South Korean buyers pessimistic about magnesium ingot market
2023-03-23 08:24:27 [Print]
BEIJING (Asian Metal) 23 Mar 23 - On account of watchful attitudes among buyers, South Korean magnesium ingot market witnessed few deals over the past several days and more buyers began to hold pessimistic attitudes towards the market trend. Additionally, in line with price competition among exporters and decreasing prices in Chinese market, the prevailing imported prices for magnesium ingot in South Korea decreased to the present USD2,890-2,920/t CIF Pusan, down by USD40/t from late last week. In order to promote sales, some exporters could accept more price cuts with a long-term shipment. Insiders are of the opinion that the mainstream imported magnesium ingot prices in South Korea would go down further in the coming days restricted by continuous slack movements.
"My supplier updated his offer actively and offered USD2,890/t CIF Pusan to us today, while I refused to purchase due to watchful attitudes from my clients," said a magnesium ingot importer in South Korea, noting that market movements trapped into a quiet state due to poor anticipation and continuous softening price trend. He last locked about 20t of the metal at USD3,010/t one week ago and kept checking offers after that. He used to hold about 20t of stocks before early February, while only 10t at most due to lack of activities for the market. Considering downward prices in China and cautious purchase in South Korea, he predicts the prevailing imported prices in South Korea would edge down by USD20/t in the coming days.
With a regular monthly import volume of around 100t, the importer predicts to purchase about 80t of the metal in March and locked about 100t in February. He holds about 10t of stocks, down by half from late last month. He imported about 1,100t of the metal in 2022 and anticipates to purchase about 260t of the metal in Q1 of 2023.
"Given softening prices in China and strong intentions to compete for deals from Chinese suppliers, the most competitive offer for magnesium ingot we received decreased to the present USD2,890/t CIF Pusan to ship within one week and USD2,850/t to ship in the middle of April," said a magnesium ingot importer in South Korea, claiming that he last purchased 20t at USD2,900/t this Tuesday and planned to lock another 20t next week. He added that he used to purchase about 80t of the metal a week normally before early February, but he predicts the purchase volume only could reach about 40t at last for lack of deals. He forecasts the mainstream imported prices for magnesium ingot would go down by USD20/t in the coming days discouraged by weakening demand and price competition among suppliers.
The importer, with a regular monthly purchase volume of about 300t, predicts to purchase about 260t of the metal in March and locked about 280t of the metal in February. He holds about 20t of stocks now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and predicts to purchase about 820t in Q1 of 2023.
"My supplier updated his offer actively and offered USD2,890/t CIF Pusan to us today, while I refused to purchase due to watchful attitudes from my clients," said a magnesium ingot importer in South Korea, noting that market movements trapped into a quiet state due to poor anticipation and continuous softening price trend. He last locked about 20t of the metal at USD3,010/t one week ago and kept checking offers after that. He used to hold about 20t of stocks before early February, while only 10t at most due to lack of activities for the market. Considering downward prices in China and cautious purchase in South Korea, he predicts the prevailing imported prices in South Korea would edge down by USD20/t in the coming days.
With a regular monthly import volume of around 100t, the importer predicts to purchase about 80t of the metal in March and locked about 100t in February. He holds about 10t of stocks, down by half from late last month. He imported about 1,100t of the metal in 2022 and anticipates to purchase about 260t of the metal in Q1 of 2023.
"Given softening prices in China and strong intentions to compete for deals from Chinese suppliers, the most competitive offer for magnesium ingot we received decreased to the present USD2,890/t CIF Pusan to ship within one week and USD2,850/t to ship in the middle of April," said a magnesium ingot importer in South Korea, claiming that he last purchased 20t at USD2,900/t this Tuesday and planned to lock another 20t next week. He added that he used to purchase about 80t of the metal a week normally before early February, but he predicts the purchase volume only could reach about 40t at last for lack of deals. He forecasts the mainstream imported prices for magnesium ingot would go down by USD20/t in the coming days discouraged by weakening demand and price competition among suppliers.
The importer, with a regular monthly purchase volume of about 300t, predicts to purchase about 260t of the metal in March and locked about 280t of the metal in February. He holds about 20t of stocks now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and predicts to purchase about 820t in Q1 of 2023.
