Magnesium Price Trend

Magnesium Prices December 2023

The magnesium prices in Canada for Q4 2023 reached 1267 USD/MT in December. The market in region saw price fluctuations mirroring trends from Asia. Disparate movements in upstream costs and modest downstream demand led to a volatile market. The period was also marked by logistical challenges that hindered growth, yet the market in general remained relatively stable despite these fluctuations.

Magnesium Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Magnesium Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of magnesium pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of magnesium at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of magnesium price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing magnesium price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Magnesium Market Analysis

The global magnesium market size reached 940 thousand tons in 2023. By 2032, IMARC Group expects the market to reach 1194.71 thousand tons, at a projected CAGR of 2.70% during 2023-2032.

• The automobile industry is increasingly using magnesium alloys to reduce vehicle weight and increase fuel efficiency. Magnesium's lightweight quality helps to reduce emissions and improve performance, harmonizing with the industry's drive toward environmentally friendly solutions and severe emission requirements. Furthermore, the Organisation Internationale des Constructeurs d'Automobiles (OICA) predicts that worldwide passenger vehicle manufacturing will top 50 million units in 2022, up 9% from the previous year. Beyond that, the commercial vehicle market is predicted to grow at a 3.6% annual rate, reaching USD 1114.2 billion in 2032. This trend is projected to drive up demand for magnesium and related products in the near future.
• Magnesium is commonly employed in the electronics sector to make lightweight and long-lasting components such as laptop cases, mobile phones, and cameras. Magnesium demand in this industry is predicted to rise as consumer electronics grow in popularity and manufacturers emphasize portability and durability. Additionally, the ongoing trend toward downsizing and advancements in electrical design support this demand.
• The construction industry makes use of magnesium compounds, such as magnesium oxide boards, because of their fire resistance, insulating capabilities, and environmental benefits. The global building construction industry is expected to grow by 5.13% between 2024 and 2032. Furthermore, the real estate business is expected to reach $562 billion by 2032, with an annual growth rate of 8.03%. With rapid urbanization and infrastructure development, particularly in emerging economies, there is an increasing demand for sustainable and efficient building materials.
• Magnesium plays a critical role in the healthcare and pharmaceutical industries. It is a vital nutrient used in dietary supplements and medications to treat various health conditions, including cardiovascular diseases, osteoporosis, and migraines. As awareness of magnesium's health benefits grows and the global population ages, the demand for magnesium in supplements and pharmaceuticals is increasing. Furthermore, the healthcare expenditure is rising globally, providing additional impetus to the demand for these supplements. For example, in 2022, general government health spending in the European Union (EU) was €1221 billion, or 7.7% of GDP. Additionally, US healthcare spending increased by 4.1% to $4.5 trillion, or $13493 per person.

Magnesium News

The report covers the latest developments, updates, and trends impacting the global magnesium market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the magnesium price trend.

Latest developments in the magnesium industry:

• In June 2024: Latrobe Magnesium began a feasibility study for its stage 2 commercial plant, which will produce 10,000 tonnes of magnesium annually in Victoria’s Latrobe Valley. The company aims to secure all necessary regulatory approvals and complete the feasibility study by the end of 2024.
• In February 2024: Alliance Magnesium entered into a strategic partnership with Triple M Metal to expand the procurement for its metal scrap recycling foundries.

Product Description

Magnesium is a lightweight, silvery-white metallic element with the chemical symbol Mg and atomic number 12. It is the eighth most abundant element in the Earth's crust and is essential for various industrial, biological, and chemical applications. The chemical and physical properties of magnesium include atomic weight (24.305 u), melting point (650°C (1,202°F)), boiling point (1,090°C (1,994°F)), density (1.738 g/cm³), and electronegativity (1.31 (Pauling Scale)).

Its manufacturing process involves extraction, preparation, electrolysis, casting, and alloying. Magnesium is widely utilized in automotive parts, aerospace components, consumer electronics, medical devices, construction materials, fireworks and pyrotechnics, bicycle frames, agriculture, dietary supplements, and water treatment.

It is known for its lightweight nature, high strength-to-weight ratio, excellent machinability, good corrosion resistance, efficient heat dissipation, recyclability, and eco-friendly nature. Additionally, it provides several advantages, such as versatility, cost-effectiveness, and biocompatibility.

Regional Coverage

The report provides a detailed analysis of the magnesium market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the magnesium price trend.

Global Magnesium Price

The report offers a holistic view of the global magnesium pricing trends in the form of magnesium price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into magnesium historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into magnesium price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed magnesium demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Magnesium Price

In the European region, the market faced more challenges in maintaining its pace. The demand remained weak across the board, particularly affecting industries like food, pharmaceuticals, and cosmetics, which contributed to a general downward trend in prices. The supply market conditions also did not provide much support, resulting in a sluggish price movement. Despite sporadic increases, the overall market scenario remained subdued, reflecting a weak market trend throughout the duration. The European market’s struggles were more pronounced compared to its Asian counterpart, highlighting regional differences in market resilience and demand.

This analysis can be extended to include detailed magnesium price information for a comprehensive list of countries.

North America Magnesium Price

In North America, magnesium prices were significantly affected by the market trends of Asia. The region witnessed fluctuating prices during the period, driven by a mix of varying downstream and upstream market behaviors. Fourth-quarter freight disruptions notably impacted the market, slowing down the projected growth and causing further instability. While the market experienced some growth constraints due to these logistical issues, the overall trend was characterized by volatility. The American magnesium market, reflecting a mixture of external influences and internal market conditions, displayed an inconsistent pricing pattern through the end of the year.

Specific magnesium historical data within the United States and Canada can also be provided.

Middle East and Africa Magnesium Price

The report explores the magnesium pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on magnesium prices for countries can also be provided.

Asia Pacific Magnesium Price

Magnesium prices in Asia experienced fluctuations as the market witnessed a mismatch amongst the rising upstream prices, driven by higher crude oil and magnesium oxide prices, and the modest end user demand. The situation persisted into the final quarter, with little change in demand, leading to a stable price range despite inventory adjustments held occasionally. Market stability was somewhat disrupted by freight issues, yet these disruptions were not enough to significantly alter the overall market dynamics. Consequently, despite some ups and downs in consumption and supply, the Asian magnesium market maintained a relatively steady performance.

This magnesium price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Magnesium Price

The analysis of magnesium prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of magnesium pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting magnesium price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The magnesium price charts ensure our clients remain at the forefront of the industry.