China Nonferrous Metals News
Domestic magnesium prices averaged RMB 15,817/t in August, down 10.24% y-o-y, with prices averaging RMB16,639/t during the first eight months of 2019, up 5.55% y-o-y.
At the beginning of August, domestic magnesium prices stopped falling and stabilized at RMB15,650/t. Later in the month, RMB depreciation has helped magnesium exports and buoyed prices up, lifting average daily prices higher by RMB 300/t to RMB 15,950/t. In late August domestic magnesium prices dropped back to the previous level on shrinking demand.
CNIA data shows China produced 479.7 kt of primary magnesium during the first seven months of 2019, up 9.65% on-year, with 288 kt in Shaanxi, 71.3 kt in Shanxi and 26 kt in Ningxia, up 14.96%, up 32.55% and down 45.31% respectively.
