Chinese magnesium ingot market sees limited buying activities
2023-03-30 07:49:20 [Print]
BEIJING (Asian Metal) 30 Mar 23 - Due to watchful attitudes among buyers, Chinese magnesium ingot market witnessed limited buying activities in the recent days. The prevailing Chinese magnesium ingot prices stood at the range of RMB20,200-20,500/t (USD2,927-2,971/t) EXW D/P, unchanged in the recent days. Insiders anticipate the mainstream Chinese magnesium ingot prices would stay weakly stable in the forthcoming days discouraged by slow movements but little intentions to accept price cuts from suppliers.
"The most competitive offer for magnesium ingot we receive stood at the present RMB20,200/t (USD2,927/t) EXW D/P without any concessions, while I rejected to purchase and prefer to watch for enough stocks," said a magnesium ingot consumer in North China, noting that he last purchased about 31t of the metal this Monday at RMB20,200/t (USD2,927/t) and locked about 31t of the metal last Friday at RMB19,900/t (USD2,884/t) as scheduled. As few of his clients could accept the current price level, he rejected to purchase more in the recent days and intends to decrease stocks. He forecasts the mainstream Chinese magnesium ingot prices would stay weakly stable restricted by limited transactions.
With an annual consumption volume of 8,000t, the consumer predicts to use about 500t of magnesium ingot in March and consumed about 650t in February. He holds about 80t of stocks now, unchanged from late last month. He consumed about 7,200t of the metal in 2022 and predicts to use about 1,600t in Q1 of 2023.
"I failed to fight for any new deals, so I rejected to purchase magnesium ingot at RMB20,300/t (USD2,942/t) EXW D/P in the recent days," said a magnesium ingot trader in North China, noting that his clients' responses disappointed him. He last purchased about 100t of the metal last Thursday at RMB19,900/t (USD2,884/t) to meet his clients' firm orders and just checked quotations since then. He anticipates the mainstream Chinese magnesium ingot prices would remain weakly stable in the coming days.
The trader, with a regular monthly trading volume of about 1,000t, predicts to sell about 700t in March and sold around 800t in February. He holds no stock presently, almost identical to late last month. He sold about 8,600t of the metal in 2022 and predicts to sell about 2,200t in Q1 of 2023.
"The most competitive offer for magnesium ingot we receive stood at the present RMB20,200/t (USD2,927/t) EXW D/P without any concessions, while I rejected to purchase and prefer to watch for enough stocks," said a magnesium ingot consumer in North China, noting that he last purchased about 31t of the metal this Monday at RMB20,200/t (USD2,927/t) and locked about 31t of the metal last Friday at RMB19,900/t (USD2,884/t) as scheduled. As few of his clients could accept the current price level, he rejected to purchase more in the recent days and intends to decrease stocks. He forecasts the mainstream Chinese magnesium ingot prices would stay weakly stable restricted by limited transactions.
With an annual consumption volume of 8,000t, the consumer predicts to use about 500t of magnesium ingot in March and consumed about 650t in February. He holds about 80t of stocks now, unchanged from late last month. He consumed about 7,200t of the metal in 2022 and predicts to use about 1,600t in Q1 of 2023.
"I failed to fight for any new deals, so I rejected to purchase magnesium ingot at RMB20,300/t (USD2,942/t) EXW D/P in the recent days," said a magnesium ingot trader in North China, noting that his clients' responses disappointed him. He last purchased about 100t of the metal last Thursday at RMB19,900/t (USD2,884/t) to meet his clients' firm orders and just checked quotations since then. He anticipates the mainstream Chinese magnesium ingot prices would remain weakly stable in the coming days.
The trader, with a regular monthly trading volume of about 1,000t, predicts to sell about 700t in March and sold around 800t in February. He holds no stock presently, almost identical to late last month. He sold about 8,600t of the metal in 2022 and predicts to sell about 2,200t in Q1 of 2023.
