Japanese imported magnesium ingot prices edge down
2023-03-23 08:25:33 [Print]
BEIJING (Asian Metal) 23 Mar 23 - Taking weakening demand and cautious purchase in Japan into consideration, Japanese magnesium ingot market witnessed limited buying activities over the past several days. Meanwhile, owing to softening prices in China, the mainstream imported magnesium ingot prices in Japan decreased to the range of USD2,880-2,910/t CIF Japan, down by USD60/t from late last week. Insiders forecast the mainstream imported magnesium ingot prices in Japan would stay soft in the forthcoming days.
"Due to heavy stocks and rising intentions to promote sales from Chinese suppliers, the most competitive offer for magnesium ingot we received decreased to the present USD2,890/t CIF Japan without any concessions," said a magnesium ingot importer in Japan, noting that he rejected to purchase for lack of deals. Additionally, he added that he failed to fight for a tender of 200t to ship in late April with the price of USD2,880/t as some of his peers even offered below USD2,850/t. He last purchased about 20t of the metal late last week at USD2,950/t as scheduled and kept watching the market since then. Taking downward prices in China and rising intentions to promote sales among exporters into consideration, he predicts the mainstream imported prices for the material would edge down by USD20/t in the coming days.
With a regular monthly import volume of around 200t, the importer predicts to purchase about 160t in March and locked around 180t in February. He holds no stock now, unchanged from late last month. He imported about 2,300t of the metal in 2022 and predicts to purchase about 600t of the metal in Q1 of 2023.
"My supplier lowered his offer to the present USD2,900/t CIF Japan and could accept USD10/t for price cuts to ship within one week, while I had no orders and only intend to watch the market for a while," said a magnesium ingot importer in Japan, adding that he purchased 40t of the metal early last week at USD2,980/t and predicts a continuous softening trend in the coming days. Considering watchful attitudes from end users in Japan and strong intentions to compete for deals from suppliers, he anticipates the mainstream imported prices for magnesium ingot would go down by USD30/t in the forthcoming days.
The importer, with a regular monthly import volume of around 300t, predicts to purchase about 220t of the metal in March and purchased about 280t in February. He holds around 20t of stocks presently, almost identical to late last month. He imported about 3,600t of the metal in 2022 and predicts to buy about 800t of the metal in Q1 of 2023.
"Due to heavy stocks and rising intentions to promote sales from Chinese suppliers, the most competitive offer for magnesium ingot we received decreased to the present USD2,890/t CIF Japan without any concessions," said a magnesium ingot importer in Japan, noting that he rejected to purchase for lack of deals. Additionally, he added that he failed to fight for a tender of 200t to ship in late April with the price of USD2,880/t as some of his peers even offered below USD2,850/t. He last purchased about 20t of the metal late last week at USD2,950/t as scheduled and kept watching the market since then. Taking downward prices in China and rising intentions to promote sales among exporters into consideration, he predicts the mainstream imported prices for the material would edge down by USD20/t in the coming days.
With a regular monthly import volume of around 200t, the importer predicts to purchase about 160t in March and locked around 180t in February. He holds no stock now, unchanged from late last month. He imported about 2,300t of the metal in 2022 and predicts to purchase about 600t of the metal in Q1 of 2023.
"My supplier lowered his offer to the present USD2,900/t CIF Japan and could accept USD10/t for price cuts to ship within one week, while I had no orders and only intend to watch the market for a while," said a magnesium ingot importer in Japan, adding that he purchased 40t of the metal early last week at USD2,980/t and predicts a continuous softening trend in the coming days. Considering watchful attitudes from end users in Japan and strong intentions to compete for deals from suppliers, he anticipates the mainstream imported prices for magnesium ingot would go down by USD30/t in the forthcoming days.
The importer, with a regular monthly import volume of around 300t, predicts to purchase about 220t of the metal in March and purchased about 280t in February. He holds around 20t of stocks presently, almost identical to late last month. He imported about 3,600t of the metal in 2022 and predicts to buy about 800t of the metal in Q1 of 2023.
