Asian Metal News
1st November: Mainstream domestic magnesium prices slid further by RMB 100/t from last Friday to RMB 24,400~24,700/t led by increasing sales intentions of smelters, but transactions were sparse. Some smelters are keen to sell and will comprise on prices to facilitate sales, however, buyers remain cautious given continued lackluster demand and declining prices.
A northern magnesium smelter sold 100 tonnes of magnesium ingots at RMB 24,500/t late last week but had to reduce its price on Monday and sold 62 tonnes at RMB 23,300/t. According to a company insider, “Prices are expected to trend down further by approximately RMB 200/t this week led by increasing sales interests of smelters on a flat market”.