镁行业月度报告：原料成本下降叠加需求回暖，十月需求回暖预期下市场有望提振

Investment Rating - The investment rating for the magnesium industry is "Recommended" [2] Core Viewpoints - The magnesium industry is experiencing a recovery in demand, with expectations for a boost in October due to the traditional peak season [1][2] - Raw material costs are declining, and the price of magnesium ingots is stabilizing, indicating a potential for market recovery [1] - The report highlights the importance of monitoring production and operational conditions in magnesium and magnesium alloy segments, particularly those with low-carbon smelting technology and high-end magnesium alloy R&D advantages [1] Summary by Sections Raw Material Supply and Demand - In August, the operating rate of raw coal in China was 55.97%, up 19.28% month-on-month, with production costs at 1,323.64 CNY/ton, down 2.41% [1][5] - The average price of magnesium ingots in August was 19,393.18 CNY/ton, a decrease of 0.47% from the previous month [5] - The production of primary magnesium in China increased to 76,355 tons in August, up 4.55% month-on-month [5] Downstream Demand - The production of passenger cars in August reached 2,221,461 units, an increase of 9.43% month-on-month, while the production of new energy vehicles rose by 10.92% to 1,091,869 units [5] - The production of mobile phones and computers also saw increases of 5.14% and 11.33%, respectively, indicating a recovery in the electronics sector [5] Market Outlook - The report anticipates that the demand for magnesium will continue to recover as the traditional peak season approaches in October, with downstream demand expected to further boost the market [1][2]