SHANGHAI, Oct 26 (SMM) - According to customs data, China's magnesium ingot exports in September were 18,616 mt, down 13% on the month but up 11% on the year. The exports totalled 206,604 mt from January to September, up 8.8% year on year.
In September, China exported 4,763 mt of magnesium ingot to the Netherlands, accounting for 25%; 1,936 mt to India, accounting for 10%; 1,875 mt to Japan, accounting for 10%; 1,649 mt to Canada, accounting for 9%; 1,642 mt to Turkey, accounting for 9%.
Total magnesium ingot exports in September decreased 2,785 mt compared with the previous month. 6,356 mt of magnesium ingots were exported to Europe, down 250 mt compared with August. The exports to Canada and India fell more significantly by 753 mt and 662 mt respectively.
It is understood from domestic and overseas traders that, affected by the overseas summer break, the overall export volume declined as expected amid the low season, but the decline slowed down than in August. The impact of the energy crisis on the European magnesium market moderated. Regarding the exports of magnesium ingot in the fourth quarter, SMM believes that the export of magnesium ingots may shrink due to the poor macro environment. However, as the Chinese New Year is earlier this year, overseas may purchase in advance, which may support the increase of magnesium ingot exports in the fourth quarter. SMM will continue to pay attention to the export of magnesium ingots in the fourth quarter.
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