Chinese magnesium ingot market sees limited buying activities
2023-03-14 08:28:08 [Print]
BEIJING (Asian Metal) 14 Mar 23 - Discouraged by weakening demand and cautious purchase from buyers, Chinese magnesium ingot market witnessed scarce deals over the past several days. In view of stable production cost level and little intentions to accept price cuts from buyers, the prevailing Chinese magnesium ingot prices stood at the range of RMB20,400-20,700/t (USD2,956-3,000/t) EXW D/P presently, almost identical to late last week. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would remain weakly stable in the forthcoming days and most buyers prefer to buy the material in minimum volume.
"I failed to close any deals in the recent days and my clients showed little interests in buying the metal at RMB20,500/t (USD2,971/t) EXW D/P," said a magnesium ingot producer in North China, adding the rising stocks and continuous slack transactions pressured on him. He didn't finalize any deals at RMB20,500/t (USD2,971/t) late last week either and just sold about 62t of the metal last Thursday at RMB20,500/t (USD2,971/t). His stocks increased to the present 3,200t, while around 2,900t late last week. Taking continuous slow movements into consideration, he holds a pessimistic attitude towards the market transactions and forecasts the mainstream prices would remain weakly stable in the coming days.
With an annual production capacity of 40,000t, the producer predicts to produce about 3,500t of magnesium ingot in March and produced a similar volume in February. He holds about 3,200t of stocks now, while almost 2,900t late last month. He produced about 37,500t of the metal in 2022 and predicts to produce about 11,000t in Q1 of 2023.
"I insisted on my offer for magnesium ingot at the present RMB20,500/t (USD2,971/t) EXW D/P, but my client rejected to purchase this morning," said a magnesium ingot producer in North China, adding that he even didn't receive any inquiries this afternoon. Restricted by slow demand, he didn't compete for any deals in the recent days and most buyers kept running down stocks in hand. He only sold about 100t of the metal last Wednesday at RMB20,500/t (USD2,971/t) and closed a deal of 31t at RMB20,400/t (USD2,956/t). He predicts the mainstream Chinese magnesium ingot prices would stay weakly stable in the next two days and he would consider accepting RMB100/t (USD14/t) for price cuts with any deals more than 62t.
The producer, with an annual production capacity of 20,000t, predicts to produce about 1,200t of magnesium ingot in March and produced about 1,300t in February. He holds around 1,500t of stocks now, an increase of 400t from late last month. He produced about 16,000t of the metal in 2022 and produced about 4,200t in Q1 of 2023.
"I failed to close any deals in the recent days and my clients showed little interests in buying the metal at RMB20,500/t (USD2,971/t) EXW D/P," said a magnesium ingot producer in North China, adding the rising stocks and continuous slack transactions pressured on him. He didn't finalize any deals at RMB20,500/t (USD2,971/t) late last week either and just sold about 62t of the metal last Thursday at RMB20,500/t (USD2,971/t). His stocks increased to the present 3,200t, while around 2,900t late last week. Taking continuous slow movements into consideration, he holds a pessimistic attitude towards the market transactions and forecasts the mainstream prices would remain weakly stable in the coming days.
With an annual production capacity of 40,000t, the producer predicts to produce about 3,500t of magnesium ingot in March and produced a similar volume in February. He holds about 3,200t of stocks now, while almost 2,900t late last month. He produced about 37,500t of the metal in 2022 and predicts to produce about 11,000t in Q1 of 2023.
"I insisted on my offer for magnesium ingot at the present RMB20,500/t (USD2,971/t) EXW D/P, but my client rejected to purchase this morning," said a magnesium ingot producer in North China, adding that he even didn't receive any inquiries this afternoon. Restricted by slow demand, he didn't compete for any deals in the recent days and most buyers kept running down stocks in hand. He only sold about 100t of the metal last Wednesday at RMB20,500/t (USD2,971/t) and closed a deal of 31t at RMB20,400/t (USD2,956/t). He predicts the mainstream Chinese magnesium ingot prices would stay weakly stable in the next two days and he would consider accepting RMB100/t (USD14/t) for price cuts with any deals more than 62t.
The producer, with an annual production capacity of 20,000t, predicts to produce about 1,200t of magnesium ingot in March and produced about 1,300t in February. He holds around 1,500t of stocks now, an increase of 400t from late last month. He produced about 16,000t of the metal in 2022 and produced about 4,200t in Q1 of 2023.
