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![The Magnesium Market Is Under Pressure Across the Board, with Tightening Raw Material Supply and Sluggish Demand Interwoven [SMM Magnesium Morning Meeting Minutes]](https://static.metal.com/price.metal.com/3.1.17/image/news-default.png)
[SMM Magnesium Morning Conference Notes: Magnesium Market Under Pressure Amid Tight Raw Material Supply and Sluggish Demand] February 4, cost side, dolomite supply tightened as leading producers in Wutai suspended production, with prices expected to hold up well; ferrosilicon futures dropped slightly, while spot transactions remained neutral, with downstream users mainly making just-in-time procurement. The magnesium ingot market continued its weakness, with offers in Fugu County lowered to 16,400-16,500 yuan/mt, sluggish transactions, and strong wait-and-see sentiment among downstream users. Foreign trade was mainly focused on fulfilling previous orders, with few new orders. The benchmark price of magnesium alloy was under pressure due to declining magnesium ingot prices on the cost side, but processing fees held steady. As the Chinese New Year approached, some end-users began holidays, leading to a slight decrease in orders, with the market maintaining a tight balance. The magnesium powder market remained generally stable, though the center shifted slightly downward due to falling raw material prices. On the demand side, domestic trade involved purchasing as needed, while foreign trade saw limited new orders. Overall, the magnesium industry chain faced partial supply tightness providing support in the short term, but sluggish demand remained the core factor driving price trends, with the market expected to stay in the doldrums.
[SMM Silicon-Based PV Morning Conference Minutes] Polysilicon: The quotation for polysilicon N-type recharging polysilicon was 48-59 yuan/kg, granular polysilicon was 49-51 yuan/kg, and the polysilicon price index was 52.45 yuan/kg. Polysilicon prices rose. The polysilicon enterprise meeting held on Saturday, combined with the PV conference on February 5 and the sharp drop in silver prices, boosted the confidence of polysilicon enterprises to raise prices. The highest enterprise quotation increased to 63 yuan/kg. However, market acceptance of high prices remained relatively low. The actual transaction outcomes still require attention to tomorrow's meeting and the trend of silver. Wafer: The market price for 18X wafers was 1.2-1.25 yuan/piece, 210RN wafers were 1.3-1.35 yuan/piece, and 210N wafers were 1.5-1.55 yuan/piece. Wafer prices held steady this week. Recent wild swings in metal prices led to battery modules facing repricing, and wafer enterprises adopted a wait-and-see attitude towards the current raw material price increases.
[SMM Aluminum Morning Meeting Minutes: Aluminum Prices Edged Up Overnight as US-Iran Tensions Briefly Escalated] Overall, the short-term volatility risks in SHFE aluminum and nonferrous metals markets have increased significantly. Prices may continue to be affected by factors such as the US Fed's policy shift, and further amplification of fluctuations cannot be ruled out. It is essential to closely monitor market dynamics and regulatory policy changes, conduct trading rationally and in compliance, and prudently manage positions and risks.
SMM Morning Meeting Minutes: LME copper opened at $13,270/mt overnight, initially testing the low at $13,252/mt, after which copper prices fluctuated upward, hitting a high of $13,526/mt and hovering at highs, eventually closing at $13,410/mt, up 3.95%. Trading volume reached 38,000 lots, down 10,550 lots from the previous session; open interest stood at 326,000 lots, down 1,276 lots from the previous session, reflecting overall bear position reduction. The most-traded SHFE copper contract 2603 opened at 104,950 yuan/mt overnight, initially testing the high at 105,800 yuan/mt, after which the center declined to test the low at 104,440 yuan/mt, fluctuating rangebound overall, and eventually closed at 105,180 yuan/mt, up 3.49%. Trading volume reached 129,000 lots, down 246,000 lots from the previous session; open interest stood at 192,000 lots, up 35 lots from the previous session, reflecting overall bull position increase.
