Trading was sluggish, and magnesium prices were under pressure today [SMM Spot Magnesium Ingot Report]

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SMM reported on July 15 that magnesium producers were offering firm quotations today, with magnesium prices rising slightly. The market quotation for magnesium ingots in the Fugu region was 16,300 yuan/mt, with mainstream transaction prices ranging from 16,150 to 16,200 yuan/mt, down 50 yuan/mt from the previous working day. There was an increase in the availability of lower-priced goods.

As mid-week approached, trading in the magnesium market was relatively mediocre, with most transactions being just-in-time procurement at lower prices. The mainstream market quotations for 99.90% magnesium ingot ranged from 16,200 to 16,300 yuan/mt, with magnesium prices remaining stable. According to information from the main producing areas, due to a lack of demand support in recent times, magnesium prices have gradually declined, while the supply side has a strong willingness to stabilize prices. A sales executive from a large smelter stated that currently, most magnesium producers are operating on a scheduled basis, with a tight spot supply of magnesium ingots in the main producing areas. Leading magnesium producers have a low willingness to sell at lower prices, providing strong support at the bottom of the magnesium price range. SMM analysis suggests that end-use demand has not shown significant recovery, and it is expected that the magnesium ingot market may continue to be in the doldrums in the short term. Considering the strong support at the bottom of the magnesium price range, subsequent prices are expected to fluctuate rangebound.