China Nonferrous Metals News
Last week (11~15 March): Domestic magnesium prices continued to rise on smelter production cuts and suspensions in Fugu Shaanxi, a major producing area, triggered by tightening local coal supply. As of 15th March, primary magnesium ingot (99.9% grade) was being quoted between RMB 17,400 ~17,500/t in Fugu Shaanxi, with transactions settled at RMB 17,400/t. Transaction prices stood at RMB 17,700/t in Wenxi Shanxi, a lift of RMB 200/t from the previous Friday. To date , domestic prices have increased by RMB 700/t over the past three weeks driven by the coal supply shortage.
At present, major magnesium smelters have limited inventories, and some have no spot supply. Looking forward to this week, domestic magnesium prices are expected to drop slightly on improved domestic coal supply and continued lackluster downstream demand.
