Korean buyers watch magnesium ingot market

Magnesium ingot buyers from South Korea are still away from the market and waiting for lower prices. Sources reported to Asian Metal that few deals are being done in the market, though offers from China have been in decline.
A consumer from South Korea reported that they have not purchased any magnesium ingot since the previous purchase of two containers was closed at USD3,900/t CIF Pusan early October. "We plan to make another purchase before long, but we dare not move as the price is still moving down very fast," said the source.
According to the source, the magnesium price decreased by USD800-900/t within one month to current USD3,000-3,100/t CIF Pusan, scaring many consumers away. If not for urgent need, consumers would not enter the market. Consuming two or three containers of magnesium ingot every month, the source mainly purchases the material from local trading companies.
A trader from South Korea reported that the magnesium market has been on the ebb with offering prices from China decreasing to USD2,950-3,100/t CIF Pusan from USD3,000-3,200/t CIF Pusan a week ago. Facing the fluctuating prices, the source is also very cautious about placing orders.
According to the source, some end users may throw out orders soon for next quarter. "However, we dare not say whether it is the right time to buy in now," said the source, adding that they would like to watch for another couple of days before concluding deals.
The source used to import more than 500t of magnesium ingot from China every month but has not bought any of the material since mid-October for lack of orders.