23 Jul 08 –Magnesium price came down again in European market as offers from Chinese suppliers slide to around USD4,500-4,600/t FOB from the record high of around USD5,900-6,000/t FOB sold last month. Price in European market took a step down from USD5,100-5,200/t to around USD4,900-5,000/t as demand remains weak.
According
to sources, price is expected to move down to around USD4,500/t in
warehouse Rotterdam before end of the month as demand keeps weak and it
seems suppliers will continue to reduce the price.
A source who
concluded deals this week at USD4,900/t in warehouse Rotterdam, down
from his last of around USD5,000/t and put the mainstream price at
around USD4,900-5,000/t in warehouse Rotterdam told Asian Metal that
consumers are not buying much, which is pressing the price down.
"I think the price will shift down to around USD4,700-4,800/t before end of the week as I do not think the week demand will ease in a short time," said the source. "There is enough material in Europe to buy now."
Many sources are pessimistic on the future position of the market as the quantity of stock increase and low price emerged from Chinese suppliers.
A European trader who concluded deal at around INR4,800/kg, down from his previous deal of around USD4,900/t predicted that price may reach USD4,500/kg before end of the quarter if weak demand persists in the market.
Magnesium price has seen glorious moment and sources believe this is a time of correction and soon participants will know where the real market is.
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