[SMM Announcement]Regarding the Revision of Historical Cost and Profit Data for NPI by Region and Process

Dear Customer,

Greetings!

During our data maintenance, we discovered that there were input discrepancies in the NPI cost data for the following dates, which require correction:
August 1, August 4, August 5: Full cost, cash cost, and ore cash cost of NPI in Shandong region;
July 31, August 1: Full cost, cash cost, and ore cash cost of NPI in Fujian, Jiangsu, Inner Mongolia, and Liaoning regions.

The specific data categories requiring corrections are as follows:
Nickel - Ferronickel - Cost and Profit - NPI full cost by region and process
Nickel - Ferronickel - Cost and Profit - NPI ore cash cost by region and process
Nickel - Ferronickel - Cost and Profit - NPI cash cost by region and process

This data discrepancy was due to an oversight in our internal data verification process. We have completed a recheck and correction of the relevant data and will optimize the multi-level verification mechanism for data entry to prevent similar issues. We sincerely apologize for any inconvenience this may have caused you.

If you have any questions regarding the corrected data, please feel free to contact Thomas Feng, Senior Research Manager of SMM Nickel Industry Research Department (Tel: 021-51666714, Email: fengdisheng@smm.cn), or Zhang Tongxu, NPI&FeNi Analyst of SMM Nickel Industry Research Department (Tel: 021-20707929; Email: zhangtongxu@smm.cn). Thank you for your understanding and support!

SMM
August 25, 2025