Indian buyers watch magnesium ingot market
2023-03-14 08:28:18 [Print]
BEIJING (Asian Metal) 14 Mar 23 - Taking weakening demand in India into consideration, Indian buyers watched the market and the spot market saw slack transactions in the recent days. The mainstream imported magnesium ingot prices in India hovered at the range of USD2,970-3,000/t CIF NS, almost identical to late last week and a decrease of USD70/t from early last week. Insiders are of the opinion that the mainstream imported magnesium ingot prices would edge down in the forthcoming days restricted by slow movements and rising intentions to promote sales from suppliers.
"The most competitive offer for magnesium ingot we received stood at the current USD2,975/t CIF NS without any concessions to ship in the middle of March, while I prefer to watch due to limited buying activities and softening price trend," said a magnesium ingot importer in India, claiming that he intends to purchase about 2 containers of the metal late this week with an expectation of further price decline. He last purchased about 25t of the metal last Tuesday at USD3,020/t and kept checking quotations since then. Due to strong intentions to promote sales from exporters and scarce deals in India, he forecasts the mainstream imported prices in India would edge down by USD20/t in the following days.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and locked about 220t of the metal in February. He holds about 20t of stocks now, unchanged from late last month. He imported about 3,500t of the metal in 2022 and predicts to purchase about 600t in Q1 of 2023.
"I rejected to purchase magnesium ingot at the price of USD2,960/t CIF NS and intend to postpone my next purchase to late this week," said a magnesium ingot importer in India, noting that it belonged to their financial month and the market demand weakened in March. He only locked about 50t of the metal at USD3,010/t early last week and locked about 75t of 300g magnesium ingot at USD3,420/t. He won't purchase the metal without any firm orders and predicts the mainstream imported magnesium ingot prices would edge down by USD20/t in the coming days.
The importer, with a regular monthly import volume of around 200t, predicts to purchase about 150t of the metal in March and purchased about 170t in February. He holds around 10t of stocks presently, almost identical to late last month. He imported about 2,400t of the material in 2022 and predicts to purchase about 400t of the metal in Q1 of 2023.
"The most competitive offer for magnesium ingot we received stood at the current USD2,975/t CIF NS without any concessions to ship in the middle of March, while I prefer to watch due to limited buying activities and softening price trend," said a magnesium ingot importer in India, claiming that he intends to purchase about 2 containers of the metal late this week with an expectation of further price decline. He last purchased about 25t of the metal last Tuesday at USD3,020/t and kept checking quotations since then. Due to strong intentions to promote sales from exporters and scarce deals in India, he forecasts the mainstream imported prices in India would edge down by USD20/t in the following days.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and locked about 220t of the metal in February. He holds about 20t of stocks now, unchanged from late last month. He imported about 3,500t of the metal in 2022 and predicts to purchase about 600t in Q1 of 2023.
"I rejected to purchase magnesium ingot at the price of USD2,960/t CIF NS and intend to postpone my next purchase to late this week," said a magnesium ingot importer in India, noting that it belonged to their financial month and the market demand weakened in March. He only locked about 50t of the metal at USD3,010/t early last week and locked about 75t of 300g magnesium ingot at USD3,420/t. He won't purchase the metal without any firm orders and predicts the mainstream imported magnesium ingot prices would edge down by USD20/t in the coming days.
The importer, with a regular monthly import volume of around 200t, predicts to purchase about 150t of the metal in March and purchased about 170t in February. He holds around 10t of stocks presently, almost identical to late last month. He imported about 2,400t of the material in 2022 and predicts to purchase about 400t of the metal in Q1 of 2023.
