Chinese buyers watch magnesium ingot market
2023-04-18 08:26:14 [Print]
BEIJING (Asian Metal) 18 Apr 23 - As the mainstream Chinese magnesium ingot prices increased fast over the past several days and stayed beyond buyers' acceptance, market movements slowed down since last weekend and more buyers began to watch the market. The prevailing Chinese magnesium ingot prices hovered at the range of RMB27,200-27,500/t (USD3,970-3,985/t) EXW D/P, almost identical to the last two days. Insiders are of the opinion that the prevailing Chinese magnesium ingot prices would stay weakly stable in the forthcoming days due to strong intentions to hold stable offers from suppliers but watchful attitudes from buyers.
"In view of watchful attitudes from downstream steel mills and chemical plants, I rejected to purchase magnesium ingot at RMB28,000/t (USD4,057/t) from plants and also refused to lock any material at RMB27,300/t (USD3,985/t) with traders," said a magnesium ingot consumer in North China, noting that he won't purchase the material before receiving any firm orders. He last locked about 62t of the metal late last week at RMB27,500/t (USD4,014/t) as scheduled and prefers to postpone his next purchase to late this week. In view of stable offers from suppliers, he predicts the mainstream prices for magnesium ingot would stay flat on the whole. Nevertheless, restricted by watchful attitudes from buyers, Chinese magnesium ingot market would see limited buying activities in the forthcoming days.
With an annual consumption volume of 12,000t, the consumer predicts to use about 700t of magnesium ingot in April and consumed a similar volume in March. He holds about 100t of stocks now, unchanged from late last week. He consumed about 7,800t of the metal in 2022 and consumed about 2,200t in Q1 of 2023.
"I insisted on my offer for magnesium ingot at RMB28,000/t (USD4,057/t) EXW D/P, but failed to fight for any deals more than 10t and only sold 8t to a local client," said a magnesium ingot producer in North China, adding that more buyers began to watch the market since this Monday and market movements slowed down. Additionally, he added that some traders with stocks began to run down stocks and promote sales, which also restricted buyers' purchase plan. He last sold about 62t at RMB28,000/t (USD4,057/t) late last week and even about 100t at RMB30,000/t (USD4,379/t) last Friday. Taking watchful attitudes from buyers into consideration, he anticipates the mainstream magnesium ingot prices would stay weakly stable and market movements would remain slow.
The producer, with an annual production capacity of 40,000t, predicts to produce about 2,900t of the metal in April and produced a similar volume in March. He holds about 1,200t of stocks now, unchanged from late last month. He produced about 35,000t of the metal in 2022 and produced about 9,200t in Q1 of 2023.
"In view of watchful attitudes from downstream steel mills and chemical plants, I rejected to purchase magnesium ingot at RMB28,000/t (USD4,057/t) from plants and also refused to lock any material at RMB27,300/t (USD3,985/t) with traders," said a magnesium ingot consumer in North China, noting that he won't purchase the material before receiving any firm orders. He last locked about 62t of the metal late last week at RMB27,500/t (USD4,014/t) as scheduled and prefers to postpone his next purchase to late this week. In view of stable offers from suppliers, he predicts the mainstream prices for magnesium ingot would stay flat on the whole. Nevertheless, restricted by watchful attitudes from buyers, Chinese magnesium ingot market would see limited buying activities in the forthcoming days.
With an annual consumption volume of 12,000t, the consumer predicts to use about 700t of magnesium ingot in April and consumed a similar volume in March. He holds about 100t of stocks now, unchanged from late last week. He consumed about 7,800t of the metal in 2022 and consumed about 2,200t in Q1 of 2023.
"I insisted on my offer for magnesium ingot at RMB28,000/t (USD4,057/t) EXW D/P, but failed to fight for any deals more than 10t and only sold 8t to a local client," said a magnesium ingot producer in North China, adding that more buyers began to watch the market since this Monday and market movements slowed down. Additionally, he added that some traders with stocks began to run down stocks and promote sales, which also restricted buyers' purchase plan. He last sold about 62t at RMB28,000/t (USD4,057/t) late last week and even about 100t at RMB30,000/t (USD4,379/t) last Friday. Taking watchful attitudes from buyers into consideration, he anticipates the mainstream magnesium ingot prices would stay weakly stable and market movements would remain slow.
The producer, with an annual production capacity of 40,000t, predicts to produce about 2,900t of the metal in April and produced a similar volume in March. He holds about 1,200t of stocks now, unchanged from late last month. He produced about 35,000t of the metal in 2022 and produced about 9,200t in Q1 of 2023.
