SHANGHAI, Feb 1 (SMM) - In the middle of this week, the mainstream transaction prices of Mg90% magnesium ingots in Fugu county, Shaanxi province were 21,000-22,000 yuan/mt on February 1, flat from yesterday.
It is learned that downstream buyers were active in making inquiries after the Chinese New Year (CNY) holiday, and magnesium factories held their offers firm. Thus, the magnesium prices maintained high levels with the support of rigid-demand purchase.
A large trader said that magnesium prices have risen from 21,700 yuan/mt post the CNY holiday to 22,000 yuan/mt so far mainly because of the tough attitudes of suppliers. The downstream buyers were cautious in purchasing, leading to thin trades. In addition, some producers in the end use sector still remained wait-and-see as their raw material inventories were sufficient.
Although the downstream enterprises are reluctant to accept high prices, the post-holiday demand for stockpiling is sustainable with the expansion of production resumption. Therefore, magnesium prices are expected to remain stable in the near future.
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