Tight supply drives magnesium prices up today [SMM Magnesium Ingot Spot Bulletin]

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Reported by SMM on May 12, influenced by the tight inventory situation at some magnesium ingot smelters, magnesium ingot producers exhibited a strong sentiment to stand firm on quotes. Today, the mainstream quotations for 99.90% magnesium ingot in the main producing areas ranged from 17,300 to 17,500 yuan/mt, marking an increase of 100 yuan/mt from the previous working day. Some magnesium ingot smelters quoted prices at 17,500 yuan/mt, with only a few large plants achieving limited trading volume.

As magnesium prices continue to rise, downstream enterprises are hesitant about the high prices, with only essential-demand customers making purchases. Trading volume in the market today was relatively sluggish. According to an incomplete survey by SMM, at price levels ranging from 17,300 to 17,400 yuan/mt, the trading volume was approximately 300 mt, indicating significantly weak downstream demand. It is anticipated that magnesium market prices will fluctuate near the high levels.