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

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 Industry Peers, Imported manganese ore is a key raw material for manufacturing products such as silicomanganese alloy and ferromanganese alloy, with high-quality manganese ore being particularly favored by the market. Australian manganese ore is a mainstream and high-frequency oxide ore globally, serving as an important reference standard for global manganese ore pricing, and its price fluctuations directly impact the cost chain of global manganese-based alloys. Tianjin Port and Qinzhou Port are the main unloading ports for imported manganese ore in China. Equipped with complete storage facilities, these two ports feature high single-vessel unloading efficiency and large manganese ore reserve capacity. The formed complementary pattern of "Tianjin in the north and Qinzhou in the south" has enhanced China's bargaining power in global manganese ore trade. Prices at Tianjin Port (north) and Qinzhou Port (south) serve as benchmarks for global manganese ore pricing, which are referenced by both domestic and foreign ore merchants. To actively respond to market changes, meet the urgent demand of users for understanding the prices of Australian Mn42% manganese ore at Tianjin Port and Qinzhou Port, and improve the transparency of market information, SMM has decided: Commencing December 31, 2025, SMM will officially launch two new price: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Details of this price point are as follows: Description: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Tianjin Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) Description: SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Qinzhou Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) SMM Nickel Industry Research Department December 26, 2025

To better serve industrial clients and stay closer to the market, SMM is adding 6 new scrap copper price assessments for Japan/US regions, officially launching on 16/1/2026. 1. New Price Points Copper Scrap - East Asia - Japan Millberry CIF China - Japan Millberry CIF China Taiwan - Japan Millberry CIF Korea Copper Scrap - America - United States Millberry CIF Japan - United States No.1 Copper Material CIF Japan - United States No.2 Copper Material CIF Japan 2. SMM Price Methodology General Principles Shanghai Metals Market (hereinafter referred to as "SMM") is a completely independent third-party service provider that does not participate in any actual transactions. Instead, SMM maintains close communication with buyers and sellers as a market observer or organizer and provides related services to the market. This document sets forth the standards for SMM's East Asia and US scrap copper price assessments. The purpose of establishing these standards is to create a transparent and verifiable SMM price formation mechanism. 3. Formation of SMM East Asia and US Scrap Copper Price Assessments 3.1 Significance of the Assessments In recent years, Japan and the United States have continued to play important roles in the global scrap copper trading system. Their export prices for berry copper and copper scrap hold strong reference value for major Asian consumer markets. Due to differences in origin quality structure, trade flows, and regional demand, actual transaction prices vary across different destinations. To more accurately reflect the true price levels of Japanese and US scrap copper in cross-regional circulation, reduce information asymmetry risks, and help upstream and downstream enterprises more reasonably evaluate procurement costs and formulate trading strategies, SMM plans to add price points including Japan Berry Copper CIF China, Japan Berry Copper CIF South Korea, Japan Berry Copper CIF Taiwan China, US Berry Copper CIF Japan, US No.1 Copper CIF Japan, and US No.2 Copper CIF Japan. These will be collected according to a unified methodology and publicly released to the market for industry reference. SMM price members will be able to access relevant historical price data simultaneously. 3.2 SMM East Asia and US Scrap Copper Price Assessment Methodology 3.2.1 Product Specifications and Standards Currently, scrap copper reference standards follow ISRI standards. If changes occur, SMM will revise accordingly based on actual circumstances. 3.2.2 Price Terms Prices are CIF indicative prices, expressed as a coefficient (%) unit. 3.2.3 Payment Terms Prices reflect payment conditions including TT or other conventional payment methods. 3.2.4 Quote Format and Timing Quoted prices are in range format, showing minimum and maximum prices. For example: Japan Millberry CIF China: 97.5%-98%. New price points will be assessed weekly. SMM will publish prices on the website front page at 3:30 PM on the last day of each working week. 3.2.5 Data Collection Method According to the data collection confirmation agreement, SMM price analysts will regularly collect price information from scrap copper industry contacts in Japan through telephone, WeChat, email, and other methods. This price information includes completed transaction prices and the most likely anticipated transaction prices expected by the enterprise. All instant messaging content and any face-to-face communication records will be archived telephone communication details will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting to their supervisors any coerced or threatened communications from market participants, or any inducements attempting to influence assessments. After price publication, SMM will not make corrections or adjustments on that day. 3.2.6 Data Standardization Although SMM has standardized definitions for our prices, market transactions exist in various forms. Each transaction price is influenced by numerous factors, including order size, material brand, delivery time, payment terms, etc. SMM will comprehensively consider market quotes, bids, and transaction information and align them with our standards. We welcome more relevant enterprises along the industry chain to participate in and support SMM in better serving scrap copper industry-related enterprises. For any questions, please contact us. Shanghai Metal Market Copper Department - Aw Yong Yi Cheong Contact: +6011-25798397 Email add: awyong.yicheong@smm.cn

Dear User, As a key intermediate product in the lithium industry chain, lithium sulfate serves as a primary raw material for producing core lithium chemicals such as battery-grade lithium carbonate and battery-grade lithium hydroxide. Its supply and price influence the costs of downstream lithium battery materials and market operations. Currently, the lithium sulfate market lacks open and transparent representative price references. International trade and procurement pricing largely rely on bilateral negotiations, leading to issues such as information asymmetry and delayed price transmission. With lithium sulfate production from African lithium producers, represented by the Zimbabwe region, commencing and gradually entering the market, SMM has compiled and launched the " Africa Lithium Sulfate (CIF China) Price " to promote standardized and transparent pricing for African lithium sulfate and enhance the efficiency of the industry chain. This price aims to objectively reflect the market conditions of African lithium sulfate arriving at main Chinese ports. It will provide a reliable price benchmark for producers, traders, downstream enterprises, and financial institutions, supporting the standardized development and price discovery of the global lithium resources market. SMM's "Africa Lithium Sulfate (CIF China)" was officially launched today (January 21, 2026) . Details are as follows: Africa Lithium Sulfate (CIF China), Specification: Li₂SO₄·H₂O content ≥80% Product Name: Africa Lithium Sulfate (CIF China) Quality Standard: Li₂SO₄·H₂O content ≥80% Definition: CIF main Chinese ports Unit: $/mt Minimum Trading Volume: 60 mt Delivery Period: 2 months Release Time: Weekdays, 12:00 Beijing Time Payment Terms: Letter of credit, telegraphic transfer, or documents against payment other payment terms require separate negotiation. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving new energy industry chain enterprises. Shirley Wang 021-5166-6838 wangcong@smm.cn Thomas Feng 021-5166-6714 fengdisheng@smm.cn Sylvia Wang 021-5166-6914 wangzihan@smm.cn Jessica Wang 021-5159-5902 wangjie@smm.cn Faith Zhang 021-5166-6878 faithzhang@smm.cn Shanghai Metals Market New Energy Research Team January 21, 2026

SMM has reviewed and refined its 2025 energy storage data, adjusting monthly shipment volumes and renaming data points for clarity.

In recent years, Guinea has played a pivotal role in the global bauxite market, standing as the world's largest bauxite producer. In 2024, the country exported 1.23 billion tons of bauxite, with approximately 90% destined for China, making it the most critical source of bauxite imports for China. The remainder was exported to regions such as India (3%) and Europe (1%). Against the backdrop of tight shipping capacity and the significant impact of freight and bunker adjustment costs on landed costs, SMM is responding to the strong focus from industry chain participants on FOB prices for Guinean bauxite. To more accurately reflect the intrinsic value of bauxite and refocus market attention from CIF prices (which include freight) to FOB prices themselves, SMM has decided to： Commencing November 7, 2025, SMM will officially launch one new price: Guinea Bauxite FOB (Al2O3: 45%, SiO2: 3%, FOB Guinea, $/dmt) Details of this price point are as follows: Shanghai Metals Market Aluminum Research Departmen 6th November, 2025

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