Shaanxi primary magnesium saw sharp production cuts of over 20% in July, marking the largest decline this year; can supply-demand growth in August drive magnesium prices to break through? [SMM Analysis]
[SMM Magnesium Market Analysis: Shaanxi's primary magnesium output was cut by over 20% in July, marking the largest decline this year; will simultaneous growth in both supply and demand in August drive magnesium prices to break out?] In July 2026, magnesium prices moved sideways within the price range of 15,650-16,000 yuan/mt, with the average monthly price at 15,835 yuan/mt, down 2.55% MoM.