SMM Flash Update, April 29:
Today, 99.90% magnesium ingot mainstream quotations in major producing areas were 16,600-16,700 yuan/mt, basically flat compared with earlier quotations.
The magnesium market saw sluggish trading overall today. Supply side, most primary magnesium smelters held firm on quotations, with mainstream quotations maintained at 16,700 yuan/mt, while a few enterprises offered modest concessions to boost transactions. Demand side, downstream stocking ahead of the Labour Day holiday was largely completed, with purchase willingness generally weak and overall market transactions sluggish. Overall, the current magnesium market exhibited a pattern of strong supply and weak demand. However, smelters showed a strong willingness to hold prices firm, and magnesium prices were likely to close steadily within the 16,600-16,700 yuan/mt range in the short term.
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