SMM June 12 Flash:
Today, mainstream quotations for magnesium ingot in Fugu area were 16,350 yuan/mt; China FOB price was quoted at $2,330-2,400/mt.
Today, the magnesium ingot market continued the stalemate pattern. Supply side, producers' willingness to hold prices firm remained strong, with mainstream quotations maintained at 16,350 yuan/mt, but downstream acceptance was low, with only a small amount of low-priced supply circulating. Demand side, orders for downstream magnesium powder factories were sluggish, mostly producing to order and purchasing as needed, with limited willingness to stockpile. Foreign trade side, traders' FOB quotations remained generally stable, but overseas purchasing sentiment was cautious, compounded by fluctuations in ocean freight rates and a weaker US dollar, resulting in scarce actual transactions. Overall market trading was sluggish, and under the oversupply pattern, short-term prices were most likely to remain unchanged in stalemate.
