View SMM Magnesium Spot Quotes, Data, and Market Analysis
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This morning, a small amount of magnesium ingots were traded at the price range of 16,000-16,100 yuan/mt. The downstream procurement boosted the confidence of magnesium producers, who then collectively raised the price to 16,200 yuan/mt, with only a few large producers trading at 16,200 yuan/mt.
From the main production areas, it was learned that the news of the treatment of solid waste storage sites yesterday triggered panic buying among some downstream traders, driving the magnesium price upward. A representative from a large trader stated that they originally planned to stock up at 15,500 yuan/mt, and the unexpected rise in magnesium prices was surprising. Additionally, they mentioned that end-users have low acceptance of the current price and hold a pessimistic view on the sustainability of the price increase.
SMM analysis suggests that whether the treatment of solid waste storage sites will affect the normal production of magnesium ingot producers still needs verification. Considering the strong price-firm mentality of magnesium ingot producers, the price is expected to fluctuate upward in the short term. SMM will continue to monitor the changes in spot trading.
