Weekly social inventory of silicon metal continued to decline on a WoW basis

In January 2026, magnesium ingots (taking the mainstream 99.90% grade as an example) generally trended as rising first, then correcting, and stabilizing with a rebound in the late month. The mainstream spot transaction price fluctuated in the range of 16,000-16,800 CNY/ton. The core drivers were cost support combined with strong intentions to maintain prices; transaction volume was dominated by downstream rigid demand and pre-festival stockpiling, regional price spreads remained stable, and the price edged up slightly at the end of the month due to tight supply. Below is the full-month price information (Tax-inclusive, unit: CNY/ton, un-pickled with simple packaging).

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