SHANGHAI, Apr 29(SMM) - According to customs data, China exported 37,825 mt of magnesium alloy in the first quarter of 2022, of which 16,257 mt of magnesium alloy exports in March, up 54.9% on the month.
Of the total exports in Q1, the Netherlands accounted for 22%, with a total of 8,271 mt; Canada accounted for 17%, with a total of 6,568 mt; the Czech Republic accounted for 10%, with a total of 3,666 mt; and Taiwan, China accounted for 5%, with a total of 2,468 mt.
From the export volume in March, exports of magnesium alloy in Taiwan showed a large increase. Imports of magnesium alloy in Taiwan reached 1,506 mt in March, a month-on-month increase of 187%.
From sales staff of a large domestic magnesium alloy plant, the plant is operating at full capacity and overseas orders have been scheduled to late May. With high overseas demand, orders of some small and medium-sized magnesium alloy factories also increased from a year ago.
The transport restrictions caused by the pandemic dragged down the operating rates of the terminal plants. Coupled with the high prices of magnesium ingots, domestic trade of magnesium alloy continued to be sluggish. The high inventory of magnesium supported the prices, boosting the bearish sentiment in the market. If the magnesium prices fall, domestic demand for magnesium alloy is expected to increase as the costs reduce. SMM will continue to focus on the magnesium alloy spot transactions.
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