[SMM Magnesium Morning Session Summary: Persistent Supply Pressure and Divergent Demand in the Magnesium Market] The magnesium market remained in the doldrums today, with Fugu magnesium ingot offers at 16,150-16,250 yuan/mt and FOB quotes at $2,310-2,350/mt, keeping prices under pressure. Supply-side pressure was significant, as production resumptions at multiple magnesium plants intensified bearish market sentiment. Demand-side performance diverged, with magnesium alloys maintaining relative strength supported by the automotive industry, but half of the enterprises, having entire industry chain layouts, provided limited boost to the primary magnesium market. New foreign trade orders shrank noticeably, with most inquiries being for forward deliveries in 2026. The magnesium powder market continued its gradual decline, stable in domestic trade but weak in foreign trade. The market was expected to maintain an inventory buildup trend in Q4, with prices still facing downward pressure.

[SMM Magnesium Weekly Review: Weaker Raw Material Support Leads to Industry Chain Divergence, Magnesium Alloy Bucks the Trend and Strengthens] This week, the magnesium market overall showed a divergent pattern of "stable raw materials, weak magnesium ingot, magnesium powder following the decline, and strong magnesium alloy." The price of dolomite held steady, with stable supply and demand supported by high operating rates at magnesium plants; it is expected to hold up well. Magnesium ingot prices moved unilaterally downward, with offers in the main production areas down 300 yuan/mt MoM, primarily due to strong expectations of supply increase while actual demand transmission was limited, coupled with increased selling pressure in the market. Magnesium powder was dragged down by the gradual decline in raw material prices and weak foreign trade, making domestic trade the main support, with downstream showing a clear mentality to rush to buy amid continuous price rise and hold back amid price downturn. Magnesium alloy, however, performed strongly due to tight spot supply and rising processing fees, with robust NEV demand driving undersupply, though in the long term it will still be constrained by the price trend of primary magnesium.

[SMM Magnesium Morning Meeting Minutes: Cost Support Collapses, Magnesium Prices Under Pressure Across the Board] On October 16, the magnesium market overall operated under pressure with significant internal divergence: raw material side, dolomite held steady while ferrosilicon was weak, cost support weakened; magnesium ingot side, supply increase expectations were strong, coupled with limited demand transmission, prices continued their decline; magnesium alloy side, due to tight spot supply, showed an independent trend of "undersupply," with prices fluctuating upward, but they are expected to pull back subsequently with primary magnesium; magnesium powder side, under dual pressure from costs and overseas demand, the short-term weak trend is difficult to change.

[SMM Survey: Magnesium Technology Continues to Advance, Magnesium Era Begins in ESS and Materials Fields] Recent multidimensional progress has been made in the global magnesium technology sector: Tohoku University in Japan has developed a new-type rechargeable magnesium battery prototype capable of stable operation at room temperature, overcoming magnesium ion migration challenges through an amorphous oxide cathode design, with stable cycling performance and practical power supply capability, offering potential to replace lithium batteries; Australian enterprise Latrobe Magnesium has successfully raised tens of millions of Australian dollars to advance the construction of the world's first demonstration plant for commercial magnesium extraction from fly ash, converting brown coal scrap into magnesium metal and cementitious materials, achieving a circular economy and expected to commence operation in 2026; simultaneously, BOLE Company has challenged the inherent perception of magnesium alloys as "highly flammable" through empirical testing, demonstrating their controllable combustion characteristics, and will showcase lightweight magnesium alloy forming technology at international exhibitions, promoting innovation in material applications. These breakthroughs collectively highlight magnesium's significant potential in ESS, environmental protection, and lightweight fields.

[SMM Magnesium Morning Meeting Minutes: Tug-of-War Between Sellers and Buyers Persists, Magnesium Prices Remain Under Pressure] On October 15, the magnesium market overall showed a pattern of being in the doldrums, but internal divergence was evident. On the raw material side, dolomite prices held steady, with demand support continuing to underpin expectations of relative strength; ferrosilicon futures fluctuated downward, and spot transactions were sluggish. Magnesium ingot prices were under pressure, with Fugu offers at 16,200-16,300 yuan/mt, while FOB prices pulled back to $2,320-2,370/mt. Post-holiday transaction recovery was limited, and the supply-demand structure saw no substantial improvement. Supported by tight spot supply and automotive demand, magnesium alloy prices remained firm, but they are still expected to be dragged down by the decline in primary magnesium. Magnesium powder weakened along with costs, with both domestic and foreign trade adopting a wait-and-see stance. The entire industry chain is expected to remain in the doldrums in the short term, with magnesium alloys showing relative resilience but limited upside room.

[SMM Magnesium Ingot Spot Report: Inventory Pressure Persists, Magnesium Prices Under Pressure] Today's Fugu magnesium ingot prices were quoted at 16,200-16,300 yuan/mt, down 50 yuan, with FOB quotes at $2,345/mt. Mainstream transaction prices remained stable at 16,200 yuan/mt, and the average daily trading volume last week was approximately 1,500 mt. Post-holiday magnesium prices continued their downward trend, mainly influenced by three factors: a cumulative inventory increase of 44% on the supply side, weak external demand in October due to export front-loading, and a wait-and-see sentiment exacerbated by the "rush to buy amid continuous price rise and hold back amid price downturn" mentality. Although transactions slightly recovered after yesterday's price drop, the supply-demand structure has not improved substantially, and magnesium prices are expected to remain in the doldrums in the short term.

[SMM Magnesium Morning Meeting Minutes: Raw Materials Hold Steady, Magnesium Ingots Under Pressure, Alloy Demand Support Notable] Last week, the magnesium market overall exhibited the characteristics of stable raw materials, magnesium ingots under pressure, and divergent alloy performance. Dolomite prices held steady, supported by stable production in the main production areas; ferrosilicon futures fluctuated downward, with weak spot transactions. Magnesium ingot prices saw a slight decline, as supply recovery in the main production areas combined with holiday inventory buildup led to the emergence of low-priced sources in the market. However, demand lacked sufficient support due to front-loaded foreign trade orders and transportation factors, and it is expected to remain under pressure in the short term. Magnesium alloys, supported by NEV demand, faced tight spot supply and firm processing fees. Although there is downward pressure following primary magnesium prices, they are expected to fluctuate at highs in the short term. The magnesium powder market is characterized by a strong wait-and-see sentiment, with overall weak domestic and external demand and sluggish transactions.

[SMM Magnesium Morning Meeting Minutes: Weak Market Demand, Magnesium Prices Under Pressure] Today, ex-factory prices for 99.90% magnesium ingots in major production areas showed a downward trend. Supply side, most primary magnesium smelters experienced varying degrees of inventory buildup during the National Day holiday, leading to increased inventory pressure on the production side, with some manufacturers stimulating transactions through lower prices.

[SMM Survey: Magnesium Industry Enters a Period of Transformation Driven by Technological Breakthroughs and Regulatory Policies] Recent significant progress has been made in the global magnesium industry. In terms of scientific research, a Japanese team has successfully developed a new-type solid electrolyte, which reduces the operating temperature of magnesium-based hydrogen storage from above 300 degrees Celsius to 90 degrees Celsius, with hydrogen storage capacity approaching the theoretical limit, bringing breakthroughs in areas such as hydrogen energy storage. On the regulatory front, China implemented new customs declaration rules starting October 1, requiring export enterprises to fully report the actual client information, thereby strengthening the supervision of magnesium product exports and significantly narrowing the scope for traditional "purchasing" practices. Meanwhile, in the US, a magnesium company’s bankruptcy filing has led to a postponement of the Great Salt Lake lease hearing, drawing attention to its environmental governance challenges and business transformation difficulties, reflecting the industry’s struggle to balance environmental compliance with operational pressures.

[SMM Magnesium Weekly Review: Supply-Demand Weakness Persists, Prices Under Pressure and Fluctuate Downward] Post-holiday, the magnesium market overall exhibited a pattern of weak supply and demand. On the raw material side, the price of dolomite remained stable, maintaining a tight balance. Magnesium ingot quotations in major production areas fell to 16,400-16,500 yuan/mt, with supply increasing and demand remaining sluggish, compounded by the impact of tightening export policies, FOB quotations pulled back to $2,380-2,420/mt. Magnesium powder saw active stockpiling before the holiday, but post-holiday expectations weakened, and prices operated under pressure. Magnesium alloys, supported by automotive demand, showed relative resilience but were dragged down by primary magnesium prices, resulting in overall fluctuations. In the short term, various segments of the industry chain are expected to remain in the doldrums, and a price rebound will depend on a substantial recovery in demand.