According to the monitoring of the commodity market analysis system of Shengyi Society, the magnesium ingot market in Shaanxi Province fell this week (11.18-11.22), with an average market price of 17200 yuan/ton at the beginning of the week and 16766 yuan/ton at the end of the week, a decrease of 2.52%.
This week’s market analysis
The price of magnesium ingots continued to fall under pressure this week, and in the short term, the price has been lowered, almost reaching the freezing point in recent years. Some manufacturers have been reversed. The rapid decline in prices in the short term has an impact on the psychology of the industry.
Supply and demand side
The current situation of oversupply has not been alleviated, but the overall transaction situation in the market has improved compared to last week. After a deep correction in market prices, some wait-and-see customers entered the market to stock up. Afterwards, the price stabilized, and currently in the game between supply and demand, the market price is running weakly stable. Some manufacturers have prepared to reduce production to cope with the current cost inversion of magnesium prices.
comprehensive analysis
It is expected that it will be difficult for the magnesium market to improve in the short term without a positive boost. Considering that magnesium prices have fallen to factory costs, some factories are planning to shut down. Some factories have a high willingness to raise prices, and it is expected that the difficulty of further reducing the magnesium market will increase. The magnesium market may have a weak and stable operating trend next week, and we will observe the progress of demand follow-up and factory production reduction.
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