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China supplies about 85% of the world's total magnesium - an important element in aluminum alloys used to make auto parts.
Output is concentrated in the northwest region of Shaanxi province. In September, a sharp drop in output pushed prices to record highs and led to warnings of shortages in Europe.
According to the General Administration of Customs of China, in October 2021, China's exports of high purity raw magnesium reached 24,329 tons, up from an 11-month low of 16,921 tons reached in September 2021 and here is the highest monthly gain since March 2020 when it reached 38,319 tons, as China is clearing up inventories after the outbreak of the coronavirus disease.
China's largest magnesium export market in October 2021 is the Netherlands with 8,652 tons and Japan with 2,892 tons.
According to Asian Metals, spot magnesium prices in China are currently at 36,000 yuan ($5,642) per tonne, down nearly 43% from the record high of 63,000 yuan per tonne at the end of September 2021 due to production be recovered. (1 USD = 6.3800 Yuan).
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