Asian Metal News
The domestic magnesium market has been flat recently with slowing transactions and declining prices. Mainstream transaction prices dropped by RMB 100/t from last Friday to RMB 24,800~25,100/t today with smelters having to compromise on prices to facilitate sales. In view of continuing sluggish demand and smelters’ increasing interest in sales, prices are likely to remain lackluster this week.
A northern magnesium smelter has made no transactions since selling 62 t of magnesium ingot at RMB 24,900/t last Wednesday, consequently it has cut its offers by RMB 100/t to RMB 24,800/t this week. Due to slowing transactions and interrupted logistics during the pandemic control period, the smelter currently holds 700 t of magnesium in stock, up by nearly 50% m-o-m. According to a company insiders; “Prices are expected to fall further by RMB 100/t this week led by lackluster demand”.
