On October 31, 2023, the cash and tax inclusive prices of magnesium ingots (99.9%, non acid washed, simple packaging) from various main production areas in China have been running smoothly, with an overall range of 21000 to 21200 yuan/ton, with actual orders mainly negotiated.
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The specific price ranges for each region are as follows:
Ex-factory spot exchange including tax in Fugu area is 20900-21000 yuan/ton; Current exchange in Taiyuan area is 21000-21100 yuan/ton; Current exchange in Wenxi area is 21100-21200 yuan/ton; The current exchange in Ningxia is 12800-12950 yuan/ton.
Magnesium ingots are native magnesium ingots according to the national standard (GB/T3499-2011); Non acid washed, non wooden pallets and non paid acceptance price, with actual order negotiation as the main approach.
Overview of the trend of metal magnesium in October
In October, magnesium ingot prices fell under pressure, with a cumulative decline of 3500 yuan/ton since the high point in late September. Downstream demand continued to be weak, and the supply and demand sides were relatively unbalanced. At the beginning of the month, the price of magnesium slightly decreased, and after the holiday, factory inventory slightly increased. Some manufacturers intended to sell at a profit. In the late middle of the month, news of the resumption of work in factories in the main production areas spread, further exacerbating the cliff like decline in magnesium prices. At the end of the month, the National Magnesium Industry Conference was held in Chaohu, Anhui, which boosted confidence in the magnesium market, but prices soon fell again.
According to the Commodity Market Analysis System of the Business Society, the average price in the domestic market on the 31st was 21166.67 yuan/ton, a decrease of 14.77% compared to the average market price of 24833.33 yuan/ton in early October (10.1); Compared to the beginning of the year (1.1), the average market price was 21700 yuan/ton, a decrease of 2.46%.
In terms of factories, magnesium factories have varying attitudes and market quotations are relatively chaotic. Due to the concentrated stocking of downstream users before the Double Festival in October, the market demand continued to be low after the festival, and some manufacturers were more proactive in lowering prices for shipments. But there are also some factories with obvious wait-and-see sentiment, and considering the current low prices, they will not provide a quotation for the time being.
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In terms of demand, there is a strong bearish atmosphere in the market. Since the National Day holiday, market transactions have been at a low level, and the supply of low-priced goods in the market is gradually increasing, with downstream customers pressing prices severely. And under the influence of “buying up instead of buying down”, downstream customers mainly operate cautiously.
In October, the spot price of ferrosilicon mainly decreased. The market quotation in Ningxia was around 6780-6900 yuan/ton, with an average market price of 6854 yuan/ton, a monthly decrease of 4.42%. The supply level of ferrosilicon itself is relatively high, and downstream consumption is still weak. The supply and demand sides are in a game stage.
The orchid charcoal market rose first and then fell in October. In the first ten days, mainstream calcium carbide enterprises in the downstream raised the purchasing price of blue charcoal by 79.1 to 80 yuan/ton, and blue charcoal enterprises gradually raised prices ranging from 30 to 80 yuan/ton, with the first round of price increases landing. Recently, the prices of raw materials have fallen, and the bottom support of blue charcoal has weakened. The bearish sentiment in the market has intensified. On the 27th, mainstream calcium carbide enterprises lowered the purchase price of small and medium-sized materials of blue charcoal by 40 yuan/ton. Affected by the continuous losses of downstream calcium carbide, the construction of calcium carbide enterprises has decreased, the demand for blue charcoal market has weakened, and the overall inventory of Fugu blue charcoal enterprises has increased. As of October 27th, the stock price in the Shenmu market has been lowered by 39.55 yuan/ton, with an execution of 1282.1 yuan/ton; Reduce the price of small materials by 39.5 yuan/ton and execute 1243 yuan/ton.
Future Market Forecast
Overall, the magnesium ingot market in October was affected by the continued weak downstream demand, and there was some pressure on supply, making it difficult to stop the decline and stabilize in the short term. At the same time, there is market news that there is a factory resumption plan, leading to optimistic expectations for future factory magnesium ingot inventory in the downstream. In the absence of positive news to boost, the magnesium ingot market may continue to operate in a weak consolidation mode.
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