China's magnesium ingot output stood at 70,000 mt in April, up 5.3% MoM but down 17% YoY, according to SMM statistics. YTD output through April totalled 269,000 mt, a year-on-year decrease of 20%.
Due to the influence of policies, the domestic magnesium prices jumped alarmingly in April. Additionally, the downstream inventories had been low amid long-term low prices of magnesium previously. Driven by panic, downstream demand surged, and the high profit of primary magnesium resulted in strong production enthusiasm of magnesium plants. According to the current production schedules, the total output may decline slightly due to the impact of semi-coke rectification in May. It is estimated that the total domestic output of magnesium ingots will be around 64,000 mt in May.
More popular news:
'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices
Copper Shortage Is Irreparable Even after Biggest Mergers and Acquisitions, Here’s Why
US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters
No Other Country can Replace China's Manufacturing Industry Including India
Global Manufacturing PMI in April Points to Greater Downward Pressure on Global Economy
SMM Daily Comments (May 5): LME Base Metals Rose across the Board, SHFE Nickel Plunged
A Bull Gold Market Has Just Begun
JPMorgan: How to Invest Amid a Likely Recession? Investors are Turning to Gold and Tech Stocks
JPMorgan Asset Management: US Treasury Bonds will Strengthen
CPCA: China Passenger Car Sales Increased In April
