Nov Magnesium Exports Rebound with Market Showing Healthy Operating Dynamics [SMM Analysis]

Christmas Season Order Release Coupled with Decline in Magnesium Prices Leads to Significant Recovery in Magnesium Product Exports in November

In November 2025, China's total export volume of magnesium products reached 38,900 tons, a month-on-month increase of 30.75%. The cumulative export volume for 2025 reached 408,800 tons, representing a cumulative year-on-year decrease of 2.88%. The export performance of the main product, magnesium ingots, recovered this month, with export volume rising 61.21% month-on-month to 22,200 tons, driving the overall recovery in magnesium product exports.

According to SMM research and analysis, the significant growth in overall exports in November was primarily driven by two factors:

First, November is a key node for overseas quarterly orders. Regions such as Europe, Japan, South Korea, and the Middle East concentrated on releasing orders to meet pre-Christmas stocking needs. Additionally, orders previously accepted by traders in the third quarter gradually entered the delivery period, jointly driving a synchronous increase in both newly signed orders and shipment volumes for the month.

Second, the policy environment in the export market has stabilized. Since late October, no new control measures have been introduced for magnesium product exports, and the market has gradually returned to normal. Simultaneously, the continued decline in domestic magnesium prices has enhanced the competitiveness of foreign trade quotations, prompting traders to actively quote. End-users also increased procurement taking advantage of the lower prices, further boosting the activity of the export market in November.

Magnesium Ingot Exports Surge Over 60% Month-on-Month; Magnesium Alloy Exports Remain High for Three Consecutive Months

Looking at different product categories:

Magnesium Ingots: The total export volume in November was 22,200 tons, an increase of 61.21% month-on-month. The cumulative export volume from January to November 2025 reached 229,700 tons, a year-on-year decrease of 5.15%. The significant recovery in export volume this month was partly due to the low base in the previous month, which reflected an atypical market performance, and partly supported by the pre-Christmas order stocking mentioned earlier.

By summing the export volumes of magnesium ingots from September to November and calculating the monthly average, the average export volume for the recent three months is 21,200 tons, slightly higher than the year-to-date monthly average of 20,800 tons for 2025, indicating signs of recovery in the export market in the second half of the year. However, the cumulative export volume still shows a year-on-year decrease of 5.15%, indicating that the overall export performance for the year still lags behind the same period last year.

Magnesium Powder: The export volume in November was 6,585 tons, a month-on-month increase of 31.23%. The cumulative export volume from January to November 2025 reached 67,700 tons, a year-on-year decrease of 11.69%. The delivery volume of magnesium powder export orders increased significantly this month, and the concentrated release of stocking orders in mid-November pushed the operating rate in the magnesium powder industry back to around 50%. Exports in December are also expected to continue the recovery trend. However, looking at the full year, the overall prosperity of the downstream steel market has been relatively low this year. In Europe, a major demand market, the shutdown of some local steelmaking enterprises has led to a further contraction in overseas demand, resulting in a significant shrinkage in the export scale of the magnesium powder market.

Magnesium Alloy: The export volume in November was 8,272 tons, a month-on-month decrease of 10.04%. The cumulative export volume from January to November 2025 reached 90,400 tons, a year-on-year increase of 2.65%. Although export volume declined slightly month-on-month in November, the overall export scale has remained at a high level since August, and the cumulative total for the year still shows a slight increase, reflecting sustained strong demand for magnesium alloys in overseas markets. This trend is mainly attributed to the further growth in demand for magnesium alloys in the die-casting and deep processing sectors, coupled with the recovery in the automotive industry in the second half of the year, which stimulated procurement enthusiasm in major markets like Europe.

However, we remain cautious regarding the incremental demand for magnesium alloys in new application areas overseas. The phased growth seen in the second half of the year does not equate to the release of stable, rigid demand, and its sustainability remains to be observed. Future attention should be paid to the driving effect of new technological breakthroughs and the expansion of specific application scenarios on actual demand.

The Netherlands Leads Magnesium Ingot Flows for Three Consecutive Months; Canada's Demand for Magnesium Powder Stands Out

In terms of export destinations, the Netherlands remains the most important export destination for magnesium ingots, with exports reaching 6,606.9 tons in November, maintaining a high level for three consecutive months. Additionally, exports to the UAE last month also achieved slight growth. The main reason is that regions like Europe and the Middle East commonly adopt a "quarterly ordering, monthly delivery" model. November coincides with the concentrated delivery period, coupled with pre-Christmas stocking demand, jointly driving the significant increase in export volume.

Regarding magnesium powder exports, Canada continues to maintain its position as a major demand country, with exports reaching 1,552.9 tons in November. Exports of magnesium powder to Europe also reached 1,080 tons during the same period. Magnesium alloy exports are still mainly destined for the Netherlands, with exports to the European region reaching 1,783.9 tons in November, reflecting growth in orders from this area.

Market Outlook

November serves as a key node connecting the delivery of third-quarter orders and the signing of new fourth-quarter orders. After experiencing the volatility of an abnormal surge in September and a sharp decline in October, overall export performance has tended to stabilize, and the acceptance of new overseas orders is good. Based on the current trend, it is expected that the export market will continue its positive development momentum in December.