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[Produksi Mingguan Magnesium dan Tingkat Operasi Stabil, Tren Persediaan Berbeda] Dari 15 Mei hingga 21 Mei, produksi mingguan di pabrik magnesium sampel secara nasional mencapai 23.576 ton, dengan tingkat operasi mingguan sebesar 77,4%, pada dasarnya stabil secara mingguan.

[SMM Analysis] Demand Resilience Persists at Tail End of Peak Season, Stainless Steel Social Inventory Continues Destocking On May 21, SMM reported that stainless steel social inventory continued its mild destocking trend this week. Total inventory across the two core markets of Wuxi and Foshan pulled back slightly, dropping from 947,100 mt on May 14, 2026 to 939,200 mt on May 21, down 0.83% WoW, sustaining a mild destocking pattern. Stainless steel market prices were overall in the doldrums this week. Against the backdrop of declining prices, traders generally felt weak market conditions, and wait-and-see sentiment intensified. However, end-use demand demonstrated strong resilience. The market is still at the tail end of the traditional peak consumption season, and downstream end-user just-in-time procurement transactions remained generally stable, without concentrated purchasing halts due to weakening futures or subdued market sentiment, continuously supporting the digestion of market supplies. Meanwhile, steel mill agents proactively cut prices and actively pushed shipments, accelerating the depletion of circulating market supplies. Multiple factors jointly drove stainless steel social inventory to pull back slightly further this week. Overall, sustained release of end-user just-in-time procurement combined with proactive shipments from steel mills jointly dominated the mild destocking trend in inventory this week. Currently, stainless steel mills still maintain reasonable profit margins with strong production willingness, and overall production is expected to stay high, with sustained pressure on the market supply side. As the traditional peak consumption season gradually draws to a close, downstream consumption is about to enter the off-season, and subsequent demand pullback will exert notable pressure on continued inventory destocking. In the short term, inventory is expected to continue its mild destocking trend, but the degree of destocking will most likely slow down gradually. Going forward, close attention should be paid to the sustainability of downstream just-in-time procurement, steel mill production schedules and delivery pace, peak season...

[Tinjauan Mingguan Magnesium SMM: Pola Penawaran-Permintaan Lemah, Pasar Magnesium Berfluktuasi Turun Secara Keseluruhan Minggu Ini] Rantai industri magnesium Tiongkok secara keseluruhan lesu minggu ini. Di hulu, pasar dolomit tetap stabil. Di wilayah produksi Shanxi, sebagian kapasitas dihentikan karena pengendalian terkait perlindungan lingkungan, sehingga pasokan berkualitas menjadi ketat. Namun, pasokan dari wilayah lain dengan cepat mengisi celah tersebut, menjaga pasokan keseluruhan tetap memadai. Dikombinasikan dengan cadangan bahan baku yang melimpah di perusahaan magnesium primer, hanya pengadaan just-in-time yang dipertahankan, dan harga dolomit tetap stabil. Di wilayah produksi utama, operasi magnesium primer stabil, pasokan spot memadai, produsen aktif dalam pengiriman, dan persaingan industri meningkat. Beberapa perusahaan menawarkan konsesi harga untuk memfasilitasi transaksi, mendorong harga ingot magnesium terus menurun secara bertahap. Di hilir, sentimen wait-and-see pengguna akhir kuat. Dipengaruhi oleh mentalitas buru-buru membeli saat harga naik terus dan menahan diri saat harga turun, sebagian besar hanya melakukan pengadaan just-in-time, dengan pesanan besar yang jarang. Pasar menunjukkan pola pasokan kuat dan permintaan lemah. Kuotasi ekspor disesuaikan turun secara bersamaan, dan perdagangan di luar Tiongkok lesu. Dalam pemrosesan lanjutan, operasi serbuk magnesium sedikit menurun, dengan ekspektasi pengetatan pasokan ke depan. Namun, permintaan di dalam dan luar Tiongkok kurang mendapat dukungan memadai, dan pasar bergerak sideways. Perusahaan paduan magnesium mempertahankan operasi stabil, dengan sebagian persediaan sedikit menumpuk. Pesanan industri terdiversifikasi, dan selisih harga antar kuotasi terus melebar. Permintaan hilir beragam, dengan permintaan kendaraan energi baru mengalami pelepasan stabil sementara permintaan kendaraan roda dua tetap lemah secara persisten. Dukungan permintaan keseluruhan lemah, pasokan relatif melimpah, dan harga lesu seiring dengan ingot magnesium.