SunSirs: Limited Upside Potential for Magnesium Ingots in the Future Market
May 09 2023 14:04:31
Latest price of magnesium (5-8): 27433.33 RMB/ton, bullish in the future
Analysis points: On May 8th, the average price of domestic magnesium ingot market increased by about 3500 RMB/ton compared to the previous trading day. Stimulated by the news of the rectification of Fugu Orchid Charcoal over the weekend, the price of magnesium ingots significantly increased on the 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 orchid charcoal furnaces. It is reported that relevant policies will be introduced on the 10th of this month, and substandard orchid charcoal 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. Affected by policy, it is expected that the short-term price of magnesium ingots will continue to be strong and upward. However, there are not many high priced transactions in the current market, and downstream users are temporarily watching the market.
Future prediction: Due to the cautious attitude of demand side customers, the potential for magnesium ingots to rise in the future 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)
