[SMM Magnesium Morning Meeting Minutes: Magnesium Producers Show Flexibility on Prices with Low-Priced Supplies Available, Magnesium Prices in the Doldrums] Magnesium prices remained under pressure today, with sluggish market transactions leading to a slight increase in producers' inventory. Under these circumstances, some magnesium producers showed flexibility in their reluctance to budge on prices, and low-priced supplies emerged in the market this morning, with transaction prices ranging from 16,600 to 16,500 yuan per mt.

[SMM Magnesium Morning Session Summary: Magnesium Market Diverged Ahead of Holiday, Raw Materials Held Steady While Magnesium Ingot Under Pressure] On September 29, the magnesium raw material market remained generally stable. Dolomite prices held firm supported by rigid demand, while 75 ferrosilicon prices rose to 6,100–6,200 yuan/mt due to tight spot supply. The rebound in profits may lead to a slight increase in subsequent production. The magnesium ingot market continued to weaken, with Fugu offers falling to 16,600–16,700 yuan/mt. Both domestic and export demand remained mediocre, transactions were sluggish, and market wait-and-see sentiment was strong. Magnesium alloys maintained a relatively strong trend, with low spot inventory prompting manufacturers to schedule production and raise processing fees. The undersupply situation is expected to persist in the short term. For magnesium powder, active transactions last week drove a surge in domestic trade procurement. However, as pre-holiday stockpiling was completed, downstream buyers shifted to a wait-and-see stance. Export orders showed no significant increase, and trading activity slowed down.

Recently, the magnesium market has frequently received news of rising prices of raw materials such as ferrosilicon, coal, and dolomite. Affected by this, magnesium plants in major producing areas have become increasingly reluctant to sell, with magnesium prices steadily rising. So, what is the impact of the abnormal price movements of raw materials on magnesium?

Recently, the domestic magnesium alloy industry has achieved multiple breakthroughs in technological innovation, production capacity implementation, and regional layout, emerging as a key driving force for the lightweight transformation of industries such as automotive.

[SMM Magnesium Morning Meeting Minutes: Tepid Domestic and International Demand Suppresses Trading, Magnesium Prices Face Resistance Despite Firm Highs] Yesterday, domestic magnesium producers continued to hold firm on their offers, with most maintaining prices at 16,700 yuan/mt. However, actual market transactions were weak, with relatively limited trading volume, and some manufacturers conducted sales promotions at lower prices of 16,650 yuan/mt.

[SMM Magnesium Weekly Review: Tight Balance in Raw Materials Coupled with Surging Demand Makes Magnesium Alloy a Highlight in the Industry Chain] This week, various segments of the magnesium industry chain showed divergent trends. The price of upstream dolomite held up well, with supply and demand in a tight balance, providing support for future raw material costs. In major production areas, magnesium ingot prices fluctuated rangebound, as supply and demand remained at a stalemate. Although short-term supply remained stable, expectations of capacity recovery in the later period brought supply pressure, prompting some producers to sell at low inventory levels.

[SMM Domestic Analysis: Magnesium Alloy Industry Accelerates Implementation: Enterprise Breakthroughs and Urban Layout Jointly Outline the Blueprint for Lightweight Development] Recently, the domestic magnesium alloy industry has seen multiple breakthroughs in technological advancements, capacity implementation, and regional layout, becoming a significant force driving the lightweight transformation of industries such as automotive.

[SMM Magnesium Morning Meeting Minutes: Raw Material Cost Support Remains Solid, Downstream Adopts Wait-and-See Stance Awaiting Demand Pickup] September 25 – The magnesium market overall exhibited the characteristic of "strong raw materials, divergent finished products." Cost side, dolomite prices held up well supported by rigid demand, while ferrosilicon remained stable underpinned by cost support. Magnesium ingot market offers were firm but transactions were limited, with insufficient growth in domestic and international demand, leading to strong wait-and-see sentiment in the market. Magnesium alloy benefited from expectations of the September-October peak season, with supply-demand tightening and prices showing strength. Magnesium powder entered a weak balance pattern due to the conclusion of pre-holiday restocking and weak international demand. Overall, the cost side provides a bottom support for the market, but substantial demand pickup remains key to future price trends.

In August 2025, China's magnesium product exports achieved moderate growth of 5.43% month-on-month and 4% year-on-year, reaching 38,600 tons, primarily driven by the fulfillment of orders received in the previous period. However, this performance was tempered by high prices resulting from the "anti-internal competition" policy, which fostered a cautious wait-and-see attitude among buyers, alongside stricter export payment regulations and a seasonal slowdown in Europe. A significant divergence was observed across product types: while magnesium ingot exports grew steadily and magnesium alloy shipments surged 27.23%, indicating strong North American demand, magnesium powder exports declined. Despite inventory buildup suggesting near-term softness, a "rush-to-export" effect ahead of October's new policies is anticipated to boost shipments in September.

[SMM Magnesium Morning Meeting Minutes: Raw Material Cost Support Bolsters Price Firmness Across Multiple Magnesium Varieties, Pre-Holiday Wait-and-See Sentiment Prevails with Magnesium Ingot and Powder Trading Rangebound] On September 19, the price of dolomite, a raw material for magnesium, remained stable, while ferrosilicon futures rose slightly. The recovery in spot steel tendering demand supported prices to fluctuate rangebound. Magnesium ingot quotations increased driven by rising raw material costs, but low-priced sources still existed in the market. Under the supply-strength-demand-weakness pattern, sustained momentum to refuse to budge on prices was insufficient, and export wait-and-see sentiment was strong. Magnesium alloy enterprises had good order schedules and tight spot supply, with processing fees raised, but downstream acceptance of high prices was low. The upward trend in magnesium powder prices paused, with general transaction activity focused on executing previous orders, while new overseas orders were limited. The magnesium market is expected to continue fluctuating rangebound overall in the short term, with slow follow-up in transactions ahead of the holiday.