South Korean imported magnesium ingot prices down further
2023-03-08 08:11:09 [Print]
BEIJING (Asian Metal) 8 Mar 23 - Considering cautious purchase from foreign clients, South Korean market witnessed slack movements over the past several days. Additionally, given downward prices in China, the mainstream South Korean imported magnesium ingot prices decreased to the present USD3,000-3,030/t CIF South Korea, down by USD60/t from late last week. Insiders are of the opinion that the mainstream imported magnesium ingot prices in South Korea would move down further restricted by slow movements and downward prices in China.
"In order to compete for deals, my supplier lowered his offer for magnesium ingot to the current USD3,020/t CIF South Korea and could accept USD10/t for price cut, but I rejected to purchase for lack of deals," said a magnesium ingot importer in South Korea, noting that he didn't lock the material within this week and only considered buying about 40t early next week with an expectation of further price decline. He last locked about 20t of the metal late last week at USD3,090/t and just showed a cautious attitude towards the market trend. Taking slow demand in South Korea and rising intentions to promote sales from suppliers into consideration, he predicts the mainstream imported prices for magnesium ingot in South Korea would go down by another USD20/t in the coming days.
With a regular monthly import volume of about 300t, the importer predicts to purchase about 200t of magnesium ingot in March and locked about 220t of the metal in February. He imported about 2,400t of the metal in 2022 and predicts to purchase about 600t of the metal in Q1 of 2023.
"My supplier quoted magnesium ingot actively and updated his offer to the present USD3,010/t CIF Pusan today, while I had no intention to purchase due to watchful attitudes from my clients," said a magnesium ingot importer in South Korea, adding that he last purchased about 20t of the metal early last week at USD3,100/t and won't buy any metal before receiving firm orders. Considering rising intentions to promote sales from suppliers and slack movements from buyers, he forecasts the mainstream imported prices for magnesium ingot would go down by another USD20/t in the forthcoming days.
The importer, with a regular monthly import volume of around 100t, predicts to purchase around 80t of the metal in March and locked a similar volume in February. He holds no stock now, unchanged from late last month. He imported about 1,200t of the material in 2022 and predicts to purchase about 260t of the metal in Q1 of 2023.
"In order to compete for deals, my supplier lowered his offer for magnesium ingot to the current USD3,020/t CIF South Korea and could accept USD10/t for price cut, but I rejected to purchase for lack of deals," said a magnesium ingot importer in South Korea, noting that he didn't lock the material within this week and only considered buying about 40t early next week with an expectation of further price decline. He last locked about 20t of the metal late last week at USD3,090/t and just showed a cautious attitude towards the market trend. Taking slow demand in South Korea and rising intentions to promote sales from suppliers into consideration, he predicts the mainstream imported prices for magnesium ingot in South Korea would go down by another USD20/t in the coming days.
With a regular monthly import volume of about 300t, the importer predicts to purchase about 200t of magnesium ingot in March and locked about 220t of the metal in February. He imported about 2,400t of the metal in 2022 and predicts to purchase about 600t of the metal in Q1 of 2023.
"My supplier quoted magnesium ingot actively and updated his offer to the present USD3,010/t CIF Pusan today, while I had no intention to purchase due to watchful attitudes from my clients," said a magnesium ingot importer in South Korea, adding that he last purchased about 20t of the metal early last week at USD3,100/t and won't buy any metal before receiving firm orders. Considering rising intentions to promote sales from suppliers and slack movements from buyers, he forecasts the mainstream imported prices for magnesium ingot would go down by another USD20/t in the forthcoming days.
The importer, with a regular monthly import volume of around 100t, predicts to purchase around 80t of the metal in March and locked a similar volume in February. He holds no stock now, unchanged from late last month. He imported about 1,200t of the material in 2022 and predicts to purchase about 260t of the metal in Q1 of 2023.
