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Market participants reported that magnesium with a minimum metal content of 99.9% is the mainstream for products produced and exported by Chinese magnesium suppliers.
Following an initial discussion with market participants, Fastmarkets is proposing to change the chemistry specification for the magnesium 99.8% Mg min, fob China main ports price to 99.9% min from 99.8% min, and to change the name of the price assessment accordingly.
For Fastmarkets’ magnesium 99%, exw China price, the chemistry specification for magnesium would be kept unchanged at 99.9% min, however, Fastmarkets will clarify the magnesium purity in the name of this price assessment to make it align with the specification.
The consultation period for this proposed amendment starts on Friday June 5 and will end on July 3. The amendment will take place, subject to market feedback, on July 8.
The proposed amended specifications are as follows, with changes highlighted in italics:
MB-MG-0002: Magnesium 99.9% Mg min, fob China main ports, $/tonne Quality: Ingot. Mg 99.9% min Quantity: Min 10 tonnes (+/-2%) Location: fob China main ports Unit: USD/tonne Payments terms: LC or TT Publication: Weekly. Friday between 2pm and 3pm London time
MB-MG-0003: Magnesium 99.9%, exw China, yuan/tonne Quality: Ingot. Mg 99.9% min Quantity: Min 20 tonnes (+/-2%) Location: Ex-works China Unit: CNY/tonne Payment terms: Cash on spot Publication: Weekly. Friday 2-3pm London time
All historical data relating to the assessment prior to the amendment will remain available in the pricing section of the Fastmarkets website.
To provide feedback on magnesium price assessments, or if you would like to provide price information by becoming a data submitter, please contact Ruby Liu by email at pricing@fastmarkets.com. Please add the subject heading ‘FAO: Ruby Liu re: China magnesium price assessments.’
To see all Fastmarkets’ pricing methodology and specification documents, go to www.fastmarkets.com/about-us/methodology.