Home > Chemical News

Headline News

China magnesium: Export offers track steady domestic prices

China magnesium: Export offers track steady domestic prices

Spot export offers for Chinese magnesium ingot on a FOB basis tracked steady domestic prices, while the overseas physical buying interest has remained lacking, industry sources said Thursday. Most spot offers on a FOB basis were heard steady at $2,440-2,520/mt, unchanged from last week. Industry sources generally agreed that most tradable offers were below $2,500/mt. Platts kept its weekly magnesium ingot (minimum 99.8%) price assessment steady at $2,450-2,480/mt FOB China Thursday, unchanged from last week. The Chinese magnesium diecast alloy price assessment was also maintained at $2,730-2,780/mt FOB China Thursday, unchanged from last week. "The overseas export trade remains quiet. European buyers are still staying away from the market, while some Japanese traders are still on summer vacation. There's no movement in the export offers," said a south China-based trader. He added that he was keeping his offers steady around $2,470/mt, unchanged from last week. "I am hearing offers as low as $2,440/mt in the market but I have not heard any done deal at this level," he said. A north China-based producer, who shared similar view, said: "My export offers are still at $2,520/mt and the overseas demand is still lacking." He added that Shanxi offers were generally higher than those from Shaanxi as Shanxi had higher production costs. The northern Chinese producer said his domestic offers had remained steady at Yuan 14,400-14,500/mt ($2,341-2,357/mt), ex-plant in Shaanxi. "My domestic trade is doing better than exports. I have seen a slight pickup in domestic buying inquiries. Domestic prices have been falling and appeared to be steady recently. Some end-users are making inquiries. However, I have not seen a significant increase in trade to lift prices yet," added the northwestern Chinese producer. Domestic offer in Shanxi were heard around Yuan 14,900/mt ex-works, unchanged from last week. Sources added that the slightly stronger yuan against the dollar seen recently had offset the impact on the persisting weakness in the overseas demand. A stronger yuan would mean higher export offers in dollar, while weak demand dampened offers. The dollar was trading at Yuan 6.1632 Thursday but had been at the Yuan 6.15 level for the previous week till Wednesday. Two weeks ago, the dollar was trading at the Yuan 6.16 level. Meanwhile, production cuts continued among Chinese ferrosilicon producers but market participants said they did not have problems securing material due to slow demand. Ferrosilicon is a feedstock for magnesium ingot production. Chinese domestic ferrosilicon spot prices at Tianjin port were pegged at Yuan 6,200-6,300/mt Thursday, unchanged week on week. >>

Chemical News

  • China copper: Spot CIF import premiums slip for second week on weak buying

    China copper: Spot CIF import premiums slip for second week on weak buying

    Spot import premiums for London Metal Exchange-registered brands of copper cathode on a CIF China basis slipped for a second consecutive week, dampened by persistently weak physical buying interest during the current summer lull, market sources said Wednesday. Platts assessed...>>>

  • China aluminum: ADC12 spot offers slip on thin trade, weak buying

    China aluminum: ADC12 spot offers slip on thin trade, weak buying

    Offers for Chinese domestic spot aluminum alloy ADC12 slipped Tuesday in thin trade with little physical buying interest during the current summer lull, industry sources said. Platts lowered its weekly China domestic ADC12 price assessment to Yuan 15,000-15,500/mt ($2,442-2,5...>>>

  • 100 Spot Commodities Price Chart - 21/08/2014 08/22

    It was assessed by SunSirs that in the tracked 100 spot commodities,19 commodities increased in prices, 25 fell and 56 remained unchanged on 21/08/2014.The largest rises were Urea (2.24%),Copper (2.19%),Zinc (1.17%),while the largest falls were Benzene (>>>

  • Oil complex settles higher on strong US jobs data 08/22

    The oil complex turned a corner during mid-afternoon US trade Thursday, with NYMEX October crude settling 51 cents higher at $93.96/b. ICE October Brent settled up 35 cents at $102.63/b. In products, NYMEX September RBOB rallied 3.49 cents to settle at $2.7475/gal. September ULSD rose 1.17 cents to finish at $2.8375/gal. "I've heard that cash marke...>>>

  • Contango between 1st, 3rd-month cash Dubai crude breaks above $1/b 08/22

    The contango between first and third month cash Dubai crude broke above $1/barrel Thursday for the first time since 2010 as the sour Middle Eastern crude market has followed structural weakness in the Brent market and demand for sour Middle Eastern crude from Asian refiners has been lackluster due to a raft of competing grades on offer. On Thursday, ...>>>

  • Force majeure on El Paso Natural Gas' Havasu Lateral shuts in 650,000 Mcf/d 08/22

    A force majeure on El Paso Natural Gas' Line 1104, the Havasu Lateral in western Arizona, caused 650,000 Mcf/d of gas capacity to be shut in Thursday. The company, a subsidiary of Houston-based Kinder Morgan, announced the force majeure Wednesday afternoon after discovering a leak on the line. In a notice on its bulletin board, EPNG said it would tak...>>>

  • USGC fuel oil stocks 4 million barrels more than Singapore, spread remains $5/b 08/22

    US Gulf Coast residual fuel oil stocks are more than 4 million barrels higher than Singapore inventories -- the largest difference since March -- while the markets' HSFO spread has remained above the $5/barrel mark for more than two weeks. The Gulf Coast and Singapore markets are closely related. About one-third of all US fuel oil exports went to Sin...>>>