Magnesium Market Consolidated at Lows and Stabilized at the Beginning of the Week, Magnesium Prices Maintained Range-Bound Movement [SMM Spot Magnesium Ingot Express]

SMM News, April 27:

Today, 99.90% magnesium ingot prices in major producing areas were quoted at 16,500-16,600 yuan/mt, unchanged from earlier quotes.

As the market resumed at the beginning of the week, the magnesium market consolidated at lows and stabilized today. In terms of supply, enterprises in the market generally showed a strong willingness to hold prices firm, spot cargo shipments remained cautious in pace, and overall circulating supplies stayed tight. On the demand side, downstream end-user purchasing enthusiasm was weak, with no concentrated restocking or large-volume buying and selling activities for the time being. Transactions were mostly limited to small orders at low levels for rigid restocking demand, and overall market trading activity was sluggish. Currently, the tug-of-war between longs and shorts remained stagnant, with limited incremental volume on both the supply and demand sides. In the short term, magnesium prices were most likely to continue moving sideways.