In May, the price of magnesium ingot basically ran smoothly and fluctuated slightly.
According to data from business associations, the average market price of magnesium ingots on May 15 was 16900 yuan/ton, down 0.73% from 17,725 yuan/ton on May 1, and up 3.05% from the lowest price of 16,400 yuan/ton on January 9, 2019.
Since May, the price of magnesium ingots has fluctuated slightly, and the overall operation is relatively stable. It is reported that, on the one hand, based on the weak market demand, stable supply and demand, stable demand of downstream processing enterprises, a little stock in the early stage, more on-demand purchasing, magnesium prices rising weak; on the other hand, the main production area of magnesium ingot manufacturers inventory is not much, some manufacturers mainly pre-sale sales, spot inventory is not much, some manufacturers directly supply their own downstream factories, spot sales pressure. Not big, the manufacturers have strong willingness to bid.
Today’s cash tax quotation for magnesium ingots (99.9%, non-pickling, simple packaging) from major producing areas is as follows:
Fugu area has 16 650-16 900 yuan/ton of cash remittance with tax; Taiyuan area has 16 700-16 800 yuan/ton of cash remittance; Wenxi area has 16850-17 000 yuan/ton of cash remittance; Ningxia area has 16 700-16 900 yuan/ton of cash remittance.
Expected market outlook
Recently, the magnesium market has been on the low side, with few inquiries from magnesium enterprises in the main producing areas, mainly pre-shipment orders, and few new orders. Affected by poor downstream demand, some manufacturers have signs of downward shipment. However, based on the influence of raw material ferrosilicon and coal price factors, we will focus on the market to consider the changes of cost factors in the later period. It is expected that domestic magnesium ingot prices will be weak and stable in the short term.
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