SMM July 6 news:
Today, the mainstream quotations for magnesium ingot in the Fugu area were at 15,750-15,800 yuan/mt; the FOB China price was reported at $2,220-2,330/mt.
The overall magnesium market stopped falling and stabilized today. Mainstream quotations for magnesium ingot rebounded to 15,750-15,800 yuan/mt, but there was still room for negotiation, and the previous decline slowed down. On the supply side, supply was ample, producers experienced inventory buildup, actual shipment speed was slow, and only sporadic small orders were concluded. On the demand side, downstream buyers were pushing for lower prices strongly, purchasing willingness was weak, and the pattern of strong supply and weak demand remained unchanged. In the short term, the contradiction between high inventory and weak demand is hard to resolve, room for magnesium price rebound is limited, and it is expected to continue moving sideways at low levels.
