Magnesium Market Update (February 20, 2013)

Magnesium prices are flat in thin trading after Chinese New Year celebrations. In China, 99.9-percent min magnesium ingot traded unchanged from last week, between 16,800 and 17,300 renminbi (US$2,690 and $2,770). The price for low-magnesium, battery-grade mischmetal was also flat at 150,000 to 160,000 renminbi (US$24,024 to $25,626) per metric ton (MT).

“Some consumers have returned from holiday and are opting to use stocks instead of taking in material,” a producer from Shanxi province told Metal-Pages.

An exporter said overseas buyers are also holding off, having concluded orders before the holiday, “so they are not eager to enter the market.”

China’s magnesium alloy exports fell 7 percent in 2012, to 92,318 MT, as per official data cited by Metal-Pages. The country produced 734,000 MT of primary magnesium last year, according to the China Nonferrous Metals Industry Association.

In Europe, the debt crisis has put a damper on the economy and buyers have been cautious despite China’s cancellation of its 10-percent export tax at the start of the year.

Prices are flat from a week ago, trading in a range between $2,900 and $2,965 per MT. They show little sign of reversing the downward trajectory they have been on since they traded as high as $3,350 per MT in November and early December.

Get the Latest Magnesium Investing Stock Information

Get the latest information about companies associated with Magnesium Investing delivered directly to your inbox.


Select All Select None

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Comments

Leave a Reply