Board Thread:Lore Discussion/@comment-12481512-20130717104617/@comment-11149697-20140626134354

I am guessing that Dwemer Metal is a unique material of its own, found only deepunder the  surface of Nirn, as it is stated that it is not made of any recognizeanble metals. Due to the technological advances of the Dwarves, I a guessing it was found from mining very deep.

Also, maybe its source disapeared along with the Dwemer. I doubt that it's an alloy.