Supply and demand remain at a stalemate. Today, magnesium prices stopped falling and stabilized [SMM Spot Magnesium Ingot Quick Report]

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SMM, June 10: Domestic magnesium prices continued to decline today. The mainstream quotations for spot 99.90% magnesium ingot in the Shaanxi market stood at 16,000 yuan/mt, unchanged from the morning quotations.

Today, the magnesium ingot market is in a state of bottoming out and stabilizing. Although manufacturers have a strong reluctance to budge on prices, market confidence is weak due to the sluggish raw material prices and the expected supply surplus caused by the production resumptions of some magnesium plants, resulting in a strong atmosphere of stalemate in supply and demand. In terms of supply: The production resumptions of some magnesium plants have increased market supply, and the expectation of a supply surplus has spread in the market, exerting certain pressure on prices. In terms of demand: Downstream buyers are only making just-in-time procurement, with overall demand remaining relatively weak. However, due to the approaching shipping schedule, today's market transactions exceeded 1,000 mt, demonstrating a certain release of concentrated demand, resulting in good transaction conditions. It is expected that magnesium ingot prices will remain stable in the near term.