Magnesium Market Downtrend Continues, Cautious Sentiment Prevails with Widespread Wait-and-See [SMM Magnesium Ingot Spot Report]

SMM October 14 news:

Today, mainstream quotations for 99.90% magnesium ingot in Fugu were 15,250-15,350 yuan/mt, and mainstream quotations for 99.80% magnesium ingot in Fugu were 15,200-15,300 yuan/mt. China FOB prices were $2,160-2,260/mt.

The magnesium ingot market remained in the doldrums today. Mainstream quotations for magnesium ingot in China were 15,300 yuan/mt, flat MoM from the previous day, but some lower-quality cargoes traded in small volumes at 15,200-15,250 yuan/mt. Smelters still showed willingness to sell today, and the emergence of low-priced cargoes weakened price support. Downstream buyers in China were cautious and continued to push for lower prices, fueling strong market pessimism. In foreign trade, FOB quotations were $2,160-2,260/mt, with the market also weak. The transaction center for magnesium ingot kept moving lower, but deep bearish sentiment among foreign trade traders eased somewhat, and speculative orders decreased. Although a low quotation of $2,150/mt appeared, orders were extremely limited. Overall, Chinese and overseas markets are likely to remain weak in the short term.