Recently, Taiyuan's first Zhichu 100 MW standalone ESS power station was connected to the power grid at full capacity. The project is Taiyuan's first standalone ESS power station, marking a new breakthrough and a key step forward in the city's construction of a new-type power system. The Taiyuan Zhichu 100 MW standalone ESS power station is a key project under Shanxi Province's "14th Five-Year Plan" for new-type energy storage development. Covering an area of approximately 29 mu, with a total investment of 390 million yuan and a total installed capacity of 50 megawatt hours, the station adopts the highly safe hybrid technology of "flywheel energy storage + LFP battery." Composed of 12 prefabricated modular energy storage units, it functions as a large-scale "super power bank," capable of storing or releasing 50,000 kWh of electricity per hour, meeting the daily electricity needs of nearly 30,000 households simultaneously.

Copper prices moved closer to record highs on May 8, driving strong gains in shares of BHP and Rio Tinto. Investors are increasingly betting that AI infrastructure, power grid upgrades, and clean energy investment will create long-term structural demand for copper. Analysts in Australia said discussions around a new commodity supercycle are intensifying as capital flows back into mining stocks.

The correction in precious metal prices initially continued as expected over the course of this week.

According to the Dalong Development Zone News and Information Center, during the Labour Day holiday, construction sites of major key projects in Dalong Development Zone, Guizhou were bustling with activity and operating at full capacity. At the project site of Guizhou Depu New Materials Technology Co., Ltd.'s 20,000 mt/year lithium-ion anode material project, nearly 60 workers remained at their posts, pushing forward with all construction tasks at full speed. "Currently, the main structures of two factory buildings have been completed. Workshop No. 3 is undergoing accelerated installation of 10 sets of roller mills, 45 sets of reactors, and other core equipment. Workshop No. 4 has completed the installation of roof panels and wall panels, and internal site leveling work is underway. The comprehensive building and the 110KV substation are also under simultaneous construction, with subsequent work to advance the improvement of fire protection facilities and hardening of the factory area roads," said Liu Shaofeng, the company's administrative supervisor. He noted that during the Labour Day holiday, workers strictly controlled project quality and safety, striving to achieve phased trial production by the end of June.

On April 21, 2026, SMS group announced that its subsidiary Paul Wurth has entered a definitive agreement with Tata Steel to convert Blast Furnace E at the Jamshedpur plant into an electrically assisted syngas smelter (EASyMelt). This world-first industrial-scale implementation uses plasma torches to superheat syngas, which is then injected into the furnace to replace coke. The project aims to cut CO2 emissions by over 50%, providing a critical blueprint for decarbonizing existing "brownfield" blast furnace assets globally.

With the rapid development of the global NEV industry and the growing embrace of green and low-carbon concepts, the battery recycling industry is transforming from a marginal sector into a "new frontier" in the capital market, demonstrating unprecedented development potential. This industry, once regarded as merely "selling scrap," has now become a core necessity for safeguarding national resource security, implementing the "dual carbon" strategy, and promoting the sustainable development of the new energy industry, ushering in its own golden era. Strong policy support has injected robust momentum into the industry's development. In February 2025, the General Office of the State Council issued the *Action Plan for Improving the NEV Power Battery Recycling and Utilization System*, requiring the acceleration of relevant regulations and rules to standardize recycling and utilization through rule of law. Subsequently, the Ministry of Industry and Information Technology, together with the Ministry of Ecology and Environment, the State Administration for Market Regulation, and other departments, jointly issued the *Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from NEVs*, setting new requirements across multiple dimensions including power battery traceability, recycling and utilization, and supervision. Driven by both policy and market forces, the battery recycling industry has continued to expand in scale, exhibiting an "explosive" growth trajectory. Currently, the number of battery recycling-related enterprises in China exceeded 200,000. In the first ten months of 2025 alone, over 30,000 new battery recycling-related enterprises were registered, representing a YoY increase of over 15% compared to the same period last year. Top-tier enterprises such as GEM and Tianqi Co., Ltd. have ramped up capacity deployment and capital operations, building competitive barriers through technological upgrades and industry chain extensions. GEM possesses a complete "battery recycling—battery cascade reuse—raw material remanufacturing—material remanufacturing—battery reassembly" full life cycle value chain, with industry-leading scale advantages. It operates 9 major lithium battery recycling bases globally, and its lithium battery recycling volume has accounted for 10% of China's total retired battery volume for consecutive years, ranking first nationwide. As early-stage NEVs gradually retire, the lithium battery recycling industry will accelerate over the next 3 to 5 years, with an annualized growth rate exceeding 50%—a market poised for tenfold growth in 5 years. The industry consensus is that this transformation, jointly driven by price, demand, and policy, is propelling the lithium battery recycling industry from extensive development toward a refined, standardized, and globalized development stage.

On April 15, a delegation from SMM Information & Technology Co., Ltd. (SMM), comprising Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Department, and Wu Tao, SMM's Copper and Tin Overseas Marketing Manager, visited CNMC Luanshya Copper Mines PLC for an on-site survey and consultation. The delegation received a warm welcome from the leadership of CNMC Luanshya. During the exchange, relevant executives of CNMC Luanshya provided a detailed introduction to the enterprise's development history, equity structure, mining-beneficiation-smelting production layout, mineral resource endowment, and daily operational management of overseas mines. They particularly highlighted that the company's core product, "CLM" brand copper cathode, completed LME registration and certification on December 27, 2023. Backed by stringent quality control, the product gained international market recognition, effectively enhancing its global circulation and core competitiveness. The SMM survey team, drawing on industry research and market tracking experience, shared insights on the copper industry's operational status in and outside China, price trends, policy environment, and upstream-downstream supply-demand patterns. During the discussion, both parties exchanged views on practical issues including international copper market dynamics, mining-beneficiation-smelting production operations, responses to raw material and finished product market fluctuations, and overseas mining management models. The communication was pragmatic and smooth, deepening mutual understanding and laying a solid foundation for ongoing regular exchanges and business collaboration. Brief Introduction to CNMC Luanshya Copper Mines PLC CNMC Luanshya Copper Mines PLC, referred to as "CNMC Luanshya" or "CLM," is a Sino-Zambian joint venture mining company restructured and established on November 10, 2009, after China Nonferrous Metal Mining (Group) Co., Ltd. (CNMC Group) participated in an international bidding process and successfully acquired the controlling stake in Luanshya Copper Mine. The company has a registered capital of $10.01 million, of which China Nonferrous Mining Corporation Limited, a subsidiary of CNMC Group, holds 80%, and Zambia Consolidated Copper Mines Investment Holdings PLC holds 20%. The company's core business covers copper resource mining, beneficiation, and smelting, with main products including copper cathode and copper concentrates, and an annual copper metal production of 50,000 mt. It is a large-scale comprehensive mining enterprise integrating geological exploration, mining, beneficiation, and smelting. The company currently holds 7 large-scale mining licenses covering a total area of approximately 130 square kilometers. It operates multiple production units and projects, including the Muliashi hydrometallurgy smelter, beneficiation plant, Luanshya New Mine, and open-pit mine, making it one of CNMC Group's largest and most complete copper enterprises in Zambia in terms of investment scale and industry chain coverage. From its establishment in 2009 through the end of 2025, the company cumulatively produced over 670,000 mt of copper metal, generated cumulative revenue exceeding $4.7 billion, achieved cumulative total profits exceeding $1 billion, and returned $220 million to shareholders, contributing 90% of GDP, 90% of tax revenue, and 70% of stable employment to the Luanshya region. is scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. You are cordially invited to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

2026 Year June 3–5 China · National Exhibition and Convention Center (Shanghai) No. 333 Songze Avenue, Qingpu District, Shanghai Multi-Energy Complementarity and Integrated Development of PV, Energy Storage, and Hydrogen www.snec.org.cn Approving Authority Shanghai Municipal Commission of Commerce Supporter Shanghai Municipal Development and Reform Commission Shanghai Municipal Commission of Economy and Informatization Shanghai Municipal Science and Technology Commission Lead Organizers Asia Photovoltaic Industry Association (APVIA) Chinese Renewable Energy Society (CRES) Renewable Energy Professional Committee of China Association of Circular Economy (CREIA) Shanghai Federation of Economic Organizations (SFEO) Shanghai Science and Technology Exchange Center (SSTEC) Shanghai New Energy Industry Association (SNEIA) Co-Organizers Solar PV Products Sub-Council of China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) PV Professional Committee of Chinese Renewable Energy Society (CPVS) Renewable Energy Professional Committee of China Energy Research Society Exhibition Organizers Shanghai Follow Me Technology Co., Ltd. Shanghai Follow Me New Energy Development Co., Ltd. Shanghai Solar Cloud Exhibition Services Co., Ltd. Follow Me Int'l Exhibition USA Inc. Follow me International Exhibition Co., Ltd. Conference Organizer Shanghai Follow Me Convention and Exhibition Services Co., Ltd. Preface: The “SNEC 19th (2026) International Solar PV and Smart Energy (Shanghai) Conference and Exhibition” (the “SNEC PV Conference and (Shanghai) Exhibition” for short), jointly organized by 25 international institutions and organizations including the Asia Photovoltaic Industry Association (APVIA), the Chinese Renewable Energy Society (CRES), the Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA), the Shanghai Federation of Economic Organizations (SFEO), the Shanghai Science and Technology Exchange Center (SSTEC), and the Shanghai New Energy Industry Association (SNEIA), will be grandly held in Shanghai, China, from June 3 to 5, 2026. The “SNEC PV Conference and (Shanghai) Exhibition” grew from 15,000 m² at its first edition in 2007 to 360,000+ m² in 2025, with more than 3,000 enterprises from 95 countries and regions worldwide participating, of which international exhibitors accounted for 30%, and it has become the most influential international, professional, and large-scale PV event in China, Asia, and the world. The SNEC PV Exhibition is the world's most professional PV exhibition, featuring: PV production equipment, materials, solar cells, PV application products and components, as well as PV engineering and systems, energy storage, mobile energy, etc., covering all segments of the PV industry chain. The SNEC PV Forum is also remarkably diverse, involving analysis of future PV market trends, cooperative development strategies, national policy directions, cutting-edge industry technologies, PV financing, etc., providing the best opportunity to showcase achievements to the industry. We look forward to global industry professionals gathering in Shanghai, China, to take a problem-oriented approach from an industrial perspective, jointly assessing the solar PV power generation markets in China, Asia, and the world, and collectively leading the path of industry innovation and development. We hope to see you in Shanghai in June 2026! Schedule: Setup: May 31, 2026 13:30-18:00 June 1-2 09:00-20:00 Exhibition: June 3-4, 2026 09:00-17:00 June 5 09:00-14:00 Dismantling: June 5, 2026 14:00-22:00 Exhibit Content (Product Categories): Solar PV PV Production Equipment: Silicon rod/silicon lumps/casting ingot production equipment: complete production lines, casting ingot furnaces, crucibles, growth furnaces, other related equipment Silicon wafer production equipment: complete production lines, cutting equipment, cleaning equipment, detection equipment, other related equipment Battery production equipment: complete production lines, etching equipment, cleaning equipment, diffusion furnaces, coating equipment/deposition furnaces, screen printing machines, other furnace equipment, testers and sorters, other related equipment Cell panel/module production equipment: complete production lines, testing equipment, glass cleaning equipment, wiring/welding equipment, laminating equipment, etc. Thin-film cell panel production equipment: amorphous silicon cells, copper indium gallium selenium dioxide cells CIS/CIGS, cadmium telluride thin-film cells CdTe, dye-sensitized cell DSSC production technology and research equipment Solar Cells: Solar cell producers, cell module producers, cell module installers, agents, dealers and distributors, concentrator cells, etc. PV Related Parts: Batteries, chargers, controllers, converters, recorders, inverters, monitors, mounting systems, tracking systems, solar cables, etc. PV Raw Materials: Polysilicon, silicon ingots/silicon lumps, silicon wafers, encapsulation glass, encapsulation films, other raw materials PV Application Products: Lighting products, power supply systems, mobile chargers, water pumps, solar household products and other solar products PV Engineering and Systems: PV system integration, solar air conditioning systems, rural PV power generation systems, solar detection and control systems, solar heating system engineering, solar PV engineering process control and project management and software programming systems System Engineering Construction Equipment and Safety Protection: Electrical construction equipment, construction vehicles, engineering machinery, maintenance tools, aerial work vehicles/platforms, scaffolding, electrical safety tools, personal safety protective equipment Others Solar Energy and Green Buildings: Solar Thermal Utilization: Solar central hot water systems, household solar water heaters, solar heat pump water heaters, solar collector systems, solar heating systems, integrated solar thermal-PV products, solar water heater manufacturing equipment, solar water heater raw materials and accessories Solar PV and Concentrated Solar Power: Grid-connected solar PV power generation systems, off-grid PV power generation systems, PV-wind complementary power generation systems, PV power transmission and distribution equipment, PV modules and components and equipment, trough linear focus systems, tower systems, dish systems, collector tubes, heat storage equipment and corresponding materials, heat exchange technology and products, high-temperature heat transfer technology and products, system control Solar Cooling Systems and Equipment: Solar cooling products and systems, air energy products, solar central air conditioning, ground source heat pump air conditioning Solar Lighting and Building Materials: Solar lawn lights, garden lights, solar street lights and other optoelectronic products, solar PV glass, solar rooftop modules, solar PV building integration overall solutions, etc. LED Technology and Products: LED lighting, LED application products, display products/digital signage, parts, modules, kits, etc. Solar Accessories: Solar complementary automatic control devices and instruments, solar pipes and fittings, solar control systems, solar heat pipes, vacuum tube collectors, flat plate collectors, engineering manifolds, insulation materials, hot and cold water pumps, brackets, PV equipment accessories, batteries and other related production equipment and accessory materials International Energy Storage Technology and Smart Grid Energy Storage Technology, Equipment and Materials: Compressed air energy storage, pumped hydro energy storage, superconducting magnetic energy storage, flywheel energy storage, thermal/cold storage, hydrogen storage and other energy storage technologies applicable to plug-in EVs, equipment and materials; various batteries (nickel–metal hydride batteries, lithium-ion batteries, lithium polymer batteries, lead-acid batteries, smart batteries, sodium-sulfur batteries), energy storage power supplies, supercapacitors, renewable fuel cells, flow batteries and other technologies, equipment and materials ESS Power Stations and EPC Projects: BMS battery management systems, PCS energy storage inverters, microgrids, EV charging and battery swapping stations and related supporting facilities C. New Energy Power Generation Grid Connection and Smart Power Transmission and Distribution: Grid-tie inverters, light DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, ultra-high voltage transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, smart switchgear, transformers, instrument transformers, smart components, digital substations, substation integrated automation, distribution network automation devices, transmission and distribution online monitoring, fault diagnosis and self-healing devices, power quality monitoring, harmonic control and reactive power compensation, superconducting electrical technology, various new types of wires and cables, composite materials, safety protection D. Power Grid Dispatching and Automation Control: Smart grid dispatching systems, dispatching integrated data platform systems, grid security and control, smart inspection systems, integrated measurement and control protection and arc suppression line selection systems, security and stability control system solutions, power monitoring systems and microcomputer-based relay protection, wide-area dynamic monitoring systems, grid stability online monitoring systems, distribution network intelligent reactive power compensation devices, control software, remote control and telemetry devices, large-screen display systems, power system simulation E. Smart Metering and Power Consumption Management: Smart meters and chips, remote/centralized meter reading systems, power consumption information collection systems, power consumption management information systems, load management terminals, monitoring systems, verification devices, metering cabinets and components, measuring instruments, sensors, semiconductors F. Smart Grid Information and Communication: IoT technology, cloud computing technology, multi-network convergence technology, transmission technology and equipment, access equipment, optical fiber and cables, industrial Ethernet, data communication and network technology and related products, in-plant communication equipment, power line carrier equipment, supporting equipment and instruments, digital microwave communication equipment, testing equipment and instruments, network online monitoring equipment G. Others International NEV and Charging Piles NEVs (Passenger Vehicles / Commercial Vehicles): Electric buses and trucks, electric sedans, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses and sedans, solar EVs, light EVs, hybrid vehicles (micro hybrid, mild hybrid, medium hybrid, full hybrid and plug-in hybrid), pure EVs, fuel cell vehicles, hydrogen and natural gas and other new energy clean fuels, hybrid vehicles and various low-emission environmental protection energy-saving vehicles; Power Drive Systems: Power batteries, battery management systems, fuel cells, hybrid systems, drive motors, electric control systems, engines, detection and repair equipment, related testing, monitoring, protection instruments, related technologies; C. Key NEV Parts: Power capacitors, supercapacitors, flywheels, inverters, electric heat pumps, electric power steering, electric air conditioning, tires, wire connections, electromagnetic technology, related materials; coatings, transmissions, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; auto body accessories; motors and electrical appliances, electronic components, electrical systems, circuits, wheel hubs, tires, etc.; D. Vehicle Design: Complete vehicle design, system control design, etc. E. Charging Facilities: Charging stations, charging piles; charging station smart network project planning and achievement display, gas station expansion to charging (battery swapping) stations, integrated gas and charging service station display, solar and wind complementary NEV charging station technology products, charging station power distribution equipment, chargers, power monitoring systems, active filter devices, transformers, distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging/swapping batteries and battery management systems, parking lot charging facilities, smart monitoring, charging station power supply solutions F. Others Participation Fees: Standard Booth (Deluxe, 3m x 3m ): Domestic enterprises: RMB 23,800/booth Foreign-funded enterprises: US$4,900/booth Basic configuration: one consultation desk, two folding chairs, one waste basket, one 220V/500W power supply socket, two spotlights, Chinese-English header board, carpet inside the booth. Indoor Bare Space (minimum 36 m² rental): Domestic enterprises: RMB 2,380/m ² Foreign-funded enterprises: US$490/m ² Exhibitor Notes: 1. Enterprises confirming participation shall complete the exhibition application form, affix the company seal, and fax or mail it to the Organizing Committee; 2. Upon receipt of booth reservation fees, the Organizing Committee will arrange booths according to the principle of "first application, first payment, first arrangement"; 3. Payment details for participation fees: (1) The above participation fees do not include "construction deposit", "construction management fee", "facility rental fee" and other fees; (2) Exhibitors who sign contracts shall remit the deposit to the Organizing Committee's account within ten working days from the date of signing the contract, and fax the remittance receipt to the Organizing Committee for verification; (3) The remaining participation fees shall be remitted to the Organizing Committee's designated account before December 31, 2025; 4. The order of conference booklet advertisements is based on the order of advertisement fee receipt, with the submission deadline being March 31, 2026; 5. The Organizing Committee will send the "Exhibitor Manual" to participating enterprises in April 2026. Inquiries Welcome: Shanghai Fulemi Exhibition Service Co., Ltd. SNEC 19th (2026) International Photovoltaic Power Generation and Smart Energy (Shanghai) Conference & Exhibition Contact: Manager Wei Room 905, Guangqi City, No. 425 Yishan Road, Xuhui District, Shanghai Postal Code: 200235 Room 905-907, Guangqi City Office Building, No. 425 Yishan Road, Xuhui District, Shanghai Tel: +86-13817218765 E-mail: weiwei@snec.org.cn Conference Website:

On April 16, Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM Overseas Marketing Manager for Copper and Tin, visited Mining Mineral Resources (MMR) for a field trip and exchange, where they received a warm welcome from MMR's leadership. During the exchange, MMR and SMM engaged in in-depth discussions on the current status of the strategic minor metal industry and cross-border supply chain cooperation. MMR has been deeply engaged in compliant mining of critical minerals for over 15 years, with a strategic focus on three key minerals — tin, tantalum, and tungsten. The company holds multiple mining licenses in mineral-rich regions of the DRC, with concentrated resource deployment and exceptional endowment. The enterprise strictly adheres to compliant mining, full-process traceability, and international operational standards, ensuring long-term stable and compliant mine operations. SMM has long been deeply engaged in non-ferrous and rare metals, with core coverage spanning price quotations, industry surveys, and market analysis, comprehensively empowering global mineral trade and industry chain integrated services. Leveraging their respective business strengths, both parties exchanged practical experience on ex-China mineral development, compliance system building, raw material circulation coordination, and industry development trends, laying a solid foundation for subsequent industrial synergy and resource collaboration. Mining Mineral Resources (MMR) Overview Mining Mineral Resources (MMR) has been deeply engaged in compliant mining of critical minerals for over 15 years, with a core focus on the 3T strategic minerals (tin, tantalum, and tungsten). The company holds a portfolio of multiple mining licenses in mineral-rich regions of the DRC: tin (14 licenses covering 2,800 sq km), tantalum (6 licenses covering 400 sq km), and tungsten (1 license covering 300 sq km). The company upholds compliant procurement, full traceability, and international standard compliance systems, building a solid foundation for business operations. Key Tin Producer in Africa • 11 mechanized mines (including open-pit and underground mines) • Annual tin concentrates capacity: 10,000 mt Annual trading volume: 6,500 mt; annual mechanized mining production: 3,500 mt. Mechanized Mining Operations 8 beneficiation plant areas with a combined feed capacity of over 1,500 mt per hour; monthly tin concentrates production of 300 mt; creating employment opportunities and empowering inclusive community development. Smelting Production and Global Supply LME Grade A tin equivalent; Responsible Minerals Initiative (RMI) certified smelter; annual refined tin capacity: 4,500 mt. Tantalum Mining Operations The only mechanized tantalum ore beneficiation plant in the DRC; capacity: 20 mt per year of high-grade tantalum concentrates (grade 30% and above); equipped with modern laboratory detection and quality assay facilities. Ore-to-Alloy Entire Industry Chain Lead-free and tin-lead solder alloys, available in bars, wires, electrodes, and casting ingots. The only enterprise in Africa with a complete ore-to-alloy entire industry chain. Corporate Social Responsibility MMR is well aware of its significant social responsibility to the communities in the mining areas. The corporate social responsibility system is built on four core pillars: healthcare, education development, infrastructure improvement, and entrepreneurship empowerment. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. Welcome to join us~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

Dear Users, Greetings! Thank you for your continued attention and support for Shanghai Metals Market (SMM)! The SMM Crude Lead Delivered Duty Paid Port Price has now been officially launched. The price assessment methodology is described as follows. I. SMM Price Assessment Methodology General Provisions Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider. SMM does not participate in any substantive transactions but maintains close communication with buyers or sellers in its capacity as a market observer or organizer, and provides relevant services to the market. Through communication and exchanges with industry professionals, SMM continuously develops, reviews, and revises its methodology, adopting the most common product specifications, trade terms, and trade conditions in the industry, and giving equal attention to all normal transactions that meet specification standards. SMM reserves the right to exclude from its price assessments any price data or information deemed less reliable or unrepresentative. SMM reports daily spot transaction prices in China's spot market, commonly referred to as SMM prices. SMM prices are generated strictly in accordance with defined methodologies. SMM has methodology definitions for all metal product prices it reports. All methodologies and definitions are published on SMM's official website (www.smm.cn) so that all market participants can understand the processes and standards of SMM price reporting. The SMM price assessment methodology serves as the basis and foundation for the generation of SMM prices. To reflect the actual conditions of the spot market, SMM will make necessary revisions to its price assessment methodology. Any changes to the price assessment methodology will be published on SMM's official website at least 30 days in advance. Any questions or suggestions regarding SMM prices or the price assessment methodology may be directed to SMM client services as published on the website. This document specifies the standards and management methods for the formulation of the SMM Crude Lead Delivered Duty Paid Port Price. The purpose of establishing this standard is to create a transparent and verifiable SMM pricing mechanism and to provide market participants with an important pricing benchmark. II. Formation of the SMM Crude Lead Delivered Duty Paid Port Price 2.1. Definition The SMM Crude Lead Delivered Duty Paid Port Price is an indicative price formed and published by SMM in accordance with this methodology, which can be used by both parties to a transaction as a reference for the settlement of imported recycled crude lead spot trades. This price reflects: the duty-paid self pick-up price of imported recycled crude lead at major seaports on each business day in China's spot market; major seaports include Shanghai, Ningbo, Guangzhou, etc.; lead content ≥98%, with defined antimony and tin content (tin 0.1–0.25%; antimony 0.1–0.35%). 2.2. Introduction to Price Formation SMM collects data for evaluating imported secondary crude lead spot prices through price collection (i.e., collecting raw data information that meets SMM standards), including quotations from buyers and sellers for transactions not concluded on the previous day provided by price submitters (i.e., data providers), actual spot transaction prices, expected quotations or % change for imported secondary crude lead on the day, etc. The SMM crude lead CIF duty-paid price aims to guide the quotation range of the imported secondary crude lead market for the day. The data collection and evaluation (calculation) of the SMM crude lead CIF duty-paid price, as well as daily management, are carried out by the SMM secondary lead business team (consisting of three members: Position A, Position B, and a price manager). 2.3. Generation of Pricing Methodology SMM price collection personnel collect prices from price collection contacts at price submitters every day from 9:00 to 11:30 (each trading day, consistent with SHFE trading days) via telephone, QQ, and WeChat, gathering intended prices, transaction prices, and related data for imported secondary crude lead at China's major seaports (price data submitted after 11:30 will not be used as a basis for the day's price evaluation). All instant messaging content, email communications, and records of any face-to-face communications will be archived, and details of telephone communications will be summarized and entered into the database. All paper records must be signed by price collection personnel and retained permanently. SMM price analysts collect price data in accordance with price collection standards, and combine the preliminary price data results with the corresponding market's spot conditions, futures conditions, policies, industry status, market transactions, supply and demand relationships, inventory levels, as well as other significant political, economic, and natural factors, to ultimately derive a preliminary raw dataset. SMM price analysts must comply with relevant SMM compliance policies when reporting to their supervisors any communications from market participants that are coerced or threatened, or any induced offers attempting to influence evaluation results. 2.4 Price Publication The SMM crude lead CIF duty-paid price is published at 11:40 Beijing time on each trading day on the SMM official website in both Chinese and English. (Excluding China's statutory holidays and weekends.) The deadline for price collection is 11:30 AM, and the 10-minute period between 10:30 and 10:40 is used for data verification and evaluation to calculate the final published secondary lead spot price. SMM encourages price submitters not to wait until the final deadline to submit data, in order to ensure that SMM price analysts have sufficient time to verify the data before incorporating it into the valuation process. The release time may also be affected by various emergencies and force majeure factors, such as power outages and natural disasters. If such situations occur, SMM will make every effort to publicly inform the market of the delayed price release time as early as possible. Prices published by SMM are available to any client who has subscribed to SMM services. Prices published by SMM are copyright-protected and may not be distributed or used for commercial gain by any third party that has not entered into an explicit agreement with SMM. III. Methodology Changes All markets evolve, and SMM has a responsibility to ensure that its market-specific methodologies evolve in tandem. Therefore, based on industry feedback, SMM will periodically conduct internal reviews of the appropriateness of its methodologies and make modifications to all substantive but non-urgent potential issues. SMM will follow a formal external consultation process before publishing significant changes, providing a notice period of at least 28 days and inviting industry participants to comment, unless special circumstances, particularly force majeure (natural disasters, wars, exchange bankruptcies, etc.), necessitate a shortened notice period. SMM is committed to carefully reviewing all comments submitted regarding methodology changes, but in certain cases, it may be necessary to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. We are fully aware of the importance of price information to industry development and will therefore continue to invest resources to ensure that the guidance prices we publish maintain a high level of accuracy and timeliness. We also welcome valuable opinions and suggestions from users to work together with us in promoting the healthy and sustainable development of the lead alloy market. Best regards! SMM Industry Research - Lead & Zinc Category Apr 2026