Platts reported that spot export trades for Chinese magnesium ingot on a FOB basis were fairly quiet, with little interest from overseas.
As quoted in the market report:
A south central China-based trader said: “Despite the removal of the 10% Chinese export tax on magnesium ingot, the European buyers are still somehow unmoved. Perhaps, they still want to take some time to observe the market since the tax removal has only been effected in January and trade is slowing down due to the upcoming Lunar New Year holidays. I expect them to be out in the market, looking to buy after the holiday. Whatever stocks they have on hand would have depleted by then.