Trading Picks Up, Magnesium Prices Bottom Out and Stabilize Today [SMM Spot Magnesium Ingot Report]

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SMM, May 21: Domestic magnesium prices continued to decline today. The mainstream quotations for 99.90% magnesium ingot in the Fugu region ranged from 17,150 to 17,250 yuan/mt, with transaction prices hovering around 17,100 yuan/mt, basically flat compared to yesterday.

Recently, magnesium enterprises in the main producing areas have reported that the number of market inquiries has increased compared to previous days. Except for some small factories offering goods at 17,100 yuan/mt, the overall spot quotations in the market remained at 17,200 to 17,300 yuan/mt. Given the large number of futures orders placed earlier, factories currently face relatively small cash flow and inventory pressure. As the delivery period approaches later this month, it is expected that downstream buyers will enter the market to break the current stalemate, and magnesium prices are anticipated to show a relatively strong trend in the short term.