China Magnesium ingot output in October and forecast for November

SMM data showed that China's magnesium ingot production in October was 55,000 mt, up 3.8% MoM but down 30% YoY, bringing total output in the first ten months of 2023 up to about 593,000 mt, down 27% YoY.

In October, production reduction situation of magnesium plants in the main production areas improved. There was restart of some magnesium plants and ongoing shutdown of some large ones. Inventory of magnesium plants in the main production areas dropped to a safe level. Given upcoming demand peaking in Q4, magnesium plants in other areas are expected to increase production. Therefore, the overall magnesium ingot production will probably increase to 56,000 mt in November.