SMM data showed that China's magnesium powder production in December was 5,788 mt, up 1.4% MoM, bringing total output from January to December 2023 up to 65,000 mt.
Magnesium powder market performed well in December, with most producers arranging tight production schedule and some in full swing. The person in charge of a large magnesium powder company said that sluggish domestic economy fed into poor profit of steel mills, making downstream buyers prudent. Affected by Houthi’s attack on merchant ships in Red Sea, magnesium powder whose exports accounted for a large proportion of total export in China witnessed a big rise in sea freight fees, which may tame overseas orders. SMM predicted that domestic magnesium powder output will dip to 5,000 mt in January.
