SMM News, Apr 28:
Today, 99.90% magnesium ingot prices in major producing areas were quoted at 16,600-16,700 yuan/mt, up 50 yuan/mt from earlier quotes.
The magnesium market held up well overall today. Supply side, leading magnesium enterprises quoted firmly in the morning session, while some small and medium-sized smelters still had slight room for price concessions. Driven by concentrated stockpiling ahead of the Labour Day holiday, downstream purchasing enthusiasm picked up, with buyers entering the market successively to restock, and morning session transactions proceeded smoothly. As low-priced resources were quickly consumed and low-end supplies were basically cleared, smelters raised quotes to 16,700 yuan/mt in the afternoon, though high-priced offers had yet to see significant transaction volumes. Overall, pre-holiday restocking demand was gradually released, providing strong support for magnesium prices with solid downside resilience, and magnesium prices are expected to continue holding up well with a range-bound pattern in the short term.
