Indian buyers watch magnesium ingot market
2023-04-12 08:21:56 [Print]
BEIJING (Asian Metal) 12 Apr 23 - Taking price surge in Chinese market into consideration, the mainstream imported magnesium ingot prices in India moved up sharply to the range of USD3,700-3,800/t CIF NS, up by almost USD500/t from late last week. As the mainstream prices increased sharply and stayed beyond clients' acceptance, more buyers watched the market and the spot market saw limited buying activities in the recent two days. Insiders are of the opinion that the mainstream imported magnesium ingot prices in India would go up further given strong intentions to lift offers from Chinese suppliers in the coming days.
"My supplier increased his offer for magnesium ingot to the present USD3,700/t CIF NS with the period of validity for half a day, while I prefer to watch for a while for lack of new deals," said a magnesium ingot importer in India, noting that current price stayed beyond his clients' acceptance and they intend to double check the price trend. He last locked about 50t of the metal early last week at USD3,200/t and big price gap occurred within one week. Taking strong intentions to move up offers from Chinese suppliers with the rumor for suspension of iron stove in late April into consideration, he forecasts the mainstream imported prices would go up by another USD100/t in the next two days and most buyers prefer to purchase the material cautiously.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 260t of the metal in April and purchased about 220t in March. He holds about 20t of stocks now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and purchased about 860t in Q1 of 2023.
"The most competitive offer we received increased to the current USD3,730/t CIF NS and my supplier rejected to accept any price cuts from me, while I won't purchase before receiving any firm orders," said a magnesium ingot importer in India, claiming that the uncertain policy pushed the prices to go up sharply and most Chinese suppliers even held back from selling with expectations of further price up. He intends to lock the material from hand to mouth due to cautious purchase from clients at this level. He last purchased about 100t of the metal in the second half of March at USD2,850/t CIF NS and the shipment should before late April. He noted that the big price gap in the recent days also pressured on him and he also worried about the delay from his suppliers. Considering rising prices in Chinese market, he predicts the mainstream imported prices would go up further by USD80/t in coming days.
The importer, with a regular monthly purchase volume of about 400, predicts to lock about 320t in April and purchased 300t in March. He holds no stock now, almost identical to late last month. He imported about 4,700t of the material in 2022 and imported about 980t in Q1 of 2023.
"My supplier increased his offer for magnesium ingot to the present USD3,700/t CIF NS with the period of validity for half a day, while I prefer to watch for a while for lack of new deals," said a magnesium ingot importer in India, noting that current price stayed beyond his clients' acceptance and they intend to double check the price trend. He last locked about 50t of the metal early last week at USD3,200/t and big price gap occurred within one week. Taking strong intentions to move up offers from Chinese suppliers with the rumor for suspension of iron stove in late April into consideration, he forecasts the mainstream imported prices would go up by another USD100/t in the next two days and most buyers prefer to purchase the material cautiously.
With a regular monthly import volume of around 300t, the importer predicts to purchase about 260t of the metal in April and purchased about 220t in March. He holds about 20t of stocks now, unchanged from late last month. He imported about 3,600t of the metal in 2022 and purchased about 860t in Q1 of 2023.
"The most competitive offer we received increased to the current USD3,730/t CIF NS and my supplier rejected to accept any price cuts from me, while I won't purchase before receiving any firm orders," said a magnesium ingot importer in India, claiming that the uncertain policy pushed the prices to go up sharply and most Chinese suppliers even held back from selling with expectations of further price up. He intends to lock the material from hand to mouth due to cautious purchase from clients at this level. He last purchased about 100t of the metal in the second half of March at USD2,850/t CIF NS and the shipment should before late April. He noted that the big price gap in the recent days also pressured on him and he also worried about the delay from his suppliers. Considering rising prices in Chinese market, he predicts the mainstream imported prices would go up further by USD80/t in coming days.
The importer, with a regular monthly purchase volume of about 400, predicts to lock about 320t in April and purchased 300t in March. He holds no stock now, almost identical to late last month. He imported about 4,700t of the material in 2022 and imported about 980t in Q1 of 2023.
