Downstream sentiment remains cautious, with magnesium prices in the doldrums today [SMM Spot Magnesium Ingot Bulletin]

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Reported by SMM on May 20, domestic magnesium prices continued to decline today. The mainstream quotations for 99.90% magnesium ingot in the Fugu region ranged from 17,200 to 17,300 yuan/mt, with transaction prices hovering around 17,150 yuan/mt, basically flat compared to yesterday.

Recently, magnesium producers in the main producing areas have reported that downstream producers' purchasing sentiment towards the magnesium market has generally returned to a wait-and-see stance. Influenced by this situation, market trading activity has significantly decreased, and the wait-and-see atmosphere among downstream buyers has become increasingly pronounced. Currently, magnesium producers are adjusting their quotations in close alignment with market trends, with instances of low-price transactions becoming commonplace. This, in turn, has prompted an overall magnesium price trend of pulling back from highs, continuing to decline.