North American buyers watch magnesium ingot market
2023-04-14 13:06:21 [Print]
BEIJING (Asian Metal) 14 Apr 23 - On account of price surge in China and slow demand in North America, most North American buyers watched magnesium ingot market and the spot market saw sporadic transactions in the recent days. The prevailing imported prices increased to the present USD4,300-4,400/t CIF North America, up by almost USD1,000/t from late last week. Considering rising intentions to lift offers from Chinese suppliers, insiders are of the opinion that the prevailing magnesium ingot prices in North America would go up further in the coming days.
"My supplier strengthened the potential suspension for iron stoves and lifted his offer sharply to the present USD4,300/t CIF Canada, which stayed beyond my anticipation," said a magnesium ingot importer in North America, noting that he won't buy any metal before receiving firm orders. He also noted that he missed a tender of 100t from a big buyer two weeks ago at the price of USD3,050/t, and he thought he was lucky about it. Given cautious purchase from buyers in North America, he thinks market movements would stay slow in local market. However, due to strong intentions to lift offers, he predicts the mainstream imported prices would move up by USD100/t in the coming days.
With a regular monthly import volume of about 300t, the importer predicts to buy about 220t of the metal in April and locked about 230t in March. He holds no stock now, almost identical to late last month. He imported about 3,600t of the metal in 2022 and locked about 800t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received increased to the present USD4,450/t CIF North America, I won't purchase for enough stocks and lack of new deals with high price level," said a magnesium ingot importer in North America, noting that he purchased 100t late last week at USD3,450/t and didn't lock it this week. Given rising prices in Chinese market, he predicts the mainstream imported prices for magnesium ingot would move up further by USD200/t in the forthcoming days.
The consumer, with an annual consumption volume of about 4,000t, predicts to use about 300t in April and locked a similar volume in March. He holds 300t of stocks now, unchanged from late last month. He locked about 900t of the metal last Q4 of 2022 and locked about 800t in Q1 of 2023.
"My supplier strengthened the potential suspension for iron stoves and lifted his offer sharply to the present USD4,300/t CIF Canada, which stayed beyond my anticipation," said a magnesium ingot importer in North America, noting that he won't buy any metal before receiving firm orders. He also noted that he missed a tender of 100t from a big buyer two weeks ago at the price of USD3,050/t, and he thought he was lucky about it. Given cautious purchase from buyers in North America, he thinks market movements would stay slow in local market. However, due to strong intentions to lift offers, he predicts the mainstream imported prices would move up by USD100/t in the coming days.
With a regular monthly import volume of about 300t, the importer predicts to buy about 220t of the metal in April and locked about 230t in March. He holds no stock now, almost identical to late last month. He imported about 3,600t of the metal in 2022 and locked about 800t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received increased to the present USD4,450/t CIF North America, I won't purchase for enough stocks and lack of new deals with high price level," said a magnesium ingot importer in North America, noting that he purchased 100t late last week at USD3,450/t and didn't lock it this week. Given rising prices in Chinese market, he predicts the mainstream imported prices for magnesium ingot would move up further by USD200/t in the forthcoming days.
The consumer, with an annual consumption volume of about 4,000t, predicts to use about 300t in April and locked a similar volume in March. He holds 300t of stocks now, unchanged from late last month. He locked about 900t of the metal last Q4 of 2022 and locked about 800t in Q1 of 2023.
