At the start of business on Monday, sources reported that magnesium market has not changed from its quiet position with steady price at round USD4,200-4,300/t in warehouse Rotterdam. Speaking on the reason for the steady price, participants attributed it to price of around USD4,150-4,200/t CIF Rotterdam from Chinese suppliers.
A trader told Asian Metal that he got offers of around USD4,300/t in warehouse Rotterdam from another trader trying to reduce stock, but will not buy the material since his customers are not showing sign of buying anything now.
"Any consumers you contact will tell you that they have material and are not ready to buy now," said the source. "I guess that is a way to pay Chinese suppliers for increasing the price higher than expected this year."
However, the source expressed surprise that the price is not going down as expected since it is still at around USD4,200-4,250/t in warehouse Rotterdam and added that price may remain at this level till next quarter.
The market is not showing a positive picture from the participants perspective because many of them lack confidence on the future, insisting that price is heading to around USD4,000/t in warehouse Rotterdam.
"There is nothing to show the market is going to be active in warehouse Rotterdam," said another European dealer who offers at around USD4,300/t in warehouse Rotterdam. "The sentiment is that price is going down and they will wait to see the bottom."
The source reported he got offers from Chinese suppliers at around USD4,100-4,200/t CIF Rotterdam, same as he got two weeks ago, showing that Chinese suppliers are not reducing the price very fast.
A trader told Asian Metal that he got offers of around USD4,300/t in warehouse Rotterdam from another trader trying to reduce stock, but will not buy the material since his customers are not showing sign of buying anything now.
"Any consumers you contact will tell you that they have material and are not ready to buy now," said the source. "I guess that is a way to pay Chinese suppliers for increasing the price higher than expected this year."
However, the source expressed surprise that the price is not going down as expected since it is still at around USD4,200-4,250/t in warehouse Rotterdam and added that price may remain at this level till next quarter.
The market is not showing a positive picture from the participants perspective because many of them lack confidence on the future, insisting that price is heading to around USD4,000/t in warehouse Rotterdam.
"There is nothing to show the market is going to be active in warehouse Rotterdam," said another European dealer who offers at around USD4,300/t in warehouse Rotterdam. "The sentiment is that price is going down and they will wait to see the bottom."
The source reported he got offers from Chinese suppliers at around USD4,100-4,200/t CIF Rotterdam, same as he got two weeks ago, showing that Chinese suppliers are not reducing the price very fast.
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