Chinese magnesium powder market sees limited buying activities
2024-03-21 08:04:54 [Print]
BEIJING (Asian Metal) 21 Mar 24 - In view of cautious purchase from downstream steel mills and chemical plants, Chinese magnesium powder market witnessed rare deals in the recent days. Additionally, given softening magnesium ingot prices, the prevailing Chinese magnesium powder prices edged down to the present RMB18,500-18,800/t (USD2,569-2,611/t) EXW D/P, a decrease of RMB600/t (USD83/t) from late last week. Insiders are of the opinion that the mainstream Chinese magnesium powder prices would rebound slightly in the coming days given price rebound for ingot and buyers prefer to purchase the metal in minimum volume.
"I failed to fight for any deals within this week due to downward magnesium powder prices and slow demand from steel mills," said a magnesium powder producer in North China, adding that his clients showed little interests in purchasing the metal at RMB18,500/t (USD2,569/t) EXW D/P and even had no interests in asking for price cuts without any firm deals. He noted that most buyers kept watching the market when prices showed the downward trend and it also restrained buyers' purchase plan as well. He last sold around 60t at RMB19,000/t (USD2,638/t) and didn't see any possible in concluding deals at this level in the recent days. He forecasts that the mainstream Chinese magnesium powder prices would edge up in the coming days as upstream ingot suppliers have little intention to accept price cuts further.
The producer, with an annual production capacity of 18,000t, predicts to produce about 500t of magnesium powder in March and produced about 350t in February. He holds 50t of stocks now, unchanged from late last month. He produced about 6,000t of the metal in 2023 and predicts to produce about 1,400t in Q1 of 2024.
"I tried to compete for a deal at RMB18,700/t (USD2,597/t) EXW D/P, but failed," said a magnesium powder in North China, claiming that his clients stayed away from the market and kept watching the market. Given weakening demand from steel mills, he didn't finalize any deals within this week, while he could conclude deals for more than 50t at least in the spot market before early March. He sold about 30t of the metal late last week at RMB19,100/t (USD2,652/t) and mainly carried out some signed long-term deals. As upstream magnesium ingot suppliers would have strong intention to lift offers, he anticipates that the mainstream Chinese magnesium powder prices would edge up slightly in the coming days.
With an annual production capacity of 12,000t, the producer predicts to produce about 400t of magnesium powder in March and produced about 300t in February. He holds 30t of inventories presently, almost identical to late last month. He produced about 4,800t of the metal in 2023 and predicts to produce about 1,200t of the metal in Q1 of 2024.
"I failed to fight for any deals within this week due to downward magnesium powder prices and slow demand from steel mills," said a magnesium powder producer in North China, adding that his clients showed little interests in purchasing the metal at RMB18,500/t (USD2,569/t) EXW D/P and even had no interests in asking for price cuts without any firm deals. He noted that most buyers kept watching the market when prices showed the downward trend and it also restrained buyers' purchase plan as well. He last sold around 60t at RMB19,000/t (USD2,638/t) and didn't see any possible in concluding deals at this level in the recent days. He forecasts that the mainstream Chinese magnesium powder prices would edge up in the coming days as upstream ingot suppliers have little intention to accept price cuts further.
The producer, with an annual production capacity of 18,000t, predicts to produce about 500t of magnesium powder in March and produced about 350t in February. He holds 50t of stocks now, unchanged from late last month. He produced about 6,000t of the metal in 2023 and predicts to produce about 1,400t in Q1 of 2024.
"I tried to compete for a deal at RMB18,700/t (USD2,597/t) EXW D/P, but failed," said a magnesium powder in North China, claiming that his clients stayed away from the market and kept watching the market. Given weakening demand from steel mills, he didn't finalize any deals within this week, while he could conclude deals for more than 50t at least in the spot market before early March. He sold about 30t of the metal late last week at RMB19,100/t (USD2,652/t) and mainly carried out some signed long-term deals. As upstream magnesium ingot suppliers would have strong intention to lift offers, he anticipates that the mainstream Chinese magnesium powder prices would edge up slightly in the coming days.
With an annual production capacity of 12,000t, the producer predicts to produce about 400t of magnesium powder in March and produced about 300t in February. He holds 30t of inventories presently, almost identical to late last month. He produced about 4,800t of the metal in 2023 and predicts to produce about 1,200t of the metal in Q1 of 2024.
