SunSirs: Lack of Favorable Support, Magnesium Prices Continued to Decline (November 11-15)

https://www.chemnet.com   Nov 19,2024 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 (11.11-11.15), with an average market price of 17,350 RMB/ton at the beginning of the week and 17,200 RMB/ton at the end of the week, a decrease of 0.86%.

Analysis review

The price of magnesium ingots continued its downward trend this week, and after a weak operation, the price continued to adjust downwards. The manufacturer had accumulated inventory, sufficient supply, and weak terminal demand. The price of magnesium ingots was under pressure and had loosened downward. Downstream maintained essential procurement, with low transaction volume.

Upstream

The price of Fugu 75 ferrosilicon remained unchanged from last week. The overall operation of the ferrosilicon market was weak and stable, with average market demand and downstream on-demand procurement, resulting in light actual transactions. The futures market was weak and volatile, and factory quotes had slightly loosened. It is expected that 75% ferrosilicon will be weaker in the short term.

Fugu Semi-coke prices were running steadily. The supply of coal in Shaanxi region was relatively tight, with prices rising narrowly. The overall price of semi-coke was relatively stable, but the operating rate of semi-coke manufacturers had declined, with only a few companies lowering the prices of small and medium-sized materials and coke. The slight increase in raw material prices provided some cost support for semi-coke. Considering the slight fluctuations in downstream prices, it is expected that the price of semi-coke will remain relatively stable in the short term.

Market outlook

The factory production reduction was not yet significant, and there was a lack of obvious favorable factors to support it. It is expected that the short-term magnesium market will still be difficult to stop falling. Next week, the magnesium market may continue its weak consolidation trend, and observing the situation of factory production reduction and demand follow-up.

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