China Nonferrous Metals News
As of 1st November, primary magnesium ingot (99.9% grade) was being quoted between RMB 14,500 ~14,600/t in Fugu Shaanxi, with transactions settled at RMB 14,350~14,400/t, showing a slight rebound of RMB200~250/t from the beginning of the week. Transaction prices stood at RMB 14,650/t in Wenxi Shanxi. According to a local Shanxi smelter, they are already operating under losses and take the view that domestic magnesium prices are unlikely to rebound sharply in the short-term. Industry commentators believe that domestic magnesium transactions will continue to stagnate with prices stable next week.
It has been reported that magnesium output during the first three quarters of 2019 reached 365.5 kt in Yulin Shaanxi, up 18% y-o-y.