[SMM Data] China’s magnesium alloy monthly operating rate in January 2024

In February, the operating rate of copper pipe & tube producers was 70.28%.The operating rate of copper pipe & tube enterprises in March 2025 is expected to be 82.33%.

According to SMM survey of 50 EF steel mills that mainly produce construction steel, their operating rates was 40.94%, down 1.26 percentage points WoW, as of March 19.

Operating rate of BFs was 89.45% on March 20, up 0.3 percentage points WoW, SMM survey showed.

In January, the average monthly price of 9990 magnesium ingots in the main producing areas was 20,190 yuan per ton, down 1.2% month-on-month. Looking back at January: At the beginning of the month, bearish sentiment still prevailed in the magnesium market, with prices continuing their downward trend from the previous year, falling to 20,100 yuan per ton, once again approaching the cost margin, leading to an increase in the willingness of magnesium plants to support prices; In mid-Jan, pre-spring-festival stockpiling makes the market price went a bit higher; Now, domestic 9990 magnesium ingots prices reduced to around 20100 again.

On January 31, the operating rate of BF steel mills was 88.55%, up 0.15 percentage points WoW, SMM survey showed.

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Overnight, the U.S. trade deficit narrowed in November as domestic demand slowed, causing imports of consumer goods to reach their lowest level in a year. The U.S. Department of Commerce’s Bureau of Statistics said the trade deficit shrank 2.0% in November to $63.2 billion. It is understood that economists had previously predicted that the deficit would increase to US$65 billion. If this trend continues in December, trade may have no effect on economic changes in the fourth quarter.