European magnesium ingot market sees limited buying activities
2023-03-24 09:39:34 [Print]
BEIJING (Asian Metal) 24 Mar 23 - Considering slow demand in Europe, most European buyers held watchful attitudes towards the market trend and European magnesium ingot market saw slack transactions in the recent days. In view of weakly stable prices in China, the mainstream imported prices in Europe stood at the range of USD2,900-2,930/t CIF Rotterdam, almost identical in the recent two days and down by USD60/t from late last week. Insiders are of the opinion that the prevailing imported magnesium ingot prices in Europe would remain soft and most buyers prefer to purchase the metal cautiously in the forthcoming days.
"My supplier quoted USD2,930/t CIF Rotterdam to us and could accept USD10/t for price cut, but I rejected to purchase due to hesitated attitude from my client," said a magnesium ingot importer in Europe, adding that he didn't lock the metal in the recent one week and even predicts his purchase volume in March only could reach about 200t, while around 330t YoY. He last purchased about 40t of the material at USD2,980/t early last week as scheduled. He noted that some of his suppliers strengthened the potential output reduction or suspension among suppliers in China, he thinks the mainstream prices for magnesium ingot prices would stay soft restricted by limited buying activities from buyers and heavy stocks among suppliers in the coming days.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and purchased about 220t in February. He holds no stock now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and predicts to purchase about 680t in Q1 of 2023.
"Two of my largest clients decreased their output by 30% at least since last December and the situation became worse since this February, and we just experienced a very slack market state in the recent weeks," said a magnesium ingot importer in Europe, claiming that he had no plan to purchase magnesium ingot at USD2,900/t CIF Rotterdam due to watchful attitudes from his clients and expects to find small volume at USD2,850/t to ship before late April. He last purchased about 300t of the material at USD2,900/t one week ago and kept checking offers since then. In view of limited buying activities in Europe but heavy stocks in China, he predicts the mainstream imported magnesium ingot prices in Europe would remain soft in the forthcoming days.
The importer, with a regular monthly import volume of about 2,000t, predicts to buy about 1,300t in March and purchased about 1,600t in February. He holds about 800t of stocks presently, almost identical to late last month. He imported about 26,000t of the metal in 2022 and predicts to purchase about 5,800t in Q1 of 2023.
"My supplier quoted USD2,930/t CIF Rotterdam to us and could accept USD10/t for price cut, but I rejected to purchase due to hesitated attitude from my client," said a magnesium ingot importer in Europe, adding that he didn't lock the metal in the recent one week and even predicts his purchase volume in March only could reach about 200t, while around 330t YoY. He last purchased about 40t of the material at USD2,980/t early last week as scheduled. He noted that some of his suppliers strengthened the potential output reduction or suspension among suppliers in China, he thinks the mainstream prices for magnesium ingot prices would stay soft restricted by limited buying activities from buyers and heavy stocks among suppliers in the coming days.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 200t of the metal in March and purchased about 220t in February. He holds no stock now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and predicts to purchase about 680t in Q1 of 2023.
"Two of my largest clients decreased their output by 30% at least since last December and the situation became worse since this February, and we just experienced a very slack market state in the recent weeks," said a magnesium ingot importer in Europe, claiming that he had no plan to purchase magnesium ingot at USD2,900/t CIF Rotterdam due to watchful attitudes from his clients and expects to find small volume at USD2,850/t to ship before late April. He last purchased about 300t of the material at USD2,900/t one week ago and kept checking offers since then. In view of limited buying activities in Europe but heavy stocks in China, he predicts the mainstream imported magnesium ingot prices in Europe would remain soft in the forthcoming days.
The importer, with a regular monthly import volume of about 2,000t, predicts to buy about 1,300t in March and purchased about 1,600t in February. He holds about 800t of stocks presently, almost identical to late last month. He imported about 26,000t of the metal in 2022 and predicts to purchase about 5,800t in Q1 of 2023.
