Chinese magnesium ingot market keeps seeing slack transactions
2023-03-08 08:11:12 [Print]
BEIJING (Asian Metal) 8 Mar 23 - Taking slow demand from downstream industries and pessimistic attitudes from buyers into consideration, Chinese magnesium ingot market witnessed limited buying activities over the past several days and kept seeing slack movements in the recent days. The prevailing Chinese magnesium ingot prices decreased further to the present RMB20,400-20,700/t (USD2,956-3,000/t) EXW D/P, down by RMB300/t (USD43/t) from late last week and a decrease of RMB900/t (USD130/t) from early last week. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would move down further in the forthcoming days discouraged by slack movements and strong intentions to promote sales from suppliers.
"I quoted RMB20,500/t (USD2,971/t) EXW D/P for magnesium ingot today, but my client rejected to purchase and only considered buying 31t at RMB20,400/t (USD2,956/t)," said a magnesium ingot producer in North China, adding that they sold about 62t of the metal this Monday at RMB20,500/t (USD2,971/t) and around 31t late last week at RMB20,700/t (USD3,000/t). Considering weakening demand, my stocks already increased to the current 1,700t. In view of rising intentions to promote sales from suppliers and continuous slack transactions, he predicts the mainstream Chinese magnesium ingot prices would go down further by RMB200/t (USD28/t) in the coming days.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,500t in March and produced a similar volume in February. He holds about 1,700t of stocks now, up by 600t from late last month. He produced about 17,300t of the metal in 2022 and predicts to produce about 4,200t in Q1 of 2023.
"Chinese magnesium ingot market trapped into a quiet state and I failed to fight for any deals at RMB20,400/t (USD2,956/t) EXW D/P due to watchful attitudes from my clients," said a magnesium ingot producer in North China, noting that he only sold about 31t of the metal at RMB20,500/t (USD2,971/t) and prices kept showing the downward trend. Discouraged by slow movements from buyers and rising intentions to compete for deals from suppliers, he predicts the mainstream Chinese magnesium ingot prices would decrease further by RMB200/t (USD28/t) in the forthcoming days.
The producer, with an annual production capacity of 35,000t, predicts to produce around 3,000t in March and produced a similar volume in February. His stocks increased to the present 2,800t, while about 2,100t late last month. He produced about 33,500t of the metal in 2022 and predicts to produce about 10,500t of the metal in Q1 of 2023.
"I quoted RMB20,500/t (USD2,971/t) EXW D/P for magnesium ingot today, but my client rejected to purchase and only considered buying 31t at RMB20,400/t (USD2,956/t)," said a magnesium ingot producer in North China, adding that they sold about 62t of the metal this Monday at RMB20,500/t (USD2,971/t) and around 31t late last week at RMB20,700/t (USD3,000/t). Considering weakening demand, my stocks already increased to the current 1,700t. In view of rising intentions to promote sales from suppliers and continuous slack transactions, he predicts the mainstream Chinese magnesium ingot prices would go down further by RMB200/t (USD28/t) in the coming days.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,500t in March and produced a similar volume in February. He holds about 1,700t of stocks now, up by 600t from late last month. He produced about 17,300t of the metal in 2022 and predicts to produce about 4,200t in Q1 of 2023.
"Chinese magnesium ingot market trapped into a quiet state and I failed to fight for any deals at RMB20,400/t (USD2,956/t) EXW D/P due to watchful attitudes from my clients," said a magnesium ingot producer in North China, noting that he only sold about 31t of the metal at RMB20,500/t (USD2,971/t) and prices kept showing the downward trend. Discouraged by slow movements from buyers and rising intentions to compete for deals from suppliers, he predicts the mainstream Chinese magnesium ingot prices would decrease further by RMB200/t (USD28/t) in the forthcoming days.
The producer, with an annual production capacity of 35,000t, predicts to produce around 3,000t in March and produced a similar volume in February. His stocks increased to the present 2,800t, while about 2,100t late last month. He produced about 33,500t of the metal in 2022 and predicts to produce about 10,500t of the metal in Q1 of 2023.
