Magnesium Ingot Prices Slightly Decrease Overseas Tender Season FOB Price Divergence [SMM Spot Magnesium Express]

SMM, on August 19, reported that the ex-works magnesium ingot prices in Fugu region were 17,200-17,300 yuan/mt, with an average of 17,250 yuan/mt, a slight decrease of 50 yuan from the previous trading day; FOB quotes remained at $2,400/mt.

Currently, magnesium prices are in the doldrums, and the market is in a tug-of-war between sellers and buyers. The downstream demand has not met expectations, leading to a weakening reluctance to budge on prices among producers. Notably, this week coincides with a high-frequency tender period for overseas downstream buyers, resulting in a divergent pattern of FOB quotes. Among these, offers for orders after October are generally more cautious and relatively higher; whereas, spot or one-month delivery date deals are concentrated in the range of $2,380-2,400/mt.