SMM launches the "SMM China Titanium Dioxide Price Index" to provide a transparent pricing reference and reflect market trends, effective from March 20, 2026.

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

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 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 users, On August 29, 2025, the State Administration for Market Regulation and the Standardization Administration of China jointly issued the "Secondary Lead Ingot (GB/T 21181-2025)" (hereinafter referred to as the "new national standard"), which will officially take effect on March 1, 2026. Compared to the "Secondary Lead and Lead Alloy Ingot (GB/T 21181-2017)" (hereinafter referred to as the "old national standard"), the new national standard revised the scope. It changed from "This standard applies to secondary lead and its alloy ingots produced by smelting and processing using lead-containing scrap as raw material, mainly used in batteries, alloys, chemical industry, and other fields" to "This document applies to secondary lead ingots produced by pyrometallurgical smelting and processing using waste lead-acid batteries and recycled lead and lead alloy materials as raw materials, mainly used in lead-acid batteries, alloys, chemical industry, and other fields." Regarding secondary lead grades, the ZSPb99.994 and ZSPb99.992 secondary lead ingot grades were deleted the ZSPb99.990, ZSPb99.986, and ZSPb99.983 secondary lead ingot grades were added. Details are as follows: With the development and changes in the secondary lead industry, the actual production and use of secondary lead in the market in recent years have already diverged significantly from the old national standard. In addition to changes in the main element lead content, the bismuth (Bi) content has also undergone substantial changes. According to SMM's understanding of major producers and users of secondary lead, the distribution by bismuth content usage is as follows: enterprises using bismuth content ≤0.008% account for about 15% those using ≤0.012% account for about 60% and those using ≤0.015% account for about 25%. Furthermore, based on its price assessment methodology, SMM solicited market suggestions on the specifications for the secondary refined lead price. Market feedback recommended that the price collection standard for SMM's secondary refined lead price reference the new national standard for secondary lead, with grade ZSPb99.99 accounting for 24%, grade ZSPb99.986 for 66%, and grade ZSPb99.983 for 10%. Considering that the current actual usage in the secondary lead market covers the three grades specified in the new national standard for secondary lead, SMM will define the specifications for the national and regional prices of secondary refined lead as ZSPb99.983-99.99%, based on real market transaction conditions. The new standard will be officially implemented from January 1, 2026, serving as the reference standard for SMM's price assessments. During this period, SMM will continue to collect suggestions and feedback from all parties, closely follow changes in the lead industry chain market, and identify and optimize SMM prices to better serve the industry! For any questions regarding prices, please contact lead analyst Wenming Xia at 021-51666839. SMM Information & Technology Co., Ltd. Lead and Zinc Research Division December 25, 2025

SMM will update its Alumina Monthly Cost Model from January 2026, incorporating VAT into bauxite costs and discontinuing certain regional indicators.

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 Users, Due to recent volatility in the international trade environment, and to ensure the accuracy and reference value of price information, Shanghai Metals Market (SMM) has conducted a careful assessment and decided to temporarily suspend the update of Magnesium Ingot 9990 CFR (Japan) spot prices effective immediately. We will resume updates for this price category once market trading normalizes and a stable, reliable pricing basis is reestablished. Thank you for your ongoing trust and support. If you have any questions, please feel free to contact us through official channels. Shanghai Metals Market Information Technology Co., Ltd. Magnesium Research Team January 8, 2026

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

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