Chinese magnesium ingot prices up further
2023-04-11 08:19:28 [Print]
BEIJING (Asian Metal) 11 Apr 23 - Taking strong intentions to lift offers from suppliers and panic purchase from buyers into consideration, the prevailing Chinese magnesium ingot prices kept rising to the range of RMB22,000-22,300/t (USD3,188-3,231/t) EXW D/P, an increase of RMB300/t (USD43/t) from early this week. Most buyers purchased the material as scheduled in the recent days. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would increase further in the forthcoming days.
"The most competitive offer for magnesium ingot we received increased to the current RMB22,300/t (USD3,231/t) EXW D/P and two of my regular suppliers rejected to sell with an expectation of further price increase," said a magnesium ingot consumer in North China, noting that he locked about 31t of the metal at RMB22,000/t (USD3,188/t) this morning and prefers to lock as scheduled. As the rumor of output suspension for iron furnace occurred and suppliers held back from selling, he forecasts the mainstream magnesium ingot prices would move up further in the coming days.
With an annual consumption volume of 8,000t, the consumer predicts to purchase about 600t of the metal in April and locked a similar volume in March. He holds about 80t of stocks now, unchanged from late last month. He consumed about 7,600t of the metal in 2022 and used about 2,100t in Q1 of 2023.
"Due to potential output reduction in late April, we held back from selling magnesium ingot below RMB22,500/t (USD3,260/t) EXW D/P," said a magnesium ingot producer in North China, noting that he prefers to sell about 62t at this level. He last sold about 31t of the metal late last week at RMB21,800/t (USD3,159/t) and also sold about 31t at RMB22,000/t (USD3,188/t) this morning. Considering strong intentions to lift offers from suppliers and panic purchase from buyers, he forecasts the mainstream Chinese magnesium ingot prices would go up further by RMB300/t (USD43/t) in the coming days.
The producer, with an annual production capacity of 35,000t, predicts to produce about 3,200t in April and produced a similar volume in March. He holds about 1,500t of stocks now, unchanged from late last month. He produced about 28,500t of the material in 2022 and around 9,000t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received increased to the current RMB22,300/t (USD3,231/t) EXW D/P and two of my regular suppliers rejected to sell with an expectation of further price increase," said a magnesium ingot consumer in North China, noting that he locked about 31t of the metal at RMB22,000/t (USD3,188/t) this morning and prefers to lock as scheduled. As the rumor of output suspension for iron furnace occurred and suppliers held back from selling, he forecasts the mainstream magnesium ingot prices would move up further in the coming days.
With an annual consumption volume of 8,000t, the consumer predicts to purchase about 600t of the metal in April and locked a similar volume in March. He holds about 80t of stocks now, unchanged from late last month. He consumed about 7,600t of the metal in 2022 and used about 2,100t in Q1 of 2023.
"Due to potential output reduction in late April, we held back from selling magnesium ingot below RMB22,500/t (USD3,260/t) EXW D/P," said a magnesium ingot producer in North China, noting that he prefers to sell about 62t at this level. He last sold about 31t of the metal late last week at RMB21,800/t (USD3,159/t) and also sold about 31t at RMB22,000/t (USD3,188/t) this morning. Considering strong intentions to lift offers from suppliers and panic purchase from buyers, he forecasts the mainstream Chinese magnesium ingot prices would go up further by RMB300/t (USD43/t) in the coming days.
The producer, with an annual production capacity of 35,000t, predicts to produce about 3,200t in April and produced a similar volume in March. He holds about 1,500t of stocks now, unchanged from late last month. He produced about 28,500t of the material in 2022 and around 9,000t in Q1 of 2023.
