Magnesium market remains weak; transactions improve but trend unchanged [SMM magnesium ingot spot report]

Published: Oct 09, 2026 17:29 (GMT+8)

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[Magnesium Market Remains in the Doldrums; Transactions Improve but Price Trend Unchanged] Fugu magnesium ingot mainstream quotations stand at 15,400-15,500 yuan/mt, with FOB quotations at $2,190-2,290/mt. Weak demand in China and overseas, coupled with mounting inventory, has prompted producers to sell at concessions. Market sentiment is pessimistic and cautious, and prices are expected to remain in the doldrums in the short term.

SMM October 9 news:

Today, mainstream quotations for 99.90% magnesium ingot in Fugu were 15,400-15,500 yuan/mt, and mainstream quotations for 99.80% magnesium ingot in Fugu were 15,400-15,500 yuan/mt; China FOB prices were $2,190-2,290/mt.

Today, domestic and export magnesium ingot prices continued to weaken. Mainstream transactions for 99.90% magnesium ingot in Fugu and Shenmu were 15,500 yuan/mt, pulling back slightly, with some lower-quality cargoes transacted as low as 15,400 yuan/mt. Smelters showed increased willingness to sell, and price support loosened. Downstream buyers and traders pushed strongly for lower prices, purchasing only as needed at low levels and remaining cautious overall. Foreign trade FOB quotations were $2,190-2,290/mt, with overseas demand also weak and only limited rigid orders, with deliveries concentrated before the holiday and in mid-to-late October. Magnesium plants continued production during the holiday, while purchasing slowed both in China and overseas. Plant inventories and social inventories kept accumulating, and multiple enterprises sold at discounts to recover funds. Market sentiment was pessimistic, the price center moved lower, and magnesium ingot prices are expected to consolidate on a subdued note in the short term, with continued attention needed on the drag of low-priced cargoes on mainstream quotations.

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