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

Dear User, Currently, India has gradually become an important global manufacturing and export base for PV modules. In actual trade, Indian made modules exhibit differentiated supply-demand relationships and price performances in the spot market due to the varying origins of the solar cells used. To facilitate upstream and downstream enterprises in the PV industry chain to better understand India's module export and local market conditions, grasp real-time international spot price dynamics, and convey more comprehensive and diverse price information to the market, thereby reducing transaction risks and costs in overseas trade, SMM, after a period of consolidation and market surveys, plans to officially add the 'TOPCon Module-Indian Made（with domestic solar cells)' and 'TOPCon Module-Indian Made（without domestic solar cells)' product prices as market trading references starting from January 23, 2026. The published prices are all ex-work prices for these modules in India, with specific specifications and descriptions as follows: Price Point Names: TOPCon Module-Indian Made（with domestic solar cells) TOPCon Module-Indian Made（without domestic solar cells) Price Description: Price Type: Indian ex-work price (EXW) Tax Rate Standard: Tax-excluded Definition: Indian ex-work price With Domestic Solar Cells: Refers to modules manufactured in India, with the solar cells used also produced locally in India. Without Domestic Solar Cells: Refers to modules manufactured in India, but the solar cells are imported from overseas (not produced locally in India). Unit: $/W Major Brands: Waaree Technologies Ltd, Adani Group, Vikram Solar Limited, Tata Power Company Ltd, Goldi Solar Pvt 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 as cash SMM PV Research Team January 13, 2026

Dear Users, Since the beginning of this year, imported titanium concentrate has impacted the domestic market, and its price fluctuations have garnered close attention from downstream enterprises such as titanium dioxide and sponge titanium producers. To promote international trade of titanium products, assist global upstream and downstream enterprises in grasping market dynamics, obtaining spot price information, reducing cross-border transaction risks and costs, and deepening industry chain research, SMM has decided to launch five new price points for titanium concentrate and rutile for market reference, effective from December 29th . The specific price point information is as follows: Price Point: Titanium Concentrate (Mozambique TiO₂ ≥46%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Mozambique Price Generation Regions: Major Chinese ports including Caofeidian Port, Qinzhou Port, Zhanjiang Port, Rizhao Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 46.00%, S: ≤ 0.25%, P: ≤ 0.06%, Fe₂O₃: ≤ 8.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Titanium Concentrate (Nigeria TiO₂ ≥50%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Nigeria Price Generation Regions: Major Chinese ports including Qinzhou Port, Rizhao Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 50.00%, S: ≤ 0.20%, P: ≤ 0.040%, Fe₂O₃: ≤ 7.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Titanium Concentrate (Australia TiO₂ ≥50%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Australia Price Generation Regions: Major Chinese ports including Caofeidian Port, etc. Product Standard: Conforms to YB/T 4031-2015 standard, with specifications: TiO₂ (dry basis): ≥ 50.00%, S: ≤ 0.20%, P: ≤ 0.040%, Fe₂O₃: ≤ 7.0%, H₂O: ≤ 1.0% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Rutile (Sierra Leone TiO₂ ≥95%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Sierra Leone Price Generation Regions: Major Chinese ports including Qinzhou Port, etc. Product Standard: Conforms to common industry standards for rutile concentrate, with specifications: TiO₂ (dry basis): ≥ 95.00%, S: ≤ 0.02%, P: ≤ 0.020%, Fe₂O₃: ≤ 0.50%, H₂O: ≤ 0.50% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days Price Point: Rutile (Sierra Leone TiO₂ ≥90%) Price Definition: VAT included, spot transaction price at port Unit of Account: RMB/tonne Country of Origin: Sierra Leone Price Generation Regions: Major Chinese ports including Qinzhou Port, etc. Product Standard: Conforms to common industry standards for rutile concentrate, with specifications: TiO₂ (dry basis): ≥ 90.00%, S: ≤ 0.05%, P: ≤ 0.040%, Fe₂O₃: ≤ 1.20%, H₂O: ≤ 0.80% Minimum Quantity Requirement: ≥30 tonnes Release Time: Before 11:30 AM Beijing Time on business days SMM Titanium Industry Research Team December 23, 2025

Dear Users: Hello! To better leverage the role of spot prices in the manganese industry as a benchmark and assist the market in optimizing its order signing mechanism, SMM, after a period of accumulation and market surveys, intends to advance the release time of spot prices for EMM (Guangxi), EMM (Hunan), EMM (Guizhou), EMM (bagged, Shanghai), EMM (barreled, Shanghai), EMM (main producing areas), EMM (Tianjin Port), EMM (Huangpu Port), and EMM FOB prices to 10:30 AM each working day, starting from August 5, 2025. This announcement is hereby made. Manganese Research Team, SMM August 4, 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 Our Valued Users, Hello! As a key intermediate product in the lithium industry chain, lithium sulfate serves as a primary raw material for producing core lithium salts such as battery-grade lithium carbonate and battery-grade lithium hydroxide. Its supply and pricing directly impact the cost of downstream lithium battery materials and overall market operations. Currently, the lithium sulfate market lacks open and transparent representative price benchmarks, with international trade and procurement pricing largely reliant on bilateral negotiations, leading to issues such as information asymmetry and delays in price transmission. With lithium sulfate production from relevant African lithium producers, represented by the Zimbabwe region, commencing and gradually entering the market, SMM has developed and is now launching the "Africa Lithium Sulfate (CIF China) Price" to promote the standardization and transparency of African lithium sulfate pricing and enhance the efficiency of industrial chain collaboration. This initiative aims to objectively reflect the market conditions of African lithium sulfate arriving at major Chinese ports, providing a reliable price benchmark for producers, traders, downstream enterprises, and financial institutions, thereby supporting the standardized development and price discovery of the global lithium resource market. Release time：2026.Jan.22 The price will be updated every business day at 12:00 Beijing Time for market reference. Product Name: Africa Lithium Sulfate (CIF China) Quality Standard: Li₂SO₄·H₂O content ≥ 80% Definition: CIF major Chinese ports Unit: USD/ton Minimum Transaction Volume: 60 tons Delivery Period: 2 months Release Time: Every business day at 12:00 Beijing Time Payment Terms: Letter of Credit (L/C), Telegraphic Transfer (T/T), or Documents Against Payment (D/P). Other payment terms are subject to negotiation. We welcome more relevant enterprises across the industrial chain to participate and support SMM in better serving the new energy industry. Shirley Wang 021-51666838 wangcong@smm.cn Thomas Feng 021-51666714 fengdisheng@smm.cn Sylvia Wang 021-51666914 wangzihan@smm.cn Jessica Wang 021-51595902 wangjie@smm.cn Faith Zhang 021-51666878 faithzhang@smm.cn Shanghai Metals Market New Energy Research Team January 20, 2026

As the Chinese New Year holiday is around the corner, Shanghai Metals Market (SMM) hereby informs you of our metal price update arrangement during the holiday period to ensure you can make proper arra

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

COMEX Inventory Data Date Adjustment

Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14