According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province has slightly increased this week (7.19-7.26), with an average market price of 18000 yuan/ton at the end of the week and 17966 yuan/ton at the beginning of the week, an increase of 0.19%.
This week’s market analysis
The magnesium ingot market saw a slight increase at the bottom of the fourth week of this month. At the beginning of this week, the magnesium ingot market continued its weak operation from last week, with transactions mainly focused on essential needs, and sentiment was low due to the traditional off-season. Except for a few magnesium factories undergoing maintenance, most manufacturers are still producing normally, with accumulated inventory increasing and magnesium prices remaining at a low level. Over the weekend, the manufacturer’s quotation remained firm with a slight increase.
Supply and demand side
At the beginning of the week, the downstream of the magnesium ingot market maintained a wait-and-see attitude, with limited transactions and a stalemate between supply and demand. Mid week observation requires accumulation and release, and procurement has increased.
In terms of raw materials
At the beginning of the week, the price of 75 silicon iron remained unchanged compared to last week. Maintain weak operation. The price difference is not significant. The export market is sluggish. Mid week silicon iron futures rebounded and stopped falling, while shipping costs have fallen slightly. Forming support for magnesium prices.
The price of orchid charcoal in Fugu area remains stable, and currently the orchid charcoal market is in a stable period with relatively low prices. The manufacturer has not made any adjustments to the quotation. Maintain low production and actively ship.
Future forecast
The magnesium ingot market has slightly rebounded this week, with no new growth points on the demand side. Coupled with the traditional off-season, the performance has been sluggish. It is expected that the short-term magnesium price will continue to operate steadily with a weak trend.
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