China Magnesium Ingot Exports in November Decreased by 31.7% YoY

SHANGHAI, Dec 26 (SMM) - According to customs data, China magnesium ingot exports stood at 24,702 mt in November, up 7.6% MoM and down 31.7% YoY. The exports totalled 254,272 mt in the first 11 months of 2022, up 1.5% on an annual basis.

In terms of export destinations in November 2022, the export volume to Netherlands stood at 6,972 mt, accounting for 28% of the total exports; Turkey 3,867 mt, accounting for 16%; UAE 2,057 mt, accounting for 8%; Canada 1,499 mt, accounting for 6%; and India 1,381 mt, accounting for 6%. 

According to SMM analysis, the export volume of magnesium ingots in November this year fell sharply compared with the same period last year for two reasons. On the one hand, the abnormal fluctuations in magnesium prices last year caused the delivery of orders in September and October to be postponed to November, resulting in a surge in domestic export volume last November. On the other hand, affected by the overseas energy crisis this year, the export orders have shown a weak trend since the beginning of the fourth quarter. Many foreign trade companies said that the orders they received were far below expectations. Judging from the weak transactions of export orders so far in December, it is expected that China's magnesium ingot exports in December will continue to slip sharply compared with a year earlier. SMM will continue to keep track of the subsequent changes in the foreign trade market.