China Nonferrous Metals News
Domestic magnesium prices soared rapidly to RMB 23,000/t level last Wednesday, however prices have been under pressure since Thursday as tepid demand failed to prop prices at the high-end. As of Friday, mainstream magnesium prices in Fugu Shaanxi were being quoted at RMB 22,700~22,800/t with transaction prices between RMB 22,600~22,700/t, down by RMB 300/t from the high point last week. Prices in other producing regions followed.
In view of tightening supply, magnesium smelters are holding firm on prices and industry commentators forecast domestic magnesium prices will keep stable at the current level this week.