Tight Spot Supply Pushes Magnesium Prices Slightly Upward [SMM Magnesium Ingot Spot Bulletin]

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Today, the mainstream quotations for magnesium ingot smelters were 16,000-16,100 yuan/mt. The short-term futures transaction price in the market was concentrated at 16,000 yuan/mt, while the spot transaction price increased to 16,050 yuan/mt, with low-priced sources disappearing.

Supply and demand side, the current magnesium ingot price is near the cost line. Smelters' willingness to sell at lower prices has weakened. Influenced by downstream enterprises' stockpiling before the holiday, market transactions steadily followed up, effectively releasing smelters' inventory. Smelters' quotations gradually firmed up, with sentiment to stand firm on quotes strengthening, low-priced sources decreasing, and magnesium prices slightly rising. However, considering the approach of the Chinese New Year, downstream pre-holiday stockpiling is mostly completed, and market trading activity is gradually decreasing. It is expected that magnesium prices will remain stable in the near future.