SMM Weekly: Magnesium Inventory Rises 3.4% MoM Amid Production Halts and Weak Demand

Published: Jul 17, 2026 17:30

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[SMM Weekly Magnesium Inventory Express] This week, the social inventory increased by 3.4% month-on-month, showing an overall inventory accumulation trend. There are two main reasons: First, affected by the news that magnesium ingot manufacturers in the main production areas have suspended production for maintenance, some traders have appropriately stocked up. However, both the domestic and overseas markets are in the off-season of demand, with limited new orders. Except for individual delivery needs, the overall shipment is relatively small. Second, the high sea freight coupled with exchange rate fluctuations has compressed export profits, and downstream price pressure is obvious. Traders' willingness to ship is low, and the pick-up rhythm has slowed down. Most of the purchased magnesium ingots are stored in warehouses in Shaanxi and Tianjin ports for accumulation. The overall downstream demand is insufficient to digest, the inventory destocking rhythm is slow, and the social inventory continues to accumulate.

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