Supported by demand, magnesium prices held up well today [SMM spot magnesium ingot report]

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SMM reported on July 7 that magnesium producers held firm in their quotes today, with magnesium prices rising slightly. The market quote for magnesium ingots in the Fugu region was 16,300 yuan/mt, with mainstream transaction prices in the market at 16,300 yuan/mt, up 100 yuan/mt from the previous working day.

Today, the magnesium market held up well. Affected by tight spot supply and rising costs, magnesium producers were reluctant to sell, and magnesium producers had low willingness to sell at low prices over the weekend. Only a few traders managed to procure spot magnesium ingots at a price of 16,200 yuan/mt. At the beginning of the week, magnesium producers' reluctance to budge on prices intensified. In the morning, magnesium producers generally quoted prices around 16,300 yuan/mt. Downstream customers had a strong wait-and-see sentiment, and the market was in a stalemate. Foreign trade customers who were in a hurry to fulfill orders gradually entered the market to purchase in the morning, and transactions at 16,300 yuan/mt gradually commenced. Morning transactions mainly involved high-quality magnesium ingots from large producers. In the afternoon, due to the excellent performance of transactions at 16,300 yuan/mt from large producers, some foreign trade customers continued to enter the market for purchases in the afternoon. Overall, magnesium market transactions performed well today. Considering the current tight spot supply of magnesium ingots, it is expected that magnesium ingot quotes will rise slightly in the future.