China Nonferrous Metals News
This week, domestic magnesium prices continued to fall on increased coal supply and declining raw material prices. As of 6th March, primary magnesium ingot (99.9% grade) was being quoted between RMB 14,000/t in Fugu Shaanxi, RMB 14,100/t in Taiyuan Shanxi and RMB 14,200~14,300/t in Wenxi Shanxi, indicating a decline of RMB400/t on the previous week. Domestic magnesium prices have dropped by approximately RMB 1,000/t over the past two weeks returning to the pre-CNY holiday level of RMB13,800/t.
Looking forward to this week, domestic demand is expected to rise, and with limited spot inventory at smelters, domestic magnesium prices are expected to remain stable at the current levels.