SHANGHAI, Nov 24 (SMM) - According to the customs, China exported 24,329.4 mt of magnesium ingots in October, an increase of 43.8% MoM and 58.5% YoY; and the cumulative exports from January to October totalled 214,000 mt, an increase of 31.4% YoY.
Magnesium prices rose drastically in September in a short period of time owing to production cuts in major producing areas, creating great difficulties in delivering and taking orders among overseas traders. But the supply soon picked up as the manufacturers resumed production in the following month, hence easing market panics. And the downstream consumers with orders on hand decided to make purchases, which served as the major reason for recovering export in October.
The magnesium ingot exports are expected to maintain rapid growth in November amid correcting magnesium prices and the seasonal high of foreign trade in Q4.