SMM reported on July 10 that today, the mainstream quotations for magnesium ingots in the Fugu region remained stable within the range of 16,300-16,400 yuan/mt, while the China FOB price stayed at the level of $2,250-2,330/mt.
Currently, the magnesium market is experiencing a tug-of-war between sellers and buyers: on one hand, influenced by the approaching shipment dates in the foreign trade market, purchasing demand has been released in stages, driving active transactions this week; on the other hand, domestic just-in-time procurement users have maintained a purchasing rhythm as needed. On the supply side, affected by the high summer temperatures, production costs for factories have risen, prompting some enterprises to voluntarily cut production, resulting in the industry's inventory remaining at a consistently low level. The overseas market has entered the traditional summer break period, with end-users' purchase willingness weakening and maintaining an overall wait-and-see attitude.
The market anticipates that the current price stalemate may persist until the end of the just-in-time procurement cycle. However, as the weak supply and demand situation deepens in the latter half of July, there is a possibility of price adjustments.
