European buyers watch magnesium ingot market
2023-03-31 10:26:25 [Print]
BEIJING (Asian Metal) 31 Mar 23 - On account of slow demand in Europe, most European buyers held wait-and-see attitudes towards the market trend and the spot market saw few deals over the past several days. The prevailing imported magnesium ingot prices in Europe stood at the range of USD2,980-3,050/t CIF Rotterdam, unchanged in the recent days but up by USD60/t from late last week. Discouraged by weakening demand in Europe and cautious purchase from buyers, insiders are of the opinion that the mainstream imported prices would stay soft in the forthcoming days.
"My supplier quoted USD3,050/t CIF Rotterdam for magnesium ingot to us today without any concessions, while I rejected to purchase for lack of deals and pessimistic attitudes from clients," said a magnesium ingot importer in Europe, adding that he didn't purchase the metal in the recent two weeks and kept checking quotations. He last purchased 100t of the metal two weeks ago and failed to fight any new deals since then. Due to conflict between Russia and Ukraine, inflation and weakening demand in Europe, European magnesium ingot market moved slowly. He forecasts the mainstream imported prices for magnesium ingot would show a soft trend in the forthcoming days restricted by slow demand.
The importer, with a regular monthly import volume of around 1,000t, predicts to purchase about 600t of the metal in March and locked about 750t in February. He holds about 200t of stocks now, almost identical to late last month. He imported about 15,000t of the metal in 2022 and predicts to purchase about 2,200t of the metal in Q1 of 2023.
"Discouraged by weakening demand, I rejected to purchase magnesium ingot at the present USD3,060/t CIF Rotterdam and even didn't ask for price cuts with my suppliers," said a magnesium ingot importer in Europe, adding that his clients prefer to move down their stocks and showed little interests in buying the material in advance. He purchased about 20t of the metal late last week at USD2,980/t and just watched the market since then. In view of slack movements and softening prices in Chinese market, he predicts the mainstream imported prices for magnesium ingot in Europe would show a softening trend in the coming days.
With a regular monthly import volume of around 300t, the importer predicts to purchase around 120t in March and purchased about 200t in February. He holds no stock now, unchanged from late last month. He imported about 3,200t of the metal in 2022 and predicts to purchase about 430t in Q1 of 2023.
"My supplier quoted USD3,050/t CIF Rotterdam for magnesium ingot to us today without any concessions, while I rejected to purchase for lack of deals and pessimistic attitudes from clients," said a magnesium ingot importer in Europe, adding that he didn't purchase the metal in the recent two weeks and kept checking quotations. He last purchased 100t of the metal two weeks ago and failed to fight any new deals since then. Due to conflict between Russia and Ukraine, inflation and weakening demand in Europe, European magnesium ingot market moved slowly. He forecasts the mainstream imported prices for magnesium ingot would show a soft trend in the forthcoming days restricted by slow demand.
The importer, with a regular monthly import volume of around 1,000t, predicts to purchase about 600t of the metal in March and locked about 750t in February. He holds about 200t of stocks now, almost identical to late last month. He imported about 15,000t of the metal in 2022 and predicts to purchase about 2,200t of the metal in Q1 of 2023.
"Discouraged by weakening demand, I rejected to purchase magnesium ingot at the present USD3,060/t CIF Rotterdam and even didn't ask for price cuts with my suppliers," said a magnesium ingot importer in Europe, adding that his clients prefer to move down their stocks and showed little interests in buying the material in advance. He purchased about 20t of the metal late last week at USD2,980/t and just watched the market since then. In view of slack movements and softening prices in Chinese market, he predicts the mainstream imported prices for magnesium ingot in Europe would show a softening trend in the coming days.
With a regular monthly import volume of around 300t, the importer predicts to purchase around 120t in March and purchased about 200t in February. He holds no stock now, unchanged from late last month. He imported about 3,200t of the metal in 2022 and predicts to purchase about 430t in Q1 of 2023.
