Shanghai Nonferrous Metals News
22nd May: Mainstream magnesium transaction prices (99.9% magnesium ingot) were RMB13,050/t by cash with taxes in Fugu Shaanxi. In Wenxi Shanxi prices were RMB13,350/t, a fall of RMB50/t from last week.
According to SMM, several magnesium smelters were prepared to halt operations last week and those already on suspension would remain inactive. Given slow sales and weak prices of semi-coke in conjunction with shrinking magnesium demand both domestically and globally, an increasing number of domestic smelters will be under pressures to cut operations.