I. Japan Market This week, Japan MJP aluminum ingot spot premiums showed a continuous downtrend, with the average price at $384/mt on June 19 pulling back to $380/mt by June 26. Although premiums kept dipping, some traders lowered their offers proactively while others held prices firm. The demand side exhibited restocking for rigid demand, with downstream enterprises purchasing as needed. Short-term restocking activity was moderate, but there was no large-scale concentrated stockpiling, and overall purchasing volume was mild. Currently, the market trading pace is slowing down, spot lacks a trend-driven upward driver in the short term, and premiums follow the futures to stay in the doldrums. II. US Market This week, US Midwest DDP aluminum spot premiums edged up, from an average of $110.2/mt on June 19 to $110.35/mt this Friday. US market fundamentals still provided support: two major demand-side increases were being released, with aluminum semis demand for AI computing data centers surging, coupled with the concentrated commissioning of new production lines at NEV manufacturers such as Tesla, steadily boosting aluminum consumption for automotive lightweighting, keeping the digestion pace of domestic aluminum ingots high. The supply side faced constraints, with Middle East geopolitical disturbances disrupting ocean shipments of aluminum ingots, arrivals growth from outside China consistently lagging downstream demand growth, and domestic inventory continuing to destock, supporting premiums to stay high. However, the pressure logic for the outlook is gradually emerging: LME aluminum prices have already fallen to a staged low, cross-regional arbitrage windows remain open, and arrivals of aluminum ingots flowing into the US market will gradually increase. Coupled with this week’s premiums having stopped rising and weakened slightly, the tight supply-demand situation will marginally ease as external supply replenishes. It is anticipated that US spot premiums will stay high but face pressure going forward, with upside room essentially capped and a pullback adjustment possible. III. Thailand Market This week, Thailand spot premiums rose from $320/mt last Friday to $323/mt this Friday. Affected by the decline in aluminum prices, some traders raised their offers. However, the upside momentum was weak, and the trading atmosphere remained sluggish. Local downstream users only maintained a hand-to-mouth purchase pattern for rigid demand, with low willingness for large-scale stockpiling. Meanwhile, continuous arrivals of aluminum semis exports from China, with large volumes of low-priced fabricated products flowing into the Southeast Asian end-use markets, directly diverted import orders for primary aluminum ingots and significantly squeezed local aluminum demand. [Data source statement: Other than publicly available information, all data are based on public information, market communication, and SMM's internal database models, and are processed by SMM. For reference only, and do not constitute decision-making advice.] Data source: SMM

[SMM Aluminum Brief] This week, the aluminum fluoride market lacked clear trend drivers. High raw material costs continued to underpin market prices, and the industry operated with high costs, low profits, and low operating rates. In the short term, raw material prices dominated the market, downstream demand growth was insufficient, and the market continued the tug-of-war between upstream and downstream. Next month, cost support for aluminum fluoride will be firm, but due to sluggish terminal procurement and slight downward adjustments in upstream hydrofluoric acid, room for price fluctuations will be limited.

SMM, June 26: Against the backdrop of sluggish downstream demand, product prices across the cobalt industry chain showed a downward trend under pressure. Cobalt sulphate and cobalt chloride recorded five consecutive declines this week, while refined cobalt spot quotations also fell below the round-number level of 380,000 yuan/mt during the week... SMM compiled the quotation changes for cobalt products this week as follows: : According to SMM spot quotations, although refined cobalt spot prices rose 2,500 yuan/mt on the last trading day, they still showed an overall decline this week. As of June 26, refined cobalt spot quotations were in the range of 374,000~385,000 yuan/mt, with an average of 379,500 yuan/mt, down 4,000 yuan/mt from June 18, a decline of 1.04%. Supply and demand side, on the supply front, mainstream smelters lowered their ex-factory quotations to 385,000 yuan/mt. After the deep price slump, most traders suspended market offerings, and wait-and-see sentiment dominated. On the demand side, the rush-to-buy-amid-continuous-price-rise and hold-back-amid-price-downturn mentality continued to curb the downstream procurement pace. Alloy-type enterprises remained on the sidelines and postponed restocking, while some magnetic material enterprises released small procurement demand near 380,000 yuan/mt, making selective restocking. In the short term, futures still face choppy pressure. A stabilization in refined cobalt prices requires two conditions: first, an easing of market funding pressure and a reduction in low-price sell-offs; second, that prices of related products such as cobalt salts stop falling and stabilize, forming support for market confidence. Cobalt intermediate product prices, according to SMM spot quotations, as of June 26, cobalt intermediate product (CIF China) spot prices remained stable earlier, then edged down $0.025/lb on the last trading day of the week. Quotations stayed in the range of $24.75-25.5/lb, with an average of $25.125/lb. The overall price center changed little. According to SMM, on the supply side of cobalt intermediate products, mainstream miners and traders maintained their offers near $25.5/lb, while downstream smelters remained conservative in procurement, with intended purchase prices generally below $25/lb. Some smelters even planned to sell their intermediate products at $24.8-24.9/lb, turning to procure low-priced recycled black mass to control production costs. On the logistics side, since May, some Chinese-invested miners have gradually increased chartered shipping volumes, and some leading miners have gradually resumed shipments since June. Port arrivals of intermediate products are expected to trend slowly upward in the following months, potentially forming concentrated batch arrivals after August. In the short term, end-use demand support is insufficient, and cobalt intermediate product prices will most likely continue to move sideways. Should prices strengthen going forward, a recovery in downstream operating rates and a repair of cobalt salt prices must form a resonance. Cobalt salt side ( and ): : According to SMM spot price data, cobalt sulphate spot prices continued to show persistent weakness this week. After five consecutive declines, spot cobalt sulphate prices dropped to 85,000-87,300 yuan/mt, with the average price reported at 86,150 yuan/mt, down 2,350 yuan/mt from 88,500 yuan/mt on June 18, a decline of 2.66%. According to SMM, the trading atmosphere in the cobalt sulphate market remained sluggish this week, with the spot price center slowly moving lower. Supply side performance continued to diverge: offers from primary smelters were relatively firm, with mainstream producers maintaining their minimum selling intention price above 85,000 yuan/mt; some recycling smelters and traders, under cash flow pressure, lowered offers further to 80,000-81,000 yuan/mt. Demand side, the continuous price erosion dampened downstream stockpiling confidence, with enterprises’ psychological price levels largely concentrated at 79,000-80,000 yuan/mt. Although some downstream purchase intention prices have converged with the lowest seller offers in the market, bulk transactions remained limited as the low-priced supply did not fully match downstream requirements in commercial terms and product quality. In the short term, the weak pattern of cobalt sulphate prices is hard to fundamentally reverse, and stabilization and rebound still await the material realization of downstream concentrated restocking demand. side: According to SMM spot price data, spot cobalt chloride prices also recorded five consecutive declines this week. As of June 26, spot cobalt chloride prices dropped to 104,000-106,500 yuan/mt, with the average price reported at 105,250 yuan/mt, down 3,750 yuan/mt from 109,000 yuan/mt on June 18, a decline of 3.44%. From a fundamental perspective, the cobalt chloride market continued to be extremely sluggish this week, with scarce actual transactions and spot liquidity almost drying up. Supply side, most smelters remained suspended from quoting, and sporadic offers more reflected cost bottom lines and psychological expectations. Against the backdrop of difficulty in achieving sales without substantial price concessions, their guiding significance for transactions has been quite limited. Demand side, downstream producers still held some raw material inventory to maintain turnover. In an environment of weak end-use demand and continuous price erosion, the “rush to buy amid continuous price rise and hold back amid price downturn” mentality combined with pessimistic expectations for the future further suppressed purchase willingness. Overall, although the pessimistic atmosphere in the cobalt chloride market was still spreading and the divergence between bulls and bears not fully resolved, a relatively positive signal emerged this week: current transactions could no longer factor in the semi-annual report performance window of various companies, and upstream offers in the market have stabilized after stopping falling, injecting a glimmer of hope into the overall pessimistic market sentiment. However, the direction for H2 remains unclear, and the guiding value of the July price trend remains prominent and warrants close attention. : According to SMM spot price assessments, spot Co3O4 quotes drifted lower this week. As of June 26, spot Co3O4 quotes fell to 329,000-341,000 yuan/mt, with an average price of 335,000 yuan/mt, down 3,500 yuan/mt from 338,500 yuan/mt on June 18, a decline of 1.03%. According to SMM, the Co3O4 market also remained extremely sluggish this week, with very few actual transactions. On the supply side, upstream producers still held divergent views on the market outlook, but given that this week's deals could no longer be settled before the semi-annual report deadline, most previously bearish enterprises had largely completed their shipments, releasing price pressure in stages, and offers began to stabilize this week. On the demand side, although June is a traditional negotiation window, against the backdrop of persistently falling Co3O4 prices, downstream cathode material plants generally adopted a wait-and-see approach; even when they had purchasing intentions, they mainly pushed for significantly lower prices, and the continued price decline in turn further weakened upstream shipment motivation. Overall, the subsequent trend of Co3O4 will still depend on the price direction of cobalt salts. On the news front, recently, the May cobalt product import and export data were released. According to customs data, China's imports of unwrought cobalt in May 2026 were approximately 673 mt, down 50% MoM but up 3% YoY. By source, the top three regions for refined cobalt imports in May were Indonesia (211 mt), Madagascar (93 mt), and Canada (85 mt). The sharp drop in imports this month was mainly because previously accumulated overseas low-priced cobalt raw materials had been consumed, and the prices of newly imported cobalt plates and cobalt beans were higher than other domestic cobalt raw materials, leading to reduced willingness of smelters to purchase for remelting. On the import price side, the average import price of China's unwrought cobalt in May 2026 was $54,557/mt, up 3.48% MoM. Cumulative imports from January to May 2026 reached 6,589 mt, up 120% YoY. On the export side, China's unwrought cobalt exports in May 2026 were approximately 370 mt, up 70% MoM but down 88% YoY. By destination, China's exports to the Netherlands surged significantly, with May exports reaching 205 mt, up 791% MoM. On the export price side, the average export price of China's unwrought cobalt in May 2026 was $53,403/mt, down 2.17% MoM. Cumulative exports from January to May 2026 totaled 2,161 mt, down 79% YoY. Cobalt hydrometallurgy intermediate products, China's imports of cobalt hydrometallurgy intermediate products in May 2026 were approximately 2,584 mt in physical content, up 107% MoM and down 95% YoY, of which imports from the DRC were approximately 2,066 mt in physical content, up 119% MoM and down 96% YoY. The average import price of cobalt hydrometallurgy intermediate products in May 2026 was $16,607/mt in physical content, down 3.37% MoM. It is reported that since May, some Chinese miners have been increasing shipment bookings, and some leading miners have gradually resumed shipments from June. Port arrivals of intermediate products are expected to slowly increase in the coming months, and bulk arrivals are expected after August.

[Demand Support Next Week's Grain-Oriented Silicon Steel Prices Generally Stable with Slight Rise] This week, cold-rolled grain-oriented silicon steel spot prices remained stable, with smooth and orderly market trading. After the steel mills' earlier price hike policy took effect, the market entered a digestion period. Mainstream quotations held steady, with no significant price change. Supply side, steel mills maintained a stable production pace, mainstream resources were released normally, supply was ample and orderly, social inventory stayed within a reasonable range, with no pressure of large inventory buildup or rapid destocking, and supply and demand maintained a weak balance. Demand side, transformer and power equipment enterprises made just-in-time procurement as a normal practice, end-users replenished stock in batches as needed, with no concentrated stockpiling. Transactions were dominated by just-in-time orders, demand provided solid support, and there was no price-cutting to boost volume.

[Cost Support Weakens Further Non-Oriented Silicon Steel Faces Price Cut Expectations Next Week] This week, cold-rolled non-oriented silicon steel spot prices in the Shanghai market operated in the doldrums, and overall market transactions were sluggish. Market feedback indicated that this week, the futures market continued to weaken, dragging down market sentiment, and the supply pressure of non-oriented silicon steel remained significant. Traders showed a strong willingness to sell, but downstream motor enterprises mainly purchased as needed and lacked willingness to restock.

SMM June 26: This week lead prices drifted lower. At the start of the week, mainstream secondary refined lead was offered around parity with SMM #1 lead, with tax-exclusive sources at lower levels; downstream resumptions saw only long-term contract deals. Mid-week, smelters held back from selling and offered sparingly, with only sporadic need-based purchases. At the weekend, the holding-back sentiment intensified, and a few spot orders rose to a premium of 25 yuan/mt. Month-end, downstream players waited on the sidelines for new-month long-term contracts, leaving spot trades sluggish throughout the week. As of June 26, large domestic secondary lead enterprises recorded a per-mt loss of 539 yuan, while small and medium secondary smelters saw losses widen to 740 yuan/mt. Continued weakness in secondary lead prices, coupled with persistently high raw material costs for waste lead-acid batteries, deepened smelter losses WoW. Going forward, although some secondary lead smelters are expected to resume production, ongoing losses and scrap battery raw material supply constraints have led to coexisting reductions and suspensions in the market. Overall secondary lead supply scale next week is expected to be basically flat WoW, and the premium/discount range for secondary refined lead against SMM #1 lead is expected to stay between a discount of 50 yuan/mt and a premium of 50 yuan/mt.

【SMM Copper Cathode Rod Express】China's copper rod producers are actively exploring markets outside China, with export orders providing strong support. Meanwhile, copper price fluctuations narrowed this month and downstream demand outside China remained stable, jointly underpinning a steady export trend in May, down 0.47% MoM.

[Shanghai Refined Zinc Market] Spot discounts for zinc ingot in Shanghai narrowed gradually this week. As SHFE zinc prices fell to lower levels, downstream enterprises showed strong buying sentiment and actively made purchases at favorable price points. Spot transactions in the Shanghai market improved significantly, driving zinc ingot premiums higher.

[Safety inspections in some regions weighed on zinc oxide operating rates this week] The decline in zinc oxide operating rates this week was mainly due to recent safety inspections at some enterprises during the week, which dragged down operations......

With the continued expansion of aluminum processing and downstream industries in Southeast Asia, regional aluminum billet production, consumption and trade markets have attracted growing attention. Malaysia, Thailand and Vietnam are not only important aluminum billet production and consumption hubs in Southeast Asia, but also play a key role in regional aluminum billet trade flows. Markets such as Indonesia, the Philippines and Cambodia, meanwhile, are still at a stage where local processing capacity development and demand for imported aluminum billet are growing simultaneously. Since March 2026, the escalation of geopolitical conflicts in the Middle East has caused significant disruption to the global aluminum supply chain. On the one hand, uncertainty over the supply of primary aluminum and aluminum processed products from the Middle East has increased, pushing up procurement interest in primary aluminum, aluminum billet and secondary aluminum resources across Asian markets outside China. On the other hand, fluctuations in crude oil prices and ocean freight costs have further lifted regional aluminum processing and trading costs. Against this backdrop, LME aluminum prices, Asian regional premiums and Southeast Asian local aluminum billet processing fees have all fluctuated to varying degrees. At the same time, changes in the SHFE/LME price ratio have periodically affected the export arbitrage window for Chinese aluminum processed products. When overseas aluminum prices are stronger than domestic prices and export margins improve, Chinese aluminum processed products and some processing-trade resources show greater willingness to flow into the Southeast Asian market, creating certain disruptions to local billet supply-demand dynamics and quotations. When the price spread narrows, however, regional pricing returns to a framework driven jointly by local supply, imports from the Middle East and other overseas resources. Trade Flows From the perspective of export destinations, the flow of Southeast Asian products under HS760120 is relatively concentrated. In 2025, the top ten export destinations for Southeast Asian HS760120 products totaled around 1.2695 million mt, accounting for approximately 93.3% of total Southeast Asian exports. China was the largest destination, with full-year exports of around 602,100 mt, accounting for approximately 44.3%. Japan, Vietnam and India followed, with around 149,300 mt, 143,500 mt and 111,700 mt respectively, accounting for approximately 11.0%, 10.5% and 8.2%. It should be noted that HS760120 includes primary aluminum alloy ingots, secondary aluminum alloy ingots, other aluminum alloy billets and some cast aluminum alloy products. Therefore, this data mainly serves as a reference for observing trade flows of unwrought aluminum alloys and aluminum alloy billets in Southeast Asia, and cannot be directly equated with 6063 aluminum billet export volumes. Entering 2026, affected by the escalation of the Middle East conflict, uncertainty in the global supply chain for primary aluminum and aluminum processed products increased, and trade flows of aluminum raw materials and aluminum billets in Asia saw certain adjustments. Data shows that total Southeast Asian HS760120 exports fell to around 88,800 mt in February 2026, before rebounding to around 110,700 mt in March and further increasing to around 116,600 mt in April. From February to April, cumulative growth reached approximately 31.2%. In terms of destination changes, China remained the largest export destination, although exports to China declined in April compared with March. India, South Korea, Taiwan, China and Japan showed more obvious increases from March to April. Among them, exports to India rose from around 8,200 mt in February to around 15,700 mt in April; exports to South Korea increased from around 2,400 mt in February to around 10,000 mt in April; exports to Taiwan, China climbed from around 1,500 mt in February to around 4,100 mt in April; while exports to Japan recovered to around 13,700 mt in April. Overall, the rebound in Southeast Asian HS760120 exports from February to April 2026 reflected, on the one hand, the gradual recovery of regional trade after the Chinese New Year holiday. On the other hand, it may also have been related to Asian buyers increasing procurement of Southeast Asian regional resources and supplementing alternative supply sources after the Middle East conflict raised supply risks for overseas primary aluminum, aluminum billet and secondary aluminum. Considering that China, India, Japan, South Korea and Taiwan, China are all important aluminum processing and consumption markets in Asia, the increase in Southeast Asian product flows to these markets indicates that regional unwrought aluminum alloys and aluminum alloy billets have played a certain supplementary and balancing role in trade during periods of supply chain disruption. For the 6063 aluminum billet market, this trend cannot be directly equated with changes in 6063 aluminum billet exports, but it can serve as an important reference for assessing the circulation activity of aluminum billets and aluminum alloy raw materials in Southeast Asia, regional substitution demand and fluctuations in processing fees. Market and Price Analysis With the continued expansion of aluminum processing and downstream enterprises in Southeast Asia, the situation of 6063 aluminum billet differs across countries due to variations in processing levels and downstream demand. Overall, Malaysia and Thailand are the main aluminum billet producing countries in the region and also have certain local consumption capacity. Vietnam’s aluminum processing capacity is growing rapidly, but some local quotations are still mainly for non-homogenized cast billets. Markets such as Cambodia and the Philippines remain at a stage where local processing capacity development coexists with demand for imported aluminum billet. In terms of homogenization status, mainstream 6063 aluminum billet quotations in Malaysia and Thailand usually already include homogenization treatment, and the relevant homogenization cost is mostly included in the aluminum billet processing fee quoted by producers. A small number of non-homogenized 6063 aluminum billet quotations also exist in the Thai market, which can be used to observe the basic processing cost of cast billets. The situation in Vietnam is different. As some enterprises mainly quote non-homogenized cast billets, the apparent processing fee for 6063 aluminum billet is usually around $50-100/mt lower than homogenized quotations in Malaysia and Thailand. Aluminum billet homogenization is an important heat-treatment process in the production of 6063 aluminum billet. It usually refers to placing cast aluminum billets into a homogenizing furnace for heating, holding and cooling treatment, so that the internal composition distribution of the billet becomes more uniform and microstructural segregation formed during casting is improved. For 6063 aluminum billet, homogenization helps improve stability in the subsequent extrusion process, reduce extrusion cracking, surface defects and performance fluctuations, and improve the surface quality and yield of extruded profiles. Therefore, in the aluminum extrusion value chain, homogenized aluminum billet generally has higher use value than non-homogenized cast billet. According to SMM market research, since March 2026, under the influence of factors such as the escalation of Middle East geopolitical conflicts, tighter supply of overseas primary aluminum and aluminum billet resources, and fluctuations in energy and ocean freight costs, 6063 aluminum billet processing fees in major Southeast Asian countries rose to varying degrees. Among them, processing fees for homogenized 6063 aluminum billet in Malaysia and Thailand once increased from the previous $200-250/mt to $250-300/mt, with some high-end quotations even exceeding $300/mt during the peak period. As the Middle East situation eased periodically in mid-June, 6063 aluminum billet processing fees in Malaysia and Thailand declined. At present, mainstream 6063 aluminum billet processing fees in Malaysia have stabilized around $250/mt, and mainstream processing fees for homogenized aluminum billet in Thailand have also stabilized around $250/mt. However, due to differences in raw material structure, product status and quotation basis among enterprises, processing fees still show a wide range. In Thailand, some 6063 aluminum billet processing fees have fallen to as low as around $100-150/mt. In Vietnam, from March to June, 6063 aluminum billet processing fees rose from the previous $150-200/mt to $200-250/mt, before falling back to around $200/mt in mid-June. In addition, from the perspective of the imported aluminum billet arrival market, from May to June, SMM learned that CIF Thailand and Malaysia 6063 aluminum billet premiums/discounts were mostly around a premium of $100/mt, while some low-priced resources even fell to a discount of around $100/mt. These resources were mainly 6063 aluminum billets processed in China under processing trade and then re-exported to the Southeast Asian market. Amid cost advantages and an increase in cargo inflows at certain stages, these resources exerted some impact on the local aluminum billet market in Southeast Asia. From March to April, affected by Middle East geopolitical conflicts, uncertainty over some Middle Eastern aluminum supply increased. Asian buyers in India, Japan, South Korea and Taiwan, China showed higher interest in Southeast Asian aluminum billets and related aluminum alloy resources, driving some Southeast Asian aluminum billet resources to flow out of the region and supporting stronger regional quotations. However, entering May and June, as Chinese aluminum billets flowed into markets such as Thailand and Malaysia through processing trade and re-export channels, competition pressure faced by local Southeast Asian aluminum billet plants increased. SMM research shows that sales pressure for some 6063 aluminum billet producers in Malaysia and Thailand has increased compared with earlier levels, and low-priced imported arrival resources have put certain downward pressure on local ex-works processing fees and the transaction price center. Outlook for Southeast Asian Aluminum Processing Looking ahead, the Southeast Asian 6063 aluminum billet market will continue to evolve around regional processing capacity expansion, import substitution, changes in raw material structure and overseas low-carbon requirements. In the short term, Malaysia, Thailand and Vietnam will remain the core markets for 6063 aluminum billet production and consumption in Southeast Asia. Malaysia and Thailand have relatively mature local billet casting and homogenization capacity, and their pricing systems are closer to a quotation logic based on “LME + regional premium + homogenized processing fee.” Vietnam, meanwhile, still has room for growth in aluminum billet demand as aluminum extrusion and downstream processing capacity improves, but the quotation basis for homogenized and non-homogenized products still needs to be further differentiated. Although local sample coverage in markets such as Indonesia, the Philippines and Cambodia remains limited at present, with the advancement of local aluminum processing projects, future demand for imported aluminum billet, secondary aluminum billet and intra-regional trade flows will remain worth monitoring. In the medium to long term, CBAM and overseas customers’ low-carbon procurement requirements may further drive segmentation in the price system of the Southeast Asian aluminum value chain. For the Southeast Asian aluminum billet market, the impact of CBAM may not necessarily be directly reflected through large-scale exports of aluminum billet itself to Europe, but may instead be transmitted through the export value chain of aluminum profiles, window and door profiles, industrial profiles and other deep-processed products. In the future, when European customers procure aluminum processed products from Southeast Asia, they may pay greater attention to raw material sources, the ratio of primary aluminum, in-house new scrap and aluminum scrap, carbon emission data during production, supply chain traceability and third-party verification capability. Against this backdrop, enterprises with stable homogenization capacity, clear raw material structures, the ability to provide emissions data and low-carbon material options may gain stronger advantages in securing export orders and price negotiations. From the perspective of the price system, CBAM may not immediately drive a one-sided increase in Southeast Asian 6063 aluminum billet processing fees, but it will raise market requirements for differentiating “product status” and “raw material attributes.” In the future, price spreads between liquid aluminum direct-cast billets, remelted aluminum ingot billets and remelted aluminum scrap billets, price spreads between homogenized and non-homogenized aluminum billets, and differences between CIF imported aluminum billet premiums and local ex-works processing fees are all expected to become key areas of market attention. As the aluminum processing industry in Southeast Asia continues to expand, the 6063 aluminum billet market may gradually develop from relatively broad trade quotations in the past toward a more segmented price system differentiated by country, alloy grade, homogenization status, raw material attribute and trade term. SMM Price Points Against the backdrop of regional processing expansion and low-carbon trends, Southeast Asian 6063 aluminum billet processing fees have gradually become one of the key price indicators followed by the market. To help enterprises better track price changes in the Southeast Asian 6063 aluminum billet market, SMM, after market research and improvement of its pricing methodology, will add a series of Southeast Asian 6063 aluminum billet processing fee, calculated reference price and CIF premium/discount price points starting from 3rd July 2026 (Friday) onward for market reference. The Southeast Asian 6063 Aluminum Billet Premium price points will be updated on a weekly basis every Friday at 12:00 noon Kuala Lumpur time, Malaysia, which is the same as Beijing time, GMT+8. Due to differences in settlement methods among enterprises, the full aluminum billet price may vary. For reference, it can be estimated using the following formula: 【LME Official Cash Settlement Price + Quarterly MJP + 6063 Aluminum Billet Processing Fee】. Details of the relevant price points are as follows: Cambodia 6063 Aluminum Billet (Homogenized) Premium, ex-works Cambodia, USD/tonne Malaysia 6063 Aluminum Billet (Homogenized) Premium, ex-works Malaysia, USD/tonne Thailand 6063 Aluminum Billet (Homogenized) Premium, ex-works Thailand, USD/tonne Thailand 6063 Aluminum Billet (Non-homogenized) Premium, ex-works Thailand, USD/tonne Vietnam 6063 Aluminum Billet (Non-homogenized) Premium, ex-works Vietnam, USD/tonne The SMM Southeast Asian 6063 Aluminum Billet price points will be updated on a daily basis every working day at 12:00 noon Kuala Lumpur time, Malaysia, which is the same as Beijing time, GMT+8. The SMM calculated reference price will be derived using the formula: 【LME Official Cash Settlement Price (D-1) + Quarterly MJP + Latest 6063 Aluminum Billet Processing Fee】. Based on this, SMM will publish low-end, high-end and average calculated reference prices. Details of the relevant price points are as follows: SMM Cambodia 6063 Aluminum Billet (Homogenized), ex-works Cambodia, USD/tonne SMM Malaysia 6063 Aluminum Billet (Homogenized), ex-works Malaysia, USD/tonne SMM Thailand 6063 Aluminum Billet (Homogenized), ex-works Thailand, USD/tonne SMM Thailand 6063 Aluminum Billet (Non-homogenized), ex-works Thailand, USD/tonne SMM Vietnam 6063 Aluminum Billet (Non-homogenized), ex-works Vietnam, USD/tonne At the same time, to provide a reference comparison for the Southeast Asian 6063 aluminum billet processing and trading market, SMM will also launch CIF Southeast Asia 6063 Aluminum Billet Premium price points for market reference. The CIF Southeast Asia 6063 aluminum billet premium/discount price points will be updated on a weekly basis every Friday at 12:00 noon Kuala Lumpur time, Malaysia, which is the same as Beijing time, GMT+8. Due to differences in settlement methods among enterprises, the full imported aluminum billet price may vary. For reference, it can be settled using the following formula: 【LME Official Cash Settlement Price + Quarterly MJP + 6063 Aluminum Billet Premium/Discount】. Details of the relevant price points are as follows: CIF Thailand 6063 Aluminum Billet (Non-homogenized) Premium Summary Overall, the Southeast Asian 6063 aluminum billet market is currently at a stage where regional processing capacity expansion, trade flow adjustments and price system segmentation are taking place simultaneously. In the short term, Middle East geopolitical conflicts, changes in overseas primary aluminum and aluminum billet supply, and fluctuations in energy and ocean freight costs will continue to affect Southeast Asian aluminum billet processing fees and import premiums/discounts. At the same time, changes in the SHFE/LME price ratio will also continue to periodically affect the willingness of Chinese aluminum processed products and related aluminum billet resources to flow into the Southeast Asian market. From the perspective of market structure, Malaysia, Thailand and Vietnam remain the core markets for 6063 aluminum billet production, consumption and trade circulation in Southeast Asia. Among them, Malaysia and Thailand have relatively mature pricing systems for homogenized aluminum billet, while Vietnam still requires separate differentiation in price basis due to the relatively high share of non-homogenized cast billet quotations. Going forward, as local processing capacity develops in markets such as Indonesia, the Philippines and Cambodia, changes in regional imported aluminum billet, secondary aluminum billet and local processing fees will also become areas worth continuous tracking. In the medium to long term, CBAM and overseas low-carbon procurement requirements will further increase the importance attached by the Southeast Asian aluminum processing value chain to raw material structure, homogenization capability, carbon emission data and supply chain traceability. Although CBAM may not necessarily drive an immediate one-sided increase in 6063 aluminum billet processing fees, it will prompt the market to more clearly distinguish between different product bases, including liquid aluminum direct-cast billets, remelted aluminum ingot billets, remelted aluminum scrap billets, as well as homogenized and non-homogenized products. Against this backdrop, the launch of SMM Southeast Asia 6063 aluminum billet processing fee, calculated reference price and CIF premium/discount price points will help the market more clearly track changes in regional aluminum billet costs, import substitution space, trade flow adjustments and price differentiation trends under the low-carbon transition.