Platts reported that Worldwide magnesium prices have continued to drift lower as sellers have been forced to cut their offers in the face of virtually no demand. Given the illiquidity in the market, prices also remain in a wide range as market participants are confused about where to bid or offer. t said that Chinese pure magnesium, which tends to set the market tone, was reported last week by one Western trader to have fallen to a level of around USD 2,550 per tonne FOB China, though other buyers and Chinese sellers reported a less drastic drop to around USD 2,600 on the low end.
The trader reported buying for delivery outside of China at price netting back to USD 2,550 and then having been quoted the equivalent of just below that. Another Western trader had been offered USD 2,650 per tonne FOB China but heard the price may soon fall to USD 2,600. hinese sources said that some deals had been done as low as USD 2,580 per tonne FOB China as overseas demand continued to stay weak, but that offers covered a wide range from USD 2,600 to USD 2,730 FOB.
A Hong Kong trader said that "I heard some spot deals were settled as low as USD 2,580 per tonne FOB China adding, the market is still weak and there is little hope of market recovery in the near future."
