8 Sep 08 - Magnesium price is still showing signs of going lower in European market because of the quiet market and sources said nothing absolutely is going on. Some participants predicted price low prices of around USD4,000/t in warehouse Rotterdam looking at the market from the side of demand, which the believe will remain weak till end of this quarter to beginning of the next quarter.
Price dropped to around USD4,200-4,300/t in warehouse Rotterdam last weak as price in Chinese market continues to go down and consumers continue to side on the side line watching.
A western trader who put the mainstream price at around USD4,200-4,300/t in warehouse Rotterdam, said they are expecting the price to go down further despite that many buyers will come back to the market this week.
"Chinese suppliers most be under pressure now and a lot offers are going on in the market,"said the source. "There is plenty magnesium our there in Chinese and many consumers are not ready to buy now."
"Small tonnages of magnesium deals are going on in Europe as consumers are not buying," said another trader. "We are expecting consumers back in the market at the middle of next quarter for end of the year deals."