Magnesium Ingot Market Tug-of-War in Stalemate: Cost Support Coexists with Weak Demand [Magnesium Ingot Spot Express from SMM]

SMM August 5 News Flash:

Today, the mainstream quotations for standard 99.9% magnesium ingot in Fugu area were 15,850-15,950 yuan/mt, and for standard 99.8% magnesium ingot were 15,800-15,900 yuan/mt; China's FOB price was reported at $2,240-2,340/mt.

Today, domestic magnesium ingot mainstream quotations were 15,800-15,850 yuan/mt, with the transaction center slightly rising to 15,850 yuan/mt, some producers raised their prices to 15,900 yuan/mt after transactions, and low-priced supplies tightened. Supply side, driven by rising coal costs and continuous losses, producers' willingness to hold prices firm was strong, but some materials still saw slight concessions, and shipment sentiment was divided. Demand side, downstream clients and traders had strong wait-and-see sentiment, with weak restocking willingness, only maintaining small sporadic just-in-time procurement, market transactions were sluggish. Cost support limited the downside room, but production cuts had not yet effectively driven destocking, and social inventory pressure remained. In foreign trade, FOB quotations were $2,240-2,340/mt, with overseas clients pushing clearly for lower prices, and transactions were sluggish. In the short term, magnesium prices lacked upward momentum and were limited on the downside, possibly continuing to move sideways, with attention to be paid to the pace of downstream work resumption and restocking signals.