Chinese magnesium ingot market sees scarce deals
2023-04-20 08:23:17 [Print]
BEIJING (Asian Metal) 19 Apr 23 - Given slowdown buying activities from buyers and rising intentions to promote sales from suppliers, the mainstream Chinese magnesium ingot prices softened and hovered at the range of RMB26,500-26,800/t (USD3,868-3,912/t) EXW D/P, down by RMB1,000/t (USD145/t) from late last week. More buyers began to watch the market and the spot market saw limited buying activities. Insiders are of the opinion that the prevailing Chinese magnesium ingot prices would edge down further in the forthcoming days discouraged by limited buying activities.
"I failed to fight for any deals within this week, and my clients even showed little interests in buying magnesium ingot at RMB26,500/t (USD3,868/t) EXW D/P," said a magnesium ingot producer in North China, claiming that his clients rejected to purchase in the recent days with expectations of further price decrease. He last sold 62t of the metal at RMB28,000/t (USD4,087/t) late last week and didn't sell any material since then. Considering price competition among suppliers and little intentions to purchase the material, he predicts the mainstream Chinese magnesium ingot prices would edge down in the coming days. Nevertheless, he has no intention to fight for deals for fear of suspension for production in late April.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,200t of magnesium ingot in April and produced a similar volume in March. He holds about 3,500t of stocks now, unchanged from late last month. He produced about 17,000t of the metal in 2022 and predicts to produce about 3,700t in Q1 of 2023.
"Due to price competition and watchful attitudes from buyers, I had no choice but to move down my offer to RMB26,300/t (USD3,811/t) D/A 30 days," said a magnesium ingot producer in North China, noting that he sold 62t at last and failed to compete for deals over the past several days. He last sold about 62t of the metal last Friday at RMB28,500/t (USD4,130/t) and kept quoting since then. As some suppliers in Shaanxi still held back from selling for fear of crisis on supply in late April, more buyers just purchased the metal from traders and some suppliers in other regions. He predicts the mainstream Chinese magnesium ingot prices would edge down further in the coming days.
The producer, with an annual production capacity of 30,000t, predicts to produce about 2,200t of the metal in April and produced around 2,300t of the material in March. He holds around 2,000t of inventories presently, almost identical to late last week. He produced about 27,500t of the metal in 2022 and around 6,700t in Q1 of 2023.
"I failed to fight for any deals within this week, and my clients even showed little interests in buying magnesium ingot at RMB26,500/t (USD3,868/t) EXW D/P," said a magnesium ingot producer in North China, claiming that his clients rejected to purchase in the recent days with expectations of further price decrease. He last sold 62t of the metal at RMB28,000/t (USD4,087/t) late last week and didn't sell any material since then. Considering price competition among suppliers and little intentions to purchase the material, he predicts the mainstream Chinese magnesium ingot prices would edge down in the coming days. Nevertheless, he has no intention to fight for deals for fear of suspension for production in late April.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,200t of magnesium ingot in April and produced a similar volume in March. He holds about 3,500t of stocks now, unchanged from late last month. He produced about 17,000t of the metal in 2022 and predicts to produce about 3,700t in Q1 of 2023.
"Due to price competition and watchful attitudes from buyers, I had no choice but to move down my offer to RMB26,300/t (USD3,811/t) D/A 30 days," said a magnesium ingot producer in North China, noting that he sold 62t at last and failed to compete for deals over the past several days. He last sold about 62t of the metal last Friday at RMB28,500/t (USD4,130/t) and kept quoting since then. As some suppliers in Shaanxi still held back from selling for fear of crisis on supply in late April, more buyers just purchased the metal from traders and some suppliers in other regions. He predicts the mainstream Chinese magnesium ingot prices would edge down further in the coming days.
The producer, with an annual production capacity of 30,000t, predicts to produce about 2,200t of the metal in April and produced around 2,300t of the material in March. He holds around 2,000t of inventories presently, almost identical to late last week. He produced about 27,500t of the metal in 2022 and around 6,700t in Q1 of 2023.
