Price Touches Key Level, Tug-of-War Between Sellers and Buyers Continues in the Doldrums [SMM Magnesium Ingot Spot Report]

SMM November 17: Mainstream quotations for magnesium ingots in the Fugu region today were 16,000-16,100 yuan/mt, with FOB prices at $2,240-2,340/mt, holding steady overall.

Last week, magnesium prices fell to the key level of 16,000 yuan/mt and gradually stabilized, as producers showed stronger willingness to hold prices firm. However, market transactions remained mediocre, with downstream buyers generally adopting a wait-and-see attitude. Price pressure mainly stemmed from two factors: producers maintained high production and inventory levels, sustaining supply pressure; and downstream purchasing sentiment was cautious, with transaction activity failing to improve significantly last week despite low prices. In the long term, the fundamental oversupply situation in the magnesium market remains unchanged; recently, the market has been in a weak supply-demand balance and is expected to continue in the doldrums.