SHANGHAI, Apr 22 (SMM) - Magnesium prices bottomed out this week. Magnesium plants were increasingly inclined to hold the prices firm after magnesium prices dropped for several days. Some downstream players that stood wait-and-see earlier began to purchase on rigid demand, supporting magnesium prices. As of Friday April 22, #90 magnesium ingot were traded at around 75,000 yuan/mt in Fugu city.
According to some magnesium plants in main producing areas, the current prices were in chaos. The manufacturers generally held firm to the prices, and low-priced goods could hardly be found. Some others, however, suspended making shipments for the moment and observed how the trading market progressed.
In the downstream, with the magnesium prices rebounding, some of the downstream enterprises started to make purchases, but there were also some remained wait-and-see because of the rapid rise in prices. Market players were quite different on future directions concerning magnesium prices.
To sum up, magnesium prices were significantly underpinned by rigid demand after the prices bottomed out this week. The downstream demand is expected to be further exploited in light of market confidence from rebounding magnesium prices and upcoming Labour Day holiday, according to SMM. Hence magnesium prices are likely to remain firm in the short term.
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