Yulin Wanyuan Magnesium suspends magnesium ingot production
2023-03-28 08:28:08 [Print]
BEIJING (Asian Metal) 28 Mar 23 - Yulin Wanyuan Magnesium Co
"Due to connections and mechanical devices, we had to deal with the equipment maintenance. Additionally, due to weakening demand and continuous price inversions for us, we had no choice but to stop the production for magnesium ingot since 24 March and didn't make sure when to resume the production," said a source from Wanyuan, noting that some more plants in Shaanxi also have intention to adjust their output to relieve the pressure on price inversion.
The prevailing Chinese magnesium ingot prices rebounded and hovered at the present RMB20,200-20,500/t EXW D/P (USD2,927-2,971/t), up by RMB300/t (USD43/t) from late last week. Most buyers purchased the metal as scheduled and transactions increased slightly against last week. Taking strong intentions to lift offers from suppliers into consideration, insiders are of the opinion that the mainstream Chinese magnesium ingot prices would edge up by RMB200/t (USD28/t) in the forthcoming days.
With an annual production capacity of 28,000t, he predicts to produce about 1,200t in March and produced about 1,500t of the metal in February. He holds about 1,800t of stocks now, around 2,500t late last month . He produced about 18,000t of the metal in 2022 and predicts to produce about 4,900t of the metal in Q1 of 2023.
. stopped magnesium ingot production since 24 March and had no exact plan for output resumption . He predicts to produce about 1,200t of magnesium ingot in March, down by 300t from late last month.
"Due to connections and mechanical devices, we had to deal with the equipment maintenance. Additionally, due to weakening demand and continuous price inversions for us, we had no choice but to stop the production for magnesium ingot since 24 March and didn't make sure when to resume the production," said a source from Wanyuan, noting that some more plants in Shaanxi also have intention to adjust their output to relieve the pressure on price inversion.
The prevailing Chinese magnesium ingot prices rebounded and hovered at the present RMB20,200-20,500/t EXW D/P (USD2,927-2,971/t), up by RMB300/t (USD43/t) from late last week. Most buyers purchased the metal as scheduled and transactions increased slightly against last week. Taking strong intentions to lift offers from suppliers into consideration, insiders are of the opinion that the mainstream Chinese magnesium ingot prices would edge up by RMB200/t (USD28/t) in the forthcoming days.
With an annual production capacity of 28,000t, he predicts to produce about 1,200t in March and produced about 1,500t of the metal in February. He holds about 1,800t of stocks now, around 2,500t late last month . He produced about 18,000t of the metal in 2022 and predicts to produce about 4,900t of the metal in Q1 of 2023.