Magnesium Ingot Transaction Center Shifts Down Slightly, Market May Continue to Consolidate on a Weak Note [SMM Spot Magnesium Ingot Bulletin]

SMM Aug 18 Flash:

Today, mainstream quotations for GB 99.9% magnesium ingot in the Fugu region were 15,900-16,000 yuan/mt, and those for GB 99.8% magnesium ingot in the Fugu region were 15,850-15,950 yuan/mt; China FOB prices were $2,250-2,350/mt.

The magnesium ingot market was in the doldrums today. The transaction center for spot magnesium ingot fell to 15,850 yuan/mt today, and low-priced cargo at 15,800 yuan/mt emerged in the market, with the overall market transaction center edging down. On the supply side, factories had flexible shipment strategies, with shipments at lower prices and holding prices firm amid wait-and-see coexisting. On the demand side, downstream buyers in China mainly restocked for rigid demand, and transaction enthusiasm was insufficient. Outside China, Europe saw a small number of repeat orders, but the volume was relatively small, while FOB quotations remained $2,250-2,350/mt, with large room for negotiation on actual orders, and some traders still chose to wait and see. Recently, the magnesium ingot market repeatedly went through a cyclical pattern of "edge up—pullback—restocking at low levels", and is expected to remain in the doldrums in the short term.