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

Dear User, To better serve upstream and downstream enterprises in the aluminum industry chain, assist the market in promptly grasping price dynamics of caustic soda—a key auxiliary material for alumina production—and meet the reference needs of various parties for 50% ionic membrane liquid caustic soda transactions and settlements in different regions, Shanghai Metals Market (SMM), based on thorough market research and data accumulation, has decided to officially commence the daily publication of the " 50% Ion-membrane process caustic soda solution POT, ex-works Shanxi, China, VAT included, yuan/tonne " starting December 29, 2025. This will provide a fair and timely price reference for market transactions of this product. General Principles of SMM Price Methodology: Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider. SMM does not participate in any substantive transactions but maintains close communication with buyers or sellers in the market as an observer or organizer and provides related 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 within 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 metal spot prices (or price indices, including for 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 inquiry on SMM's official website news.metal.com ). These methodologies stipulate the methods and procedures for generating and publishing SMM Prices, which are strictly followed. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM Price methodologies and will announce such revisions on the SMM official website before their formal implementation. For any questions or suggestions regarding SMM Prices and their methodologies, please contact SMM customer service (contact information can be found on SMM's official website news.metal.com ). Aluminum Team SMM Information & Technology Co., Ltd. December 26, 2025

Dear User, Hello! With the evolution of global PV trade, N-type 210R wafers, as a core product from China, are being exported to global PV markets including India. To facilitate upstream and downstream enterprises in the PV industry chain to better understand the global market conditions for PV wafers, grasp real-time international spot price dynamics, and convey more comprehensive and diverse price information to the market, thereby reducing transaction risks and costs in overseas trade. After a period of consolidation and market surveys, SMM plans to officially add the "N-type 210R Wafer — India CIF" product price as a reference for market transactions starting from December 29, 2025. The published prices are all CIF prices for major Indian ports. The specific specifications and descriptions are as follows: Price Point Name: N-type 210R Wafer — India CIF Price Description: Product Specification: 210R Tax Standard: Excluding VAT Definition: CIF price for major Indian ports Unit: US dollar/piece Mainstream Brands: TCL Zhonghuan, Gokin Solar, Shuangliang, Adani Minimum Trading Volume: 100,000 pieces Update Frequency: Daily Maintenance Time: 11:20 BJT (8:50 IST) Payment Terms: Cash, and other payment methods standardized to cash SMM PV Research Team December 19, 2025

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/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 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/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 8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. 2.1 Significance of the Price Assessment Current copper rod industry faces increasingly prominent overcapacity issues, with low capacity utilization rates. The market for ordinary power-grade rods suffers from homogenized competition, processing fees are caught in internal competition, and profit margins for most enterprises are severely compressed. Against this backdrop, the copper rod industry is gradually transitioning toward high-quality development, enhancing product added value, expanding profit margins, and progressively addressing the structural imbalance of "excess low-end supply and insufficient high-end supply." Tin-plated copper rods, leveraging characteristics such as oxidation resistance, ease of welding, and strong stability due to the tin coating, meet the demands of high-end sectors like new energy vehicles and electronic devices. With the continuous expansion of emerging industries such as new energy and 5G communication, the tin-plated copper rod market holds broad prospects and will become a key direction for the transformation and upgrading of the copper processing industry. 2.2 SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of tin-plated copper rod specifications, SMM adopts the 1.8mm diameter, which holds a relatively high market share, as the basis for quoting tin-plated copper rod processing fees, with reference to the standard GB/T3952-2016 Copper Rod for Electrical Purposes. 2.2.2 Price Terms Ex-works, China, 1.8mm Tin-Plated Copper Rod premium top on SMM 1# Copper Cathode 2.2.3 Payment Terms cash, other terms normalized. 2.2.4 Delivery Time Within 3 days. 2.2.5 Reference Transaction Volume Min 1 tones. 2.2.6 Delivery Location China 2.2.7 Price Release Time Weekly, by 11：30 am Beijing time, last working day of every week. 2.2.8 Processing Fee Format The reported processing fees are presented as a range, indicating the lowest and highest prices. For example: 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne range 3,000–4,000 yuan/tonne, average: 3,500 yuan/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

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

Dear Users, Since the beginning of this year, imported titanium concentrate has impacted the domestic market, and its price fluctuations have garnered close attention from downstream enterprises such as titanium dioxide and sponge titanium producers. To promote international trade of titanium products, assist global upstream and downstream enterprises in grasping market dynamics, obtaining spot price information, reducing cross-border transaction risks and costs, and deepening industry chain research, SMM has decided to launch five new price points for titanium concentrate and rutile for market reference, effective from December 29th . The specific price point information is as follows: Price Point: Titanium Concentrate (Mozambique TiO₂ ≥46%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Mozambique Price Generation Regions: Major Chinese ports including Caofeidian Port, Qinzhou Port, Zhanjiang Port, Rizhao Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 46.00%, S: ≤ 0.25%, P: ≤ 0.06%, Fe₂O₃: ≤ 8.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Titanium Concentrate (Nigeria TiO₂ ≥50%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Nigeria Price Generation Regions: Major Chinese ports including Qinzhou Port, Rizhao Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 50.00%, S: ≤ 0.20%, P: ≤ 0.040%, Fe₂O₃: ≤ 7.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Titanium Concentrate (Australia TiO₂ ≥50%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Australia Price Generation Regions: Major Chinese ports including Caofeidian Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 50.00%, S: ≤ 0.20%, P: ≤ 0.040%, Fe₂O₃: ≤ 7.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Rutile (Sierra Leone TiO₂ ≥95%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Sierra Leone Price Generation Regions: Major Chinese ports including Qinzhou Port, etc. Product Standard: Conforms to common industry standards for rutile concentrate, with specifications: TiO₂ (dry basis): ≥ 95.00%, S: ≤ 0.02%, P: ≤ 0.020%, Fe₂O₃: ≤ 0.50%, H₂O: ≤ 0.50% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Rutile (Sierra Leone TiO₂ ≥90%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Sierra Leone Price Generation Regions: Major Chinese ports including Qinzhou Port, etc. Product Standard: Conforms to common industry standards for rutile concentrate, with specifications: TiO₂ (dry basis): ≥ 90.00%, S: ≤ 0.05%, P: ≤ 0.040%, Fe₂O₃: ≤ 1.20%, H₂O: ≤ 0.80% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days SMM Titanium Industry Research Team December 23, 2025

With the development of the scrap metal industry, companies are paying more attention to scrap aluminum varieties and price points across different geographical regions. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, have launched the following price points for local scrap metal prices in Malaysia and Thailand on November 3, 2025: Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Thai Aluminium Scrap – UBC (Used Beverage Cans) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the local and international demand for overseas aluminium scrap prices primarily in Southeast Asia, and based on overseas policies and market changes, has decided to launch several price points in reflection of the Southeast Asian aluminium scrap markets and trade. The specific details are as follows: Price Point 1: Addition of Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 2: Addition of Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Malaysian Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 3: Addition of Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Thai Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 (Launced) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 4: Addition of Thai Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Thai Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 (Launched) Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@metal.com.

With the development of the scrap metal industry, companies are paying more attention to scrap aluminum varieties and price points across different geographical regions. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, plans to launch the following price points for local scrap metal prices in Malaysia and Thailand on November 3, 2025: Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Thai Aluminium Scrap – UBC (Used Beverage Cans) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the local and international demand for overseas aluminium scrap prices primarily in Southeast Asia, and based on overseas policies and market changes, has decided to launch several price points in reflection of the Southeast Asian aluminium scrap markets and trade. The specific details are as follows: Price Point 1: Addition of Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Malaysian Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 2: Addition of Malaysian Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Malaysian Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Malaysia, including VAT, MYR/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 3: Addition of Thai Aluminium Scrap – Talon (Aluminium Wire and Cable) Name and Definition : Thai Aluminium Scrap – Talon (Aluminium Wire and Cable), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) Price Point 4: Addition of Thai Aluminium Scrap – UBC (Used Beverage Cans) Name and Definition : Thai Aluminium Scrap – UBC (Used Beverage Cans), ExWorks Thailand, including VAT, THB/tonne Launch Date : November 3, 2025 Updated Frequency : The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time) We welcome more companies from both upstream and downstream industries to participate and support SMM in better serving the new energy industry chain. If you have any questions, please feel free to contact Liu Xiaolei at (+86)15021973263 or Chin Khai Yuen at (+60)124247012, or email adrian.chin@metal.com.

Dear User, Hello! To comprehensively cover price information across all segments of the rare earth industry chain and assist upstream and downstream enterprises in monitoring market fluctuations and mitigating transaction risks, we have conducted extensive market surveys and industry consultations. It has been decided to introduce six new price points related to the rare earth industry chain, including lanthanum metal, praseodymium metal, and praseodymium oxide. The newly added price points are as follows: Praseodymium Oxide FOB： Compliant with Industry Standard GB/T 5239-2015, Content ≥99.0–99.9%, Unit: $/kg Terbium Oxide FOB： Compliant with Industry Standard GB/T 12144-2009, Content ≥99.95–99.99%, Unit $/kg The above two prices for rare earth oxides are inclusive of VAT, with the port of departure being any port within China. Lanthanum Metal FOB： Compliant with Industry Standard GB/T 15677-2023, Content ≥99.0%, Unit: $/kg Praseodymium Metal FOB： Compliant with industry standard GB/T 19395-2013, content ≥96.0-99.0%, unit $/kg Terbium Metal FOB： Compliant with Industry Standard GB/T 20893-2007, Content ≥99.9%, Unit: $/kg Yttrium Metal FOB： Complies with Industry Standard XB/T 218-2016, Content ≥99.9–99.95%, Unit: $/kg The price point of this rare earth metal includes VAT, and the port of departure is any port within China. Effective Date: The aforementioned new price points will be officially released starting January 28, 2026, and will be updated every Wednesday before 12:00 PM. The purpose of this addition is to achieve more refined regional and grade classifications. All newly added price points are based on mainstream industry trading specifications and trade conditions, formed through screening and verification via standard price collection processes. They are provided for market reference only and do not constitute trading decision recommendations. For details on the price formation methodology and specific product specifications, please log in to the official platform. If you have any questions, feel free to contact SMM Rare Earth Analyst Shi Xin at 021-51666815. SMM Rare Earth Industry Research Team January 27, 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 ,