Indian buyers watch magnesium ingot market
2023-03-21 08:28:20 [Print]
BEIJING (Asian Metal) 21 Mar 23 - Discouraged by weakening demand in Indian market and pessimistic attitudes among buyers, Indian magnesium ingot market witnessed scarce deals over the past several days. Additionally, due to softening prices in China, the prevailing imported magnesium ingot prices in India edged down to the range of USD2,920-2,950/t CIF NS, down by USD20/t from late last week. Insiders are of the opinion that the mainstream imported prices for magnesium ingot in India would keep showing a softening trend in the forthcoming days and most buyers prefer to purchase the metal cautiously.
"My supplier quoted USD2,930/t CIF NS for magnesium ingot to us today and could accept another USD10/t for price cut, but I rejected to purchase for lack of deals and an expectation of further price decline," said a magnesium ingot importer in India, adding that he last locked about 20t of the metal one week ago at USD3,030/t and predicts to purchase another 20t late this week with the target level of USD2,900/t. Discouraged by weakening demand in financial month in India, he anticipates his purchase volume only could reach about 200t in March, while around 300t in February. He forecasts the mainstream imported prices would stay soft in the forthcoming days restricted by slow demand.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and locked about 300t in February. He holds 20t of stocks now, unchanged from late last month. He imported about 3,200t of the metal in 2022 and predicts to purchase about 600t of the metal in Q1 of 2023.
"The most competitive offer for magnesium ingot we received decreased to the present USD2,920/t CIF NS without any concessions, while I intend to consume stocks and watch the market for a while," said a magnesium ingot consumer in India, noting that he last purchased about 20t of the metal four weeks ago at USD3,400/t and kept watching the market since then. Given softening prices in China and weakening demand in India, he predicts the mainstream imported prices in India would go down by another USD20/t in the coming days.
The consumer, with an annual consumption volume of 360t, predicts to use about 20t of the metal in March and used a similar volume in February. He holds about 10t of stocks now, almost identical to late last month. He consumed about 260t of the metal in 2022 and predicts to use about 60t in Q1 of 2023.
"My supplier quoted USD2,930/t CIF NS for magnesium ingot to us today and could accept another USD10/t for price cut, but I rejected to purchase for lack of deals and an expectation of further price decline," said a magnesium ingot importer in India, adding that he last locked about 20t of the metal one week ago at USD3,030/t and predicts to purchase another 20t late this week with the target level of USD2,900/t. Discouraged by weakening demand in financial month in India, he anticipates his purchase volume only could reach about 200t in March, while around 300t in February. He forecasts the mainstream imported prices would stay soft in the forthcoming days restricted by slow demand.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and locked about 300t in February. He holds 20t of stocks now, unchanged from late last month. He imported about 3,200t of the metal in 2022 and predicts to purchase about 600t of the metal in Q1 of 2023.
"The most competitive offer for magnesium ingot we received decreased to the present USD2,920/t CIF NS without any concessions, while I intend to consume stocks and watch the market for a while," said a magnesium ingot consumer in India, noting that he last purchased about 20t of the metal four weeks ago at USD3,400/t and kept watching the market since then. Given softening prices in China and weakening demand in India, he predicts the mainstream imported prices in India would go down by another USD20/t in the coming days.
The consumer, with an annual consumption volume of 360t, predicts to use about 20t of the metal in March and used a similar volume in February. He holds about 10t of stocks now, almost identical to late last month. He consumed about 260t of the metal in 2022 and predicts to use about 60t in Q1 of 2023.
