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  The magnesium market exhibited a divergent pattern, with magnesium ingot prices under pressure while magnesium alloy prices remained strong and supply tight. [SMM Magnesium Morning Meeting Minutes]

  [SMM Magnesium Morning Meeting Minutes: Magnesium Market Shows Divergence, Magnesium Ingot Under Pressure While Magnesium Alloy Prices Strong and Supply Tight] This week, the magnesium market overall exhibited weak supply and demand but with divergent internal trends. The magnesium ingot market saw strong supply and weak demand, with high operating rates and inventory putting pressure on prices, and cost support failing to alter the downward expectation; magnesium alloy, due to temporary supply-demand mismatch, saw tight spot supply supporting firm processing fees; magnesium powder transactions were sluggish, constrained by low operating rates and weak external demand; on the raw material side, dolomite demand was stable with relatively strong prices, while ferrosilicon fluctuated rangebound under cost support and just-in-time procurement. Overall, insufficient downstream demand was the core factor constraining the trends across all varieties.

• Polysilicon Prices Temporarily Stabilize, Silicon Metal Transactions Currently Weak [SMM Silicon-Based PV Morning Meeting Summary]

  [SMM Silicon-Based PV Morning Meeting Summary: Silicon Metal Sees Volatility Amid Tug-of-War Between Longs and Shorts, Polysilicon Largely Stable as Market Awaits Meeting Results] Over the weekend, N-type recharging polysilicon was quoted at 50.95-55 yuan/kg, with the N-type polysilicon price index at 52.71 yuan/kg, and granular polysilicon quoted at 50-51 yuan/kg. Polysilicon prices remained temporarily stable over the weekend, as downstream crystal pulling plants had previously built up sufficient raw material inventory, leading to limited market transactions. The market holds some expectations for price increases from polysilicon manufacturers by month-end, though actual developments in the follow-up still require attention.

• US September Inflation Data Falls Short of Expectations, Macro Environment Improves, Aluminum Prices Remain Strong [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: US September Inflation Data Falls Short of Expectations, Favorable Macro Environment Supports Stronger Aluminum Prices] During the night session on October 24, the most-traded SHFE aluminum contract opened at 21,150 yuan/mt, with the highest price at 21,250 yuan/mt and the lowest price at 21,120 yuan/mt, finally closing at 21,245 yuan/mt, up 0.09%. The night session showed a fluctuating upward trend, with the trading center rising to around 21,170 yuan/mt. From a technical perspective, the MA moving averages continued their bullish alignment (MA5: 21,201 > MA10: 21,081.50 > MA20: 21,009.25 > MA60: 20,900.63), while the MACD 4-hour candlestick chart showed expanding red bars, maintaining a golden cross (DIFF: 94.04, DEA: 65.59). In terms of trend, SHFE aluminum remains in an upward channel. Based on recent highs and lows (low: 20,640, high: around 21,310), resistance is expected in the 21,350–21,550 range, with support in the 20,650–20,850 range.

• Tight Aluminum Scrap Supply Drives Up Costs, Cast Aluminum Alloy Prices Remain Strong but Demand Changes Require Attention [SMM Morning Comment on Cast Aluminum Alloy]

  [SMM Cast Aluminum Alloy Morning Comment: Tight Aluminum Scrap Supply Drives Up Costs, Cast Aluminum Alloy Prices Hold Up Well but Demand Changes Require Attention] Currently, aluminum scrap supply in the market remains tight, pushing procurement costs even higher. To ensure order fulfillment, enterprises are generally purchasing at high prices, while low-priced sources are scarce, leading to a continuous rise in overall production costs and consequently driving up quotations. Overall demand remains resilient, coupled with low finished product inventories at manufacturers and persistent pressure for order delivery, providing some support to market prices. In the short term, supported by rigid cost factors and a tight supply-demand balance, ADC12 aluminum alloy ingot prices are expected to hold up well. Going forward, close attention should be paid to raw material supply, consumption performance, and inventory changes.

• Against the backdrop of destocking, lead prices in domestic and overseas markets held up well. [SMM Lead Morning News]

  [SMM Lead Morning Brief: Domestic and Overseas Lead Prices Hold Up Well Amid Destocking Background] SMM October 27: Last Friday, LME lead opened at $2,012/mt. With LME lead inventory continuing to decline and the US dollar index weakening, LME lead fluctuated upward throughout the day......