[SMM Analysis] Logistics Slowdown Causes Disruption in Goods Flow, Stainless Steel Social Inventory Rises Temporarily

[Tungsten Industry News Flash] SMM, March 5: Ganzhou Tungsten Association’s forecast tungsten market prices for March 2026: 55% black tungsten ore concentrate at 900,000 yuan/standard tonne (65%WO3 basis), up 230,000 yuan/standard tonne MoM from February; ammonium paratungstate at 1.33 million yuan/mt, up 360,000 yuan/mt MoM; medium-grain tungsten powder at 2,200 yuan/kg, up 570 yuan/kg MoM.

[SMM Weekly Magnesium Review: The Short-Term Volatile Pattern in the Magnesium Market Remained Unchanged, with Downstream Resumption and Geopolitical Developments Becoming Key Variables] This week, the domestic dolomite market held steady, with the supply side showing regional structural divergence: top-tier enterprises in the Wutai area halted production, while other major producing regions replenished capacity in a timely manner, keeping overall national supply broadly stable. On the demand side, operating rates at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia remained stable, rigid demand was released in an orderly manner, and raw material inventory was ample, reinforcing the foundation for market stability. The domestic magnesium ingot market consolidated at high levels, the tug-of-war between sellers and buyers intensified, and prices fluctuated rangebound. On the supply side, support came from costs and tight spot cargo, enterprises showed strong reluctance to sell, low-priced supply was scarce, and bargaining room was extremely limited. On the demand side, both domestic and overseas demand were weak: in domestic trade, downstream buyers only restocked for rigid demand and purchasing intensity was relatively weak; in export markets, escalation in the Middle East situation disrupted shipping and pushed up ocean freight rates, export shipments were suspended, overseas purchasing plans were delayed, and amid the supply and demand stalemate, prices lacked momentum for a one-way move. The export market for magnesium ingot was hit by fluctuations in ocean freight rates and international developments, with strong wait-and-see sentiment across the industry, weak transactions, and rising uncertainty. The magnesium powder market, supported by raw materials, stayed stable with slight adjustments, mainly fulfilling earlier orders; new orders were few, and both domestic and export markets remained cautious. The magnesium alloy market held up well: magnesium ingot and aluminum ingot prices reinforced cost support, enterprise operating rates rebounded slightly, and demand recovered as downstream die-casting plants gradually resumed operations. Market transactions were mild, and prices were expected to remain largely stable in the short term.

[Production Declines + Foreign Trade Under Pressure! The Magnesium Market Faced Challenges on Both Fronts in February; Can Domestic Demand Fill the Gap and Sustain Hopes for a March Recovery?] In February 2026, magnesium prices fluctuated rangebound within a price range of 16,400-16,800 yuan/mt, with the February average price at 16,464 yuan/mt, flat MoM.