Dear User, Greetings! In recent years, the development of the secondary zinc industry has attracted significant attention however, the domestic supply of secondary zinc oxide has become increasingly tight. In contrast, Southeast Asia boasts abundant resources of secondary zinc oxide raw materials at relatively low prices, which has prompted many Chinese enterprises to establish production facilities in the region, with a considerable number choosing Vietnam. Meanwhile, amid growing uncertainties in international trade, an increasing number of companies are relocating their plants to Vietnam to achieve integrated procurement, production, and sales, gradually forming a market trend. To keep pace with the globalization of international trade and the market development of secondary zinc oxide both domestically and overseas, and to reflect the true price fluctuations of secondary zinc oxide in the global market, SMM plans to launch the CIF Imported Secondary Zinc Oxide Payable . The SMM CIF Imported Secondary Zinc Oxide Payable is an indicative price formed and published by SMM according to this methodology, which can be used by trading parties as a reference for settling secondary zinc oxide trades from Vietnam. This price reflects the mainstream price of the CIF Imported Secondary Zinc Oxide Payable​​​​​​​ for each month. The price will be officially launched on November 28, 2025, and historical prices can be viewed simultaneously on the SMM website (smm.cn). The price will be published by 18:00 on the last working day of each month. Price Definition: The mainstream transaction price of CIF Imported Secondary Zinc Oxide Payable in actual trades during the month. Going forward, SMM will continue to monitor changes in the zinc industry chain market, optimize SMM prices, and better serve the industry! For any inquiries regarding the price, please contact Zinc Analyst Hua Lin at 021-20707885 hualin@smm.cn. SMM Information & Technology Co., Ltd. Zinc Research Team November 21, 2025

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

Dear Users: Hello! To better leverage the role of spot prices in the manganese industry as a benchmark and assist the market in optimizing its order signing mechanism, SMM, after a period of accumulation and market surveys, intends to advance the release time of spot prices for EMM (Guangxi), EMM (Hunan), EMM (Guizhou), EMM (bagged, Shanghai), EMM (barreled, Shanghai), EMM (main producing areas), EMM (Tianjin Port), EMM (Huangpu Port), and EMM FOB prices to 10:30 AM each working day, starting from August 5, 2025. This announcement is hereby made. Manganese Research Team, SMM August 4, 2025

Dear Users: Hello: To ensure data consistency with the source and respond to customer feedback, we have expanded the unit of zinc-related import and export data in the non-ferrous metals database to the smallest level. Core changes: Units such as "10,000 mt" and "mt" have been changed to "kg". The specific details are announced as follows: I. Reasons for Adjustment Due to the need for country-specific breakdown of imports and exports, the unit has been adjusted to the smallest value To better serve customers, SMM has expanded the import and export data related to the zinc industry chain to include all countries. This will result in the previously set units such as "mt" and "10,000 mt" being unable to match data from all countries. Therefore, SMM has changed the unit to the smallest value. II. Adjustment Details III. Effective Date of Adjustment This adjustment will take effect on August 8, 2025 SMM (Shanghai Metals Market) August 4, 2025

Dear Valued Customers, Due to an error on our part, there was a mistake in recording the SMM #0 Hu zinc prices from November 24 to November 27, 2025. We now need to correct the absolute prices as follows: - November 24: from 22,380 to 23,380 - November 25: from 22,400 to 23,400 - November 26: from 22,500 to 23,500 - November 27: from 22,550 to 23,550 We sincerely apologize for any inconvenience and disruption this may have caused and will strive to prevent such errors in our future work.

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 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