As we step into the first week of June 2026, the market for trace elements – critical components in animal feed – is showing a mixed pattern. While downstream demand is softening in certain segments, raw material costs remain stubbornly high, creating a complex landscape for feed additive buyers and manufacturers.

Based on the latest market analysis, here is a breakdown of key trace elements and what feed producers should expect in the coming weeks.

Overall Market Highlight

The market is currently characterized by “demand braking, costs holding up.”
Orders for manganese sulfate monohydrate remain solid through late July. Zinc sulfate faces headwinds from rising ocean freight rates and off-season consumption, yet cost support persists. Copper prices are strong and volatile, boosted by macroeconomic tailwinds. Minor varieties such as calcium iodate, sodium selenite, cobalt chloride, and ferrous sulfate show weak equilibrium, with prices stable.

Macro risks include the potential US-Iran deal and Fed interest rate policy shifts, plus volatile export shipping markets.

	Units	Week 3 of May	Week 4 of May	Week-on-week changes	April average price	May average price	Month-on-month change	Current price as of June 4
Shanghai Metals Market # Zinc ingots	Yuan/ton	24,564	24,684	↑120	23,727	24,489	↑762	24,830
Shanghai Metals Market # Electrolytic Copper	Yuan/ton	104,234	104,710	↑476	100,316	104,740	↑4,424	105,210
Shanghai Metals Network Australia Mn46% manganese ore	Yuan/ton	37.6	37.6	-	45.09	37.85	↓7.24	38.8
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	114,950	113,350	↓1,600	115,531	114,739	↓792	112,600
Shanghai Metals Market Selenium Dioxide	Yuan per kilogram	172.5	172.5	-	172.50	172.5	-	172.5
Capacity utilization rate of titanium dioxide manufacturers	%	75.78	74.71	↓1.07	71.78	75.8	↑4.02

Zinc sulfate

Raw material side: Sulfuric acid prices remain high and stable, zinc oxide coefficient is high

Supply: Operating rate 68% (flat), capacity utilization 69% (↓2%), orders booked until early July

Demand: The feed industry purchases on demand, and fertilizers are in the final stage; Exports have slowed down due to soaring ocean freight rates, but earlier orders are still supported

Macro factors: Deepening expectations of a deal between the US and Iran, PCE data in line with expectations, boosting zinc prices; But social inventories of zinc ingots exceeded 260,000 tons, and downstream galvanizing production was reduced during the off-season

Price forecast: Macro benefits provide bottom support, but weak fundamentals suppress upside space. The average zinc price is expected to be around 24,600 yuan per ton next week, with flexible purchases based on inventory

Manganese sulfate

Raw material side: Manganese ore prices remain stable, sulfuric acid prices remain high.

Supply side: Operating rate 88% (↑7%), orders booked until the end of July, delivery tight.

Feed demand is sluggish and fertilizers are in the final stage; Export demand remains strong, boosting overall demand.

Macro factors: Fluctuations in the export shipping market may affect the shipping pace.

Price forecast: Saturation of orders supports stable prices, and prices are expected to weaken later.

Purchasing suggestion: Lock in orders in a timely manner and avoid peak delivery periods.

Ferrous sulfate

Raw material side: Ferrous heptahydrate is being diverted by other industries, prices remain firm, and raw material side support is strong.

Supply side: Operating rate 80% (flat), capacity utilization rate 23% (flat).

Demand: Prices have stopped falling and stabilized supported by raw materials, but specific demand is not specified.

Macro factors: No obvious direct impact.

Price forecast: Strong raw material support and stable prices. Prices are expected to be weak in the later period

Trading advice: Buy as needed.

Titanium dioxide production capacity utilization rate

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).

Demand: The temporary pullback in copper prices has boosted downstream stockpiling willingness, and market trading has picked up.

Macro factors: The framework of the memorandum of understanding reached between the US and Iran benefits copper prices; The Fed's expectation of maintaining interest rates is bearish for metals, but copper is stronger on the macro positive.

Price forecast: Copper prices are expected to fluctuate strongly next week, with a core range of 104,500-105,500 yuan per ton.

Trading advice: Buy as needed.

1) Current price trend

Shanghai Metals Market Electrolytic Copper

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

Market analysis: Crude selenium and selenium dioxide prices remain weakly stable, overall demand is weak.

Later forecast: It is expected that the short-term consolidation will remain weak and stable, and there will be no obvious upward momentum in prices.

Purchasing advice: It is recommended to control the inventory cycle to avoid capital build-up.

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: Cobalt salts have been weakly down and trading has been light over the past week. 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. In the past week, formic acid has remained stable. Recently, major manufacturers in Shandong have maintenance plans. Feed-grade calcium formate rose steadily along with raw material support, with tight spot prices and significant price holding, and is more likely to rise than fall in the short term. It is recommended to stock up based on demand.

3. Iodide prices remained stable this week compared to last week.

Conclusion for Feed Additive Buyers

The trace elements market in June 2026 presents a mixed bag:

Manganese sulfate remains the tightest, with orders through July.
Zinc sulfate faces macro support but weak demand.
Copper sulfate benefits from price dips that encourage stocking.
Minor elements (iodate, selenite, cobalt) remain stable but weak.

Key risks: Ocean freight volatility, US-Iran deal developments, and Fed policy stance.

For feed additive manufacturers and buyers, flexible, inventory-based purchasing is recommended across most varieties, while locking in manganese sulfate orders early to avoid delivery delays.