SHANGHAI, Nov 29 (SMM) - The mainstream ex-factory prices of Mg90% magnesium ingots in Fugu county, Shaanxi province, were around 22,500-22,600 yuan/mt on November 28, which was 500 yuan/mt lower than last Friday.
Downstream buyers generally adopted a wait-and-see attitude amid the continuous drop in magnesium prices. Increased supply and weaker cost support amid falling coal and ferrosilicon prices dented the bargaining power of magnesium plants. Most market players remain pessimistic over the market outlook, and the prices may maintain the downward trend for the rest of the week. SMM will pay close attention to the changes in raw material prices.