Magnesium ingot futures edge down, end-users are cautious in restocking [SMM Magnesium Ingot Spot Express]

SMM August 3 Flash News:

Today, the mainstream quotations for 99.9% magnesium ingot under the national standard in the Fugu area were 15,900-16,000 yuan/mt, and for 99.8% magnesium ingot under the national standard were 15,850-15,950 yuan/mt; China’s FOB (Free On Board) prices were quoted at $2,250-2,350/mt.

Today, the magnesium ingot market drifted slightly lower. Ex-factory quotations from upstream producers in China were generally stable, with room for price discussions in actual order negotiations. Enterprises on the supply side still maintained a certain mentality of holding prices firm. However, downstream inquiries in China were sluggish, the market was enveloped in a heavy wait-and-see atmosphere, and coupled with rising bearish sentiment on the market, prices weakened slightly. The market relied solely on just-in-time procurement to maintain liquidity, lacking batch restocking activities. Prices were in a tug-of-war within a narrow range, trending weak. In foreign trade, affected by continuous pressure from overseas downstream buyers to push for lower prices, actual spot transaction prices showed concession and loosening. The tug-of-war between sellers and buyers in China and overseas entered a stalemate. Traders generally resisted dumping at low prices. In the short term, there was no support for upward movement. Market recovery needs to await the release of concentrated orders after the overseas summer break ends. At the current stage, magnesium prices as a whole will maintain an in-the-doldrums pattern of weak operation.