Producers refuse to budge on prices, leading to continued rise in magnesium prices. Trading is sluggish, with inventory differentiation [SMM Spot Magnesium Ingot Report]

Published: Jul 28, 2025 17:47

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[SMM Magnesium Ingot Spot Cargo Report: Magnesium Prices Continue to Rise as Producers Refuse to Budge on Prices, Trading Sluggish with Diverging Inventory Levels] This week, the ex-factory price of Fugu magnesium ingot was reported at 17,100-17,200 yuan/mt, with an average price of 17,150 yuan/mt, continuing the trend of a slight rise, mainly due to the strong reluctance of producers to budge on prices. The market trading atmosphere was sluggish, with trading volume contracting. However, inventory levels diverged, with producer inventory decreasing by 19.8% week-on-week and social inventory slightly increasing by 2.34%. Demand was suppressed by high prices, with both domestic and foreign trade buyers exhibiting a strong wait-and-see sentiment, but potential demand still exists. It is expected that the magnesium market will maintain a fluctuating rangebound operation in the short term.

SMM reported on July 28 that today, the factory quotation range for magnesium ingots in the Fugu region was 17,100-17,200 yuan/mt, with an average market price of 17,150 yuan/mt; the FOB export quotation remained at 2,350-2,460 US dollars/mt.

Currently, the market quotation for magnesium ingots continues to rise slightly, mainly driven by the producers' persistent strategy of refusing to budge on prices. Although the mainstream transaction prices have stabilized at 17,100 yuan/mt, the market trading atmosphere was sluggish today, with actual trading volume shrinking. The inventory situation showed a divergent trend: last week, the inventory of magnesium ingot producers decreased significantly by 19.8%, while social inventory increased slightly by 2.34%. Demand side, due to the recent rapid rise in magnesium prices, most orders failed to be released in a concentrated manner last week. Domestic and overseas buyers generally adopted a wait-and-see attitude, but potential demand still exists. Overall, it is expected that the magnesium market will maintain a fluctuating rangebound pattern in the future.

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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