Market sources said that although Russian magnesium market becomes a little active this week, the price which buyers could accept is still very low at around RUB165/kg (USD7,042/t) d.d.p.. Some suppliers begin to sell the materials at low prices due to stock pressure. The mainstream price of magnesium ingot drops to RUB165-170/kg (USD7,042-7,255/t) from RUB170-175/kg (USD7,255-7,469/t) last week.
A Russian trader sold a small batch of magnesium ingot at RUB168/kg (USD7,170/t) d.d.p. this week. The source said that they lower the offer of magnesium ingot to RUB170/kg (USD7,255/t) from RUB175/kg (USD7,469/t) last week due to high stockpile and cash shortage.
"Some local suppliers are afraid of the price drop and sell the materials at low price one after another. I heard that a small amount of deals are concluded at RUB163-165/kg (USD6,957-7,042/t) in the spot market," said the source.The source thinks that the magnesium price may drop slightly in the short term and then keep stable, as the supply of magnesium is not enough in the market."Currently the spot market is in disorder. Traders offer the material ranging from RUB163/kg (USD6,957/t) to RUB175/kg (USD7,469/t)," said another trader in Russia. He said that they hold no stockpile on hand, but they have no intention of supplementing stocks due to the confusing market of magnesium. The source said that the magnesium ingot price may not drop sharply in the short term as the materials they purchased were at high price.
A Russian trader sold a small batch of magnesium ingot at RUB168/kg (USD7,170/t) d.d.p. this week. The source said that they lower the offer of magnesium ingot to RUB170/kg (USD7,255/t) from RUB175/kg (USD7,469/t) last week due to high stockpile and cash shortage.
"Some local suppliers are afraid of the price drop and sell the materials at low price one after another. I heard that a small amount of deals are concluded at RUB163-165/kg (USD6,957-7,042/t) in the spot market," said the source.The source thinks that the magnesium price may drop slightly in the short term and then keep stable, as the supply of magnesium is not enough in the market."Currently the spot market is in disorder. Traders offer the material ranging from RUB163/kg (USD6,957/t) to RUB175/kg (USD7,469/t)," said another trader in Russia. He said that they hold no stockpile on hand, but they have no intention of supplementing stocks due to the confusing market of magnesium. The source said that the magnesium ingot price may not drop sharply in the short term as the materials they purchased were at high price.
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