SunSirs: Magnesium Ingot Prices Decreased after Weak Consolidation (October 19-24)

https://www.chemnet.com   Oct 25,2024 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 (10.19-10.24), with an average market price of 18,033 RMB/ton at the beginning of the week and 17,900 RMB/ton at the end of the week, a decrease of 0.79%.

This week's market analysis

After experiencing short-term price consolidation in the first half of the month, magnesium prices have been lowered again this week. In the market environment, most magnesium manufacturers were still maintaining a normal production pace. However, it was worth noting that the enthusiasm of downstream buyers was not high, which had led to an increasingly obvious phenomenon of social inventory backlog. In order to cope with this dilemma, some manufacturers had to adopt a strategy of selling at low prices in order to win more orders.

Supply and demand side

Despite being influenced by factors such as cost, manufacturers generally had a mentality of charging high prices. However, due to weak market demand, some manufacturers were seeking orders at low prices, and there were temporarily no new shutdown and maintenance manufacturers this week, maintaining stable supply. On the demand side, the domestic downstream market was running slowly, and there was temporarily no significant growth point in demand. The export market was also in a weak position, and overseas traders temporally had more inventory.

Comprehensive analysis

The market sentiment was slightly sluggish, with fewer downstream orders and mainly on-demand procurement. The acceptance of high prices was limited, and the overseas market was relatively weak, resulting in a weak willingness to place orders. The magnesium market is deadlocked, and transactions are slightly sluggish. It is expected to experience a weak correction and consolidation in the short term.

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