According to customs data, in August 2024, China's magnesium product exports reached 37,100 mt, up 7.8% MoM and 13.5% YoY. In August 2024, China's magnesium ingot exports were 20,246 mt, up 4.22% MoM and 32.50% YoY, with cumulative exports up 24.45% YoY.
Regarding export destinations, in July 2024, the main destinations for China's magnesium ingots included the Netherlands, South Korea, Canada, India, and Japan, accounting for about 56% of total exports. Exports to the Netherlands totaled approximately 4,235 mt, accounting for 21%, down 1.4% MoM; exports to South Korea were 1,927 mt, accounting for 9%, up 14.1% MoM; exports to Canada were 1,827 mt, accounting for 9%, down 17.1% MoM; exports to India were 1,820 mt, accounting for 9%, up 11.2% MoM; exports to Japan were 1,622 mt, accounting for 8%, up 23.4% MoM. Rotterdam, as an important export hub in Europe, saw a consecutive two-month decrease in magnesium ingot exports to the Netherlands. This was partly due to the European summer break and the August incident in Ukraine's attack on Russia's Kursk region, which further heightened concerns about insufficient natural gas supply in Europe and weak end-user demand, leading to a 1.4% MoM decrease in magnesium ingot exports. It is expected that with the end of the summer break in European countries, demand for magnesium ingots in the European market will see a slight rebound.
For other magnesium products, in August 2024, China's magnesium alloy exports were 8,896 mt, up 22.86% MoM but down 1.34% YoY, with cumulative exports down 10.27% YoY. During the same period, China's magnesium powder exports were 6,666 mt, down 0.34% MoM and 12.02% YoY, with cumulative exports up 13.13% YoY. According to SMM discussions with magnesium alloy producers, the overseas magnesium alloy market is experiencing a trend of de-magnesium due to significant fluctuations in magnesium prices, leading to a lack of confidence among overseas customers in the application of magnesium alloys, causing a contraction in the overseas market. On the other hand, SMM learned from magnesium powder export enterprises that global end-user demand is weak, coupled with the significant decline in domestic steel prices negatively impacting overseas steel mills, resulting in a decrease in their operating rates. In August, China's magnesium powder exports decreased by 12.02% YoY. However, due to the decline in raw material magnesium ingot prices, the overall demand for magnesium powder in the overseas market has greatly recovered.
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