Price trend

According to the monitoring of the commodity market analysis system of SunSirs, the magnesium ingot market in Shaanxi Province fell this week (8.26-8.29), with an average market price of 17,933 RMB/ton at the beginning of the week and 17,966 RMB/ton at the end of the week, an increase of 0.37% per week.

Analysis review

As August draws to a close, the price of magnesium ingots experienced a long period of consolidation in the previous week, ushering in a wave of upward trend. On the first day of this week, the ex factory price experienced the largest increase since the start of the off-season, rising by 200-500 RMB/ton per day. Subsequently, there was a slight consolidation and the price remained firm.

Supply and demand side

After the end of this week, entering September, the overseas vacation was about to end. The magnesium ingot market had emerged from the off-season, and overall market demand had improved, leading to increased confidence in factories. However, due to the low price market in the early stage and the presence of bulk inventory on the trading side, the price became a game state later this week. Aluminum prices remained high, with some support for magnesium prices for time being.

Market outlook

In the short term, the magnesium market will temporarily emerge from the sluggish off-season and rebound before consolidating. The long-term market trend should observe the actual recovery of downstream demand.

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