According to market sources in Russia, consumers lack buying interest and few deals are concluded as some local consumers insist on purchasing at a low price. However, the suppliers are reluctant to sell material at lower prices after they had reduced their offer slightly at the end of last week. Sources said that currently the mainstream price of magnesium is around RUB165-170/kg (USD7,033-7,249/t) in the spot market, unchanged from last week.

A trader in Russia revealed that due to lack of orders, they have no plan to supplement stocks in the short term. The source offers magnesium ingot to the domestic end-users at RUB170/kg (USD7,249/t), but they have not concluded any deals in the recent two weeks.

The source believes that the magnesium price is unlikely to drop further as some traders have purchased the material at high prices before. The price of magnesium may keep stable at RUB165-170/kg (USD7,033-7,249/t) in the short term.

Another trader in Russia said that consumers lack interest of purchasing with most participants watching the market. “We hold 15 tons of magnesium ingots on hand, but we are not eager to sell it, because the price may be dragged down further when we rush to the market,” said the source.

The source believes that the concluded price of magnesium is in the range of RUB168-170/kg (USD7,161-7,249/t) in the spot market, unchanged from last week. “Business of magnesium ingot has been thin since early July with most participants watching the market. On the one hand, some consumers lack interest of purchasing. On the other hand, the traders lack enthusiasm about dealing with the material due to the volatile market, leading to the supply decrease in the market. Therefore, I believe that the price of magnesium may keep stable at RUB168-170/kg (USD7,161-7,249/t) in the short term,” said the source.