Latest Update in the China Magnesium Market

Shanghai nonferrous metals closed mixed as the hawkish US Fed’s stance on interest rate hike pressured the market, while estimated recovery of production from COVID in Shanghai gave some support to the market.

DCE iron ore futures continued to fluctuate by 0.18% in a day. the main contract closed 818. The spot quotation in the morning almost kept steady.

On the supply side, coke prices have dropped three times, with a total price reduction of 600 yuan/mt. Most coke enterprises have suffered a slight profit loss, while the operating rates remain at a high level.

The most-traded SHFE lead contract opened at 14,755 yuan/mt and fell to 14,745 yuan/mt.

 SM 2209 contract opened at 8,180 yuan/mt today, and fluctuated around the daily moving average of 8,205 yuan/mt, and finally closed at 8,238 yuan/mt, down0.79%.

The domestic commodity futures has closed and the changes were mixed. In the metal sector, SHFE zinc and SHFE copper declined by 1.03% and 0.28% respectively. SHFE tin, SHFE nickel, SHFC aluminium and SHFE lead rose by2%, 1.74%, 0.76% and 0.68% respectively.

SHANGHAI, May 19 (SMM) - The price of alumina in Shanxi fell again today.

The total inventory of HRC across social warehouses and steel makers in China stood at 3.68 million mt as of May 19, down 73,000 mt or 1.94% on the week, an increase of 6.49% on the year.