Cost Support Weakens and Inventory Diverges; Magnesium Ingot Deals Sluggish, Consolidation Continues [SMM Magnesium Ingot Spot Report]

Published: Sep 8, 2026 18:04

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[Cost Support Loosens and Inventory Diverges, Magnesium Ingot Transactions Remain Sluggish with Consolidation] Quotes for all grades of magnesium ingot were basically flat. The pullback in coal loosened cost support. Smelter inventory sentiment diverged, downstream users purchased as needed, and export circulation was hindered. Overall transactions were sluggish, and foreign trade of magnesium ingot is expected to continue consolidating in the short term.

SMM Flash, Sep 8:

Today, mainstream quotations for 99.90% magnesium ingot in Fugu were 16,100-16,200 yuan/mt, and mainstream quotations for 99.80% magnesium ingot in Fugu were 16,050-16,150 yuan/mt. China FOB prices were $2,290-2,390/mt. Magnesium ingot prices were flat from the previous trading day.

Transactions in the magnesium ingot market were sluggish overall today, with mainstream quotations holding at $2,290-2,390/mt. On the raw material side, coal prices pulled back, weakening cost support and further suppressing downstream purchase willingness. On the supply side, smelter sentiment was divided. Low-inventory enterprises held prices firm and took a wait-and-see stance, while high-inventory enterprises were eager to sell, with phased low-priced cargoes disrupting the market. High inventory remained the core contradiction weighing on prices. On the demand side, downstream users generally purchased as needed, with little willingness to stockpile. Stricter export supervision led to sluggish shipment flows for traders. In the short term, the magnesium ingot foreign trade market is expected to continue consolidating.

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