[SMM Announcement] New Price Announcement for "Guinea Bauxite FOB (Al2O3: 45%, SiO2: 3%, FOB Guinea, $/dmt)"

In recent years, Guinea has played a pivotal role in the global bauxite market, standing as the world's largest bauxite producer. In 2024, the country exported 1.23 billion tons of bauxite, with approximately 90% destined for China, making it the most critical source of bauxite imports for China. The remainder was exported to regions such as India (3%) and Europe (1%). Against the backdrop of tight shipping capacity and the significant impact of freight and bunker adjustment costs on landed costs, SMM is responding to the strong focus from industry chain participants on FOB prices for Guinean bauxite. To more accurately reflect the intrinsic value of bauxite and refocus market attention from CIF prices (which include freight) to FOB prices themselves, SMM has decided to：

Commencing November 7, 2025, SMM will officially launch one new price:

• Guinea Bauxite FOB (Al2O3: 45%, SiO2: 3%, FOB Guinea, $/dmt)

Details of this price point are as follows:

Shanghai Metals Market

Aluminum Research Departmen

6th November, 2025