Asian Metal News
Domestic magnesium prices edged down slightly by RMB 500/t from last Friday to RMB 24,500~25,000/t ex-works by cash led by lackluster demand and fierce price competition among smelters. Downstream buyers were cautious about replenishment, resulting in a flat market with few transactions. Industry commentators forecast domestic magnesium prices to continue to perform poorly this week.
A northern magnesium smelter reduced its’ offers to RMB 24,500/t by cash, but downstream buyers were insisting on RMB 24,000/t. The smelter sold 62 tonnes of magnesium at RMB 25,000/t last Thursday but sales slowed afterwards as buyers became cautious.
Another northern buyer bought 31 tonnes of magnesium ingot at RMB 25,000/t last week and intends to buy 31 tonnes more at RMB 24,000/t this week, considering sliding prices. The buyer expects magnesium prices to trend down further by RMB 500/t this week.