Chinese buyers purchase magnesium ingot steadily
2023-04-25 08:30:11 [Print]
BEIJING (Asian Metal) 25 Apr 23 - In view of price competition among suppliers and continuous watchful attitudes from buyers, Chinese magnesium ingot market kept seeing scarce deals. The prevailing Chinese magnesium ingot prices went down further to the current RMB22,000-22,500/t (USD3,211-3,284/t) EXW D/P, down by RMB1,000/t (USD145/t) from last weekend. In order to promote sales and reduce risk, some suppliers even could accept more counter bids from buyers. Insiders anticipate the mainstream Chinese magnesium ingot prices would level off gradually in the coming days.
"I lowered my quotation for magnesium ingot to the present RMB22,000/t (USD3,211/t) EXW D/P, but my client refused to purchase and only considered lock 100t at RMB21,500/t (USD3,138/t)," said a magnesium ingot producer in North China, noting that magnesium ingot market movements trapped into a quiet state in the recent one week and the spot market saw slack movements. He last concluded a deal of 31t late last week at RMB23,000/t (USD3,357/t) and just updating offers for several clients since then. Taking little intentions to compete for deals from suppliers and rising intentions to purchase the material before May Day Holiday, he predicts the mainstream Chinese magnesium ingot prices would stay weakly stable in the forthcoming days.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,500t of magnesium ingot 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 17,000t of the metal in 2022 and around 4,600t in Q1 of 2023.
"Restricted by watchful attitudes from buyers and rising intentions to promote sales from suppliers, I kept watching market over the past several days and rejected to lock the material at RMB21,500/t (USD3,138/t) EXW D/P as well," said a magnesium ingot consumer in North China, adding that he only considered buying about 62t of the material at RMB21,000/t (USD3,065/t) before May Day holiday and the big change for magnesium ingot had poor influential to the demand and application. He forecasts the mainstream Chinese magnesium ingot prices would level off in the coming days given little room to edge down.
The consumer, with an annual consumption volume of 10,000t, predicts to use about 600t of magnesium ingot in April and consumed around 700t in March. He holds about 100t of stocks now, almost identical to late last month. He consumed about 7,800t of the metal in 2022 and used about 1,900t of the material in Q1 of 2023.
"I lowered my quotation for magnesium ingot to the present RMB22,000/t (USD3,211/t) EXW D/P, but my client refused to purchase and only considered lock 100t at RMB21,500/t (USD3,138/t)," said a magnesium ingot producer in North China, noting that magnesium ingot market movements trapped into a quiet state in the recent one week and the spot market saw slack movements. He last concluded a deal of 31t late last week at RMB23,000/t (USD3,357/t) and just updating offers for several clients since then. Taking little intentions to compete for deals from suppliers and rising intentions to purchase the material before May Day Holiday, he predicts the mainstream Chinese magnesium ingot prices would stay weakly stable in the forthcoming days.
With an annual production capacity of 20,000t, the producer predicts to produce about 1,500t of magnesium ingot 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 17,000t of the metal in 2022 and around 4,600t in Q1 of 2023.
"Restricted by watchful attitudes from buyers and rising intentions to promote sales from suppliers, I kept watching market over the past several days and rejected to lock the material at RMB21,500/t (USD3,138/t) EXW D/P as well," said a magnesium ingot consumer in North China, adding that he only considered buying about 62t of the material at RMB21,000/t (USD3,065/t) before May Day holiday and the big change for magnesium ingot had poor influential to the demand and application. He forecasts the mainstream Chinese magnesium ingot prices would level off in the coming days given little room to edge down.
The consumer, with an annual consumption volume of 10,000t, predicts to use about 600t of magnesium ingot in April and consumed around 700t in March. He holds about 100t of stocks now, almost identical to late last month. He consumed about 7,800t of the metal in 2022 and used about 1,900t of the material in Q1 of 2023.
