Hainan held a press conference on “100 Days of Closed-Loop Customs Operations at the Hainan Free Trade Port.” In the 100 days since the launch of closed-loop customs operations, foreign trade imports and exports exceeded 80 billion yuan, up 32.9% YoY. Among them, 186 declarations were processed under the “zero-tariff” policy, mainly involving spodumene and analytical instruments, with a total cargo value of nearly 1.7 billion yuan, up 1.46 times YoY; tax exemptions and reductions totaled 271 million yuan, up 93.6%; and average customs clearance time was shortened by 26%. Under the tariff exemption policy for value-added processing goods sold domestically, 547 declarations were processed, up 26.6%, with a total cargo value of 314 million yuan and tariff exemptions of 15.58 million yuan.

[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.

[SMM Hydrogen Energy Flash] On March 17, the senior management team of Putzmeister visited SANY Hydrogen, and the two sides formally reached an intention for cooperation in the European market. This opened a new foreign trade model of "Chinese technology + German service.

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.

[SMM Titanium Weekly Review: Cost-Driven Titanium Dioxide Price Hikes Took Effect, Market Adjustments Released Upward Signals] This week, the titanium industry chain showed a divergent trend. The titanium concentrate market remained in the doldrums, with imported ore prices falling लगातार under pressure from downstream efforts to push for lower prices and accumulating port inventory. Titanium dioxide, meanwhile, saw the second round of collective price adjustments in mid-month under persistently high sulphuric acid costs. Mainstream enterprises in China raised domestic prices by 500 yuan/mt and export prices by $100/mt, pushing the quoted center up to 14,000-14,500 yuan/mt, though follow-up from domestic demand remained mediocre and foreign trade orders showed clear divergence. The titanium slag market stayed in the doldrums, with prices under pressure amid weak costs and demand. In the titanium sponge market, leading enterprises took the lead in raising prices, with domestic prices up 2,000 yuan/mt and international prices up $300/mt. Supported by restocking demand for titanium materials and low inventory, the market showed a strong willingness to hold prices firm, but downstream processing segments still maintained a wait-and-see stance, and titanium ingot and titanium plate/strip prices only edged up slightly. Overall, cost support and structural demand divergence coexisted, and future price trends still depended on substantive improvement on the supply and demand side.

[SMM Magnesium Weekly Review: Weak Supply and Demand Jointly Dominated Magnesium Price Trends, While Structural Divergence Emerged Across Segments] This week, operating trends across various products in China’s magnesium industry chain diverged, with the overall market characterized mainly by stability and rangebound fluctuations. The stalemate in market supply and demand became increasingly evident, and momentum for a unilateral market move remained insufficient. The upstream dolomite market maintained stable operations. Although a top-tier enterprise in the Wutai region suspended production, ample raw material inventory in place and timely capacity replenishment in major producing areas, coupled with a steady pace of just-in-time procurement by primary magnesium enterprises, kept prices stable without fluctuations. As the core product, magnesium ingot prices in China’s main producing areas consolidated at high levels, with mainstream transaction prices remaining stable. Market transactions showed mediocre performance, while producers demonstrated strong reluctance to sell. Against a backdrop of weak supply and demand, quoted prices fluctuated rangebound. On the export side, FOB quotations loosened slightly, and as ocean freight rates pulled back, inquiries from outside China recovered somewhat, with expectations for forward order placements. Supported by raw materials and boosted by the entry of export orders, the magnesium powder market saw firm quotations and held up well. In March, industry operating rates gradually recovered, and support from the demand side became increasingly evident. Magnesium alloy prices overall remained stable. On the supply side, as top-tier enterprises resumed production and newly added capacity gradually came on stream and ramped up output, downstream buyers mainly focused on just-in-time restocking, resulting in a pattern of strong supply and weak demand. Prices are expected to remain in the doldrums going forward. Looking across the entire industry chain, there have been no significant changes in current market fundamentals, and in the short term the market will still be dominated by steady fluctuations and marginal adjustments in some segments.