North American magnesium ingot market sees limited buying activities
2023-03-03 10:33:07 [Print]
BEIJING (Asian Metal) 3 Mar 23 - On account of decreasing magnesium ingot prices in China, the mainstream imported magnesium ingot prices in North America decreased to the present USD3,200-3,250/t CIF Canada, down by around USD80/t from late last week. Restricted by slow demand in North America and cautious purchase from buyers, North American market saw slack movements in the recent days. Insiders are of the opinion that the mainstream imported magnesium ingot prices in North America would move down further restricted by slack movements and potential downward prices in China.
"I rejected to purchase magnesium ingot at USD3,200/t CIF Canada due to watchful attitudes from clients and potential downward prices in China," said a magnesium ingot importer in North America, adding that market movements slowed down since early February and he had no intention to stock metal in advance. He claimed that his clients showed little interests in purchasing the material and even didn't concern any price fluctuations in the recent days. He last locked about 60t of the metal early last week at USD3,280/t to ship in late March and prefers to watch the market without any firm any orders. Given decreasing prices in China and cautious purchase from North American clients, he forecasts the mainstream imported prices in North America would move down further by USD30/t in the forthcoming days.
The importer, with a regular monthly import volume of around 400t, predicts to purchase about 300t of magnesium ingot in March and purchased around 320t in February. He holds 20t of stocks now, unchanged from late last month. He imported about 4,800t of the metal in 2022 and predicts to purchase about 1,200t in Q1 of 2023.
"To my disappointment, magnesium ingot market trapped into a quiet state in the recent days and I even had little confidence in getting orders at USD3,210/t CIF Canada," said a magnesium ingot importer in North America, claiming that he intends to watch the market for a while and only purchased about 20t at USD3,250/t early last week. The most competitive he received stayed at USD3,300/t late last week and his supplier rejected to accept any price cuts, while prices trended to go down since this Monday and market stayed slack. He even predicts the mainstream imported prices in North America would decrease by another USD30/t in the coming days.
With a regular monthly import volume of about 300t, the importer predicts to buy about 220t in March and locked a similar volume in February. He holds no stock now, almost identical to late last month. He imported about 3,600t of the metal in 2022 and predicts to purchase about 620t in Q1 of 2023.
"I rejected to purchase magnesium ingot at USD3,200/t CIF Canada due to watchful attitudes from clients and potential downward prices in China," said a magnesium ingot importer in North America, adding that market movements slowed down since early February and he had no intention to stock metal in advance. He claimed that his clients showed little interests in purchasing the material and even didn't concern any price fluctuations in the recent days. He last locked about 60t of the metal early last week at USD3,280/t to ship in late March and prefers to watch the market without any firm any orders. Given decreasing prices in China and cautious purchase from North American clients, he forecasts the mainstream imported prices in North America would move down further by USD30/t in the forthcoming days.
The importer, with a regular monthly import volume of around 400t, predicts to purchase about 300t of magnesium ingot in March and purchased around 320t in February. He holds 20t of stocks now, unchanged from late last month. He imported about 4,800t of the metal in 2022 and predicts to purchase about 1,200t in Q1 of 2023.
"To my disappointment, magnesium ingot market trapped into a quiet state in the recent days and I even had little confidence in getting orders at USD3,210/t CIF Canada," said a magnesium ingot importer in North America, claiming that he intends to watch the market for a while and only purchased about 20t at USD3,250/t early last week. The most competitive he received stayed at USD3,300/t late last week and his supplier rejected to accept any price cuts, while prices trended to go down since this Monday and market stayed slack. He even predicts the mainstream imported prices in North America would decrease by another USD30/t in the coming days.
With a regular monthly import volume of about 300t, the importer predicts to buy about 220t in March and locked a similar volume in February. He holds no stock now, almost identical to late last month. He imported about 3,600t of the metal in 2022 and predicts to purchase about 620t in Q1 of 2023.
