Shanghai Nonferrous Metals News
SMM: Mainstream transaction prices of magnesium ingot (99.9% grade) were between RMB13,200~13,300/t in Fugu Shaanxi and RMB13,500~13,600/t in Wenxi Shanxi, the same as last week. With the impact of COVID-19 continuing outside of China, exports of magnesium products, including ingots, powder and alloys have contracted rapidly on shrinking demand.
As a result of domestic smelters spontaneously moving to contract operations, magnesium inventories at smelters are limited. In addition, with stagnated sales of semi-coke, falling magnesium prices and rising costs, domestic smelters are keen to prop prices.
