Magnesium Prices Still Soften amid Eased Bearish Sentiment

SHANGHAI, Feb 22 (SMM) - The domestic magnesium prices continued to weaken today. The mainstream transaction prices of Mg90% magnesium ingots in Fugu county, Shaanxi province, were around 20,800-20,900 yuan/mt on February 22, down 100 yuan/mt from yesterday.

The transactions at lower prices were brisk in the morning session, a sign of improvement from past two days.

Since magnesium prices have been falling for two weeks, the suppliers now began to hold prices firm. However, the end demand still paled in comparison to the same period of past years. Therefore, the supply surplus will still weigh on magnesium prices in the near term.