Chinese magnesium ingot export market sees rare deals
2023-03-29 08:22:24 [Print]
BEIJING (Asian Metal) 29 Mar 23 - Given price rebound in domestic market, the mainstream Chinese magnesium ingot export prices rebounded and increased to the present USD3,020-3,070/t FOB China and USD2,950-3,000/t Ex-VAT FOB China respectively, an increase of USD50/t from late last week. Discouraged by slow demand in the foreign market and unacceptable price level for buyers, more foreign clients held wait-and-see attitudes towards the export market. Insiders are of the opinion that the mainstream Chinese magnesium ingot export prices would stay flat in the forthcoming days due to cautious purchase from foreign clients.
"As domestic price rebounded to the present RMB19,800/t (USD2,869/t) Ex-VAT D/P, I lifted my export quotation for magnesium ingot to the current USD2,980/t Ex-VAT FOB China, while my client rejected to purchase and even didn't ask for price cuts," said a magnesium ingot exporter in North China, adding that he didn't fight for any deals in the recent days and only sold about 20t late last week at USD2,920/t. Taking limited buying activities in the foreign market and pessimistic attitudes from clients into consideration, he predicts Chinese magnesium ingot export market movements would stay slack and the mainstream export prices would level off in the next two days.
The exporter, with a regular monthly export volume of about 600t, predicts to export about 350t of the metal in March and exported about 450t in February. He holds no stock now, unchanged from late last week. He exported about 7,100t of the metal in 2022 and predicts to sell about 1,600t in Q1 of 2023.
"I increased my export quotation for magnesium ingot to the current USD2,980/t Ex-VAT FOB China and only could accept USD10/t for price cuts, while my clients refused to purchase and even rejected to ask for counter bids further," said a magnesium ingot exporter in North China, noting that he just experienced a very slack market state in the recent days and predicts his export volume only could reach about 300t in March, while around 500t MoM at least. He last sold around 20t last Thursday at USD2,920/t and just updated offers for his regular clients since then. Given slack movements and plenty supply in China, he holds a pessimistic attitude towards the export market movements in the coming days.
With a regular monthly export volume of around 500t, the exporter predicts to sell around 300t of the metal in March and sold around 360t in February. He holds no stock now, the same as late last month. He exported about 6,000t of the metal in 2022 and predicts to sell about 1,100t of the metal in Q1 of 2023.
"As domestic price rebounded to the present RMB19,800/t (USD2,869/t) Ex-VAT D/P, I lifted my export quotation for magnesium ingot to the current USD2,980/t Ex-VAT FOB China, while my client rejected to purchase and even didn't ask for price cuts," said a magnesium ingot exporter in North China, adding that he didn't fight for any deals in the recent days and only sold about 20t late last week at USD2,920/t. Taking limited buying activities in the foreign market and pessimistic attitudes from clients into consideration, he predicts Chinese magnesium ingot export market movements would stay slack and the mainstream export prices would level off in the next two days.
The exporter, with a regular monthly export volume of about 600t, predicts to export about 350t of the metal in March and exported about 450t in February. He holds no stock now, unchanged from late last week. He exported about 7,100t of the metal in 2022 and predicts to sell about 1,600t in Q1 of 2023.
"I increased my export quotation for magnesium ingot to the current USD2,980/t Ex-VAT FOB China and only could accept USD10/t for price cuts, while my clients refused to purchase and even rejected to ask for counter bids further," said a magnesium ingot exporter in North China, noting that he just experienced a very slack market state in the recent days and predicts his export volume only could reach about 300t in March, while around 500t MoM at least. He last sold around 20t last Thursday at USD2,920/t and just updated offers for his regular clients since then. Given slack movements and plenty supply in China, he holds a pessimistic attitude towards the export market movements in the coming days.
With a regular monthly export volume of around 500t, the exporter predicts to sell around 300t of the metal in March and sold around 360t in February. He holds no stock now, the same as late last month. He exported about 6,000t of the metal in 2022 and predicts to sell about 1,100t of the metal in Q1 of 2023.
