SHANGHAI, Oct 10 (SMM) - Magnesium ingot price is with strong momentum today. The mainstream transaction prices of regular products stood between 24,800-25,000 yuan/mt, up 300 yuan/mt from before the National Day holiday.
The price hike is mainly due to rising cost of coal and ferrosilicon, and the manufacturers were relative firm to their prices. According to the market situation in main magnesium producing areas, local coal price was mainly 1,500 yuan/mt at pithead, while ferrosilicon price was close to 9,000 yuan/mt, aggravating the cost pressure of magnesium manufacturers. In addition, active market inquiries post the holiday encouraged the manufacturers to hold the prices firm. As such, magnesium ingot prices rose as a whole today.
On the other hand, it is reported by some downstream players that the transportation cycle has been prolonged by 3-4 days due to road controls in Shanxi and Tianjin amid resurging covid pandemic. And the response of downstream players toward the current round of price hike remains to be seen. Nonetheless, considering the relatively strong cost support, it is expected that the magnesium ingot prices will remain firm in the short term. SMM will continue to monitor the follow-up downstream purchases.
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