Magnesium Ingot Price Analysis In 2023 and Outlook In 2024

In 2023, the price of magnesium ingots has been as high as 28,500 yuan and as low as 19,900 yuan, with an average value of 21,947 yuan. Due to the reduction in domestic and foreign terminal demand, magnesium prices have always been difficult to improve. However, the long-term supply reduction in the second half of the year has led to a decline in social inventories, which has also given the market a certain degree of confidence.

In 2023, the price of magnesium ingots has been as high as 28,500 yuan and as low as 19,900 yuan, with an average value of 21,947 yuan. Due to the reduction in domestic and foreign terminal demand, magnesium prices have always been difficult to improve. However, the long-term supply reduction in the second half of the year has led to a decline in social inventories, which has also given the market a certain degree of confidence.

First quarter: Affected by the epidemic, many downstream companies went on holiday ahead of schedule. During the Spring Festival, customers’ purchasing intentions were sluggish. Demand has not yet recovered in February, and social inventories continued to accumulate. By March, the oversupply problem in the magnesium ingot market became more apparent, and prices The price briefly fell to this year’s lowest price of 19,800 yuan, and as a result, some factories advanced their plans for maintenance and production reduction.

Second Quarter: From time to time in April, the market heard news about the rectification and dismantling of Lantan at the end of April. Downstream customers’ concerns about the policy caused the magnesium price to rise sharply, reaching a maximum of 29,000 yuan. However, the panic caused downstream was no longer as high as on September 21, after late May, 14 magnesium companies involved in rectifying blue carbon in the main production areas began to suspend production. The time for the resumption of production is unknown. The mood of the magnesium market returned to rationality, and the transaction price hovered around 20,000-22,000 yuan.

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Third Quarter: After the rectification factory stopped production for some time, the output of magnesium ingots dropped significantly in the third quarter, and the high social inventory accumulated in the early stage was also consumed. The factory quotations gradually strengthened, which also laid the foundation for the price increase in the peak season of August and September. Base. Looking at the market, most of the opportunities for magnesium ingot price increases in 2023 were during pre-export shipment procurement and domestic trade replenishment.

Fourth quarter: Before the National Day, the market had good expectations for the market outlook, and many trading companies were stocking up. After the National Day, the price of magnesium ingots fell by 3,400 yuan that month. After the most anticipated gold, nine, and silver ten prices in the second half of the year, the magnesium market trend was not as good as expected, further dampening practitioners’ confidence. During the period from November to December, although the factory had the mentality of protecting and stabilizing prices many times after the news of the rectification of the production area came out, downstream customers maintained a bearish sentiment on the market outlook. In the fourth quarter, the magnesium price weakened from 24,300 yuan to 20,300 yuan.

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