SHANGHAI, May 20 (SMM) - Magnesium prices moved all the way down to 32,500 yuan/mt at the beginning of last week, and manufacturers actively made shipments with rising downstream purchases. The prices stabilised later in the week at round 32,500-33,000 yuan/mt, down 2,250 yuan/mt from last Friday.
On the supply side, the overall market inventory was at its multi-year high, while the actual inventory at the manufacturers varied, resulting in limited bargaining power of manufacturers with high in-plant inventory, and pulling down market prices. In the downstream, the traders purchased more frequently amid the approaching of order delivery, and market transactions improved, which boosted the confidence of magnesium manufacturers. Magnesium prices stabilised.
According to the latest customs data, in April China's magnesium ingot exports totalled 23,797 mt, down 13.6% MoM and an increase of 8.4% YoY. The export volume of magnesium ingots in China dropped for the first time since the beginning of the year.
Looking ahead, SMM believes that the current market oversupply is obvious. If there is no other bullish news, magnesium prices’ momentum will be constrained, and are expected to maintain the recent overall trend. SMM will continue to pay attention to the future transaction.
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