Magnesium ingot demand remains weak, with transaction center edging down [SMM Magnesium Ingot Spot Express]

Published: Sep 29, 2026 17:58 (GMT+8)

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[Persistent weak demand for magnesium ingot pulls transaction center slightly lower] The magnesium ingot market in China showed pronounced weakness, with the transaction center pulling back to 15,700 yuan/mt. Smelters' willingness to hold prices firm weakened and low-priced supply increased. Combined with sluggish demand and mounting inventory pressure, market conditions are unlikely to improve in the short term.

SMM September 29 news:

Today, mainstream quotations for GB-standard 99.90% magnesium ingot in Fugu were 15,700-15,800 yuan/mt, and mainstream quotations for GB-standard 99.80% magnesium ingot in Fugu were 15,650-15,750 yuan/mt; China FOB prices were reported at $2,240-2,340/mt.

Today, China's magnesium ingot market showed clear weakness, with actual transaction centers generally moving down to 15,700 yuan/mt. Supply side, domestic primary magnesium production remained stable, and some smelters still intended to hold prices firm, but constrained by the market downturn, actual shipments were already approaching 15,700 yuan/mt, with low-priced cargoes beginning to increase, though no panic selling emerged yet. Demand side, demand was sluggish both in China and overseas, with only limited just-in-time procurement before the holiday in China, sluggish inquiry sentiment, and insufficient transaction volumes. In the short term, inventory faces accumulation pressure, magnesium prices lack upward momentum, and magnesium ingot is expected to remain in the doldrums.

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