China Nonferrous Metals News
15th May: Mainstream magnesium prices (99.9% magnesium ingot) are currently being quoted at RMB13,200/t with transaction prices at RMB13,100/t by cash with taxes. In Fugu Shaanxi prices were RMB13,300~134,000/t and in Wenxi Shanxi RMB13,400~13,500/t, a fall of RMB150~200/t from last week.
Given ample domestic supply and weak demand in both domestic and overseas markets, a short-term rebound in magnesium price is unlikely. However, owing to limited storages at smelters in combination with an uptick of FeSi and coal prices, magnesium prices are unlikely to drop much further, so the domestic magnesium price is expected to remain at a low level and under pressure.