Chinese S.G. cast iron market inactive
2023-03-29 07:42:10 [Print]
BEIJING (Asian Metal) 29 Mar 23 - Due to the weak demand from foundries, Chinese S
A producer in Shanxi stated that their sales volume reached around 1,500tpd this week, down by 1,700tpd one week ago. They asked RMB3,600/t (USD523/t) EXW D/P for S . G. cast iron Q10 on Tuesday and could accept bids no less than RMB3,550/t (USD516/t) for firm bids. "I sold around 200t of the material at RMB3,550/t (USD516/t) this Tuesday and refused any bids below RMB3,600/t (USD523/t) one week ago," he said, adding that his clients mainly purchase with minimum volumes currently due to limited orders and weakening prices of raw materials . Given this situation, he deems S . G . cast iron prices would fall further in the coming week.
The company owns an annual production capacity of 550,000t for S.G . cast iron . It estimated the output would reach about 43,000t in March, up from 40,000t in February . Currently it has an inventory of nearly 20,000t . It recorded an output of roughly 255,000t in 2022.
A consumer in Hebei reported that he plans to buy around 200t of S.G . cast iron early next week, while he used to purchase at least 500t at one time when prices showed signs of moving up. He received an offer of RMB3,670/t (USD533/t) EXW D/P for S . G. cast iron Q10 on Tuesday and could buy at RMB3,650/t (USD530/t) upon his experience. "My supplier refused to accept bids lower than RMB3,700/t (USD538/t) one week ago," he revealed, adding that he only has an inventory of 50t at present, lower than the regular level of 100t . Given the slow market performance, he is of the opinion that S . G . cast iron prices would decline further in the coming week.
Reporting an annual consumption capacity of 4,000t for S.G . cast iron, the company consumed nearly 300t of the material in the first two months of this year and almost 3,000t in 2022 . It estimated the consumption amount would reach nearly 200t in March, in line with February.
. G . cast iron prices continued on the decline this week . Currently prices of S . G . cast iron Q10 Si 0 . 5-1 . 4%min, Mn 0 . 2%max, P 0 . 05%max, S 0.02%max stand at RMB3,550/t (USD516/t) and RMB3,650/t (USD530/t) EXW D/P in Shanxi and Hebei respectively, both down by around RMB50/t (USD7/t) from one week ago . As the market runs slowly, insiders predict S . G . cast iron prices would edge down further in the coming week.
A producer in Shanxi stated that their sales volume reached around 1,500tpd this week, down by 1,700tpd one week ago. They asked RMB3,600/t (USD523/t) EXW D/P for S . G. cast iron Q10 on Tuesday and could accept bids no less than RMB3,550/t (USD516/t) for firm bids. "I sold around 200t of the material at RMB3,550/t (USD516/t) this Tuesday and refused any bids below RMB3,600/t (USD523/t) one week ago," he said, adding that his clients mainly purchase with minimum volumes currently due to limited orders and weakening prices of raw materials . Given this situation, he deems S . G . cast iron prices would fall further in the coming week.
The company owns an annual production capacity of 550,000t for S.G . cast iron . It estimated the output would reach about 43,000t in March, up from 40,000t in February . Currently it has an inventory of nearly 20,000t . It recorded an output of roughly 255,000t in 2022.
A consumer in Hebei reported that he plans to buy around 200t of S.G . cast iron early next week, while he used to purchase at least 500t at one time when prices showed signs of moving up. He received an offer of RMB3,670/t (USD533/t) EXW D/P for S . G. cast iron Q10 on Tuesday and could buy at RMB3,650/t (USD530/t) upon his experience. "My supplier refused to accept bids lower than RMB3,700/t (USD538/t) one week ago," he revealed, adding that he only has an inventory of 50t at present, lower than the regular level of 100t . Given the slow market performance, he is of the opinion that S . G . cast iron prices would decline further in the coming week.
Reporting an annual consumption capacity of 4,000t for S.G . cast iron, the company consumed nearly 300t of the material in the first two months of this year and almost 3,000t in 2022 . It estimated the consumption amount would reach nearly 200t in March, in line with February.