[SMM Announcement] Consultation on New Price Index "SMM Refined Cobalt (In warehouse Rotterdam)"

Dear Users,

Greetings!

Refined cobalt is a key raw material for manufacturing products such as superalloys, cemented carbides, and magnetic materials. Europe, as a significant global center for aerospace, high-end manufacturing, and chemicals, is also one of the core consumer markets for refined cobalt. Its price dynamics will significantly influence the global market structure and pricing. As the largest port in Europe, Rotterdam aggregates raw materials from major producing regions worldwide, as well as spot cargo circulating within the region, forming a mature storage, logistics, and trading network. Its prices truly reflect the arrival costs, supply-demand balance, and regional premiums in the European market, providing a crucial price reference benchmark for market participants. Therefore, SMM plans to add a new price index, “SMM Refined Cobalt (In warehouse Rotterdam)", to provide the industry with more comprehensive price references.

To solicit genuine suggestions and feedback on the SMM Refined Cobalt (In warehouse Rotterdam) market price, please provide your response, preferably via email, to: marui@smm.cn, wangcong@smm.cn. Please indicate whether your response can be made public. Comments marked confidential may be used for reference but will not be attributed.

This consultation begins on June 20, 2025, and will close on June 27, 2025. SMM will publish all non-confidential responses, along with a summary of findings and related decisions, by June 30, 2025. If these decisions entail substantial changes to the existing methodology, SMM may issue subsequent announcements.

I. Price Definition:

Following discussions with multiple industry participants, SMM proposes the following definition for the "SMM Refined Cobalt (In warehouse Rotterdam)" price:

II. Core Consultation Topics:

1. Price Index Segmentation Method:

□ Segment by Application Field: Alloy Grade, Chemical Grade

□ Segment by Brand

□ No segmentation required

□ Other segmentation method: _________________

2. Modification Suggestions for Other Details in the Price Index Definition

SMM is committed to providing the market with a scientifically sound benchmark price reference for European refined cobalt through precise market insights and technical analysis. Based on current market conditions and future trends, we are initiating this consultation on adding the "SMM Refined Cobalt (In warehouse Rotterdam)" price Index. We sincerely invite all market participants to provide valuable feedback, including but not limited to the topics above.

We will finalize the specific details of the "SMM Refined Cobalt (In warehouse Rotterdam)" price Index based on your feedback, incorporating cost transmission mechanisms and market acceptance. We look forward to your suggestions and feedback!

SMM New Energy Team

June 20, 2025