Chinese magnesium ingot prices softening
2023-03-15 08:28:43 [Print]
BEIJING (Asian Metal) 15 Mar 23 - Restricted continuous slack movements, most buyers showed watchful attitudes towards the market trend and the spot market saw few deals in the recent days. The mainstream Chinese magnesium ingot prices stood at the range of USD20,300-20,600/t (USD2,942-2,985/t) EXW D/P, a decrease of RMB100/t (USD14/t) from this Monday. Taking limited buying activities from buyers and rising intentions to promote sales from suppliers into consideration, insiders are of the opinion that the mainstream prices for the material would edge down slightly.
"My supplier quoted RMB20,300/t (USD2,942/t) EXW D/P for magnesium ingot to us and had strong intention to sell, but I rejected to purchase for lack of new deals and enough stocks in hand," said a magnesium ingot consumer in North China, claiming that he last purchased 62t of the metal late last week and kept watching the market since then. He noted that the stocks among suppliers kept rising and market movements remained slack restricted by slow demand, he predicts the mainstream, Chinese magnesium ingot prices would move down by RMB100/t (USD14/t) in the coming days.
With an annual consumption volume of around 12,000t, the consumer predicts to purchase about 600t of magnesium ingot in March and purchased about 700t in February. He holds about 60t of stocks now, unchanged from late last month. He consumed about 8,200t of the metal in 2022 and predicts to use about 1,800t in Q1 of 2023.
"My client lowered his target price to the present RMB20,300/t (USD2,942/t) EXW D/P and showed little interests in purchasing more than 60t," said a magnesium ingot producer in North China, adding that he last sold about 31t of the metal this Monday at RMB20,400/t (USD2,956/t). He noted that most plants in Shaanxi also trapped into a slack state and they suffered pressure on price inversion for almost two months. Nevertheless, restricted by weakening demand but oversupply state, he forecasts the mainstream prices for magnesium ingot would move down slightly by RMB100/t (USD14/t) in the coming days.
The producer, with an annual production capacity of 35,000t, predicts to produce about 2,800t of the material in March and produced a similar volume in February. He holds about 300t of inventories presently, while no stock late last month. He produced about 31,500t of the metal in 2022 and produced a similar of 18,500t of the metal in Q1 of 2023.
"My supplier quoted RMB20,300/t (USD2,942/t) EXW D/P for magnesium ingot to us and had strong intention to sell, but I rejected to purchase for lack of new deals and enough stocks in hand," said a magnesium ingot consumer in North China, claiming that he last purchased 62t of the metal late last week and kept watching the market since then. He noted that the stocks among suppliers kept rising and market movements remained slack restricted by slow demand, he predicts the mainstream, Chinese magnesium ingot prices would move down by RMB100/t (USD14/t) in the coming days.
With an annual consumption volume of around 12,000t, the consumer predicts to purchase about 600t of magnesium ingot in March and purchased about 700t in February. He holds about 60t of stocks now, unchanged from late last month. He consumed about 8,200t of the metal in 2022 and predicts to use about 1,800t in Q1 of 2023.
"My client lowered his target price to the present RMB20,300/t (USD2,942/t) EXW D/P and showed little interests in purchasing more than 60t," said a magnesium ingot producer in North China, adding that he last sold about 31t of the metal this Monday at RMB20,400/t (USD2,956/t). He noted that most plants in Shaanxi also trapped into a slack state and they suffered pressure on price inversion for almost two months. Nevertheless, restricted by weakening demand but oversupply state, he forecasts the mainstream prices for magnesium ingot would move down slightly by RMB100/t (USD14/t) in the coming days.
The producer, with an annual production capacity of 35,000t, predicts to produce about 2,800t of the material in March and produced a similar volume in February. He holds about 300t of inventories presently, while no stock late last month. He produced about 31,500t of the metal in 2022 and produced a similar of 18,500t of the metal in Q1 of 2023.
