South Korean buyers watch magnesium ingot market
2023-04-07 10:11:44 [Print]
BEIJING (Asian Metal) 7 Apr 23 - As prices for magnesium ingot in China increased sharply since this Monday, the prevailing imported magnesium ingot prices went up to the range of USD3,150-3,180/t CIF South Korea, up by USD150/t from late last week. Nevertheless, as the price rebound stayed beyond most South Korean buyers' anticipation, more buyers held watchful attitudes towards the market trend and the spot market saw limited buying activities. Insiders are of the opinion that the mainstream imported prices in South Korea would increase further given strong intentions to lift their offers in the forthcoming days.
"My supplier lifted his offer for magnesium ingot to the present USD3,170/t CIF Pusan without any concessions, which stayed beyond my anticipation and I will update price to check my clients' reaction," said a magnesium ingot importer in South Korea, adding that his supplier only provided three hours for the period of validity. He last purchased about 20t of the metal one week ago at USD3,020/t as scheduled and kept checking quotations since then. Due to strong intentions to move up offers from Chinese suppliers and potential panic purchase in South Korea, he forecasts the mainstream imported magnesium ingot prices in South Korea would edge up further by USD50/t in the next few days.
With a regular monthly import volume of around 100t, the importer predicts to purchase about 80t of the metal in April and purchased a similar volume last month. He holds 10t of stocks now, unchanged from late last month. He imported about 1,100t of the metal in 2022 and purchased about 300t in Q1 of 2023.
"The most competitive for magnesium ingot we received moved up sharply to the current USD3,180/t CIF Pusan and my supplier only could guarantee this level within half a day, and the situation stayed beyond my anticipation," said a magnesium ingot importer in South Korea, adding that he intends to double check his clients' decision. Once they confirmed to lock some as scheduled, he will purchase accordingly, or he prefers to watch for a while. He last purchased around 40t of the metal at USD3,030/t late last week and thought he should buy more at that time. Considering potential uncertain policy for semi-coke furnace and strong intentions to move up offers from Chinese suppliers, he anticipates the mainstream imported magnesium ingot prices would move up by USD60/t in the coming days.
The importer, with a regular monthly import volume of about 300t, predicts to purchase about 260t of the material in April and locked about 220t in March. He holds about 20t of inventories presently, almost identical to late last month. He imported about 3,600t of the metal in 2022 and locked about 860t in Q1 of 2023.
"My supplier lifted his offer for magnesium ingot to the present USD3,170/t CIF Pusan without any concessions, which stayed beyond my anticipation and I will update price to check my clients' reaction," said a magnesium ingot importer in South Korea, adding that his supplier only provided three hours for the period of validity. He last purchased about 20t of the metal one week ago at USD3,020/t as scheduled and kept checking quotations since then. Due to strong intentions to move up offers from Chinese suppliers and potential panic purchase in South Korea, he forecasts the mainstream imported magnesium ingot prices in South Korea would edge up further by USD50/t in the next few days.
With a regular monthly import volume of around 100t, the importer predicts to purchase about 80t of the metal in April and purchased a similar volume last month. He holds 10t of stocks now, unchanged from late last month. He imported about 1,100t of the metal in 2022 and purchased about 300t in Q1 of 2023.
"The most competitive for magnesium ingot we received moved up sharply to the current USD3,180/t CIF Pusan and my supplier only could guarantee this level within half a day, and the situation stayed beyond my anticipation," said a magnesium ingot importer in South Korea, adding that he intends to double check his clients' decision. Once they confirmed to lock some as scheduled, he will purchase accordingly, or he prefers to watch for a while. He last purchased around 40t of the metal at USD3,030/t late last week and thought he should buy more at that time. Considering potential uncertain policy for semi-coke furnace and strong intentions to move up offers from Chinese suppliers, he anticipates the mainstream imported magnesium ingot prices would move up by USD60/t in the coming days.
The importer, with a regular monthly import volume of about 300t, predicts to purchase about 260t of the material in April and locked about 220t in March. He holds about 20t of inventories presently, almost identical to late last month. He imported about 3,600t of the metal in 2022 and locked about 860t in Q1 of 2023.
