Tight Supply of Low-Priced Goods, Magnesium Prices Consolidated Today [SMM Magnesium Ingot Spot Bulletin]

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Today, the mainstream quotations for magnesium ingot smelters in Fugu and Shenmu regions of Shaanxi were between 15,600-15,700 yuan/mt, while the mainstream transaction prices were in the range of 15,500-15,600 yuan/mt. Overall magnesium prices slightly declined compared to the previous working day. However, some magnesium ingot smelters stopped shipments after transactions at 15,500 yuan, leading to undersupply of low-priced cargoes.

Today's magnesium prices showed a weak trend overall. Magnesium plants demonstrated a strong willingness to maintain prices, low-priced general cargo resources were hard to find in the market, demand recovery was slow, and high-priced transactions were not smooth. Sellers and buyers were in a state of stalemate and negotiation. In terms of supply, due to continued losses at magnesium plants, some enterprises have started production cuts or suspensions, easing the supply pressure of magnesium ingots. On the demand side, downstream enterprises mainly engaged in purchasing as needed, while traders showed low willingness to stockpile. Actual market demand remained sluggish, and bargain down purchasing prices were common. According to SMM analysis, the lack of significant positive news from downstream demand has left magnesium prices without upward momentum, and prices are expected to remain stable in the short term.