]China’s magnesium market kept stable as magnesium ingot (Mg99.9% min) was offered at RMB17, 200/mt (pickling packing price, USD2, 743/mt, by cash, VAT included and export duty excluded) in northwest of China. The quotation was RMB16,900/mt without pickling packing in Shaanxi province (USD2,695/mt, by cash, VAT included and export duty excluded) Meantime, Chinese export prices concentrated on USD2,800-2,850/mt FOB while there saw few orders in the market. Magnesium price maintained at USD2900-300/mt in European market.
Future market: In terms of supply and demand, magnesium smelters operating rate was not too high, which almost reached at 60%. The inventory was at normal level in domestic market, overall, magnesium products’ supply and demand both reduced and basically achieves balance.
Given the cost, ferrosilicon price dropped, which might push magnesium price down as an important raw material of magnesium. Magnesium quotation was expected to fall as the cost reduction made effects in short future.