Cost-Driven Factors and Concentrated Procurement Push Up Fugu Magnesium Prices, Trading Slows After Single-Day Surge [SMM Spot Magnesium Ingot Express]

Published: Nov 5, 2025 18:41

Save

[SMM Magnesium Ingot Spot Market Update: Cost-Driven Factors and Concentrated Procurement Lead to Single-Day Price Surge in Fugu, Followed by Slower Trading] On November 5, trading activity in the Fugu magnesium ingot market was brisk, with transactions exceeding 1 kt at prices ranging from 16,100 to 16,150 yuan/mt in the morning. Subsequently, supported by a sudden increase in coal costs, magnesium ingot producers uniformly held prices firm in the afternoon, raising mainstream quotations to 16,200 yuan/mt. After the price increase, buying interest in the market pulled back, with downstream buyers shifting to a wait-and-see approach, leading to an overall slowdown in the trading atmosphere.

SMM November 5: Mainstream quotations for magnesium ingots in the Fugu area today were 16,200 yuan/mt, with FOB prices at $2,300/mt.

During the morning session, the main trading range was 16,100-16,150 yuan/mt, with trading volume exceeding 1,000 mt. Due to a sudden increase in coal prices on the cost side and active trading, magnesium ingot producers uniformly held prices firm starting in the afternoon, and current market offers have generally risen to 16,200 yuan/mt. However, after the price hike, market wait-and-see sentiment significantly intensified, and trading activity cooled. Magnesium prices are expected to continue fluctuating rangebound in the near term, with the tug-of-war between sellers and buyers persisting.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 hours ago

[SMM Analysis] Manganese-based Battery Materials Market Analysis：Cost-driven Divergence with Demand Recovery Ahead

Recently, China's manganese-based battery materials market has been characterized by cost-driven divergence and gradual demand recovery. Battery-grade manganese sulfate and trimanganese tetroxide have strengthened on the back of rising raw material and freight costs; electrolytic manganese dioxide remains stable; and lithium manganate is steady amid volatile lithium carbonate prices, awaiting a demand rebound in April.

15 hours ago

Mar 26, 2026 15:38

Magnesium Market Holds Up Well as Cost Support and the Tug-of-War Between Sellers and Buyers Continues [SMM Magnesium Weekly Review]

[SMM Magnesium Weekly Review: Magnesium Market Held Up Well, With Cost Support and a Tug-of-War Between Sellers and Buyers Continuing] This week, the overall magnesium industry chain held up well, with prices of all products generally raised. The raw material dolomite market remained stable, with ample supply and steady demand. Magnesium ingot prices consolidated at highs. At the beginning of the week, supported by rising energy costs such as ferrosilicon and coke and tight spot availability, prices jumped by 300 yuan/mt. Subsequently, downstream fear of high prices emerged, transactions failed to keep pace, and prices consolidated at highs. In foreign trade, the center of magnesium ingot FOB quotes moved up to $2,440-2,470/mt. Wait-and-see sentiment outside China remained strong, but influenced by bullish expectations in China, forward orders were gradually locked in. Magnesium powder prices remained firm, with strong cost support. Export data increased YoY, while domestic trade was mainly driven by just-in-time procurement. The benchmark price of magnesium alloy held up well, but the release of new capacity led to increased supply, processing fees stayed in the doldrums, and the market showed a pattern of strong supply and weak demand. Overall, cost support remained the core driver behind magnesium prices fluctuating at highs, while downstream acceptance of high prices was limited, and the market may continue this tug-of-war in the short term.

Mar 26, 2026 15:38

Mar 23, 2026 17:59

[SMM Analysis] China's Magnesium Exports Surge in Jan-Feb 2026, Geopolitical Turmoil Threatens Q2 Outlook

Jan-Feb 2026 China magnesium exports reached 72.7kt, up 3.4kt YoY. Magnesium alloy led with +33.1% YoY, orders booked through April. Magnesium ingot fell 6.8% due to weak European demand, while powder grew 10.3%. However, US-Israel conflict disrupted Middle East aluminum plants, halting regional magnesium orders and pressuring Q2 outlook despite the strong start.

Mar 23, 2026 17:59