Insufficient follow-up on transactions led to magnesium prices stabilizing at highs again today [SMM Spot Magnesium Ingot Quick Report]

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SMM reported on May 13 that, influenced by the tight inventory situation at some magnesium ingot smelters, magnesium ingot producers had a strong sentiment to stand firm on quotes. Today, the mainstream quotations for 99.90% magnesium ingot in the main producing areas were 17,400-17,500 yuan/mt, with market quotations basically flat compared to the previous working day. Only a few large plants had a small volume of transactions at the 17,500 yuan/mt level. As magnesium prices continued to climb, downstream enterprises hesitated at the high prices, with only customers with immediate needs making purchases. Today, market transactions were relatively sluggish, and downstream demand was significantly weak. It is expected that magnesium market prices will fluctuate near the high level.