[How Should Zinc Consumption Be Viewed Against the Backdrop of Geopolitical Conflicts?] Q1 2026 had passed, and the overall recovery in post-holiday consumption was somewhat delayed. How would consumption perform going forward?

[SMM Magnesium Weekly Review: Tight Supply and Recovering Demand Drove Magnesium Prices Steadily Higher This Week, Breaking 17,500] This week, China's magnesium industry chain as a whole held up well. On the raw material side, the dolomite market remained stable. Part of the suspended output in core production areas was supplemented by supply from surrounding regions, while stable operating rates at downstream primary magnesium smelting plants supported demand and the supply-demand balance. Affected by rising crude oil prices, subsequent delivered prices may rise slightly. The magnesium ingot market stayed firm, and both production and sales in major producing areas were strong. Geopolitical disruptions pushed up energy expectations, prompting producers to hold back sales and tightening supply. Rigid downstream demand, export order lock-ins, and a boost from industry conferences jointly drove magnesium prices higher. Offshore quotations were adjusted in line with ex-factory prices, and although bidding-based shipment prices were low at the beginning of the week, they rebounded later, while new orders declined. Magnesium powder remained firm, supported by higher magnesium ingot prices, while increased operating rates at magnesium plants ensured supply and both domestic and overseas demand recovered. The magnesium alloy market also stayed strong, with stable operating rates at top-tier enterprises, new capacity coming on stream, and downstream end-use demand being released, supported by ample orders and a supply-demand balance.

►New Advances in Magnesium Materials and Processes ►Development and Application of New-Type Low-Cost, High-Strength, Corrosion-Resistant Magnesium Alloys ►Stainless Magnesium Technology: R&D Progress from Alloy Materials to Semi-Solid Processes, R&D and Application of Stainless Magnesium Alloys ►Hefei • Great “Magnesium” Chaohu — Building a First-Class Magnesium Industry Ecosystem in China ►R&D Progress and Current Industrialisation Status of Magnesium-Based Materials and Products at Baowu Magnesium ►Haitian Magnesium Alloy Injection Molding Technology and Market Outlook ►Magnesium from an International Perspective: The Transformation from a Cost-Driven Bulk Commodity to a Strategic Engineering Material ►: Focusing on the New Cycle of Supply and Demand for Magnesium Metal and Downstream Applications — Outlook for the Magnesium Market in 2026

[Dual Momentum in the Magnesium Industry: Coordinated Empowerment of New Development Through Salt Lake Resource Security and Breakthroughs in End-Use Applications] As one of the lightest known structural metallic materials, magnesium combines outstanding properties such as light weight, high strength, and high thermal conductivity, making it a core strategic material supporting industrial upgrading in sectors such as automotive lightweighting and new energy materials. China’s magnesium industry is advancing on two fronts, simultaneously promoting breakthroughs in end-use application technologies and securing raw material supply, overcoming bottlenecks in industrial development and supporting the high-quality development of the magnesium industry.

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.

Jan-Feb 2026 China magnesium exports reached 72.7kt, up 3.4kt YoY. Magnesium alloy led with +33.1% YoY, orders booked through April. Magnesium ingot fell 6.8% due to weak European demand, while powder grew 10.3%. However, US-Israel conflict disrupted Middle East aluminum plants, halting regional magnesium orders and pressuring Q2 outlook despite the strong start.