[SMM Magnesium Morning Meeting Summary: Support for refusing to budge on prices weakens, and prices may continue to be weak in the future] Negative feedback from the magnesium alloy and aluminum alloy sectors during the off-season for demand, coupled with a reduction in magnesium ingot procurement needs, and the completion of stockpiling for some foreign trade orders in advance due to the overseas summer break, results in relatively limited support on the demand side. Overall, the magnesium market exhibits a pattern of weak supply and demand, and magnesium prices are expected to continue fluctuating rangebound in the future.

[SMM Spot Magnesium Ingot Report: Magnesium Plants Lower Prices to Stimulate Transactions, Magnesium Prices Fall Today] SMM reported on July 2 that magnesium prices were in the doldrums today. The quoted prices for magnesium ingots in the Fugu region ranged from 16,100 to 16,300 yuan/mt, with the mainstream transaction prices at 16,100 yuan/mt, down 50 yuan/mt from yesterday.

[SMM Magnesium Morning Meeting Summary: Weak Supply and Demand, Prices Maintain Sideways Movement] SMM reported on July 2 that magnesium product prices remained stable overall today: Fugu magnesium ingot at 16,200 yuan/mt (FOB $2,220-2,300), magnesium alloy at 17,700-17,900 yuan/mt (FOB $2,480-2,510), and magnesium powder at 17,450-17,650 yuan/mt (FOB $2,380-2,450). Raw material dolomite was priced at 78-128 yuan/mt, and ferrosilicon at 5,600-5,700 yuan/mt (futures fell by 120 yuan). The market maintained a weak balance between supply and demand. Production resumptions of high-quality magnesium ingot in Shaanxi may drive up demand for high-quality dolomite, but the European summer break is suppressing exports. The expansion of magnesium alloy capacity has intensified competition in processing fees, while magnesium powder continues to operate under a production-on-order model. Prices are expected to remain volatile in the short term, and it is recommended to monitor marginal changes in demand.

[SMM Spot Magnesium Ingot Report: Prices Stagnant, Market Awaits New Momentum] SMM reported on July 1 that today's Fugu magnesium ingot prices were quoted at 16,150-16,250 yuan/mt (FOB $2,220-$2,300), unchanged for three consecutive days. Factories showed strong reluctance to budge on prices, with the supply side maintaining stable production and no new capacity being released. The demand side presented a pattern of domestic stability and overseas weakness: domestic rigid demand provided support, while foreign traders replenished stocks based on low-price orders; European summer break, coupled with economic pressure, resulted in continued weak procurement. It is expected that prices may experience a slight correction in the short term, but there is strong support at 16,000 yuan/mt. SMM will continue to track market changes.

[SMM Magnesium Morning Meeting Summary: Market Deadlock Persists as Buyers and Sellers Remain in Stalemate] Current magnesium alloy inventory levels are at a low, providing a floor for prices. With relatively small inventory pressure, smelters generally lack the willingness to lower selling prices, leading to multiple rebounds after magnesium prices hit periodic lows. Overall, magnesium prices maintained a slight fluctuation trend.

[SMM Spot Magnesium Ingot Report: Magnesium Producers Show Strong Reluctance to Budge on Prices, Magnesium Prices Remain Stable Today] SMM reported on June 30 that today, magnesium producers exhibited a strong reluctance to budge on prices. The mainstream quotations for magnesium ingots in the Fugu region ranged from 16,200 to 16,300 yuan/mt, while the mainstream transaction prices were between 16,150 and 16,200 yuan/mt. Trading volume was average, and magnesium prices remained stable amidst a stalemate.

[SMM Magnesium Morning Meeting Summary: Prices Consolidate Sideways, Market Awaits Breakthrough Direction] SMM reported on June 30 that magnesium product prices remained stable overall at month-end: Fugu magnesium ingot at 16,200 yuan/mt, magnesium alloy at 17,700-17,900 yuan/mt, and magnesium powder at 17,450-17,650 yuan/mt. Raw material prices included dolomite at 78-128 yuan/mt and ferrosilicon at 5,600-5,700 yuan/mt. The market continued to exhibit a weak balance between supply and demand, with magnesium prices fluctuating rangebound within 16,000-16,300 yuan/mt for three consecutive weeks. Producers' refusal to budge on prices and expectations of production resumptions have created a tug-of-war. The release of new magnesium alloy capacity has intensified competition in processing fees, while magnesium powder maintains a cost-supported trend. In the short term, in the absence of new driving factors, the market may continue to fluctuate rangebound. It is recommended to pay attention to the actual progress of production resumptions in July and the recovery of overseas orders.

[SMM Analysis: Raw material prices are under pressure, while the average profit of the magnesium ingot industry remains at highs] According to SMM, ferrosilicon and coal, which account for the majority of the raw material costs for magnesium ingots, have been in a slump due to the loose market supply since the beginning of this year. On the other hand, due to the relatively concentrated maintenance and production cuts of magnesium ingot enterprises, the supply of magnesium ingots has been tight, and prices have shown an upward trend, leading to an expansion in the average profit of the magnesium ingot industry.

[SMM Magnesium Ingot Spot Report: SMM reported on June 27 that today's Fugu magnesium ingot offers range from 16,150 to 16,250 yuan/mt, with FOB offers ranging from $2,220 to $2,300/mt. Prices have fluctuated rangebound within the 16,000 to 16,300 yuan/mt range for three consecutive weeks. The current market shows a weak balance between supply and demand: On the supply side, production remains stable, but the expected resumption of production in July may disrupt the current price-holding pattern of producers. On the demand side, domestic trade is stable, while foreign trade orders have stalled temporarily, with traders buying the dip to fulfill existing orders. In the absence of new demand stimuli, it is expected that prices will maintain a fluctuating trend in the short term, and may face downward pressure in July.]

[SMM Analysis: Magnesium Trade Dynamics Alloys Rise to 58% Share Amid Ingot Export Collapse] According to data from China Customs, the total export volume of magnesium products in May showed a month-on-month increase, but with notable shifts in product mix: magnesium alloy emerged as the dominant export category, while magnesium ingot exports fell to their lowest level in nearly a year, down 14.43% year-on-year. Europe's market share declined to 28%, while demand remained relatively stable in Asia (South Korea, India) and North America.