Magnesium ingot price continues falling

Magnesium ingot market continued softening in past couple of days with prices keeping falling.Asian Metal Copyright Other than the fact that some smelters liquidate stocks, the price drop of some steel products as well as nonferrous metals is also considered as the key reason for the decrease of magnesium ingot price.Asian Metal Copyright Other than the fact that some smelters liquidate stocks, the price drop of some steel products as well as nonferrous metals is also considered as the key reason for the decrease of magnesium ingot price.Asian Metal Copyright He said, "We heard that some magnesium ingot producers in Fugu started selling the material at RMB15,900t ex works from Sunday, so we decide to wait for a few days before we replenish stocks.Asian Metal Copyright

A Shanxi-based magnesium ingot producer reported no business in recent one week.Asian Metal Copyright A Shanxi-based magnesium ingot producer reported no business in recent one week.Asian Metal Copyright Although the source has decreased the offer to RMB16,250/t (USD2,379/t) ex works from RMB16,400/t (USD2,401/t) ex works seen one week ago, buyers are still not interested in placing orders.Asian Metal Copyright Considering that the market is unlikely to improve in a short time, the source plans to conduct sales according to the market price but not store up materials.Asian Metal Copyright "We heard that some smelters in Shanxi sold magnesium ingot at RMB16,200/t ex works during the weekend.Asian Metal Copyright Considering that the market is unlikely to improve in a short time, the source plans to conduct sales according to the market price but not store up materials.Asian Metal Copyright We're willing to sell at the same price if there are orders, but what makes us depressed is that there are not buyers at all," said the source.Asian Metal Copyright Although the National Development and Reform Commission announced to remove preferential electricity prices for energy intensive industries such as electrolytic aluminum and ferroalloy.Asian Metal Copyright

The source said that most buyers are sitting out of the market watching the future trend when the price is going down and thus demand both domestically and overseas is very weak.Asian Metal Copyright "The Fugu producer has a certain amount of magnesium ingot in stock so they are eager to sell the material," said the magnesium alloy producer.Asian Metal Copyright

The smelter owns a production capacity of 10,000tpy but is only running at half of the capacity owing to weak demand.Asian Metal Copyright Besides liquidation, the price decrease of steel and nonferrous metals also casts shadows on magnesium market.Asian Metal Copyright Considering that the market is unlikely to improve in a short time, the source plans to conduct sales according to the market price but not store up materials.Asian Metal Copyright Besides liquidation, the price decrease of steel and nonferrous metals also casts shadows on magnesium market.Asian Metal Copyright

A magnesium alloy producer located in Shanxi bought around 30t of magnesium ingot without acid treatment and package at RMB16,000/t (USD2,343/t) ex works from a producer in Fugu, Shaanxi.Asian Metal Copyright A Shanxi-based magnesium ingot producer reported no business in recent one week.Asian Metal Copyright "The Fugu producer has a certain amount of magnesium ingot in stock so they are eager to sell the material," said the magnesium alloy producer.Asian Metal Copyright Besides liquidation, the price decrease of steel and nonferrous metals also casts shadows on magnesium market.Asian Metal Copyright

The source who reported that magnesium alloy market is also sluggish is cautious in purchasing magnesium ingot.Asian Metal Copyright We're willing to sell at the same price if there are orders, but what makes us depressed is that there are not buyers at all," said the source.Asian Metal Copyright He said, "We heard that some magnesium ingot producers in Fugu started selling the material at RMB15,900/t ex works from Sunday, so we decide to wait for a few days before we replenish stocks.Asian Metal Copyright Euro hits record low on fears that debt crisis will spread in the west; further strengthening of the dollar, triggered by sell-offs of the euro, might possibly push oil prices lower.Asian Metal Copyright"

A Shaanxi-based trader confirmed that that the magnesium ingot price experienced a great decrease over the past three days.Asian Metal Copyright The source said that most buyers are sitting out of the market watching the future trend when the price is going down and thus demand both domestically and overseas is very weak.Asian Metal Copyright Some small to medium-sized producers in Shaanxi began selling magnesium ingot at RMB15,850-15,900/t (USD2,321-2,328/t) ex works, which leave those large-sized producers who put their offers at RMB16,000-16,100/t (USD2,343-2,357/t) ex works more diffcult to conduct sales.Asian Metal Copyright We're willing to sell at the same price if there are orders, but what makes us depressed is that there are not buyers at all," said the source.Asian Metal Copyright

Besides liquidation, the price decrease of steel and nonferrous metals also casts shadows on magnesium market.Asian Metal Copyright Euro hits record low on fears that debt crisis will spread in the west; further strengthening of the dollar, triggered by sell-offs of the euro, might possibly push oil prices lower.Asian Metal Copyright Euro hits record low on fears that debt crisis will spread in the west; further strengthening of the dollar, triggered by sell-offs of the euro, might possibly push oil prices lower.Asian Metal Copyright Considering that the market is unlikely to improve in a short time, the source plans to conduct sales according to the market price but not store up materials.Asian Metal Copyright According to Asian Metal's latest news, aluminium ingot price drops by as much as RMB360/t (USD53/t) to RMB14,950-15,000/t (USD2,189-2,196/t) today.Asian Metal Copyright However, the news has done little help to stop ferrosilicon price from going down further.Asian Metal Copyright

Although the National Development and Reform Commission announced to remove preferential electricity prices for energy intensive industries such as electrolytic aluminum and ferroalloy.Asian Metal Copyright Considering that the market is unlikely to improve in a short time, the source plans to conduct sales according to the market price but not store up materials.Asian Metal Copyright However, the news has done little help to stop ferrosilicon price from going down further.Asian Metal Copyright Other than the fact that some smelters liquidate stocks, the price drop of some steel products as well as nonferrous metals is also considered as the key reason for the decrease of magnesium ingot price.Asian Metal Copyright The magnesium ingot price is expected to slide down further in the rest of this week with markdown limited restricted by production cost.Asian Metal Copyright We're willing to sell at the same price if there are orders, but what makes us depressed is that there are not buyers at all," said the source.