[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.

[SMM Titanium Express] LB Group's Jiaozuo Sc-V New Materials Industrial Park Phase I project has commenced production, with annual capacity of 2,500 tonnes of high-purity V₂O₅ and 20,000 m³ of vanadium electrolyte. Total investment is 1.08 billion yuan across three phases. Full completion is expected to generate 1.767 billion yuan in annual revenue. Leveraging its vanadium-titanium magnetite and TiO₂ by-product resources, LB Group is accelerating its vanadium electrolyte value chain.

[SMM Titanium Express] CITIC Titanium announced a price increase effective April 1, raising selected CR series chloride-process TiO₂ prices by RMB 1,000/ton for domestic market and USD 200/ton for overseas market. This marks the company's second hike within a month and extends the industry's "three consecutive increases" in March, signaling the full deepening of the current price upcycle.

[SMM Rare Earth Flash] Australia’s Astron released the bankable feasibility study report for Phase I of the Donald rare earth and mineral sands project in Victoria, confirming the project’s strong economic value, and plans to make the final investment decision in Q2 2026. The report showed that total project investment was about AUD 450 million, pre-tax net present value was AUD 759 million, the internal yield was 19.3%, the mine life was about 40 years, and rare earth concentrate is expected to be produced in Q1 2028. The project’s main products include key rare earths such as neodymium, praseodymium, dysprosium, and terbium, as well as zircon and titanium products. Phase I is expected to produce about 7,100 mt of rare earth concentrate annually.

[SMM Titanium Spot Flash: Titanium Dioxide Prices Surged Strongly, Titanium Concentrate Came Under Pressure and Pulled Back, with Cost Support and Inventory Dynamics Dominating the Market] This week, prices in China’s titanium dioxide market continued to rise, with anatase and rutile grades raised by 400 yuan/mt and 150 yuan/mt, respectively. Multiple enterprises withheld sales after closing orders, and bullish sentiment remained strong in the market. Sulphuric acid prices continued to climb, with the SMM smelting acid index reaching 1,235.5 yuan/mt, providing strong cost support. Meanwhile, titanium concentrate prices dropped back slightly, as elevated inventory in the Panxi region, combined with titanium dioxide enterprises pushing for lower prices, led ore prices for 46% and 47% grades to be cut by 50 yuan/mt, respectively. Overall, titanium dioxide remained firm on cost support, while titanium concentrate was constrained by inventory and price-cut pressure, leaving the market in a diverging trend.

[SMM Titanium Express] LB Group issued its third TiO₂ price increase notice this month. Effective March 24, domestic prices will rise by RMB 1,000/ton and international prices by USD 150/ton. Cost pressures persist with strong market bullish sentiment.

[SMM Titanium Express] Asahi Kasei, Nippon Steel and Nippon Steel Trading have jointly launched a titanium recycling system for chlor-alkali electrolysis cells, processing production scrap into pure titanium feedstock for corrosion-resistant anode components. Through supply chain collaboration and digital traceability, the closed-loop system enhances resource efficiency and reduces environmental impact. The partners plan to expand cooperation to further integrate secondary raw materials into production processes.

[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.

Russia’s Solikamsk Magnesium Works recently launched industrialised production of magnesium alloys containing rare earth elements such as neodymium, cerium, and lanthanum. The products combine lightweight properties with high strength and are mainly targeted at sectors including aerospace and automotive manufacturing. The plant accounts for 100% of Russia’s rare earth compound production and 75% of its magnesium capacity, and this capacity expansion further consolidates its position in the strategic metals sector. Meanwhile, the “magnesium-based hydrogen slurry” technology developed by Germany’s Fraunhofer Institute has sparked controversy. Independent analysis indicated that the technology’s overall system efficiency is only about 10, its energy density is comparable to that of lithium batteries, its cost is far higher than expectations, and its recycling chain has yet to form a closed loop. It is only suitable for demonstration scenarios at the hundred-watt level and is unlikely to achieve commercial application. The two pieces of news reflect the different technological pathways and industrialisation prospects of magnesium-based materials in high-end manufacturing and energy storage.

[SMM Titanium Express] Guizhou Province's 2026 key projects list includes multiple titanium chemical projects: Kaiyang "P-S-Ti-Cu-Fe-Li-F" integrated project with 400,000 tpa TiO₂ and 1.4Mtpa ferrous sulfate heptahydrate; Kaiyang Sunward 300,000 tpa TiO₂ project with nearly 5.1 billion yuan investment targeting 10 billion yuan annual output; Sunward Fuquan 100,000 tpa TiO₂ project with pyrite acid plant, achieving full "Ti-P-S-Fe" resource recycling.