Asian Metal News
Mainstream magnesium prices have risen slightly by RMB 100/t from last Friday and are up by RMB 300/t from last Monday to RMB 21,800~22,100/t ex-works by cash this Tuesday. In view of smelters’ strong will to prop prices, domestic magnesium prices are likely to trend up slightly this week.
A northern smelter sold 62 t of magnesium ingot at RMB 21,900/t last Friday and raised the prices to RMB 21,900/t on Tuesday. Propped by strong production costs, the smelter intends to lift its tentative quote higher this week. A company spokesman said; “This week is the last week for restocking before the Chinese New Year holiday, given relatively flat demand and smelters’ strong will over prices, prices are likely to climb further by RMB 100/t this week”.