Shanghai Nonferrous Metals News
China produced 66 kt of magnesium in March 2023, down by 3.8% m-o-m and down by 24% y-o-y. During Q1 2023, China produced 199 kt of magnesium, a sharp fall of 21% y-o-y.
Domestic magnesium prices continued to be weak during March driven by sluggish demand, while shrinking profit margins leveraged down operational rates and forced suspensions at some smelters during the month.
Looking forward to April, some smelters are planning to cut operations during the month, but given a slight rebound in prices, monthly production is expected at 64 kt, remaining relatively stable in March.