The domestic Chinese magnesium price picked up during the first week of November after producers raised their offer prices, however, weak downstream demand limited the price growth, sources said.
Fastmarkets' weekly price assessment for magnesium 99.9%, exw China was 12,500-12,600 yuan ($1,890-1,906) per tonne on Friday November 6, an increase of 100 yuan per tonne from 12,400-12,500 yuan per tonne a week earlier.
Market sources told Fastmarkets that the price increase was mainly due to higher offers from magnesium producers that are under a lot of pressure amid the sluggish market this year.
"Stockpiling continued to affect the market. Producers are trying to sell at higher prices given that they have the option to pledge the...