The price of domestic magnesium rose rapidly on Monday, up by RMB700/t from last Friday. Magnesium ingot prices (99.9% Mg) at Fugu Shaanxi were being quoted at RMB23,000~23,200/t with transaction prices settled at RMB22,900~23,000/t (by cash with taxes) on Monday. In Yuncheng, Shanxi, magnesium ingot prices (99.9% Mg) were being quoted at RMB23,300~23,400/t with transaction prices settled at RMB23,100~23,200/t(by cash with taxes) on Monday.
Several Shaanxi magnesium smelters, including Shengxin, Xinheyuan, Tianyuan, Huiye Lixing, and Yihe are carrying out environmental rectification under pressure from “environmental double control”. Industry commentators forecast magnesium prices to lift further going forward on shorting supply, led by rectification work.