Chinese magnesium ingot prices decrease
2023-04-24 08:35:03 [Print]
BEIJING (Asian Metal) 24 Apr 23 - Discouraged by slow buying activities from buyers and rising intentions to compete for deals from suppliers, Chinese magnesium ingot market witnessed slack transactions over the past several days. The prevailing Chinese magnesium ingot prices decreased sharply to the present RMB22,000-23,000/t (USD3,211-3,357/t) EXW D/P, down by RMB2,000/t (USD291/t) over the past several days. Insiders are of the opinion that the mainstream Chinese magnesium ingot prices would go down further restricted by watchful attitudes from buyers in the coming days.
"In order to compete for deals and recoup funds back, I decreased my offer further to the present RMB23,000/t (USD3,357/t) EXW D/P, while my client rejected to purchase and showed his target price at RMB22,000/t (USD3,211/t)," said a magnesium ingot producer in North China, noting that he last sold about 62t late this week at RMB24,000/t (USD3,503/t) as well. Taking slow buying activities from buyers and increasing intentions to promote sales from suppliers into consideration, he predicts the mainstream Chinese magnesium ingot prices would go down further by RMB300/t (USD43/t) in the coming days.
With an annual production capacity of 40,000t, the producer predicts to produce about 3,500t of magnesium ingot in April and produced a similar volume in March. He holds about 3,600t of stocks now, almost identical to late last month. He produced about 38,500t of the metal in 2022 and around 10,600t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received decreased to the present RMB22,000/t (USD3,211/t) EXW D/P and I prefer to watch the market before receiving any firm orders," said a magnesium ingot trader in North China, noting that he didn't purchase magnesium ingot in the recent days and just locked about 31t of the material this Wednesday at RMB25,000/t (USD3,679/t). Considering scarce transactions and rising intentions to promote sales from suppliers, he forecasts the mainstream Chinese magnesium ingot prices would edge down further by RMB500/t (USD72/t) in the coming days.
The trader, with a regular monthly trading volume of 800t, predicts to sell about 600t of the material in April and sold about 700t in March. He holds no inventory presently, unchanged from late last month. He sold about 8,500t of the metal in 2022 and around 2,200t in Q1 of 2023.
"In order to compete for deals and recoup funds back, I decreased my offer further to the present RMB23,000/t (USD3,357/t) EXW D/P, while my client rejected to purchase and showed his target price at RMB22,000/t (USD3,211/t)," said a magnesium ingot producer in North China, noting that he last sold about 62t late this week at RMB24,000/t (USD3,503/t) as well. Taking slow buying activities from buyers and increasing intentions to promote sales from suppliers into consideration, he predicts the mainstream Chinese magnesium ingot prices would go down further by RMB300/t (USD43/t) in the coming days.
With an annual production capacity of 40,000t, the producer predicts to produce about 3,500t of magnesium ingot in April and produced a similar volume in March. He holds about 3,600t of stocks now, almost identical to late last month. He produced about 38,500t of the metal in 2022 and around 10,600t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received decreased to the present RMB22,000/t (USD3,211/t) EXW D/P and I prefer to watch the market before receiving any firm orders," said a magnesium ingot trader in North China, noting that he didn't purchase magnesium ingot in the recent days and just locked about 31t of the material this Wednesday at RMB25,000/t (USD3,679/t). Considering scarce transactions and rising intentions to promote sales from suppliers, he forecasts the mainstream Chinese magnesium ingot prices would edge down further by RMB500/t (USD72/t) in the coming days.
The trader, with a regular monthly trading volume of 800t, predicts to sell about 600t of the material in April and sold about 700t in March. He holds no inventory presently, unchanged from late last month. He sold about 8,500t of the metal in 2022 and around 2,200t in Q1 of 2023.
