Asian Metal News
Mainstream magnesium prices stood between RMB 20,000~20,300/t ex-works in cash as of 5th February 2024, continuing stable w-o-w. In view of logistics slowing and aims to increase liquidity ahead of the CNY holiday, some smelters concluded pre-sales with delivery dates scheduled after the holiday.
A spokesperson for a northern smelter observed that there has been a stagnating market since last Friday presented by stalling logistics, saying, “We sold 62 t of primary magnesium at RMB 19,800/t under the pre-sale terms last week, which will be delivered after the holiday.” Industry commentators forecast magnesium prices to stay weak at the current level before and during the CNY period.
