[SMM Magnesium Weekly Review: Magnesium Prices Consolidate at High Levels, Market Operates Weakly and Stably in the Short Term] This week, the magnesium market generally exhibited a consolidation trend at high levels. Prices of 99.90% magnesium ingot in the main producing areas fluctuated within the range of 17,100-17,200 yuan/mt. At the beginning of the week, prices slightly increased due to restocking by traders, but subsequently pulled back slightly as demand failed to keep up. In overseas markets, FOB quotes remained stable, but transactions were sluggish. Supported by just-in-time procurement from Japan and South Korea, the European summer break dampened demand, resulting in a slight downward pressure on actual transaction prices. Magnesium powder and magnesium alloy prices followed the trend of raw material magnesium ingot, with sluggish market transactions. Downstream buyers purchased as needed, and wait-and-see sentiment was strong. Dolomite prices remained stable, with supply-demand balance providing firm support for magnesium ingot costs.

[SMM Magnesium Morning Meeting Summary: Support for Refusing to Budge on Prices Weakens, Prices May Remain Weak in the Future] Today, magnesium producers' reluctance to budge on prices has slightly weakened. There are low-priced supplies available in the market at 17,100 yuan/mt, but mainstream large producers are still maintaining firm quotes at 17,200 yuan/mt. The center of the overall market quotes has pulled back slightly.

In the late July, the positive effects of the "anti-rat race" competition policy began to emerge, and the commodity market continued to heat up. The ferrous metals sector also rose in tandem, strongly driven by the soaring coking coal prices. Affected by the sharp jumps in the prices of core raw materials for primary magnesium, such as coal and ferrosilicon, coupled with the favorable conditions for a phased upward movement in the magnesium market's fundamentals, magnesium prices broke through the 17,000 yuan mark, rising to 17,100-17,200 yuan/mt.

[SMM Magnesium Morning Meeting Summary: Supported by Firm Raw Material Prices, Magnesium Products Remain High and Range-bound] On July 31, the prices of magnesium raw materials remained firm. The ex-factory price of 75 ferrosilicon in Shaanxi was 5,800-5,900 yuan/mt, and the most-traded futures contract closed at 6,008 yuan/mt. The quotes for Fugu magnesium ingots held steady at 17,100-17,200 yuan/mt, with FOB quotes at $2,350-2,460/mt. Magnesium alloy prices remained at 18,750-18,850 yuan/mt, with FOB quotes at $2,600-2,670/mt. Magnesium powder prices were at 18,300-18,500 yuan/mt, with FOB quotes at $2,520-2,590/mt. The market as a whole exhibited characteristics of weak supply and demand: the supply side maintained a tight balance due to policy regulations and planned maintenance; the demand side only maintained just-in-time procurement, with sluggish trading. The ferrosilicon market received support from the initiation of tenders by steel mills, and magnesium-based products remained high due to cost support, but actual transactions were limited. It is expected that the market will continue to fluctuate at highs in the short term, with a focus on the release of demand in August.

[SMM Magnesium Ingot Spot Cargo Update: Magnesium Ingot Producers Show Strong Reluctance to Budge on Prices, Market Awaits Demand Release] On July 30, magnesium ingot prices in Fugu region remained at 17,000-17,200 yuan/mt, with FOB prices at $2,350-$2,450/mt. Market transactions were sluggish, but producers showed a clear reluctance to budge on prices, mainly influenced by capacity control policies and planned maintenance in August. Current futures orders are expected to be delivered by early August, while downstream demand has only been sporadically released, with the overall market maintaining a wait-and-see attitude. The market anticipates tighter supply in August, with demand trends gradually becoming clearer, and short-term prices may continue to fluctuate at highs.

[SMM Magnesium Morning Meeting Summary: Strong reluctance to budge on prices, magnesium prices remain firm amid tug-of-war between supply and demand] The current magnesium ingot market is showing a firm trend at highs. The sentiment in the raw material sector is fluctuating between bullish and bearish, with the ferrosilicon market sentiment strengthening. Driven by this sentiment, magnesium products are following the magnesium ingot prices and fluctuating at highs.

[SMM Magnesium Morning Meeting Summary: Magnesium Prices Stabilize at Highs, Market Trading Turns Sluggish] SMM reported on July 29 that magnesium raw material prices remained firm. The ex-factory price of 75 ferrosilicon in Shaanxi was 5,800-5,900 yuan/mt, and the most-traded ferrosilicon futures contract closed at 5,840 yuan/mt. The quoted price of magnesium ingot in Fugu was 17,100-17,200 yuan/mt, with an FOB price of $2,350-2,460/mt, a slight increase of 50 yuan from the previous day. Magnesium alloy prices remained at 18,750-18,850 yuan/mt, with an FOB price of $2,600-2,670/mt. Magnesium powder prices were 18,300-18,500 yuan/mt, with an FOB price of $2,520-2,590/mt. The overall market showed characteristics of prices stabilizing at highs, but trading atmosphere turned sluggish due to downstream fear of high prices. Ferrosilicon manufacturers had a strong reluctance to budge on prices, and magnesium plants maintained a strategy of refusing to budge on prices. However, downstream procurement was mostly in a wait-and-see attitude, only making just-in-time procurement. It is expected that the magnesium market will maintain a high-level, rangebound fluctuation pattern in the short term, with actual transactions possibly continuing to be limited.

[SMM Magnesium Ingot Spot Cargo Report: Magnesium Prices Continue to Rise as Producers Refuse to Budge on Prices, Trading Sluggish with Diverging Inventory Levels] This week, the ex-factory price of Fugu magnesium ingot was reported at 17,100-17,200 yuan/mt, with an average price of 17,150 yuan/mt, continuing the trend of a slight rise, mainly due to the strong reluctance of producers to budge on prices. The market trading atmosphere was sluggish, with trading volume contracting. However, inventory levels diverged, with producer inventory decreasing by 19.8% week-on-week and social inventory slightly increasing by 2.34%. Demand was suppressed by high prices, with both domestic and foreign trade buyers exhibiting a strong wait-and-see sentiment, but potential demand still exists. It is expected that the magnesium market will maintain a fluctuating rangebound operation in the short term.

[SMM Magnesium Morning Meeting Summary: Costs Provide Support, Magnesium Prices Remain Firm Amidst Mixed Market Sentiments] The current magnesium ingot market is showing an upward trend at highs. Amidst high temperatures, the cost support for magnesium ingots has strengthened, and magnesium products are fluctuating at highs following the price of magnesium ingots.

[SMM Magnesium Weekly Review: Rising Costs and High Sentiment Boost Magnesium Prices, While Divergent Demand and Wait-and-See Purchasing Attitudes Limit Product Price Increases] This week, the magnesium ingot market generally fluctuated rangebound, involving multiple links such as dolomite, magnesium ingot, magnesium alloy, and magnesium powder.