Trading improved, while magnesium prices remained in the doldrums today [SMM Spot Magnesium Ingot Flash Report]

》Check SMM magnesium spot quotations, data, and market analysis

》Click to view SMM magnesium

SMM reported on May 29 that domestic magnesium prices continued to decline today. The mainstream quotations for spot 99.90% magnesium ingot in the Fugu region ranged from 16,800 to 16,900 yuan/mt, with the mainstream spot transaction price hovering around 16,800 yuan/mt, a decrease of 100 yuan/mt from yesterday.

Today, magnesium prices remained in the doldrums. As the Dragon Boat Festival holiday approaches, downstream markets are buying the dip, coupled with some magnesium producers offering discounts to stimulate transactions, market transactions have improved somewhat. In the foreign trade market, as magnesium ingot producers in the main production areas have successively announced plans to resume production, the long-term price trend of magnesium ingots has become clearer. Some foreign trade traders have gradually started taking orders at lower prices. According to SMM, the order-taking prices for some magnesium ingot traders stood at $2,310/mt. Considering the approaching Dragon Boat Festival holiday and the high reluctance of large magnesium producers to budge on prices, there is support at the bottom of magnesium prices, and it is expected that magnesium prices will decline slowly in the future.