North American magnesium ingot market moves slowly
2023-03-10 10:29:17 [Print]
BEIJING (Asian Metal) 10 Mar 23 - Discouraged by gloomy economy and weakening demand from downstream clients, North American magnesium ingot market witnessed limited buying activities over the past several days. Additionally, due to heavy stocks from China but weakening demand in North America, most buyers held pessimistic attitudes towards the market trend. The prevailing imported prices in North America hovered at the range of USD3,150-3,200/t CIF North America, down by USD50/t from early this week and a decrease of USD160/t from early last week. Taking slow movements in North America into consideration, insiders anticipate the prevailing imported prices in North America would stay weak and some suppliers would accept more price cuts from buyers to promote sales in the coming days.
"I checked with my clients three times in the recent one week, but he intends to run down stocks and just checked quotations now and then," said a magnesium ingot importer in North America, noting that he failed to compete for deals at the price of USD3,150/t CIF Canada and even didn't ask for price cuts further. He last purchased about 20t of the metal in late February at USD3,250/t and kept checking quotations since then. In view of softening prices in China and cautious purchase from North America, he forecasts the mainstream imported prices for magnesium ingot in North America would stay soft and the prices trend to go down for a long term.
With a regular monthly import volume of about 200t, the importer predicts to purchase about 100t of the metal in March and locked about 120t in February. He holds no stock now, unchanged from late last month. He imported about 600t of the metal in Q4 of 2022 and predicts to purchase about 360t in Q1 of 2023.
"Actually, my demand for magnesium ingot weekended since January and the consumption volume would move down further by 10% in March," said a magnesium ingot consumer in North America, claiming that he won't lock the metal at USD3,180/t CIF Mexico and prefers to watch the market for a while with enough stocks in hand. He last purchased about 100t of the metal early last week at USD3,280/t and intends to watch the market for a while. He forecasts the mainstream imported prices in North America would stay weak and market demand couldn't pick up in a short time.
The consumer, with an annual consumption volume of around 6,000t, predicts to use about 400t in March and purchased about 450t in February. He holds about 300t of stocks now, unchanged from late last month. He consumed around 5,600t of the metal in 2022 and predicts to use about 1,200t in Q1 of 2023.
"I checked with my clients three times in the recent one week, but he intends to run down stocks and just checked quotations now and then," said a magnesium ingot importer in North America, noting that he failed to compete for deals at the price of USD3,150/t CIF Canada and even didn't ask for price cuts further. He last purchased about 20t of the metal in late February at USD3,250/t and kept checking quotations since then. In view of softening prices in China and cautious purchase from North America, he forecasts the mainstream imported prices for magnesium ingot in North America would stay soft and the prices trend to go down for a long term.
With a regular monthly import volume of about 200t, the importer predicts to purchase about 100t of the metal in March and locked about 120t in February. He holds no stock now, unchanged from late last month. He imported about 600t of the metal in Q4 of 2022 and predicts to purchase about 360t in Q1 of 2023.
"Actually, my demand for magnesium ingot weekended since January and the consumption volume would move down further by 10% in March," said a magnesium ingot consumer in North America, claiming that he won't lock the metal at USD3,180/t CIF Mexico and prefers to watch the market for a while with enough stocks in hand. He last purchased about 100t of the metal early last week at USD3,280/t and intends to watch the market for a while. He forecasts the mainstream imported prices in North America would stay weak and market demand couldn't pick up in a short time.
The consumer, with an annual consumption volume of around 6,000t, predicts to use about 400t in March and purchased about 450t in February. He holds about 300t of stocks now, unchanged from late last month. He consumed around 5,600t of the metal in 2022 and predicts to use about 1,200t in Q1 of 2023.
