SMM October 28: Today, the ex-factory offer for magnesium ingots in Fugu was 16,100-16,400 yuan/mt, down 100 yuan/mt from the previous trading day, with the FOB offer at $2,310/mt.
Market trading volume increased, with the single-day trading volume exceeding 1,000 mt, and mainstream transaction prices concentrated at 16,100 yuan/mt. Currently, bearish sentiment is relatively evident. According to an SMM survey, some magnesium plants plan to resume production soon, and with the industry’s operating rate continuing to rebound since October, some small plants have started to release inventory pressure in advance by preselling futures. Overall, the market generally holds a bearish outlook on future magnesium price trends.
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