[SMM Announcement] Announcement on Revising the Quotation Method for SMM Medium-Yttrium, Europium-Rich Ore Prices

Dear Users:

Hello! Thank you for your continued attention and support for SMM (Shanghai Metals Market). The SMM Rare Earth Industry Research Department has always been committed to providing the market with accurate, reliable, and representative price references.

Recently, during our market survey and review evaluation of medium-yttrium, europium-rich ore prices, we found that due to changes in the supply-demand relationship of the ore itself, there is significant room for negotiation between buyers and sellers in practice, resulting in a certain degree of deviation between the quoted prices and the actual transaction prices when contracts are concluded.

Meanwhile, in the long-term study of medium-yttrium, europium-rich ore, we have found that the ore itself has significant variations in rare earth element grades. Therefore, the evaluation of its actual transaction price typically requires calculation based on SMM oxide prices and the rare earth element grade of the transaction subject, with reference to the SMM medium-yttrium, europium-rich ore price. On this basis, buyers and sellers negotiate and eventually conclude the contract.

Based on the above actual changes and pricing logic in the medium-yttrium, europium-rich ore market, the SMM medium-yttrium, europium-rich ore price has been revised from being based on buyers' and sellers' quotes to being based on actual transaction prices aligned with national standards.