Magnesium Prices in Major Producing Areas Softened with Concessions, Short-Term Market Showed Strong Supply and Weak Demand [SMM Magnesium Ingot Spot Report]

SMM News, Apr 13:

Today's 99.90% magnesium ingot prices in major producing areas were quoted at 17,200-17,300 yuan/mt, down 50 yuan/mt from earlier quotes.

As the market resumed at the beginning of the week, the magnesium market continued to weaken today. In the morning, primary magnesium smelters in major producing areas mainly quoted 17,300 yuan/mt, but downstream traders showed low acceptance, with overall inquiry prices at 17,100-17,150 yuan/mt. Some primary magnesium smelters concluded deals at concession prices of 17,100-17,150 yuan/mt. Supply-demand side, primary magnesium smelters maintained stable supply while their inventories gradually increased. Downstream traders were cautious in procurement and occasionally offloaded stocks. In the short term, the magnesium market faced strong supply and weak demand, and magnesium prices are expected to be in the doldrums tomorrow.