Latest Update in the SMM Magnesium Market

SMM, November 20: Yesterday afternoon, the energy metals sector saw a rapid rise, with the index's intraday gain exceeding 8%. Among individual stocks, Canmax rose over 13%, while Tianqi Lithium, YOUNGY, Ganfeng Lithium, Sinomine Resource Group all hit the daily limit.

SMM, November 20: On November 19, Canmax announced that to promote the exploration and development of mineral resources, the Ministry of Natural Resources, in accordance with relevant laws and regulations, has organized the Sichuan Provincial Department of Natural Resources to implement the bidding for the exploration rights of the Maijitan Lithium Mine in Ganzi Prefecture, Sichuan Province.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Nov 20, 2024

According to customs data, China imported 690,900 mt of FeNi in October 2024, down 6.3% MoM and down 23.7% YoY. In terms of metal content, the total nickel content in imported FeNi was 85,000 mt, down 5.8% MoM and down 26.6% YoY. Despite the increase in NPI production and exports from Indonesia, FeNi production in New Caledonia and Colombia was affected by domestic turmoil and market downturns, respectively, leading to reduced supply. It is expected that China's FeNi imports will continue to decline in the short term, while Indonesia's NPI exports will reach a historical high.

On November 20, in the northern market, SiMn alloy 65/17 was priced at 5,850-6,050 yuan/mt (cash), down 50 yuan/mt WoW.

At the Training to Miners APNI 2024 in November, the latest updates on the current approval progress of PNBP and RKAB, which are closely related to the operations and transactions of nickel miners, were presented.

According to an SMM survey, from January to September 2024, the cumulative production of silver by-products from lead smelters increased by 6.47% YoY.

During the 2024 "Asia Copper Week" conference, the market is closely monitoring domestic copper cathode consumption in 2024.