Canadian imported magnesium ingot prices move down
2023-04-28 11:17:50 [Print]
BEIJING (Asian Metal) 28 Apr 23 - Given decreasing prices in China, the mainstream imported prices decreased to the present USD3,400-3,500/t CIF Canada, down by USD200/t from this Tuesday and USD1,100/t against early last week. Canadian buyers purchased magnesium ingot as scheduled and market movements increased against early this week. Insiders are of the opinion that the mainstream imported prices in Canada would edge down in the coming days on account of rising intentions to promote sales from suppliers.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 300t of the material in April and purchased a similar volume last month. He holds about 40t of stocks now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and locked about 800t in Q1 of 2023.
"Given decreasing prices in China, the most competitive offer for magnesium ingot we received decreased to the current USD3,400/t CIF Canada, and I considered how to purchase," said a magnesium ingot importer in Canada, claiming that he prefers to separate his order for 100t into two parts, and 50t to confirm before the May Day Holiday and the reminder after the holiday. He last locked about 20t early this week at USD3,550/t and kept checking quotations since then. Owing to decreasing prices in China and cautious purchase from buyers, insiders are of the opinion that the mainstream imported prices for magnesium ingot would edge down further by USD50/t in the forthcoming days.
"The most competitive offer we received for magnesium ingot moved down to the present USD3,450/t CIF Canada and his supplier could accept USD3,400/t for a firm bid," said a magnesium ingot importer in Canada, noting that his supplier rejected to sell the metal late last week below USD3,700/t. He last locked about 100t of the material in early April at USD3,150/t and kept watching since then. He forecasts the mainstream imported prices in Canada would edge down by another USD50/t in the forthcoming two days given decreasing prices in China.
The importer, with a regular monthly import volume of about 200t, predicts to purchase about 140t in April and purchased a similar volume in March. He holds 20t of inventories presently, unchanged from late last month. He imported about 2,400t of the metal in 2022 and locked about 600t in Q1 of 2023.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 300t of the material in April and purchased a similar volume last month. He holds about 40t of stocks now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and locked about 800t in Q1 of 2023.
"Given decreasing prices in China, the most competitive offer for magnesium ingot we received decreased to the current USD3,400/t CIF Canada, and I considered how to purchase," said a magnesium ingot importer in Canada, claiming that he prefers to separate his order for 100t into two parts, and 50t to confirm before the May Day Holiday and the reminder after the holiday. He last locked about 20t early this week at USD3,550/t and kept checking quotations since then. Owing to decreasing prices in China and cautious purchase from buyers, insiders are of the opinion that the mainstream imported prices for magnesium ingot would edge down further by USD50/t in the forthcoming days.
"The most competitive offer we received for magnesium ingot moved down to the present USD3,450/t CIF Canada and his supplier could accept USD3,400/t for a firm bid," said a magnesium ingot importer in Canada, noting that his supplier rejected to sell the metal late last week below USD3,700/t. He last locked about 100t of the material in early April at USD3,150/t and kept watching since then. He forecasts the mainstream imported prices in Canada would edge down by another USD50/t in the forthcoming two days given decreasing prices in China.
The importer, with a regular monthly import volume of about 200t, predicts to purchase about 140t in April and purchased a similar volume in March. He holds 20t of inventories presently, unchanged from late last month. He imported about 2,400t of the metal in 2022 and locked about 600t in Q1 of 2023.
