China Nonferrous Metals News
7th August, SMM: Domestic magnesium prices remained stable this week. Mainstream magnesium ingot 99.9% was quoted at RMB12,850/t by cash with taxes in Fugu Shaanxi and mainstream transaction prices were RMB12,800~12,850/t in Fugu Shaanxi, RMB12,950/t in Taiyuan Shanxi and RMB13,100/t in Wenxi Shanxi, the same as the previous term. Domestic magnesium prices have been stable at a low level since mid-July.
The news that four or five magnesium smelters in Shenmu and Fugu Shaanxi are under suspension for overhaul has had limited impact on the current market – given a small drop in overall output and lackluster demand. With magnesium prices falling close to breakeven for most smelter, a further decline in price is unlikely over the short-term. Domestic magnesium prices are expected to remain stable next week.