[SMM Announcement] Announcement on the Suspension of SMM High-Grade NPI Price Updates

Dear User,

Greetings!

As the annual long-term contract signing period approaches, we would like to remind you again that the prices for NPI (8-12%) Price, USD/mtu and NPI(10-14%) Indonesia Price, USD/mtu will be suspended on December 31, 2025 (working day). Customers using the above prices for settlement should pay attention to the time period and adjust their price usage promptly to avoid any impact on your business due to the suspension of price updates.

Suggestions for new price usage are as follows:

Customers originally using NPI (8-12%) Price, USD/mtu may adjust as needed to use NPI (8-10%) Price, USD/mtu or NPI (10-12%) Price, USD/mtu;

Customers originally using NPI(10-14%) Indonesia Price, USD/mtu may adjust as needed to use NPI (10-12%) Indonesia Price, USD/mtu or NPI (12-14%) Indonesia Price, USD/mtu .

Please make relevant business arrangements in advance. If you have any questions, please feel free to contact Thomas Feng, Senior Research Manager of the SMM Nickel Industry Research Department (Tel: 021-51666714, Email: fengdisheng@smm.cn), or Liya Zhang, NPI & FeNi Analyst of the SMM Nickel Industry Research Department (Tel: 021-20707929; Email: zhangtongxu@smm.cn).

Thank you for your attention and support of SMM!

SMM Nickel Industry Research Team

November 3, 2025