Magnesium plants show strong reluctance to budge on prices, and magnesium prices remain stable today [SMM Spot Magnesium Ingot Report]

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SMM reported on June 30 that today, magnesium producers showed a strong reluctance to budge on prices. The mainstream quotations for magnesium ingots in the Fugu region were 16,200-16,300 yuan/mt, with mainstream transaction prices ranging from 16,150 to 16,200 yuan/mt. Trading volume was average, and magnesium prices remained stable.

At the beginning of the week, some magnesium producers slightly raised their quotations. This morning, the quotation range for magnesium ingots was generally around 16,200-16,300 yuan/mt. Magnesium producers started with firm quotations. However, due to the low order-taking prices from downstream foreign traders, only some domestic trade customers entered the market for purchases, resulting in relatively limited high-end trading volume. Magnesium prices remained stable overall, and the subsequent price trend still needs to be observed based on subsequent trading conditions. A trader stated that there was no significant adjustment in the supply and demand structure, with many downstream players adopting a wait-and-see sentiment. The subsequent upward momentum for magnesium prices seemed slightly insufficient. SMM analysis suggests that the current shortage of magnesium ingot spot resources has alleviated the inventory pressure on magnesium ingot spot. However, the overall purchasing enthusiasm of downstream players remains low, and the characteristics of weak supply and demand continue to emerge. Whether magnesium prices can maintain the current narrow-range fluctuation trend still needs to be observed, and SMM will continue to monitor subsequent trading conditions.