SMM will launch two new price points for Indonesia 316L stainless steel, "Indonesia 316L/NO.1 Coil Mill Edge" and "Indonesia 316L/2B Coil Mill Edge," effective March 13, 2026.

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 User, Hello! In order to promote international trade in the tungsten market, assist global upstream and downstream enterprises in better grasping market dynamics, obtaining timely spot market information, and reducing risks and costs associated with cross-border transactions, while also deepening research on the European tungsten industry chain, we will be adding two new price points starting December 1st for market reference: APT CIF (Rotterdam port) and Ferrotungsten (in-whs Rotterdam) . Price Point: APT CIF (Rotterdam port) Product Description: Ammonium Paratungstate (APT), WO₃ ≥ 88.5%, CIF Port of Rotterdam, Netherlands Product Standard: White, fine, free-flowing crystals. WO₃ 88.5% min, Al 0.001% max, As 0.0005% max, Bi 0.0005% max, Ca 0.001% max, Cd 0.0005% max, Co 0.0005% max, Cr 0.0005% max, Cu 0.0005% max, Fe 0.001% max, K 0.001% max, Mn 0.001% max, Mg 0.001% max, Mo 0.002% max, Na 0.001% max, Ni 0.0005% max, P 0.001% max, Pb 0.0005% max. Pricing Method: USD per metric ton unit (USD/mtu) Minimum Quantity Requirement: ≥ 20 metric tons Release Schedule: Weekly, by 12:00 PM London time on working Thursdays Price Point: Ferrotungsten (in-whs Rotterdam) Product Description: Ferrotungsten FeW ≥ 75%, in-warehouse Rotterdam, Netherlands Product Standard: Lumpy. W 75.00% min, C 0.40% max, S 0.08% max, Mn 0.50% max, As 0.10% max, Sn 0.08% max, P 0.05% max, Si 0.70% max, Cu 0.15% max, Sb 0.05% max. Pricing Method: USD per kilogram of tungsten (USD/kg W) Minimum Quantity Requirement: ≥ 3 metric tons Release Schedule: Weekly, by 12:00 PM London time on working Thursdays SMM Tungsten & Molybdenum Industry Research Team November 25, 2025

To Valued Customers Dear Customers, To fully cover the price information across all links of the tungsten industry chain, accurately reflect the spot market trends of products such as low-grade tungsten concentrate, tungsten products, photovoltaic tungsten wire busbars and tungsten scrap, and help enterprises upstream and downstream of the industrial chain keep abreast of market changes and reduce trading risks, we have decided to add 11 new tungsten industry chain - related price points after conducting sufficient market research and in-depth communication with the industry. The new price points are detailed as follows: Scheelite Concentrate (25%-30% WO₃) : Compliant with the industrial standards applicable in Henan, Guangxi and Hunan regions. It refers to scheelite concentrate with a WO₃ content ranging from 25% to 30%. Unit: RMB per ton-unit of WO₃. Scheelite Concentrate (23%-25% WO₃) : Compliant with the industrial standard YS/T 231 - 2015. It refers to scheelite concentrate with a WO₃ content ranging from 23% to 25%. Unit: RMB per ton-unit of WO₃. Ammonium Metatungstate (AMT) : Compliant with the national standard GB/T 26033 - 2010. Its technical indicators are as follows: WO₃ content ≥ 81.5%, Fe content ≤ 0.0020%, Pb content ≤ 0.0001%, and Si content ≤ 0.0015%. Unit: RMB per ton. Wire-Drawing Tungsten Bar : Compliant with the requirements of the national standard GB/T 3459 - 2022, with a tungsten (W) content ≥ 99.95%. Unit: RMB per kilogram. Steelmaking Tungsten Bar : Compliant with the requirements of the national standard GB/T 3459 - 2022, with a tungsten (W) content ≥ 99.95%. Unit: RMB per kilogram. Cut-Resistant Tungsten Wire for Photovoltaic Applications (24μm - 30μm) : With a tungsten (W) content ≥ 99.95%, a diameter ranging from 24μm to 30μm, and a tensile strength of ≥ 3500MPa. Unit: RMB per kilometer. The above - listed prices are all ex - factory pick - up prices including 13% value - added tax (VAT). Details of the 5 New Tungsten Scrap Price Points Scrap Button Bits : Compliant with the quality requirements for cemented carbide scrap specified in the national standard GB/T 21182 - 2022. Unit: RMB per kilogram. Scrap Anvils : Compliant with the quality requirements for cemented carbide scrap specified in the national standard GB/T 21182 - 2022. Unit: RMB per kilogram. Scrap Roller Rings : Compliant with the quality requirements for cemented carbide scrap specified in the national standard GB/T 21182 - 2022. Unit: RMB per kilogram. Scrap Tungsten Chips/Wires : Compliant with the requirements of the national standard GB/T 26496 - 2011 Tungsten and Tungsten Alloy Scrap . It has a tungsten content ≥ 90% and no other inclusions. Unit: RMB per kilogram. Scrap Tungsten Blocks/Sheets : Compliant with the requirements of the national standard GB/T 26496 - 2011 Tungsten and Tungsten Alloy Scrap . It has a tungsten content ≥ 90% and no other inclusions. Unit: RMB per kilogram. The five tungsten scrap prices mentioned above are all excluding VAT. Effective Date The above - mentioned new price points will be officially released starting from November 21, 2025 and updated on each working day. The launch of these new price points aims to achieve more refined classification by region and grade. All the new price points are formulated based on mainstream industrial trading specifications and terms, which have been verified through a standardized price - data collection process. They are for market reference only and do not constitute trading decision - making advice. For details on the pricing methodology and specific product specifications, please visit our official platform. If you have any questions, please feel free to contact Li Jiahui from SMM Tungsten and Molybdenum Analysis at 021 - 51666882.