China Nonferrous Metals News
Domestic magnesium prices have been hovering between RMB 23,000~26,000/t in July, with monthly average prices rising by 21.25% m-o-m to RMB 24,322/t. As of end-July, mainstream magnesium prices were being quoted at RMB 23,200~23,400/t in Shanxi, RMB 23,000~23,200/t in Ningxia and RMB 23,000~23,200/t in Shaanxi.
China produced 545.1 kt of primary magnesium during the first seven months of 2022. Of the total 338.1 kt was from Shaanxi and 120.8 kt from Shanxi. Shaanxi produced 43 kt of magnesium in July, down by 14% m-o-m and Shanxi’s production was 17 kt, down by 1.73% m-o-m.
Industry commentators project prices to dip further in August led by continued sluggish demand and large stocks at smelters.