SMM Weekly: Magnesium Inventory Down 4.6% MoM, Driven by Contract Deliveries and Restocking

Published: Jul 30, 2026 17:42

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【SMM Weekly Magnesium Inventory Express】This week, the social inventory decreased by 4.6% month-on-month, showing an inventory destocking trend. The destocking of social inventory this week is mainly affected by two factors: on the one hand, as it is the end of July, some long-term contract orders are delivered centrally, and enterprises purchase and deliver goods according to order requirements; on the other hand, some downstream end users also enter the monthly restocking stage, and a small amount of stocking purchases drive inventory digestion. At the same time, due to the recent high volatility of ex-factory prices of magnesium ingots, traders generally have low willingness to stock up except for necessary order fulfillment and replenishment, failing to timely replenish the consumed inventory. In general, the destocking of social inventory this week is relatively obvious.

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