European buyers cautious to magnesium ingot market
2023-03-10 10:06:23 [Print]
BEIJING (Asian Metal) 10 Mar 23 - Given increasing exchange rate for US Dollar against RMB and strong intentions to compete for deals from suppliers, the mainstream imported magnesium ingot prices in Europe hovered at the range of USD2,980-3,010/t CIF Rotterdam, down by USD60/t from early this week. In orders to promote sales, some suppliers could accept more price cuts to ship since late March and European magnesium ingot market trapped into a slack state. Insiders are of the opinion that the mainstream imported magnesium ingot prices in Europe would stay weak state and more European buyers would hold a cautious attitude towards the market trend.
"Due to pessimistic attitudes from suppliers and slow demand in European market, I rejected to purchase magnesium ingot at the present USD2,980/t CIF Rotterdam due to plenty stocks from my clients," said a magnesium ingot importer in Europe, noting that he just locked 100t of the metal at USD2,950/t last Wednesday to ship in late March and purchased another 60t this Tuesday at USD2,920/t to ship before the middle of April. He noted that two of his clients just checked offers continuously, while they had no intentions to lock the metal immediately with an expectation of further softening price trend. He predicts the mainstream imported magnesium ingot prices in Europe would stay weakly stable in the next two days and would move down further in a long-term trend restricted by limited buying activities.
With a regular monthly import volume of about 2,000t, the importer predicts to purchase about 1,500t in March and purchased about 2,000t in February. He holds 600t of stocks now, down by 30% from late last month. He imported about 22,000t of the metal in 2022 and predicts to purchase about 5,800t of the metal in Q1 of 2023.
"The most competitive offer we received for magnesium ingot edged down to the present USD2,950/t CIF Rotterdam to ship late March, while I rejected to purchase due to watchful attitudes from my clients," said a magnesium ingot importer, noting European market trapped into a stalemate state and most buyers showed little interests in entering the market with any price change. He last purchased about 40t of the metal late last week at USD3,020/t and stayed away from the market since then. Given weakly stable prices in China, he predicts the mainstream imported prices would remain weakly stable in the forthcoming two days. Nevertheless, due to heavy stocks from suppliers and strong intentions to promote sales from suppliers, he predicts the prevailing imported prices would trend to go down in a long term.
The importer, with a regular purchase volume of 300t, predicts to import about 200t 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 3,600t of the metal in 2022 and predicts to purchase about 800t in Q1 of 2023.
"Due to pessimistic attitudes from suppliers and slow demand in European market, I rejected to purchase magnesium ingot at the present USD2,980/t CIF Rotterdam due to plenty stocks from my clients," said a magnesium ingot importer in Europe, noting that he just locked 100t of the metal at USD2,950/t last Wednesday to ship in late March and purchased another 60t this Tuesday at USD2,920/t to ship before the middle of April. He noted that two of his clients just checked offers continuously, while they had no intentions to lock the metal immediately with an expectation of further softening price trend. He predicts the mainstream imported magnesium ingot prices in Europe would stay weakly stable in the next two days and would move down further in a long-term trend restricted by limited buying activities.
With a regular monthly import volume of about 2,000t, the importer predicts to purchase about 1,500t in March and purchased about 2,000t in February. He holds 600t of stocks now, down by 30% from late last month. He imported about 22,000t of the metal in 2022 and predicts to purchase about 5,800t of the metal in Q1 of 2023.
"The most competitive offer we received for magnesium ingot edged down to the present USD2,950/t CIF Rotterdam to ship late March, while I rejected to purchase due to watchful attitudes from my clients," said a magnesium ingot importer, noting European market trapped into a stalemate state and most buyers showed little interests in entering the market with any price change. He last purchased about 40t of the metal late last week at USD3,020/t and stayed away from the market since then. Given weakly stable prices in China, he predicts the mainstream imported prices would remain weakly stable in the forthcoming two days. Nevertheless, due to heavy stocks from suppliers and strong intentions to promote sales from suppliers, he predicts the prevailing imported prices would trend to go down in a long term.
The importer, with a regular purchase volume of 300t, predicts to import about 200t 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 3,600t of the metal in 2022 and predicts to purchase about 800t in Q1 of 2023.
