Chinese magnesium ingot export market moves slowly
2023-03-17 07:49:21 [Print]
BEIJING (Asian Metal) 17 Mar 23 - Considering continuous weakening demand in the foreign market and pessimistic attitudes among foreign clients, Chinese magnesium ingot export market witnessed limited buying activities in the recent days. Additionally, given softening prices in domestic market, the prevailing Chinese magnesium ingot export prices edged down to the range of USD3,010-3,060/t FOB China and USD2,940-2,990/t Ex-VAT FOB China respectively, a decrease of USD50/t from late last week. Insiders are of the opinion that the prevailing Chinese magnesium ingot export prices would move down further in the coming days restricted by slack movements and potential softening prices in domestic market in the coming days.
"We just experienced a very slack market movements in the recent weeks and I even failed to fight any deals at USD2,940/t Ex-VAT FOB China in the spot market," said a magnesium ingot exporter in North China, noting that his client even rejected to lock the metal at USD2,920/t and just showed the target price at USD2,850/t to ship before late April. He only sold about 20t of the metal at USD2,980/t last Wednesday and didn't close any deals in the recent days. He used to sell about 1,000t of the metal a month before early January, while he predicts the volume would move down to 300t in March. He forecasts the prevailing Chinese magnesium ingot export prices would edge down by USD20/t restricted by weakening demand in the foreign market in the forthcoming days.
With a regular monthly export volume of around 1,000t, the exporter predicts to export about 300t of the material in March and exported about 800t in February. He holds no stock now, unchanged from late last month. He exported about 13,000t of the metal in 2022 and predicts to export about 1,800t in Q1 of 2023.
"It should be the worst time I experienced in the recent two months," said a magnesium ingot exporter in North China, noting that he didn't close any deals at USD2,940/t Ex-VAT FOB China and his clients even showed little interests in buying at USD2,910/t. In order to compete for deals, two of his regular peers even quoted USD2,850/t to ship in early May. He last sold about 50t of the metal at USD2,980/t one week ago and didn't conclude any deals in the recent days. Taking weakening demand in the foreign market and softening prices in domestic market into consideration, he anticipates the mainstream export prices for magnesium ingot would move down by USD30/t in the coming days.
The exporter, with a regular monthly export volume of around 800t, predicts to export about 400t of the metal in March and exported about 600t in February. He has no inventory presently, almost identical to late last month. He exported about 8,900t of the metal in 2022 and predicts to export about 1,800t in Q1 of 2023.
"We just experienced a very slack market movements in the recent weeks and I even failed to fight any deals at USD2,940/t Ex-VAT FOB China in the spot market," said a magnesium ingot exporter in North China, noting that his client even rejected to lock the metal at USD2,920/t and just showed the target price at USD2,850/t to ship before late April. He only sold about 20t of the metal at USD2,980/t last Wednesday and didn't close any deals in the recent days. He used to sell about 1,000t of the metal a month before early January, while he predicts the volume would move down to 300t in March. He forecasts the prevailing Chinese magnesium ingot export prices would edge down by USD20/t restricted by weakening demand in the foreign market in the forthcoming days.
With a regular monthly export volume of around 1,000t, the exporter predicts to export about 300t of the material in March and exported about 800t in February. He holds no stock now, unchanged from late last month. He exported about 13,000t of the metal in 2022 and predicts to export about 1,800t in Q1 of 2023.
"It should be the worst time I experienced in the recent two months," said a magnesium ingot exporter in North China, noting that he didn't close any deals at USD2,940/t Ex-VAT FOB China and his clients even showed little interests in buying at USD2,910/t. In order to compete for deals, two of his regular peers even quoted USD2,850/t to ship in early May. He last sold about 50t of the metal at USD2,980/t one week ago and didn't conclude any deals in the recent days. Taking weakening demand in the foreign market and softening prices in domestic market into consideration, he anticipates the mainstream export prices for magnesium ingot would move down by USD30/t in the coming days.
The exporter, with a regular monthly export volume of around 800t, predicts to export about 400t of the metal in March and exported about 600t in February. He has no inventory presently, almost identical to late last month. He exported about 8,900t of the metal in 2022 and predicts to export about 1,800t in Q1 of 2023.
