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 Users, To fully cover price information across all links of the molybdenum industry chain, facilitate upstream and downstream enterprises in grasping market changes, and reduce transaction risks, after thorough market research and industry communication, we hereby decide to add 7 molybdenum industry chain-related price indicators, including molybdenum concentrate (25%-40%), molybdenum oxide (57%) CIF Tianjin Port, waste molybdenum scrap, and waste molybdenum cutting wire. The newly added price indicators are as follows: Molybdenum concentrate 40%-45%: Complies with industry standard YS/T 235-2016, with a molybdenum content of 40%-45%. Unit: RMB/ton-degree (tax-inclusive). Molybdenum Concentrate 35%-40% : Complies with industry standard YS/T 235-2016, with a molybdenum content of 35%-40%. Unit: RMB/ton-degree (tax-inclusive). Molybdenum Concentrate 30%-35%: Complies with industry standard YS/T 235-2016, with a molybdenum content of 30%-35%. Unit: RMB/ton-degree (tax-inclusive). Molybdenum Concentrate 25%-30% : Complies with industry standard YS/T 235-2016, with a molybdenum content of 25%-30%. Unit: RMB/ton-degree (tax-inclusive). Note: The above 4 molybdenum concentrate price indicators are all tax-inclusive. Molybdenum Oxide (57% Mo) CIF Tianjin Port: Complies with national standard YB/T 5129-2012, with Mo ≥ 57%. Unit: USD/pound molybdenum (tax-exclusive). Waste Molybdenum Scrap: Complies with national standard GB/T 27687-2011, with Mo ≥ 99.95%, clean and free of impurities. Unit: RMB/kilogram (tax-exclusive). Waste Molybdenum Cutting Wire: Complies with national standard GB/T 27687-2011, with Mo ≥ 99.95%, clean and free of impurities. Unit: RMB/kilogram (tax-exclusive). Note: The above 3 price indicators are all tax-exclusive. Effective Date: The newly added price indicators will be officially released on December 1, 2025, and updated around 11:30 AM every working day. This addition aims to achieve more refined regional and grade classification. All new price indicators are formulated based on mainstream industry transaction specifications and trade terms, verified through standard sampling and verification processes, and are for market reference only, not constituting trading decision advice. For information on price formation methodology and detailed product specifications, please log on to the official platform. If you have any questions, please contact Li Jiahui from SMM Tungsten & Molybdenum Research Team at +86-21-51666882. SMM Tungsten & Molybdenum Industry Research TeamDecember 5, 2025

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

In recent years, with the steady development of Malaysia's manufacturing and stainless steel processing industries, the local stainless steel scrap recycling system has become increasingly mature. The number of recyclers, sorting facilities, and reprocessing enterprises has grown significantly, and the proportion of locally recycled scrap in the circular economy continues to rise, providing strong support for regional stainless steel raw material supply. Meanwhile, Malaysia has become one of the main sources of stainless steel scrap imported by India. According to trade statistics, Malaysia exported approximately 107,000 tons of stainless steel scrap to India in 2024, reflecting strong linkage between the two countries in raw material recycling. Large domestic recycling and processing enterprises possess advanced sorting and reprocessing capabilities, enabling them to classify and process regional scrap and steadily supply high-quality materials to major Asian stainless steel producers in Japan, South Korea, and elsewhere. Against the backdrop of a diversified regional raw material structure and growing value of recycled resources, Malaysia's domestic ex-works stainless steel scrap prices have become an important reference indicator for the Southeast Asian stainless steel industry. To meet market demand, enhance price transparency, and help industry participants stay informed of regional price trends, SMM announces that effective October 30, 2025 , it will officially launch: Malaysia 304 SS Scrap,Ex-works Malaysia,USD/tonne Price specifications: Description: Malaysia 304 SS Scrap,Ex-works Malaysia,USD/tonne Quality: Commercial practice standard. Approx. Ni 8%, Cr 18%, non-magnetic, clean scrap, free from oil, coating, and visible impurities. No radioactive or hazardous waste. Definition: Ex-works Malaysia Unit: USD/tonne Quantity: Minimum 10 tonnes Timing: Prompt Publication: 11:30 a.m. Kuala Lumpur time Payment Terms: Cash on same day，other payment terms normalized SMM Nickel & Stainless Steel Industry Research Department October 29, 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

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