Market Overview: Demand Slows, Costs Remain Supportive
The trace elements market is showing a differentiated pattern: demand is braking, but costs still hold up.
- Manganese sulfate monohydrate orders remain saturated through the end of July.
- Zinc varieties face pressure from soaring ocean freight rates and the seasonal consumption off-season, yet cost support remains firm.
- Copper prices are strong and volatile, boosted by macroeconomic benefits.
- Minor varieties (calcium iodate, sodium selenite, cobalt chloride, ferrous sulfate) show weak supply-demand balance, with prices edging down.
Macro risks include the potential US-Iran deal, Federal Reserve interest rate policy games, and intensified volatility in export shipping markets.
| Units | Week 4 of May | Week 1 of June | Week-on-week Changes | May Average Price | Avg. Price for June (up to 5th) | Month-on-month Changes | Current Price as of June 9 | |
|---|---|---|---|---|---|---|---|---|
| Shanghai Metals Market # Zinc Ingots | Yuan/ton | 24,684 | 24,748 | ↑64 | 24,489 | 24,748 | ↑259 | 24,595 |
| Shanghai Metals Market # Electrolytic Copper | Yuan/ton | 104,710 | 105,538 | ↑828 | 104,740 | 105,538 | ↑798 | 104,170 |
| Shanghai Metals Australia Mn46% Manganese Ore | Yuan/ton | 45.76 | 45.75 | - | 45.09 | 45.75 | ↓0.27 | 45.75 |
| Business Society Imported Refined Iodine Prices | Yuan/ton | 635,000 | 635,000 | - | 635,000 | 635,000 | - | 635,000 |
| Shanghai Metals Market Cobalt Chloride (co≥24.2%) | Yuan/ton | 113,350 | 112,830 | ↓520 | 114,739 | 112,830 | ↓1,909 | 112,600 |
| Shanghai Metals Market Selenium Dioxide | Yuan per kilogram | 172.5 | 172.5 | - | 172.5 | 172.5 | - | 172.5 |
| Capacity Utilization Rate of Titanium Dioxide Manufacturers | % | 74.71 | 74.59 | ↓0.12 | 75.8 | 74.59 | ↓1.21 |
Zinc sulfate
On the raw material side: Sulfuric acid prices vary by region, zinc hypooxide coefficient is high, and cost support is strong.
Supply: Operating rate 74% (compared with ↑6%), orders booked until early July, capacity utilization 69%.
On the demand side: The feed industry purchases on demand, fertilizers are in the final stage of production, and exports have slowed due to soaring ocean freight rates.
Macro factors: U.S. non-farm payroll data for May exceeded expectations, interest rate cuts cooled, the dollar strengthened, zinc prices were under pressure; The domestic PMI dropped to 50.0% and new orders contracted, suppressing demand for non-ferrous metals.
On the fundamentals, terminal consumption is currently in a completely off-season, while zinc social inventories remain at a historically high level of over 260,000 tons, with inventory pressure remaining high and suppressing upside potential. Zinc concentrate processing fees continue to decline, and the cost pressure on the smelting end remains unabated, providing a solid bottom support for zinc prices, and the possibility of a significant drop is extremely low.
Price forecast: It is expected that zinc prices will fluctuate narrowly in the range of 24,500-24,800 yuan per ton, while zinc sulfate monohydrate prices will remain stable.
Customers are advised to purchase on demand.
Manganese sulfate
Raw material side: Manganese ore prices remain stable, while sulfuric acid prices surge again in some areas.
Supply side: Operating rate 81% (down 7 percent from the previous month), orders booked until the end of July.
Feed is being purchased on demand, fertilizers are in the final stage, and export demand remains strong.
Macro factors: Fluctuations in the export sea freight market need to be paid attention to. A sharp increase or decrease in freight rates will affect the shipping rhythm.
Price forecast: Prices are stable. It is recommended to lock orders in time to avoid the peak delivery period.
Ferrous sulfate
Raw material side: Cost support is average.
Supply side: Operating rate 60% (down 20%), orders 15-20 days, order support weakened.
Demand side: Some manufacturers take orders at low prices, and demand continuity is poor.
Macro factors: No significant impact.
Price forecast: Price pullback, further decline not ruled out.
Copper sulfate/basic copper chloride
Raw material end: Tight supply of etching solution, more flowing to intermediate products such as sponge copper, the share used for copper sulfate is narrowing.
Supply side: Operating rate 100% (flat), capacity utilization 45% (flat).
Macro factors: Expectations of a U.S. refined copper tax increase resurface, intensifying supply concerns in non-U.S. regions and boosting copper prices; A pullback in the domestic PMI dampened demand for metals.
On the fundamentals, on the supply side, both imported and domestic sources have arrived at low levels, and the market supply is tight. On the demand side, essential purchases are dominant.
Price forecast: Copper prices are expected to fluctuate strongly, with a core range of 105,500-107,500 yuan per ton, and copper sulfate prices will increase by 200 yuan per ton.
Suggestion: Purchase flexibly based on production rhythm and inventory.
1) Current price trend
2) Copper price trend over the past five years (2021-2026) : Summary of the five-year trend: Rise - pullback - consolidation - re-breakthrough - High-level fluctuation. It is currently at its highest point in nearly five years.
Magnesium sulfate/magnesium oxide
In terms of raw materials: Magnesium oxide has seen a slight increase recently, supported by raw materials and environmental protection.
Sulfuric acid in the north is currently stable at a high level. Magnesium sulfate is consolidating at a high level, while magnesium monohydrate is rising steadily. The peak season for aquaculture has bottomed out, raw material and energy costs are high, short-term market is strong and volatile, and it is more likely to rise than fall in the future market. It is recommended to replenish stocks in batches as needed.
Calcium iodate
Market analysis: Refined iodine prices are stable, manufacturers supply is normal, and downstream purchases are mainly for essential needs.
Later forecast: Prices are expected to remain stable in the short term with limited room for fluctuation.
Buying advice: Buy as needed, no need to stockpile in large quantities.
Sodium selenite
Prices are gradually falling from their highs and demand is low
Operating rate: 100%, capacity utilization rate: 24%, flat from the previous month.
The price of sodium selenite was at a nearly two-year high in March and gradually declined in the second quarter, coupled with sluggish downstream demand.
Operation advice: Purchase flexibly based on production rhythm and inventory.
Cobalt chloride
Over the past week, cobalt salts have been weak and trading has been light. Cobalt sulfate continued to weaken, with more low-priced supplies; Cobalt chloride is also weak. Tight raw material supply supports prices, but weak downstream demand, mainly inventory reduction and sporadic essential replenishment, with a strong wait-and-see attitude, and short-term weak fluctuations continue. It is recommended to purchase on demand.
Potassium chloride/potassium carbonate/calcium formate/iodide
1. Potassium chloride: In the past week, cobalt salts have been weakly declining and trading has been sluggish. Cobalt sulfate continued to weaken, with more low-priced supplies; Cobalt chloride is also weak. Tight raw material supply supports prices, but weak downstream demand, mainly inventory reduction and sporadic essential replenishment, with a strong wait-and-see attitude, and short-term weak fluctuations continue. It is recommended to purchase on demand.
2. The price of formic acid has been stable over the past week, with a flat demand and limited fluctuations. Feed-grade calcium formate costs and tight spot prices supported the price, and it was strong in the short term. It is recommended to stock up based on demand.
3. Iodide prices remained stable this week compared to last week.
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Post time: Jun-11-2026
