Price of magnesium in India sliding

BEIJING (Asian Metal) 24 Oct 05 – Report made known to Asian Metal shows that the price of magnesium slope down from USD1,570/t CIF Mumbai port to USD1,550/t CIF Mumbai port last week and market participants think the price will continue to sink if the market keep on slumping and there is indication that Chinese trader are loosing patient hence decide to be selling at what some traders called “give away price”.

Although, India market is not much compared to European market, the steady purchase is what makes them really waxing strong in the market and sales from traders there have a significant impart on the paralyzed state of magnesium. Traders attributed the price fall to reduction of the FOB price by Chinese suppliers to around USD1,480/t.Asian Metal Copyright “This week is a bad week for magnesium in India,” said a trader who reported a deal of one container last week.Asian Metal Copyright “We sold 40t last week at USD1,550 CIF Mumbai port,” said a trader.Asian Metal Copyright “ Even at the low price consumers are eyeing at something around USD1,540t CIF Mumbai Port or there about,” said the source.Asian Metal Copyright “A very low price just because we got at a low price from our supplier in China.Asian Metal Copyright” Market participants forecast the price would be at this level till end of the year because the Chinese will staunchly resist any attempt to trim down this price further.Asian Metal Copyright” The source displayed a kind of unenthusiastic feeling about the market, saying he don’t know which way the market is going, although confirmed receiving inquiries but nothing realistic have emerged from them.

An Indian trader who puts his price at the range USD1,550-1560/t CIF Mumbai port, said the price-fall is only favorable to consumers but still they are insatiable. “ Even at the low price consumers are eyeing at something around USD1,540/t CIF Mumbai Port or there about,” said the source. “Last month we were selling around USD1,570-1580/t Mumbai port and they were buying without complain.Asian Metal Copyright Nevertheless, this week magnesium witnessed a slow market with some traders reporting no sales and only few inquiries.Asian Metal Copyright”

Market participants forecast the price would be at this level till end of the year because the Chinese will staunchly resist any attempt to trim down this price further. Nevertheless, this week magnesium witnessed a slow market with some traders reporting no sales and only few inquiries.Asian Metal CopyrightAlthough, India market is not much compared to European market, the steady purchase is what makes them really waxing strong in the market and sales from traders there have a significant impart on the paralyzed state of magnesium.Asian Metal Copyright

“This week is a bad week for magnesium in India,” said a trader who reported a deal of one container last week. “ The reason maybe that consumers are saving their money for the oncoming festival next month and I am sure after the festival the market will be a boom.Asian Metal Copyright “A very low price just because we got at a low price from our supplier in China.Asian Metal Copyright” The source believes irrespective of any amount of demand in the market price will be unswayed.