International magnesium market price is in downtrend. Chinese current offer price to Japan is C&F US$ 3,000-3,020 per tonne, down by about US$ 350 or 9% from the yearly highest price in mid November. Chinese magnesium accounts for 80% or more in the global magnesium supply. The offer price continues lowering due to improvement of ferrosilicon supply shortage, which is used as reducing agent.
Chinese magnesium offer price turned into strong uptrend in September due to ferrosilicon shortage in the country. The price upped by more than US$ 600 (20%) in 2 months and hit the yearly highest US$ 3,350-3,400 in mid November. The price downturned in late November. Operating rate improved at ferrosilicon makers in midwestern China since the governmental regulations were eased on electric power supply or environment. As a result, ferrosilicon supply increased. Several sources point out magnesium refiners’ breakeven point is estimated at above US$ 3,100. Magnesium producers seem to offer cheaper prices than their breakeven points in order to gain cash when magnesium exporting demand maintains weak for Japan and Europe. The demand is unlikely to upturn in a short term. One source says magnesium oversupply has continued in Shanxi Province where many magnesium refiners are located. The suppliers may accelerate sales of their surplus inventories before the market price downs more.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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