Magnesium ingot price rises slightly in Russia

More magnesium ingot buyers enter the market in Russia to make purchases, so suppliers raise offers accordingly. The price of magnesium ingot slightly rises to RUB110-115/kg (USD3,666-3,833/t) in the spot market, up by around RUB5/kg (USD166/t) compared with that of two weeks ago.

A trader in Russia purchased 20t of magnesium ingot last weekend at around RUB110/kg (USD3,666/t), which is RUB5/kg (USD166/t) higher that that of last month. "Most traders do not have many stocks in hand, and with more consumers back to the market, suppliers increase offers," said the source.

The source plans to purchase another 20t of magnesium ingot this week. "We received more inquiries from cosumers recently, and our trading volume is expected to increase to some extent compared to last year," said the source. According to the source, Russian magnesium ingot producers usually export the material to Europe and other countries by long-term contracts, and only a small portion of the output is sold in the spot market. As demand increases mildly in Russia, many suppliers have raised offers. The source said that the mainstream ingot price is at around RUB110/kg (USD3,666/t) in the spot market at the moment, up by around RUB5/kg (USD166/t) compared to two weeks ago.

Another trader in Russia confirmed that the local magnesium ingot market becomes more active, and some suppliers raised offers recently. "The mainstream offers we received late last week were at around RUB115/kg (USD3,833/t), RUB5/kg (USD166/t) higher than what we got early last week," said the source.

The source revealed that although most buyers are cautious about purchasing, the price is likely to go up in the short term.