[SMM Survey: Breakthroughs in Green Production, Supply Chain Fluctuations, and Material Application Innovations] This week, the magnesium industry showed multi-dimensional developments: Australia's Latrobe Magnesium achieved a breakthrough in green magnesium production, promoting supply chain diversification; an accident at an aluminum plant in Iceland led to a sharp decline in capacity, potentially exacerbating tight magnesium supply in Europe; new-type magnesium-lithium alloy processing technology achieved dual breakthroughs in strength and lightweighting, broadening application prospects in aerospace and EVs; Emdoor released the world's lightest magnesium alloy AI notebook, leading innovation in lightweight terminal devices. Overall, the magnesium industry is ushering in new development opportunities in green transformation, supply chain resilience, and high-end applications.

[SMM Magnesium Ingot Spot Report: Supply Pressure Reemerges, Magnesium Prices Fall Under Pressure] On October 28, the ex-factory offer for magnesium ingots in the Fugu area was lowered to 16,100–16,400 yuan/mt, with the FOB offer at $2,310/mt. Market trading volume increased significantly, with the single-day trading volume exceeding 1,000 mt and the mainstream transaction price at 16,100 yuan/mt. According to an SMM survey, some magnesium plants are expected to resume production, and the industry operating rate continues to rebound. Some small plants are releasing inventory pressure through futures presales, and market sentiment remains bearish. Magnesium prices are expected to remain under pressure in the short term.

[SMM New 99.90% Magnesium Ingot CIF (India) Price] To promote international trade of magnesium ingots, assist global upstream and downstream enterprises in better grasping market dynamics, obtaining spot cargo quotations in a timely manner, reducing cross-border transaction risks and costs, and deepen research on the magnesium ingot industry chain, SMM, based on thorough market surveys, will begin publishing the 99.90% magnesium ingot CIF (India) price point starting November 4, providing a reference for the international market.

[SMM Magnesium Morning Meeting Minutes: Magnesium Plants Show Weak Reluctance to Budge on Prices, Magnesium Prices Were Under Pressure Today] Today, ex-factory prices for 99.90% magnesium ingots in the main production areas showed a downward trend. Supply side, most primary magnesium smelters experienced varying degrees of inventory buildup, and inventory pressure on the production side increased. Some manufacturers stimulated transactions with low prices.

[SMM Magnesium Morning Meeting Minutes: Magnesium Market Shows Divergence, Magnesium Ingot Under Pressure While Magnesium Alloy Prices Strong and Supply Tight] This week, the magnesium market overall exhibited weak supply and demand but with divergent internal trends. The magnesium ingot market saw strong supply and weak demand, with high operating rates and inventory putting pressure on prices, and cost support failing to alter the downward expectation; magnesium alloy, due to temporary supply-demand mismatch, saw tight spot supply supporting firm processing fees; magnesium powder transactions were sluggish, constrained by low operating rates and weak external demand; on the raw material side, dolomite demand was stable with relatively strong prices, while ferrosilicon fluctuated rangebound under cost support and just-in-time procurement. Overall, insufficient downstream demand was the core factor constraining the trends across all varieties.

In September, the cost of primary magnesium smelting showed a narrow-range fluctuating trend. Both the prices of raw coal and semi-coke increased, but due to the lag in the price increase of semi-coke, the cost of primary magnesium smelting first increased and then decreased.

[SMM Magnesium Weekly Review: Magnesium Market Fluctuates Rangebound as Tug-of-War Between Sellers and Buyers Intensifies] This week, the magnesium market overall showed a fluctuating pattern amid a tug-of-war between sellers and buyers. Upstream dolomite prices remained stable, while demand support strengthened as primary magnesium enterprises in the main production areas resumed production, with prices in Wutai expected to be relatively firm. Magnesium ingot prices fluctuated in an "inverted V" pattern, with ex-factory prices in the main production areas down 300 yuan/mt WoW to 16,300-16,400 yuan/mt. Although prices rose at the beginning of the week driven by meeting sentiment, cost support, and low inventory, inventory pressure gradually emerged amid a supply-demand mismatch, and prices are expected to remain under pressure going forward. FOB quotes also softened, with scarce spot overseas orders and strong wait-and-see sentiment in the market. The magnesium powder market maintained a weak balance, with prices fluctuating rangebound in line with primary magnesium, and enterprises producing based on sales. Magnesium alloy showed a pattern of "strong prices and tight supply," with processing fees remaining firm, mainly due to a temporary supply-demand mismatch. Long-term prices will still be anchored to primary magnesium trends, while short-term attention should be paid to the stabilization of primary magnesium and the release of demand.

In September 2025, China's magnesium product exports achieved a significant month-on-month increase of 12.6%, driven by factors including the policy window period, lower freight costs, and declining magnesium prices. However, this round of growth exhibited clear "pull-forward" characteristics and is unlikely to be sustainable. Structurally, the growth was primarily driven by magnesium ingots, which saw a nearly 24% month-on-month surge, propelled by concentrated order deliveries in markets like the Netherlands and other European countries. Magnesium alloy demand remained stable due to new application expansions, while magnesium powder continued to show weakness, reflecting sluggish demand in traditional industrial sectors. Although European and North American markets served as the core support for this month's exports, rising overseas inventories, pessimistic end-user expectations, and the long-term layout of local recycling capacities all indicate that new orders in the fourth quarter may face a decline, putting pressure on a full recovery of overseas demand for the year.

[SMM Magnesium Morning Meeting Minutes: Magnesium Alloy Supply and Demand Both Strong with Firm Prices, Magnesium Ingot Under Downward Pressure] The magnesium market overall showed a divergent trend today. Dolomite prices on the raw material side held steady, with stable production at magnesium plants in major producing regions providing rigid support; ferrosilicon demand was insufficient, and prices were in the doldrums. The magnesium ingot market continued to see oversupply, with offers in the Fugu area lowered by 50 yuan to 16,350-16,450 yuan/mt, and accumulating plant inventories intensified bearish sentiment. Magnesium alloy performed strongly, with tight spot resources supporting prices fluctuating at highs, sufficient downstream orders, and some enterprises' production schedules already extending several weeks ahead, presenting a picture of strong supply and demand. The magnesium powder market was mainly driven by rigid demand, and with weakening cost support, prices fluctuated rangebound under pressure. Overall, magnesium alloy's prosperity continues to rise, while the magnesium ingot and magnesium powder markets still face short-term downward pressure.

[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.