Supply continues to be released but demand is weak, magnesium ingot runs weak under pressure [SMM magnesium ingot spot flash]

Published: Oct 08, 2026 17:20 (GMT+8)

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[Supply Continues to Release but Demand Remains Weak, Magnesium Ingot Under Pressure] Quotes for magnesium ingot in China's main production areas continued to decline today. Producers showed strong willingness to sell and recoup funds, with supply continuing to release. However, end-use demand in China and overseas remained sluggish, with only rigid-demand transactions concluded. Market sentiment was largely wait-and-see, and inventory pressure mounted. Overall, the market was weak and under pressure ahead of the holiday.

SMM October 8 news:

Today, mainstream quotations for 99.90% magnesium ingot in Fugu were 15,500-15,600 yuan/mt, and mainstream quotations for 99.80% magnesium ingot in Fugu were 15,450-15,550 yuan/mt. China FOB prices were reported at $2,200-2,300/mt.

Today, the magnesium ingot market weakened in both Chinese and overseas markets. Supply releases in major domestic production areas were active, and some producers had a strong need to recover funds, showing a clear willingness to sell at low prices. However, downstream buyers continued to make just-in-time procurement, market wait-and-see sentiment was strong, and transaction support was insufficient. Overall supply was strong while demand was weak, and bearish sentiment in the market was heavy. On the foreign trade side, offers were under pressure due to the transmission of domestic price declines, overseas end-use demand showed no improvement, and combined with exchange rate and ocean freight rate disruptions, transactions were generally sluggish. During the holiday, smelting operations remained stable, supply continued to be produced while the procurement pace slowed, and industry inventory pressure increased. In the short term, the magnesium market is likely to consolidate on a weak note.

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