Dragged Down by StrongDragged Down by Strong Supply and Weak Demand, Magnesium Prices Fall [SMM Magnesium Ingot Spot Cargo Express]

Published: May 12, 2026 17:45

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[Dragged Down by Strong Supply and Weak Demand, Magnesium Prices Fell] Magnesium prices were in the doldrums today. Producers' quotes remained firm in the morning session, but some producers cut prices for shipments in the afternoon, with low-priced supplies increasing. Downstream wait-and-see sentiment was strong, with buyers making just-in-time procurement only, and the market showed a pattern of strong supply and weak demand.

SMM Flash News, April 29:

Today, offers in major producing areas for 99.90% magnesium ingot were 16,350-16,450 yuan/mt, down 50 yuan/mt from the morning offers.

Today, magnesium prices were in the doldrums. Supply side, primary magnesium smelters held firm on their offers in the morning, and market quotations showed a steady trend. In the afternoon, some primary magnesium smelters cut prices again to boost shipments, increasing the availability of low-priced cargoes in the market. Demand side, affected by the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, downstream end-user producers and traders showed strong wait-and-see sentiment. Current procurement was mainly just-in-time procurement to meet immediate needs, and market transactions were average. Overall, the current supply-demand pattern remained one of strong supply and weak demand, and magnesium prices were in the doldrums.

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