BEIJING (Asian Metal) 28 May 08 – Magnesium ingot market in China remains at an upward trend with many smelters increasing offers to around RMB37,000/t (USD5,331/t) ex works from RMB36,500/t (USD5,259/t) ex works last week. The price has shown no sign of ceasing rising, market sources reported to Asian Metal today.
Asianmetal(English) http://www.asianmetal.com A29B
A Shanxi-based magnesium alloy producer purchased about 100t of magnesium ingot at around RMB36,500/t (USD5,259/t) ex works on Monday and reported that it is quite difficult to get such a price now. The source reported that most smelters have increased their offers to RMB37,000/t (USD5,331/t) ex works or even higher levels, leaving few willing to sell the material at a price below RMB36,600/t (USD5,274/t) ex works.
Asianmetal(English) http://www.asianmetal.com I906
According to the source, magnesium ingot is still in tight supply in the spot market which may stimulate smelters to push the price up further. “As long as there are buyers in the market, smelters will not stop asking for higher prices,” said the source.
Asianmetal(English) http://www.asianmetal.com 2I44
A Shanxi-based magnesium ingot producer refused a bid of RMB36,500/t (USD5,259/t) ex works yesterday, claiming that they have no difficulty in selling the material at RMB36,600/t (USD5,274/t) ex works. Anticipating a higher price next week, the source is not eager to sell.
Asianmetal(English) http://www.asianmetal.com E7WH
Running with an output of 500-600tpm based on its capacity of 1,000tpm due to unstable supply of coal gas, the smelter is currently fulfilling some contracts signed at RMB35,500-36,200/t (USD5,115-5,216/t) ex works during the past ten days.
Asianmetal(English) http://www.asianmetal.com 0DGD
“In view of the increasing prices of ferrosilicon which is being offered as high as RMB10,000-10,300/t (USD1,441-1,484/t) ex works as well as the speculations that some smelters might be shut down before the Olympics for environmental concern, the magnesium ingot price is likely to rise further, albeit slowly,” added the source.