Asian Metal News
Mainstream domestic magnesium prices have fallen by RMB 200/t from last Friday to RMB 20,700~21,000/ this week. In light of weaker demand and cautious sentiment, industry commentators forecast prices to trend down slightly this week. The news of NDRC including new and expansion magnesium projects on the restricted list in the “2023 Industrial Structure Adjustment Guidance Catalogue” draft curbed market transactions during the week.
One northern magnesium buyer found prices falling from more than RMB 20,900/t to RMB 20,800/t ex-works by cash this week and smelters were ready to allow a further cut of RMB 50/t for deals more than 30 t. The buyer bought 31 t of magnesium at RMB 20,900/t last week but has halted procurements this week in the expectation that prices will drop further over the short term.
A northern smelter sold 100 t of magnesium at RMB 20,900/t last Friday and cut prices to sell 31 t at RMB 20,800/t this week. According to a company spokesperson, “One buyer is asking for 31 t of magnesium at RMB 20,700/t but we turned down the deal. Prices are likely to continue weak over the next few days.”
