[SMM Magnesium Market Analysis: Multiple Bullish and Bearish Factors at Play, Supply-Demand Tug-of-War Unresolved, How Will the Magnesium Market Perform Going Forward?] Since June, the supply-demand tug-of-war over magnesium prices has been intensifying. The EXW price of 99.90% magnesium ingot (from Fugu and Shenmu) has moved sideways around 16,300–16,400 yuan/mt, with its fluctuation range narrowing sharply. The magnesium market is stuck in a supply-demand stalemate. Downstream end-users' acceptance of high magnesium prices has visibly decreased, while primary magnesium smelters, supported by costs, have held the bottom line. As a result, magnesium prices are locked in a pattern where they are hard to either rise or fall.

[Magnesium Market Remained Weak, Transactions Under Pressure] Today, the magnesium ingot market continued to remain in the doldrums. The pattern of strong supply and weak demand was hard to change. Producers' inventory pressure grew, offers dipped but transactions were scarce. Coupled with insufficient new orders from outside China and rising ocean freight rates curbing exports, magnesium prices still faced downward pressure in the short term.

[Tungsten Flash] SMM, June 17: A Hunan mine auctioned on June 17 ore with grades of approximately 12-21%, moisture content around 12%, average grade 16%, expected to reach 650 mt in physical content by the 25th, about 140 standard tonnes (65% WO3 basis). The auction ultimately went unsold. Market transactions for tungsten concentrates are sluggish, but supply of medium, high and low-grade tungsten concentrates remains tight.