Asian Metal News
Mainstream magnesium prices fell by RMB 100/t from last Friday to RMB 22,000~22,300/t today, in view of excessive supply and continued lackluster demand. In light of this, industry commentators forecast domestic magnesium prices to remain at low levels this week.
A northern smelter made a tentative quote at RMB 22,000/t on Monday, but the buyer tried to press for RMB 21,900/t. According to the vendor; “The market is quite disappointing this week, we sold 100 tonnes of magnesium ingot at RMB 22,200/t last week and concluded no deals after that. Prices are likely to fall further by RMB 100/t this week. And we are going to cut our operations by 30% in December, with monthly output at 700 t.”