Downstream Demand Remains Weak, Making Magnesium Prices Struggle to Change [SMM Spot Magnesium Ingot Bulletin]

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Today, the mainstream quotations for magnesium ingot smelting enterprises were 16,000-16,100 yuan/mt, and the mainstream transaction prices in the market were concentrated at 15,950-16,000 yuan/mt, with magnesium prices remaining stable.
From the raw material market, the price of 75# ferrosilicon in Shaanxi remained at 6,200-6,300 yuan/mt, with market sentiment pessimistic and steel mills showing low willingness to increase prices. It is expected that ferrosilicon prices will remain under pressure in the short term. The ex-factory tax-exclusive price of 1-3 grade dolomite was 88 yuan/mt, down 20 yuan/mt from the previous day, while the ex-factory tax-exclusive price of 2-4 grade dolomite remained unchanged at 128 yuan/mt. Considering that downstream magnesium plants of dolomite are gradually shutting down due to rising costs, dolomite prices are expected to fluctuate downward in the future.
Today, the magnesium ingot market remained stable overall. Yulin Magnesium Industry actively advanced its acquisition and storage plans, keeping the quotations of major magnesium ingot smelting enterprises firm. However, with high upstream inventory, weak downstream demand, and financial constraints faced by some smelting enterprises, low-priced cargoes occasionally appeared in the market. Given that most magnesium ingot smelting enterprises are currently operating at a cost loss, magnesium prices are not expected to decline further in the short term.