European magnesium ingot market sees slack transactions
2023-03-17 10:17:28 [Print]
BEIJING (Asian Metal) 17 Mar 23 - In view of weakening demand in Europe and decreasing prices in China, the mainstream prices for magnesium ingot hovered at the current USD3,220-3,300/t in Europe, down by USD60/t from late last week. In order to compete for deals, suppliers could accept more price cuts from buyers. Insiders are of the opinion that the mainstream prices in Europe would edge down further in the forthcoming days discouraged by slow movements in Europe and downward prices in China.
"My supplier in China quoted USD2,960/t CIF Rotterdam to ship in the recent one week, while I rejected to purchase for urgent demand and better service from local traders," said a magnesium ingot consumer in Europe, adding that the most competitive offer he received edged down to the current USD3,230/t D.D.P and he purchased 100t to ship within one week at USD3,200/t at last. Additionally, he added that he used to purchase the metal more than 200t each time from China, while only 100t at most from local market since early February. He last locked about 40t of the metal one week ago at USD3,300/t. Given slow movements in Europe and downward prices in China due to heavy stocks, he predicts the mainstream prices in Europe would go down further and some suppliers could accept more counter bids to run down stocks in the coming days.
With an annual consumption volume of around 500t, the consumer predicts to use about 400t of the metal in March and consumed about 420t of the metal in February. He holds about 100t of stocks now, unchanged from late last month. He consumed about 6,000t of the metal in 2022 and predicts to use about 1,300t of the metal in Q1 of 2023.
"I received an inquiry for 20t in local market and tried to compete for the deal with USD3,240/t D.D.P, while my client rejected to purchase due to much lower offer from other suppliers," said a magnesium ingot trader in Europe, noting that he failed to fight deals in the recent days and just experienced a cold response from clients. He last sold about 20t of the metal to a regular client with urgent demand at USD3,300/t in early March and kept quoting since then. On account of limited buying activities in Europe and rising intentions to promote sales from suppliers, he predicts the mainstream prices in Europe would go down by USD30/t in the coming days.
The trader, with a regular monthly trading volume of about 300t, predicts to sell about 200t in March and sold about 260t in February. He holds about 20t of stocks now, unchanged from last month. He sold about 3,600t of the metal in 2022 and predicts to sell about 600t of the material in Q1 of 2023.
"My supplier in China quoted USD2,960/t CIF Rotterdam to ship in the recent one week, while I rejected to purchase for urgent demand and better service from local traders," said a magnesium ingot consumer in Europe, adding that the most competitive offer he received edged down to the current USD3,230/t D.D.P and he purchased 100t to ship within one week at USD3,200/t at last. Additionally, he added that he used to purchase the metal more than 200t each time from China, while only 100t at most from local market since early February. He last locked about 40t of the metal one week ago at USD3,300/t. Given slow movements in Europe and downward prices in China due to heavy stocks, he predicts the mainstream prices in Europe would go down further and some suppliers could accept more counter bids to run down stocks in the coming days.
With an annual consumption volume of around 500t, the consumer predicts to use about 400t of the metal in March and consumed about 420t of the metal in February. He holds about 100t of stocks now, unchanged from late last month. He consumed about 6,000t of the metal in 2022 and predicts to use about 1,300t of the metal in Q1 of 2023.
"I received an inquiry for 20t in local market and tried to compete for the deal with USD3,240/t D.D.P, while my client rejected to purchase due to much lower offer from other suppliers," said a magnesium ingot trader in Europe, noting that he failed to fight deals in the recent days and just experienced a cold response from clients. He last sold about 20t of the metal to a regular client with urgent demand at USD3,300/t in early March and kept quoting since then. On account of limited buying activities in Europe and rising intentions to promote sales from suppliers, he predicts the mainstream prices in Europe would go down by USD30/t in the coming days.
The trader, with a regular monthly trading volume of about 300t, predicts to sell about 200t in March and sold about 260t in February. He holds about 20t of stocks now, unchanged from last month. He sold about 3,600t of the metal in 2022 and predicts to sell about 600t of the material in Q1 of 2023.
