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At the beginning of the week, the domestic magnesium market remained stable. The mainstream quotations from magnesium ingot smelting enterprises were 15,950-16,050 yuan/mt, while the mainstream transaction prices were concentrated at 16,000 yuan/mt, with magnesium prices maintaining stable performance.
From the raw material market, the price of 75# ferrosilicon in Shaanxi remained at 6,200-6,300 yuan/mt, with pessimistic market sentiment. Steel mills showed low willingness to increase prices, and it is expected that ferrosilicon prices will continue to face 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, unchanged from the previous day. Considering that downstream magnesium plants of dolomite are gradually shutting down due to rising costs, it is expected that dolomite prices will fluctuate downward in the future.
From traders, it was learned that due to the impact of the Christmas holiday, overseas inquiries were relatively weak, and market transactions were mostly driven by rigid demand. At the beginning of the week, as the market resumed, sellers and buyers generally remained cautious, and the magnesium market exhibited a strong atmosphere of negotiation. Affected by the high levels of in-plant inventory at magnesium plants, the pressure on magnesium prices persists. As the year-end approaches, downstream purchasing enthusiasm is expected to improve compared to earlier periods. The strengthening of market transactions to some extent provided support for magnesium prices, keeping them at a relatively stable level recently.
