SunSirs: Magnesium Prices Remained Stagnant at the Bottom, with a Slight Rebound (July 19-26)

https://www.chemnet.com   Jul 29,2024 SunSirs

Price trend

According to the monitoring of the commodity market analysis system of SunSirs, the magnesium ingot market in Shaanxi Province had slightly increased this week (7.19-7.26), with an average market price of 18,000 RMB/ton at the end of the week and 17,966 RMB/ton at the beginning of the week, an increase of 0.19%.

Analysis review

The magnesium ingot market saw a slight increase at the bottom of the fourth week of this month. At the beginning of this week, the magnesium ingot market continued its weak operation from last week, with transactions mainly focused on essential needs, and sentiment was low due to the traditional off-season. Except for a few magnesium factories undergoing maintenance, most manufacturers were still producing normally, with accumulated inventory increasing and magnesium prices remaining at a low level. Over the weekend, the manufacturer's quotation remained firm with a slight increase.

Supply and demand side: At the beginning of the week, the downstream of the magnesium ingot market maintained a wait-and-see attitude, with limited transactions and a stalemate between supply and demand. In mid week, observations required release, and procurement had increased.

In terms of raw materials: At the beginning of the week, the price of 75 silicon iron remained unchanged compared to last week. Maintained weak operation. The price difference was not significant. The export market was sluggish. In mid week, silicon iron futures stopped falling and rebounded, while shipping costs had fallen slightly, which formed support for magnesium prices.

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 manufacturer had not made any adjustments to the quotation. Maintained low production and actively shipped.

Market outlook

The magnesium ingot market had slightly rebounded this week, with no new growth points on the demand side. Coupled with the traditional off-season, the performance had been sluggish. It is expected that magnesium prices will continue to remain stable with a weaker trend in the short term.

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