[SMM Magnesium Morning Meeting Summary: Supply and Demand in a Stalemate, Magnesium Prices Remain High and Stable] Last week, domestic magnesium prices showed a trend of initial stability followed by an increase, primarily driven by the concentrated release of overseas orders. The trading atmosphere in the magnesium powder market significantly heated up, leading to a continuous rise in magnesium prices.

[SMM Magnesium Weekly Review: Transaction Follow-up, Magnesium Prices Fluctuate Upward This Week] This week, the domestic magnesium industry chain has shown a fluctuating upward trend. Domestic magnesium prices stabilized initially and then rose. Supported by low inventory levels at the beginning of the week, magnesium plants had a strong reluctance to budge on prices, keeping prices firm at 17,100-17,200 yuan/mt. Due to end-users driving down prices, transactions were mediocre in the first half of the week. Later, with a small amount of downstream transactions and the release of magnesium powder orders, magnesium prices climbed to 17,300-17,400 yuan/mt, with a cumulative increase of 250 yuan/mt this week. The overseas magnesium ingot market saw sluggish trading, with quotes at $2,420-$2,450/mt. Affected by the summer break in Japan and South Korea and inverted prices, transactions were weak. The magnesium powder market saw increased trading activity as overseas buyers stockpiled before the new tariff policy took effect, but downstream acceptance of high-priced goods was limited. Magnesium alloy prices followed the upward trend of magnesium ingots, while processing fees remained low for a long time due to fierce competition, approaching the cost line with strong bottom support. Demand was mainly driven by just-in-time procurement, and prices are expected to remain firm in the future. This week, dolomite prices stabilized, with supply-demand balance. Considering that demand stabilized due to magnesium plants' production resumptions, prices are expected to remain stable.

[SMM Magnesium Morning Meeting Summary: Magnesium Prices Rise Slightly, Strong Demand in Magnesium Powder Market] Yesterday, the magnesium market generally showed a generally stable with slight rise trend. The price of dolomite, a raw material, remained stable with sufficient supply. However, demand rebounded as magnesium plants resumed production, and it is expected that prices will remain firm in the future. Ferrosilicon futures fell by 1.22%, but spot supply was tight, with strong price support at the bottom, and it may fluctuate rangebound in the short term. For magnesium ingots, the quoted price in the Fugu area increased to 17,250 yuan/mt. Low inventory supported manufacturers in refusing to budge on prices, and transactions recovered to some extent. However, the buying and selling game in the overseas FOB market intensified, with quoted prices narrowing slightly to $2,380-$2,390/mt. Magnesium alloy prices fluctuated with raw materials, but due to the low processing fee and the inverted price spread between aluminum and magnesium, profits were under pressure. It is expected that prices will remain firm in the short term. Magnesium powder demand was strong, with increased transaction volumes driving enterprise procurement. Prices remained high, with FOB quoted prices at $2,510-$2,580/mt. Overall, magnesium ingots and magnesium powder have strong support, while ferrosilicon and magnesium alloys may continue to fluctuate.

[SMM Magnesium Ingot Spot Cargo Update: Market Trading Remains Sluggish, Producers' Reluctance to Budge on Prices Strengthens] On August 7, the ex-factory quotations for magnesium ingots in the Fugu area ranged from 17,200 to 17,300 yuan/mt, with an average price of 17,250 yuan/mt, marking an increase of 150 yuan from the previous trading day. The FOB quotations remained stable at $2,340 to $2,440/mt. Market trading remained sluggish, with mainstream prices holding steady at 17,200 yuan/mt. Producers continued to refuse to budge on prices due to low inventory levels. The wait-and-see sentiment in overseas markets intensified, with FOB mainstream quotations narrowing slightly to $2,380 to $2,390/mt. The tug-of-war between sellers and buyers persisted.

[SMM Magnesium Morning Meeting Summary: Significant Cost Support, Magnesium Prices Rise Slightly] In the morning, significant transactions were made at the price of 17,100, with all magnesium factories making deals at this price. At this price level, there was a shortage of spot cargo and undersupply, indicating strong bottom support. However, the number of high-price transactions in the main production areas was limited, and high-price transactions were sluggish. The overall magnesium market showed a pattern of weak supply and demand, and it is expected that magnesium prices will continue to consolidate at high levels in the subsequent period.

[SMM Analysis: New National Standards Drive Material Revolution, Magnesium Alloy Becomes the Core Engine for Lightweighting of E-bikes]Driven by the new national standard for e-bikes (GB 17761—2024) implemented on September 1, 2025, magnesium alloy, with its "dual advantages of lightweight performance and cost," is reshaping the material system of the industry.

[SMM Magnesium Morning Meeting Summary: Raw Material Prices Hold Steady, Magnesium Products Continue High-Level Consolidation] On August 6, magnesium raw material prices remained stable. The ex-factory price of 75 ferrosilicon in Shaanxi was 5,800-5,900 yuan/mt, and the most-traded magnesium futures contract closed at 5,716 yuan/mt. Fugu magnesium ingot quotes held steady at 17,050-17,150 yuan/mt, with FOB quotes at $2,340-$2,440/mt. Magnesium alloy prices were 18,700-18,800 yuan/mt, with FOB quotes at $2,580-$2,660/mt. Magnesium powder prices were 18,250-18,450 yuan/mt, with FOB quotes at $2,510-$2,580/mt. The market showed a differentiated trend: supply and demand in the ferrosilicon market both increased; magnesium ingot trading was sluggish, but producers refused to budge on prices; magnesium alloy benefited from rising demand due to the new national standard; and the magnesium powder market continued to wait and see. It is expected that each variety will continue its current operating trend in the short term, with a focus on market changes in mid-August.

[SMM Magnesium Ingot Spot Report: Strong Reluctance to Budge on Prices Among Producers, Market Awaits Demand Recovery] On August 5, magnesium ingot prices in the Fugu region were quoted at 17,050-17,150 yuan/mt, with FOB prices at $2,340-$2,440/mt. Market transactions were sluggish, but producers showed a clear reluctance to budge on prices, with some manufacturers signing futures orders at 17,050 yuan/mt. A Japanese trading company's tender for 99.90% magnesium ingot was concluded at a FOB price of $2,320/mt. Affected by the traditional off-season, both domestic and overseas market transactions remained sluggish, with some magnesium producers initiating maintenance plans in early August. It is expected that a new tug-of-war between sellers and buyers will emerge in the market by mid-August, with short-term prices likely to remain in the doldrums. SMM will continue to monitor market developments.

[SMM survey: Australia and the US accelerate breakthroughs in magnesium industrialisation, South Korea leads in high-end alloy applications] This week, the global magnesium market has shown a diversified development trend. Latrobe Magnesium (LMG) in Australia has received an extension of its environmental protection permit, accelerating the commissioning of its demonstration plant and land disposal, while shifting its strategy to export to the US. However, the market remains cautious about its high-debt model. The US Government Accountability Office (GAO) report has proposed a new approach to extracting critical minerals such as magnesium from desalination scrap. Although technically feasible, industrialisation still faces challenges. The market for degradable magnesium alloys in South Korea has grown rapidly, with strong demand in the medical and NEV sectors. However, the issue of raw material import dependency remains unresolved. Additionally, magnesium ingot inventory has declined, and active procurement by Japan and South Korea has supported prices fluctuating at highs. The market may maintain resilience in the short term, but risks of economic downturn and capacity release should be monitored.

[SMM Magnesium Morning Meeting Summary: Weak Market Demand, Magnesium Prices Under Pressure] The low-priced magnesium supply at 17,000-17,050 yuan/mt in the market yesterday morning was gone in a flash. Traders were active in inquiries during the morning, which influenced magnesium producers in the main production areas to have a strong reluctance to budge on prices. Magnesium producers held firm on their quotes at 17,100-17,200 yuan/mt. However, due to the low take-order prices from downstream buyers and the current strong fear of high prices, transactions at the high end were sluggish.