According to Hydro's official website, Hydro's adjusted EBITDA for the first quarter of 2026 was NOK 8.668 billion, lower than NOK 9.516 billion in the same period last year. This was mainly due to lower raw material costs, higher metal prices, and increased sales of alumina and metals, but this was partially offset by lower alumina prices, a stronger NOK, and lower electricity generation. Hydro's profitability was strong this quarter, with adjusted earnings per share increasing to NOK 2.07 in the first quarter of 2026, compared to NOK 1.63 in the first quarter of 2025. The upstream business segment continued to operate strongly in the first quarter.

[Silicon Metal Futures Center Shifted Higher with Increased Enterprise Shipments; Heavy Wait-and-See Sentiment in Polysilicon Market]: In the futures market, the most-traded contract trended stronger during the week, with the SI2609 contract center at 8700-8800 yuan/mt and the highest point touching above 8,900 yuan/mt. Driven by macro factors and news, futures rose, boosting silicon producers' shipment sentiment, and silicon enterprises' shipments to trading firms engaging in both spot and futures market increased. On the fundamentals side, silicon metal supply and demand were in tight balance in April, and the supply-demand structure is not expected to see major adjustments in May. Facing the pressure of increased supply during the rainy season in Sichuan and Yunnan from June to July, the market outlook leaned toward caution. On the cost side, raw material prices remained firm. With upside in silicon metal prices capped and downside supported by costs, the price fluctuation range was narrow.

[SMM Rare Earth Weekly Review: Rare Earth Price Fluctuations Narrowed Ahead of Labour Day Holiday] Pr-Nd oxide market prices pulled back slightly at the beginning of the week due to news-driven factors. However, given that spot supply of Pr-Nd oxide remained tight, upstream suppliers held firm on their offers, and low-priced cargoes remained hard to find. As of today, Pr-Nd oxide prices fluctuated and adjusted to 770,000-775,000 yuan/mt over the week.

Refined Cobalt: Spot refined cobalt prices stopped falling and rebounded this week. Supply side, refined cobalt prices climbed to 420,000 yuan/mt in the second half of the week. Major smelters raised ex-factory prices, while other smelters mostly offered limited volumes at parity. Traders maintained spot-futures price spreads at parity to a premium of 10,000 yuan/mt. Demand side, overall changes were relatively small. Downstream alloy and magnetic material enterprises continued small-batch, high-frequency purchasing as needed, strictly controlling inventory risks. This round of price increases was mainly driven by continuous inventory drawdown on electronic trading platforms and announcements of production cuts by MHP miners, with bullish sentiment warming up. However, after refined cobalt prices rebounded, the metal price spread with low-priced cobalt salts narrowed, and enterprises' willingness to reverse-dissolve may pull back somewhat. Short-term market prices are expected to move sideways. Cobalt Intermediate Products: Cobalt intermediate product prices pulled back slightly this week. Supply side, most suppliers remained relatively optimistic about the market outlook, holding offers above $26/lb. A small volume of low-priced cargoes traded mid-week, putting pressure on prices. Demand side, overall changes were limited. Constrained by cobalt salts struggling to catch up, the market only maintained sporadic rigid-demand purchases. On the shipping front, DRC cobalt intermediate product cargoes remained stranded at South African ports and in overland transit. Only a few miners completed small-batch vessel bookings in April, with arrivals expected from May to June. Affected by tight African shipping capacity, the remaining large-volume cargoes may be delayed to July for concentrated arrivals. Going forward, as downstream orders gradually materialize and restocking demand is released, cobalt intermediate product prices still have room for upward recovery. Cobalt Sulphate: Spot cobalt sulphate prices gradually stabilized this week. Supply side, mainstream brand offers remained stable at 93,000-96,000 yuan/mt. After refined cobalt prices rose, some smelters that had previously offered discounts to facilitate shipments raised their offers, and low-priced cargoes at 90,000 yuan/mt diminished. Demand side, ahead of the Labour Day holiday, most downstream enterprises remained on the sidelines, primarily consuming their own inventory, with only small volumes of rigid-demand purchases of low-priced cargoes on an opportunistic basis. In terms of production schedules, both ternary and LCO producers' May production plans showed recovery and incremental growth. As purchasing demand gradually recovers going forward, cobalt sulphate prices are expected to see a recovery rebound.

[SMM Aluminum Express News] Norsk Hydro reported strong Q1 2026 performance, with adjusted EBITDA at NOK 8.67 billion, slightly down year-on-year due to currency and power impacts. Higher aluminum prices and increased alumina and metal sales supported earnings, while weaker alumina prices, a stronger NOK, and lower power production weighed on results. Adjusted EPS rose to NOK 2.07 (from NOK 1.63), though free cash flow was negative NOK 4 billion due to higher working capital tied to elevated metal prices and volumes. Return on capital employed (RoaCE) stood at 10.1%.

Dear Valued SMM Users, The 2026 Labour Day holiday is approaching. To help you make timely work and trading arrangements in advance, SMM hereby releases the official service schedule during the holiday period as follows: 1. Labour Day Holiday Period The Labour Day holiday will run from May 1 to May 5, 2026, spanning a total of five days. 2. SMM Service & Price Release Arrangement During the 2026 Labour Day break, SMM metal price assessments for the Chinese market and news updates will be temporarily suspended. Regular price and news releases will resume immediately after the holiday. Meanwhile, all SMM overseas metal prices will be updated normally throughout the holiday. Please feel free to refresh our website for the latest overseas market data anytime. SMM sincerely wishes all industry peers a pleasant and relaxing Labour Day holiday. May you enjoy smooth journeys, safe travels and every success in your upcoming business endeavours. Shanghai Metals Market (SMM) April 28, 2026

[SMM Silicon-Based PV Morning Meeting Minutes: Polysilicon Prices Generally Stable, Module Production Schedules Expected to Rise] Over the weekend, N-type recharging polysilicon was quoted at 34.1-36.5 yuan/kg. Weekend market prices remained temporarily stable. In the earlier period, frequent industry meetings were held, with results presenting a mix of bearish and bullish signals. Parties held divergent views, wait-and-see sentiment increased, and prices remained temporarily stable.

[SMM Morning Meeting Minutes: Tin Market Maintains Weak Supply-Demand Pattern, Tin Prices Expected to Continue Moving Sideways in a Fluctuating Trend]

[SMM Silicone Weekly Review: Silicone DMC Prices Continued to Rise, Market Trading Pace Driven by Rigid Demand] Spot silicone DMC in China was mainly traded at 14,700-14,800 yuan/mt this week, with the weekly average transaction price up 100 yuan/mt WoW. The sustained price increase in this round was driven not only by earlier raw material cost rises but also by tightening industry supply, which further constrained spot cargo circulation in the market and pushed prices higher.

[Price Review] Middle East geopolitical concerns resurfaced mid-week, putting precious metal prices under pressure. US-Iran ceasefire negotiations remained in a prolonged deadlock, as the US unilaterally announced indefinite ceasefire was not recognized by Iran, which stated explicitly that negotiations would not proceed as long as the US maintained its naval blockade. Both sides continued to maintain military readiness and shipping blockade measures. Whether subsequent negotiations can resume and whether there is escalation risk will continue to dominate global market risk appetite and energy price fluctuations, in turn significantly impacting silver price trends. In the short term, Middle East developments remain the core variable, but after multiple extreme stress tests, precious metals showed enhanced resilience, and declining geopolitical tail risks may suggest limited pullback room. However, sluggish industrial demand persisted and the spot market remained in sustained surplus. Gold/silver ratio, as of April 23, the LBMA gold/silver ratio stood at 61. [Key Data] Bearish: US March CPI rose 0.9% MoM and 3.3% YoY, hitting the highest level since 2024. The IMF cut its 2026 global economic growth forecast by 0.2 percentage points to 3.1%, warning that if the Middle East conflict continues to escalate, global growth could further slow to 2.5%. The US labor market showed stronger-than-expected resilience, with initial jobless claims for the week ending April 11 falling to 207,000, the largest single-week decline since February, significantly below market expectations of 215,000. Eurozone March harmonized CPI final YoY reading was unexpectedly revised up to 2.6%, with a sharp 1.3% MoM increase, reflecting persistent core inflation stickiness. Bullish: US March PPI rose 4.0% YoY, the highest since February 2023 but significantly below market expectations of 4.6%; MoM up 0.5%, well below the expected 1.1%, with core PPI up only 0.1% MoM, missing expectations of 0.5%. Dovish divergence persisted within the US Fed, with some officials believing multiple interest rate cuts remain possible this year, emphasizing that energy price shocks are one-off events, preserving easing expectations for the market. US economic slowdown concerns emerged, as the IMF simultaneously cut the US 2026 growth forecast to 1.8%, and market expectations for the US Q1 annualized GDP preliminary reading pulled back significantly from the prior value. Key data and macro events to watch next week include: April 24: US April one-year inflation expectations final, US April Markit manufacturing and services PMI preliminary, Eurozone April Markit manufacturing PMI preliminary. April 29: US Fed April FOMC rate decision and policy statement, Fed Chairman Powell's press conference. April 30: US initial jobless claims for the week ending April 26, US 2026 Q1 real GDP annualized QoQ preliminary, US March core PCE price index, Eurozone Q1 GDP preliminary and March unemployment rate. May 2: US April nonfarm payrolls report. [Price Forecast] The trading logic in the precious metals market recently still revolves around uncertainties arising from the recurring Middle East geopolitical conflicts, inflation concerns triggered by high oil prices, US Fed monetary policy expectations and Fed Chairman transition, economic stagflation, recession and financial market risks, etc. On the China fundamentals side, downstream consumption remained sluggish, just-in-time procurement demand from silver nitrate, silver powder, and silver paste enterprises showed no improvement, the upward trend in spot silver ingot social inventory was difficult to reverse, and the mainstream spot transaction discount in the market is expected to continue declining. Next week, silver price movements remain full of uncertainties amid recurring geopolitical conflicts, and silver prices are expected to continue in a range-bound consolidation pattern.