According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province fell this week (11.1-11.8), with an average market price of 17633 yuan/ton at the beginning of the week and 17366 yuan/ton at the end of the week, a decrease of 1.51%.

This week’s market analysis

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

Supply and demand side

At present, the overall pace of the magnesium market is relatively slow, and downstream inquiry and procurement customers are 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 have reduced production and stopped production, which has an impact on the demand side of magnesium ingots.

comprehensive analysis

Given the weak demand in the magnesium market, there is 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.