According to local Indonesian officials, Tesla will build a battery factory in Indonesia.

[SMM Analysis] Peak Season Expectations Fall Short and Futures Continue to Weaken; Sluggish End-Use Demand Leads to Slight Stainless Steel Inventory Buildup SMM, September 10: This week, stainless steel social inventory shifted from a stable trend to a slight buildup, with the inventory midpoint edging up and the peak-season destocking pace falling short of expectations. Total inventory in the two core markets of Wuxi and Foshan rose slightly, from 925,800 mt on September 3, 2026, to 926,200 mt in the latest period, up 0.04% WoW. This week, expectations for a "September peak season" recovery in the stainless steel market completely fell through, with persistently weak end-use demand becoming the core driver of the slight inventory buildup. During the week, SS futures extended their weak trend and hit bottom again, with the low point dipping to 13,555 yuan/mt. The continued decline in futures amplified market pessimism, and wait-and-see sentiment among downstream players and traders increased significantly. The end-use market showed no concentrated stockpiling activity, procurement continued to shrink, and inquiries and transactions in the market were generally sluggish, with only rigid, as-needed buying. Overall destocking efficiency remained low. On the supply side, although steel mill production schedules pulled back in September and industry supply pressure eased marginally, the mismatch between persistently weak end-use demand and insufficient destocking capacity made it difficult to effectively absorb market supply. The destocking process stalled, ultimately resulting in a slight inventory buildup. Overall, the continued breakdown in futures pressured market confidence, pre-peak-season demand was entirely absent, and end-use transactions remained sluggish. These were the core reasons for the slight stainless steel inventory buildup this week. The pullback in steel mill production schedules failed to effectively offset the inventory pressure caused by weak demand. At this stage, the stainless steel peak season...

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【SMM Weekly Magnesium Cost Briefing】From September 4 to September 10, the average production cost of magnesium ingots in Shaanxi province stood at RMB 16,084 per ton, down by around 6.1% week on week. The decline in cost was mainly driven by the drop in prices of raw materials. In terms of profits, the average profit of the industry this week came in at RMB 3 per ton, marking an overall turnaround from losses to profits, yet the profit margin is extremely thin, basically hovering around the break-even line, with an average profit margin of 0%. On the whole, the cost of magnesium ingots has dropped significantly this week. Affected by the falling magnesium prices, the recovery of industrial profits remains limited, and most manufacturers are still on the verge of slim profit or loss. The short-term cost support has somewhat weakened, thus continuous attention should be paid to the price trend of raw materials and the recovery of downstream demand.