Producers show strong reluctance to budge on prices, and the market is waiting for demand to recover [SMM magnesium ingot spot cargo bulletin]

SMM reported on August 5: Today, the ex-factory quotes for magnesium ingot in the Fugu area ranged from 17,050 to 17,150 yuan/mt, with an average market price of 17,100 yuan/mt; the FOB quotes ranged from $2,340 to $2,440/mt.

Currently, the magnesium ingot market is experiencing sluggish trading, but producers still maintain a strong reluctance to budge on prices, with some producers signing futures orders at a price of 17,050 yuan/mt. According to the SMM survey, influenced by the traditional off-season, trading in both domestic and overseas markets has remained sluggish this week, and some magnesium plants have started maintenance plans one after another in early August. A Japanese trading company completed a tender purchase for 99.90% magnesium ingot (Mg≥99.90%) today, with the final transaction price set at $2,320/mt FOB and the delivery date scheduled for the end of September. The market anticipates a new round of tug-of-war between sellers and buyers in mid-August, with magnesium prices likely to remain in the doldrums in the short term.