Lack of Cost Support, Magnesium Market Fluctuates Downward [SMM Spot Magnesium Ingot Bulletin]

Published: Dec 23, 2024 17:58

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[SMM Magnesium Ingot Spot Bulletin: Weak Cost Support, Magnesium Market Fluctuates Downward] SMM reported on December 23 that today, the mainstream quotations from magnesium ingot smelting enterprises were 16,000-16,100 yuan/mt, and the mainstream transaction prices in the market were concentrated at 15,950-16,000 yuan/mt...

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Today, the mainstream quotations for magnesium ingot smelting enterprises were 16,000-16,100 yuan/mt, and the mainstream transaction prices in the market were concentrated at 15,950-16,000 yuan/mt, with magnesium prices remaining stable.
From the raw material market, the price of 75# ferrosilicon in Shaanxi remained at 6,200-6,300 yuan/mt, with pessimistic market sentiment and low willingness from steel mills to increase prices. It is expected that ferrosilicon prices will remain under pressure in the short term. The ex-factory tax-exclusive price of 1-3 grade dolomite was 88 yuan/mt, down 20 yuan/mt from the previous day, while the ex-factory tax-exclusive price of 2-4 grade dolomite was 128 yuan/mt, down 30 yuan/mt from the previous day. Considering that downstream magnesium plants of dolomite are gradually shutting down due to rising costs, dolomite prices are expected to fluctuate downward in the future.
In summary, although recent news of stockpiling has supported prices, downstream enterprises are still maintaining just-in-time procurement and hold a pessimistic outlook on the future market. It is expected that magnesium ingot prices will remain stable in the short term.

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