SMM will launch new pricing for manganese-rich slag from Shanxi (30%-35% Mn) and Hunan (30%-31% Mn) starting May 8, 2026, to improve market transparency and trading efficiency.

SMM officially released SMM: Sulfuric Acid Demand: Total: Annual data, with China as the data region.

SMM has now officially launched the new SMM: Supply-Demand Balance of Nickel Matte: Monthly data point based on extensive market surveys.

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.

SMM will increase the update frequency for its Indonesian Domestic Nickel Ore Price (1.2%-1.6% Ni) from weekly to daily, effective February 9, 2026, due to market volatility.

Dear Users, Greetings! Against the backdrop of profound changes in the global chromium resource landscape, to better serve participants in the chromium industry chain and facilitate connectivity in the global chromium market, SMM has launched the "Global Ferrochrome Supply-Demand Balance" and "Global Chromium Ore Supply-Demand Balance" datasets after extensive groundwork and market research. The datasets date back to 2020, with annual updates for the previous year and forecasts for the current year released on March 1st each year. We would like to express our sincere gratitude for your long-standing trust and support for SMM's data services. Should you have any questions or require further information, please do not hesitate to contact us. SMM Nickel Research Team January 9, 2026

Dear User, Greetings! With the deep restructuring of the new energy industry chain, the strategic position of sulfur, a traditional bulk raw material, is undergoing a fundamental transformation. To better align with global industry development trends, SMM now officially releases monthly data on Indonesia's sulfur imports and exports . The data series begins in January 2025 and will be updated on the seventh working day of each month with figures for the month two months prior. Thank you for your continued trust and support in SMM's data services. Should you have any questions or require further information, please do not hesitate to contact us. SMM Nickel Industry Research Department January 9, 2026

Dear Users, Greetings! In recent years, as the global new energy vehicle industry entered a large-scale retirement period and resource security strategies were upgraded, China's lithium battery recycling market continued to expand rapidly. In August this year, China officially began allowing the import and export of black mass, and it is expected that more black mass meeting quality requirements will enter China in the future. Against this backdrop, the value and pricing mechanism of overseas black mass in the Chinese market are attracting close attention from both upstream and downstream segments of the industry chain. In response to market changes, addressing the industry's practical needs for evaluating the value of recycled raw materials, and promoting the establishment of a more open and fair pricing benchmark in the lithium battery recycling sector, the Shanghai Metals Market (SMM), after in-depth market surveys and discussions has decided: On January 9, 2026, SMM will officially launch new weekly price for lithium battery recycling. The newly added price are as follow: 1. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Nickle sulphate, FOB Malaysia, 9% < Ni < 20% 2. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Cobalt sulphate, FOB Malaysia, Specification: 5% < Co < 10% 3. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Lithium Carbonate, FOB Malaysia, Specification: 3% < Li < 3.5% Details of this price point are as follows: Description: SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Nickel Sulphate, FOB Malaysia, 9% < Ni < 20% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Cobalt Sulphate, FOB Malaysia, 5% < Co < 10% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Lithium Sulphate, FOB Malaysia, 3% < Li < 3.5% Quality: Ni 9%-20%, Co 5%-10%, Li 3%-3.5% Quantity: Minimum 30 tonnes Definition: FOB Malaysia main ports Timing: 1-2 Months Unit: % Payment Terms: 50% Payment in advance T/T in USD , other payment terms normalized Pulication: Weekly, Friday 12pm Beijing time Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Shirley Wang 021-51666838 wangcong@smm.cn Thomas Feng 021-51666714 marui@smm.cn Freya Lin 021-51666902 linziya@smm.cn Rayna Lei 021-20707873 leiyue@smm.cn Melanie Choy (Malaysia) +6012-4926909 melanie.choy@smm.cn Shanghai Metals Market New Energy Research Team November 26, 2025

Dear Customers, In recent years, the development of emerging sectors has driven up the demand for chromium metal. As a key raw material for chromium metal, the price of chromium oxide green has witnessed significant fluctuations. To more accurately and effectively reflect the market trend changes of the domestic chromium industry chain, better serve customers in the chromium industry chain, reduce corporate transaction risks and costs, and enhance the reference value of quoted prices, after a period of in-depth research and market investigation, SMM intends to newly release the " chromium oxide green " price point starting from December 31 for market reference. Details of the price point are as follows: Price Name : Chrome Oxide Green, Ex-works China, Yuan/tonne Quality : Cr2O3 min 99% Definition : Ex-works China Unit : yuan/tonne Brand Listing : CITIC Jinzhou Metal, Zhenhua Chemical, Sichuan Yinhe Chemical, etc. Quantity : Minimum 10 tonnes Timing : Within 30 days Publication : Daily, by 11:30am Beijing Time Payment Terms : Cash, other payment terms normalized SMM Nickel Research Team December 26, 2025

Dear Industry Peers, Imported manganese ore is a key raw material for manufacturing products such as silicomanganese alloy and ferromanganese alloy, with high-quality manganese ore being particularly favored by the market. Australian manganese ore is a mainstream and high-frequency oxide ore globally, serving as an important reference standard for global manganese ore pricing, and its price fluctuations directly impact the cost chain of global manganese-based alloys. Tianjin Port and Qinzhou Port are the main unloading ports for imported manganese ore in China. Equipped with complete storage facilities, these two ports feature high single-vessel unloading efficiency and large manganese ore reserve capacity. The formed complementary pattern of "Tianjin in the north and Qinzhou in the south" has enhanced China's bargaining power in global manganese ore trade. Prices at Tianjin Port (north) and Qinzhou Port (south) serve as benchmarks for global manganese ore pricing, which are referenced by both domestic and foreign ore merchants. To actively respond to market changes, meet the urgent demand of users for understanding the prices of Australian Mn42% manganese ore at Tianjin Port and Qinzhou Port, and improve the transparency of market information, SMM has decided: Commencing December 31, 2025, SMM will officially launch two new price: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Details of this price point are as follows: Description: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Tianjin Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) Description: SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Qinzhou Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) SMM Nickel Industry Research Department December 26, 2025