Asian Metal News
Domestic magnesium prices fell further by RMB 500/t from last Friday to RMB 22,500~22,800/t today led by a weak market outlook and fierce price competition among smelters.
A northern magnesium smelter sold 100 t magnesium at RMB 23,000/t last Friday and sold 100 tonnes more on Monday at RMB 22,500/t (ex-works, by cash). The smelter is willing to cut offers to RMB 21,500/t (ex-works, by cash) for a tentative deal of 200 t in a bid to further destocking. Industry commentators forecast prices to drop further by RMB 200/t this week.