[MM Magnesium Morning Meeting Summary: Magnesium Prices End Downward Cycle, Tug-of-War Between Sellers and Buyers Continues] Yesterday, the magnesium market showed a divergent trend. The price of Fugu magnesium ingots was 17,250-17,350 yuan/mt (↑100), with FOB prices at $2,380-2,430/mt. Raw material dolomite prices remained stable, while ferrosilicon slightly declined; the magnesium ingot market ended its downward cycle, bottoming out due to support from traders' deliveries, but inventory pressure still exists; demand for magnesium alloys surged under the new national standard policy for EVs, with processing fees remaining firm; magnesium powder exports performed well, with some August orders released in advance. The current market is still in a tug-of-war between sellers and buyers, and it is expected that prices will maintain a fluctuating trend in the short term, with foreign trade deliveries at month-end potentially providing some support.

[SM magnesium weekly review: tug-of-war between sellers and buyers dominates the market, magnesium industry chain shows a weak start but strong finish this week] The overall performance of the magnesium industry chain this week was characterized by a weak start followed by a stronger trend. Upstream dolomite prices remained stable, with steady supply of dolomite this week. As magnesium plants gradually resume production, it is expected to drive demand growth, keeping prices firm. In the main producing areas, magnesium ingot prices first weakened then strengthened; currently, there is a tug-of-war between sellers and buyers, making it difficult for prices to rise or fall next week. Tianjin Port FOB prices rose slightly mid-week, supported by policy expectations and domestic refusal to budge on prices, and may adjust following ex-factory price changes. Magnesium powder prices saw a slight decrease, with procurement slowing down, but production and exports are improving. Magnesium alloy prices have been consolidating at high levels, driven by EV demand, low inventory, and are expected to fluctuate rangebound at high levels.

[smm magnesium morning meeting summary: magnesium plants' reluctance to budge on prices + urgent procurement demand, magnesium market sees both volume and price increase] on august 21, the smm magnesium morning meeting showed that the magnesium market recovered yesterday. in the afternoon, the reluctance to budge on prices among magnesium plants was restored, with some buyers transacting at 17,200-17,300 yuan, resulting in a considerable trading volume. due to approaching shipping schedules, there is an urgent need for procurement, and it is expected that magnesium prices will see a slight upward trend.

Chinese July Magnesium Exports: Volume Boosted by Orders as Market Focus Broadens[SMM Analysis] In July 2025, China magnesium exports reached 36,600 tonnes, up 3.1% MOM and 6.4% YOY. Magnesium ingot exports rose 11.4% YOY to 21,600 tonnes, accounting for 59% of total exports, though cumulative exports fell 7.9%. Magnesium powder shipments grew 10.7% monthly, while alloy exports declined 4.1%. Regionally, exports to key European hubs fell sharply to 4,400 tonnes, while India held steady with monthly average exports of 2,400 tonnes, highlighting a ongoing eastward shift in export focus.

[smm magnesium morning meeting summary: raw material prices diverge, downstream purchases generally on hold] on august 20, the magnesium raw material market showed varied performance: dolomite, driven by resumed production, saw increased demand and firm prices; ferrosilicon futures fell sharply, with the spot market showing weak consolidation. magnesium ingot prices slightly decreased, with fugu quotes at 17,200-17,300 yuan/mt, and fob quotes at $2,380-2,420/mt. overseas tender season orders were clearly divided, with higher quotes after october. magnesium alloy and magnesium powder prices both moved in tandem with raw materials, overall presenting a "weak supply and demand" situation. downstream enterprises mostly adopted a cautious wait-and-see approach, restocking as needed, while the market awaited further recovery to boost demand.

[smm magnesium ingot spot update: magnesium ingot prices slightly decrease, fob prices diverge during overseas tender season] on august 19, the ex-works quotation for magnesium ingots in fugu area decreased by 50 yuan to 17,200-17,300 yuan/mt, with an average price of 17,250 yuan/mt; fob quotations remained stable at $2,400/mt. currently, magnesium prices are in the doldrums, and the tug-of-war between sellers and buyers continues. downstream demand is below expectations, and producers' resolve to refuse to budge on prices has weakened. the overseas market has entered a high-frequency tender period, and fob quotations have diverged. quotations for orders after october are cautiously high, while spot or short-term delivery orders are transacted within the range of $2,380-2,400/mt.

[SMM Survey: Technological Breakthroughs and Environmental Controversies Coexist, Magnesium By-Product Projects Pave New Paths] This week, the magnesium industry showed multiple dynamics: a research team successfully developed self-healing hydrophobic coating technology, significantly improving the corrosion resistance of magnesium alloy AZ31B, clearing obstacles for aerospace applications; Utah in the US proposed to terminate the operating rights of US Magnesium due to environmental disputes, highlighting the challenges of sustainable industrial development; Canada's Canpotex was actively promoting a potassium-magnesium by-product project, entering the green material supply chain through the development of polyhalite resources. Technological breakthroughs, environmental controversies, and strategic layouts together outlined a new landscape for the global magnesium industry.

[smm magnesium morning meeting summary: magnesium prices under pressure, market transactions sluggish] the smm magnesium morning meeting on august 19 showed that the price of dolomite, a raw material for magnesium, was stable with ample supply, and demand increased as magnesium plants resumed production; ferrosilicon prices were stable both in futures and spot markets. magnesium ingot prices slightly decreased, with a supply-demand balance but weakened due to high price aversion from buyers. magnesium alloy prices were high, with both supply and demand being weak and fluctuating along with magnesium ingots. magnesium powder purchases slowed down, with downstream players waiting and hoping for price adjustments, leading to a market characterized by "increased supply, waiting demand" dynamics.

[smm magnesium morning meeting summary: raw material stability and magnesium price correction tug-of-war between sellers and buyers continues in the doldrums] last week, the magnesium market showed a pattern of stable raw materials and weak finished products, with dolomite prices remaining firm and ferrosilicon in supply-demand balance. magnesium ingots and downstream alloys, as well as magnesium powder prices, experienced a slight correction due to sluggish demand. downstream players generally adopted a wait-and-see attitude, and foreign trade transactions were sluggish, leading the market into a phase of adjustment. in the short term, magnesium prices may fluctuate rangebound, and attention should be paid to the recovery of demand in september and the impact of changes in raw material prices on cost support.

[SMM Magnesium Weekly Review: Upstream Stable, Midstream Under Pressure, Potential Demand Inflection Point After Policy Window Period] This week, the magnesium industry chain generally exhibited a generally stable with slight fall trend. The price of upstream dolomite remained stable, but due to the implementation of the tender model and expectations of a rebound in primary magnesium production, there is a possibility of an upward trend in the future. The magnesium ingot market first strengthened and then weakened, with quotes in the main production areas pulling back from 17,400-17,500 yuan/mt to 17,250-17,350 yuan/mt. The overseas FOB price also decreased synchronously to $2,380-$2,430/mt. Magnesium powder prices slightly declined, with supply increasing due to the impact of the export policy window period. Magnesium alloy prices remained high and consolidated, with short-term supply-demand balance but gradual emergence of new demand. Overall, the market showed characteristics of "stable upstream, weak midstream, and waiting downstream," with wait-and-see sentiment dominating market transactions.