SMM Flash, Jul 27:
Today, mainstream quotations for GB 99.90% magnesium ingot in Fugu area stood at 15,950-16,050 yuan/mt, and GB 99.8% magnesium ingot in Fugu area at 15,900-16,000 yuan/mt. China FOB prices were quoted at $2,260-2,360/mt.
The magnesium ingot market held up well today. Supply side, producers strengthened their willingness to hold prices firm. Combined with some month-end just-in-time procurement entering from overseas trade, market sentiment was somewhat boosted, and mainstream quotations rose to 16,000 yuan/mt. Demand side, however, performance remained mediocre, with markets in and outside China staying sluggish. Downstream end-user procurement follow-up was insufficient. Apart from a small number of contract settlements, new spot orders in the overseas trade market were scarce, and overall transactions were rather sluggish. Taken together, the market is expected to continue to consolidate at highs in the first half of the week, and whether prices can rise further still hinges on subsequent transaction follow-through.
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