China June Power Demand Growth Slows Sharply

[Tungsten Flash] On June 24, Tieshanlong Tungsten Company convened relevant personnel from related departments, the construction unit, and the supervision unit to hold a coordination meeting for the first phase of the 396,000 mt expansion project in the Shangping mine area. The meeting conducted in-depth discussions on various preparatory work before construction, with a focus on coordinating key aspects such as construction unit filing, construction drawing delivery, equipment mobilization, and personnel training. Going forward, the company will strictly follow the meeting’s arrangements, coordinate and cooperate with all parties to advance each task according to the scheduled periods, and strive to start project construction as soon as possible.

[SMM Magnesium Weekly Review: Entire Magnesium Industry Chain Weakens; Supply-Demand Weakness Keeps Market Under Pressure] This week, China's magnesium industry chain was in the doldrums across the board. Dolomite prices in Wutai, Shanxi, remained flat. Regional supply tightened, but national supply was ample, and only just-in-time procurement was insufficient to drive prices higher. Fugu and Shenmu 9990 magnesium ingot mainstream prices were 15,750-15,850 yuan/mt, down 200 yuan on the week. High in-factory inventory prompted producers to sell at lower margins, while downstream buyers stayed on the sidelines, making only small restocking purchases, resulting in slow destocking. The average FOB price of magnesium ingot at Tianjin port was $2,275/mt. Overseas demand was sluggish due to the summer break, foreign buyers pushed for lower prices, and new orders were scarce. Falling raw material prices dragged down magnesium powder and magnesium alloy prices. Small and medium-sized magnesium alloy plants cut production, but earlier stockpiles were ample. Two-wheeler demand weakened, putting processing fees under pressure. Both upstream and downstream demand softened simultaneously, and cost support was insufficient. In the short term, the entire magnesium product range is expected to remain in the doldrums.