Chinese magnesium anode market sees limited buying activities
2024-04-26 08:17:37 [Print]
BEIJING (Asian Metal) 26 Apr 24 - Restricted by slow demand from downstream constructions, Chinese magnesium anode market witnesses limited buying activities in the recent days. Additionally, given softening upstream ingot prices, the mainstream high potential magnesium anode prices edge down to the present RMB25,000-25,500/t (USD3,472-3,541/t) EXW D/P, a decrease of RMB200/t (USD28/t) from late last week. Insiders are of the opinion that the prevailing Chinese magnesium anode prices would stay soft in the forthcoming days discouraged by weakening demand and softening ingot prices.
"Given slow demand from downstream construction industry, I even predict my production volume for magnesium anode would decrease to 100t in April, while 200t in March at least," said a magnesium anode producer in North China, adding that he failed to close any deals at RMB25,500/t (USD3,541/t) in the recent days and his clients even refuse to ask for price cuts at the price of RMB25,500/t (USD3,541/t). He last sold about 20t of the metal late last week at RMB25,700/t (USD3,569/t) and kept updating quotations since then. He forecasts that the mainstream Chinese magnesium anode prices would stay soft in the forthcoming days in view of softening upstream ingot prices and continuous slow movements.
With an annual production capacity of 5,000t, the producer predicts to produce about 100t of magnesium anode in April and produced about 200t last month. He holds no stock now, unchanged from late last month. He produced about 2,000t of magnesium anode in 2023 and predicts to produce around 450t of the material up till late April in 2024.
"Normally, it belongs to a peak season for buyers to purchase magnesium anode in April, while the spot market disappointed me and I predict the sales volume only could reach about 80t this month, while I sold around 180t last month," said a magnesium anode trader in North China, claiming that his clients reject to purchase the material at RMB25,300/t (USD2,513/t) today. He last sold about 10t of the material last Thursday at RMB25,500/t (USD3,541/t) and just received two small inquiries less than 20t within this week. Taking slack transactions and softening ingot prices into consideration, he anticipates that the mainstream Chinese magnesium anode prices would stay soft in the forthcoming days.
The trader, with a regular monthly trading volume of about 2,500t, predicts to sell about 80t of the metal in April and sold about 180t last month. He has no inventory presently, almost identical to late last month. He sold about 1,600t of the metal in 2023 and expects to sell about 320t up till late April in 2024.
"Given slow demand from downstream construction industry, I even predict my production volume for magnesium anode would decrease to 100t in April, while 200t in March at least," said a magnesium anode producer in North China, adding that he failed to close any deals at RMB25,500/t (USD3,541/t) in the recent days and his clients even refuse to ask for price cuts at the price of RMB25,500/t (USD3,541/t). He last sold about 20t of the metal late last week at RMB25,700/t (USD3,569/t) and kept updating quotations since then. He forecasts that the mainstream Chinese magnesium anode prices would stay soft in the forthcoming days in view of softening upstream ingot prices and continuous slow movements.
With an annual production capacity of 5,000t, the producer predicts to produce about 100t of magnesium anode in April and produced about 200t last month. He holds no stock now, unchanged from late last month. He produced about 2,000t of magnesium anode in 2023 and predicts to produce around 450t of the material up till late April in 2024.
"Normally, it belongs to a peak season for buyers to purchase magnesium anode in April, while the spot market disappointed me and I predict the sales volume only could reach about 80t this month, while I sold around 180t last month," said a magnesium anode trader in North China, claiming that his clients reject to purchase the material at RMB25,300/t (USD2,513/t) today. He last sold about 10t of the material last Thursday at RMB25,500/t (USD3,541/t) and just received two small inquiries less than 20t within this week. Taking slack transactions and softening ingot prices into consideration, he anticipates that the mainstream Chinese magnesium anode prices would stay soft in the forthcoming days.
The trader, with a regular monthly trading volume of about 2,500t, predicts to sell about 80t of the metal in April and sold about 180t last month. He has no inventory presently, almost identical to late last month. He sold about 1,600t of the metal in 2023 and expects to sell about 320t up till late April in 2024.
