30 tonnes Definition: FOB Malaysia main ports Timing: 1-2 Months Unit: % Payment Terms: 50% Payment in advance T/T in USD , other payment terms normalized Pulication: Weekly, Friday 12pm Beijing time Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Shirley Wang 021-51666838 wangcong@smm.cn Thomas Feng 021-51666714 marui@smm.cn Freya Lin 021-51666902 linziya@smm.cn Rayna Lei 021-20707873 leiyue@smm.cn Melanie Choy (Malaysia) +6012-4926909 melanie.choy@smm.cn Shanghai Metals Market New Energy Research Team November 26, 2025

Announcement on Adjusting the Quotation Frequency of Battery-Grade Lithium Fluoride Prices from Weekly to Daily

Dear User, Currently, lithium carbonate prices are experiencing significant fluctuations, leading to markedly increased cost volatility for lithium metal, for which lithium carbonate serves as the primary raw material. To more promptly and accurately reflect market conditions for lithium metal, SMM plans to increase the publication frequency of prices for both industrial-grade lithium metal and battery-grade lithium metal from weekly updates to daily updates . The updates will be released at 12:00 PM Beijing Time on each working day for market reference: 1. Battery-grade lithium metal, Specification: Li≥99.9% 2. Industrial-grade lithium metal, Specification: Li≥99% We welcome more relevant enterprises across the industry chain to participate and support SMM in better serving new energy industry chain-related companies. Wang Cong 021-51666838 wangcong@smm.cn Feng Disheng 021-51666714 fengdisheng@smm.cn Wang Zihan 021-51666914 wangzihan@smm.cn Zhang Jing 021-51666878 faithzhang@smm.cn SMM New Energy Research Team January 8, 2026

Dear Useres, With the rapid development and continuous technological iterations in the solid-state battery industry, solid-state batteries have garnered increasing attention. As an indispensable key raw material for solid-state batteries, the market demand for sulfide electrolytes is also surging simultaneously. The sulfide route is considered the most advanced path for solid-state batteries, and sulfide electrolytes are the most critical material within this route. Their quality significantly impacts key performance indicators of solid-state batteries, such as energy density and ion conduction rate. 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 market and price information, we assist enterprises in effectively reducing risks and costs in market transactions, enhancing their core competitiveness and market adaptability. Meanwhile, SMM actively deepens its research on the solid-state battery industry chain, striving to build a more transparent, fair, and efficient market environment for the industry through in-depth analysis and continuous improvement of the knowledge system. After a period of consolidation and market surveys, SMM plans to introduce new price points for sulfide electrolyte LPSC related to solid-state batteries starting December 12. The specific new price points are as follows: Sulfide Electrolyte LPSC ( Lithium Phosphorus Sulfur Chloride ) : Powder, D50 ≤ 3 μm Price Description: Transaction price (delivery-to-factory), inclusive of 13% VAT. SMM New Energy Research Team December 4, 2025 LPSC( Lithium Phosphorus Sulfur Chloride) Price is listed blow ,

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

Dear User, Hello! To better assist upstream and downstream enterprises in the industry chain in monitoring market fluctuations and promptly reflecting the spot market prices, thereby reducing transaction risks and costs in the metal market, and continuously improving and deepening the research on the metal industry chain, SMM, after a period of preparation and market research, plans to introduce new price points starting from November 1. These include Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery, among others, for market reference. I. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider and does not participate in any substantive transactions. Instead, it acts as a market observer or organizer, maintaining close communication with buyers and sellers in transactions and providing 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 conditions in the industry, while giving equal importance to normal transactions that meet standard specifications. SMM reserves the right to exclude any price information deemed unreliable or unrepresentative from its pricing assessments. SMM publishes daily metal spot prices (or price indices, including the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. SMM has established corresponding methodologies for all published SMM prices (all of which are available for reference on SMM’s official website, www.smm.cn ). These methodologies specify the methods and procedures for generating and publishing SMM prices, which are strictly adhered to. To align with the actual conditions of the spot market, SMM may make necessary revisions to the SMM price methodology, which will be announced on the SMM official website before formal implementation. For any questions or suggestions regarding SMM prices or their methodologies, please contact SMM customer service (contact information can be found on the SMM official website, www.smm.cn ). This document outlines the standards for establishing price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery. The purpose of this standard is to establish a transparent and verifiable mechanism for SMM price determination. II. Formation of SMM Price Points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.1 Definition SMM price points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc., are formed and published by SMM in accordance with this methodology. They can be used by trading parties as reference for spot trade settlement of these price points. 2.2 New Metal-Related Price Points Added by SMM Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.3 Quotation Generation Method SMM collects data for evaluating price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery through data collection (i.e., gathering raw data information that meets SMM standards). This includes bid and ask quotes provided by data providers for transactions not concluded on the same day, as well as actual transaction prices for spot trades provided by data providers. 2.4 Data Collection Method SMM price analysts collect data for price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery regularly (between 9:30 AM and 11:15 AM on each trading day) via phone, QQ, WeChat, fax, and email. This data may include prices of concluded transactions on the same day, companies’ expected most likely prices for pending transactions, and offers. 2.5 Product Standards Price Point Name Reference Standard Selenium Powder 99.5% min Europe Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.5%, other elements unspecified. Selenium Powder 99.9% min India Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min USA Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min Russia FOB Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Cadmium Ingot 99.99% min USA Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min Europe Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min India Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. 2.6 Pricing Unit and Presentation Price Point Name Unit Selenium Powder 99.5% min Europe Delivery USD/lb Selenium Powder 99.9% min India Delivery INR/kg Selenium Powder 99.9% min USA Delivery USD/lb Selenium Powder 99.9% min Russia FOB USD/lb Cadmium Ingot 99.99% min USA Delivery USD/lb Cadmium Ingot 99.99% min Europe Delivery USD/lb Cadmium Ingot 99.99% min India Delivery INR/kg 2.7 Delivery Method Pick-up from relevant warehouses. 2.8 Payment Method Cash payment or wire transfer. Other terms handled as per常规. 2.9 Update Time Before 11:30 AM on each trading day. III. Methodology Changes All markets evolve, and SMM has a responsibility to ensure that the methodologies for market reporting keep pace with these changes. Therefore, SMM regularly conducts internal reviews of the appropriateness of its methodologies based on industry feedback. For all substantive but non-urgent potential revisions, SMM will follow a formal external consultation process. Major changes will 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 reviewing all comments on proposed methodology changes. However, in some cases, it may be necessary to make changes to the methodology against the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. Shanghai Metals Market Information Technology Co., Ltd. Precious Metals Team November 1, 2025