To better serve industrial clients and more closely align with the market, SMM is adding a new Blister Copper RC Spot CIF India price...

SMM is officially launching five granular price assessments for Philippine nickel ore ocean freight to major smelting hubs in China and Indonesia, replacing old Philippines ocean freight price points

SMM will launch the price points for TOPCon module Rotterdam, Portugal and Greece in-warehouse, duty paid price for distributed and utility projects.

[SMM Announcement] Launch of CIF Premiums by Lead Content for Lead Ingots from Vietnam and Malaysia

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

Discontinuation of Iron Ore Data Points in the SMM Database

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

Driven by intensifying global competition for energy and mineral resources, the reshaping of refined copper trade flows, and the resurgence of U.S. manufacturing policies, the U.S. market has once again emerged as a key pricing anchor in international refined copper distribution. According to SMM research, U.S. annual refined copper consumption is estimated at 1.6–1.8 million metric tons, with the Midwest — home to a high concentration of copper-intensive manufacturing — serving as the country’s largest region for copper processing, delivery, and end-use. Over time, this region has developed a mature spot trading market under the DDP (Delivered Duty Paid) delivery model. Since 2025, global copper trade dynamics have shifted significantly. The U.S. has become increasingly reliant on imports from Latin America, Europe, and Africa. With frequent tariff policy changes, a surge in COMEX stock levels, more active trade tenders, and renewed long-term contract negotiations, the Midwest DDP premium has become an essential reference point for industrial trade and arbitrage models across the supply chain. Against this backdrop, Shanghai Metals Market (SMM) will officially launch the Copper grade 1 cathode premium, ddp Midwest US on February 1, 2026. Quoted in US cents per pound (¢/lb), this premium will be based on representative spot DDP trades in the U.S. Midwest. The price reflects a weighted average considering warehouse transfer costs, regional logistics fees, trading activity levels, and brand preferences — offering an objective and actionable settlement benchmark for market participants. The price will be updated daily and published on both the SMM official website. Historical curves and price analytics will also be made available. This price release aims to enhance pricing transparency across the refined copper supply chain and provide more granular tools for trade execution, long-term contract negotiations, and production planning — supporting more efficient and accurate price discovery in the global market. Key specifications of the SMM U.S. Midwest DDP Refined Copper Premium are as follows:

Dear User, Greetings! The PV industry is currently accelerating its transition to N-type technology, with TOPCon modules emerging as a core product in major global markets due to their superior power density. Meanwhile, against the backdrop of increasingly complex global trade conditions and fluctuating international logistics costs, the market is demanding greater transparency in pricing information. Standalone FOB prices can no longer adequately meet the needs of upstream and downstream players in the industry chain for accurately calculating overseas landing costs. As CIF prices more directly reflect the actual competitiveness of products in target markets, their importance as a basis for trade settlement and a tool for risk hedging has become increasingly prominent. To better understand the actual CIF market conditions for module exports to Southeast Asia and help enterprises reduce transaction risks and costs amid complex trade dynamics, SMM, after a period of market observation and surveys, plans to officially add the following product prices starting January 23, 2026, as references for market transactions: TOPCon Module-182mm-CIF Malaysia TOPCon Module-210mm-CIF Malaysia TOPCon Module-210R-CIF Malaysia The published prices are all CIF prices for major ports in Malaysia. Specific specifications and descriptions are as follows: Price Point Names: TOPCon Module-182mm-CIF Malaysia TOPCon Module-210mm-CIF Malaysia TOPCon Module-210R-CIF Malaysia Price Description: Price Type: CIF Major Ports in Malaysia Tax Standard: Tax-excluded Definition: CIF Price for Major Ports in Malaysia Unit: $/W Leading Brands: LONGi Green Energy Technology Co., Ltd., Jinko Solar Co., Ltd., Trinasolar Co., Ltd., JA Solar Co., Ltd., CSI Solar, CHINT Group Co., Ltd., etc. Minimum Trading Volume: 10 MW Delivery Period: Within 3 months Release Time: Every Friday at 11:00 AM Beijing Time Payment Terms: Cash, and other payment methods standardized to cash SMM PV Research Team January 13, 2026

Dear users, As the core raw material for the steel industry, the price fluctuations of iron ore directly determine the cost and profit stability of the steel industry chain. In recent years, the endowment of global iron ore resources has shown significant changes, with the proportion of high-grade ore production continuously declining. To actively respond to market changes, enhance the guiding significance of the index for the Spot Market, and improve market information transparency, SMM has decided to launch the "MMI 61% Iron Ore Port Stock Index (IOPI)" and the "MMI 61% Iron Ore Seaborne Index (IOSI)" from 5th January 2026. The specific price point details are as follows: Index Price Point: MMI 61% Iron Ore Port Stock Index (IOPI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: FOT Qingdao Port, VAT included. Normalized for any Chinese Port. Unit: RMB/wet tonnes Quantity: min 5,000 tonnes Timing: within 1 week Payment Terms: Payment at sight Publication: Working Day, 6 PM Beijing Time Index Price Point: MMI 61% Iron Ore Seaborne Index (IOSI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: CFR Qingdao Port. Normalized for any Chinese Port. Unit: USD/dry tonnes Quantity: min 50,000 tonnes Timing: within 2 months Payment Terms: L/C or payment at sight Publication: Working Day, 6 PM Beijing Time SMM Iron Ore Research January 5, 2026