Magnesium prices consolidate, market competition continues [SMM spot magnesium ingot report]

SMM reported on July 3 that today, magnesium ingot prices in Fugu region were quoted at 16,100-16,200 yuan/mt, unchanged from yesterday; the China FOB (Free On Board) price remained steady at 2,220-2,300 US dollars/mt.

Currently, the magnesium ingot market continues to consolidate at low levels, with factories still showing strong reluctance to budge on prices. Shipments of futures contracts remain active. As the delivery shipment date approaches, the trading frequency of traders has increased. According to feedback from foreign traders, although market inquiries have increased, especially for magnesium alloy products, actual transaction orders remain limited due to the firm attitude of downstream customers in driving down prices. The overall trading volume in the market remains low, with buyers and sellers continuing to engage in price negotiations. It is expected that magnesium ingot prices in the future market will still be dominated by producers, with an overall weak and stable trend likely to persist.