According to SMM data, China's magnesium alloy production in December 2023 was 24,291 mt, down 5% MoM and 2.3% YoY, bringing total output from January to December 2023 up to about 310,000 mt, up 1.1% YoY.
With stable orders amid low magnesium ingot price, most major magnesium alloy plants operated as usual according to production plans. The reason for production reduction was that domestic economic downturn and muted demand set off shutdown of two magnesium alloy plants. Given the upcoming Chinese New Year, magnesium alloy demand will take time to pick up, leaving magnesium alloy plants with no plan of production resumption. SMM predicted that magnesium alloy production will remain at 24,000 mt in January.
