Chinese magnesium ingot prices edge down further
2023-03-21 08:28:04 [Print]
BEIJING (Asian Metal) 21 Mar 23 - As most buyers kept watching market, Chinese magnesium ingot market witnessed limited buying activities and suppliers could accept more price cuts from buyers in the recent days. The prevailing Chinese magnesium ingot prices edged down to the range of RMB20,000-20,300/t (USD2,898-2,942/t) EXW D/P, down by RMB100/t (USD14/t) from late last week. Insiders are of the opinion that Chinese magnesium ingot market movements would stay slow and the mainstream prices would remain soft in the forthcoming days.
"I lowered my offer for magnesium ingot to the current RMB20,000/t (USD2,898/t) EXW D/P and only sold 31t at last," said a magnesium ingot producer in North China, claiming that more buyers prefer to watch the market and Chinese magnesium ingot market witnessed limited buying activities continuously. He last sold about 31t of the metal late last week at RMB20,100/t (USD2,913/t) and his current stocks increased to around 3,200t. Additionally, due to weakening demand and softening price trend, he kept suffering pressure on price inversion and even considered moving down his output since early April. He forecasts Chinese magnesium ingot market transactions would stay slack and the mainstream prices would trend to edge down in the coming days.
With an annual production capacity of 20,000t, the producer predicts to produce about 900t of magnesium ingot in March and produced about 1,100t in February. He holds about 3,200t of stocks now, up by 600t MoM. He produced about 17,000t of the metal in 2022 and predicts to produce about 3,200t of the metal in Q1 of 2023.
"The most competitive offer we received decreased to the present RMB20,000/t (USD2,898/t) EXW D/P and RMB19,500/t (USD2,826/t) Ex-VAT D/P respectively, while I rejected to purchase with a target level of RMB19,900/t (USD2,884/t)," said a magnesium ingot consumer in North China, claiming that he just locked about 31t of the metal during the weekend at RMB20,000/t (USD2,898/t) and intends to watch the market for a while since then. He forecasts Chinese magnesium ingot market movements would stay slow in the coming days discouraged by weakening demand and prices would remain soft.
The consumer, with an annual consumption volume of 12,000t, predicts to consume about 500t of the metal in March and consumed about 650t in February. He holds about 100t of stocks now, while around 200t of stocks late last month. He consumed about 9,700t of the metal in 2022 and predicts to use about 2,200t of the metal in Q1 of 2023.
"I lowered my offer for magnesium ingot to the current RMB20,000/t (USD2,898/t) EXW D/P and only sold 31t at last," said a magnesium ingot producer in North China, claiming that more buyers prefer to watch the market and Chinese magnesium ingot market witnessed limited buying activities continuously. He last sold about 31t of the metal late last week at RMB20,100/t (USD2,913/t) and his current stocks increased to around 3,200t. Additionally, due to weakening demand and softening price trend, he kept suffering pressure on price inversion and even considered moving down his output since early April. He forecasts Chinese magnesium ingot market transactions would stay slack and the mainstream prices would trend to edge down in the coming days.
With an annual production capacity of 20,000t, the producer predicts to produce about 900t of magnesium ingot in March and produced about 1,100t in February. He holds about 3,200t of stocks now, up by 600t MoM. He produced about 17,000t of the metal in 2022 and predicts to produce about 3,200t of the metal in Q1 of 2023.
"The most competitive offer we received decreased to the present RMB20,000/t (USD2,898/t) EXW D/P and RMB19,500/t (USD2,826/t) Ex-VAT D/P respectively, while I rejected to purchase with a target level of RMB19,900/t (USD2,884/t)," said a magnesium ingot consumer in North China, claiming that he just locked about 31t of the metal during the weekend at RMB20,000/t (USD2,898/t) and intends to watch the market for a while since then. He forecasts Chinese magnesium ingot market movements would stay slow in the coming days discouraged by weakening demand and prices would remain soft.
The consumer, with an annual consumption volume of 12,000t, predicts to consume about 500t of the metal in March and consumed about 650t in February. He holds about 100t of stocks now, while around 200t of stocks late last month. He consumed about 9,700t of the metal in 2022 and predicts to use about 2,200t of the metal in Q1 of 2023.
