Insufficient Demand Support, Magnesium Ingot Remains in the Doldrums in the Short Term [SMM Magnesium Ingot Spot Express]

Published: Sep 28, 2026 17:30 (GMT+8)

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[Insufficient demand support; magnesium ingot remains in the doldrums in the short term] The magnesium ingot market is in the doldrums, with stable supply but weak domestic and overseas demand. The double-festival market performance fell short of expectations and is unlikely to see significant fluctuations again. The market turning point is expected after the National Day holiday.

SMM, September 28:

Today, mainstream quotations for 99.90% magnesium ingot in Fugu stood at yuan 15,700-15,800/mt, and for 99.80% magnesium ingot at yuan 15,700-15,800/mt. China FOB prices were reported at $2,240-2,340/mt.

China's magnesium ingot market was in the doldrums overall today. Supply side, domestic magnesium ingot operations remained stable, with material continuing to flow into the market, though no large volumes of low-priced supply hit the futures. Demand side, both in China and overseas weakened simultaneously. In China, only limited pre-holiday restocking provided support, with inquiries and quotations mediocre and transactions hard to expand. Downstream purchasing sentiment was cautious, with most opting to wait and see. In foreign trade, pre-holiday stockpiling fell short of expectations, with only a few traders purchasing to fulfil previously finalised orders. Overall, supply was steadily released, but demand support was insufficient. Domestic inventory continued to accumulate, and magnesium prices lacked momentum for an upward boost. During the double holiday period, prices are unlikely to change significantly. New orders and a turning point in prices are expected only after the National Day holiday. In the short term, magnesium ingot prices in China and overseas will remain in the doldrums.

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