Asian Metal News
Fugu Jujinbang Magnesium restarted magnesium ingot production on 15th November 2021 after having been idle since April. The company produced 30 tonnes of magnesium on 15th November, and intends to produce 400 tonnes in November.
Fugu Jujinbang suspended operations on 22nd April 2022 due to liquidity pressures combined with an upgrade of the coking furnaces. With maintenance complete and money raised recently, the company resumed operations on 15th November and intends to maintain normal operations over the short-term.
Designed with magnesium capacity of 20 ktpy, the company produced 13.5 kt of magnesium ingot in 2020 and 2.5 kt in 2021, and currently holds no stock.
Domestic magnesium prices rose rapidly by RMB4,000/t from last Friday to RMB37,000~37,500/t at present, driven by tightening supply.