SunSirs: Demand Was Weak and Sluggish, Magnesium Prices Continued to Decline This Week (November 1-8)

https://www.chemnet.com   Nov 11,2024 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 (11.1-11.8), with an average market price of 17,633 RMB/ton at the beginning of the week and 17,366 RMB/ton at the end of the week, a decrease of 1.51%.

Analysis review

The price of magnesium ingots continued to decline this week, with a slight downward trend in weak operation. Downstream demand was weak and sluggish, terminal procurement was cautious, and there was a lack of willingness to stock up on essential orders. The supply side inventory was sufficient, and the supply-demand imbalance was quite obvious. Manufacturers had lowered their quotes to promote transactions, but the market lacked positive stimulation. Recently, low prices had been frequently seen in the main production areas, and prices had continued to decline, with overall transactions hovering at a low level. The price was at an annual low.

Supply and demand side

As of November 8th, the overall pace of the magnesium market was relatively slow, and downstream inquiry and procurement customers were not very enthusiastic, with most adopting a wait-and-see attitude. Affected by the recent continuous price cuts, everyone is waiting for lower prices to appear. Due to order restrictions, magnesium alloy factories had reduced production and stopped production, which had an impact on the demand side of magnesium ingots.

Market outlook

Given the weak demand in the magnesium market, there was no positive support from the raw material side. It is expected that the magnesium market will continue to maintain a weak consolidation trend in the short term without any other positive support.

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