Asian Metal News
Mainstream magnesium prices have fallen rapidly by RMB 900/t from last Friday to RMB 22,100~22,400/t today led by a weak market and fierce price competition amongst smelters.
A magnesium buyer in norther China bought 100 tonnes of magnesium at RMB 22,300/t on Tuesday and intends to buy 31 tonnes more at RMB 22,100/t, noting prices having dropped to RMB 22,2000/t today and smelters are ready to compromise at RMB 22,100/t by cash for real time transactions of more than 31 tonnes. Most domestic smelters are on the brink; facing higher production costs than prices since late last week, making fierce price competition unrealistic. As a result, domestic magnesium prices are unlikely to fall further next week – according to an industry insider.