Trace Elements Market Analysis
The trace elements market continues to show high raw material prices, uneven demand recovery, and widespread cautious buying in the last week of May 2026. Non-ferrous metals have become more volatile due to macroeconomic interest rate expectations and overseas market sentiment. Below is a detailed analysis of key trace elements from raw material to outlook, helping feed additive manufacturers and procurement teams make informed decisions.
Overall Market Outlook for June–July 2026
The trace elements market in June and July is expected to remain a “high-cost-supported volatile market.”
Zinc sulfate and copper sulfate (closely tied to non-ferrous metals) will show more significant fluctuations.
Manganese sulfate, ferrous sulfate, and calcium formate (supported by tight supply) still have potential for upward price center shifts.
Downstream buyers will likely continue cautious, need-based purchasing. A broad market surge is unlikely, but individual product segments may see rapid increases due to supply tightness.
I. Analysis of Non-Ferrous Metals
1）Zinc sulfate
Raw material side: The transaction coefficient of zinc hypooxide remains high, and the production cost pressure on smelting enterprises is still quite obvious.
In terms of zinc prices, the market focuses on the subsequent monetary policy of the Federal Reserve and the trend of the US dollar, and macroeconomic bearish sentiment exerts some pressure on zinc prices.
Sulfuric acid: Domestic high remains stable, supported by demand for phosphate fertilizer and maintenance at some acid enterprises.
Supply and demand: The operating rates of downstream zinc plating, die-casting zinc and zinc oxide industries are at a relatively low level for the same period in the past three years, and the recovery of terminal consumption has fallen short of expectations. Social inventories remained high above 260,000 tons, putting pressure on prices.
Price judgment: Zinc prices are expected to remain volatile next week, with an average price reference of around 24,400 yuan per ton.
Suggestion: It is recommended to purchase in batches and control the risk of high inventory based on your own inventory cycle and order rhythm.
2）Manganese sulfate
Raw material side: Prices of sulfuric acid and manganese ore remain to support costs as profits are compressed to maintain low operating rates and delivery cycles are prolonged.
Market situation: Currently, the overall operating rate of the manganese sulfate industry is low, production costs for manufacturers continue to be under pressure, and delivery cycles for some enterprises have been extended.
Outlook: The tight supply pattern remains in the short term, and prices are expected to remain high.
Suggestion: It is recommended to lock in orders in advance, especially for large orders, the delivery date and raw material lock price should be confirmed in advance.
3）Ferrous sulfate
Raw material side: The operating rate of titanium dioxide enterprises has slightly rebounded compared with the previous period, but the heptahydrate ferrous sulfate is still significantly affected by the diversion from the lithium iron phosphate industry.
Supply and demand situation: Currently, there are limited resources of ferrous monohydrate available for feed and industrial markets, and overall supply remains tight.
Market situation: Quotations have slightly loosened recently, but the overall market remains at a high level. Keep an eye on changes in the lithium iron phosphate industry. If demand cools, the supply of ferrous monohydrate may ease.
Suggestion: It is recommended to purchase flexibly in line with production plans to avoid fluctuations in procurement costs due to concentrated replenishment.
4）Copper sulfate/basic copper chloride
Macroscopic plane:
The probability of a Fed rate hike in June rose from 32% to 41% (CME FedWatch), and market expectations of a rate cut within the year have largely vanished. The dollar index rebounded above 104.5, putting pressure on copper prices.
Evidence of mine strain:
Copper concentrate spot TC (processing fee) has dropped to $1.4 per tonne for the first time in history, indicating an extreme shortage at the ore end. But it will take 1-2 months for this to translate into refined copper production.
Domestic supply and demand:
Downstream: Copper rod weekly operating rate 67.2%, down 3.1 percentage points from the previous week; Wire and cable companies saw a decline in new orders and a strong wait-and-see attitude.
Inventories: 168,000 tons of copper on the Shanghai Futures Exchange, 139,900 tons in the major regions of SMM across the country, accumulated for two consecutive weeks, but the absolute level is still lower than the same period last year (192,000 tons).
Price range analysis:
Support: Shortage at the mine end + tight supply of scrap copper; Suppression: Macro negative + downstream fear of high prices. The core range is expected to be 103,000-104,000 yuan per ton next week, and extreme volatility could reach 102,500-105,000.
1) Current price trend
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.
5) 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.
6）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.
7）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.
8）Cobalt chloride
Market Analysis： The cobalt salt market is weak overall, with insufficient recovery in downstream demand and light trading.
[Later Forecast] There is still a possibility of a slight decline in prices in the future, but raw material quota restrictions provide bottom support for prices.
Procurement Suggestion ： It is recommended to maintain a low inventory operation and focus on essential procurement.
9）Potassium chloride/potassium carbonate/calcium formate/iodide
1. Potassium chloride: The potassium chloride market is deadlocked at high levels with narrow fluctuations, and trading is light. Port inventories have dropped to record lows, and traders are willing to hold prices. As spring plowing comes to an end, downstream compound fertilizers are being purchased as needed and not stockpiled. International large contract costs provide a floor, spot prices are unlikely to fall sharply; Weak demand and a lackluster rally will continue the pattern of price stabilization and wait-and-see in the short term. Prices are slightly lower than last week. Stock up as needed.
2. Formic acid has stabilized sideways in the past week as major manufacturers in Shandong have maintenance plans recently. 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.
Overall market trend forecast for June and July
It is expected that the overall market for trace elements will still be dominated by a "volatile market supported by high costs" in June and July. Among them, products such as zinc sulfate and copper sulfate, which are highly associated with non-ferrous metals, will show more significant fluctuations; While products such as manganese sulfate, ferrous sulfate and calcium formate, which are supported by tight supply, still have the possibility of an upward shift in their price centers. Downstream buyers are expected to continue with a cautious and essential purchasing pattern, and the market is unlikely to see a general surge, but some varieties may still experience a phase of rapid increase due to tight supply.
Stay tuned for weekly updates, and contact our team for customized procurement support for your feed additive production needs.
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Post time: May-28-2026
