Magnesium Inventory Down 4.0% WoW, Prices Fall Amid Low Demand and Supply Constraints

【SMM Magnesium Flash】According to statistics from the General Administration of Customs, China exported approximately 33,400 tons of various magnesium products in August 2026, marking a month-on-month decrease of 3.5% and a year-on-year decrease of 13.7%. From January to August 2026, China exported a total of approximately 307,000 tons of various magnesium products. Specifically, in August 2026, China exported 18,753 tons of magnesium ingots, marking a month-on-month decrease of 0.5% and a year-on-year decrease of 16.2%; 4,587 tons of magnesium powder, experiencing a significant month-on-month decrease of 24.6% and a year-on-year decrease of 23.0%; and 7,950 tons of magnesium alloys, showing a month-on-month decrease of 1.2% and a year-on-year decrease of 7.2%. The export volume of magnesium products in China continued to decline in August.

[Supply-Demand Tug-of-War Persists, Magnesium Ingot Market Under Pressure as Peak Season Falls Short] High magnesium ingot inventory combined with increased supply, while domestic and overseas demand remains weak. The September-October peak season failed to materialize. Despite cost support, price hike transmission is sluggish, and the overall market remains under pressure.

【SMM Magnesium Flash】On September 18th, Latrobe Magnesium applied to the Australian Securities Exchange and received approval to suspend trading, pending a major financing announcement. The suspension will continue until the financing details are announced or trading resumes on September 22nd. This move indicates that the company is advancing substantial capital raising to provide financial support for its magnesium project construction. If the financing is successfully implemented, it is expected to accelerate the production process of its 50,000-ton annual magnesium plant in South Carolina, USA, and its demonstration plant in Australia, providing a new supply source for the western magnesium supply chain.