SunSirs: Semi-coke Rectification Restarted, and Magnesium Prices Rebounded Significantly
May 09 2023 10:49:36 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of the 8th, the average price of magnesium ingots in the domestic market was 27,433.33 RMB/ton, an increase of about 3,500 RMB/ton compared to the previous trading day.
Analysis review
Stimulated by the news of the rectification of Fugu Semi-coke over the weekend, the price of magnesium ingots had significantly increased on 8th. It is reported that on the morning of the 7th, the Fugu Industry and Information Technology Bureau organized a meeting to promote the demolition of semi-coke furnaces. It is reported that relevant policies will be introduced on the 10th of this month, and substandard semi-coke furnaces will be demolished according to regulations. As soon as this news came out, magnesium ingot manufacturers were selling at a high price, while some manufacturers were reluctant to sell and did not offer a price for the time being.
Market outlook
Affected by policy, it is expected that the price of magnesium ingots will continue to remain strong and upward in the short term. However, there are not many high priced transactions in the current market, and downstream users are temporarily watching the market. Due to the cautious mentality of demand end customers, the space for magnesium ingots to rise in the future market will also be limited.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
- 2024-01-04 SunSirs: Supply Exceeded Demand, and Magnesium Prices Continued to Be Weak (December 25-31)
- 2023-12-27 SunSirs: There Was No Significant Change in the Magnesium Market, Maintaining a Weak and Stable Trend (December 18-25)
- 2023-11-21 SunSirs: Affected by the News of Resuming Work One after Another, the Magnesium Market Was Operating to Be Weaker (November 13-17)
- 2023-11-14 SunSirs: Insufficient Demand Support, Magnesium Prices Fluctuated Narrowly (November 6-13)
- 2023-10-18 SunSirs: Manufacturers' Willingness to Give Up Profits Increased, and Magnesium Prices Slightly Decreased (October 9-16)
