Magnesium ingot market in week of 21, 2024

According to market research, the price of silicon iron in the main production area of Fugu continued to rise last Saturday, and the supply of goods was relatively tight. The magnesium ingot market was affected by increased costs, and on Saturday, the magnesium factory's quotation was raised to a spot exchange rate of 18400-18500 yuan/ton including tax. The market opens on Monday, and the mainstream factory prices in the Fugu area are basically 18500 yuan/ton including tax in spot exchange. It is reported that some factories shipped at a price of 18400 yuan/ton early in the morning, but the price quickly increased after a small amount of shipment.
At present, the supply and demand side is relatively stable, and the supply side factories are supported by the cost side. The market quotation is mainly firm, and there are not many low-priced sources of goods. On the demand side, due to the initial increase in market prices, many customers are still on the sidelines, and the market transaction situation may further clarify in the afternoon or the day after tomorrow. Both supply and demand sides will also flexibly adjust subsequent operations based on changes in market conditions.
Overall, the magnesium market has been supported by the increase in raw material silicon and iron, as well as the impact of some external orders at the end of the month, which has boosted the mentality of the supply side, and the market quotation has remained strong with a slight increase. Whether the price of magnesium can continue to rise in the future mainly depends on the actual follow-up of downstream procurement. It is expected that the magnesium market will operate in a strong trend this week. Focus on subsequent market transactions and changes in the raw material ferrosilicon market.