Driven by macro tailwinds such as the "anti-rat race" competition, some news-related stimuli, and the bullish capital in the market, as of the close of the daytime trading session on July 25, the main contracts of coking coal and ferrosilicon futures both closed at the daily limit, with the main contract of coking coal having achieved four consecutive daily limits. The weekly line of the main contract of coking coal even surged by 35.01% this week, demonstrating particularly strong performance in the futures market for coking coal raw materials. Prior to this, supported by the robust raw material end, including the continuous rise in raw coal prices and the firm ferrosilicon prices, coupled with the low inventory levels at magnesium factories, a strong reluctance to sell, and the concentrated release of downstream procurement, magnesium prices experienced a long-awaited "five-day consecutive rise" from July 18 to 24. However, after a period of continuous increases, the rise in magnesium prices came to an abrupt halt on July 25, with the spot industry chain prices remaining stable overall on that day, exhibiting a phased characteristic of "rising first and then stabilizing.