Asian Metal News
24th October: Domestic magnesium prices fell by RMB 1,000/t from last Friday to RMB 21,500~22,000/t under pressure of increasing supply led by resumption of previously idled capacities. Most buyers were watchful and industry commentators forecast prices to dip further this week.
According to a magnesium consumer in northern China, magnesium prices fell under RMB 21,500/t ex-works by cash this week following the news that Jinwantong Magnesium will resume operations in late October. The consumer stated, “We are not going to restock but to consume our existing stocks at the moment. We bought 100 t of magnesium at RMB 24,300/t at end-September and additional 31 t of magnesium at RMB 22,000/t last weekend. Prices are likely to fall further by RMB 500/t this week due to price competition among sellers and relatively weak demand.”