China Nonferrous Metals News
CNIA: China produced 747.7 kt of primary magnesium during the first ten months of 2019, up 21.7% y-o-y. Of this figure, Shaanxi was 421 kt, up 18.9% on-year, Shanxi 99.1 kt, up 23.27% on-year and Ningxia 41.9 kt, down 30.06% on-year.
Domestic magnesium prices averaged RMB14,367/t in November, down 21.09% on-year; and the average price from January to November 2019 was RMB16,153/t, down 1.26% on-year.
Looking forward to December, the domestic magnesium market is likely to be weak given an expected supply surplus. Domestic magnesium prices are expected to hover between 14,000~14,300/t, and FOB prices between USD 2,090~2,100/t in December.
