Chinese magnesium ingot prices rebound slightly
2023-03-28 08:28:16 [Print]
BEIJING (Asian Metal) 28 Mar 23 - Taking continuous price inversion among suppliers into consideration, more plants began to move down or stop their production since late March and the pressure on selling relieved slightly. Chinese suppliers increased their offers accordingly and the mainstream Chinese magnesium ingot prices moved up to the present RMB20,200-20,500/t (USD2,927-) EXW D/P, an increase of RMB300/t (USD43/t) from late last week. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would move up slightly in the forthcoming days given rising intentions to move up offers and buyers prefer to purchase the metal cautiously.
"I increased my quotation for magnesium ingot to the present RMB20,500/t (USD2,971/t) EXW D/P and rejected to accept any price cuts from buyers due to price inversion, while I failed to fight for firm deals today," said a magnesium ingot producer in North China, adding that he last sold about 62t of the metal during last Saturday at RMB20,200/t (USD2,927/t) and stopped accepting any orders below RMB20,500/t (USD2,971/t) since then. He added that he sold about 62t of the metal late last week at RMB20,000/t (USD2,898/t). As more plants had intention to move down their output since late March, the oversupply state could be relieved to some degree. He predicts the mainstream Chinese magnesium ingot prices would edge up by another RMB200/t (USD28/t) in the coming days.
With an annual production capacity of 25,000t, the producer predicts to produce about 1,700t of magnesium ingot in March and produced a similar volume in February. He holds about 5,900t of stocks now, almost identical to late last month. He produced about 19,500t of the metal in 2022 and predicts to produce about 4,800t of the metal in Q1 of 2023.
"Most of my regular suppliers rejected to sell the metal below RMB20,500/t (USD2,971/t) EXW D/P and I purchased about 62t of the material at RMB20,200/t (USD2,927/t) from a small plant," said a magnesium ingot trader in North China, noting that he only intends to carry out some signed orders and prefers to lock the metal as scheduled. He last purchased about 31t of the material last Friday at RMB19,900/t (USD2,884/t). Considering price inversion among plants, more suppliers started to move down their output and the prices rebounded since last weakened. He forecasts the mainstream Chinese magnesium ingot prices would move up by another RMB100/t (USD14/t) in the coming two days and he would focus on hand-to-mouth purchase style.
The trader, with a regular monthly trading volume of around 1,000t, predicts to sell about 600t in March and sold about 700t in February. He holds 100t of stocks now, unchanged from late last month. He sold about 11,000t of the metal in 2022 and predicts to sell about 2,100t in Q1 of 2023.
"I increased my quotation for magnesium ingot to the present RMB20,500/t (USD2,971/t) EXW D/P and rejected to accept any price cuts from buyers due to price inversion, while I failed to fight for firm deals today," said a magnesium ingot producer in North China, adding that he last sold about 62t of the metal during last Saturday at RMB20,200/t (USD2,927/t) and stopped accepting any orders below RMB20,500/t (USD2,971/t) since then. He added that he sold about 62t of the metal late last week at RMB20,000/t (USD2,898/t). As more plants had intention to move down their output since late March, the oversupply state could be relieved to some degree. He predicts the mainstream Chinese magnesium ingot prices would edge up by another RMB200/t (USD28/t) in the coming days.
With an annual production capacity of 25,000t, the producer predicts to produce about 1,700t of magnesium ingot in March and produced a similar volume in February. He holds about 5,900t of stocks now, almost identical to late last month. He produced about 19,500t of the metal in 2022 and predicts to produce about 4,800t of the metal in Q1 of 2023.
"Most of my regular suppliers rejected to sell the metal below RMB20,500/t (USD2,971/t) EXW D/P and I purchased about 62t of the material at RMB20,200/t (USD2,927/t) from a small plant," said a magnesium ingot trader in North China, noting that he only intends to carry out some signed orders and prefers to lock the metal as scheduled. He last purchased about 31t of the material last Friday at RMB19,900/t (USD2,884/t). Considering price inversion among plants, more suppliers started to move down their output and the prices rebounded since last weakened. He forecasts the mainstream Chinese magnesium ingot prices would move up by another RMB100/t (USD14/t) in the coming two days and he would focus on hand-to-mouth purchase style.
The trader, with a regular monthly trading volume of around 1,000t, predicts to sell about 600t in March and sold about 700t in February. He holds 100t of stocks now, unchanged from late last month. He sold about 11,000t of the metal in 2022 and predicts to sell about 2,100t in Q1 of 2023.
