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SunSirs: Downstream Demand Continued to Be Weak, and Magnesium Prices Continued to Be Weak (March 13-17)

March 22 2023 13:53:23     SunSirs (John)

Price trend

According to the monitoring of SunSirs, as of the 20th, the average market price of magnesium ingots in China was 20,600 RMB/ton, down 1.28% on a weekly basis. This week, the domestic magnesium ingot market continued to be weak, and the price of magnesium was affected by demand, the quotation was continuously lowered, with a decrease of around 300 RMB/ton.

Factory side

As of the 20th, the market sentiment was in a wait-and-see state, inquiries was few and market transaction atmosphere was weak. The manufacturer had a strong bearish sentiment and was positive in reducing prices for shipping, but the actual transaction situation was not ideal. Some manufacturers were unwilling to reduce their prices due to high production costs, and some chose not to quote for the time being.

Raw materials

The average market price of ferrosilicon in Ningxia was around 7,500-7,600 RMB/ton, with an average market price of 7,592 RMB/ton, down 1.12%. The ferrosilicon market showed a situation of oversupply, while domestic and foreign demand was average. Due to an increase in electricity costs of around 0.2 RMB/kWh in the main production areas, the production enthusiasm of factories in some production areas had decreased, some manufacturers avoided peak to produce, and some had reduced or shut down their furnaces.

The semi-coke market operated stably and to be weaker. Some semi-coke enterprises lowered their prices by 40-100 RMB/ton, while the rest of the market that had not been adjusted, will continue to adjust in the near future.

Market outlook

Overall, the inventory pressure of magnesium plants was significant, and the market demand was cold. The manufacturers had no choice but to reduce prices to sell goods. In addition, the raw material market was weak and volatile. Under the influence of many negative factors, it is expected that the price of magnesium ingots will remain weak in the short term.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com

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