[SMM Weekly Magnesium Review: The Short-Term Volatile Pattern in the Magnesium Market Remained Unchanged, with Downstream Resumption and Geopolitical Developments Becoming Key Variables] This week, the domestic dolomite market held steady, with the supply side showing regional structural divergence: top-tier enterprises in the Wutai area halted production, while other major producing regions replenished capacity in a timely manner, keeping overall national supply broadly stable. On the demand side, operating rates at primary magnesium enterprises in Shaanxi, Shanxi, and Inner Mongolia remained stable, rigid demand was released in an orderly manner, and raw material inventory was ample, reinforcing the foundation for market stability. The domestic magnesium ingot market consolidated at high levels, the tug-of-war between sellers and buyers intensified, and prices fluctuated rangebound. On the supply side, support came from costs and tight spot cargo, enterprises showed strong reluctance to sell, low-priced supply was scarce, and bargaining room was extremely limited. On the demand side, both domestic and overseas demand were weak: in domestic trade, downstream buyers only restocked for rigid demand and purchasing intensity was relatively weak; in export markets, escalation in the Middle East situation disrupted shipping and pushed up ocean freight rates, export shipments were suspended, overseas purchasing plans were delayed, and amid the supply and demand stalemate, prices lacked momentum for a one-way move. The export market for magnesium ingot was hit by fluctuations in ocean freight rates and international developments, with strong wait-and-see sentiment across the industry, weak transactions, and rising uncertainty. The magnesium powder market, supported by raw materials, stayed stable with slight adjustments, mainly fulfilling earlier orders; new orders were few, and both domestic and export markets remained cautious. The magnesium alloy market held up well: magnesium ingot and aluminum ingot prices reinforced cost support, enterprise operating rates rebounded slightly, and demand recovered as downstream die-casting plants gradually resumed operations. Market transactions were mild, and prices were expected to remain largely stable in the short term.

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well After Holiday, Raw Material Divergence Tightened Supply, Domestic and Foreign Trade Game Intensified] This week, the magnesium industry chain overall showed a pattern of holding up well, with prices of various varieties rising slightly. Raw material side, dolomite market was stable with some increases; top-tier enterprises in Wutai area continued to halt production, but other production areas promptly filled the gap, keeping overall supply stable. It is expected that as holiday ended and logistics costs pulled back, subsequent delivery-to-factory prices will see a slight decrease. Magnesium ingot market held up well, with offers in main production areas raised to 16,600 yuan/mt; supply side had strong reluctance to sell, combined with sufficient pre-holiday presales, leading to tight spot circulation. Domestic trade restocking for rigid demand supported transactions, while foreign trade inquiries were active but actual orders were cautious, with FOB offers rising to $2,400-2,450/mt. Magnesium powder market operated steadily, supported by raw materials, prices rose slightly, mainly executing previous orders; foreign trade expects new orders to be placed gradually, while domestic trade procurement mostly plans to start in March. Magnesium alloy market benchmark price held up well, processing fee remained stable and firm, enterprises mainly focused on scheduled production, and the tight supply-demand balance pattern continued. Overall, post-holiday magnesium market is in an adjustment phase, structural contraction on the supply side supports prices, the game between domestic and foreign trade intensifies, and subsequent attention should be paid to the pace of European inventory digestion and changes in ocean freight rates.

[SMM Survey: North American Magnesium Industry Accelerates Layout, Chinese Export Prices Rise, Global Magnesium Market Awaits Post-Holiday Volume Release] Recently, the global magnesium industry has shown a pattern of accelerated regional layout alongside trade competition. In North America, Western Magnesium relocated to a new plant in Las Vegas, accelerating the construction of its clean magnesium demonstration production line; it plans to commission its continuous vacuum reduction process within six months, aiming to verify scalability feasibility and promote low-carbon magnesium production. Innomin Minerals is advancing a large magnesium ore project in British Columbia, Canada, with drilling confirming near-surface wide mineralization, magnesium grade consistently above 20%, leaching recovery rate close to 99%, and associated nickel, cobalt, and platinum group metals further highlighting the resource value. On the export market, post-Chinese New Year, China's magnesium ingot FOB offers broke through $2,400-2,450/mt, showing a significant increase compared to pre-holiday levels. Orders accumulated during the holiday are mainly for March shipment, with concentrated post-holiday shipments by traders boosting short-term activity; however, overseas buyers, affected by high ocean freight rates and high prices, are placing orders cautiously, with a strong wait-and-see sentiment. Industry insiders expect a potential peak in new overseas orders from late February to early March, with subsequent trends needing to monitor the pace of European inventory digestion and changes in ocean freight rates.

[SMM Magnesium Express] Western Magnesium has relocated to a new Las Vegas facility to accelerate its clean magnesium demonstration line. The 44,000 sq ft plant utilizes proprietary continuous vacuum reduction technology, producing 99.8% pure primary magnesium in a single step with significantly reduced energy consumption and carbon emissions. Commissioning targeted within six months to validate scalability for commercial deployment.

[SMM Express] On February 24, 2026, red banners were hung high and salutes were fired at the YIZUMI factory, where multiple die-casting cell units stood ready for delivery. At this grand handover ceremony, YIZUMI successfully delivered multiple high-performance die-casting cells to its strategic partner, ZJSD Shunfu (Anhui) Magnesium Technology Co., Ltd., getting off to a good start in the Year of the Fire Horse with a "sprint from the beginning of the year" attitude.

[SMM Magnesium Morning Meeting Summary: Magnesium Ingot Trading Sluggish and Stagnant, Magnesium Product Prices Generally Stable] Magnesium ingot quotations remain stable, trading is sluggish, inventory is divergent, downstream rigid demand is insufficient, and the market is in a stalemate. Magnesium alloy prices are stable, with tight supply-demand balance supporting firm processing fees; magnesium powder prices are slightly raised due to raw material support, but order follow-up is limited, and domestic trade procurement is mostly postponed to March.

On January 15, the 120,000 mt/year green aluminum power project in the Angola Aluminum Industrial Park, supported by core technology from Chalco Guiyang Aluminum Magnesium Design & Research Institute (hereinafter referred to as “Guiyang Institute”), was successfully put into operation here. Angolan President João Lourenço attended the project to inaugurate the commissioning ceremony. This marks the first time a Chinese aluminum project has landed on the African continent, and it is another landmark achievement in practicing green industry cooperation under the Belt and Road Initiative.

The "Inner Mongolia Autonomous Region National Economic and Social Development Plan 2026" proposes to accelerate the transformation and upgrading of traditional industries. It aims to improve the level of deep processing of non-ferrous metals such as aluminum, copper, lead, zinc, magnesium, and lithium, and expand the scale of high-end products such as high-purity aluminum, copper-based alloys, and advanced battery materials.

[SMM Magnesium Express] Post-holiday Mg ingot FOB Tianjin port offers rose to $2,360-2,410/t, up $35 from Feb 13. Pre-holiday export orders were mainly for March shipment, with traders now focused on stocking and delivery. European inquiries increased during holidays; CIF Rotterdam offers stayed high due to freight volatility, with downstream buyers cautious. A peak in new overseas orders is expected in late February to early March.

[Gearing Up for 2026! Magnesium Market Wraps Up a Stable January, Nearly 300,000 mt of Additional Demand to Boost Industry's New Prosperity] The magnesium market's performance for the year has now concluded. Price fluctuations in the magnesium market during 2025 may not have stood out among nonferrous metals, but it is precisely this past stability that is expected to foster the potential for nearly 300,000 mt of additional magnesium alloy demand growth in 2026. The magnesium metal market in 2026 is set to embark on a year of prosperity, marking a crucial step toward a thriving future. The industry is poised to write a new chapter of growth, which is highly anticipated across the sector. As we bid farewell to the old and welcome the new, on behalf of the SMM Magnesium Team, I would like to extend our sincerest gratitude to colleagues in the industry, magnesium enterprise partners, experts, and scholars who have long cared for and supported SMM. Wishing everyone a prosperous New Year, immediate success, abundant wealth, and lasting good fortune!