SMM September 16: Today, the offer for magnesium ingot in Fugu was 16,600-16,700 yuan/mt ex-works, down 50 yuan from the previous trading day. The FOB offer was $2,390/mt.
Market transactions performed well today. In the morning, transaction prices were mostly concentrated at 16,600 yuan/mt. In the afternoon, magnesium ingot producers showed stronger reluctance to budge on prices, with some offers raised to 16,700 yuan/mt and a small number of transactions concluded. Overseas orders also rebounded, mostly for immediate delivery.
According to SMM, starting from the early morning of September 17, the price of dolomite will increase: 1-3 material will rise to 108 yuan/mt, up 30 yuan/mt MoM; 2-4 material will increase to 138 yuan/mt, up 10 yuan/mt MoM. Supported by costs, magnesium ingot producers are expected to continue to refuse to budge on prices this week, and market prices may hold up well amid a stalemate.
