China Nonferrous Metals News
20th May: Mainstream magnesium prices were being quoted at RMB 33,000/t (ex-work with taxes) in Fugu Shaanxi, with several transactions closing at RMB 32,500~33,000/t, down by RMB 4,000/t from a high point a week ago. Magnesium smelters in other producing regions followed suit and tuned down their prices. Domestic magnesium prices have been on the decline since March in the wake of weaker demand.
Looking forward, magnesium prices are unlikely to trend up given continuing sluggish demand. However with smelters’ strong will to prop prices, and driven by fixed demand, prices are unlikely to drop much further, which will see the market stagnate over the short-term.