Magnesium Market Continued to Weaken at the Start of the Week, Short-Term Low Gradually Emerging with Soft Landing Expected [SMM Spot Magnesium Ingot Express]

SMM Flash News April 20:

Today, 99.90% magnesium ingot prices in major producing areas were quoted at 16,950-17,050 yuan/mt, down 50 yuan/mt from earlier quotes.

As the market resumed trading at the beginning of the week, the magnesium market continued to weaken today. Leading primary magnesium smelters held firm quotes at 17,000 yuan/mt, while low-priced supplies occasionally emerged in the market, with overall quotes hovering around 16,800-16,900 yuan/mt. However, downstream traders maintained a strong wait-and-see sentiment, and market transactions were lackluster. Supply-demand side, on the supply side, primary magnesium smelters maintained stable supply, with some producers in major producing areas continuing to raise operating rates. Additionally, due to the earlier decline in magnesium prices, some primary magnesium smelters saw a slight increase in inventory pressure. Demand side, with stockpiling ahead of the Labour Day holiday approaching, some downstream buyers were waiting for the right period to enter the market for purchases. Overall, the magnesium market's short-term low may soon emerge, and magnesium prices are expected to gradually achieve a soft landing going forward.