Decline Continues: Magnesium Prices Remain Under Pressure Today [SMM Magnesium Ingot Spot Quick Report]

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Reported by SMM on June 9: Today, domestic magnesium prices continued to decline. The mainstream quotations for spot 99.90% magnesium ingot in the Shaanxi market ranged from 15,900 to 16,000 yuan/mt, down 100 yuan/mt from the morning quotations.

Affected by weak downstream demand and the sentiment of rushing to buy amid continuous price rise and holding back amid price downturn, domestic magnesium prices have been declining for more than a week. Under such market conditions, downstream players generally adopted a wait-and-see approach, and rigid demand generally involved bargain down purchasing prices, with magnesium prices continuously hitting lows. According to a salesperson from a domestic magnesium plant, there are currently inquiries with orders, but no external quotations have been provided yet. A large trader stated that with the pullback in magnesium prices, the backlog of pending downstream orders is expected to be released, and the subsequent decline in magnesium prices will likely slow down. SMM will continue to monitor changes in subsequent spot transactions.