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  • North American buyers watch magnesium ingot market

    2023-03-17 10:46:29   [Print]
    BEIJING (Asian Metal) 17 Mar 23 - Taking limited buying activities in North America into consideration, North American saw continuous slack movements in the recent days. The mainstream imported prices in North America hovered at the current USD3,100-3,150/t CIF Canada, down by USD100/t from late last week.Asian Metal Copyright .Asian Metal Copyright Insiders are of the opinion that the mainstream prices in North America would trend to go down further in the coming days restricted by slow movements from buyers but rising intentions to promote sales from suppliers.

    "I rejected to purchase magnesium ingot at USD3,100/t CIF Montreal with an expectation of further price decrease in the coming days," said a magnesium ingot importer in Canada, adding that he only has about 50t of the metal to lock before late March and he showed a cautious attitude towards the trend. He last locked about 20t of the metal one week ago at USD3,200/t and kept watching the market after that. Considering slow movements from buyers and rising intentions to compete for deals from suppliers, he predicts the mainstream imported prices in North America would go down by another USD20/t in the coming days.

    With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and locked a similar volume in February. He holds no stock now, unchanged from late last month.Asian Metal Copyright He last locked about 20t of the metal one week ago at USD3,200t and kept watching the market after that.Asian Metal Copyright He imported about 3,600t of the metal in 2022 and predicts to purchase about 700t in Q1 of 2023.

    "Even though the most competitive offer we received already decreased to the current USD3,130/t CIF Canada and my supplier even could accept another USD20/t for price cuts with any firm orders more than 20t, I still rejected to purchase for lack of deals," said a magnesium ingot importer in North America, adding that he just locked 20t of the metal late last week at USD3,200/t to finalize an urgent order from a regular client. He won't buy any stocks before receiving orders from regular clients, while he used to hold about 50t of stocks in hand before early January of 2023. Due to slow demand and rising intentions to promote sales from Chinese suppliers, he forecasts the mainstream prices in North America would move down further by USD20/t in the coming days.

    The importer, with a regular monthly import volume of about 200t, predicts to import about 100t of the metal in March and purchased about 200t in February. He holds no stock now, unchanged from late last month.Asian Metal Copyright He holds no stock now, unchanged from late last month.Asian Metal Copyright He imported about 2,400t of the metal in 2022 and predicts to purchase about 360t in Q1 of 2023.


    .Asian Metal CopyrightBEIJING Asian Metal 17 Mar 23 - Taking limited buying activities in North America into consideration, North American saw continuous slack movements in the recent daysAsian Metal Copyright
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