Asian Metal News
Domestic magnesium prices stopped falling and held at RMB 22,000~22,300/t on Tuesday, remaining stable from last Friday driven by production cuts of several Shaanxi smelters and improved interest in restocking from buyers.
A northern magnesium smelter sold 62 tonnes of magnesium ingot at RMB 22,000/t today and the previous sale was 31 tonnes at the same price last Friday. The smelter curbed its daily production from 80 t to 50 t at end-November under pressure from production costs exceeding prices. Other smelters in Shaanxi and Shanxi have also reduced operations, contracting overall supply in northern China. Industry commentators forecast that the magnesium price will edge up slightly by RMB 100/t this week.