Asian Metal News
Mainstream domestic magnesium prices fell by RMB 100/t from last Friday to RMB 23,400~23,700/t today led by lackluster demand and fierce price competition among smelters.
A northern magnesium smelter sold 100 tonnes of magnesium ingot at RMB 23,500/t last Thursday; and sold 31 tonnes more on Monday after reducing its offer to RMB 23,400/t. It currently holds 3.2 kt of magnesium in stock, up by 600 tonnes from the same period last month. In anticipation of continuing sluggish demand and smelters’ strong will to make sales, industry commentators forecast domestic magnesium prices to drop further by RMB 200/t this week.