SHANGHAI, Feb 23 (SMM) - The domestic magnesium prices rallied today. The mainstream transaction prices of Mg90% magnesium ingots in Fugu county, Shaanxi province, rose to around 21,200 yuan/mt, with some magnesium plants quoting as high as 21,500 yuan/mt. Most suppliers were passionate to hold prices firm.
In analysis, the coal mine accident in Inner Mongolia yesterday stoke public concerns, and resulted in comprehensive safety inspection for major open-pit coal mines, which suggests that the production restriction that ensues is likely to continue lifting coal prices in the near term. The bearish news promoted some magnesium enterprises who had to delivery orders as well as some traders to start making purchases, improving the trades in the magnesium market significantly and allowing magnesium prices to climb rapidly.
A large magnesium factory sales staff said, given that magnesium prices were rising rapidly, the factory he worked for did not offer quotes to the public but remained wait-and-see. A magnesium ingot trader also expected the prices of new orders to gain further.
SMM analysts think that the sharp rally in magnesium prices was triggered by concentrated procurement of foreign trade enterprises and yesterday’s coal mine accident. Considering the speculative activities, SMM estimates that magnesium prices may become stable again after the influence of the coal mine accident fades away.
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