SunSirs: Magnesium Prices Remained Stable at the Bottom with Slight Fluctuations (July 26-31)

https://www.chemnet.com   Aug 01,2024 SunSirs

Overview of Magnesium Metal Price Trends

According to the monitoring of the commodity market analysis system of SunSirs, the magnesium ingot market in Shaanxi Province had slightly increased this week (7.26-7.31), with an average market price of 18,033 RMB/ton at the end of the week and 18,000 RMB/ton at the beginning of the week, an increase of 0.19%.

This week's market analysis

More than half of this week, there had been no significant adjustment in the price of magnesium ingots,, and the mainstream ex factory prices remained the same as last week, with some dealers slightly raising their quotes. It is reported that the overall market transactions were still acceptable, but on the last day of the month, the market transactions were slightly light.

Supply and demand side

Recently, the magnesium metal market had bottomed out and strengthened, with strong quotes from manufacturers and distributors. Some downstream users were restocking and purchasing, which had eased the pressure on factory inventory. But it was temporarily in the off-season of traditional demand, and downstream demand users were taking summer breaks, resulting in overall weak demand. Although the situation lacked obvious positive news, the magnesium market was at a bottom and there is not much room for decline.

In terms of raw materials

At the beginning of the week, the price of 75 ferrosilicon decreased slightly compared to last week, with little fluctuation. The market maintained a weak and stable operation. The overall supply was relatively high, and some factories were temporarily experiencing inventory accumulation.

This week, the national semi-coke market hads been operating steadily, with many companies' quotations remaining unchanged. Most enterprises maintained low production levels and actively shipped goods.

Market outlook

Due to recent downstream purchases in the bottom price range, the pressure on factories had eased. There was no significant fluctuation on the cost side, but there was support. This week, the magnesium market maintained a firm bottom and slightly raised its prices.

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