On October 8th, the International magnesium Association ((IMA)) issued a public notice expressing deep concern about the unsustainable rise in the price of raw magnesium metals. IMA said IMA was working with its global industry partners to express these concerns and to encourage and support industry changes to increase magnesium capacity and bring prices back to a reasonable range.
A variety of factors restrict the global supply of magnesium metal, leading to a sharp rise in prices. Actions to reduce power consumption in several Chinese provinces are having a global impact on a wide range of industries, including the production of energy-intensive primary metals. China's efforts to reduce energy consumption by power cuts are expected to be temporary when addressing issues related to coal supply, air quality and carbon emissions. Since more than 85 per cent of the world's magnesium production is based in China, IMA called on Chinese authorities to allow greater flexibility for magnesium producers and smelters to restart production to meet market demand, which would also ensure the long-term viability of the magnesium industry.
Lightweight magnesium metal is an important material in automobile, transportation, aerospace and other industries, which is very important for the production of aluminum alloy and steel. IMA is concerned that the prolonged disruption in magnesium production will have a lasting impact on the global economy.
IMA supports efforts to modernize magnesium production and advocates increased use of lightweight magnesium components to reduce carbon emissions in the automotive and transportation sectors. IMA appreciates the industry's ongoing efforts to diversify the production of magnesium and reduce carbon emissions in the production process.
IMA hopes to tell its members and relevant downstream industries that the magnesium Association will continue to pay attention to this situation. IMA insists that the rise in magnesium prices at this level will be short-term and that the price and supply of magnesium will return to a more normal state in the second quarter of 2022.
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