Transactions Steadily Follow Up, Magnesium Prices Remain Stable [SMM Magnesium Ingot Spot Bulletin]

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At the beginning of the week, the domestic magnesium market remained stable, with mainstream quotations from magnesium ingot smelters at 15,950-16,050 yuan/mt and mainstream transaction prices concentrated at 15,950-16,000 yuan/mt. Magnesium prices held steady.
From the raw material market, the price of 75# ferrosilicon in Shaanxi remained at 6,200-6,300 yuan/mt, with market sentiment pessimistic and steel mills showing low willingness 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 price of 2-4 grade dolomite remained unchanged at 128 yuan/mt. 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.

Supply and demand side, current magnesium ingot prices are near the cost line, and magnesium plants are less willing to sell at lower prices. Most downstream enterprises have completed stockpiling, and subsequent market transactions are expected to focus on just-in-time procurement. Considering the impact of transportation suspensions, market activity is expected to continue declining before the Chinese New Year. Coupled with financial constraints at year-end for magnesium ingot smelters, magnesium prices may see slight downward adjustments.