SunSirs: Expected Magnesium Prices to Remain Stagnant in the Short Term
April 26 2023 13:45:38Latest price of magnesium (4-24): 24500 RMB/ton, bearish in the future
Analysis points: On the 24th, the average price of domestic magnesium ingot market was 24500 RMB/ton, a decrease of about 3000 RMB/ton compared to the previous trading day. In terms of factories, many manufacturers, in view of the current magnesium price profit in line with expectations, took the initiative to give up the price for shipment, and the market price was also lowered. There are also large manufacturers whose quotations remain firm, resulting in the coexistence of high and low resources in the market. In terms of demand, there is currently no further news on the blue charcoal rectification policy. The market is gradually returning to rationality, and considering the continuous surge in magnesium prices in the early stage, which exceeds the downstream acceptance range, the demand space is limited.
Future forecast: There is a strong bearish sentiment in the market, and it is expected that the short-term magnesium price will show a weak trend.
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