China Nonferrous Metals News
As of 11th September, domestic magnesium ingot (99.9%) was being quoted at RMB12,300~12,400/t in Fugu Shaanxi with mainstream transactions closing at RMB12,300/t. Transaction prices were RMB12,600/t in Wenxi, Shanxi, a fall of RMB200/t from the previous Friday. To date, after dropping under RMB13,000/t in July 2020, domestic magnesium prices have slumped to their lowest point since April 2016.
Despite improved domestic demand, industry commentators are pessimistic about the market outlook, citing continued depressed global demand caused by Covid-19 and RMB appreciation hindering exports.
