Magnesium plants show strong reluctance to budge on prices, and the market is waiting for demand to be released. [SMM Spot Magnesium Ingot Report]

SMM reported on July 30 that today, the ex-factory price of magnesium ingots in Fugu was 17,000-17,200 yuan/mt, with an average price of 17,100 yuan/mt; the FOB quote was $2,350-2,450/mt.

Currently, the trading atmosphere in the magnesium market is sluggish, and producers show a strong reluctance to budge on prices. On one hand, influenced by policy guidance, they support prices by controlling capacity; on the other hand, the planned shutdown of some magnesium plants for maintenance in August will lead to a tightening of supply, and existing futures orders are expected to be delivered by early August. Demand side, there have been only sporadic transactions in the market recently, and some downstream demand has not yet been released. It is expected that the demand trend will become clearer in August. Currently, magnesium prices still hover at highs.