SunSirs: Domestic Magnesium Market Was Weakly Called Back (August 19-23)

https://www.chemnet.com   Aug 30,2024 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 (8.19-8.23), with an average market price of 17,933 RMB/ton at the beginning of the week and 17,900 RMB/ton at the end of the week, a decrease of 0.19% during the week.

Analysis review                      

This week, due to the continued weak downstream demand, magnesium prices were under pressure and had slightly declined. The main production areas slowed down the pace of market transactions. The manufacturer's quotation had slightly decreased to cope with the off-season.

Supply and demand side

As of August 29th, the market situation was that the price of magnesium ingots was low, and factories were trying their best to stabilize the price. At the same time, there was news support from the purchasing side over the weekend, which strengthened the willingness of factories to raise prices. The market was strongly bottoming out with a stabilizing trend.

Market outlook

In the short term, the magnesium market was affected by procurement news, but the supply-demand imbalance in the market has not improved yet. Most of the demand side customers had a wait-and-see attitude and were placing orders cautiously this week. The market is expected to remain stable.

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