China Magnesium Ingot Exports in Q1 Rose 17% YoY

SHANGHAI, Apr 21 (SMM) - According to China General Administration of Customs, in the first quarter of 2022, China's magnesium ingot exports totalled 69,182.65 mt, an increase of 17.11% over the same period last year. In March, China's magnesium ingot exports were 27,549.49 mt, up 17.32% YoY, of which exports to the Netherlands accounted for 33% of the total, Canada 9%, the United Arab Emirates 7%, Japan 6% and India 6%.

In March, the magnesium ingot imports by United Kingdom, Italy, Norway, Romania, the Czech Republic, Belgium, Austria fell generally, and only the Netherlands, Germany, Spain, Greece maintained positive growth, of which the Netherlands, as the world's largest magnesium ingot importer, imported 9,217 mt of magnesium ingot from China in March, an increase of 24.17% MoM.

On March 14, the Dutch TTF May contract of natural gas fell 17% during the session and ended at €95.62 per MWh, a new low since the outbreak of the Russia-Ukraine conflict.

Since the outbreak of the conflict between Russia and Ukraine, the market is closely watching the amount of gas delivered by Russia to Europe. Russia has unilaterally threatened to "cut off" the supply of gas, triggering a sharp rise in international gas prices. Some European aluminium plants said they have been adjusting their own production based on the cost.

Among them is the CEO of German aluminium manufacturer Trimet, Philipp Schlüter, who said in mid-March that he would reduce the production of the aluminium plant in Essen by 50% in the coming weeks due to high costs. SMM will continue to monitor the impact of energy price changes in European on the subsequent export volumes of magnesium ingots.