North American magnesium ingot market moves slowly
2023-03-24 10:17:09 [Print]
BEIJING (Asian Metal) 24 Mar 23 - Taking continuous watchful attitudes from North American buyers into consideration, North American market witnessed slack transactions in the recent days. The imported magnesium ingot prices in North America stood at the range of USD3,070-3,120/t CIF Canada, unchanged in the recent two days but down by USD30/t within this week. Insiders are of the opinion that the prevailing imported prices in North America would stay weakly stable due to little intentions to promote sales from suppliers under price inversion but limited buying activities among buyers.
"The most competitive offer for magnesium ingot we received hovered at the present USD3,100/t CIF Canada, which still stayed beyond my acceptance and I prefer to move down stocks," said a magnesium ingot consumer in North America, adding that the continuous increase interest rates also restrained his purchase plan, and he used to hold about 1,000t of stocks in hand before early January of 2023. He last purchased about 100t of the metal two weeks ago at USD3,050/t and kept checking quotations since then. In view of slow movements but little intentions to accept price cuts from suppliers, he predicts the mainstream imported prices for magnesium ingot in North America would stay weakly stable in the coming days.
With a monthly consumption volume of around 600t, the consumer predicts to purchase about 400t in March and locked about 460t in February. He holds about 600t of stocks now, unchanged from late last month. He purchased about 7,500t of the metal in 2022 and predicts to consume about 1,500t in Q1 of 2023.
"I rejected to purchase magnesium ingot at USD3,090/t CIF Mexico due to enough stocks in hand," said a magnesium ingot importer in North America, anticipating that he would lock about 100t of the metal in the forthcoming week cautiously. He last purchased about 100t of the material at USD3,120/t one week ago and intends to consume his stocks for a while. Given little intentions to accept counter bids from suppliers but continuous slack movements, he forecasts the mainstream imported magnesium ingot prices in North America would remain weakly stable in the forthcoming days.
The importer, with a regular monthly consumption volume of about 500t, predicts to use around 380t in March and purchased about 420t in February. He holds around 550t of stocks presently, almost identical to late last month. He imported about 6,000t of the material in 2022 and predicts to use around 1,400t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received hovered at the present USD3,100/t CIF Canada, which still stayed beyond my acceptance and I prefer to move down stocks," said a magnesium ingot consumer in North America, adding that the continuous increase interest rates also restrained his purchase plan, and he used to hold about 1,000t of stocks in hand before early January of 2023. He last purchased about 100t of the metal two weeks ago at USD3,050/t and kept checking quotations since then. In view of slow movements but little intentions to accept price cuts from suppliers, he predicts the mainstream imported prices for magnesium ingot in North America would stay weakly stable in the coming days.
With a monthly consumption volume of around 600t, the consumer predicts to purchase about 400t in March and locked about 460t in February. He holds about 600t of stocks now, unchanged from late last month. He purchased about 7,500t of the metal in 2022 and predicts to consume about 1,500t in Q1 of 2023.
"I rejected to purchase magnesium ingot at USD3,090/t CIF Mexico due to enough stocks in hand," said a magnesium ingot importer in North America, anticipating that he would lock about 100t of the metal in the forthcoming week cautiously. He last purchased about 100t of the material at USD3,120/t one week ago and intends to consume his stocks for a while. Given little intentions to accept counter bids from suppliers but continuous slack movements, he forecasts the mainstream imported magnesium ingot prices in North America would remain weakly stable in the forthcoming days.
The importer, with a regular monthly consumption volume of about 500t, predicts to use around 380t in March and purchased about 420t in February. He holds around 550t of stocks presently, almost identical to late last month. He imported about 6,000t of the material in 2022 and predicts to use around 1,400t in Q1 of 2023.
