Chinese magnesium ingot market sees slack transactions
2023-03-16 08:28:42 [Print]
BEIJING (Asian Metal) 16 Mar 23 - Taking pessimistic attitudes from buyers and continuous slow movements into consideration, Chinese magnesium ingot market saw limited buying activities in the recent days. In order to compete for deals and decrease stocks, suppliers could accept more price cuts from buyers and the mainstream Chinese magnesium ingot prices decreased to the current RMB20,200-20,700/t (USD2,927-3,000/t) EXW D/P, down by RMB200/t (USD28/t) from early this week. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would move down further in the coming days restricted by weakening demand.
"I failed to fight for any deals at RMB20,300/t (USD2,942/t) EXW D/P due to watchful attitudes from my clients," said a magnesium ingot producer in North China, adding that his client decreased his target price to RMB20,200/t (USD2,927/t) today and only intends to purchase 31t. He experienced a very slack market and held a pessimistic attitude towards the market trend. He predicts to move down his output to 400t in March and even has intention to stop the production in April. He last sold about 31t of the metal early this week at RMB20,400/t (USD2,956/t). Given limited buying activities, he predicts the prevailing Chinese magnesium ingot prices would move down by another RMB100/t (USD14/t) in the next two days.
With an annual production capacity of 20,000t, the producer predicts to produce about 400t of the material in March and produced around 600t of the metal in February. He holds about 50t of stocks now, unchanged from late last month. He produced about 6,000t of the metal in 2022 and predicts to produce about 1,400t of the metal in Q1 of 2023.
"I only locked 31t of magnesium ingot today at RMB20,200/t (USD2,927/t) EXW D/P and rejected to purchase more at the same level," said a magnesium ingot trader in North China, adding that he won't stock any material before receiving firm orders restricted by slow demand. He last purchased about 31t of the material at RMB20,400/t (USD2,956/t) this Monday and just locked about 62t in total within this week, while he used to purchase about 100t at least in a week. Discouraged by slow demand from buyers and rising intentions to promote sales from suppliers, he anticipates the mainstream Chinese magnesium ingot prices would go down by another RMB100/t (USD14/t) in the coming days.
The trader, with a regular monthly volume of 500t, predicts to sell around 400t of the metal in March and sold about 450t in February. He holds no stock now, unchanged from last month. He sold about 6,000t of the metal in 2022 and predicts to sell about 1,300t of the metal in Q1 of 2023.
"I failed to fight for any deals at RMB20,300/t (USD2,942/t) EXW D/P due to watchful attitudes from my clients," said a magnesium ingot producer in North China, adding that his client decreased his target price to RMB20,200/t (USD2,927/t) today and only intends to purchase 31t. He experienced a very slack market and held a pessimistic attitude towards the market trend. He predicts to move down his output to 400t in March and even has intention to stop the production in April. He last sold about 31t of the metal early this week at RMB20,400/t (USD2,956/t). Given limited buying activities, he predicts the prevailing Chinese magnesium ingot prices would move down by another RMB100/t (USD14/t) in the next two days.
With an annual production capacity of 20,000t, the producer predicts to produce about 400t of the material in March and produced around 600t of the metal in February. He holds about 50t of stocks now, unchanged from late last month. He produced about 6,000t of the metal in 2022 and predicts to produce about 1,400t of the metal in Q1 of 2023.
"I only locked 31t of magnesium ingot today at RMB20,200/t (USD2,927/t) EXW D/P and rejected to purchase more at the same level," said a magnesium ingot trader in North China, adding that he won't stock any material before receiving firm orders restricted by slow demand. He last purchased about 31t of the material at RMB20,400/t (USD2,956/t) this Monday and just locked about 62t in total within this week, while he used to purchase about 100t at least in a week. Discouraged by slow demand from buyers and rising intentions to promote sales from suppliers, he anticipates the mainstream Chinese magnesium ingot prices would go down by another RMB100/t (USD14/t) in the coming days.
The trader, with a regular monthly volume of 500t, predicts to sell around 400t of the metal in March and sold about 450t in February. He holds no stock now, unchanged from last month. He sold about 6,000t of the metal in 2022 and predicts to sell about 1,300t of the metal in Q1 of 2023.
