Asian Metal News
Domestic magnesium prices rose by RMB 300/t from last Friday and up by RMB 200/t on Monday to RMB 23,000~23,300/t on Wednesday, buoyed by vendors’ strong will to shore prices and on increased transactions.
A northern smelter sold 31 t of magnesium at RMB 22,800/t on Monday (plus an additional 31 t at RMB 23,000/t to a regular buyer on Wednesday) but will take no more deal at the prices level. It has been revealed that idle magnesium capacity in Fugu Shaanxi is unlikely to resume full operations over the short term, which will consequently constrain supply and shore up prices. Industry insiders take the view that magnesium prices will rise by RMB 200/t next week.