Following review and deliberation, Baosteel hereby announces the adjustments to its domestic sales prices for April 2026 based on March 2026 (unless otherwise specified, all prices are tax-exclusive), as follows: I. Hot-rolled: Base price raised by 200 yuan/mt. II. Plate: Base price raised by 200 yuan/mt. III. Pickling: Base price raised by 200 yuan/mt. IV. Cold-rolled: Base price raised by 200 yuan/mt. V. Hot-dip galvanizing: Base price raised by 200 yuan/mt. VI. Electrogalvanization: Base price raised by 200 yuan/mt. VII. Al-Zn-Al-Mg (medium aluminum): Base price raised by 200 yuan/mt. VIII. Al-Zn-Al-Mg (high aluminum): Base price raised by 200 yuan/mt. IX. Aluzinc: Base price raised by 200 yuan/mt. X. Color-coated: Base price raised by 200 yuan/mt. XI. Non-oriented silicon steel: Base price raised by 200 yuan/mt. XII. Grain-oriented silicon steel: Unchanged. XIII. Seamless pipe: Base price raised by 200 yuan/mt. XIV. Welded pipe: Base price raised by 200 yuan/mt. XV. Wire rod: Base price raised by 200 yuan/mt. XVI. Bar: Base price raised by 200 yuan/mt. XVII. For adjustments to alloy surcharges as well as coating and plating surcharges, please refer to the April 2026 price list. XVIII. The above price adjustment notice shall take effect from the date of publication. XIX. The Marketing Center (Baosteel International) of Baoshan Iron & Steel Co., Ltd. reserves the right of final interpretation of this price adjustment notice. Baoshan Iron & Steel Co., Ltd. Marketing Center (Baosteel International) March 9, 2026

BC copper, the most-traded 2604 contract, opened at 88,740 yuan/mt, fluctuated rangebound early in the session and bottomed at 88,620 yuan/mt. The center of copper prices then gradually moved higher, and after the daytime open it continued to fluctuate upward, testing 90,460 yuan/mt, before finally closing at 90,110 yuan/mt, up 1.90%. Open interest fell to 5,829 lots, down 172 lots from the previous trading day, while trading volume rose to 4,634 lots, indicating bears reduced positions. On the macro front, Trump claimed the Iran war was basically over and mentioned considering control of the Strait of Hormuz. Market concerns over geopolitical conflicts eased, driving international oil prices to retreat from highs; the US dollar index was under pressure, which was bullish for copper prices. Fundamentals, supply side saw sustained increases in availability, with ample replenishment from both domestic and imported sources; demand side, affected by rising copper prices, downstream purchasing sentiment was slightly restrained, and the pace of release in rigid demand slowed somewhat. SHFE copper 2604 contract closed at 101,520 yuan/mt. Based on BC copper 2604 at 90,110 yuan/mt, its after-tax price was 101,824 yuan/mt, and the price spread between SHFE copper 2604 and BC copper was -304. The price spread remained in backwardation and widened markedly versus the previous day.

[SMM Chrome Daily Commentary: Quotes Rose Steadily, Strong Support at the Bottom] News on March 10, 2026: Both ferrochrome and chrome ore quotes rose slightly……

[SMM Daily Review: The High-Grade NPI Market Was Briefly Under Pressure, While the Cost-Support Logic Remained Unchanged] News on March 10: SMM’s upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.4, up 0.03 MoM.

[SMM Cast Aluminum Alloy Morning Comment: Prices Pull Back as Aluminum Scrap Holders Are Reluctant to Sell; Overall Market Trading Remains Muted] Yesterday, the SMM ADC12 price rose by 500 yuan/mt, with the center of market quotations moving up markedly. Most producers’ price adjustments were concentrated in the 500–600 yuan/mt range. Recently, raw material prices have continued to strengthen, and the cost side has risen quickly, providing a clear lift to enterprise quotations. However, downstream demand has been relatively steady. Most enterprises reported that orders and inquiry activity were generally average, and downstream purchasing remains mainly restocking on an as-needed basis. Supported by cost-driven momentum and market expectations, enterprises have shown a clear willingness to raise prices. In the short term, against the backdrop of cost support and mild supply release, ADC12 prices are expected to hold up well. The medium-term trend will still depend on the recovery of end-use consumption. If die-casting industry orders increase significantly, the price center is expected to move up further; if demand recovery falls short of expectations, coupled with a continued rise in operating rates on the supply side, prices will shift from elevated levels into rangebound consolidation.

[SMM Stainless Steel Daily Review] Easing Geopolitical Sentiment Supports Base Metals; SS Futures Hold Up Well and Fluctuate Upward SMM News on March 10: SS futures showed a hold-up-well, rangebound pattern. US President Trump said regarding the situation related to Iran that “the war is about to end,” which supported base metals futures and led to signs of strengthening. SS futures also rose in tandem, closing at 14,265 yuan/mt by the midday close. In the spot market, driven by stronger SS futures, traders turned more optimistic and confidence improved, with fewer low-priced supplies in the market. Downstream end-users still mainly made just-in-time procurement, and overall transactions remained steady. The most-traded SS futures contract fluctuated downward. At 10:15 a.m., SS2604 was quoted at 14,310 yuan/mt, up 100 yuan/mt from the previous trading day. In Wuxi, spot premiums for 304/2B were in the 210-410 yuan/mt range. In the spot market, Wuxi cold-rolled 201/2B coils were generally stable; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi was stable and the average price in Foshan was stable; cold-rolled 316L/2B coils in Wuxi were stable; hot-rolled 316L/NO.1 coils in Wuxi were quoted stable; and cold-rolled 430/2B coils in both Wuxi and Foshan were stable. As the traditional peak consumption season of “Golden March and Silver April” begins, the stainless steel market is entering a window for demand recovery. Downstream demand is gradually returning as market participants resume work and resume production after the Chinese New Year holiday, but although transactions improved compared with the earlier period, the bustling peak-season momentum has yet to emerge. End-user procurement remains mainly just-in-time, and stockpiling willingness is relatively low. On the futures side, driven by risk aversion triggered by geopolitical conflicts...

[SMM Daily Brief Commentary on Coking Coal and Coke] In terms of supply, most coke producers were in a loss-making position, and some coke producers saw inventory buildup, which continued to suppress their production incentives, with coke oven operating rates edging down. Demand side, steel mills’ coke inventory was at a reasonable level, and they were still mainly purchasing as needed; steel mills showed signs of controlling arrivals. In addition, the impact of steel mills’ voluntary production cuts during the Two Sessions led to a decline in the daily average hot metal output, weakening rigid demand for coke. Overall, coke fundamentals remained unoptimistic, and cost support was expected to weaken; in the short term, the coke market may remain in the doldrums.

SMM News, March 10: Today, Guangdong spot #1 copper cathode against the front-month contract: high-quality copper was quoted at 120 yuan/mt, up 30 yuan/mt; standard-quality copper was quoted at a discount of 50 yuan/mt, up 60 yuan/mt; SX-EW copper was quoted at a discount of 110 yuan/mt, up 60 yuan/mt. The average price of Guangdong spot #1 copper cathode was 101,335 yuan/mt, up 1,910 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,190 yuan/mt, up 1,925 yuan/mt from the previous trading day. Spot market: Today, Guangdong inventory ended a three-day decline and increased slightly, mainly due to higher arrivals. Although both inventory and prices rose, the price spread between futures contracts widened versus yesterday, which instead increased suppliers’ reluctance to sell; on the downstream side, after the sharp rise in copper prices, restocking enthusiasm fell versus yesterday, and overall trading was weaker than yesterday. Today, procurement sentiment for copper cathode in Guangdong was 2.62, down 0.13 from the previous trading day, and shipment sentiment was 3.12, down 0.12 from the previous trading day (historical data can be queried by logging into the database). Overall, copper prices rose, but the widening price spread between futures contracts led suppliers to hold back sales; spot premiums increased, but overall trading was weaker than yesterday.

On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

SMM News on March 10: During the day, the most-traded SHFE lead 2604 contract opened at 16,710 yuan/mt. In early trading, the price edged down slightly before fluctuating higher and then pulling back again. During the session, SHFE lead prices fluctuate rangebound within 16,670-16,690 yuan/mt. Affected by weak downstream consumption recovery and persistently sluggish spot transactions at smelters, lead prices rebounded slightly in the afternoon before coming under pressure. Near the close, SHFE lead prices settled at the day’s low of 16,650 yuan/mt. A bearish candlestick without a lower shadow was recorded, down 90 yuan/mt, or 0.54%. After the Lantern Festival, domestic smelters accelerated the pace of resuming operations, but downstream consumption sentiment remained weak. Spot shipments stayed at low levels, and inventories at some enterprises remained persistently high. SMM expects that lead prices will maintain a fluctuating trend in the short term. Data Source Statement: Except for public information, all other data are processed by SMM based on public information and market communication, and generated relying on SMM’s internal database models. They are for reference only and do not constitute decision-making advice.