Chinese magnesium ingot export market sees slack transactions
2023-03-07 08:36:08 [Print]
BEIJING (Asian Metal) 7 Mar 23 - In view of decreasing magnesium ingot prices in domestic market, the prevailing Chinese magnesium ingot export prices decreased to the present USD3,080-3,130/t FOB China and USD3,010-3,060/t Ex-VAT FOB China respectively, down by USD30/t from late last week and a decrease of USD30/t from early last week. Discouraged by slow movements in the foreign market, Chinese magnesium ingot export market moved slowly in the recent days. Considering limited buying activities in the foreign market, he predicts the mainstream export prices for magnesium ingot would go down further in the coming days.
"My clients showed little interests in any price state and I failed to fight for any deals in the recent one week," said a magnesium ingot exporter in North China, noting that he didn't close any deals at USD3,030/t Ex-VAT FOB China and even could accept USD3,010/t for a firm bid with any deals more than 20t. He last sold about 20t early last week at USD3,100/t and kept updating offers since then. Restricted by limited buying activities in the foreign market and downward prices in domestic market, he forecasts the mainstream export prices for magnesium ingot would move down further by USD30/t in the coming days.
The exporter, with a regular monthly export volume of about 500t, predicts to export about 300t in March and sold about 360t in February. He holds no stock now, unchanged from late last month. He exported about 6,000t of the metal in 2022 and predicts to export about 1,100t in Q1 of 2023.
"We just experienced a very slack market in the recent days and my client rejected to purchase magnesium ingot at USD3,010/t FOB China and even showed little interests in buying at USD2,980/t to ship in late March," said a magnesium ingot exporter in North China, adding that he prefers to run down stocks and won't buy more stocks before receiving firm orders. He locked about 100t of the metal one week ago at USD3,090/t and predicts his export volume in March only could reach about 1,100t, almost down by half YoY. Considering heavy stocks from suppliers and rising intentions to promotes from domestic suppliers, he anticipates the mainstream export prices for magnesium ingot would go down by USD50/t in the forthcoming days.
With a regular monthly export volume of around 1,500t, the exporter predicts to export about 1,100t in March and sold around 1,200t in February. He holds 100t of stocks presently, almost identical to late last month. He exported about 13,500t of the metal in 2022 and predicts to export about 4,200t in Q1 of 2023.
"My clients showed little interests in any price state and I failed to fight for any deals in the recent one week," said a magnesium ingot exporter in North China, noting that he didn't close any deals at USD3,030/t Ex-VAT FOB China and even could accept USD3,010/t for a firm bid with any deals more than 20t. He last sold about 20t early last week at USD3,100/t and kept updating offers since then. Restricted by limited buying activities in the foreign market and downward prices in domestic market, he forecasts the mainstream export prices for magnesium ingot would move down further by USD30/t in the coming days.
The exporter, with a regular monthly export volume of about 500t, predicts to export about 300t in March and sold about 360t in February. He holds no stock now, unchanged from late last month. He exported about 6,000t of the metal in 2022 and predicts to export about 1,100t in Q1 of 2023.
"We just experienced a very slack market in the recent days and my client rejected to purchase magnesium ingot at USD3,010/t FOB China and even showed little interests in buying at USD2,980/t to ship in late March," said a magnesium ingot exporter in North China, adding that he prefers to run down stocks and won't buy more stocks before receiving firm orders. He locked about 100t of the metal one week ago at USD3,090/t and predicts his export volume in March only could reach about 1,100t, almost down by half YoY. Considering heavy stocks from suppliers and rising intentions to promotes from domestic suppliers, he anticipates the mainstream export prices for magnesium ingot would go down by USD50/t in the forthcoming days.
With a regular monthly export volume of around 1,500t, the exporter predicts to export about 1,100t in March and sold around 1,200t in February. He holds 100t of stocks presently, almost identical to late last month. He exported about 13,500t of the metal in 2022 and predicts to export about 4,200t in Q1 of 2023.
