Cost-Driven Factors and Concentrated Procurement Push Up Fugu Magnesium Prices, Trading Slows After Single-Day Surge [SMM Spot Magnesium Ingot Express]

SMM November 5: Mainstream quotations for magnesium ingots in the Fugu area today were 16,200 yuan/mt, with FOB prices at $2,300/mt.

During the morning session, the main trading range was 16,100-16,150 yuan/mt, with trading volume exceeding 1,000 mt. Due to a sudden increase in coal prices on the cost side and active trading, magnesium ingot producers uniformly held prices firm starting in the afternoon, and current market offers have generally risen to 16,200 yuan/mt. However, after the price hike, market wait-and-see sentiment significantly intensified, and trading activity cooled. Magnesium prices are expected to continue fluctuating rangebound in the near term, with the tug-of-war between sellers and buyers persisting.