Latest Update in the SMM Magnesium Market

[SMM Magnesium Morning Meeting Minutes: Magnesium Prices Rise but Encounter Cooling, Overseas Orders Sluggish Restricting Market Trend] Yesterday, magnesium market prices showed a fluctuating upward trend, with active trading atmosphere in the market. The release of downstream rigid demand and manufacturers' reluctance to sell formed a resonance, and magnesium prices may continue to hold up well in the short term.

[Two Giants Secure Nearly 100 Orders, Semi-Solid Magnesium Alloy Forming Equipment Sees Application Boom] Recently, the field of semi-solid magnesium alloy forming equipment has witnessed significant orders consecutively. Top-tier enterprises Haitian Zhisheng and Bole Intelligent have reached substantial collaborations with industry chain partners respectively, securing nearly 100 equipment orders in total. This demonstrates the industry's high recognition of this technological route and also indicates that the lightweight application of magnesium alloy has entered a new phase of large-scale implementation.

[SMM Magnesium Weekly Review: Magnesium Market Fluctuates Rangebound, Inventory Gradually Declines Amid Tug-of-War Between Cost and Demand] This week, the magnesium industry chain overall showed a pattern of rangebound fluctuations amid a tug-of-war between sellers and buyers. Upstream, the dolomite market is expected to remain firm due to persistent tightness of high-quality resources in Wutai, while supply from other production areas remained stable. The price of magnesium ingot first fell then rose, with the transaction price of 99.90% magnesium ingot in major production areas dropping initially before rebounding to 16,300 yuan/mt, down 300 yuan WoW, mainly supported by downstream buying the dip, lower producer inventory, and reluctance to sell. FOB quotes in the overseas market fluctuated similarly, but overall overseas market activity was sluggish, with traders showing strong wait-and-see sentiment. Magnesium powder prices continued weak due to falling raw material costs; demand side was mainly focused on executing previous orders, with weak purchase willingness. Magnesium alloy showed a divergent trend of "declining base price but firm processing fee"; cost side, fluctuations in magnesium ingot and aluminum prices squeezed profit margins, while the processing fee gained support under a tight supply-demand balance. Overall, the market repeatedly seesawed between cost support and weak demand, showing characteristics of structural divergence and consolidation.

[SMM Magnesium Morning Meeting Minutes: Magnesium Prices Rose Sharply Yesterday, Market Continues to Hold Up Well Today] Yesterday, magnesium prices fluctuated upward, with active market trading. The release of downstream rigid demand and manufacturers' reluctance to sell formed a resonance, and magnesium prices may continue to hold up well in the short term.

In 2025, China's cumulative magnesium product exports reached 447,000 mt, down 2.7% YoY. The market showed structural differentiation: exports of the traditional mainstay product, magnesium ingot, totaled 251,300 mt (-5.54%), with purchasing as needed prevailing throughout the year due to weak overseas end-use demand and policy fluctuations; magnesium powder exports amounted to 73,600 mt (-11.07%), significantly impacted by the European energy crisis and contraction in the steel industry; magnesium alloy exports reached 99,600 mt (+4.43%), bucking the trend to become the sole bright spot, primarily benefiting from recovering demand in overseas sectors such as NEVs. Geographically, Europe remained the dominant market, but India saw rapidly rising demand in areas like magnesium powder. Looking ahead to 2026, two new policies—customs network verification and export controls to Japan—are expected to drive the market toward greater standardization, with overall export growth projected to be led by deep-processed products like magnesium alloys.

[SMM Magnesium Morning Conference Summary: Magnesium Market Prices Generally Decline, Wait-and-See Sentiment on Demand Side Suppresses Market Rebound] On January 21, dolomite supply tightened due to production halts at leading enterprises, with prices expected to hold up well; ferrosilicon market transactions were sluggish, continuing its weak trend. Magnesium ingot prices continued to trend lower, with Fugu offers adjusted down to 16,200 yuan/mt, and FOB offers at $2,300-2,360/mt. Weak demand and a wait-and-see stance in foreign trade led to weak stabilization in the market. The magnesium alloy benchmark price edged down, but processing fees held up well, supported by auxiliary material costs. Magnesium powder prices continued to decline, following the pullback in raw materials. Enterprises restocked based on demand, with the demand side primarily driven by rigid needs and lacking growth momentum. Overall, the market exhibited a weak consolidation pattern, characterized by a tug-of-war between soft demand and cost support.

[SMM Magnesium Morning Meeting Minutes: Intensified Tug-of-War Between Sellers and Buyers in the Magnesium Market, Magnesium Ingot Decline Hard to Stop, Magnesium Alloy Diverges in Operation] Magnesium industry chain product prices remain stable but weak, small and medium magnesium plants reduce prices to sell, magnesium ingot prices accelerate downward, downstream mainly makes just-in-time procurement.

[SMM Magnesium Morning Conference Summary: Magnesium Market Overall Stable with Weakening Trend, Game Between Supply Under Pressure and Demand Wait-and-See Continues] January 19, raw material side, dolomite supply tightened due to production halts at leading enterprises, prices expected to be firm; ferrosilicon market transactions sluggish, expected to remain weak. Magnesium ingot market offers chaotic, price spread between transaction prices and offers widened, Fugu transaction prices lowered to 16,300-16,400 yuan/mt, export FOB offers simultaneously eased to $2,350-2,400/mt, market wait-and-see sentiment strong. Magnesium alloy price benchmark soft but processing fee firm, spot supply continues tight. Magnesium powder market trend stable, prices eased affected by raw material pullback, enterprises produce based on sales, mainly rigid demand. Overall market shows a game pattern with supply side under pressure and demand side cautious wait-and-see coexisting.

[SMM Magnesium Morning Meeting Minutes: Sentiment of Rushing to Buy Amid Continuous Price Rise and Holding Back Amid Price Downturn Dominates, Magnesium Ingot Market Expected to Remain Weak] Magnesium industry chain varieties are stable with a slight strength, the supply-demand tight balance continues, raw material support is strong, and divergence between domestic and foreign trade is evident.