Discontinuation of Iron Ore Data Points in the SMM Database

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

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 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 Users: To ensure the consistency of data with the source and respond to customer feedback, we have expanded the unit of Lead-related import and export data in the non-ferrous metals database to the smallest level. Core change: Units such as "mt" has been changed to "kg". The specific matters are hereby 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 important Lead-related import and export data to include all countries, which has made it impossible for the previously set units of "mt" to match the data from all countries. Therefore, SMM has changed the unit to the smallest value. II. Adjustment Content III. Effective Date of Adjustment This adjustment will take effect on August 5, 2025 SMM August 3, 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.

Discontinuation and Addition of Iron Ore Data Points in the SMM Database

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

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