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Today, the mainstream quotation for 99.90% magnesium ingot in the main producing areas is 16,500 yuan/mt, up 50 yuan/mt from the previous working day. The availability of low-priced supplies has decreased, and the price center has risen slightly.
Today, magnesium ingot prices have stabilized at the bottom. Smelters have tentatively raised their quotations, but downstream enterprises have shown low acceptance, resulting in few high-price transactions. Meanwhile, this round of magnesium price increases has also raised downstream enterprises' psychological expectations for magnesium prices. Additionally, some traders achieved excellent group transactions at the 16,400 yuan level. Considering that stockpiling actions before the holiday have basically ended, and there is weak support from the demand side, the upward momentum of magnesium prices is weak. It is expected that magnesium prices will remain stable in the short term.
