The magnesium market remained stable before the holiday, with a growing wait-and-see sentiment prevailing [SMM Magnesium Morning Meeting Minutes]

Published: Feb 10, 2026 10:12

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[SMM Magnesium Morning Meeting Minutes: Magnesium Market Holds Steady Pre-Holiday, Wait-and-See Sentiment Grows] February 10, Raw material side: Dolomite supply tightens as top-tier enterprises in Wutai area remain suspended, prices maintain a firm trend; ferrosilicon futures are in the doldrums, spot transactions sluggish, prices expected to continue consolidating narrowly. Magnesium ingot market offers hold steady, mainstream transaction prices in Fugu area remain at 16,350-16,450 yuan/mt, transactions mainly supported by domestic trade rigid demand and foreign trade March order stockpiling, market expectations for price declines weaken, recent market likely to continue fluctuating rangebound. Magnesium alloy market benchmark prices and processing fees both hold steady, downstream pre-holiday procurement pace slows down, supply-demand tight balance supports processing fees remaining firm. Magnesium powder market operates steadily, enterprises' pre-holiday stockpiling largely completed, both domestic and foreign trade demand show mediocre performance, transactions mainly rigid demand. Overall, pre-Chinese New Year, the market enters a stable wait-and-see phase, cost support and weakening demand counterbalance each other, prices across varieties are expected to see limited fluctuations before the holiday.

SMM February 10 Magnesium Morning Meeting Summary:

Magnesium Raw Material

Prices

The ex-factory price (excluding tax) for 1-3 cm dolomite (Wutai) is 108 yuan/mt, unchanged from the previous working day; the ex-factory price (excluding tax) for 2-4 cm dolomite (Wutai) is 128 yuan/mt, also unchanged from the previous working day. The mainstream ex-factory price for 75 ferrosilicon in Shaanxi is 5,950 yuan/mt.

Supply and Demand

Yesterday, Wutai dolomite prices remained stable. Leading dolomite producers in Wutai continued to halt production, with other regions supplementing the supply gap. Given the high operating rates of magnesium producers, which provide strong support for dolomite demand, it is expected that dolomite prices will hold up well. The most-traded silicon iron futures contract 2603 closed at 5,594, down 82 yuan, with the silicon iron futures fluctuating rangebound. In the spot market, silicon iron smelters maintained firm quotes, while downstream clients made just-in-time procurement, leading to a sluggish market. It is expected that silicon iron prices will continue to fluctuate rangebound.

Magnesium Ingot

Prices

Today, the mainstream transaction prices for magnesium ingots in Fugu are 16,350-16,450 yuan/mt, unchanged from the previous working day; China's FOB price is $2,320-2,380/mt.

Supply and Demand

Yesterday, magnesium prices held firm, with moderate transactions, mainly concentrated at 16,400 yuan/mt. Transactions were supported by two factors: domestic downstream just-in-time procurement and some March shipment orders recently placed by foreign trade, prompting traders to stockpile in advance. As the Chinese New Year approaches, prices remain relatively firm, and market expectations of a price drop have weakened. Overall, it is expected that magnesium prices will continue to fluctuate rangebound in the near term.

Magnesium Alloy

Prices

Today, the mainstream ex-factory price (including tax) for magnesium alloys in China is 18,600-18,800 yuan/mt; the FOB price for Chinese magnesium alloys is $2,600-2,650/mt.

Supply and Demand

Yesterday, the magnesium alloy market saw both benchmark prices and processing fees remain stable. Magnesium alloy producers operated normally, while downstream die-casting and end-user enterprises slowed their procurement pace as the Chinese New Year holiday approached. Overall, the market maintains a tight balance, providing strong support for processing fees. It is expected that magnesium alloy processing fees will remain firm in the short term.

Magnesium Powder

Prices

Today, the mainstream ex-factory price (including tax) for 20-80 mesh magnesium powder in China is 17,550-17,750 yuan/mt; the FOB price for Chinese magnesium powder is $2,480-2,540/mt.

Supply-Demand

The magnesium powder market operated steadily overall yesterday, with industry production plans being executed in an orderly manner. Currently, pre-holiday stockpiling by magnesium powder producers has been largely completed. Demand side, the domestic trade market continues to maintain a purchasing-as-needed model, while the scale of new orders in foreign trade remains generally limited.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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