Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14

Singapore, as a globally significant transshipment hub for tin ingots, holds a critical position in the global tin industry landscape. In recent years, due to policy adjustments in major producing countries and changes in global tin resource reserves, the volume of tin ingots transshipped through Singapore has fluctuated at different stages. Against this industry backdrop, the Singapore Tin Ingot FOB price is of paramount importance to upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Singapore Tin Ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 26, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Singapore, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Singapore, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Singapore, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 23, 2025

As the world's largest exporter of tin ingots, Indonesia plays a significant role in the global tin industry landscape. Its tin ingot exports impact the international market structure. In recent years, Indonesia's tin ingot exports have fluctuated due to factors such as policy adjustments and changes in resource reserves. Against this industry backdrop, timely Indonesia tin FOB prices are crucial for upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Indonesia tin ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 19, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Indonesia, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 12, 2025

With the development of the scrap metal industry, companies are paying increasing attention to scrap aluminum varieties and price points. To meet market demands and provide more comprehensive spot price information, SMM, after extensive market research and preliminary communication, plans to launch an optimized Malaysian scrap aluminum price point on October 13, 2025: - Tense Scrap Malaysia (Mixed Aluminium Castings) Introduction to the new SMM Malaysian scrap aluminum price points: SMM, taking into account the import-export and local demand characteristics of Malaysian end-users across different application scenarios, and based on overseas policies and market changes, has revised the Malaysian scrap aluminum price points. The specific details are as follows: ​ ​Adjustment 1:​ ​ Addition of Tense Scrap Malaysia (Mixed Aluminium Castings) . This price point will replace the existing Shredded Mixed Aluminum Castings (Tense) Scrap in Malaysia, FOB. - Updated price point name and definition: ​ ​Malaysia Scrap Aluminum Mixed Aluminum Castings (Tense) , EXWorks, excluding VAT, USD/tonne. - Reason: The new price point better aligns with the local scrap aluminum market conditions under updated Malaysian policies, thereby more accurately reflecting market prices. - Launch date: October 13, 2025 - Update frequency: The new price point will be updated before 12:00 PM on the first working day of each week (Kuala Lumpur time). ​ ​Adjustment 2:​ ​ Discontinuation of Shredded Mixed Aluminum Castings (Tense) Scrap in Malaysia, FOB . - Discontinuation date: October 10, 2025 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@smm.cn.

As the world's core consumer of the tin industry, China holds a pivotal position in the global tin industry chain. In recent years, influenced by factors such as adjustments in domestic and overseas policies, changes in global tin resource reserves, and fluctuations in consumer demand, the trade volume of Shanghai tin ingots has also exhibited periodic variations. Against this industry backdrop, the Shanghai tin ingot CIF price is crucial for upstream and downstream enterprises in the global tin industry chain. To actively respond to market changes, meet the widespread user demand for Shanghai tin ingot CIF price discovery, and enhance market information transparency, SMM has decided: Starting from September 26, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, CIF Shanghai, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, CIF Shanghai, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: CIF Shanghai, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within Two Weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 23, 2025

Against this backdrop, SMM will begin publishing the US Midwest DDP aluminum premium starting February 27, 2026. Through daily market communication, SMM will introduce ......

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, Greetings! To assist secondary aluminum enterprises in accurately grasping the regional supply-demand pattern within the domestic market, obtaining real-time spot aluminum scrap price information from core production areas, effectively reducing information barriers and communication costs in transaction processes, and further improving the price system and research dimensions of the secondary aluminum industry chain, SMM, after multiple rounds of market surveys and data accumulation, plans to revise the content of the original price points. The specific update arrangements are as follows for market reference. Explanation of Modifications to the Original Aluminum Scrap Price Points: The content changes for the following four price points—Shredded Aluminum Tense Scrap (Foshan), Shredded Aluminum Tense Scrap (Anhui), Shredded Aluminum Tense Scrap (Changege), and Shredded Aluminum Cast Scrap (Foshan)—only involve supplementary modifications to the names, specifications, and definitions of the previous price points and do not affect the reference and viewing of corresponding historical prices. 1. Price Point Name: Shredded Aluminum Tense Scrap (Foshan) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Foshan) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Foshan area. 2. Price Point Name: Shredded Aluminum Tense Scrap (Anhui) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Anhui) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Anhui area. 3. Price Point Name: Shredded Aluminum Tense Scrap (Changege) revised to Shredded Aluminum Tense Scrap Liquid Aluminum Price (Changege) Specification: Water yield rate 90-93% revised to Water yield rate 90-93%, Copper >1.5% Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Changege area. 4. Price Point Name: Shredded Aluminum Cast Scrap (Foshan) revised to Shredded Aluminum Cast Scrap Liquid Aluminum Price (Foshan) Definition: Transaction price, self pick-up price at goods yard revised to Liquid aluminum price, settled based on actual metal yield, guidance price for self pick-up at goods yards in the Foshan area. Effective Time: The modifications to the aforementioned price points will be officially released starting November 12, 2025, and updated every working day. This revision aims to more accurately reflect market price levels through more refined grade classifications and provide market participants with more targeted decision-making references. Should you have any questions, please feel free to contact Chen Chichang at 021-51595820. SMM Aluminum Industry Research Team November 12, 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