镁行业月度报告：下游市场需求大幅增加，镁锭产量与价格有望企稳

Investment Rating - The report maintains a "Recommended" investment rating for the magnesium industry [2]. Core Insights - The magnesium industry is experiencing a significant recovery in downstream demand, with the production of magnesium alloy ingots showing a notable increase. The average magnesium ingot price has risen to 19,577.89 yuan/ton, reflecting a 0.95% increase month-on-month [1][2]. - The production of magnesium powder has increased by 6.08% to 8,212 tons, while the export price of magnesium powder has risen by 2.36% to 2,804.74 USD/ton [2]. - The automotive sector is driving demand, with national automobile production reaching 2,796,283 units in September, a 12.2% increase from the previous month [2][5]. Summary by Sections 1. Monthly Data Changes in the Magnesium Industry - The average price of raw coal in Shaanxi increased by 1.05% to 932.38 yuan/ton, while the operating rate decreased by 8.63% to 51.14% [5]. - The production cost of raw coal decreased by 1.57% to 1,302.85 yuan/ton [5]. - The production of primary magnesium increased by 0.74% to 76,920 tons, with a corresponding increase in average magnesium ingot prices [5]. 2. Monthly Data Trends in the Magnesium Industry - The report highlights a significant increase in imports and exports of magnesium products, with imports rising by 155.56% to 20.47 tons and exports increasing by 21.55% to 307.57 tons [5]. - The production of aluminum alloy ingots increased by 7.96% to 131,500 tons, indicating a recovery in demand from the automotive sector [5]. 3. Industry Outlook - The establishment of the largest rare earth production base in Baotou is expected to enhance resource recycling, including magnesium, carbon dioxide, and water, which may positively impact the magnesium industry [1]. - The report suggests focusing on magnesium production segments with low-carbon smelting technology and high-end magnesium alloy research advantages, particularly in the automotive and 3C markets [1].