Latest Update in the SMM Magnesium Market

[SMM Magnesium Morning Meeting Minutes: Trading Follow-Up Lacked Strength, Magnesium Prices Were Under Pressure Yesterday] Magnesium prices were under pressure yesterday, as the supply-demand imbalance remained difficult to reverse, and prices are expected to continue consolidating at low levels.

[SMM Magnesium Weekly Review: Magnesium Industry Chain Diverged This Week, Supply-Demand Pattern Dominated the Trend in Each Segment] This week, the performance of each segment in the magnesium industry chain diverged. The magnesium ingot market showed a pattern of increasing volume and falling prices. Industry meetings failed to alleviate the supply-demand imbalance, and production resumptions by manufacturers pushed up production. Downstream rigid demand stockpiling struggled to absorb the incremental supply. Export-side traders had divergent sentiments, and weak overseas demand kept exports under pressure.

[SMM Analysis: Magnesium Alloy Demand Surge Fails to Alleviate Oversupply Dilemma, Magnesium Prices Under Pressure or Facing Phased Adjustment] In November, magnesium prices traded within the range of 16,000–16,300 yuan/mt, showing a rangebound fluctuation trend. The average price in November was 16,122 yuan/mt, down 1.0% MoM.

[ SMM Magnesium Morning Meeting Minutes: Supply-Demand Deadlock Intensifies, Magnesium Prices Face Downward Pressure Today ] Magnesium prices were under pressure yesterday, with the supply-demand pattern remaining difficult to change—oversupply and weak demand persist. Magnesium prices are expected to continue consolidating at low levels.

[SMM Survey: Canadian Potash-Magnesium Mine Project Secures 70-Year Output, Magnesium-Based Hydrogen Storage Technology Opens New Chapter in Metallurgical Applications] Canadian mining company Karnalyte Resources recently updated the feasibility study report for its Saskatchewan potash-magnesium mine project, confirming a mine life of 70 years and an after-tax net present value exceeding CAD 2 billion. Leveraging unique carnallite resources, the project can simultaneously produce potash fertilizer and magnesium products such as magnesium hydroxide, and has signed a long-term offtake agreement with an Indian enterprise. Meanwhile, magnesium-based solid-state hydrogen storage technology has achieved its first large-scale application in the metallurgical industry. A demonstration project jointly launched by Chinese enterprises employs proprietary intellectual property technology, providing a safe and efficient hydrogen energy solution for traditional high-carbon industries such as steel. These two developments, from both resource development and high-end application perspectives, demonstrate the diversified development pathways of the magnesium industry in the green transition.

[SMM Magnesium Morning Session Minutes: Magnesium Price Center Continues to Decline, Overall Market Remains in the Doldrums] The magnesium market overall was in the doldrums this week. Dolomite prices on the raw material side held steady, with demand support in the main production areas remaining stable; ferrosilicon futures rebounded, but spot cargo is expected to hold steady due to off-season influences. Magnesium ingot prices continued their downward trend, with Fugu offers lowered by 50 yuan to 15,900-16,000 yuan/mt, transactions tilting towards the low-end, downstream purchase willingness was insufficient, and the oversupply situation intensified further. Magnesium alloy prices moved in tandem with magnesium ingots; although demand side has support from areas like EVs, they are expected to be under pressure and fluctuate in the short term due to raw material drag. The magnesium powder market showed mediocre performance, demand was weak, and transactions remained primarily necessity-driven. Overall, the magnesium market is expected to remain in the doldrums in the short term.

[smm magnesium morning meeting summary: magnesium market under pressure with strong wait-and-see sentiment] the magnesium market as a whole remains in the doldrums. on the raw material side, dolomite prices are stable, with solid demand support from major production areas; ferrosilicon futures are fluctuating downward, and some smelters are selling at lower prices to recover funds, but it is expected that the bottom will consolidate in the short term due to cost support. magnesium ingot prices have once again pulled back to the 16,000 yuan/mt level, with insufficient follow-up purchases downstream and waning bullish sentiment. foreign trade fob quotes are in the doldrums, with transactions mainly consisting of forward orders, leading to narrowed trader profits and intensified competition. magnesium alloy prices move in tandem with magnesium ingots, top-tier enterprises' quotations remain firm but lack upward momentum, and it is expected to be under pressure. the magnesium powder market continues to hit bottom, with just-in-time procurement unable to reverse the weak trend, and bearish sentiment still dominates. overall, the magnesium market is expected to remain in the doldrums in the short term.

From mid-to-late August to the entire month of September 2025, the magnesium alloy market witnessed an explosive growth in demand, leading to a shortage of alloy supply that spread from south to north successively.