Chinese magnesium ingot prices move down further
2023-03-07 08:36:11 [Print]
BEIJING (Asian Metal) 7 Mar 23 - As market movements stayed slack continuously and more suppliers had strong intentions to compete for deals, the mainstream Chinese magnesium ingot prices decreased further to the present RMB20,500-20,800/t (USD2,971-3,014/t) EXW D/P, down by RMB200/t (USD28/t) from late last week and even a decrease of RMB800/t (USD115/t) from early last week. Discouraged by weakening demand and pessimistic attitudes from buyers, Chinese magnesium ingot market saw limited buying activities. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would move down further restricted by slow movements and rising intentions to promote deals from suppliers in the forthcoming days.
"In order to promote sales and decrease stocks, I lowered my quotation for magnesium ingot to the current RMB20,500/t (USD2,971/t) EXW D/P without any concessions, while my client showed little interests in buying," said a magnesium ingot producer in North China, claiming that he last sold about 62t of the metal at RMB20,700/t (USD3,000/t) late last week. Discouraged by weakening demand and softening upstream coal prices, his stocks increased by 500t to the current 2,800t and the mainstream magnesium ingot prices trended to go down on the whole. He predicts the prevailing Chinese magnesium ingot prices would decrease further by RMB200/t (USD28/t) in the coming days and he intends to promotes sales to move down stocks.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,500t of magnesium ingot in March and produced a similar volume in February. He holds about 2,800t of stocks now, an increase of 500t from late last month. He produced about 17,500t of the metal in 2022 and predicts to produce about 4,600t in Q1 of 2023.
"Discouraged by slow movements from buyers but rising intentions to promote sales from suppliers, the most competitive for magnesium ingot we received decreased to the present RMB20,500/t (USD2,971/t) EXW D/P," said a magnesium ingot consumer in North China, adding that he stopped his production since this Monday due to strict safety requirements and weakening demand. He just locked about 31t of the metal last Thursday at RMB20,800/t (USD3,014/t) and stopped buying since then. He predicts to resume the production in the middle of March and won't purchase any material before that. Taking slow demand and rising intentions to promote sales from suppliers into consideration, he thinks the mainstream Chinese magnesium ingot prices would go down by another RMB300/t (USD43/t) in the coming days.
The consumer, with an annual consumption volume of 12,000t, predicts to purchase about 300t of magnesium ingot in March and consumed around 400t in February. He holds about 50t of stocks now, while about 100t late last month. He consumed about 5,800t of the metal in 2022 and predicts to use around 1,200t in Q1 of 2023.
"In order to promote sales and decrease stocks, I lowered my quotation for magnesium ingot to the current RMB20,500/t (USD2,971/t) EXW D/P without any concessions, while my client showed little interests in buying," said a magnesium ingot producer in North China, claiming that he last sold about 62t of the metal at RMB20,700/t (USD3,000/t) late last week. Discouraged by weakening demand and softening upstream coal prices, his stocks increased by 500t to the current 2,800t and the mainstream magnesium ingot prices trended to go down on the whole. He predicts the prevailing Chinese magnesium ingot prices would decrease further by RMB200/t (USD28/t) in the coming days and he intends to promotes sales to move down stocks.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,500t of magnesium ingot in March and produced a similar volume in February. He holds about 2,800t of stocks now, an increase of 500t from late last month. He produced about 17,500t of the metal in 2022 and predicts to produce about 4,600t in Q1 of 2023.
"Discouraged by slow movements from buyers but rising intentions to promote sales from suppliers, the most competitive for magnesium ingot we received decreased to the present RMB20,500/t (USD2,971/t) EXW D/P," said a magnesium ingot consumer in North China, adding that he stopped his production since this Monday due to strict safety requirements and weakening demand. He just locked about 31t of the metal last Thursday at RMB20,800/t (USD3,014/t) and stopped buying since then. He predicts to resume the production in the middle of March and won't purchase any material before that. Taking slow demand and rising intentions to promote sales from suppliers into consideration, he thinks the mainstream Chinese magnesium ingot prices would go down by another RMB300/t (USD43/t) in the coming days.
The consumer, with an annual consumption volume of 12,000t, predicts to purchase about 300t of magnesium ingot in March and consumed around 400t in February. He holds about 50t of stocks now, while about 100t late last month. He consumed about 5,800t of the metal in 2022 and predicts to use around 1,200t in Q1 of 2023.
