Asian Metal News
Mainstream domestic magnesium prices lifted rapidly by RMB 300/t from Monday to RMB 22,000~22,300/t on Tuesday driven by panic buying – caused by worries of supply deficit and vendors’ strong will to shore prices. Industry commentators forecast prices to climb further this week.
A northern buyer noted prices lifting to RMB 22,300/t ex-work by cash on Tuesday and two of its regular suppliers were holding firm on prices. It bought 30 t of magnesium ingots at RMB 22,000/t on Tuesday for its fixed demand. Domestic magnesium smelters were reluctant to sell and tended to hold firm on prices in view of heighten speculation that semi-coke furnace suspensions are to begin in late April – which will consequently tightens supply over the short term.