SMM November 11: Today, mainstream quotations for magnesium ingots in the Fugu area were 16,100-16,200 yuan/mt, with FOB prices at $2,260-2,360/mt.
In the morning, magnesium plants slightly lowered their offers to 16,200 yuan/mt, while overall market trading activity was sluggish, and wait-and-see sentiment prevailed. By the afternoon, actual transaction prices pulled back further to the range of 16,100-16,150 yuan/mt, and magnesium prices remained in the doldrums. Notably, news emerged yesterday that two magnesium plants in Shaanxi resumed production, further fueling market expectations of an increase in supply. Against the backdrop of no significant improvement in demand, supply pressure persisted, and the oversupply situation in the magnesium market was unlikely to improve in the short term.
