Supported by market news, magnesium prices surged to 16,000 today [SMM Magnesium Ingot Spot Report]

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In the morning, the mainstream quotations for 99.9% magnesium ingot were 15,700-15,800 yuan/mt. In the afternoon, stimulated by news, magnesium producers showed a strong willingness to stand firm on quotes. As of press time, the mainstream transaction prices for 99.9% magnesium ingot were 16,000 yuan/mt, and the magnesium price stopped falling and began to rebound.

From the main production areas, it was learned that magnesium producers followed the market and sold at low prices in the morning, and the magnesium price fluctuated downward. In the afternoon, the news of solid waste storage site management fermented, and the magnesium producers' willingness to stand firm on quotes effectively recovered. Downstream traders panicked and inquired, and the magnesium price jumped to 16,000. Some magnesium producers had a small amount of transactions at the price of 16,000.

SMM analysis believes that whether the management of solid waste storage sites will affect the normal production of magnesium ingot producers still needs to be verified. Considering that magnesium ingot producers currently have a strong willingness to stand firm on quotes, the short-term trend will maintain an upward fluctuation. SMM will continue to monitor the subsequent changes in spot cargo transactions.