Latest Update in the China Magnesium Market

This is a roundup of China's metals weekly inventory as of October 22.

Shanghai nonferrous metals all closed with losses as the pessimistic sentiment, created by the falling commodity prices, has extended to the non-ferrous metals sector.

The average operating rate across lead-acid battery producers in Jiangsu, Zhejiang, Jiangxi, Hubei and Hebei provinces stood at 70.37% as of October 22, basically flat from the prior week.

DCE iron ore futures continued to fluctuate in a day, main contract closed689.5. a decrease of 1.5% throughout the day 。The spot quotation in the morning almost kept steady.Most traders tended to be wait-and-see，and the purchasing number is small。

The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased 12,800 mt from October 15 and dropped 7,000 mt from October 18 to 186,900 mt as of October 22.

The operating rates across the licensed smelters of secondary lead in Jiangsu, Anhui, Henan and Guizhou averaged 49.62% in the week ended October 22, down 6.55 percentage points from the previous week mainly due to the expanding power rationing, showed an SMM survey.

The average operating rate across primary lead smelters in Henan, Hunan and Yunnan provinces dropped 1.89 percentage points from the previous week to 50.8% in the week ended October 22, showed an SMM survey.

Nickel ore inventory at Chinese ports grew 130,000 wmt from a week earlier to 8.45 million wmt as of October 24, the seventh straight week of increase. Total Ni content stood at 66,300 mt. Total inventory at seven major ports stood at around 4.43 million wmt, a rise of 707,000 wmt from a week earlier.