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| Time Period | Mainstream Price Range | Core Change | Key Events |
| Jan 1 – Jan 8 | 16,700-16,800 | Steady with a slight rise | Prices of coal, ferrosilicon and other raw materials on the cost side remained stable; major production areas maintained firm prices. The mainstream EXW price in Shaanxi was 16,800-17,000 CNY/ton, with the mainstream transaction price at 16,700-16,800 CNY/ton |
| Jan 9 – Jan 22 | 16,000-16,400 | Fell first, then stabilized | The price dipped to 16,000-16,100 CNY/ton early in the period due to the off-season demand; the supply of low-priced goods decreased in the middle of the period, and the price rebounded to 16,300-16,400 CNY/ton driven by downstream rigid demand for stock replenishment. Some enterprises in Shaanxi suspended quotations or quoted 17,000 CNY/ton |
| Jan 23 – Jan 26 | 16,300-16,500 | Unchanged | 16,300-16,400 CNY/ton in Shaanxi, 16,450-16,550 CNY/ton in Shanxi, 16,300-16,400 CNY/ton in Ningxia; enterprises limited shipments before the Spring Festival, leading to sluggish transactions |
| Jan 27 – Jan 29 | 16,600-16,900 | Up 200 CNY/ton | On the 28th, Fugu Magnesium Industry in Shaanxi quoted 16,600 CNY/ton, Yuncheng/Taiyuan 16,800-16,900 CNY/ton, Ningxia/Inner Mongolia 16,600-16,700 CNY/ton; tight supply supported the price hike |
Core Price Data (By Region/Grade, as of Jan 29)
| Region/Grade | Price | Remarks |
| 99.90% (Fugu/Shenmu, Shaanxi) | 16,600-16,700 CNY/ton | Mainstream transaction price, negotiable margin of 50-100 CNY/ton |
| 99.90% (Wenxi, Shanxi) | 16,800-16,900 CNY/ton | Slightly higher due to logistics costs |
| 99.90% (Ningxia/Inner Mongolia) | 16,600-16,700 CNY/ton | Consistent with Shaanxi, stable supply |
| 99.90% (Xinjiang) | 16,500-16,600 CNY/ton | Cost advantage, slightly lower than major production areas |
| 99.95% Grade A/B (Shaanxi) | 17,550/17,000 CNY/ton | High-end grade, dominated by long-term orders |
| 99.90% FOB Tianjin Port | 2,340-2,380 USD/ton | Fluctuated with spot prices, quotations affected by exchange rate |
III. Core Driving Factors
Operating rates in major production areas (Shaanxi, Ningxia, Inner Mongolia) remained stable, and enterprises had a strong willingness to maintain prices. Some enterprises cut/suspended production or limited shipments before the Spring Festival, leading to a reduction in low-priced goods supply; tight supply provided strong support for prices.
Rigid demand from downstream sectors such as aluminum alloy and automotive lightweighting remained stable; pre-festival stockpiling drove transaction volume, and foreign trade orders were steady. Overall demand was moderate without explosive growth, which limited the sharp rise of prices.
Prices of raw materials such as coal, semi-coke and ferrosilicon remained stable, providing strong cost support. The loss pressure of magnesium plants was eased, and their confidence in maintaining firm prices was enhanced.
Shaanxi, Ningxia and Inner Mongolia are the major production areas with a price of 16,600-16,700 CNY/ton; Shanxi’s price was slightly higher at 16,800-16,900 CNY/ton due to logistics costs; Xinjiang had a slightly lower price relying on cost advantages, and the regional price spread remained stable.
Magnesium ingot prices rose first, then corrected and rebounded at the end of January, with an overall increase of about 7% compared with the end of December. The core was the game between cost support, the willingness to maintain prices and downstream rigid demand; transactions were dominated by small rigid demand orders and long-term orders.
Closely track the operating rates and production cut plans of major production areas, adjust procurement rhythm in a timely manner and avoid price fluctuation risks.
