Magnesium plants' reluctance to sell resurfaces, with transaction prices of magnesium ingots rising today [SMM Spot Magnesium Ingot Report]

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Today, the mainstream quotation for 99.90% magnesium ingot in the main producing areas is 16,500 yuan/mt, unchanged from the previous working day. As the supply of low-priced goods decreases, just-in-time procurement has driven up the transaction price of magnesium ingot.

Today, magnesium ingot smelters tentatively raised their quotations, which continued to rise after a small volume of transactions at the 16,450 yuan/mt level. However, downstream acceptance was low, with high prices only resulting in a small volume of transactions at some large plants. With the completion of stockpiling before the Labour Day holiday, and considering that the pre-holiday stockpiling activities have largely concluded, there is weak demand-side support, and the upward momentum of magnesium prices is limited. It is expected that magnesium prices will remain stable in the short term.