Transaction pace slowed down, with magnesium prices stabilizing at highs today [SMM Spot Magnesium Ingot Report]

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Reported by SMM on May 9, today's mainstream quotations for 99.90% magnesium ingot in the main producing areas are 17,200-17,300 yuan/mt, up 350 yuan/mt from the previous working day. Some magnesium ingot smelters are quoting at 17,500 yuan/mt, with no transactions made so far.

As magnesium prices continue to rise at high levels, downstream enterprises exhibit strong fear of high prices, with only essential-need customers entering the market for purchases. Today's transactions have been sluggish. According to an SMM survey, approximately 200 mt were traded at the 17,300 yuan/mt level. Downstream follow-up is clearly struggling, and the magnesium market may stabilize at highs in the subsequent period.