SunSirs: Magnesium Prices Remained Weak, and Maintained Stable at the Bottom (July 15-19)

https://www.chemnet.com   Jul 26,2024 SunSirs

Price trend

According to the monitoring of the commodity market analysis system of SunSirs, the magnesium ingot market in Shaanxi Province fell this week (7.15-7.19), with an average market price of 17,966 RMB/ton at the beginning of last week and 18,033 RMB/ton at the beginning of this week, a decrease of 0.37%.

Analysis review

In the third week of this month, the magnesium ingot market saw a slight decline at the bottom, and prices were affected by insufficient demand follow-up. Coupled with weak upstream raw material operations and a lack of favorable factors to support it, the magnesium market continued to consolidate weakly at the bottom.

Supply and demand side

The mainstream ex factory cash price including tax for magnesium ingots in the Fugu area has fallen, and other regions have adjusted accordingly. The bottom has been running weakly for nearly a month. Due to the downward shift in prices, there has been an increase in downstream procurement replenishment.

In terms of raw materials

The price of 75 silicon iron in Fugu area has slightly decreased compared to before. As of July 25th, the futures of 75 silicon iron were fluctuating, while the spot market was weak and stable. The company's inventory has been depleted, but transactions were still acceptable. It is expected that a significant price adjustment in the short term may not be feasible.

The price of semi-coke in Fugu area remained stable, and the semi-coke market was temporarily in a stable period with relatively low prices. The factory maintained low production and low inventory. The semi-coke market maintained weak and stable operation.

Market outlook

Overall, the magnesium ingot market was in a bottoming out state, with slight fluctuations and narrow fluctuations. Due to downstream procurement was based on demand, the transaction volume was relatively weak. It is expected to continue to operate weakly and steadily in the short term.

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