Transactions Slightly Recovered, Magnesium Prices in the Doldrums [SMM Spot Magnesium Ingot Market Update]

SMM reported on September 8 that today's ex-works offers for magnesium ingot in Fugu region stood at 16,900-17,000 yuan/mt, flat from the previous trading day, while FOB offers were at $2,385/mt.

The magnesium ingot market continued its tug-of-war between sellers and buyers, with prices remaining in the doldrums. Mainstream transaction prices held at 16,900 yuan/mt, though intraday trading activity showed slight improvement as some foreign trade orders entered the market, providing a modest boost to demand. However, transaction prices failed to stabilize at higher levels. Overseas markets maintained a wait-and-see stance, particularly exercising caution toward orders for October and later shipments, with spot offers mostly concentrated in the $2,350-2,400/mt range. Magnesium prices are expected to remain weak in the short term.