Magnesium market remain strong in warehouse Rotterdam at a price of around USD3,100-3,150/t and sources expect the price to up around USD3,200-3,250/t, due to tight supply that has helped to push the price high to this level.
According to sources, most deals this week were concluded at the higher side of the price level of around USD3,150/t in warehouse Rotterdam which is a sign that the price increase has not yet anchored and nobody can say at what level it will stop as supply remains tight
Some sources reported getting quotations from Chinese suppliers at around USD3,200/t CIF Rotterdam but most deals were concluded at around USD3,050-3,100/t CIF Rotterdam and they expect further price increase as some big suppliers are ready to enter the market.
A European trader who got price quotations from Chinese suppliers today at around USD3,050/t FOB believes that the material has not reached the highest level, that Chinese suppliers will continue to increase the price until consumer refused to buy. He added that with this type of tightness created in the market now, price next week will be at around USD3,150-3,200/t FOB China.
“Consumers are taking this price that is the reason suppliers keep increasing it,” said the source that reported a tender of around 3,000t in the market and they are waiting to see how much they will conclude the deal.
Another European trader was optimistic that price will continue to up but thinks it may stop somewhere before the middle of the quarter as consumers will not continue to accept this price. The source reported a deal of USD3,150/t in warehouse Rotterdam and predicts that price will reach around USD3,200/t before end of the next week.
With deal being concluded at above USD3,000/t FOB China, the possibility that price will reach around USD3,500/t in warehouse Rotterdam can not be ruled out, sources agreed
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