The magnesium ingot market continues to show strong supply and weak demand, with Chinese and overseas markets both weakening simultaneously [SMM spot magnesium ingot news flash]

SMM News Flash on August 26:

Today, mainstream quotations in the Fugu area for national standard 99.9 magnesium ingot were 15,750-15,850 yuan/mt, and for national standard 99.8 magnesium ingot were 15,750-15,850 yuan/mt; China FOB prices were reported at $2,240-$2,340/mt.

Today, the magnesium ingot market weakened in both domestic and overseas markets, with domestic mainstream quotations at 15,750-15,850 yuan/mt and some cargoes edging down slightly; FOB export offers were at $2,240-$2,340/mt. Overall market supply was ample, but high-quality low-priced spot cargoes were scarce. Previous maintenance did not effectively alleviate the industry's high inventory pressure, and destocking progressed slowly, with only a small amount of low-priced cargoes flowing out. Domestic downstream inquiries were mostly accompanied by pushing for lower prices, and the month-end concentrated restocking did not appear as expected, with few actual transactions and a heavy wait-and-see sentiment. Overseas clients prioritized consuming their own inventories and pushed for lower prices on new orders significantly, leaving traders' margins severely squeezed and their willingness to take orders low. The current market still faced a situation of supply exceeding demand, with no clear recovery drivers in Chinese and overseas markets, and it is likely to continue consolidating on a weak note in the short term. For today's analysis summary, I just posted several new news flashes; please add new ones, not replace.