Spot market shortage leads to surge in domestic, export magnesium prices in China

China’s magnesium prices increased by about 9% in both the domestic and export markets in the week to Friday April 23, with producers raising their offers amid low inventories, market sources told Fastmakets.

In the domestic market, Fastmarkets’ weekly price assessment for magnesium 99.9%,exw China was 17,000-17,100 yuan ($2,617-2,632) per tonne on Friday April 23, an increase of 1,400 yuan per tonne, or 8.9%, from 15,600-15,700 yuan per tonne a week earlier
Sources told Fastmarkets that market participants had become very cautious about trading given that the prices had risen several hundred yuan per day over the week.

“The market has gone crazy,” a trader said. “Many traders have chosen to temporarily withdraw from the market while the market stabilizes. The producers...

Published

Ruby Liu

April 26, 2021

08:12 GMT

Shanghai