Overall market sentiment remains mixed. Global demand diverges sharply: manganese products stay buoyant on strong exports, while most other trace elements face sluggish domestic consumption, typical off-season weakness in downstream feed and fertilizer sectors. Buyers stick to hand-to-mouth purchasing, keeping sulfate prices largely stable across the board.
Below we break down the latest price movements, supply-demand fundamentals, and near-term outlook for key feed additive raw materials.
Zinc sulfate
Raw material side: Sulfuric acid prices remain high and stable.
Supply side: Operating rate 53% (↓15%), capacity utilization rate 59% (↓10%).
Demand: Off-season for feed and fertilizer industries, exports suppressed by high ocean freight rates
Macro factors: The US-Iran talks and expectations of Fed rate hikes have been digested, zinc prices have a neutral impact
On the fundamentals, the consumer side was weak. After the May Day holiday, social inventories of zinc ingots remained at a high level, above 260,000 tons. The raw material side provided bottom support. This week, processing fees for zinc concentrate dropped further from -50 yuan last week to a record low of -200 yuan. If processing fees continue to fall, some smelters may cut production due to expanding losses, which will limit the downside of zinc prices.
Price forecast: Supported by raw material costs, zinc prices are expected to rise slightly next week, around 24,700 yuan per ton, up slightly from this week. But the off-season consumption and high inventories will suppress the extent of the rebound, and the increase will be limited. The rebound in zinc network prices will support the cost of zinc sulfate, and the price trend of zinc sulfate will still depend on downstream demand and the recovery of export orders.
The recovery of zinc grid prices supports the cost of zinc sulfate, and the price trend of zinc sulfate still depends on the recovery of downstream demand and export orders.
Advice: Buy as needed based on your own inventory.
Manganese sulfate
Raw material side: Manganese ore prices fall by 1-3 yuan per tonne, sulfuric acid is supported at a high level
Supply side: Operating rate 81% (down 7% month-on-month), orders booked until mid-August, delivery tight.
On the demand side, export demand remains strong and has become the main driving force for overall demand.
Macro factors: The macro metal atmosphere is bearish, but the impact on manganese-based products is relatively small, with exports dominating.
Price forecast: Exports are strong and quotations are firm. It is recommended to lock in orders in time.
Ferrous sulfate
Raw material side: Cost support is average.
Supply side: Operating rate 60% (down 20%), orders 15-20 days, order support weakened.
Demand: Weak continuity of demand and insufficient new orders
Macro factors: The macro environment has an indirect impact on low-value products. The main contradiction lies in the imbalance between supply and demand within the industry itself.
Price forecast: Backlog of inventory, weak orders, and the possibility of further decline is 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).
Factors: Macroscopically, the signing of a memorandum of understanding between the US and Iran and the easing of the risk of geopolitical conflict are gradually being digested by the market. The Fed's decision to keep interest rates unchanged this time has raised market expectations of rate hikes, suppressing copper prices.
In terms of fundamentals, supply-side spot circulation remains tight; On the demand side, overall transactions were light, with only essential purchases maintained.
1) Current price trend
3) Outlook for future trends:
The price of copper sulfate is likely to fluctuate with the copper net price, but the actual increase or decrease needs to be judged in combination with the supply of raw materials (the flow of etching solution), the comprehensive cost of manufacturers and the purchasing intention of downstream. Supported by the cost side, the reduction in copper sulfate prices is usually smaller than the decline in copper network prices, showing a certain degree of resilience.
Price forecast: Against the backdrop of negative macro factors, it is expected that copper prices will remain weak and volatile next week, with a core range reference of 104,500 to 105,000 yuan per ton.
Suggestion: Purchase flexibly based on production rhythm and inventory.
2) Copper price trend over the past five years (2021-2026) : Summary of the five-year trend: Upward - pullback - sideways - breakout again - High consolidation. 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
During the off-season of demand, prices continue to bottom out
and operate: 100% operating rate, 24% capacity utilization rate, flat compared with the previous month.
Prices are falling and further declines are not ruled out
. Trading advice: Purchase flexibly based on production rhythm and inventory.
Cobalt chloride
Cobalt salts are generally weakly oscillating. Cobalt sulfate was flat for the week; Cobalt chloride shifted its center of gravity downward. Earlier, a concentration of cobalt intermediates arrived at ports to ease raw material shortages, while downstream lithium battery demand was weak and only small orders for essential needs were purchased, resulting in sluggish transactions and a strong wait-and-see sentiment. It is recommended to purchase on demand.
Potassium chloride/potassium carbonate/calcium formate/iodide
1. Potassium chloride: Last week, the stock of potassium chloride in ports continued to increase compared with the previous week and increased significantly compared with the same period last year. The available supply is actually limited for the time being, and the pressure on traders to sell is limited, especially when major traders start to hold prices. The increase in the guidance prices of urea and ammonium phosphate has provided positive support on the sentiment side. The cost of potassium sulfate in the international market remains high and difficult to fall. Some manufacturers have slightly raised the price, and there will be short-term fluctuations and adjustments. Stock will be replenished as needed.
2. The price of formic acid has remained stable over the past week, with strong 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-26-2026
