Magnesium market stable with weak trading, insufficient demand limiting rise [SMM Magnesium Ingot Spot Report]

Published: Jul 8, 2026 17:24

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[Magnesium market stable with weak trading, insufficient demand limits upside] Today, magnesium ingot prices were stable. Producers’ high inventory pressure remained unabated, the demand side was weak and pushed for lower prices, and support for price increases was insufficient. Continued attention should be paid to the subsequent implementation of production halts and maintenance by producers.

SMM Flash, Jul 8:

Today, mainstream quotations for magnesium ingot in the Fugu area were 15,850-15,950 yuan/mt, with China FOB prices at $2,250-2,360/mt.

The magnesium ingot market remained stable today. On the supply side, producers' inventory pressure persisted, willingness to sell was strong, and the sentiment to hold prices firm weakened. On the demand side, purchases in and outside China showed no notable recovery, with strong wait-and-see sentiment, scarce inquiries, and widespread push for lower prices from buyers. After a slight rebound, magnesium prices struggled to rise, and the market moved sideways. In the short term, prices lack support from actual demand, leaving little room for sustained upside. Future attention will focus on the implementation of concentrated maintenance among enterprises and the pace of inventory destocking.

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