SMM has reviewed and refined its 2025 energy storage data, adjusting monthly shipment volumes and renaming data points for clarity.

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 Useres, With the rapid development and continuous technological iterations in the solid-state battery industry, solid-state batteries have garnered increasing attention. As an indispensable key raw material for solid-state batteries, the market demand for sulfide electrolytes is also surging simultaneously. The sulfide route is considered the most advanced path for solid-state batteries, and sulfide electrolytes are the most critical material within this route. Their quality significantly impacts key performance indicators of solid-state batteries, such as energy density and ion conduction rate. SMM is committed to supporting upstream and downstream enterprises in the solid-state battery industry chain, helping them gain comprehensive insights into the market dynamics of solid-state battery electrolytes. By providing real-time and accurate spot cargo market and price information, we assist enterprises in effectively reducing risks and costs in market transactions, enhancing their core competitiveness and market adaptability. Meanwhile, SMM actively deepens its research on the solid-state battery industry chain, striving to build a more transparent, fair, and efficient market environment for the industry through in-depth analysis and continuous improvement of the knowledge system. After a period of consolidation and market surveys, SMM plans to introduce new price points for sulfide electrolyte LPSC related to solid-state batteries starting December 12. The specific new price points are as follows: Sulfide Electrolyte LPSC ( Lithium Phosphorus Sulfur Chloride ) : Powder, D50 ≤ 3 μm Price Description: Transaction price (delivery-to-factory), inclusive of 13% VAT. SMM New Energy Research Team December 4, 2025 LPSC( Lithium Phosphorus Sulfur Chloride) Price is listed blow ,

SMM will update its Alumina Monthly Cost Model from January 2026, incorporating VAT into bauxite costs and discontinuing certain regional indicators.

Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, with the following treatment applied to historical data: I. Adjustments Made The following data points have been newly launched: "Copper Scrap New and Old Scrap Production: Domestic Old Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Old Scrap - Forecast: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap - Forecast: Annual", and "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap - Forecast: Annual"—a total of six new data points. (Access path for new data: Database - Copper - Copper Scrap - Production - Domestic Copper Scrap Production) II. Historical Data Processing The following four historical data series will cease to be updated starting from December 2025: "Domestic Copper Scrap Supply (Metal Content), ID: a10031747", "SMM Domestic Copper Scrap Supply: YoY, ID: a10031748", "Domestic Copper Scrap Supply (Metal Content) - Forecast, ID: a12731971", and "SMM Domestic Copper Scrap Supply YoY - Forecast, ID: a12731972". Going forward, the new standards will be uniformly applied for data releases, with the revised data traceable back to 2020. Should you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 22, 2026

Dear User, During the development of the automotive steel market, changes have occurred in some mainstream brands, materials, and specifications. As a result, certain prices in the SMM Automotive Section currently deviate from the actual market situation. SMM has decided to discontinue the price points for certain materials/specifications of alloy structural steel, spring steel, cold heading steel, carbon round steel, and mold steel, effective from February 13, 2026. Customers who use the relevant prices for settlement should pay attention to the time period and adjust their price usage promptly to avoid any impact on your business due to the discontinuation of these price updates. A total of 10 price points are being discontinued, with details as follows: Spring Steel 65Mn Φ6.5-20 (Nationwide) Cold Heading Steel 35K Φ6.5-20 (Nationwide) Alloy Structural Steel 20CrMo Φ16-200 (Nationwide) Alloy Structural Steel 35CrMo Φ16-200 (Nationwide) Alloy Structural Steel 40MnBH Φ29-250 (Nationwide) Carbon Round Steel 45# Φ16-18 (Nationwide) Carbon Round Steel 45# Φ131-180 (Nationwide) Mold Steel 1.2311 21-120*1800-2200 (Nationwide) Mold Steel 4Cr13 Φ20-130 (Nationwide) Mold Steel W6Mo5Cr4V2Co5/M35 Φ20-80 (Nationwide) https://car.smm.cn/price Recommended new prices for use are as follows: Specialty Wire Rod: https://car.smm.cn/price?type_id=19&item_id=115&goods_id=0 Specialty Bar: https://car.smm.cn/price?type_id=19&item_id=114&goods_id=0 Mold Steel: https://car.smm.cn/price?type_id=19&item_id=117&goods_id=0

Dear Useres, With the deep reshaping of the new energy industry chain, the strategic position of sulphur, a traditional bulk raw material, is undergoing a fundamental transformation. Historically, price fluctuations in sulphur-sulphuric acid primarily affected traditional industries such as phosphate fertilisers and titanium dioxide. However, as lithium iron phosphate (LFP) has become the mainstream cathode material for power batteries, the production of its core precursor, iron phosphate, heavily relies on high-purity phosphoric acid, which in turn uses sulphuric acid as its raw material. This enables price fluctuations in the sulphur-sulphuric acid chain to be directly and rapidly transmitted to the cost of LFP. Similarly, in areas such as nickel-cobalt smelting and precursor preparation, sulphuric acid is a key auxiliary material, and its price directly impacts the cost of products like battery-grade nickel sulphate and cobalt sulphate. The emergence of new demands: Sulphur itself, as a key sulphur source for lithium sulphide and sulphide solid-state electrolytes (such as LPSC), is seeing its material purity and supply stability begin to attract attention from cutting-edge battery technology R&D. As an authoritative information institution long dedicated to the non-ferrous metals and new energy materials sectors, SMM, after a period of consolidation and market surveys, plans to introduce new sulphur price points starting December 12, aiming to provide the market with more precise pricing anchors and price references. The specific new price points are as follows: Sulphur: Solid, Sulphur (S) content ≥99.0%, Price Description: Ex-factory price (buyer's self pick-up price), including 13% VAT. SMM New Energy Research Team December 04, 2025 Sulphur Price

Dear Users, Greetings! On December 12, 2025, SMM will officially launch new weekly price points for lithium battery recycling. The newly added price points are as follow: 1. SMM Black Mass, NCM/NCA, % payable of SMM's Nickle sulphate, FOB Malaysia, Specification: 18% < Ni < 40% 2. SMM Black Mass, NCM/NCA, % payable of SMM's Cobalt sulphate, FOB Malaysia, Specification: 5% < Co < 18% 3. SMM Black Mass, NCM/NCA, % payable of SMM's Lithium sulphate, FOB Malaysia, Specification: 5.5% < Li < 6.5% The price will be updated and maintained every Friday at 12:00 PM. 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 Maria Ma 021-51595780 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 December 2, 2025

Dear User, Hello! To comprehensively cover price information across all segments of the rare earth industry chain and assist upstream and downstream enterprises in monitoring market fluctuations and mitigating transaction risks, we have conducted extensive market surveys and industry consultations. It has been decided to introduce six new price points related to the rare earth industry chain, including lanthanum metal, praseodymium metal, and praseodymium oxide. The newly added price points are as follows: Praseodymium Oxide FOB： Compliant with Industry Standard GB/T 5239-2015, Content ≥99.0–99.9%, Unit: $/kg Terbium Oxide FOB： Compliant with Industry Standard GB/T 12144-2009, Content ≥99.95–99.99%, Unit $/kg The above two prices for rare earth oxides are inclusive of VAT, with the port of departure being any port within China. Lanthanum Metal FOB： Compliant with Industry Standard GB/T 15677-2023, Content ≥99.0%, Unit: $/kg Praseodymium Metal FOB： Compliant with industry standard GB/T 19395-2013, content ≥96.0-99.0%, unit $/kg Terbium Metal FOB： Compliant with Industry Standard GB/T 20893-2007, Content ≥99.9%, Unit: $/kg Yttrium Metal FOB： Complies with Industry Standard XB/T 218-2016, Content ≥99.9–99.95%, Unit: $/kg The price point of this rare earth metal includes VAT, and the port of departure is any port within China. Effective Date: The aforementioned new price points will be officially released starting January 28, 2026, and will be updated every Wednesday before 12:00 PM. The purpose of this addition is to achieve more refined regional and grade classifications. All newly added price points are based on mainstream industry trading specifications and trade conditions, formed through screening and verification via standard price collection processes. They are provided for market reference only and do not constitute trading decision recommendations. For details on the price formation methodology and specific product specifications, please log in to the official platform. If you have any questions, feel free to contact SMM Rare Earth Analyst Shi Xin at 021-51666815. SMM Rare Earth Industry Research Team January 27, 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