For the magnesium ingot industry, 2023 is an extraordinary year. Overall, throughout the year, Magnesium Ingot Price maintained a downward price trend due to the impact of the global economic environment. Not only that, but production has also shrunk. At the same time, both the domestic and export markets for magnesium ingot products have shrunk.
According to the data, China’s magnesium ingot production in 2023 will total 800,000 tons, a decrease of 13.8% from the previous year. Exports for the whole year were 210,000 tons, a decrease of 18.3%. If we look at the value of goods, the decline is even greater, almost only half of the value in 2022. At the beginning of the year, the average price of magnesium ingots in China was around 3,300 USD per ton. It then gradually declined, and by March the Magnesium Ingot Price had fallen to around 3,000 USD. In April and May, some magnetium ingot factories tried to increase prices due to policy influence. At the same time, as the international market released some demand, the export price of magnesium ingots rose to US$3,600. It then gradually declined, falling to around $2,900 by the end of the year.
Magnesium Ingot Price Forecast
The magnesium ingot market has formed a pattern of falling volume and price, revealing the intensifying contradiction between supply and demand within the industry. On the supply side, Magnesium Ingot Manufacturer may face pressure to reduce or suspend production. This is due to factors such as capacity adjustments, stricter environmental protection policies, and fluctuations in raw material costs. Therefore, the market supply has declined to a certain extent.
On the other hand, demand in downstream markets is relatively weak. Against the background of the complex and ever-changing global economic situation, especially the increase in uncertainty in the international trade environment, the procurement demand of downstream users such as automobile manufacturing, aerospace, electronic equipment and other industries has weakened, both for Magnesium 99.9 and 99.95, as a result, it has directly led to the demand for magnesium ingot raw materials.