SHANGHAI, Jun 6 (SMM) -
Magnesium prices continued to decline today. The mainstream prices of 90 magnesium ingots in Fugu moved between 26,500-27,000 yuan/mt, down 1,000 yuan/mt from June 2.
The downstream market was in a strong wait-and-see mood. Prices of magnesium has experienced a large decline in the past month amid oversupply and the lack of policy support. As the profits of magnesium ingot were squeezed, the supply side stood firmer to the prices. Some magnesium plants began to plan a shutdown and maintenance at different levels in June to cope with the oversupply.
At present, there is still more than one month before the overseas summer vacation. There may be no further action in the downstream. It is expected that the prices of magnesium may approach the cost line this month, and SMM will continue to focus on the future transactions.
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