Magnesium Market Drifts Lower, Downstream Restocking on Dips Improves Transactions [SMM Spot Magnesium Ingot Flash Report]

Published: Aug 19, 2026 20:39

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[Magnesium Market Drifts Lower, Downstream Restocking on Dips Improves Transactions] The magnesium ingot market continued to weaken today, with the transaction center moving further downward. In the morning, the market was in a stalemate as participants waited on the sidelines. In the afternoon, after smelters lowered their offers, downstream buyers restocked on dips, leading to improved transactions. Supported by costs, smelters had limited room to cut prices, and short-term magnesium prices are expected to consolidate in a narrow range.

SMM August 19 Flash:

Today, mainstream quotations for 99.9% magnesium ingot in the Fugu area stood at 15,900-16,000 yuan/mt, and for 99.8% magnesium ingot at 15,850-15,950 yuan/mt. FOB China prices were quoted at $2,250-2,350/mt.

The magnesium ingot market remained in the doldrums today, with the price center continuing to shift lower. Transaction-wise, primary magnesium smelters held firm offers in the morning, while downstream traders stayed on the sidelines with orders, leading to moderate market inquiries. In the afternoon, smelters cut prices to stimulate deals, and the availability of magnesium ingot priced at 15,800 yuan/mt increased notably. Downstream buyers gradually entered the market to restock, and widespread transactions were concluded at 15,800 yuan/mt. Although the magnesium price trended downward, primary magnesium smelters still held back from selling due to cost support, limiting the overall downside room. Based on today’s transactions, the acceptance of 15,800 yuan/mt was moderate. A sustained one-way decline is seen as unlikely, and magnesium prices are expected to move sideways in the short term.

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