Chinese magnesium ingot market moves slowly
2023-03-22 08:21:29 [Print]
BEIJING (Asian Metal) 22 Mar 23 - On account of cautious purchase and pessimistic attitudes among buyers, Chinese magnesium ingot market moved slowly in the recent days. The mainstream Chinese magnesium ingot prices edged down to the present RMB20,000-20,300/t (USD2,898-2,942/t) EXW D/P, down by RMB100/t (USD14/t) from late last week. In order to promote sales, suppliers could accept more price cuts from buyers. Insiders are of the opinion that the prevailing Chinese magnesium ingot prices would stay soft in the forthcoming days.
"Actually, cold responses from my downstream clients and we also showed little interests in buying the metal at RMB20,000/t (USD2,898/t) EXW D/P and even rejected to lock the material at RMB19,900/t (USD2,884/t)," said a magnesium ingot trader in North China, noting that market movements trapped into a stalemate state. He last purchased about 31t of the metal this Monday as scheduled and kept watching the market since then. Additionally, he noted that he used to hold about 100t of the metal for stock, while only 31t now for lack of deals and an expectation of further price softening trend. He predicts the mainstream prices for magnesium ingot would stay soft discouraged by limited buying activities from buyers and rising intentions to compete for deals from suppliers in the forthcoming days.
With a regular monthly trading volume of around 700t, the trader predicts to sell about 400t of the metal in March and sold about 550t in February. He holds no stock now, unchanged from late last month. He sold about 8,200t of the metal in 2022 and sold about 1,600t of the metal in Q1 of 2023.
"I quoted RMB20,000/t (USD2,898/t) EXW D/P and could accept RMB19,900/t (USD2,884/t) for a firm bid with any orders more than 30t, but only sold 31t today at RMB19,900/t (USD2,884/t)," said a magnesium ingot producer in North China, noting Chinese magnesium ingot market movements stayed inactive and more buyers held watchful attitudes. He last sold about 62t of the metal last weekend at RMB20,000/t and didn't fight for any deals at this level after that. Given pessimistic attitudes among buyers and continuous heavy stocks and rising intentions to promote sales from suppliers, he predicts the mainstream Chinese magnesium ingot prices would edge down by another RMB100/t (USD14/t) in the coming days.
The producer, with an annual production capacity of 30,000t, predicts to produce about 1,000t of magnesium ingot in March and produced a similar in February. He holds about 1,200t of stocks now, while about 1,300t late last month. He produced about 15,000t of the metal in 2022 and predicts to produce about 3,800t in Q1 of 2023.
"Actually, cold responses from my downstream clients and we also showed little interests in buying the metal at RMB20,000/t (USD2,898/t) EXW D/P and even rejected to lock the material at RMB19,900/t (USD2,884/t)," said a magnesium ingot trader in North China, noting that market movements trapped into a stalemate state. He last purchased about 31t of the metal this Monday as scheduled and kept watching the market since then. Additionally, he noted that he used to hold about 100t of the metal for stock, while only 31t now for lack of deals and an expectation of further price softening trend. He predicts the mainstream prices for magnesium ingot would stay soft discouraged by limited buying activities from buyers and rising intentions to compete for deals from suppliers in the forthcoming days.
With a regular monthly trading volume of around 700t, the trader predicts to sell about 400t of the metal in March and sold about 550t in February. He holds no stock now, unchanged from late last month. He sold about 8,200t of the metal in 2022 and sold about 1,600t of the metal in Q1 of 2023.
"I quoted RMB20,000/t (USD2,898/t) EXW D/P and could accept RMB19,900/t (USD2,884/t) for a firm bid with any orders more than 30t, but only sold 31t today at RMB19,900/t (USD2,884/t)," said a magnesium ingot producer in North China, noting Chinese magnesium ingot market movements stayed inactive and more buyers held watchful attitudes. He last sold about 62t of the metal last weekend at RMB20,000/t and didn't fight for any deals at this level after that. Given pessimistic attitudes among buyers and continuous heavy stocks and rising intentions to promote sales from suppliers, he predicts the mainstream Chinese magnesium ingot prices would edge down by another RMB100/t (USD14/t) in the coming days.
The producer, with an annual production capacity of 30,000t, predicts to produce about 1,000t of magnesium ingot in March and produced a similar in February. He holds about 1,200t of stocks now, while about 1,300t late last month. He produced about 15,000t of the metal in 2022 and predicts to produce about 3,800t in Q1 of 2023.
