Fugu Wanxin intends to stop magnesium ingot production for equipment maintenance
2023-03-27 08:30:02 [Print]
BEIJING (Asian Metal) 27 Mar 23 - Fugu Wanxin Coal Electricity Chemical Co. intends to stop magnesium ingot production since 27 March to relieve the pressure on price inversion and plans to resume the production in late April. They predict to produce about 1,550t of magnesium ingot in March, unchanged MoM.
"Considering weakening demand from semi coke and magnesium ingot market, we kept suffering price inversion for those materials and had no confidence in the recovery of market, so we plan to stop the production for magnesium ingot since 27 March for regular equipment maintenance and predict to resume the production in late April," said a source from Wanxin, anticipating their output in March would reach about 1,550t and produced a similar volume in February.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,550t of the metal in March and produced a similar volume in February. He holds around 2,800t of stocks now, unchanged from late last month. He produced about 18,500t of the metal in 2022 and predicts to produce about 4,600t of the metal in Q1 of 2023.
The prevailing Chinese magnesium ingot prices stood at the range of RMB19,900-20,200/t (USD2,884-2,927/t) EXW D/P since late last week, unchanged over the past several days, and most buyers purchased the metal steadily. Considering continuous price inversion among plants, more plants intend to move down or stop their production, the prevailing Chinese magnesium ingot prices would edge up in the forthcoming days.
"Considering weakening demand from semi coke and magnesium ingot market, we kept suffering price inversion for those materials and had no confidence in the recovery of market, so we plan to stop the production for magnesium ingot since 27 March for regular equipment maintenance and predict to resume the production in late April," said a source from Wanxin, anticipating their output in March would reach about 1,550t and produced a similar volume in February.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,550t of the metal in March and produced a similar volume in February. He holds around 2,800t of stocks now, unchanged from late last month. He produced about 18,500t of the metal in 2022 and predicts to produce about 4,600t of the metal in Q1 of 2023.
The prevailing Chinese magnesium ingot prices stood at the range of RMB19,900-20,200/t (USD2,884-2,927/t) EXW D/P since late last week, unchanged over the past several days, and most buyers purchased the metal steadily. Considering continuous price inversion among plants, more plants intend to move down or stop their production, the prevailing Chinese magnesium ingot prices would edge up in the forthcoming days.
