Trading is sluggish, and the magnesium market is under pressure [SMM Magnesium Ingot Spot Bulletin]

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SMM reported on May 22 that domestic magnesium prices stopped falling and stabilized 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.

Today, magnesium prices stopped falling and stabilized, with factory quotations showing an upward trend. According to factories, as magnesium prices slowly declined over the past two days, transactions of low-priced magnesium ingots in the market increased. Supported by low inventory levels, magnesium prices stopped falling and stabilized. Considering that magnesium prices had already stopped falling before the holiday and downstream restocking was nearing completion, the upward momentum for magnesium prices in the future is limited. It is expected that magnesium prices will maintain a slight consolidation trend in the near future, and SMM will continue to monitor subsequent transaction situations.