Chinese magnesium ingot prices decrease slightly
2023-04-28 08:06:08 [Print]
BEIJING (Asian Metal) 28 Apr 23 - Discouraged by slowdown buying activities from buyers and rising intentions to promote sales from suppliers, Chinese magnesium ingot market moved slowly. The prevailing Chinese magnesium ingot prices edged down to the present RMB22,500-23,000/t (USD3,284-3,357/t) EXW D/P, down by RMB1,000/t (USD145/t) from early this week. Insiders are of the opinion that the mainstream prices would edge down in the forthcoming days restricted by scarce deals.
"The most competitive offer for magnesium ingot we received decreased to the present RMB22,500/t (USD3,284/t) EXW D/P, while I won't purchase without any firm orders," said a magnesium ingot trader in North China, noting that he last purchased 62t of the metal at RMB22,000/t (USD3,211/t) and kept watching the market since then. Taking watchful attitudes from buyers and rising intentions to fight for deals from suppliers into consideration, he anticipates the mainstream Chinese magnesium ingot prices would edge down by another RMB300/t (USD43/t) in the next two days.
With a regular monthly trading volume of around 600t, the trader predicts to sell about 500t of the metal in April and sold around 550t in March. He holds 30t of stocks now, unchanged from late last month. He sold about 7,200t of the metal in 2022 and around 1,800t in Q1 of 2023.
"My supplier lowered his offer to RMB22,500/t (USD3,284/t) EXW D/P today, while I rejected to purchase and only considered adding 31t at RMB22,000/t (USD3,211/t)," said a magnesium ingot consumer in North China, noting that most buyers kept watching over the past several days and market movements slowed down, so prices edged down from this Thursday. He last locked about 62t this Monday at RMB22,000/t (USD3,211/t). In view of cautious purchase from buyers and rising intentions to promote sales from suppliers, he anticipates the mainstream Chinese magnesium ingot prices would move down by RMB200/t (USD29/t) in the forthcoming two days.
The consumer, with an annual consumption volume of 8,000t, predicts to consume about 600t of magnesium ingot in April and purchased a similar volume in March. He holds 100t of stocks presently, almost identical to late last month. He consumed about 7,700t of the metal in 2022 and around 1,900t in Q1 of 2023.
"The most competitive offer for magnesium ingot we received decreased to the present RMB22,500/t (USD3,284/t) EXW D/P, while I won't purchase without any firm orders," said a magnesium ingot trader in North China, noting that he last purchased 62t of the metal at RMB22,000/t (USD3,211/t) and kept watching the market since then. Taking watchful attitudes from buyers and rising intentions to fight for deals from suppliers into consideration, he anticipates the mainstream Chinese magnesium ingot prices would edge down by another RMB300/t (USD43/t) in the next two days.
With a regular monthly trading volume of around 600t, the trader predicts to sell about 500t of the metal in April and sold around 550t in March. He holds 30t of stocks now, unchanged from late last month. He sold about 7,200t of the metal in 2022 and around 1,800t in Q1 of 2023.
"My supplier lowered his offer to RMB22,500/t (USD3,284/t) EXW D/P today, while I rejected to purchase and only considered adding 31t at RMB22,000/t (USD3,211/t)," said a magnesium ingot consumer in North China, noting that most buyers kept watching over the past several days and market movements slowed down, so prices edged down from this Thursday. He last locked about 62t this Monday at RMB22,000/t (USD3,211/t). In view of cautious purchase from buyers and rising intentions to promote sales from suppliers, he anticipates the mainstream Chinese magnesium ingot prices would move down by RMB200/t (USD29/t) in the forthcoming two days.
The consumer, with an annual consumption volume of 8,000t, predicts to consume about 600t of magnesium ingot in April and purchased a similar volume in March. He holds 100t of stocks presently, almost identical to late last month. He consumed about 7,700t of the metal in 2022 and around 1,900t in Q1 of 2023.
