Magnesium Prices to See Limited Drop on Cost Support

Published: Nov 18, 2022 14:12

Source: SMM

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SHANGHAI, Nov 18 (SMM) - The mainstream ex-factory prices of Mg90% magnesium ingots in Fugu county, Shaanxi province, were around 23,800-23,900 yuan/mt on November 16, which was 150 yuan/mt lower than the previous day. Market quotations were mainly around 23,800 yuan/mt. Some producers who were under high pressure to sell said there was still room for negotiation. Due to sharp rebound of RMB, some exporters who had signed orders previously saw their costs rise considerably. Magnesium prices are still under big downward pressure amid poor downstream orders. Some magnesium plants have suspended making quotations for the time being as the market prices are approaching their costs. SMM believes that any further drop in magnesium prices will be limited under cost support.

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