SMM Flash, Jun 9:
Today, the mainstream transaction price of 99.90% magnesium ingot in major production areas was 16,300 yuan/mt, down 50 yuan/mt from yesterday; FOB offers were $2,310-2,400/mt, down $10/mt from yesterday.
Today's magnesium ingot market was characterized by a buyer's market and a weak recovery. On the supply side, magnesium ingot producers had high inventory accumulation, and transactions at high prices were sluggish. To recoup funds, they opted to sell at lower prices. The mainstream transaction price for magnesium ingot today was 16,300 yuan/mt, with decent trading volumes. On the demand side, as downstream orders had yet to show a clear recovery, traders were reluctant to purchase in large quantities, only restocking as needed. It is expected that prices may still edge down in the near term.
