Hot News

• 

  Raw Material Costs Support Magnesium Market with Multiple Varieties Refusing to Budge on Prices, Pre-Holiday Wait-and-See Sentiment Strong, Magnesium Ingot and Powder Fluctuate [SMM Magnesium Morning Meeting Minutes]

  [SMM Magnesium Morning Meeting Minutes: Raw Material Cost Support Bolsters Price Firmness Across Multiple Magnesium Varieties, Pre-Holiday Wait-and-See Sentiment Prevails with Magnesium Ingot and Powder Trading Rangebound] On September 19, the price of dolomite, a raw material for magnesium, remained stable, while ferrosilicon futures rose slightly. The recovery in spot steel tendering demand supported prices to fluctuate rangebound. Magnesium ingot quotations increased driven by rising raw material costs, but low-priced sources still existed in the market. Under the supply-strength-demand-weakness pattern, sustained momentum to refuse to budge on prices was insufficient, and export wait-and-see sentiment was strong. Magnesium alloy enterprises had good order schedules and tight spot supply, with processing fees raised, but downstream acceptance of high prices was low. The upward trend in magnesium powder prices paused, with general transaction activity focused on executing previous orders, while new overseas orders were limited. The magnesium market is expected to continue fluctuating rangebound overall in the short term, with slow follow-up in transactions ahead of the holiday.

• Aluminum alloy social inventory continues the buildup trend, focus on warrant registration next week [SMM Cast Aluminum Alloy Morning Comment]

  [SMM Cast Aluminum Alloy Morning Comment: Social Inventory of Aluminum Alloy Continues Buildup Pace, Focus on Warrant Registration Next Week] Overall, influenced by the US Fed's interest rate cut realization, macro sentiment was under pressure, while fundamentals saw a tug-of-war between longs and shorts: cost rigidity and pre-holiday stockpiling demand provided support, but weak demand recovery and inventory buildup risks posed constraints. ADC12 prices are expected to hover at highs in the short term. Subsequent attention should be closely paid to raw material supply conditions, the pace of demand recovery, changes in registered warrants, and policy implementation.

• Overseas Lithium News [SMM New Energy Overseas Weekly News]

  [EMP Metals Obtains Construction and Operation Permit for Aurora Project Demonstration Plant]

• The fundamentals of alumina still maintain a surplus pattern, with tender prices at a discount to online prices, driving down online prices. [SMM Alumina Morning Comment]

• Argentina and Chile Plan to Establish a Regional Copper Hub; LME Copper Fluctuated and Closed Lower Overnight [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Minutes: LME copper opened at $9,954.5/mt overnight, fluctuated upward initially to touch a high of $9,973/mt, then fluctuated downward to touch a low of $9,917/mt, before rising unilaterally and finally closing at $9,946/mt, down 0.28%, with trading volume reaching 15,000 lots and open interest reaching 290,000 lots. The most-traded SHFE copper contract 2511 opened at 79,680 yuan/mt overnight, touched a high of 79,810 yuan/mt initially, then fluctuated downward to touch a low of 79,530 yuan/mt, before fluctuating considerably and finally closing at 79,660 yuan/mt, down 0.15%, with trading volume reaching 18,000 lots and open interest reaching 173,000 lots.