Continued Uptrend: Today's Magnesium Ingot Transaction Price Surpassed the 15,500 Mark [SMM Spot Magnesium Ingot Bulletin]

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Today, the mainstream quotations for magnesium ingot smelters in Fugu and Shenmu regions of Shaanxi were 15,600 yuan/mt, and the transaction price for 99.9% magnesium ingot rose from 15,250 to 15,500 yuan/mt, opening the upward channel for magnesium prices.

Today, magnesium ingot prices maintained an upward trend. Downstream buyers, influenced by the sentiment to "rush to buy amid continuous price rise and hold back amid price downturn," actively entered the market for procurement. The outstanding trading volume of magnesium ingots over consecutive days provided support for price increases. Additionally, the stable operation of raw material prices such as coal and ferrosilicon offered cost support for magnesium ingot prices. Coupled with the significant reduction in inventory and financial pressure for magnesium ingot smelters due to previous strong transactions, smelters showed a strong sentiment to stand firm on quotes, allowing magnesium ingot prices to rise to high levels. Considering the recent high acceptance of current quotations by downstream buyers, magnesium ingot prices are expected to maintain an upward trend in the short term.