Chinese magnesium powder market sees rare deals
2024-04-04 07:24:34 [Print]
BEIJING (Asian Metal) 4 Apr 24 - Discouraged by continuous slow demand from downstream steel mills and chemical plants, Chinese magnesium powder market moves slowly and witnesses rare deals. Additionally, given softening upstream ingot prices, the mainstream Chinese magnesium powder prices edge down to the present RMB18,800-19,100/t (USD2,611-2,652/t) EXW D/P, down by RMB300/t (USD41/t) from late last week. Restricted by pessimistic attitudes from buyers, insiders forecast that the mainstream Chinese magnesium powder prices would remain weakly stable in the coming days.
"I quote RMB18,800/t (USD2,611/t) EXW D/P for magnesium ingot today to my regular clients, while they refuse to purchase for enough stocks," said a magnesium powder producer in Shanxi, adding that he failed to close any deals within this week, while he used to finalize two to three deals at least within one week. Given slow demand, he plans to stop his production during the Qingming Festival and predicts his production volume would only reach about 400t in April, while about 500t at least in March. He sold about 30t of the metal at RMB19,000/t (USD2,638/t) late last week and kept updating quotations for his clients this week. Considering watchful attitudes from buyers and little intention to accept further price cuts from ingot suppliers, he anticipates that the mainstream Chinese magnesium powder prices would stay weakly stable in the coming days.
With an annual production capacity of 15,000t, the producer predicts to produce about 400t of magnesium powder in April and produced about 500t in March. He holds no stock now, unchanged from late last month. He produced about 6,500t of the metal in 2023 and predicts to produce about 2,100t up till late April of 2024.
"The most competitive offer we received stays at the present RMB18,900/t (USD2,625/t) EXW D/P and my supplier could accept RMB18,850/t (USD2,618/t) as a firm bid with any deals more than 20t, while I refuse to buy for lack of deals," said a magnesium powder consumer in Jiangsu, noting that he intends to run down stocks and watch the market for a while. Given slow demand from steel mills, he noted that his consumption volume in April would move down to 60t, while about 80t in March at least. He last bought around 20t of the material late last week at RMB19,100/t (USD2,652/t) and regretted his purchase since then. Considering weakly stable price trend for upstream magnesium ingot, he anticipates that the mainstream Chinese magnesium powder prices would remain weakly stable in the coming days.
The consumer, with an annual consumption volume of around 1,200t, predicts to consume about 60t of the material in April and used about 80t in March. He holds around 30t of stocks now, unchanged from late last month. He consumed about 1,100t of the metal in 2023 and predicts to consume around 220t up till late this April in 2024.
"I quote RMB18,800/t (USD2,611/t) EXW D/P for magnesium ingot today to my regular clients, while they refuse to purchase for enough stocks," said a magnesium powder producer in Shanxi, adding that he failed to close any deals within this week, while he used to finalize two to three deals at least within one week. Given slow demand, he plans to stop his production during the Qingming Festival and predicts his production volume would only reach about 400t in April, while about 500t at least in March. He sold about 30t of the metal at RMB19,000/t (USD2,638/t) late last week and kept updating quotations for his clients this week. Considering watchful attitudes from buyers and little intention to accept further price cuts from ingot suppliers, he anticipates that the mainstream Chinese magnesium powder prices would stay weakly stable in the coming days.
With an annual production capacity of 15,000t, the producer predicts to produce about 400t of magnesium powder in April and produced about 500t in March. He holds no stock now, unchanged from late last month. He produced about 6,500t of the metal in 2023 and predicts to produce about 2,100t up till late April of 2024.
"The most competitive offer we received stays at the present RMB18,900/t (USD2,625/t) EXW D/P and my supplier could accept RMB18,850/t (USD2,618/t) as a firm bid with any deals more than 20t, while I refuse to buy for lack of deals," said a magnesium powder consumer in Jiangsu, noting that he intends to run down stocks and watch the market for a while. Given slow demand from steel mills, he noted that his consumption volume in April would move down to 60t, while about 80t in March at least. He last bought around 20t of the material late last week at RMB19,100/t (USD2,652/t) and regretted his purchase since then. Considering weakly stable price trend for upstream magnesium ingot, he anticipates that the mainstream Chinese magnesium powder prices would remain weakly stable in the coming days.
The consumer, with an annual consumption volume of around 1,200t, predicts to consume about 60t of the material in April and used about 80t in March. He holds around 30t of stocks now, unchanged from late last month. He consumed about 1,100t of the metal in 2023 and predicts to consume around 220t up till late this April in 2024.
