Analysis of non-ferrous metals
| Project | Units | Week 4 of February | Week 1 of March | Week-on-week changes | Average price in February | Average price before March 6 | Month-on-month change | Current price as of March 3 |
|---|---|---|---|---|---|---|---|---|
| Shanghai Metals Market # Zinc ingots | Yuan/ton | 24453 | 24350 | Left 103 | 24540 | 24350 | Left 190 | 24210 |
| Shanghai Metals Network # Electrolytic copper | Yuan/ton | 101824 | 101582 | Left 242 | 101507 | 101582 | Write 75 | 101405 |
| Shanghai Metals Network Australia Mn46% manganese ore |
Yuan/ton | 42.45 | 42.89 | - | 42.45 | 42.89 | Write 0.44 | 43.65 |
| The price of imported refined iodine by Business Society | Yuan/ton | 635000 | 635000 | - | 635000 | 635000 | - | 635000 |
| Shanghai Metals Market Cobalt Chloride (co ≥ 24.2%) |
Yuan/ton | 116000 | 115900 | - | 116000 | 115900 | Left 100 | 115900 |
| Shanghai Metals Market Selenium Dioxide | Yuan/kilogram | 163.8 | 170.5 | Write 6.7 | 158.20 | 170.50 | Write 12.3 | 172.5 |
| Capacity utilization rate of titanium dioxide manufacturers | % | 70.38 | 72.24 | Left 1.86 | 72.12 | 72.24 | Write 0.12 |
1）Zinc sulfate
① Raw materials: Zinc hypooxide: Due to environmental impact, some rotary kilns in the northern region have not resumed production yet, the market supply remains in a tight balance, and production costs are difficult to be reduced.
Zinc network price background: Macro positive support: Centering on the formulation of the "15th Five-Year Plan", the country adheres to the strategic direction of expanding domestic demand and boosting consumption, injecting confidence into industrial metals, and macro sentiment supports zinc prices.
The fundamentals are gradually improving: The operating rates of downstream industries such as zinc plating, die-casting zinc and zinc oxide are steadily rising, the benefits on the consumption side are being realized, and the actual demand for zinc ingots is gradually recovering.
Supported by both macro benefits and consumption recovery, zinc grid prices are expected to rise slightly next week, with an estimated price of 24,500 yuan per ton.
② Sulfuric acid: The price of sulfuric acid jumped
Zinc sulfate is operating at 68% this week. There is little pressure on the supply side in the short term, which provides some support for the price. Due to the double impact of fluctuations in metal zinc prices and the expected increase in the prices of raw materials such as sulfuric acid and zinc hypooxide, there is a high possibility of price increase for the product.
Pay close attention to the price trend of raw material sulfuric acid. In a cost-push market, placing orders early to lock in costs is more certain than waiting for the market to cool down.
2）Manganese sulfate
Raw materials: ① Strong cost support: High raw material costs provide solid bottom support for manganese sulfate monohydrate prices. Manganese ore prices remain firm, solidifying the cost base
② Sulfuric acid prices rose again from before the holiday.
Supply side: Although operating rates and capacity utilization rates rose to varying degrees this week, it is expected that product prices will remain firm in the short term and have the possibility of continuing to rise.
It is recommended that customers lock in orders in a timely manner in light of the current inventory consumption and production plans. This move not only helps to avoid potential upward price risks in the future, but also effectively addresses the pressure of extended delivery cycles due to rising costs.
3）Ferrous sulfate
In terms of raw materials: Production cuts in the titanium dioxide industry have led to a contraction in the supply of its by-product ferrous sulfate. Meanwhile, raw material supply is the core contradiction in the current market. The existing supply of heptahydrate ferrous sulfate has been diverted by the lithium iron phosphate industry, further squeezing the supply of raw materials in the traditional sector. The supply of raw materials remains tight and keeps pushing costs up.
Operating rates rebounded to 80% (up 20% week-on-week), and capacity utilization was 23% (up 6% week-on-week). Despite the significant increase in operating rates, overall supply in the market remained tight due to abundant orders.
Supported by both low capacity utilization and tight raw material supply, ferrous sulfate prices are expected to remain high in the short term. Downstream enterprises are advised to maintain reasonable inventory levels in line with production plans to deal with possible supply fluctuations caused by tight raw materials and ensure production continuity.
4）Copper sulfate/basic copper chloride
Macroscopically: Escalating geopolitical conflicts in the Middle East have intensified market concerns over "stagflation", and risk appetite has cooled sharply; Global explicit copper inventories continue to accumulate at high levels and the supply and demand pattern weakens. Although there is a sentiment of holding prices on the spot side supported by costs and the premium has slightly strengthened, the actual demand from downstream has not been effectively released. The pre-Spring Festival stockpiling has overdrawn some demand, and the current high copper prices and premium have severely dampened the willingness of downstream enterprises to replenish inventories. The market's enthusiasm for receiving goods is low, and the passive accumulation of social inventories further confirms the weakness on the consumer side. The current trend of copper prices is mainly driven by macro sentiment. The geopolitical risk aversion has led to a downward shift in the asset price center, while copper itself has not seen substantial improvement in fundamentals: high inventory pressure remains to be relieved, the quality of consumption during the peak season remains to be verified, and although expectations of tight supply at the mine end remain unproven, it is difficult to offset the short-term negative demand. Overall, it is expected that copper prices will remain in a wide range of high fluctuations, with the risk of a downward shift in the center of gravity.
Fundamentals: On the supply side, imported supplies continue to arrive, and domestic supplies arrive steadily; On the demand side, downstream production is gradually resuming and consumption is picking up slightly. In terms of inventories, as of February 26, copper social inventories in major regions across the country rose by 4.56 percent compared with Tuesday.
Copper prices are expected to fluctuate in the range of 101,000 to 103,000 yuan per ton next week.
Copper sulfate prices are significantly affected by copper price fluctuations. It is suggested that downstream enterprises, in light of their own inventory situation, flexibly control the production rhythm and purchase at the right time to cope with the operating pressure brought by cost fluctuations.
5）Magnesium sulfate/magnesium oxide
In terms of raw materials: Currently, sulfuric acid in the north is stable at a high level.
Due to the post-holiday control of magnesite resources, quota restrictions and environmental rectification, many enterprises are producing based on sales. Light-burned magnesia enterprises have been forced to suspend production for transformation due to capacity replacement policies, and short-term productivity is unlikely to increase significantly. Due to the war, sulfur prices rose and sulfuric acid prices went up, providing favorable support for magnesium sulfate prices. It is recommended to stock up appropriately.
6）Calcium iodate
The price of refined iodine rose slightly, the supply of calcium iodate was tight, some iodide manufacturers were shut down or limited production, and the supply of iodide was tight. It is expected that the tone of a long-term steady and small increase in iodide will remain unchanged. It is recommended to stock up appropriately.
7）Sodium selenite
In terms of raw materials: The prices of non-ferrous metals have been continuously rising. The overall market volume of crude selenium and selenium dioxide has shrunk while prices remain stable. The supply of crude selenium and selenium dioxide in the market is tight. Due to capital speculation, the upstream supply of crude selenium and selenium dioxide has not been released, leading to a shortage of raw materials. The inventory of manufacturers is low, and prices have risen. Buy on demand.
8）Cobalt chloride
Most smelters are supported by tight raw material supply, and downstream enterprises' orders remain uncertain. Most are adopting a wait-and-see attitude, and the willingness to actively stock up after the holiday has not yet emerged. Only a few enterprises are making essential purchases and giving priority to low-priced sources in the market. In the short term, the market may be in a volatile adjustment phase of digesting social inventories. It is recommended to buy as needed.
9）Potassium chloride/potassium carbonate/calcium formate/iodide
1. Potassium chloride: The quote for potassium chloride dropped slightly this week. This is mainly reflected in the border trade of potassium. The price of potassium at northern ports has also dropped slightly affected by it. The market demand is weak and the current price acceptance of potassium chloride is poor. Recently, pay attention to policy guidance and market environment. The frequent news of production halts and limits of crude oil, urea, sulfur, etc. due to the Iran issue may have an impact on potash fertilizer. It is recommended to replenish as needed.
2. The price of formic acid rose last week mainly due to the launch of maintenance plans for large-scale facilities of production enterprises in Shandong region. It is expected that the price will strengthen in the short term and remain basically stable in the long term. Calcium formate prices rose slightly this week, and it is recommended to stock up according to demand.
3. Iodide prices remained stable this week compared to last week.
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Post time: Mar-12-2026
