Asian Metal News
Mainstream domestic magnesium prices dropped by RMB 1,200/t from last Friday to RMB 23,900~24,400/t by cash led by fierce price competition among sellers and cautious buyers. Industry commentators forecast domestic magnesium prices will continue to be weak, albeit with a smaller fall next week.
A northern smelter sold 62 t of magnesium at RMB 24,000/t on Tuesday and is considering reducing prices to RMB 23,900/t for some small deals. According to a spokesman from the smelter, “About 13 magnesium smelters in Fugu Shaanxi have been suspended since 10 May due to semi-coke furnace retrofitting, subsequently tightening spot market supply. However, in anticipation of weaker demand and a bleak market, buyers were cautious this week.”