Gold has been pulled in two directions in recent weeks. On one side, rising oil prices and escalating geopolitical tensions have strengthened the metal’s safe-haven appeal.

[SMM Magnesium Weekly Review: Dual Support from Costs and Stockpiling — Magnesium Ingot Prices Stopped Falling and Stabilized This Week] This week, China's magnesium industry chain overall showed a stable-to-firm trend, moving sideways. Raw material dolomite relied on supply from neighboring provinces due to production halts in major producing areas, while downstream primary magnesium smelting operating rates rose to form rigid demand support. Combined with high transportation costs, prices remained stable overall with delivery-to-factory prices consolidating at highs. The Chinese market for magnesium ingots consolidated at lows and stabilized, benefiting from pre-holiday restocking that drove transaction recovery and enterprise sentiment to hold prices firm amid rising smelting costs. The export market remained sluggish as ex-China clients chased lower prices and new orders were weak. Magnesium powder and magnesium alloy markets operated steadily in tandem — the former maintained production based on demand supported by stable domestic and export orders and sufficient raw material inventory, while the latter moved in line with magnesium ingot prices, with processing fees remaining firm and benefiting long-term from demand support driven by tightening regulatory standards for two-wheeled electric vehicles under the new national standard. The overall industry chain supply-demand pattern showed localized divergence but remained generally stable.

Vietnam’s Ministry of Finance has proposed extending preferential special consumption tax rates for battery electric vehicles with fewer than 24 seats until the end of 2030, as part of efforts to accelerate the country’s shift away from fossil fuels and support its net-zero emissions target. The ministry said the policy is intended to encourage the adoption of environmentally friendly transport. Currently, electric vehicles are taxed at 1–3%, significantly lower than the 10–150% applied to internal combustion engine vehicles. Under existing plans, EV tax rates are set to rise to 4–11% from March 2027.

Samsung SDI has entered into a multi-year agreement with Mercedes-Benz to supply high-nickel NCM batteries for the automaker’s next-generation electric vehicles. This marks the first time Samsung SDI has provided automotive power batteries to Mercedes-Benz. The two companies held a signing ceremony in Seoul. Under the agreement, the supplied batteries will feature high energy density, long range, long lifespan and high power, and will be equipped with Samsung SDI’s proprietary safety technologies. Mercedes-Benz plans to use these batteries in its future compact and mid-size all-electric SUVs and coupe models. In addition, the two companies will expand their strategic cooperation by jointly developing next-generation power battery technologies.

Recently, Samsung SDI has been engaged in final-stage negotiations with Mercedes-Benz regarding a cooperation for the supply of prismatic batteries for electric vehicles. The core content of the cooperation is that Samsung SDI will supply prismatic batteries for new electric vehicle models to be launched by Mercedes-Benz in 2028. To ensure supply stability and cost control, both parties are exploring the establishment of a production base or dedicated production line exclusively for Mercedes-Benz in Europe. Potential candidate locations for the new factory include Austria, Slovakia, and the Czech Republic. Industry insiders have revealed that the overall scale of this supply project is relatively large, with the battery supply expected to reach tens of GWh.

Mangrove Lithium has officially launched its first commercial lithium refining plant in Delta, British Columbia, Canada, which is also the first commercial lithium refining facility in North America to adopt electrochemical technology.The plant has an annual lithium production capacity of 1,000 tonnes, sufficient to meet the manufacturing needs of approximately 25,000 electric vehicles.