Chinese magnesium ingot export market sees limited buying activities
2023-04-13 08:09:16 [Print]
BEIJING (Asian Metal) 13 Apr 23 - Due to price surge in domestic market, the prevailing Chinese magnesium ingot export prices increased sharply to the current USD3,880-3,930/t FOB China and USD3,800-3,850/t Ex-VAT FOB China respectively, an increase of USD600/t from late last week. As the mainstream prices moved up fast and stayed beyond foreign clients' anticipation, more foreign clients prefer to watch the market and the spot export market saw limited buying activities. Insiders are of the opinion that the mainstream export prices would increase further in line with the upward prices in domestic market in forthcoming days, while more buyers intend to purchase the metal cautiously.
"Given price surge in domestic, I lifted my export quotation for magnesium ingot to the present USD3,900/t Ex-VAT FOB China without any concessions, while my clients couldn't accept it and prefer to watch the market for a while," said a magnesium ingot exporter in North China, noting that he failed to fight for any deals in the recent days and most of his regular clients held wait-and-see attitudes. He last sold about 20t of the metal late last week at USD3,250/t and kept receiving inquiries for two or three each day since then. Given strong intentions to move up offers from domestic market, he forecasts the mainstream export prices would move up by USD50/t in the next two days and the growth rate would slow down.
With a regular monthly export volume of about 500t, the exporter predicts to sell about 400t of the metal in April and sold a similar volume in March. He holds no stock now, unchanged from late last month. He exported about 6,000t of the metal in 2022 and exported about 1,200t in Q1 of 2023.
"As Chinese supplier rejected to sell magnesium ingot below RMB26,000/t EXW D/P this afternoon and we also failed to get the metal without VAT, I refused to export the material below USD3,850/t Ex-VAT FOB China and only provided the period of validity for half a day," said a magnesium ingot exporter in North China, noting his clients just checked and hesitated to purchase as the price stayed beyond their acceptance. Additionally, he noted that his clients won't lock the metal without firm orders and prefer to postpone their purchase. He last exported about 50t of the metal last Thursday at USD3,250/t for an urgent order and failed to compete for any deals after that. As domestic suppliers would increase their quotations further, he predicts the mainstream export prices would go up further by USD100/t in the coming days with few deals closed.
The exporter, with a regular monthly export volume of around 300t, expects to export about 160t in April and sold about 180t in March. He holds no inventory presently, almost identical to late last month. He exported about 3,200t of the metal in 2022 and exported about 600t in Q1 of 2023.
"Given price surge in domestic, I lifted my export quotation for magnesium ingot to the present USD3,900/t Ex-VAT FOB China without any concessions, while my clients couldn't accept it and prefer to watch the market for a while," said a magnesium ingot exporter in North China, noting that he failed to fight for any deals in the recent days and most of his regular clients held wait-and-see attitudes. He last sold about 20t of the metal late last week at USD3,250/t and kept receiving inquiries for two or three each day since then. Given strong intentions to move up offers from domestic market, he forecasts the mainstream export prices would move up by USD50/t in the next two days and the growth rate would slow down.
With a regular monthly export volume of about 500t, the exporter predicts to sell about 400t of the metal in April and sold a similar volume in March. He holds no stock now, unchanged from late last month. He exported about 6,000t of the metal in 2022 and exported about 1,200t in Q1 of 2023.
"As Chinese supplier rejected to sell magnesium ingot below RMB26,000/t EXW D/P this afternoon and we also failed to get the metal without VAT, I refused to export the material below USD3,850/t Ex-VAT FOB China and only provided the period of validity for half a day," said a magnesium ingot exporter in North China, noting his clients just checked and hesitated to purchase as the price stayed beyond their acceptance. Additionally, he noted that his clients won't lock the metal without firm orders and prefer to postpone their purchase. He last exported about 50t of the metal last Thursday at USD3,250/t for an urgent order and failed to compete for any deals after that. As domestic suppliers would increase their quotations further, he predicts the mainstream export prices would go up further by USD100/t in the coming days with few deals closed.
The exporter, with a regular monthly export volume of around 300t, expects to export about 160t in April and sold about 180t in March. He holds no inventory presently, almost identical to late last month. He exported about 3,200t of the metal in 2022 and exported about 600t in Q1 of 2023.
