Producers refuse to budge on prices, leading to continued rise in magnesium prices. Trading is sluggish, with inventory differentiation [SMM Spot Magnesium Ingot Report]

SMM reported on July 28 that today, the factory quotation range for magnesium ingots in the Fugu region was 17,100-17,200 yuan/mt, with an average market price of 17,150 yuan/mt; the FOB export quotation remained at 2,350-2,460 US dollars/mt.

Currently, the market quotation for magnesium ingots continues to rise slightly, mainly driven by the producers' persistent strategy of refusing to budge on prices. Although the mainstream transaction prices have stabilized at 17,100 yuan/mt, the market trading atmosphere was sluggish today, with actual trading volume shrinking. The inventory situation showed a divergent trend: last week, the inventory of magnesium ingot producers decreased significantly by 19.8%, while social inventory increased slightly by 2.34%. Demand side, due to the recent rapid rise in magnesium prices, most orders failed to be released in a concentrated manner last week. Domestic and overseas buyers generally adopted a wait-and-see attitude, but potential demand still exists. Overall, it is expected that the magnesium market will maintain a fluctuating rangebound pattern in the future.