Magnesium Ingot Prices in 2024 and Price Analysis

The Current Price of Magnesium Ingot

The price of magnesium ingots is 18,100-18,700 yuan. The operating rate of magnesium enterprises has rebounded in May, and there is still a certain sales pressure on the supply side, but the price of 75 ferrosilicon has been rising this month, from 7,200 to 7,900 yuan and above.

The increase in costs has made enterprises have a clear mentality of supporting prices, but the sustainability of high-level transactions is general. The supply and demand are in a stalemate, and the magnesium price fluctuates upward.

The Price of Magnesium Ingot

Magnesium IngotGradePrice
Magnesium Ingot99.918700
Magnesium Ingot99.918900
Magnesium Ingot99.9519000

The Export Price of Magnesium Ingot

In May, the price of magnesium ingots fluctuated upward, driving up export quotations, but according to feedback from traders: the order situation in June was not good. On the one hand, shipping costs increased, and on the other hand, order prices were relatively low.

The Prices of Ferro Silicon

In May, driven by favorable macro news, continued tight spot supply, and rising steel bid prices, ferrosilicon prices continued to rise. At the end of the month, affected by the State Council’s notice on the “2024-2025 Energy Conservation and Carbon Reduction Action Plan”, the market rose sharply, stimulating spot price increases. Factory profits improved and production continued to increase.

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.

At the end of the month, the mainstream market price of 72# was 7400-7700 yuan, and 75# was 7900-8000 yuan/ton for natural blocks, an increase of 800-1000 yuan/ton from April.

The Outlook of Magensium Ingot

Terminal demand performed mediocre in May, and the downstream’s ability to follow up at high levels is still lacking. The current market focus is on the ferrosilicon market, and factories have limited room for profit concessions. The base price of magnesium ingots still has an upward trend, but after entering June, the traditional off-season will also be approaching. It is also necessary to pay attention to the maintenance of magnesium companies and whether macroeconomic policies can have a positive impact. The room for magnesium prices to fluctuate is limited.

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