Overview of magnesium metal trend in November
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In November, the daily average price of domestic magnesium ingots fluctuated between 22600-25000 yuan/ton, and the average price in the cycle was 24072.62 yuan/ton, with a rise and fall of – 7.17%. In the first half of the month, the price of magnesium ingots was stable and weak, and the overall price had become a downward trend. Supported by raw materials such as ferrosilicon and coal, magnesium plants had limited concessions. In the second half of this month, the demand continued to fail to follow up. In the absence of favorable factors in the market, the price of magnesium ingots fell under pressure. At present, the price has fallen back to the lowest level in recent three months.
According to the price monitoring of the business community, as of November 29, the taxable spot exchange in the magnesium ingot market was 22866.67 yuan/ton, down about 2000-2500 yuan/ton from the beginning of the month, a decline of 7.17% and 37.64% from last year.
Market analysis
Export
According to customs statistics, in October, China exported 22966 tons of magnesium ingots, an increase of 23.4% month on month, a decrease of 5.6% year on year, and an accumulative increase of 7.1% year on year. After three consecutive months of decline, the export volume of magnesium ingots rebounded significantly in October. Under the influence of exchange rate, foreign countries have a weak mood of preparing goods before the festival, and the export volume is expected to decline in November.
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Output
The output of magnesium ingots in China was 75100 tons in October and 756200 tons of raw magnesium from January to October, up 1.61% year on year. The output of Shaanxi in October was 45100 tons, up 0.45% month on month and 44.09% year on year; The output of Shanxi in October was about 18400 tons, up 39.39% month on month and 15.00% year on year.
Raw materials
Ferrosilicon rose 1.29% in November
In terms of ferrosilicon, the average market price in Ningxia was 8082.86 yuan/ton on the 29th, and the trend of ferrosilicon rebounded at the bottom in the early stage. In view of insufficient market demand, the transaction price of ferrosilicon weakened again. As the futures fluctuated before the end of the month, the spot price rose again.
In terms of coal, the price of raw coal is stable but weak. The loss scope of Lanzhou charcoal enterprises continued to expand, some enterprises lowered the factory price slightly, a few enterprises suspended sales, and the operating rate declined.
Future market forecast
To sum up, the magnesium ingot market is under pressure at present. In the short term, under the condition of poor demand, the manufacturers are in a strong shipping mood. The industry is less pessimistic than the future market, and the price of magnesium ingot will continue to decline.
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